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  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
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  "authorName": "Ben Axler",
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  "notes": "The chart highlights a decline from 2015 to 2016E and a slight decline between YTD 2015 and YTD 2016.",
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      "text": "-3.6% YoY Decline",
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      "text": "This does not appear to be the sign of a healthy, growing company.",
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      "text": "Freight costs from 2012 to 2016E",
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      "text": "customer paid freight costs: -19.2%",
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      "text": "Taking a step back, using customer paid freight costs as a directional indicator of business activity, we observe they are in YoY decline. Based on YTD 2016 annualized results, we estimate 2016 full year results are close to 2014 levels. This does not appear to be the sign of a healthy, growing company.",
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      "text": "Source: MGP Financials (1): YTD 15/16 based on recently disclosed figures in Q3'16 (2) Annualized based on YTD 16 results",
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