Saputo Inc

SAP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 68.50	Txqx	Pfstbsfb

Saputo Earnings: Fair Quarter Despite Macro and Competitive Pressures, but Shares Rich

Erin Lash

Aug 9, 2024

We don’t expect to make a material change in our CAD 24.50 per share fair value estimate after digesting no-moat Saputo’s first-quarter results, which included 9.5% sales growth and a flat operating margin of 5.1%. While these marks appear quite solid at first blush, our enthusiasm is tempered.

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