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Premium Brands Holding Corp. Q1-2022Earnings, Price Target Update

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Premium Brands Holdings Corporation (PBH) owns a broad range of specialty food manufacturing and premium food distribution and wholesale businesses with operations in Canada and the United States. Revenues are earned from Specialty Foods and Premium Food Distribution, as well as 50% interest in Clearwater Seafoods Corp. located in Nova Scotia. The Specialty Foods segment consists of Specialty Food manufacturing while the Premium Food Distribution segment consists of distribution and wholesale businesses.

Operations are located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, Nevada, Ohio, Arizona, Minnesota, Mississippi, California and Washington State. Specialty Foods contributes 60% at 20% profit margins, Premium Foods -40% and at 15% profit margins. Approximately 60% of sales are from Canada and 40% from the US. The Specialty Foods segment's sales are to: retailers, including delicatessens, small specialty grocery chains, convenience stores, gas bars, large national and regional grocery chains and warehouse clubs: and caf├ęs selling convenience type grab-and-go foods such as fresh pre-made sandwiches, wraps and pastries. Acquisitions for the 2018-2020 period totaled $2B. This includes the acquisition of a 50% interest in Clearwater Seafoods for $500M(50% share) in Jan-2021. The other 50% is owned by the Mikmaq First Nations who own the fishing licenses. Total assets have increased to $4B at Dec-30-2021 from $2.4M as Dec-31-2018 from acquisitions and organic growth. Revenues peak in the spring and summer months due to favourable weather conditions and decline in the fourth quarter due to a return to poorer weather conditions.

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