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logoMorningstarNovember 24, 2020

TreeHouse Foods, Inc.: Despite Pandemic Disruption, Treehouse Continuing to Strive for Scale and Operational Excellence

Symbols
THS
Sector(s)
Consumer Defensive
Rating
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Current Price
$39.76
Fair Value
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Economic Moat
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Stewardship
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Summary

Treehouse Foods, the largest private label manufacturer in the U.S., is the product of a slew of acquisitions, the most significant being the 2016 acquisition of Ralcorp, Conagra’s former private brands business. The firm plays in over 25 categories, including snacks like pretzels and cookies, meals like pasta and dry dinners, and single-serve beverages like pods and ready-to-drink coffee. Retailers represent its most significant end-market, where it sells products for resale under retailer brands, but it also serves foodservice customers (providing a similar service as its retail business), industrial (selling bulk food for repackaging and repurposing), and branded consumer goods firms (under co-packing arrangements). Over 90% of its revenue comes from the U.S.

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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.