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American States Water Company (AWR)
Founded in 1929, American States Water (AWR) is a regional regulated water and electrical utility serving 75 communities in Northern, Coastal, and Southern California. It also serves 24,000 electrical customers in San Bernardino county. Source: AWR Investor Presentation The company has two major segments. The Golden State Water Company owns the firm's regulated water and electric assets, and American States Utility Services operates privatized water systems on 11 military bases under 50-year contracts. This includes the four largest military bases in the US: Fort Bragg, Fort Bliss, Eglin Air Force Base, and Fort Riley. Source: AWR Investor Presentation In 2017, approximately 77% of the company's revenue came from its regulated utilities operations (69% from water), with the remaining 23% coming [...]
Tootsie Roll (TR)
Founded in 1896, Tootsie Roll (TR) is the maker of famous candy brands such as: Tootsie Roll, Tootsie Pops, Child’s Play, Caramel Apple Pops, Charms, Blow-Pop, Junior Mints, Charleston Chew, Sugar Daddy, Sugar Babies, Andes, Razzles, and Dubble Bubble. The company sells its products primarily through 30 candy and grocery brokers to over 4,000 supermarkets, variety stores, dollar stores, chain grocers, and drug chains in the U.S., as well as numerous outlets in Canada and Mexico, which are its largest foreign markets. Tootsie Roll also sells in Europe, the Middle East, and Asia, but the U.S. is its largest market, accounting for 91% of total product revenue. With 52 consecutive annual dividend increases, Tootsie Roll is a dividend king. [...]
Spectra Energy Partners, LP Note (SEP)
Spectra's sponsor, Enbridge (ENB), announced a roll-up proposal in May 2018 to acquire the remaining interest in Spectra that it doesn't currently own. If accepted, SEP unitholders will receive 1.0123 common shares of Enbridge per SEP unit, representing a value of about $32 per unit today. As Enbridge laid out (see quote below), the deal was driven by U.S. tax reform and a recent regulatory change affecting how rates for certain MLPs such as Spectra will be treated in the future. Spectra Energy Partners has stated that it does not expect a material financial impact as a result of the regulatory ruling announced in March 2018, which clearly conflicts with Enbridge's statement below. SEP's board of directors is [...]
Flowers Foods (FLO)
Flowers Foods (FLO) was founded in 1919 and has grown to become the second-largest producer of packaged bakery foods in the country with over 40 operating bakeries. The company primarily sells breads, buns, rolls, tortillas, and snack cakes, and some of its key brands include Nature’s Own (the number one bread in the U.S.), Tastykake, Wonder Bread, Whitewheat, and Dave’s Killer Bread. Flowers Foods also bakes store-branded generic products. Source: Flower Foods The vast majority of the company's sales are in fresh breads and rolls, with snack foods and frozens products making up the rest of revenue. Source: Flowers Foods Approximately 85% of Flowers’ sales last year were Direct Store Delivery, in which fresh products are [...]