As a vegetarian, the Beyond Burger didn’t take me back to the days when I was an omnivore.
This is the world’s most expensive sandwich? This is the $5 billion–plus miracle that has people on Wall Street fainting with ecstasy?I’m sitting in a restaurant in South Boston biting into a “Beyond Burger” — the vegetarian “but it tastes like meat” phenomenon that is sending Beyond Meat’s stock BYND, -2.23% into orbit.Is it like “meat”? Well, kinda. Sorta. Maybe. It tastes a bit like those cheap, frozen hamburgers we used to get at high school.
There is no more carnivorous dish on this planet than Scottish haggis — if you don’t believe me, Google the ingredients — but at this point, almost every restaurant in Edinburgh serves its own vegetarian version. And many locals swear vegetarian haggis is better than the original. If you can make a vegetarian haggis, you can make a vegetarian anything.“Oh, you don’t understand,” my friends said.
Beyond Meat’s research-and-development budget: $21 million over the past three years. The company employs 63 people in R&D. Proprietary ... recipe Economics is about supply and demand. Even if the demand for vegetarian foods is booming, and even if you like Beyond Burgers, what is going to limit supply and give you pricing power?
Agricultural sources say mung beans are trading for about $2 a kilo at wholesale these days. The price is down 6% in a year. At these levels, Beyond Meat, the company, is valued at about the same as 2½ million tons of mung beans.Price and value In these heady days on Wall Street, $5.55 billion isn’t seen as a lot of money for a company. And maybe it really isn’t.
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