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The Company is an innovator, marketer and producer of branded products for the pet and lawn and garden supplies markets.
Central Garden and Pet is selling near its 52 week high. The share price is 1.5 times book value, which is significantly above typical p/bv ratios that prevailed over the last 10 years. Ignoring its gigantic asset impairment last year, its returns on equity have average 8% or less. The company recently filed a shelf registration statement that allows it to issue new shares from time to time in unspecified amounts at unspecified prices. I expect the company to immediately sell into this richly valued market and this increase in supply will likely cause a price drop.
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