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Ben Mayhew

Research Analyst at BMO

Ben Mayhew is an analyst at BMO Capital Markets specializing in equity research with a focus on the agricultural and food production sectors. He covers companies such as Vital Farms, Andersons, and Cal-Maine Foods, recently initiating coverage with performance targets showing projected returns between 7% and 24% for these names. Mayhew has established a track record of actionable investment calls, with his recent recommendations reflecting confidence in future growth prospects of industry leaders. He holds professional securities credentials and brings experience in stock valuation, macroeconomic trend analysis, and quantitative modeling to his current analyst role at BMO.

Ben Mayhew's questions to DARLING INGREDIENTS (DAR) leadership

Ben Mayhew's questions to DARLING INGREDIENTS (DAR) leadership • Q3 2025

Question

Ben Mayhew asked for an outlook on the food segment for the next few months, following commentary about weakness exiting Q3 and into Q4. He also inquired about the expected timeline of triggers that should propel California LCFS credit values higher, given their general stability at weak levels.

Answer

Randall Stuewe (CEO) explained that tariff volatility caused customer delays in Q3, particularly for hydrolyzed collagen peptides, but expects a stronger Q4. He noted continued rebound in the hydrolyzed collagen business and growing repeat orders for NexTIDA products. Robert Day (CFO) attributed weak LCFS values to a delay in GHG reduction obligation implementation, which built up a large credit bank. He expects the supply and demand to balance and LCFS credit premiums to see steady increases sometime in 2026.

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Ben Mayhew's questions to DARLING INGREDIENTS (DAR) leadership • Q3 2025

Question

Ben Mayhew asked for an outlook on the food segment for the next few months, following commentary about weakness exiting Q3 and into Q4. He also inquired about the expected timeline of triggers that should propel California LCFS credit values higher.

Answer

CEO Randall Stuewe attributed Q3 weakness in the food segment to tariff volatility and customers drawing down domestic inventories, expecting a stronger Q4 rebound and continued growth in hydrolyzed collagen and new NexTIDA products. CFO Bob Day explained that LCFS credit values have been stable at weak levels due to a large credit bank from delayed GHG reduction obligations, expecting a more balanced supply/demand and steady increases in LCFS credit premium sometime in 2026.

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Ben Mayhew's questions to JBSAY leadership

Ben Mayhew's questions to JBSAY leadership • Q2 2024

Question

Inquired about the strength and outlook for domestic protein demand in Brazil, and the broader impact and future outlook for lower grain costs across the portfolio.

Answer

The company is very optimistic about Brazilian domestic demand, which has grown significantly due to price elasticity, and they are meeting it with innovation in value-added products. The key factor for future margins is the supply-demand balance; with restricted chicken supply and stable grain prices expected, the outlook is positive, though subject to normal seasonality.

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