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Ben Bienvenu

Ben Bienvenu

Managing Director and Senior Equity Research Analyst at Stephens Inc. /ar/

Memphis, TN, US

Ben Bienvenu is a Managing Director and Senior Equity Research Analyst at Stephens Inc., specializing in food, agribusiness, and retail industry research. He provides coverage on major companies such as Walmart, offering actionable investment insights and maintaining an overweight rating, and has contributed significantly to Stephens' equity research division by informing client decision-making with deep sector expertise. Ranked #1222 on TipRanks, Bienvenu has a documented performance record in the industry and is recognized for his nuanced analysis and successful calls. With a career at Stephens spanning over seven years, he started as a credit analyst before advancing to lead sector coverage, and holds professional credentials aligned with senior analyst roles at registered broker-dealers.

Ben Bienvenu's questions to Archer-Daniels-Midland (ADM) leadership

Question · Q4 2025

Ben Bienvenu of Stephens Inc inquired about the drivers behind the weaker Starches and Sweeteners demand, including the impact of GLP-1 adoption, shifts to spot buying, tariff pressures, and retail pricing elasticity.

Answer

Chair and CEO Juan Luciano attributed the softness to a combination of factors: GLP-1 adoption influencing consumption patterns, a consumer desire to reduce ultra-processed foods, sustained high retail prices, and increased consumer price sensitivity due to labor market uncertainty. He noted ADM's efforts to diversify applications and offset with 45Zs and ethanol margins.

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Question · Q4 2025

Ben Bienvenu of Stephens Inc. inquired about the drivers behind the weaker Starches and Sweeteners demand, specifically asking about the impact of GLP-1 adoption leading to spot buying, tariff pressures causing higher retail prices, and other factors contributing to the softness.

Answer

Chair and CEO Juan Luciano attributed the softness to a combination of factors, including reduced consumption from GLP-1 users, a consumer shift away from ultra-processed foods, sustained high retail prices, and increased consumer prudence due to labor market shakiness. He noted that liquid sweeteners' volumes are down 5-7% and ADM is working to offset this by shifting to other industrial applications and leveraging 45Z and ethanol margins.

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Ben Bienvenu's questions to CALAVO GROWERS (CVGW) leadership

Question · Q4 2022

Ben Bienvenu from Stephens inquired about Calavo's 2023 outlook, specifically the cadence of earnings and the targeted 10-12% exit run-rate margin for the Fresh Cut business. He also asked for an explanation of the Grown segment's Q4 volume decline amid industry growth and sought details on the company's long-term strategic plan.

Answer

President and CEO Brian Kocher clarified that the 10-12% Fresh Cut margin is an annualized run rate for 2024, not just a Q4 2023 target. He attributed the Grown segment's Q4 volume decline to a strategic decision to manage margins over volume due to lingering excess Peruvian fruit that depressed prices. Regarding the long-term plan, Kocher stated it will shift the company from stabilization to growth across all segments, guided by return on invested capital, with a particular focus on expanding international sales. CFO Shawn Munsell added that operational improvements in the guacamole division also contributed to the Prepared segment's strong performance.

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