Investment Research report

MGP Ingredients, Inc.

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MGP Ingredients, Inc.
Intoxicated By The Moonshine
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MGP Ingredients, Inc.
Over a Barrel
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MGP Ingredients, Inc.
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Research Overview

S&P 500
Consumer Staples
Oct 12, 2022

After conducting a forensic financial and accounting review, Spruce Point believes MGP Ingredients Inc. (Nasdaq: MGPI), a producer and supplier of distilled and branded spirits, and food ingredients, will repeat its recent history and that MGPI will again disappoint investors with an unexpected revision to forecasts. Based on our investigation, we estimate 35% to 55% downside risk, or $45.70 - $66.00 per share.

The report highlights several key concerns with the company, including:

  • Evidence points to the fact that the Luxco / MGPI merger is failing to deliver planned benefits
  • Multiple signs of potential financial misstatements and financial presentation irregularities are emerging
  • We have concerns about management and recent leadership changes
  • We believe the Company is at significant risk of having an environmental shutdown or an increase in fines
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