Lamb Weston offers investors pure-play exposure to the frozen potato market as North America's largest producer (more than 40% share), followed by McCain Foods (30%), J.R. Simplot (20%), and Cavendish Farms (7%-8%), though it trails McCain globally. The firm primarily sells french fries to restaurants. Despite its niche focus, we view frozen potatoes as boasting robust demand growth. Historically, there's been enough demand for high industry capacity utilization rates, reducing price competition. Moreover, Lamb Weston primarily sources its potatoes from the Columbia Basin and Idaho regions, which boast the highest yields, leading to 10%-20% lower costs per pound. Its position is protected by the difficulty in securing water rights for new agriculture. Multiyear contracts and long-standing farmer relationships protect its supply position, even though Lamb Weston doesn't grow most of its own potatoes.