US Foods Holding Corp.
Thesis
USFD is positioned to benefit from its scale in the fragmented food distribution industry, which has high barriers to entry. The company has shown strong earnings growth and has the potential to narrow the valuation gap with Sysco. Despite market concerns regarding management credibility and the recent acquisition of SGA, we believe these factors are being overestimated and that the acquisition will ultimately be value accretive.
Did it work?
Without specific price performance data or a defined time frame since the pitch, it's difficult to assess whether the thesis has played out. The thesis suggests potential benefits from scale and earnings growth, but without evidence of these factors materializing or any market reaction, the outcome remains uncertain.
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