Harris Perlman, Principal at HSP Capital, joins the podcast to discuss his thesis on Seneca Foods Corporation (NASDAQ: SENEA), one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. (Note Harris' audio is not the greatest on this, but we did our best to adjust where we could.)
Harris' write-up: https://drive.google.com/file/d/1wAm1w3eEZCHCfY-e1Lzu0gvyGW7uN4KL/view
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:46] Overview of Seneca Foods $SENEA and why its interesting
[6:22] Asset value / LIFO accounting
[14:24] Why $SENEA isn't the ultra-commodity terrible business most people associate with canned vegetables?
[22:36] Canned vegetables industry
[24:46] $SENEA corporate history and background
[31:38] What happened with $SENEA from 2021-2023, specifically with inflation
[36:16] $SENEA understanding downside risks, specifically regarding insider control, governance, debt
[44:12] Investing in capital expenditures - expand Del Monte capacity
[46:48] How Harris thinks $SENEA thesis will play out
[48:41] Private label trend
[53:37] $SENEA competitive analysis
[57:09] Recent $SENEA financial performance
[1:00:40] Final thoughts on $SENEA
Today's episode is sponsored by: Alphasense
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