When looking at this company's stock on a free cash flow, owner earnings (Buffet's version of free cash flow) and enterprise value basis, the stock is much more expensive than its current and historical price-earnings ratios would lead one to believe.
The stock's current P/E ratio is 15.90. However, the stock's enterprise value-to-free cash flow ratio currently 30.90. And, its enterprise value-to-owner earnings ratio is an even higher 35.44.
This means on a cash profitability basis - not on a reported earnings basis - the shares are rather expensive.
I prefer to value a company on the actual cash that's left over to enrich shareholders, rather than the usual reported earnings, because the latter are open to all kinds of accounting decisions. After all, it is cash that pays the bills and is the life blood of any company, not reported earnings.
As a value investor, I believe that cash drives earnings and share price growth. Not the other way around.
Disclosure: Currently, I hold no position in Sysco shares.