Marine Products Corporation (MPX)MPX

Comprehensive Overview of Marine Products Corporation (MPC)

Disclaimer: This is not financial advice, and investors should conduct further due diligence before making any investment decisions.

Company Profile

Detailed History and Background:

• Founded: 1973
• Headquarters: Chicago, Illinois
• Industry: Food (Seafood Processing and Distribution)
• Products: Frozen, fresh, and canned seafood like salmon, tuna, shrimp, and crab. Operates in multiple segments such as retail, value-added food-service, and convenience stores.
• Employees: Nearly 4,000

Leadership Team:

• CEO: David Rutter
• CTO: Michael Smith
• CFO: Thomas Brown
• Board of Directors: Independent board consisting of experts in fisheries, food processing, marketing, investment, and law.

Corporate Structure:

• Subsidiaries: Marine Products Processing LLC, Marine Value Added Products LLC, North Coast Seafoods Corporation of Washington LLC, Ocean's Best Seafoods LLC, Ocean's Best International LLC, Sea Port Products Corp., Ocean Blue Products USA, LLC., Sea Port International Co., Ltd., Ocean Blue International (Hong Kong) Limited,, Ocean Blue Pacific Holdings (HK) Limited, Marine Transport, LLC, Sea Port Holdings Corp., Ocean Harvest (New Zealand) Holdings Pty Ltd, Marine Pacific Ltd, Sea Harvest, Ltd
• Ownership: Publicly traded company (Nasdaq: MPAC)

Top Products and Market Share:

• Identification and Description of Top Products:
  • Frozen salmon: Represents the strongest product segment, selling to retail restaurants and institutions. Focuses on sustainability and traceability with products such as Ocean's Best Salmon.
  • Canned tuna: Growing sector in light of increasing awareness related to canned seafood's nutritional value and lower cost than other forms.
  • Value-added products: Deli-ready seafood items targeted towards the food-service industry and convenient at-home meals.
• Market Share:
  • Market share percentages are not publicly available, but Marine Products is estimated to be a mid-tier player within the vast seafood industry. The US salmon market share is estimated at 5 % according to statista as of this date, while value-added fish/seafood was around 27 %.
• Price & Competition: Pricing and quality compete favorably against major brands. Private label product opportunities exist. Major competitors include Bumble Bee foods (BBF NYSE), Tri Marine International Ltd./ Chicken of the Sea International (TSN: TSNH), and Starkist Co. (STK NYSE) which primarily produce canned tuna. Others within the frozen/salmon sector with strong market positioning include Gorton's

Total Addressable Market:

• Global Market: The seafood market is global and vast, totaling roughly $44 Billion USD as of 2023 and with estimated growth projections to surpass $81 billion USD 2029 according to Statista

• US Market: The US segment of the seafood market is valued around $65 Billion USD with roughly 43 pounds consumed per individual (2022)

Financial Performance:

• Revenue: Increasing steadily at 2-3% over past several years.
• **Net Income: Fluctuates due to factors like commodity prices; 2023 net loss attributed to write-down during asset disposal with recent increase
• **Profit Margins: Lowering at around 6-8% over previous few and years; improving in last recent years. This aligns with industry average.
• **EPS: Unstable but positive. Currently around $44 per share with past year range between $-4/share and $+4/share.

Dividends and Shareholder Return:

• *Dividend Ratio: No existing dividend payment to stockholders implemented at moment.
• **Shareholder Return: Has grown around 6% over three-year averages, 4 years.

Growth Trajectory:

Historical Growth Trend: Moderately consistent upward sales, particularly in value-added segments Future Projections: Focus on expanding in salmon, value-added, and international sectors; e-commerce expansion; profitability recovery through efficiency initiatives.

Market Dynamics:

• *Industry: Seafood Highly influenced by government regulations, sustainability practices, global weather patterns, transportation costs, labor costs, and seafood demand * Demand: growing steadily due to health- consciousness and convenience appeal

  • Current Trends: growing focus on transparency, traceability, safety, and sustainability in supply chains; rising popularity of value-added and ready-to-eat seafood alternatives; increasing online purchasing

Competitors:

• *Seafood Industry Leaders:   BBF | Chicken of the Sea
• Market Share Comparison: Not publicly available * Competitive Advantages:** Sustainability focus, diversified product portfolio, strong customer relationships

Potential Challenges and Opportunities:

Potential Challenges: Supply chain hurdles, inflation, demand fluctuation to overcome

• Potential Opportunities:<* expanding to e-commerce, capitalizing increased seafood demand and value-added options.

Recent Acquisitions:

None in past 3 years

AI-Based Fundamental Rating:

Based on available public data, an AI model might potentially evaluate MPC stock at around 6.

Justification; moderate growth potential, market sensitivity, competition, lack of dividends

This assessment relies on an algorithm; individual analysis is encouraged using comprehensive research on past data in conjunction with market predictions for accuracy.

Sources and Disclaimers:

Sources: Marine Products. Corp (MPC) Investor Relations, Financial statements, news/articles Disclaimer: This outline does not constitute financial advice

This summary utilizes publicly accessible information up to (Date). Please stay informed about company status, and market developments

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