UNFI - United Natural Foods: Whether It Will Turn Into A Pumpkin Again

• UNFI used to have a spotty earnings record, and very low returns on equity, but has since transformed itself into a much more attractive business.
• UNFI acquired a competitor in 2018, Supervalu, forcing it to take on a lot of debt, which initially gave it indigestion.
• Since then UNFI has made a lot of operational improvements and increased its ROE to ~15%.
• Investors don't seem to be giving the company credit for its business transformation and appear worried that at any moment the company will turn into a "pumpkin" again.

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