US Foods (USFD) reported stable volumes by their customers, which marks a vast improvement from their 1Q20 report. Management has taken steps to reduce operating expenses and improve the balance sheet liquidity. USFD is positioned to take market share as its smaller competitors are financially strained. Management has painted a rosy picture in which I call into question. Despite my frustration in the optics in how management paints their results, I believe the stock is currently fairly valued.
Pietro Satriano, CEO stated in the 2Q20 conference call:
We believe that despite the impact of COVID-19,