Intrinsic value of Aramark - ARMK

Previous Close

$42.83

  Intrinsic Value

$24.94

stock screener

  Rating & Target

sell

-42%

  Value-price divergence*

-26%

Previous close

$42.83

 
Intrinsic value

$24.94

 
Up/down potential

-42%

 
Rating

sell

 
Value-price divergence*

-26%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

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 10.5

 

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, %
  0.61
  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
  14,416
  14,704
  15,043
  15,429
  15,863
  16,344
  16,872
  17,446
  18,068
  18,738
  19,458
  20,227
  21,048
  21,922
  22,851
  23,836
  24,881
  25,987
  27,156
  28,392
  29,696
  31,073
  32,524
  34,054
  35,667
  37,365
  39,152
  41,034
  43,014
  45,097
  47,289
Variable operating expenses, $m
 
  14,048
  14,361
  14,718
  15,119
  15,563
  16,051
  16,581
  17,156
  17,775
  18,440
  18,687
  19,446
  20,253
  21,112
  22,022
  22,987
  24,009
  25,089
  26,231
  27,436
  28,708
  30,049
  31,463
  32,952
  34,521
  36,172
  37,911
  39,740
  41,665
  43,689
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
  13,670
  14,048
  14,361
  14,718
  15,119
  15,563
  16,051
  16,581
  17,156
  17,775
  18,440
  18,687
  19,446
  20,253
  21,112
  22,022
  22,987
  24,009
  25,089
  26,231
  27,436
  28,708
  30,049
  31,463
  32,952
  34,521
  36,172
  37,911
  39,740
  41,665
  43,689
Operating income, $m
  746
  656
  682
  711
  744
  781
  821
  865
  912
  963
  1,018
  1,539
  1,602
  1,668
  1,739
  1,814
  1,894
  1,978
  2,067
  2,161
  2,260
  2,365
  2,475
  2,592
  2,715
  2,844
  2,980
  3,123
  3,274
  3,432
  3,599
EBITDA, $m
  1,242
  1,252
  1,281
  1,314
  1,351
  1,392
  1,437
  1,486
  1,539
  1,596
  1,657
  1,722
  1,792
  1,867
  1,946
  2,030
  2,119
  2,213
  2,312
  2,418
  2,529
  2,646
  2,769
  2,900
  3,037
  3,182
  3,334
  3,494
  3,663
  3,840
  4,027
Interest expense (income), $m
  275
  272
  280
  291
  302
  315
  330
  346
  363
  382
  402
  424
  447
  472
  498
  527
  556
  588
  621
  657
  694
  733
  775
  819
  865
  914
  965
  1,019
  1,076
  1,136
  1,199
Earnings before tax, $m
  431
  385
  402
  421
  442
  466
  491
  519
  549
  581
  616
  1,115
  1,155
  1,196
  1,241
  1,288
  1,337
  1,390
  1,446
  1,504
  1,566
  1,632
  1,700
  1,773
  1,850
  1,930
  2,015
  2,104
  2,198
  2,297
  2,400
Tax expense, $m
  143
  104
  108
  114
  119
  126
  133
  140
  148
  157
  166
  301
  312
  323
  335
  348
  361
  375
  390
  406
  423
  441
  459
  479
  499
  521
  544
  568
  593
  620
  648
Net income, $m
  288
  281
  293
  307
  323
  340
  359
  379
  401
  424
  449
  814
  843
  873
  906
  940
  976
  1,015
  1,055
  1,098
  1,143
  1,191
  1,241
  1,294
  1,350
  1,409
  1,471
  1,536
  1,604
  1,677
  1,752

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  153
  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
  10,582
  10,640
  10,885
  11,164
  11,478
  11,826
  12,208
  12,624
  13,074
  13,559
  14,079
  14,636
  15,230
  15,862
  16,535
  17,248
  18,004
  18,804
  19,650
  20,544
  21,488
  22,484
  23,534
  24,641
  25,808
  27,037
  28,330
  29,692
  31,125
  32,632
  34,217
Adjusted assets (=assets-cash), $m
  10,429
  10,640
  10,885
  11,164
  11,478
  11,826
  12,208
  12,624
  13,074
  13,559
  14,079
  14,636
  15,230
  15,862
  16,535
  17,248
  18,004
  18,804
  19,650
  20,544
  21,488
  22,484
  23,534
  24,641
  25,808
  27,037
  28,330
  29,692
  31,125
  32,632
  34,217
Revenue / Adjusted assets
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
Average production assets, $m
  1,624
  1,662
  1,700
  1,743
  1,793
  1,847
  1,907
  1,971
  2,042
  2,117
  2,199
  2,286
  2,378
  2,477
  2,582
  2,694
  2,812
  2,937
  3,069
  3,208
  3,356
  3,511
  3,675
  3,848
  4,030
  4,222
  4,424
  4,637
  4,861
  5,096
  5,344
Working capital, $m
  308
  206
  211
  216
  222
  229
  236
  244
  253
  262
  272
  283
  295
  307
  320
  334
  348
  364
  380
  397
  416
  435
  455
  477
  499
  523
  548
  574
  602
  631
  662
Total debt, $m
  5,270
  5,393
  5,589
  5,814
  6,066
  6,346
  6,652
  6,986
  7,347
  7,737
  8,155
  8,602
  9,079
  9,587
  10,126
  10,699
  11,306
  11,948
  12,628
  13,346
  14,104
  14,904
  15,747
  16,636
  17,573
  18,559
  19,598
  20,692
  21,842
  23,052
  24,326
Total liabilities, $m
  8,421
  8,544
  8,740
  8,965
  9,217
  9,497
  9,803
  10,137
  10,498
  10,888
  11,306
  11,753
  12,230
  12,738
  13,277
  13,850
  14,457
  15,099
  15,779
  16,497
  17,255
  18,055
  18,898
  19,787
  20,724
  21,710
  22,749
  23,843
  24,993
  26,203
  27,477
Total equity, $m
  2,161
  2,096
  2,144
  2,199
  2,261
  2,330
  2,405
  2,487
  2,576
  2,671
  2,774
  2,883
  3,000
  3,125
  3,257
  3,398
  3,547
  3,704
  3,871
  4,047
  4,233
  4,429
  4,636
  4,854
  5,084
  5,326
  5,581
  5,849
  6,132
  6,428
  6,741
Total liabilities and equity, $m
  10,582
  10,640
  10,884
  11,164
  11,478
  11,827
  12,208
  12,624
  13,074
  13,559
  14,080
  14,636
  15,230
  15,863
  16,534
  17,248
  18,004
  18,803
  19,650
  20,544
  21,488
  22,484
  23,534
  24,641
  25,808
  27,036
  28,330
  29,692
  31,125
  32,631
  34,218
Debt-to-equity ratio
  2.439
  2.570
  2.610
  2.640
  2.680
  2.720
  2.770
  2.810
  2.850
  2.900
  2.940
  2.980
  3.030
  3.070
  3.110
  3.150
  3.190
  3.230
  3.260
  3.300
  3.330
  3.360
  3.400
  3.430
  3.460
  3.480
  3.510
  3.540
  3.560
  3.590
  3.610
Adjusted equity ratio
  0.193
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  288
  281
  293
  307
  323
  340
  359
  379
  401
  424
  449
  814
  843
  873
  906
  940
  976
  1,015
  1,055
  1,098
  1,143
  1,191
  1,241
  1,294
  1,350
  1,409
  1,471
  1,536
  1,604
  1,677
  1,752
Depreciation, amort., depletion, $m
  496
  596
  599
  602
  606
  611
  615
  621
  626
  632
  639
  183
  190
  198
  207
  215
  225
  235
  245
  257
  268
  281
  294
  308
  322
  338
  354
  371
  389
  408
  427
Funds from operations, $m
  720
  877
  892
  910
  929
  951
  974
  1,000
  1,027
  1,057
  1,088
  997
  1,033
  1,072
  1,112
  1,155
  1,201
  1,250
  1,301
  1,355
  1,412
  1,472
  1,535
  1,602
  1,673
  1,747
  1,825
  1,907
  1,993
  2,084
  2,180
Change in working capital, $m
  -87
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
Cash from operations, $m
  807
  873
  887
  904
  923
  944
  967
  991
  1,018
  1,047
  1,078
  986
  1,022
  1,059
  1,099
  1,142
  1,187
  1,234
  1,284
  1,337
  1,394
  1,453
  1,515
  1,581
  1,650
  1,723
  1,800
  1,881
  1,966
  2,055
  2,149
Maintenance CAPEX, $m
  0
  -130
  -133
  -136
  -139
  -143
  -148
  -153
  -158
  -163
  -169
  -176
  -183
  -190
  -198
  -207
  -215
  -225
  -235
  -245
  -257
  -268
  -281
  -294
  -308
  -322
  -338
  -354
  -371
  -389
  -408
New CAPEX, $m
  -513
  -38
  -38
  -44
  -49
  -54
  -60
  -65
  -70
  -76
  -81
  -87
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -140
  -147
  -156
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -235
  -248
Cash from investing activities, $m
  -680
  -168
  -171
  -180
  -188
  -197
  -208
  -218
  -228
  -239
  -250
  -263
  -276
  -289
  -303
  -318
  -333
  -350
  -367
  -385
  -404
  -424
  -445
  -467
  -490
  -514
  -540
  -567
  -595
  -624
  -656
Free cash flow, $m
  127
  705
  716
  724
  734
  746
  759
  774
  790
  808
  828
  724
  746
  770
  796
  824
  853
  884
  917
  952
  989
  1,029
  1,070
  1,114
  1,160
  1,209
  1,260
  1,314
  1,371
  1,431
  1,494
Issuance/(repayment) of debt, $m
  36
  170
  197
  225
  252
  279
  307
  334
  361
  389
  418
  447
  477
  508
  540
  573
  607
  642
  679
  718
  758
  800
  843
  889
  937
  987
  1,039
  1,093
  1,151
  1,210
  1,273
Issuance/(repurchase) of shares, $m
  35
  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  
  -5
  170
  197
  225
  252
  279
  307
  334
  361
  389
  418
  447
  477
  508
  540
  573
  607
  642
  679
  718
  758
  800
  843
  889
  937
  987
  1,039
  1,093
  1,151
  1,210
  1,273
Total cash flow (excl. dividends), $m
  122
  874
  913
  949
  987
  1,026
  1,066
  1,108
  1,152
  1,197
  1,245
  1,171
  1,223
  1,278
  1,336
  1,396
  1,460
  1,527
  1,597
  1,670
  1,747
  1,828
  1,914
  2,003
  2,097
  2,195
  2,299
  2,407
  2,521
  2,641
  2,767
Retained Cash Flow (-), $m
  -278
  -41
  -48
  -55
  -62
  -69
  -75
  -82
  -89
  -96
  -103
  -110
  -117
  -125
  -132
  -141
  -149
  -158
  -167
  -176
  -186
  -196
  -207
  -218
  -230
  -242
  -255
  -268
  -282
  -297
  -312
Prev. year cash balance distribution, $m
 
  106
  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
 
  939
  864
  894
  925
  957
  991
  1,026
  1,063
  1,102
  1,143
  1,061
  1,106
  1,154
  1,203
  1,256
  1,311
  1,369
  1,430
  1,494
  1,561
  1,632
  1,707
  1,785
  1,867
  1,953
  2,044
  2,139
  2,239
  2,344
  2,455
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  854
  708
  653
  597
  539
  482
  425
  371
  319
  270
  202
  166
  135
  107
  84
  64
  48
  35
  25
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
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 36.4
Price to Sales 0.7
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 35.6
Growth Rates
Sales Growth Rate 0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 241.7%
Total Debt to Equity 243.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 14.2%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 10.6%
Gross Margin - 3 Yr. Avg. 10.2%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 7.2%
Operating Margin 5.2%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 2%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 33.2%
Eff/ Tax Rate - 3 Yr. Avg. 33%
Payout Ratio 31.9%

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 $14416 million for the last fiscal year's total revenue generated by Aramark. The default revenue input number comes from 2016 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 10%, 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 95.6%.

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 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 5.2% 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%.

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 11.3%.

Life of production assets of 12.5 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 1.4%. 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 - $2161 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 245.869 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 $10.5 billion.

RELATED COMPANIES Price Int.Val. Rating
CTAS Cintas 150.95 179.40  buy
UNF UniFirst 155.55 96.66  sell
ABM ABM Industries 42.52 34.07  sell
SERV ServiceMaster 46.91 45.29  hold

COMPANY NEWS

▶ 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]
▶ Avendra To Be Purchased By Aramark   [12:40AM  PR Newswire]
▶ [$$] Aramark to Buy Avendra and AmeriPride   [12:00AM  The Wall Street Journal]
▶ Aramark Hires Former Cruise Line CIO   [Sep-14-17 04:26PM  The Wall Street Journal]
▶ American Airlines unveils markedly different plan to develop new uniforms   [Aug-29-17 02:51PM  American City Business Journals]
▶ ETFs with exposure to Aramark : August 28, 2017   [Aug-28-17 04:44PM  Capital Cube]
▶ Aramark Value Analysis (NYSE:ARMK) : August 14, 2017   [Aug-14-17 05:34PM  Capital Cube]
▶ Aramark misses Street 3Q forecasts   [Aug-08-17 11:55PM  Associated Press]
▶ Houston convention center, arts venues cease contracts with Aramark   [08:55AM  American City Business Journals]
▶ Aramark Declares Quarterly Dividend   [Aug-02-17 04:30PM  PR Newswire]
▶ Top global ideas for 2017: RBC   [Jul-07-17 02:30PM  CNBC Videos]
▶ Losing some wait: Concessionaires plans to get food to fans faster   [Jun-12-17 06:35PM  American City Business Journals]
▶ Movement to let fans pour their own beers at sports venues goes flat   [03:15PM  American City Business Journals]
▶ ETFs with exposure to Aramark : June 6, 2017   [Jun-06-17 11:37AM  Capital Cube]
▶ ETFs with exposure to Aramark : May 18, 2017   [May-18-17 01:31PM  Capital Cube]
▶ Grasshoppers, cookie dough among the new hits on MLB menus   [May-12-17 02:48AM  Associated Press]
▶ Aramark tops 2Q profit forecasts   [May-09-17 08:03AM  Associated Press]
▶ Aramark Declares Quarterly Dividend   [May-03-17 04:30PM  PR Newswire]
▶ Aramark Value Analysis (NYSE:ARMK) : April 19, 2017   [Apr-19-17 02:51PM  Capital Cube]
▶ American Airlines pilots reject new Twin Hill uniform shirt prototypes   [03:45PM  American City Business Journals]
▶ American Airlines' controversial uniforms show up at swank D.C. hotel   [04:15PM  American City Business Journals]
▶ American Airlines CEO on how Aramark got pulled into uniform crisis   [04:39PM  American City Business Journals]
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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