Lassonde (LAS-A) was up 13% after reporting a big Q4 beat, which came despite moderating growth on the top line…

… thanks to continued margin expansion, as the impact of higher sales volumes and the non-repeat of some one-time costs pushed EBITDA margins above 13% for the first time since 2017.

Management is looking to repeat that margin performance through 2026, which should help keep leverage below 2x - as the company deploys $200M+ of CapEx…

… most of which is earmarked for the construction of its New Jersey facility. If they can execute, there’s room in the multiple - which sits two turns below the long-term average.

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