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Now that $FMCI merger has been finalized and we know that the deal will go through, I thought I’d post my DD on why I found it to be a great investment and how it became the 2nd largest position in my portfolio. https://www.globenewswire.com/news-release/2020/06/22/2051394/0/en/Forum-Merger-II-Announces-Tattooed-Chef-will-Virtually-Present-at-the-Jefferies-Consumer-Conference.html">https://www.globenewswire.com/news-rele...
$FMCI aka Tattooed Chef/Itella International is the second pure play in plant-based foods focusing on frozen meals/desserts with the only public comparable being $BYND.
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The company is run by a strong executive team with 30+ years of experience within the Food Industry and who have shown an ability to innovate and create wildly successful plant-based products as people look to cut back on meat or find meatless alternatives in the future.
With a strong offering of over 10 unique products and more in the pipeline, Tattooed Chef is positioned to compete in various areas of your local grocery store. My family and I have tasted the products and they are indeed great!
In addition to $FMCI strong offering of products, it’s CEO Sal Galletti brings a rich history and deep connections within the food industry with US and Europe production capabilities giving them a great foundation to expand their sales footprint.
In the last 12 months, $FMCI has been rapidly growing, outpacing $BYND in sales while being sold in only 7% of $WMT $COST stores with a plan to be in 50% by end of year. $FMCI is currently growing top line at over ~50%+ annum(74% this year) with revenue goals of $148m this year.
Revenue in 21& #39; is expected to be $222m while being adj. EBITDA positive and expanding margins over that time period
Detailed view of stores they are currently in. Huge opportunity in regional grocers as well as major ones like Whole Foods/Trader Joe& #39;s
Valuation Highlights:
Deal + share structure
My price target + Bull case:
