Taking A Pass on BellRing Brands

Took a look at BellRing Brands (BRBR), which makes protein drinks and powders under the Premier Protein and Dymatize brands. There are some good things here. The whey protein market is growing 8-10% annually, and Premier is the category leader at around 21% market share. However, this is a space with a TON of competition, from direct (like Simply Good's Quest and Atkins brands), to massive food conglomerates (like Coca-Cola's Fairlife brand), to small niche players. I don't see much of a moat here, meaning the firm is gonna have to continually spend for marketing to maintain share and will be constantly challenged on price. It is a pass for me.

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