WELL EVERYONE AND WELCOME BACK
TO CHEDDAR MOVERS SHARES OF
BEYOND MEAT ON A TEAR.
ISN'T RETURNING FOR THE STOCK
YOU'RE FOLLOWING NEWS THAT THEY
ARE EXPECT.
THERE ARE END OF TALKS BY RIVAL
IMPOSSIBLE FOODS TO SUPPLY
MCDONALD'S WITH US NOW IS BRIAN
HALL.
SO READ DA DAVIDSON'S THAT
UNDERPERFORM RATING $84
ITS TARGET FOR BE ON THE SHOW'S
BRIAN GREAT TO HAVE YOU WITH US
HERE AND YOU
WHEN YOU FIRST INITIATED
COVERAGE IT WAS ALSO A CELL AND
NOW YOU'RE YOU KNOW I I I
PERFORM SO WHAT ABOUT THIS
PIECE OF NEWS THAT HAS NOT
PROVIDED YOU ANY CHANGE OF
HEART.
>> YEAH, I DON'T THINK THERE'S
MUCH KNEW THAT YOU KNOW I WE
GENERALLY BELIEVE THAT
MCDONALD'S OR BEYOND ME THE
MOST LIKELY PARTNER FOR A
MCDONALD'S IN SOME FORM
OR FASHION. AND SO WE DON'T
WE'RE NOT HEARING ANYTHING NEW
OBVIOUS THAT THE TRIALS
EXPANDED IN CANADA THAT'S GOOD.
WE STILL THINK THEY'RE THE
LEADING CANDIDATE. FOR A
BROADER NORTH
AMERICAN PUSH. YOU KNOW WE WERE
JUST TAKE INTO ACCOUNT A COUPLE
THINGS ONE THINK IT'S GOING TO
TAKE TIME THIS IS A VERY
MEASURED APPROACH BY
MCDONALD'S, THEY WORK THE FIRST
MOVER IN THE SUB SEGMENT.
THE TEST THEY'RE BEING VERY
CAUTIOUS ABOUT I THINK THAT'S
SMART FOR THEM, I THINK THAT'S
MY FOR BEYOND MEAT, BUT AGAIN
YOU KNOW I THINK WHAT WE'RE
STARTING TO PRICE IN HERE AND I
THINK THIS IS A LOT OF SHORT
COVERING BY THE WAY JUST JUST A
LOT OF A FEAR ABOUT THE NEWS
AND WHAT THIS COULD
MEAN, BUT YOU KNOW I THINK THIS
IS GOING TO BE I DON'T THINK
WE'RE GOING TO TURN ON 14,000
DOORS IN THE US OVERNIGHT I
THINK IT WILL HAPPEN IN A MORE
MEASURED FASHION AND STILL
THINK THERE'S SOME RISK BY THE
WAY I NEVER THOUGHT IMPOSSIBLE
WAS A VIABLE A THREAT TO TO
TAKE THE
MCDONALD'S BUSINESS. I THINK
YOU HAVE NESTLE I TYSON I THINK
YOU HAVE OTHER FOOD SERVICE AND
PRIVATE MANUFACTURERS OUT THERE
THAT COULD ALSO BE POTENTIAL
PARTNERS FROM THE DOUBTS ON THE
ROAD.
>> WHAT DO YOU SEE IN THE
PRODUCTION CAPABILITIES THAT
BEYOND MEAT IS NOW HAVE TO
INVEST IN SO THAT
THEY COULD SCALE UP AND
REALLY OUTSIZE THE SUPPLY THAT
A NESTLE TYSON FOODS WOULD BE
ABLE TO TAP INTO SOME OF
THE SAME MAJOR RESTAURANT
PARTNERSHIPS AND TOUT TO THEIR
OWN BENEFIT AND TRY TO WIN THEM
AWAY FROM THE BEYOND ME.
>> WAS I MEAN THE ON ME YOU
KNOW I THINK THE NUMBER THERE
THROWN OUT AS NORTH OF A
BILLION WORTH THE READ
NEW CAPACITY THAT THEY WOULD
HAVE IN PLACE BY THE END
NEXT YEAR WHICH YOU KNOW IS IS
MORE THAN 2 ACTS WHAT WHAT
FOLKS ARE FORECASTING FOR THE
BUSINESS. SO CERTAINLY THEY'RE
RAMPING UP THEIR CAPACITY.
I THINK AS LONG AS MCDONALD'S
DOES THIS IN A MEASURED FASHION
AND EVERY INDICATION IS THAT
THEY'RE GOING TO DO SO
BE ON THE SHOULD BE ABLE TO
SERVICE THAT BUT CERTAINLY TO
THE EXTENT THAT TYSON FELT LIKE
THEY
WERE VIABLE PARTNER
NESTLE YOU WOULD ASSUME THEY
ALL HAVE THE CAPITAL TO TO
SIMILARLY RAMP UP. YEAH AND I
GUESS WOULD BE WEATHER. BUT I'M
SORRY NO I BRIAN.
>> I WAS
JUST GOING TO SAY THE QUESTION
ULTIMATELY I THINK TO WHAT
EXTENT MCDONALD'S INTERESTED IN
USING MULTIPLE SUPPLIERS.
I MEAN I THINK IF YOU LOOK I
DON'T COVER MCDONALD'S BUT
HISTORICALLY THEIR PRACTICES TO
USE MULTIPLE SUPPLIERS ON IT
ANY NUMBER OF MEAN FROM FRENCH
FRIES THE
CASH REGISTERS SO YOU KNOW IT'S
POSSIBLE THAT THEY USE BE ON ME
AND THE EU
SOMEBODY ELSE. AGAIN I I THINK
THERE ARE A NUMBER OF SCENARIOS
ABOUT HOW THIS PLAYS OUT.
>> I WAS JUST GOING
I'M GOING TO THE EXPANSION INTO
OTHER PARTS OF THE WORLD CHINA
IS A
HUGE AREA OF GROWTH OPPORTUNITY
FOR THESE COMPANIES AND CHINA
ITSELF ALSO HAS A
LOT OF THEIR OWN START-UP THAT
ARE LOOKING AT THIS AS WELL
IF THEY WERE SUCCESSFULLY TO
ENTER CHINA DOES THAT CHANGE
THEN HOW YOU WOULD VALUE THE
COMPANY.
>> NO I I WOULD AS AS I WOULD
ASSUME WITH MOST.
EVERYONE OUT THERE THERE ARE
SOME FORECAST FOR CHINA IN
PARTICULAR
ASIAN GENERAL AND EVERYONE'S
MODEL BECAUSE I THINK WHEN YOU
LOOK AT THIS COMPANY AND YOU'RE
TRYING TO DO THE
FUNDAMENTAL ANALYSIS. YOU'RE
TAKING A LONGER
TERM VIEW. SO CERTAINLY
MCDONALD'S IS THAT IS IN MOST
FOLKS AGES AND MOST FOLKS
NUMBERS SO NO I
YOU KNOW I DON'T THINK ENTERING
THE MARKET WOULD CHANGE MY VIEW
I THINK THEIR LEVEL OF SUCCESS.
I MEAN YOU KNOW
IF IF THIS IS A 10% SHARE OF
A POTENTIALLY BILLION MARKET
AND THE ARMY HAS A LARGE SHARE
OF THAT AND THEY'RE CERTAINLY
FURTHER UPSIDE TO NUMBERS.
YOU KNOW MY VIEW HAS ALWAYS
BEEN I WOULD
RATHER MODEL THE BUSINESS
CONSERVATIVELY BECAUSE IT'S
SPECULATIVE AT THIS POINT AND
YOU KNOW A 10% SHARE
OF GLOBAL ANIMAL PROTEIN I'D
RATHER THAT BE MY SORT OF BLUE
SKY SCENARIO AS OPPOSED TO MY
FACE BECAUSE I THINK ONCE YOU
GET OVER A $120
BACK TO THE ONE 50 THEY WERE AT
AROUND THE TIME WE INITIATED I
THINK YOU NEED 10% SHARE TO
HAPPEN TO OWNING THE STOCK AT
THOSE LEVELS I'D BE I'M NOT
SAYING THAT
CAN HAPPEN. I JUST THINK YOU
WOULD YOU WOULD WANT THAT TO BE
YOUR UPSIDE CASE NOT YOUR BASE
CASE BUT WHEN YOU THINK ABOUT
LARRY FINK CEO
OF BLACKROCK.
>> CITING ENVIRONMENTAL CRISIS,
A CLIMATE
CRISIS AND AND HOW BEYOND MEAT
THEIR NARRATIVE ALSO FITS INTO
THIS BY HAVING SOME TYPE OF
PLANT
BASED SOLUTION RATHER THAN THAT
THAT TAPS INTO THE USE OF
ANIMALS AT THAT OR AN EXPANDING
INTO
NEW MARKETS. THEY DO YOU THINK
THAT'S AN OPPORTUNITY THAT THEY
TRY AND WEAN TO HEAR TO EXPAND
THEIR GROWTH.
>> WELL, NO YOU KNOW
AGAIN IT'S A VERY IT'S A VERY
VALID RAT FOR NOW AND IT'S WHY
I DO NOT THINK THIS IS GOING TO
BE A FAD AND I THINK EACH EACH
SUBSEQUENT GENERATION, IT IS
GOING TO BE INCREASINGLY IT'S A
SENSITIVE TO THE ENVIRONMENT
AND THEIR PURCHASING DECISIONS
WHAT WILL DRIVE THAT.
SO AGAIN FOR TALKING 1015 20
YEARS YOU KNOW I THINK
THERE IS YOU KNOW AN ATTRACTIVE
CASE TO BE MADE FOR WHERE BE ON
THESE PLACE IN THIS WORLD IS A
PLANT BASED MEAT
AT LARGE. SO NO, I DON'T DOUBT
THE CREDIBILITY OF THAT AS A OR
OUR MARKETING APPROACH BE I
MEAN CERTAINLY USE AS PART OF