AllAnalyst Report
logoMorningstarMay 07, 2021

Performance Food Group Company: Performance Food Group Reaches Prepandemic Sales Sooner Than Expected, but Moat Remains Elusive

Symbols
PFGC
Sector(s)
Consumer Defensive
Rating
Current Price
$47.09
Fair Value
Economic Moat
Stewardship
Summary

Performance Food Group is the third-largest U.S. food-service distributor, with 7% market share and a heavy presence along the Eastern seaboard, the Southeast, and the Midwest. PFG’s food-service business (67% of fiscal 2020 sales) has its largest exposure to national and regional restaurant chains (52% of segment revenue), followed by independent restaurants (27%), and other channels (20%) such as retail, hospitality, and education. The firm’s Vistar segment (33% of sales) is a national distributor of candy, snacks, and beverages to convenience stores, vending and office coffee service distributors, theaters, sporting arenas, and correctional facilities.

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Analyst Profile

Rebecca Scheuneman

Equity Analyst
Rebecca Scheuneman is an equity analyst on the consumer team for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. She covers food manufacturers, food distributors, and North American grocers.Before joining Morningstar in 2018, Scheuneman spent more than eight years as an analyst/portfolio manager at Forester Capital Management, covering the consumer and healthcare sectors. Prior to that, she spent nearly 11 years covering the consumer and other sectors for Allstate Investments.Scheuneman holds a bachelor’s degree in marketing from Northern Illinois University and a Master of Business Administration in finance from DePaul University. She also holds the Chartered Financial Analyst® designation.