Intrinsic value of Aramark - ARMK

Previous Close

$38.61

  Intrinsic Value

$32.76

stock screener

  Rating & Target

hold

-15%

Previous close

$38.61

 
Intrinsic value

$32.76

 
Up/down potential

-15%

 
Rating

hold

We calculate the intrinsic value of ARMK 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.30
  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
  14,604
  14,896
  15,239
  15,630
  16,070
  16,557
  17,092
  17,674
  18,304
  18,983
  19,711
  20,491
  21,322
  22,208
  23,149
  24,147
  25,206
  26,326
  27,510
  28,762
  30,083
  31,478
  32,948
  34,499
  36,132
  37,852
  39,663
  41,569
  43,575
  45,685
  47,905
Variable operating expenses, $m
 
  9,998
  10,215
  10,463
  10,740
  11,048
  11,386
  11,754
  12,152
  12,581
  13,042
  12,951
  13,476
  14,036
  14,631
  15,262
  15,931
  16,639
  17,388
  18,179
  19,014
  19,895
  20,825
  21,804
  22,837
  23,924
  25,068
  26,273
  27,541
  28,875
  30,278
Fixed operating expenses, $m
 
  4,166
  4,257
  4,351
  4,447
  4,545
  4,645
  4,747
  4,851
  4,958
  5,067
  5,178
  5,292
  5,409
  5,528
  5,649
  5,774
  5,901
  6,030
  6,163
  6,299
  6,437
  6,579
  6,724
  6,872
  7,023
  7,177
  7,335
  7,497
  7,661
  7,830
Total operating expenses, $m
  13,796
  14,164
  14,472
  14,814
  15,187
  15,593
  16,031
  16,501
  17,003
  17,539
  18,109
  18,129
  18,768
  19,445
  20,159
  20,911
  21,705
  22,540
  23,418
  24,342
  25,313
  26,332
  27,404
  28,528
  29,709
  30,947
  32,245
  33,608
  35,038
  36,536
  38,108
Operating income, $m
  808
  732
  766
  817
  883
  964
  1,061
  1,173
  1,300
  1,443
  1,602
  2,361
  2,553
  2,763
  2,990
  3,236
  3,501
  3,786
  4,092
  4,420
  4,771
  5,145
  5,545
  5,970
  6,424
  6,905
  7,417
  7,961
  8,537
  9,149
  9,797
EBITDA, $m
  1,316
  2,011
  2,062
  2,130
  2,217
  2,321
  2,443
  2,582
  2,739
  2,914
  3,107
  3,318
  3,549
  3,800
  4,071
  4,364
  4,678
  5,016
  5,377
  5,763
  6,176
  6,615
  7,084
  7,582
  8,111
  8,673
  9,269
  9,902
  10,572
  11,283
  12,034
Interest expense (income), $m
  202
  290
  299
  310
  323
  337
  353
  370
  389
  409
  431
  454
  480
  506
  535
  565
  597
  631
  667
  706
  746
  788
  833
  881
  931
  983
  1,039
  1,097
  1,158
  1,223
  1,291
Earnings before tax, $m
  521
  442
  467
  506
  560
  627
  708
  803
  912
  1,034
  1,171
  1,907
  2,074
  2,257
  2,455
  2,671
  2,904
  3,155
  3,425
  3,715
  4,025
  4,357
  4,711
  5,090
  5,493
  5,922
  6,379
  6,864
  7,379
  7,926
  8,506
Tax expense, $m
  147
  119
  126
  137
  151
  169
  191
  217
  246
  279
  316
  515
  560
  609
  663
  721
  784
  852
  925
  1,003
  1,087
  1,176
  1,272
  1,374
  1,483
  1,599
  1,722
  1,853
  1,992
  2,140
  2,297
Net income, $m
  374
  323
  341
  370
  409
  458
  517
  586
  665
  755
  855
  1,392
  1,514
  1,647
  1,792
  1,950
  2,120
  2,303
  2,500
  2,712
  2,938
  3,181
  3,439
  3,716
  4,010
  4,323
  4,656
  5,011
  5,387
  5,786
  6,210

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  239
  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
  11,006
  11,225
  11,484
  11,779
  12,110
  12,477
  12,880
  13,319
  13,793
  14,305
  14,854
  15,441
  16,068
  16,735
  17,444
  18,197
  18,994
  19,839
  20,731
  21,674
  22,670
  23,721
  24,829
  25,997
  27,228
  28,524
  29,889
  31,326
  32,837
  34,428
  36,100
Adjusted assets (=assets-cash), $m
  10,767
  11,225
  11,484
  11,779
  12,110
  12,477
  12,880
  13,319
  13,793
  14,305
  14,854
  15,441
  16,068
  16,735
  17,444
  18,197
  18,994
  19,839
  20,731
  21,674
  22,670
  23,721
  24,829
  25,997
  27,228
  28,524
  29,889
  31,326
  32,837
  34,428
  36,100
Revenue / Adjusted assets
  1.356
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
  1.327
Average production assets, $m
  2,149
  6,956
  7,116
  7,299
  7,505
  7,732
  7,982
  8,254
  8,548
  8,865
  9,205
  9,569
  9,957
  10,371
  10,810
  11,277
  11,771
  12,294
  12,847
  13,432
  14,049
  14,700
  15,387
  16,111
  16,874
  17,677
  18,523
  19,413
  20,350
  21,335
  22,372
Working capital, $m
  285
  -358
  -366
  -375
  -386
  -397
  -410
  -424
  -439
  -456
  -473
  -492
  -512
  -533
  -556
  -580
  -605
  -632
  -660
  -690
  -722
  -755
  -791
  -828
  -867
  -908
  -952
  -998
  -1,046
  -1,096
  -1,150
Total debt, $m
  5,268
  5,443
  5,644
  5,873
  6,131
  6,416
  6,729
  7,070
  7,439
  7,836
  8,263
  8,719
  9,206
  9,725
  10,276
  10,860
  11,480
  12,136
  12,829
  13,562
  14,336
  15,153
  16,014
  16,921
  17,878
  18,885
  19,945
  21,061
  22,236
  23,472
  24,771
Total liabilities, $m
  8,547
  8,722
  8,923
  9,152
  9,409
  9,695
  10,008
  10,349
  10,718
  11,115
  11,542
  11,998
  12,485
  13,003
  13,554
  14,139
  14,759
  15,415
  16,108
  16,841
  17,615
  18,431
  19,292
  20,200
  21,156
  22,163
  23,224
  24,340
  25,515
  26,750
  28,050
Total equity, $m
  2,459
  2,503
  2,561
  2,627
  2,701
  2,782
  2,872
  2,970
  3,076
  3,190
  3,312
  3,443
  3,583
  3,732
  3,890
  4,058
  4,236
  4,424
  4,623
  4,833
  5,055
  5,290
  5,537
  5,797
  6,072
  6,361
  6,665
  6,986
  7,323
  7,677
  8,050
Total liabilities and equity, $m
  11,006
  11,225
  11,484
  11,779
  12,110
  12,477
  12,880
  13,319
  13,794
  14,305
  14,854
  15,441
  16,068
  16,735
  17,444
  18,197
  18,995
  19,839
  20,731
  21,674
  22,670
  23,721
  24,829
  25,997
  27,228
  28,524
  29,889
  31,326
  32,838
  34,427
  36,100
Debt-to-equity ratio
  2.142
  2.170
  2.200
  2.240
  2.270
  2.310
  2.340
  2.380
  2.420
  2.460
  2.490
  2.530
  2.570
  2.610
  2.640
  2.680
  2.710
  2.740
  2.780
  2.810
  2.840
  2.860
  2.890
  2.920
  2.940
  2.970
  2.990
  3.010
  3.040
  3.060
  3.080
Adjusted equity ratio
  0.206
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  374
  323
  341
  370
  409
  458
  517
  586
  665
  755
  855
  1,392
  1,514
  1,647
  1,792
  1,950
  2,120
  2,303
  2,500
  2,712
  2,938
  3,181
  3,439
  3,716
  4,010
  4,323
  4,656
  5,011
  5,387
  5,786
  6,210
Depreciation, amort., depletion, $m
  508
  1,279
  1,295
  1,314
  1,334
  1,357
  1,382
  1,409
  1,438
  1,470
  1,504
  957
  996
  1,037
  1,081
  1,128
  1,177
  1,229
  1,285
  1,343
  1,405
  1,470
  1,539
  1,611
  1,687
  1,768
  1,852
  1,941
  2,035
  2,134
  2,237
Funds from operations, $m
  1,197
  1,602
  1,636
  1,683
  1,743
  1,815
  1,899
  1,995
  2,104
  2,225
  2,359
  2,349
  2,510
  2,684
  2,873
  3,077
  3,297
  3,532
  3,785
  4,055
  4,343
  4,651
  4,978
  5,327
  5,697
  6,091
  6,509
  6,952
  7,422
  7,920
  8,447
Change in working capital, $m
  144
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
Cash from operations, $m
  1,053
  1,609
  1,644
  1,693
  1,753
  1,826
  1,912
  2,009
  2,119
  2,241
  2,377
  2,368
  2,530
  2,706
  2,896
  3,101
  3,322
  3,559
  3,813
  4,085
  4,375
  4,684
  5,013
  5,364
  5,736
  6,132
  6,552
  6,998
  7,470
  7,970
  8,500
Maintenance CAPEX, $m
  0
  -682
  -696
  -712
  -730
  -750
  -773
  -798
  -825
  -855
  -886
  -921
  -957
  -996
  -1,037
  -1,081
  -1,128
  -1,177
  -1,229
  -1,285
  -1,343
  -1,405
  -1,470
  -1,539
  -1,611
  -1,687
  -1,768
  -1,852
  -1,941
  -2,035
  -2,134
New CAPEX, $m
  -553
  -135
  -160
  -183
  -205
  -228
  -250
  -272
  -294
  -317
  -340
  -364
  -388
  -414
  -439
  -466
  -494
  -523
  -553
  -585
  -617
  -651
  -687
  -724
  -763
  -803
  -846
  -890
  -937
  -986
  -1,037
Cash from investing activities, $m
  -678
  -817
  -856
  -895
  -935
  -978
  -1,023
  -1,070
  -1,119
  -1,172
  -1,226
  -1,285
  -1,345
  -1,410
  -1,476
  -1,547
  -1,622
  -1,700
  -1,782
  -1,870
  -1,960
  -2,056
  -2,157
  -2,263
  -2,374
  -2,490
  -2,614
  -2,742
  -2,878
  -3,021
  -3,171
Free cash flow, $m
  375
  792
  789
  798
  818
  848
  889
  939
  999
  1,070
  1,150
  1,083
  1,184
  1,296
  1,419
  1,554
  1,700
  1,859
  2,031
  2,216
  2,414
  2,628
  2,857
  3,101
  3,363
  3,641
  3,939
  4,255
  4,592
  4,950
  5,330
Issuance/(repayment) of debt, $m
  -61
  175
  201
  229
  257
  285
  313
  341
  369
  397
  427
  456
  487
  518
  551
  585
  620
  656
  694
  733
  774
  816
  861
  908
  956
  1,007
  1,060
  1,116
  1,175
  1,236
  1,300
Issuance/(repurchase) of shares, $m
  -71
  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 from financing (excl. dividends), $m  
  -188
  175
  201
  229
  257
  285
  313
  341
  369
  397
  427
  456
  487
  518
  551
  585
  620
  656
  694
  733
  774
  816
  861
  908
  956
  1,007
  1,060
  1,116
  1,175
  1,236
  1,300
Total cash flow (excl. dividends), $m
  187
  966
  989
  1,027
  1,075
  1,134
  1,202
  1,280
  1,368
  1,467
  1,577
  1,540
  1,671
  1,815
  1,970
  2,139
  2,320
  2,515
  2,724
  2,948
  3,188
  3,444
  3,718
  4,009
  4,319
  4,649
  4,999
  5,371
  5,766
  6,185
  6,630
Retained Cash Flow (-), $m
  -298
  -44
  -58
  -66
  -74
  -82
  -90
  -98
  -106
  -114
  -122
  -131
  -140
  -149
  -158
  -168
  -178
  -188
  -199
  -210
  -222
  -234
  -247
  -260
  -274
  -289
  -304
  -320
  -337
  -355
  -373
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
 
  58
  60
  61
  63
  64
  66
  68
  71
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
  132
  138
  145
  151
  159
  166
  174
  183
Cash available for distribution, $m
 
  922
  932
  962
  1,002
  1,052
  1,112
  1,182
  1,262
  1,353
  1,454
  1,409
  1,532
  1,666
  1,812
  1,971
  2,142
  2,327
  2,525
  2,738
  2,966
  3,210
  3,471
  3,748
  4,044
  4,360
  4,695
  5,051
  5,429
  5,831
  6,257
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  848
  781
  728
  679
  633
  587
  542
  496
  450
  404
  323
  285
  247
  211
  177
  146
  117
  92
  71
  53
  39
  28
  19
  13
  8
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Aramark is a global provider of food, facilities and uniform services to education, healthcare, business and industry, and sports, leisure and corrections clients. The Company operates through three segments: Food and Support Services North America (FSS North America), Food and Support Services International (FSS International), and Uniform and Career Apparel (Uniform). FSS North America and FSS International segments include food, refreshment, specialized dietary and support services, including facility maintenance and housekeeping, provided to business, educational and healthcare institutions and in sports, leisure and other facilities. The Uniform segment includes rental, sale, cleaning, maintenance and delivery of personalized uniforms and other textile items to clients in a range of industries in the United States, Puerto Rico, Japan and Canada, including manufacturing, transportation, construction, restaurants and hotels, healthcare and pharmaceutical industries.

FINANCIAL RATIOS  of  Aramark (ARMK)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 0.6
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 19
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.8%
Cap. Spend. - 3 Yr. Gr. Rate 0.3%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 211.1%
Total Debt to Equity 214.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 16.2%
Return On Equity - 3 Yr. Avg. 14.5%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 11.1%
Gross Margin - 3 Yr. Avg. 10.6%
EBITDA Margin 8.4%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 30.7%
Payout Ratio 27%

ARMK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARMK stock intrinsic value calculation we used $14604 million for the last fiscal year's total revenue generated by Aramark. The default revenue input number comes from 2017 income statement of Aramark. 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 ARMK 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 8.8%, whose default value for ARMK is calculated based on our internal credit rating of Aramark, 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 Aramark.
    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 ARMK stock the variable cost ratio is equal to 67.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4076 million in the base year in the intrinsic value calculation for ARMK 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 5.5% for Aramark.

Corporate tax rate of 27% is the nominal tax rate for Aramark. 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 ARMK stock is equal to 0.4%.

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 ARMK are equal to 46.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Aramark 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 ARMK is equal to -2.4%. 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 - $2459 million for Aramark - 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 244 million for Aramark 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 Aramark at the current share price and the inputted number of shares is $9.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Is Aramark (NYSE:ARMK) Undervalued?   [Jun-25-18 09:35AM  Simply Wall St.]
▶ Are Aramarks (NYSE:ARMK) Interest Costs Too High?   [May-12-18 09:47AM  Simply Wall St.]
▶ Aramark (ARMK) Surges: Stock Moves 5.9% Higher   [May-09-18 08:34AM  Zacks]
▶ Aramark: Fiscal 2Q Earnings Snapshot   [May-08-18 11:49AM  Associated Press]
▶ Aramark Declares Quarterly Dividend   [May-02-18 04:30PM  Business Wire]
▶ Why ASUs commitment to fair trade doesnt mean big changes for its suppliers   [Mar-30-18 05:26PM  American City Business Journals]
▶ Going to an Astros game this season? Here are the new food options at Minute Maid Park   [Mar-27-18 01:56PM  American City Business Journals]
▶ Controversial Starbucks store opens in Yosemite National Park (Photos)   [Mar-26-18 08:56PM  American City Business Journals]
▶ Ocean Hugger Foods, Inc. Announces Partnership with Aramark   [Mar-21-18 08:00AM  Business Wire]
▶ Should You Buy Aramark (NYSE:ARMK) Now?   [Feb-09-18 08:52AM  Simply Wall St.]
▶ Aramark taking $30M+ hit for recent job cuts, SEC documents show   [Feb-07-18 05:15PM  American City Business Journals]
▶ Aramark to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Aramark Declares Quarterly Dividend   [Jan-31-18 04:41PM  Business Wire]
▶ U.S. Bank Stadium to feature new foods during Super Bowl LII (gallery)   [Jan-24-18 08:40PM  American City Business Journals]
▶ Aramark completes $2.35B in deals   [Jan-22-18 12:30PM  American City Business Journals]
▶ Aramark Announces Offering of Senior Notes   [08:29AM  Business Wire]
▶ Aramark Named a Top 50 Company for Diversity   [Jan-09-18 08:00AM  Business Wire]
▶ ETFs with exposure to Aramark : December 26, 2017   [Dec-26-17 11:12AM  Capital Cube]
▶ ETFs with exposure to Aramark : December 14, 2017   [Dec-14-17 12:50PM  Capital Cube]
▶ Marriott rakes in $659 million with close of Avendra sale   [09:29AM  American City Business Journals]
▶ Aramark Completes Purchase Of Avendra   [Dec-11-17 04:30PM  PR Newswire]
▶ Aramark Completes Acquisition of Avendra   [04:15PM  Business Wire]
▶ Stocks Generating Improved Relative Strength: Aramark   [Dec-04-17 03:00AM  Investor's Business Daily]
▶ Aramark Earns Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Aramark : November 29, 2017   [Nov-29-17 11:00AM  Capital Cube]
▶ American Airlines uniform vendor finalists: Handicapping the field   [Nov-20-17 04:57PM  American City Business Journals]
▶ Aramark Value Analysis (NYSE:ARMK) : November 16, 2017   [Nov-16-17 12:28PM  Capital Cube]
▶ Aramark to Host Earnings Call   [07:40AM  ACCESSWIRE]
▶ TJX and Dick's Sporting Goods fall; Buffalo Wild Wings soars   [Nov-14-17 04:42PM  Associated Press]
▶ Aramark misses Street 4Q forecasts   [06:50AM  Associated Press]
▶ Company Profile for Aramark   [Nov-10-17 10:40AM  Business Wire]
▶ Cintas a 'terrific' play on job growth   [Oct-16-17 07:01PM  CNBC Videos]
▶ M&A Monday: Nordstrom, Aramark, Ruby Tuesday Make Moves   [04:08PM  Investor's Business Daily]
▶ AmeriPride to be sold to Aramark for $1 billion   [01:51PM  American City Business Journals]
▶ Aramark agrees to 2 separate acquisitions totaling $2.35B   [12:25PM  American City Business Journals]
▶ News Update Market Open   [10:08AM  CNBC Videos]
▶ What to watch when Netflix delivers earnings   [09:15AM  Yahoo Finance]
Financial statements of ARMK
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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