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FDP - Calavo Growers: Structural Issues 70% Downside
Fresh Del Monte Produce Inc.
Calavo Growers (NASDAQ: CVGW) is a provider of fresh avocados, fresh-cut food, meal kits, and guacamole to grocery chains and food services. Bulls believe that Calavo can compound EPS and revenue at a double-digit rate for many years, driven by Americans’ insatiable appetite for avocados, as well as secular trends in grocery towards fresh-cut fruits / vegetables, meal kits, and prepared food. Although Calavo operates in structurally growing areas of food, we believe investors are overlooking various company specific issues that we estimate will lead to a 50% decline in earnings in the coming year