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Rogers Sugar Inc. Q1-2020 Earnings, Price Target Update

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Rogers Sugar Inc. (RSI, RSI.DB.E, RSI.DB.F) has been in the sugar business for over 100 years and is the leading refiner, processor, distributor and marketer of sugar products in Canada. Rogers is the largest refined sugar producer in Canada and the largest maple syrup bottler in the world. The maple syrup segment was acquired during 2017 with the acquisition of LBMTC and Decacer. Lantic is the only sugar producer with operating facilities across Canada with cane refineries in Montréal and Vancouver and a sugar beet factory in Taber, Alberta. Lantic also operates a custom blending and packaging operation and a distribution center in Toronto. Sales are focused in three specific market segments: industrial, consumer, and liquid products. The domestic market represents more than 90% of total volume, sugar contributes 75% of revenues, maple syrup at 25%. The fiscal year for Rogers runs from Oct-1 to Sept-30. Domestic competition is from Redpath Sugar Ltd. and smaller regional operators and/distributors of both foreign and domestic refined sugar.

Operations supply high quality white sugar as well as sugar based syrups. Sales are focused in three segments: industrial, consumer, and liquid products. Industrial includes large commercial bakeries and manufacturers of confection goods. Consumer includes sales to the public of Lantic branded sugar. The sugar based liquid products are primarily sold to the industrial sector as sugar based syrups used as an alternative to refined sugar.

The major sources of materials for producing sugar are from raw sugar cane and sugar beets. The raw cane is purchased from sugar brokerages and the sugar beets are purchased under the terms of a three year agreement with growers located in Taber, Alberta. The price of sugar deliveries from the Montreal and Vancouver raw cane facilities are directly linked to the price of the #11 world raw sugar market on the ICE. All sugar transactions are hedged, to minimize the impact of the volatility in world raw sugar prices. This applies to any sales made by these plants, except some of the sugar based liquid sales that are priced according to competitive market conditions. In addition to raw sugar and labour, natural gas used for heat required for the sugar making process is the next largest cost.

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