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ConAgra (CAG) â equity; current yield 4%. The packaged food business is a tough spot to be in these days, with rising input costs and discounting (to protect market share) being the biggest challenges.
Yet, ConAgraâs management has focused on their businesses. In recent years, ConAgra has shed non-core operations and concentrated on its leading brands. The company's new line of âSteamersâ entrees are quite palatable and a great quick-meal option.
What we like most about CAG though is how well management navigated difficult economic environments while maintaining a flexible but sturdy balance sheet. Packaged foods arenât a sexy business and it's a very capital intensive industry. CAG has done a terrific job of recycling capital and maintaining consistent operating cash flows.
More impressive, the company has done this without excessive accruals and messy adjustments. ConAgra has also been very candid about missteps; as a long-time holder of CAG shares, I value this as much as profitability.
CAG is not a flashy stock and it looks to be about 6% above our fair-value estimate. Itâs the yield we like most, currently at a respectable 4%. We believe the payout is sustainable.