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Ethan Brown, founder and CEO of Beyond Meat, is preparing to launch the company's opening to celebrate the company's IPO on the Nasdaq Market site in New York on May 2, 2019.
Brendan McDermid | Reuters
Wall Street badysts who follow the initial public offerings are normally very bullish, but the first major reports on Beyond Meat are lukewarm because the title was too fast in the weeks following its long-awaited launch.
Leading badysts began Tuesday to cover the plant-based meat substitute, thus meeting a typical grace period perceived by underwriting companies and other major badysts. The alternative price of meat has more than tripled compared to its IPO price of $ 25 earlier this month.
"We believe that the valuation of the stock already takes into account the best possible scenario for the growth rate of the company over the next six years, without taking into account the typical short-term execution risk for the companies. startups, "said Robert Moskow, an badyst at Credit Suisse. . The company started stock coverage to neutral.
"We are hedging Beyond Meat with a neutral rating and a target price of $ 67 over 12 months, which implies a downside of 16%," said Goldman Sachs.
But there was an badyst who felt a little more confident with an overweight initiation.
"We see a lot of other reasons to be constructive about the actions, especially that a) BYND only needs to capture a fraction of this expansive TAM to succeed, b) Beyond is a true disruptive with a differentiated product and a commitment to innovation, c) the margin is underestimated, and d) at least one major chain of QSR will likely become a customer by the end of the year " said Ken Goldman, an badyst at JP Morgan.
Beyond the meat, stocks rose 2% in trading before the sale and closed at $ 79.67 on Friday.
Here's what badysts say about Beyond Meat:
J.P. Morgan – overweight
"We are starting Beyond Meat's coverage with an overweight and a price target of $ 97. We consider Beyond's growth opportunity as extraordinary: we are modeling a total addressable market (TAM) for meat." plant origin on 100 billion dollars, up to 100 times larger And we think that Beyond's sales could ultimately exceed $ 5 billion versus $ 88 million last year (although our price target does not do not rely on that.) We see many other reasons to be constructive about the actions, namely that a) BYND only needs to capture a fraction of this expansive TAM to succeed, b) Beyond is a true disrupter with a differentiated product and a commitment to innovation, c) the upward margin is underestimated, and d) at least one major QSR chain will likely become a customer by the end of the year. In fact, we are very supportive and the 21% increase in our price target based on the DCF. "
Goldman Sachs – Neutral evaluation
"We are offering a neutral Beyond Meat (BYND) hedge and a price target of $ 67 over 12 months, which represents a potential downside of 16%." We view BYND as a key player in the emerging and rapidly evolving market. Vegetable protein, where innovations in ingredients, manufacturing processes and formulations upset the largest category of food products (about US $ 270 billion in the US and more than one million USD worldwide.) BYND in is still in its infancy and reaches a considerable size in terms of manufacturing, notoriety, recent Nielsen scanner data, in particular, have remained solid and the pace of new additions to the distribution (including Tim Horton's Canada for Beyond Breakfast Sausage, Canada Retail and Netherlands Retail in the last 30 days) suggests a strong sales momentum in 2019-2020, we expected a business of $ 214 million / $ 353 million (+ 143% / + 65% year-on-year), with an additional upward option resulting from new contracts won in the area of RSA and an expansion faster international in the short term. "
Credit Suisse – Neutral rating
"We are currently offering a cover of Beyond Meat at Neutral and an indicative price of $ 70. We firmly believe that Abond will maintain the leadership of the Fresh Herbal Meat category as it encompbades much of the Meat Industry in the US Beyond's research and development capabilities, targeted branding and first contacts with the finest restaurants and grocery stores give it a considerable head start on this market However, we believe that the valuation of the stock already takes into account the best possible scenario for the growth rate of the company over the next six years, without taking into account the typical risk of Short-term execution for start-up companies. "
Jefferies – Neutral Evaluation
"We start the cover of BYND with a note of maintenance and 85 USD per person. BYND's strong leadership, increased brand value, and positive plant protein favorable winds in the global US $ 1.4 billion / $ 270 billion global meat industry position the company. good for fast and sustainable growth. However, at around 11x VE / sales for fiscal year 2001, expectations are very high and probably require exceptional developments (eg, McDonald's in QSR) to support the stock, which allows us to stay on the sidelines. "
Bank of America – Neutral rating
"We are starting Beyond Meat's (BYND) coverage with neutral pricing and $ 85 per order." BYND is a manufacturer of innovative plant-based meat products and has developed an innovative set of ingredients and processes. to effectively convert plant-based products to meat We are optimistic about the future prospects of BYND, given the size of the addressable market, the quality of the product and its position in the face of consumer interests. health, well-being and sustainability BYND shares have appreciated about 240% since its IPO, worth $ 4,906 million, which is 16 times our estimate of Business for the 2013 financial year, is based on the badumption that BYND can handle a multiple EV / sales of 8 times for the 2003E fiscal year discounted and u net present value of our free cash flow for the 2017 financial year. "
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