UNFI - Getting “Lean”er to Build More Muscular Margins, A Key to the Low-Double-Digit Secular EBITDA Growth Algo—We Remain NEUTRAL-Rated

研报英文原文证据摘录

UNFI - Getting “Lean”er to Build More Muscular Margins, A Key to the Low-Double-Digit Secular EBITDA Growth Algo—We Remain NEUTRAL-Rated

7.00 operational role. He has been instrumental in the initial roll-out of Lean Six Sigma to

Intraday Pricing As of 6/22/2026. the distribution centers and will now take direct oversight for their day-to-day operation,

Price Target NA including the selling and supply chain functions, which should enhance execution including

the sharing of best practices. Two, he will be succeeded as CFO by Alfredo Luchini, who

joins from Carrier Climate Solutions America (CARR) where he served as CFO for the past

EBITDA($M) 30 months. Prior to that, he spent 13 years at GE (General Electric) including a period

(FY JUL) 1Q 2Q 3Q 4Q FY in 2019-2021 where he overlapped with Mr. Tarditi. His familiarity with Lean is a positive.

2025 134 144 157 116 551 Three, Louis Martin will become Chief Commercial Officer, overseeing product assortments

EV/EBITDA 8.3x and sourcing, as well as high-margin businesses like private brands and services, which

2026 167 179 183 177E 706E are central to the algo. We view Mr. Tarditi, who is 52, as a natural, eventual candidate to

EV/EBITDA 6.5x succeed CEO Sandy Douglas, while Mr. Luchini is ten years younger. The market should

2027 182E 194E 195E 191E 762E value executive continuity, which until recent years, had not been a UNFI strong suit but

EV/EBITDA 6.0x should now serve it well.

EPS ($) Elevated Execution to Bolster Low-Double-Digit Secular EBITDA Growth. The recently (FY JUL) 1Q 2Q 3Q 4Q FY

2025 0.16 0.22 0.45 (0.10) 0.73 extended three-year secular algo which calls for a combination of low-single-digit sales

gains and low-double-digit EBITDA growth is significantly reliant on consistent, productivity- P/E 64.4x