Saputo Inc.

(SAP:CA)

RADAR: 3 circles, business history,

UNDERSTANDING: Saputo is the single largest producer and supplier of cheese products in Canada, top
three in the US and Argentina, and top four in Australia.

MOAT: Brand: Saputo owns over 15 regionally, nationally, and internationally recognizable brands.
Switch: As one of the largest suppliers of cheese and liquid milk products worldwide, restaurants and
other food service companies would suffer tremendous losses switching to another supplier. TOLL?

MANAGEMENT: CEO: Lino A. Saputo Jr. (also Vice Chairman of the Board)

A graduate of Concordia University with a B.A. in Political Science, Lino A. Saputo, Jr. joined Saputo in
1988 as an Administrative Assistant. In 1993, he became Vice President, Operations, and in 1998,
Executive Vice President, Operations. From July 2001 to January 2004, he was President and Chief
Operating Officer of the Company’s Dairy Products Division (USA). In March 2004, he was appointed to
the position of President and Chief Executive Officer and, since 2011, he also holds the position of Vice
Chairman of the Board.

COtB: Emanuele (Lino) Saputo

He founded the Company with his parents in 1954 and became Chairman of the Board and President of
the Company in 1969. In 1997, following the initial public offering of the Company, he was named
Chairman of the Board and Chief Executive Officer, and remained in this position until March 2004,
following which he remained Chairman of the Board.

CFO: Louis-Philippe Carrière

He graduated from Montréal's business school École des Hautes Études Commerciales (HEC) in 1983
with a bachelor’s in Management. He received his CPA certification from the Order of the Professional
Chartered Accountants of Quebec in 1985, and a year later joined Saputo as Supervisor of Accounting. In
1988, he was named Director of Accounting and, in 1996, assumed the responsibilities of Corporate
Controller. He was appointed FCPA, FCA, Fellow of the Order of the Professional Chartered Accountants
in February 2007. Since 1997, Louis-Philippe Carrière serves as Chief Financial Officer of the Company.

ROE: 16.8%

ROIC: 12.5%

DEBT: 2.06 years

FGR: 10.92 FP/E: 21.85 FCH/Share: $1.84 EPS: $1.86 EPS Growth: 21.1%

MEANING: 44 MOAT: 88 MGMT: 93

CURRENT: $41.71 STICKER: $28.32 MOS: $14.16 PBT 8: $24.13

LOVE – Cheese! Yummy!!

GURUS – Kenneth L. Fisher increased his holdings by 1% to 6,223,373 up from 6,176,675 in April, 2017.
EVENT –

STORY INVERSION –

1 analyst recommends a moderate buy and 3 recommend a hold.

Summary, stock on watch, buy at $15.