SAPUTO INC. $65(Toronto symbol SAP; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 195.8 million; Market cap: $12.7 billion; Price-to-sales ratio: 1.3; Dividend yield: 1.6%; TSINetwork Rating: Average; www.saputo.com) is Canada’s largest producer of dairy products, including milk, butter and cheese. It also operates dairies in the U.S., Australia and Argentina.
In February 2014, Saputo paid $449.6 million for 87.92% of Warrnambool Cheese and Butter Factory, one of Australia’s largest dairy producers.
Warrnambool boosted Saputo’s revenue by 20.6% in its fiscal 2015 first quarter, which ended June 30, 2014, to $2.6 billion from $2.2 billion a year ago. Favourable currency rates and higher cheese and butter prices in the U.S. also contributed to the gain. Earnings rose 6.3%, to $145.3 million, or $0.73 a share. A year earlier, Saputo earned $136.7 million, or $0.69.
The company also raised its quarterly dividend by 13.0%, to $0.26 a share from $0.23. The new annual rate of $1.04 yields 1.6%. In addition, Saputo will split its shares on a 2-for-1 basis at the end of September 2014.
The stock is up 37% in the past year and now trades at a somewhat high 19.9 times the $3.26 a share that Saputo will likely earn in fiscal 2015.
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