Lingering Headwinds Compounded by Poor Decisions Aren't Enough to Offset Lamb Weston's Moat

Lamb Weston offers investors pure-play exposure to the frozen potato market as North America’s largest producer (more than 40% share), followed by McCain Foods (30%), J.R. Simplot (20%), and Cavendish Farms (7%-8%), though it trails McCain globally. The firm primarily sells french fries to restaurants. Despite its niche focus, we view frozen potatoes as boasting robust demand growth.