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Jason Karp – Tourbillion Capital Partners – long on SunOpta On Millenials

By VWArticles. Originally published at ValueWalk.

ValueWalk is at the NYSSA  Annual Ben Graham Conference today. Below are notes from the speakers. Check back as we will have a lot more in the coming hours. These notes are from one of our favorite hedge fund managers: Jason Karp – Tourbillion Capital Partners on his best ideas he pitched a long thesis for SunOpta

Rupal Bhansali – informal notes  from the pitch below

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Millennials – more health conscious and less concerned about price; more quality conscious and less brand conscious

-peak spending is between ages of 40-50 and in fifteen years peak spending;
-organic is 12% growth over last ten years; expect share of natural and organic to go up dramatically; rise of in home and carried from home;
-huge shift from generic to private label but quality has gone up
-pitching long on SunOpta (STKL); largest source of organic ingredients; they make private lable organic products;
-13 D filer and oak tree took 11% stake in the company;  massive insider buying
-at nadir they were doing .5 billion of revenue on 1% margin versus competitors at 8% margin;
-expect market to grow 3x
-expects ebitda to double; incremental margin is 25%;
-expects to go from $80mm in ebitda in 2017 to 200mm in ebitda in 2020
-50% of shares locked up

The post Jason Karp – Tourbillion Capital Partners – long on SunOpta On Millenials appeared first on ValueWalk.

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