No. of Recommendations: 2
continuing my contrarian (cal-maine, jan2026) protein theme...
bellring has a few things uncommon to value traps :
_high trailing ROA and ROIC
_top running consumer protein drink rating score (amazon #1 in both rating and #reviews) with vast majority of sales in the mid\affordable tier
(low carb with highest flavor variety)
common to value traps :
_low trailing price multiples (book,fcf,earnings)
_melting cube thesis (new vibe brands, bigbox white labels,....)
_narrow niche
_debt:equity ~1
unlike recently, when shares were >4X higher, the large brand spending has appeared to work.
assume much lower brbr mkt maintenance rate, and at least 50% as much needed for any new brand to scale.
am not much excited regarding american companies, but this has good alignment with einhorn's modern take on value investing with no re-rating expected. plus, good foreign falling knives are ignoring my lowball limit bids.
