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MLFNF - Maple Leaf Foods: Margin Expansion Will Drive Solid Growth
Maple Leaf Foods Inc.
Investment Thesis
Maple Leaf Foods (OTCPK:MLFNF) ((MFI.TO)) had a tough 2018 due to unfavourable pork commodity prices caused by trade disputes. However, the worst is finally behind. The outlook looks bright as North American pork price is expected to rebound due to the spread of African swine flu in China and other countries. In addition, soybean (raw material to feed hog) price is expected to remain low due to large inventory builds in the past year. Normally a decline in raw material costs would lead to lower hog price. Rarely have we seen