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Morningstar•September 29, 2022
Morningstar•September 29, 2022Performance Food Group Company: No-Moat Performance Food Group Is Managing Through Pandemic Aftershocks Relatively Well
Summary
Performance Food Group is the third-largest U.S. food-service distributor, with 9% market share and a heavy presence along the Eastern seaboard, the Southeast, and the Midwest. PFG’s food-service business (expected to be 51% of fiscal 2022 sales) has its largest exposure to national and regional restaurant chains (50% of segment revenue), followed by independent restaurants (36%) and other channels (15%) such as healthcare facilities, hotels, and schools. The firm’s Vistar business (49% of sales) is a national
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Analyst Profile
Rebecca Scheuneman
Equity AnalystRebecca 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.