LNCE | Black Book Presentation Replay

Long LNCE – 8/19/15 Call Replay and Slides

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Our LONG thesis on LNCE is focused on three key points:


LNCE | Black Book Presentation Replay - chart 1


LNCE has repositioned their portfolio since the merger in 2010. They are now fully focused on branded products.


LNCE | Black Book Presentation Replay - chart 3


One of their biggest advantages is their Direct-Store-Delivery Distribution System (DSD). DSD is a big revenue driver, representing roughly 71% of sales.


LNCE | Black Book Presentation Replay - CHART 3b


LNCE has products for every occasion, from better-for-you to indulgent and everything in between.


LNCE | Black Book Presentation Replay - CHART 4


Snyder’s-Lance has gone through a period of broad based investments in infrastructure; they are now past this and shifting spending towards growing the top line.


LNCE | Black Book Presentation Replay - CHARt 5


LNCE has plenty of dry powder to do a deal, and they are looking.


LNCE | Black Book Presentation Replay - CHART 6


Our projected top line growth yields strong results.


LNCE | Black Book Presentation Replay - CHART 7


Margins are going to expand as LNCE leverages their newly remodeled system.


LNCE | Black Book Presentation Replay - CHART 8

LNCE | Black Book Presentation Replay - CHART 9


We see a solid 25%+ upside to the name without accounting for accretive acquisitions.


LNCE | Black Book Presentation Replay - CHART 10


Please call or e-mail with any questions.


Howard Penney

Managing Director


Shayne Laidlaw




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