First, ALL of what I am about to say comes from my opinion> Along the way I will express how these opinions were concluded.
If you have read my past posts, you'll see how well situated I am (confident) with this company. But I would not ask that you opt for that reporting. It's only my opinion as an investor, and I am not educated in such things as accounting nor financial planning. My only attachment to the company is as an investor, who is gradually seeding my children's accounts for the very long haul.
The fundamentals of this company appear(IMO) to be appreciated by many "big and smart" buyers. When the market took a dive/correction a few months back, this company took a consumer style hit, like so many. It did not phase me, and, not to hide behind anything, weather absolutely plays a role in consumer purchases(IMO).
Now, here are the good things about AMNF for me. Since you asked, I am going to take some liberties here, and come in from a different direction....
This was, historically , a small, very conservative company, that seems to have been built up on very tight and practical business philosophies. Underpinnings stayed resilient and products were indeed distinctive and appealing. Then there was an apparently well received change in executive management, which introduced a difference in scope, relative to scale, as well as offering collaboration to increase the product variety and dissemination. These cooperative efforts seem to have enhanced the product line as well as earnings potential. Looking back, you can see apparent transitioning, and do look way back in the charts.
Now I will address pipeline. IMO, pestos, and other Italian foods, do have broad appeal; but they also offer the interesting potential to explore and gain experience with niche markets. Also, this company was moving some of its foods into organic/health production, long ago. It is an expensive and difficult venture to go organic today. But their varied products have a current presence that other companies may have a hard time competing with> AMNF seems to discover niches that need what they are equipped to offer. I keep saying this, but it is amazing to me where their products pop up.
It is expensive to transport certain of their refrigerated products east but they are not about making excuses. They find ways to work around prospects that could drag down the bottom line,(IMO).
I purposefully remain a bit vague in this discussion, because in my telephone conversations with this management, (as an investor), I realized that I may not do full justice, due to limitations of my knowledge.
Now that I've shared opinions re: the pipeline's flair and health features, high caliber business standards, conservatism with open mindedness, and (reported) financial successes, I will address one other issue.
Successful introduction of new product, into standard and novel environments, takes a backlog of marketing savvy. Managing low debt is tricky. But this company knows how to accumulate, retain and invest available capital while satisfying the rules of sustainable(IMO) growth, all while ensuring healthy dividends for the share holder. So possibly that speaks to the reasons for past and ongoing "accumulation" to which you have referred. I want a company to carefully weigh the practicality, of moving ENOUGH new product, while remaining JUST within the balance. (respectable cash flow and low debt, IMO)
They are considerate enough to forewarn, if they feel they may experience a reduction in sustaining that stellar ,(my choice of words), forward movement; but they are not robbing Peter to pay Paul. I think that they actually are sometimes on uncharted turf, and do their best NOT to disappoint. I would never look at a company with this degree of innovation and commensurate success, and second guess.
Thankyou for asking my opinion on AMNF.
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