I was turned on to Beyond Meat (BYND) – both the stock and the actual product – by a relative recently. Truthfully, neither BYND nor the Beyond Burger fit my usual profile. I’m a happy and common red-meat eater, and my investing tastes lean more strongly toward value plays than growth stocks – and particularly recent IPOs.

But I’m intrigued on both fronts. I tried the Beyond Burger at the Epic Burger restaurant chain in Chicago – and was quite impressed. And as for BYND stock, there’s an interesting growth case here, at least at the midpoint of the planned pricing range of $19-21.

There are risks, to be sure. The stock isn’t cheap, at roughly 10x EV/revenue (on a trailing twelve-month basis). We’ve seen more than a few ‘better for you’ stocks tumble in categories like gluten-free and organic food. Beyond Meat will have plenty of competition. Post-IPO trading is likely to be volatile, to say the least, given the limited financial history and the “garbage in, garbage out” problem of modeling future results.

That said, there’s an intriguing case here at a reasonable price. Beyond Meat has an enormous opportunity, and if it can capitalize, BYND stock could have a similarly enormous upside.

The Beyond Meat Business

Beyond Meat’s business model essentially is to create plant-based meats. The company is developing alternatives for beef, chicken, and pork, but for the time being its Beyond Burger is the real driver here. 70% of gross revenue in 2018, per the S-1/A, came from the Beyond Burger, up from 48% the year before. Yellow peas are the primary protein source for the Burger, Beyond Sausage, and frozen Beyond Beef Crumbles. A newer product, Beyond Beef (a ground beef substitute), uses a blend of peas, rice proteins, and mung (a type of bean).