A Quality Business Worth Owning At 13x EBITDA

Market share growth and operating leverage mean two decades of double-digit annualized returns should continue

💡 Highlights:

• The global foodservice industry has recovered fully from the pandemic, and strong growth continues.

• Secular shifts toward outsourcing should benefit the industry’s three major players — including its biggest.

• Shares do trade at a premium to peers. But that premium seems worth paying up for.

• This may not be a glamorous business but Investors are ignoring some significant tailwinds.