Intrinsic value of Andersons - ANDE

Previous Close

$30.25

  Intrinsic Value

$6.29

stock screener

  Rating & Target

str. sell

-79%

Previous close

$30.25

 
Intrinsic value

$6.29

 
Up/down potential

-79%

 
Rating

str. sell

We calculate the intrinsic value of ANDE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -6.50
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,925
  4,004
  4,096
  4,201
  4,319
  4,450
  4,594
  4,750
  4,919
  5,102
  5,298
  5,507
  5,731
  5,969
  6,222
  6,490
  6,774
  7,075
  7,394
  7,730
  8,085
  8,460
  8,855
  9,272
  9,711
  10,173
  10,660
  11,172
  11,711
  12,279
  12,875
Variable operating expenses, $m
 
  4,071
  4,165
  4,272
  4,392
  4,525
  4,671
  4,829
  5,001
  5,187
  5,385
  5,592
  5,819
  6,060
  6,317
  6,590
  6,878
  7,184
  7,507
  7,849
  8,210
  8,590
  8,991
  9,414
  9,860
  10,329
  10,824
  11,344
  11,891
  12,467
  13,073
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,907
  4,071
  4,165
  4,272
  4,392
  4,525
  4,671
  4,829
  5,001
  5,187
  5,385
  5,592
  5,819
  6,060
  6,317
  6,590
  6,878
  7,184
  7,507
  7,849
  8,210
  8,590
  8,991
  9,414
  9,860
  10,329
  10,824
  11,344
  11,891
  12,467
  13,073
Operating income, $m
  18
  -68
  -69
  -71
  -73
  -75
  -77
  -79
  -82
  -85
  -88
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -156
  -164
  -172
  -180
  -189
  -198
EBITDA, $m
  102
  18
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
Interest expense (income), $m
  21
  18
  19
  21
  22
  24
  26
  29
  31
  34
  36
  40
  43
  46
  50
  54
  58
  63
  67
  72
  78
  83
  89
  95
  102
  109
  116
  123
  131
  140
  149
Earnings before tax, $m
  21
  -86
  -89
  -92
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -238
  -251
  -265
  -280
  -295
  -311
  -329
  -347
Tax expense, $m
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  12
  -86
  -89
  -92
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -238
  -251
  -265
  -280
  -295
  -311
  -329
  -347

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  63
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,233
  2,213
  2,264
  2,322
  2,388
  2,460
  2,539
  2,626
  2,719
  2,820
  2,928
  3,044
  3,168
  3,299
  3,439
  3,588
  3,745
  3,911
  4,087
  4,273
  4,469
  4,677
  4,895
  5,125
  5,368
  5,624
  5,893
  6,176
  6,474
  6,787
  7,117
Adjusted assets (=assets-cash), $m
  2,170
  2,213
  2,264
  2,322
  2,388
  2,460
  2,539
  2,626
  2,719
  2,820
  2,928
  3,044
  3,168
  3,299
  3,439
  3,588
  3,745
  3,911
  4,087
  4,273
  4,469
  4,677
  4,895
  5,125
  5,368
  5,624
  5,893
  6,176
  6,474
  6,787
  7,117
Revenue / Adjusted assets
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
  1.809
Average production assets, $m
  899
  917
  938
  962
  989
  1,019
  1,052
  1,088
  1,127
  1,168
  1,213
  1,261
  1,312
  1,367
  1,425
  1,486
  1,551
  1,620
  1,693
  1,770
  1,852
  1,937
  2,028
  2,123
  2,224
  2,330
  2,441
  2,558
  2,682
  2,812
  2,948
Working capital, $m
  258
  276
  283
  290
  298
  307
  317
  328
  339
  352
  366
  380
  395
  412
  429
  448
  467
  488
  510
  533
  558
  584
  611
  640
  670
  702
  736
  771
  808
  847
  888
Total debt, $m
  474
  438
  471
  508
  550
  597
  648
  703
  764
  828
  898
  972
  1,052
  1,137
  1,226
  1,322
  1,423
  1,530
  1,643
  1,763
  1,889
  2,022
  2,163
  2,311
  2,467
  2,631
  2,804
  2,986
  3,178
  3,379
  3,591
Total liabilities, $m
  1,458
  1,423
  1,456
  1,493
  1,535
  1,582
  1,633
  1,688
  1,749
  1,813
  1,883
  1,957
  2,037
  2,122
  2,211
  2,307
  2,408
  2,515
  2,628
  2,748
  2,874
  3,007
  3,148
  3,296
  3,452
  3,616
  3,789
  3,971
  4,163
  4,364
  4,576
Total equity, $m
  774
  790
  808
  829
  852
  878
  907
  937
  971
  1,007
  1,045
  1,087
  1,131
  1,178
  1,228
  1,281
  1,337
  1,396
  1,459
  1,526
  1,596
  1,670
  1,748
  1,830
  1,916
  2,008
  2,104
  2,205
  2,311
  2,423
  2,541
Total liabilities and equity, $m
  2,232
  2,213
  2,264
  2,322
  2,387
  2,460
  2,540
  2,625
  2,720
  2,820
  2,928
  3,044
  3,168
  3,300
  3,439
  3,588
  3,745
  3,911
  4,087
  4,274
  4,470
  4,677
  4,896
  5,126
  5,368
  5,624
  5,893
  6,176
  6,474
  6,787
  7,117
Debt-to-equity ratio
  0.612
  0.550
  0.580
  0.610
  0.650
  0.680
  0.710
  0.750
  0.790
  0.820
  0.860
  0.890
  0.930
  0.960
  1.000
  1.030
  1.060
  1.100
  1.130
  1.160
  1.180
  1.210
  1.240
  1.260
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
Adjusted equity ratio
  0.341
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  -86
  -89
  -92
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -238
  -251
  -265
  -280
  -295
  -311
  -329
  -347
Depreciation, amort., depletion, $m
  84
  86
  88
  90
  92
  95
  98
  101
  104
  108
  112
  110
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  185
  193
  203
  212
  222
  233
  245
  256
Funds from operations, $m
  -34
  0
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -10
  -12
  -14
  -17
  -19
  -22
  -24
  -27
  -30
  -34
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -73
  -78
  -84
  -90
Change in working capital, $m
  -74
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
Cash from operations, $m
  40
  -5
  -7
  -9
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -29
  -32
  -36
  -39
  -43
  -47
  -51
  -56
  -60
  -65
  -71
  -76
  -82
  -88
  -94
  -101
  -108
  -115
  -123
  -131
Maintenance CAPEX, $m
  0
  -78
  -80
  -82
  -84
  -86
  -89
  -91
  -95
  -98
  -102
  -105
  -110
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -185
  -193
  -203
  -212
  -222
  -233
  -245
New CAPEX, $m
  -163
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -95
  -101
  -106
  -111
  -117
  -123
  -130
  -137
Cash from investing activities, $m
  -28
  -96
  -101
  -106
  -111
  -116
  -122
  -127
  -134
  -140
  -147
  -153
  -161
  -168
  -177
  -185
  -194
  -204
  -214
  -224
  -235
  -247
  -259
  -271
  -286
  -299
  -314
  -329
  -345
  -363
  -382
Free cash flow, $m
  12
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -154
  -163
  -172
  -182
  -193
  -204
  -216
  -228
  -241
  -255
  -269
  -285
  -301
  -317
  -335
  -354
  -373
  -393
  -415
  -438
  -461
  -486
  -512
Issuance/(repayment) of debt, $m
  12
  27
  33
  37
  42
  47
  51
  56
  60
  65
  70
  74
  79
  85
  90
  95
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  173
  182
  192
  202
  212
Issuance/(repurchase) of shares, $m
  1
  102
  107
  112
  118
  125
  132
  139
  146
  154
  163
  165
  175
  185
  196
  207
  218
  231
  244
  257
  272
  287
  303
  320
  338
  356
  376
  396
  418
  440
  464
Cash from financing (excl. dividends), $m  
  5
  129
  140
  149
  160
  172
  183
  195
  206
  219
  233
  239
  254
  270
  286
  302
  319
  338
  357
  377
  398
  420
  443
  468
  494
  520
  549
  578
  610
  642
  676
Total cash flow (excl. dividends), $m
  16
  27
  32
  35
  39
  42
  46
  49
  53
  57
  60
  58
  61
  65
  69
  74
  78
  83
  87
  92
  98
  103
  109
  114
  121
  127
  134
  141
  148
  156
  164
Retained Cash Flow (-), $m
  -10
  -102
  -107
  -112
  -118
  -125
  -132
  -139
  -146
  -154
  -163
  -165
  -175
  -185
  -196
  -207
  -218
  -231
  -244
  -257
  -272
  -287
  -303
  -320
  -338
  -356
  -376
  -396
  -418
  -440
  -464
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -75
  -75
  -77
  -80
  -82
  -86
  -89
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -156
  -165
  -174
  -184
  -194
  -205
  -217
  -229
  -242
  -255
  -270
  -285
  -300
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  -70
  -66
  -63
  -60
  -57
  -54
  -51
  -48
  -44
  -41
  -37
  -34
  -30
  -27
  -23
  -20
  -17
  -14
  -12
  -9
  -8
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  89.3
  79.6
  70.7
  62.6
  55.2
  48.6
  42.7
  37.4
  32.7
  28.5
  24.9
  21.8
  18.9
  16.5
  14.3
  12.4
  10.7
  9.2
  8.0
  6.9
  5.9
  5.1
  4.3
  3.7
  3.2
  2.7
  2.3
  2.0
  1.7
  1.4

The Andersons, Inc. is a diversified company. The Company conducts business across North America in the grain, ethanol, plant nutrient and rail sectors. The Company also produces turf and cob products, and has a consumer retailing presence. The Company operates through segments, including Grain, Ethanol, Rail, Plant Nutrient and Retail. Its Grain business operates grain elevators in various states in the United States Corn Belt. Its Ethanol Group has ownership interests in over four Limited Liability Companies (the ethanol LLCs or LLCs). Its Plant Nutrient Group is a manufacturer, distributor and retailer of agricultural and related plant nutrients, corncob-based products, and pelleted lime and gypsum products in the United States Corn Belt, Florida and Puerto Rico. Its Rail Group leases, repairs and sells various types of railcars, locomotives and barges. Its Retail Group includes retail stores operated as The Andersons, which are located in the Columbus and Toledo, Ohio markets.

FINANCIAL RATIOS  of  Andersons (ANDE)

Valuation Ratios
P/E Ratio 71.2
Price to Sales 0.2
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow -6.9
Growth Rates
Sales Growth Rate -6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.3%
Cap. Spend. - 3 Yr. Gr. Rate 3.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 51.3%
Total Debt to Equity 61.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 1%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 1.6%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 8.8%
Gross Margin - 3 Yr. Avg. 8.8%
EBITDA Margin 3.2%
EBITDA Margin - 3 Yr. Avg. 3.7%
Operating Margin 0.5%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 24.9%
Payout Ratio 141.7%

ANDE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANDE stock intrinsic value calculation we used $3925 million for the last fiscal year's total revenue generated by Andersons. The default revenue input number comes from 2016 income statement of Andersons. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ANDE stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.2%, whose default value for ANDE is calculated based on our internal credit rating of Andersons, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Andersons.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ANDE stock the variable cost ratio is equal to 101.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ANDE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.4% for Andersons.

Corporate tax rate of 27% is the nominal tax rate for Andersons. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ANDE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ANDE are equal to 22.9%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Andersons operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ANDE is equal to 6.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $774 million for Andersons - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 28.223 million for Andersons is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Andersons at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Andersons, Inc. to Host Earnings Call   [08:40AM  ACCESSWIRE]
▶ Andersons posts 3Q profit   [Nov-06-17 04:58PM  Associated Press]
▶ New Strong Sell Stocks for October 31st   [Oct-31-17 11:08AM  Zacks]
▶ The Andersons, Inc. 2017 Investor Day   [Sep-07-17 09:15AM  PR Newswire]
▶ What is next for the Andersons off Brice Road?   [Aug-18-17 12:29PM  American City Business Journals]
▶ Andersons reports 2Q loss   [Aug-05-17 01:10AM  Associated Press]
▶ The Andersons, Inc. Reports Second Quarter Results   [Aug-03-17 05:00PM  CNW Group]
▶ ETFs with exposure to The Andersons, Inc. : July 4, 2017   [Jul-04-17 02:32PM  Capital Cube]
▶ ETFs with exposure to The Andersons, Inc. : June 22, 2017   [Jun-22-17 03:20PM  Capital Cube]
▶ Why The Andersons, Inc. Stock Was Sliding Today   [May-04-17 01:36PM  Motley Fool]
▶ Andersons reports 1Q loss   [05:02AM  Associated Press]
▶ The Andersons, Inc. Reports First Quarter Results   [May-03-17 04:35PM  CNW Group]
▶ The 3 Worst-Performing Dividend Achievers This Year   [Mar-15-17 11:22AM  GuruFocus.com]
Financial statements of ANDE
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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