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Lancaster Colony sports one of the cleanest balance sheets around, however, it has had tough sledding on the EPS front for those that only focus on EPS. However, this probably is about to change as it should start benefiting from lower ingredient costs on its food side, better sales from new business in automotive products, easy quarterly comparisons, lower shares outstanding (due to aggressive and astute buybacks by management) and a healthy candle and glassware business. This will enable it to realize value the traditional way, however, if management was more pro-active and not managing from the past it would spin off the automotive segment and the stock would probably increase 40-50% from current levels. Current management is "growing" into the position, might be kind of afraid to "mess up" what previous management accomplished - I think this might penalize shareholders.
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