2025-05-29-Jefferies-绩效食品集团（PFGC）_投资者日要点_8页_198kb

The equity research report on Performance Food Group (PFGC) highlights a positive Investor Day outcome with revised sales and margin targets. The company's fiscal year 2028 (F28) revenue target of $73-75 billion exceeds current consensus, indicating a 5%+ CAGR for growth, driven primarily by acceleration in the Convenience and Vistar/Specialty divisions, alongside strong momentum in foodservice. Cross-selling strategies across the three divisions and investments in proprietary brand SKUs support this growth. Digital ordering adoption, with 67% customer engagement and AI-driven suggestions, is a key margin expansion driver, alongside cost savings from procurement and operational synergies.

Adjusted EBITDA is now targeted at $2.3-2.5 billion for F28, representing low-double-digit growth CAGR and a 50-60bps margin expansion. The new $102 price target reflects 10.5x CY26 EBITDA, positioning the stock for upside given robust expected revenue and EBITDA growth, including debt reduction targeting 2.5-3.5x net leverage. Analysts maintain a 'Buy' rating with confidence in long-term opportunities in profitable segments and core drivers.

Risks include potential slowdown in independent case growth, irrational pricing from competitors, sharp product cost fluctuations, and M&A-related challenges. Market capitalization stands at $13.9 billion as of May 28, 2025.