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National Beverage Corp FIZZ

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Morningstar’s Analysis

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National Beverage Thesis Unchanged Following Stock Split; Shares Cooling Off but Still Heated

Analyst Note

| Nicholas Johnson, CFA |

On Feb. 2, 2021, narrow-moat National Beverage announced a one-for-one stock split, with the incremental float being delivered in the form of a dividend to existing shareholders. The dividend will be disbursed on Feb. 19, with split-adjusted trading commencing on Feb. 22. In terms of rationale, the company alluded to increased liquidity and democratization of market participation to smaller investors, though we believe this argument is a bit tenuous due to the prevalence of fractional share trading on retail brokerage apps today.

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Company Profile

Business Description

National Beverage is one of the top 10 non-alcoholic beverage companies in the U.S. Its portfolio skews toward functional drinks (i.e. those purporting to offer health benefits) and is anchored by the popular LaCroix sparkling water trademark. Other offerings include Rip It energy drinks, Everfresh juices, and soda brands like Shasta and Faygo. The firm controls most of its production and distribution apparatus, with very little outsourcing. In terms of go-to-market, it uses warehouse distribution for big-box retailers, direct-store-delivery for convenience stores and other small outlets, and food service distributors for the food service channel (schools, hospitals, restaurants). It is controlled by chairman and CEO Nick Caporella, who owns over 73% of the common stock.

8100 SW Tenth Street, Suite 4000
Fort Lauderdale, FL, 33324
T +1 954 581-0922
Sector Consumer Defensive
Industry Beverages - Non-Alcoholic
Most Recent Earnings Oct 31, 2020
Fiscal Year End May 2, 2021
Stock Type Slow Growth
Employees 1,550