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Monday, 23 June 2003
June 23, 2003 Fresh Del Monte Produce (FDP)
Kind of a bearish day in the market with the Dow down 130 and the NASDAQ down 30 as I write. Medicine isn't always pleasant tasting but a little pull-back in here is just what the doctor ordered! Hopefully we will see support after a pull-back of 30-40%....then let the good times roll!

Looking at the stocks...we find Fresh Del Monte Produce on the greatest percentage gainers. This has been a steady if not exciting performer on a fundamental basis.

FDP is currently trading at $26.14 up $1.25 or 5.02% on the day. The stock is fairly cheap valuation wise with a trailing p/e of 6.58. The market cap is $1.5 billion. And they even pay a small dividend of $.10/share which was raised in the last 12 months...paid per quarter.

According to CNN.Money, "FDP produces, distributes and markets fresh produce. The Co's products are marketed throughout the world in over 50 countries under the DEL MONTE brand name."

Looking at the latest quarter, on April 29th, per the NYTimes on the web, they announced the financial results for the first quarter ending March 28, 2003: Earnings per share were $1.55/diluted share compared to $1.10 in the same period last year. Net sales rose to $643.8 million compared to $537.4 million last year. I mean THAT is a lot of pineapple!

Morningstar.com shows a consistent growth in revenue from $1.45 billion in 1997, $1.6 billion in 1998, $1.74 billion in 1999, $1.85 billion in 2000, $1.928 billion in 2001. Unfortunately no results for 2002 are listed on the website.

Free cash flow has improved from a negative $65 million in 1999, $20 billion in 2000, and $174 million in 2001.

Assets and liabilities are a little bit weighted towards the liabilities with $250 million in current liabilities reported...although there are $13 million in cash and $368.9 million in other current assets present. Long-term debt is at $396.1 million.

This stock is a steady grower with relatively cheap valuation...per the p/e....and with the free cash flow, hopefully will see some improvement in the balance sheet.

I don't own any shares of this stock....and if you read my recent blog, I don't have any cash available in my trading account to make any purchases now....but you may be interested in a little pineapple for YOUR portfolio.

Please let me know if you have any questions, comments, or words of encouragement for me....at bobsadviceforstocks.lycos.com.

Bob


Posted by bobsadviceforstocks at 10:44 AM CDT | Post Comment | Permalink

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