Hedgeye CEO Keith McCullough is adding Nomad Foods (NOMD) to the long side of Investing Ideas. Below is a brief note.
Here's a good example of a stock that my analysts (Penney and Biolsi) like that I've been waiting on for a correction. It has done so, towards the low-end of its @Hedgeye Risk Range, on #decelerating volume. That confirms its Bullish @Hedgeye TREND signal.
Fundamentally, here's my team's update from the recent quarter:
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NOMD’s raised guidance is just the first, more to follow Nomad Foods reported an EPS of €.33 vs. a consensus of €.29. Organic revenue growth was 7.7% with volume/mix up 6.3% and price up 1.4%. Management raised EPS guidance for the year from €1.19-1.21 to €1.24-1.27 and EBITDA guidance from €440-445M to €450-460M. Organic revenue growth is now expected to be up MSD% for the year from +LSD% previously reflecting the upside in Q1 and trends continuing in Q2 while maintaining +LSD% expectations for the 2H. |
Buy on red (that way you don't have to chase on green!),
KM