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PPC

Pilgrim's Pride

$17.98

-0.2 (-1.10%)

08:45
11/29/16
11/29
08:45
11/29/16
08:45

Pilgrim's Pride agrees to acquire GNP Company for $350M in cash

Pilgrim's Pride announced a definitive agreement to acquire GNP Company, a leading provider of premium branded chicken products in the Upper Midwest, in an all cash, $350M transaction. The proposal has the unanimous support of the Pilgrim's board, as well as the support of JBS S.A., the majority owner of Pilgrim's. It is anticipated that the proposed transaction would close during the first quarter of 2017, subject to regulatory review and approval and customary closing conditions. Pilgrim's expects to achieve approximately $20M in annualized synergies, primarily from the optimization of production and distribution, and cost savings in purchasing, production, logistics and SG&A. In addition to operational synergies, the company anticipates capturing an estimated present value of approximately $28M in tax savings and a post synergies EBITDA multiple of 3.9x. Pilgrim's expects the acquisition will be accretive to the company's diluted earnings per share in 2017 and believes that the combined company will have a strong financial position, improved capital structure and substantial cash flow generation capability.

PPC Pilgrim's Pride
$17.98

-0.2 (-1.10%)

06/06/16
BMOC
06/06/16
DOWNGRADE
BMOC
Market Perform
Pilgrim's Pride downgraded to Market Perform from Outperform at BMO Capital
06/06/16
BMOC
06/06/16
DOWNGRADE
BMOC
Market Perform
Pilgrim's Pride downgraded on valuation, costs at BMO Capital
As noted earlier, BMO Capital downgraded Pilgrim's Pride to Market Perform from Outperform. The firm downgraded the stock based on valuation and rising feed costs. Target to $27 from $29.
06/09/16
CLVD
06/09/16
NO CHANGE
CLVD
Pilgrim's Pride estimates lowered below consensus at Cleveland Research
Cleveland Research analyst Mike Piken lowered Pilgrim's Price estimates to reflect the volume impact of the shutdown of the Prepared Foods plant in Texas and to reflect the impact of potentially higher 2HF16 feed costs. Piken's Q2 earnings estimate goes to 60c, below consensus of 69c, and FY16 is lowered to $2.17, versus consensus of $2.11. The analyst has a Neutral rating on Pilgrim's Pride shares.
11/18/16
JPMS
11/18/16
NO CHANGE
JPMS
Amid pricing controversy, JPMorgan would 'probably' own Tyson into earnings
Following yesterday's Washington Post story, JPMorgan analyst Ken Goldman says evidence continues to mount suggesting that the Georgia Dock pricing methodology could be flawed. It is still too early to draw full conclusions, but reporting on the topic suggests that if the price discovery methodology is changed, a chicken price decline is more likely than a price increase, Goldman tells investors in a research note. He points out that shares of Tyson Foods (TSN), Sanderson Farms (SAFM) and Pilgrim's Pride (PPC) all declined yesterday by at least 3%. The analyst sees some offsets, however, noting that companies seem to be selling some of their tray pack chicken at prices below Georgia Dock and that some companies no longer price off of the Dock. Goldman remains "highly constructive" on near-term fundamentals and notes that he'd "probably be long" shares of Tyson into Monday's earnings.

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