Investment thesis
Ebro Foods (EBRPF) (EBRPY) is a defensive stock that has shown impressive growth in recent years. Still, the price has found it difficult to reach new highs since 2016 as a consequence of declining margins.
A poor performance in the United States as a result of a bad harvest season; the droughts that occurred across Thailand; Myanmar and Cambodia tariffs, and an increase in salinity in Spain that negatively impacted rice harvests in ~21-28% have hindered the company's growth since 2018, which reduced profit margins that already were showing