Company Overview - Nomad Foods is the largest frozen foods manufacturer and distributor in Europe, holding the No. 1 brand position in 13 out of 15 countries served and No. 2 in the remaining two [3]. Business Focus - The company generates approximately two-thirds of its revenue from protein and vegetables, positioning itself well to benefit from the growing trend towards healthier eating, particularly with its revamped chicken and protein-focused meals [4]. Market Challenges - Despite operating in a frozen food industry that typically grows at around 5% annually, Nomad Foods has experienced a stock decline of over 60% due to inflation, inventory issues, weather disruptions in Europe, and a change in CEO [5]. Strategic Initiatives - Nomad Foods is shifting its focus from revenue growth to operational efficiency, aiming to save $200 million between 2026 and 2028 by optimizing its logistics, procurement processes, and increasing production capacity, which currently operates at only 66% [7]. - The company plans to reduce capital expenditures by half compared to the three-year average from 2023 to 2025, which is expected to enhance free cash flow [8]. Financial Health - Nomad Foods generates consistent free cash flow annually, and its high-yield dividend payouts are well-covered by its cash generation. Additionally, the company's share count has decreased by 4% annually over the past five years [9].