President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

These egg producers could crack given the upcoming anniversary of COVID tailwinds, increasing competition, the supply/demand dynamics, inventory trends, rising input costs, an expensive valuation, and optimistic estimates.

These egg producers could crack given the upcoming anniversary of COVID tailwinds, increasing competition, the supply/demand dynamics, inventory trends, rising input costs, an expensive valuation, and optimistic estimates.

Cal-Maine Foods (CALM) & Vital Foods (VITL):  Are These "Bad Eggs"?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Vital Farms (VITL US) is getting ready for an IPO on the NASDAQ exchange in the next few weeks. Vital Farms is the largest producer of pasture-raised eggs in the United States. Established in Austin, Texas in 2007,<a href="https://www.fooddive.com/news/pasture-raised-egg-producer-vital-farms-files-for-ipo/581385/" target="_blank" rel="noopener"> Vital Farm's</a> food products are sold in F&amp;B retailers and supermarkets including Whole Foods, Sprouts Farmers Market, Kroger, and Target. Vital Farms promotes itself as a producer of ethically-raised foods, which mainly refers to its chickens and cows that are raised in a more humane environment. For example, instead of the chickens that are raised in harsh, caged environments, Vital Farm's chickens are raised in lush pastures.Vital Farms is essentially the Louis Vuitton of the egg industry. Just as there are consumers that are willing to pay 10x for the price of a bag because it has the brand name Louis Vuitton, there are consumers that are willing to pay two to three times more for the "ethically-raised" Vital Farm eggs rather than the regular, commodity eggs. The underwriters of this IPO include Goldman Sachs, Morgan Stanley, and Credit Suisse. The company is seeking to raise at least $100 million (placeholder) in this IPO.

Vital Farms (VITL US) is getting ready for an IPO on the NASDAQ exchange in the next few weeks. Vital Farms is the largest producer of pasture-raised eggs in the United States. Established in Austin, Texas in 2007, Vital Farm's food products are sold in F&amp;B retailers and supermarkets including Whole Foods, Sprouts Farmers Market, Kroger, and Target. Vital Farms promotes itself as a producer of ethically-raised foods, which mainly refers to its chickens and cows that are raised in a more humane environment. For example, instead of the chickens that are raised in harsh, caged environments, Vital Farm's chickens are raised in lush pastures.Vital Farms is essentially the Louis Vuitton of the egg industry. Just as there are consumers that are willing to pay 10x for the price of a bag because it has the brand name Louis Vuitton, there are consumers that are willing to pay two to three times more for the "ethically-raised" Vital Farm eggs rather than the regular, commodity eggs. The underwriters of this IPO include Goldman Sachs, Morgan Stanley, and Credit Suisse. The company is seeking to raise at least $100 million (placeholder) in this IPO. 

United States

Vital Farms, Inc. provides agricultural food products. The Company offers pasture-raised eggs, butter, and ghee. Vital Farms serves customers in the States of Texas and Missouri..

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Vital Farms Inc (1045708D US)

Cal-Maine Foods (CALM) & Vital Foods (VITL): Are These "Bad Eggs"?

Egg producers that could crack given the upcoming anniversary of COVID tailwinds, industry conditions, an expensive valuation, and optimistic...

Robert C Prather Jr

Vital Farms Inc IPO Preview

Vital Farms (VITL US) is getting ready for an IPO on the NASDAQ exchange in the next few weeks. Vital Farms is the largest producer of...

Douglas Kim

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