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SunOpta, Inc. engages in the sourcing, processing, and packaging of organic and non-genetically modified food and beverage products. Over the past year, under new management, the company has seen a significant improvement in profitability. America's milk drinking habits have been in steady decline, dropping from nearly 250 pounds per capita in 1975 to less than 150 pounds in 2018. The decline has caused two of the largest milk processors, Dean Foods and Borden Dairy, in the U.S., to file for bankruptcy in the past year. Consumers have been switching to plant-based beverages for health, environmental, lactose intolerance, and changing taste preferences. SunOpta is lesser-known than its customers and competitors in plant-based beverages. The growth of the plant-based food category, as well as the upcoming IPO of Oatly, will bring more attention and a higher multiple.
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Our thesis points are as follows:
