BellRing Brands, Inc. (BRBR)
Consumer Defensive · NYQ · US
Fundamentals
Valuation and ratings
BellRing Brands, Inc. trades at USD12.12, close to the USD10.88 our discounted cash flow model puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.
Our moat model scores it 24 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 9.4 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About BellRing Brands, Inc.
BellRing Brands, Inc., together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, protein powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club stores, food, drug and mass retailers, e-commerce, online and specialty retailers, and convenience stores channels. BellRing Brands, Inc. was incorporated in 2019 and is headquartered in Saint Louis, Missouri.
Super investor ownership
11 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$136.54M · 0.1% of book
- Two Sigma, TWO SIGMA INVESTMENTS, LP$52.65M · 0.0% of book
- Ken Griffin, CITADEL ADVISORS LLC$49.10M · 0.0% of book
- D. E. Shaw, D. E. Shaw & Co., Inc.$28.77M · 0.0% of book
- Yacktman Asset Management, YACKTMAN ASSET MANAGEMENT LP$24.10M · 0.3% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is BellRing Brands, Inc. (BRBR) undervalued?
Against our discounted cash flow estimate of USD10.88, BRBR at USD12.12 is 10% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own BRBR?
11 of the institutions we track reported a position in BRBR in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is BRBR's P/E ratio?
BRBR trades at 9.4 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.