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Plant Based and Many Are Non-GMO Project Verified, Gluten Free Strategic Rationale and Organic

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Plant Based and Many Are Non-GMO Project Verified, Gluten Free Strategic Rationale and Organic HOWARD PENNEY HANG 10 ON THIS WAVE BEST IDEA: LONG WHITEWAVE FOODS (WWAV) June 18, 2015 HEDGEYE 1 DISCLAIMER DISCLAIMER Hedgeye Risk Management is a registered investment advisor, registered with the State of Connecticut. Hedgeye Risk Management is not a broker dealer and does not provide investment advice for individuals. This research does not constitute an offer to sell, or a solicitation of an offer to buy any security. This research is presented without regard to individual investment preferences or risk parameters; it is general information and does not constitute specific investment advice. This presentation is based on information from sources believed to be reliable. Hedgeye Risk Management is not responsible for errors, inaccuracies or omissions of information. The opinions and conclusions contained in this report are those of Hedgeye Risk Management, and are intended solely for the use of Hedgeye Risk Management’s clients and subscribers. In reaching these opinions and conclusions, Hedgeye Risk Management and its employees have relied upon research conducted by Hedgeye Risk Management’s employees, which is based upon sources considered credible and reliable within the industry. Hedgeye Risk Management is not responsible for the validity or authenticity of the information upon which it has relied. TERMS OF USE This report is intended solely for the use of its recipient. Re-distribution or republication of this report and its contents are prohibited. For more details please refer to the appropriate sections of the Hedgeye Services Agreement and the Terms of Use at www.hedgeye.com HEDGEYE 2 PLEASE SUBMIT QUESTIONS TO [email protected] HEDGEYE 3 KEY POINTS A PORTFOLIO OF STRONG ON-TREND BRANDS WWAV is built on the strength of its brands, all of which hold a #1 or #2 position in their category. 1 WWAV operates in on-trend categories that are front and center to todays consumer. The plant- based segment is largely under penetrated but is starting to gain broader consumer acceptance. WWAV is at the helm, and we are confident they will drive growth and penetration, while maintaining their share of the category. PLATFORMS BUILT FOR ACQUISITIONS 2 WWAV has clear platforms that are built for acquisitions, Plant-based Foods and Beverages, Creamers, Premium Dairy, Organic Greens & Produce and now Plant-based Nutrition, all are capable of tack on acquisitions. They have proven they are actively looking, announcing a deal in every year since the spin-off from Dean Foods. STRONG EXPERIENCED MANAGEMENT AND BOARD 3 In our research in the consumer space it is hard to find a Board of Directors with more relatable experience than WWAV’s. Additionally, their management comes from their old parent company Dean Foods, which gives them strong experience to deploy in such a young company. HEDGEYE 4 ORIGINAL LONG THESIS STILL HOLDS TRUE ORIGINAL LONG CALL ON 4/11/14 THEY HAVE BEEN EXECUTING ON OUR THESIS ― WE DON’T SEE AN END TO THIS GROWTH IN SIGHT • WWAV’s on-trend category, volume growth and earnings potential are best in class ― In FY2014 WWAV experienced robust growth on the top and bottom line. We strongly believe that their brands are underpenetrated and have more room to run. Brands currently averaging below 30% household penetration across the board • We believe margin expansion will continue, as the company benefits from fixed cost leverage, favorable product mix and increased internal manufacturing capabilities ― They made a big push in FY14 increasing operating margins by 90 basis points exceeding their goal of 75 basis points, while increasing marketing investments at double-digit rates. WWAV started off FY15 in Q1 with a strong 57 basis point improvement as they continue to leverage their supply chain manufacturing capabilities • Horizon center-of-store expansion ― On track to deliver expectations, management is going with a strong beachhead approach to this launch, building it up in their highest ACV markets, and expanding outward from there • Household penetration remains low ― As mentioned above, household penetration has plenty of room to grow as consumers are getting more and more focused on what they put in their bodies and the affect that has on the environment • Continuously beating guidance It has been an impressive run, management has consistently raised guidance following positive performance (which they have ― every quarter), and still beating it out on a quarterly basis HEDGEYE 6 PERFORMANCE SINCE 4/11/14 UP ~83% SINCE OUR LONG CALL ― THERE IS STILL ROOM TO RUN 200 Competitive Set: • General Mills (GIS) 183 180 • Kraft Foods (KRFT) • Nestle SA (NESN-CH) • Hain Celestial (HAIN) 160 • Monster Beverage (MNST) • Lifeway Foods (LWAY) 140 • Danone SA (BN-FR) 120 116 106 100 80 (INDEX) WhiteWave Foods Company - Price (INDEX) Index:WWAV Comp Set - Price (INDEX) S&P 500 - Price Data Source: FactSet. HEDGEYE 7 ADDITIONS TO LONG THESIS DON’T LET THESE ADDITIONS TAKE AWAY YOUR FOCUS ON THE ORIGINAL, BECAUSE THOSE STILL HOLD TRUE! 1• Growth through acquisitions ― string of pearls approach • Earthbound, So Delicious, Vega ― Who could be next? We have some ideas… 2• Geographic expansion • JV in China is just the beginning ― through 2014 and into Q1 2015 expanded distribution into Canada and Mexico, but is still largely underdeveloped ― South America is completely untapped! 3• Brand creation ― You don’t always have to buy brands to enter new categories • Yulu, a premium Australian style yogurt offering, expanding reach within the fast growing yogurt category 4• Strength of management team • I believe we understated what this means for the company in our original thesis, the experience that they carry can not be underestimated HEDGEYE 8 EXECUTIVE SUMMARY COMPANY OVERVIEW • The WhiteWave Foods Company is a consumer packaged food and beverage company that manufactures, markets, distributes and sells branded plant-based foods and beverages, coffee creamers and beverages, premium dairy products and organic produce throughout North America and Europe. ― WWAV also holds a 49% interest in a JV in partnership with Mengniu Dairy Company Limited that manufactures, markets, distributes and sells branded plant-based beverages in China under the Silk brand • Three Reportable Segments: 1. Americas Foods & Beverages: ― Silk, So Delicious, Horizon Organic, Vega (pending), International Delight and Land O Lakes 2. Americas Fresh Foods: ― Earthbound Farm 3. Europe Foods & Beverages: ― Alpro and Provamel • Headquartered in Denver, Colorado; 4,500 employees • Very strong management team coupled by a small board (only six members) with industry experience, we believe this allows them to be nimble and act quickly, given there are not so many cooks in the kitchen Data Source: Company filings. HEDGEYE 10 BECOMING A GLOBAL COMPANY HEDGEYE 11 FINANCIAL SUMMARY SPENDING WISELY ― INVESTING IN THE FUTURE ($ in millions except per share information) General Mills (GIS) Financials Last Price (as of 6/17/2015) $48.98 % of 52 week high 98% Shares Outstanding 175 Market Capitalization $8,576 - Cash $31 + Debt $1,528 + Minority Interest $0 Enterprise Value $10,074 Fiscal Year End December 31, 2011 2012 2013 2014 Mar '15 LTM Revenue $2,026 $2,289 $2,542 $3,437 $3,518 Growth (%) 13.0% 11.1% 35.2% 2.4% EBITDA $201 $218 $288 $406 $414 Margin(%) 9.9% 9.5% 11.3% 11.8% 11.8% Growth (%) 8.6% 31.8% 41.0% 2.0% Net Income $131 $111 $99 $140 $141 Growth (%) (15.0%) (11.0%) 41.6% 0.7% EPS $0.72 $0.74 $0.74 $0.99 $1.01 Growth (%) 2.8% 0.0% 33.8% 2.0% Cash From Operations $241 $237 $185 $285 $281 Cash Flow Per Share $0.66 $0.87 $0.30 ($0.04) ($0.21) Free Cash Flow $114 $134 $53 ($8) ($38) Net Changes in Cash $23 ($28) $32 ($51) ($28) Data Source: Company filings, FactSet. HEDGEYE 12 FY2014 REVENUE / SOP BY SEGMENT FY2014 Revenue by Segment FY2014 Segment Operating Profit Europe Foods & Europe Foods & Beverages Beverages 15% 14% Americas Fresh Americas Fresh Foods Foods 13% 17% Americas Foods & Beverages Americas Foods 68% & Beverages 73% $3,437 million FY2014 Net Sales $365 million FY2014 SOP Data Source: Company filings. HEDGEYE 13 PRODUCT MIX OVER TIME Product Mix at Time of IPO Current Product Mix Plant-based Nutrition 3% Europe Plant- based Food and Beverages 16% Organic Greens North America and Produce Coffee Creamers 16% Coffee Creamers and Beverages and Beverages 36% 28% North America EU Plant-based Plant-based Food Food and and Beverages Beverages 24% 15% Premium Dairy 18% North America NA Plant-based Premium Dairy Food and 24% Beverages 20% $2,289 million FY2012 Net Sales $3,537 million FY2014E(1) Net Sales Data Source: Company filings. (1) FY2014 sales estimated to include acquisition of Vega (still pending). HEDGEYE 14 RECENT PERFORMANCE 3-YEAR PRICE PERFORMANCE HANDILY BEATING THE COMPETITION SINCE IPO 300 Competitive Set: • General Mills (GIS) 279 • Kraft Foods (KRFT) • Nestle SA (NESN-CH) 250 • Hain Celestial (HAIN) • Monster Beverage (MNST) • Lifeway Foods (LWAY) 200 • Danone SA (BN-FR) 163 Performance Versus: Index Price Index 150 • Peers: +102.17% 138 • S&P 500: +71.17% 100 50 06/05/12 12/05/12 06/05/13 12/05/13 06/05/14 12/05/14 06/05/15 (INDEX) WhiteWave Foods Company (INDEX) WWAV Comp Set (INDEX) S&P 500 Data Source: FactSet. HEDGEYE 16 2-YEAR PRICE PERFORMANCE ONCE SETTLED INTO THE PUBLIC MARKETS THEY HAVEN’T LOOKED BACK 300 Competitive Set: • General Mills (GIS) 275 • Kraft Foods (KRFT) • Nestle SA (NESN-CH) 250 • Hain Celestial (HAIN) • Monster Beverage (MNST) • Lifeway Foods (LWAY) 200 • Danone SA (BN-FR) Performance Versus: Index Price Index 150 • Peers: +131.09% 130 • S&P 500: +111.54% 119 100 50 06/05/13 12/05/13 06/05/14 12/05/14 06/05/15 (INDEX) WhiteWave Foods Company (INDEX) WWAV Comp Set (INDEX) S&P 500 Data Source: FactSet.
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