Once Upon a Farm Global Staples Forum Key Takeaways

Goldman Sachs maintains a Buy rating on Once Upon a Farm (OFRM) with a $39 target price, following management's presentation of strong top-line growth and a long-term strategy involving retail cooler expansion.

Key Takeaways

• 1.Management highlighted strong consumption trends in the mid-30% range, driven by shifts toward better-for-you products and expanded retail distribution.
• 2.The proprietary cooler strategy serves as a key differentiator in the baby food aisle, with plans to expand from 3.7K coolers currently to 15K over the long term.
• 3.Profitability is expected to step up materially in FY27 as the company overcomes near-term slotting fees and focuses on high ROIC supply chain automation projects.

Table of Contents

• Key Takeaways
• Valuation/Risks
• Disclosure Appendix
• Regulatory disclosures

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