Swiss Water Decaffeinated Coffee (SWP) is the largest chemical-free decaffeinated coffee producer, a category that’s benefitting from overall market tailwinds and a shift away from methylene chloride production - contributing to revenue growth and margin expansion…

… in conjunction with commodity prices and operating efficiencies from higher capacity utilization. With its heavy capital program in the rearview…

… that margin growth could continue, with a $6M investment in 2027 set to add an incremental 15% to production capacity and pay itself back in under two years.

Combined with upside from Asian market expansion and the potential addition of caffeine capture as a new line of business ($3-5M of run-rate EBITDA), SWP’s current valuation could prove conservative.

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