UNFI – UNFI is trading at less than half book asset values, but management is confident about their Thrive 2 initiative and long-term business transformation

• United Natural Foods, Inc. (UNFI:USA) currently trades at historical lows relative to UAFRS-based (Uniform) Assets, with a 0.4x Uniform P/B. At these levels, the market has bearish expectations for the firm, but management is confident about their Thrive 2 initiative and long-term business transformation
• Specifically, management generated excitement markers when saying their five areas of focus will drive success for their new business and when discussing their long-term business transformation. Furthermore, management is confident their Thrive 2 platform will drive efficiency.