AllAnalyst Report
logoMorningstarSeptember 08, 2020

National Beverage Corp.: Primo and LaCroix Poised to Benefit From Secular Growth in Commercial Water but to Varying Degrees

Symbols
FIZZ
Sector(s)
Consumer Defensive
Rating
Current Price
$44.73
Fair Value
Economic Moat
Stewardship
Summary

National Beverage is one of the top 10 non-alcoholic beverage companies in the U.S. Its portfolio skews toward functional drinks (i.e. those purporting to offer health benefits) and is anchored by the popular LaCroix sparkling water trademark. Other offerings include Rip It energy drinks, Everfresh juices, and soda brands like Shasta and Faygo. The firm controls most of its production and distribution apparatus, with very little outsourcing. In terms of go-to-market, it uses warehouse distribution for big-box retailers, direct-store-delivery for convenience stores and other small out

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Analyst Profile

Nicholas Johnson

Equity Analyst
Nick Johnson is an equity analyst with the consumer team for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers companies primarily in the U.S. alcoholic and nonalcoholic beverage space, in addition to other consumer defensive names. He also serves on the valuation committee.Prior to joining the consumer team, Johnson was an associate on the technology team, supporting coverage of enterprise software, networking, and semiconductor companies. Before joining equity research in July 2018, Johnson worked as a product consultant for Morningstar and garnered experience on the buy side through a New York City-based internship.Johnson holds a bachelor's degree in quantitative economics with a minor in Hispanic studies from Vassar College. He has passed all three examination levels of the Chartered Financial Analyst® program.