BYND – Market expectations are for a material improvement in Uniform ROA, but management may be concerned about their ability to grow overseas, manage costs, and sustain growth with existing customers

• Beyond Meat, Inc. (BYND:USA) currently trades at a historical high relative to UAFRS-based (Uniform) assets, with a 27.4x Uniform P/B and a 1.6x Uniform asset turnover. At these levels, the market is pricing in bullish expectations, but management may have concerns about their ability to grow overseas, manage costs, and sustain growth with existing customers.
  
• Management may have concerns about costs related to higher staffing levels and their ability to innovate, and they may lack confidence in the potential of their expansion with Starbucks throughout Canada and China. Additionally, they might be concerned about their ability to sustain growth at existing retail customers, and they might have concerns about the impact of recent discounting initiatives. Moreover, they might be exaggerating their view of their addressable market and concerned about their ability to build brand awareness. Finally, they might be concerned about their ability to improve cost structure and gross profit and their ability to advance in the market relative to their competitors