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HORMEL FOODS CORPORATION

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Hormel Foods : The Charcuterie Craze is Big Business and Minnesota

11/25/2021 EST

Take a centuries-old culinary tradition and pile on colorful social media posts, snack-hungry consumers and pandemic buying trends. That's charcuterie, and it's big business right now.

The catch-all term for meat and cheese boards has become a food phenomenon that has seen its star rise even faster during the pandemic, delivering great results for Minnesota companies like Hormel Foods.

"The convenience factor is one of the key things - it looks beautiful and it's actually easy to assemble," said Evan Inada, the charcuterie and partnerships director at Hormel-owned Columbus Craft Meats. "With new interest around charcuterie, it's going to continue to grow."

Austin, Minn.-based Hormel made a big bet on charcuterie in 2017 when it bought Columbus for $850 million. The trend has only exploded since then, with Google searches for charcuterie skyrocketing and Instagram posts of platters proliferating.

Hormel recently spent another $140 million on charcuterie, opening a plant in Omaha last year that produces salami and dry sausage. Sales of the company's deli products, which include Columbus and Hormel Gatherings party trays, were up 16% over pre-pandemic levels as of this summer.

Since 2017, packaged charcuterie sales have grown faster than meat sales overall, according to Midan Marketing, and sales nearly doubled in the early months of the pandemic compared to 2019.

Disclaimer

Hormel Foods Corporation published this content on 25 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2021 17:30:05 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2022 12 179 M - -
Net income 2022 1 082 M - -
Net Debt 2022 2 447 M - -
P/E ratio 2022 24,8x
Yield 2022 2,12%
Capitalization 26 591 M 26 591 M -
EV / Sales 2022 2,38x
EV / Sales 2023 2,29x
Nbr of Employees 20 000
Free-Float -
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 49,01 $
Average target price 45,90 $
Spread / Average Target -6,35%
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Managers and Directors
James P. Snee Chairman, President & Chief Executive Officer
Jacinth C. Smiley Chief Financial Officer & Executive Vice President
Kevin L. Myers Senior Vice President-Research & Development
Pierre Lilly Chief Compliance Officer & Senior Vice President
Elsa A. Murano Independent Director
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