Pre-IPO Coverage: Beyond Meat (BYND)
By Kyle Guske
After initially announcing a price range of $19-$21 per share, the company raised its price range to $23-$25 per share and announced it would sell ~1 million more shares.
At the current price range the company plans to sell up to $240 million of shares with an expected market cap of ~$1.4 billion.
The company’s market cap looks unrealistic based on its $88 million in annual revenue and mounting losses.
On the flip side, the opportunity could be large, given the $1.4 trillion size of the global meat industry and the $22 billion market cap of major meat producer Tyson Foods (NYSE:TSN).
Gross margins turned positive for the first time in 2018. More impressively, at 20%, its gross margins have already surpassed Tyson Foods (TSN), the largest meat producer in the U.S.
Source: Investing.com
https://www.investing.com/analysis/prei ... -200415404