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Feb 28 2020, 06:30 GMT
We believe the market is overlooking the value and growth opportunity of the Dole investment and the benefits afforded by the prudent deal structure. The agreed structure provides time to de-lever Dole on a measured basis prior to potential future consolidation, while a price protection mechanism supports investment value. Forthcoming FY 2019 results should showcase a strong recovery at Dole, underpinning a tenth consecutive year of adjusted EPS growth. Our sum-of-the-parts (SOTP) analysis shows material upside to the current share price.