Intrinsic value of Brown-Forman Cl B - BF-B

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$48.91

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of BF-B 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 19.0

 

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, %
  -1.44
  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
  3,089
  3,151
  3,223
  3,306
  3,399
  3,502
  3,615
  3,738
  3,872
  4,015
  4,169
  4,334
  4,510
  4,697
  4,896
  5,108
  5,331
  5,568
  5,819
  6,084
  6,363
  6,658
  6,969
  7,297
  7,642
  8,006
  8,389
  8,793
  9,217
  9,663
  10,133
Variable operating expenses, $m
 
  2,116
  2,163
  2,218
  2,278
  2,346
  2,419
  2,500
  2,587
  2,681
  2,781
  2,830
  2,945
  3,067
  3,197
  3,335
  3,481
  3,636
  3,799
  3,972
  4,155
  4,347
  4,550
  4,764
  4,990
  5,227
  5,477
  5,741
  6,018
  6,309
  6,616
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
  1,556
  2,116
  2,163
  2,218
  2,278
  2,346
  2,419
  2,500
  2,587
  2,681
  2,781
  2,830
  2,945
  3,067
  3,197
  3,335
  3,481
  3,636
  3,799
  3,972
  4,155
  4,347
  4,550
  4,764
  4,990
  5,227
  5,477
  5,741
  6,018
  6,309
  6,616
Operating income, $m
  1,533
  1,035
  1,060
  1,089
  1,121
  1,157
  1,196
  1,239
  1,285
  1,335
  1,388
  1,504
  1,565
  1,630
  1,700
  1,773
  1,851
  1,933
  2,020
  2,112
  2,209
  2,311
  2,419
  2,533
  2,653
  2,779
  2,912
  3,052
  3,199
  3,354
  3,517
EBITDA, $m
  1,589
  1,135
  1,161
  1,191
  1,224
  1,261
  1,302
  1,346
  1,394
  1,446
  1,502
  1,561
  1,624
  1,692
  1,764
  1,840
  1,920
  2,006
  2,096
  2,191
  2,292
  2,398
  2,510
  2,628
  2,753
  2,884
  3,022
  3,167
  3,320
  3,480
  3,649
Interest expense (income), $m
  41
  43
  45
  47
  49
  52
  54
  57
  61
  64
  68
  72
  77
  81
  86
  92
  97
  103
  110
  116
  123
  131
  139
  147
  156
  165
  175
  185
  196
  207
  219
Earnings before tax, $m
  1,489
  991
  1,015
  1,042
  1,072
  1,105
  1,141
  1,181
  1,224
  1,270
  1,320
  1,432
  1,489
  1,549
  1,613
  1,681
  1,753
  1,829
  1,910
  1,995
  2,085
  2,180
  2,280
  2,386
  2,497
  2,614
  2,737
  2,867
  3,003
  3,147
  3,298
Tax expense, $m
  422
  268
  274
  281
  289
  298
  308
  319
  331
  343
  356
  387
  402
  418
  436
  454
  473
  494
  516
  539
  563
  589
  616
  644
  674
  706
  739
  774
  811
  850
  890
Net income, $m
  1,067
  724
  741
  760
  782
  807
  833
  862
  894
  927
  964
  1,045
  1,087
  1,131
  1,178
  1,227
  1,280
  1,335
  1,394
  1,457
  1,522
  1,591
  1,665
  1,742
  1,823
  1,908
  1,998
  2,093
  2,192
  2,297
  2,407

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  263
  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
  4,183
  3,998
  4,090
  4,196
  4,314
  4,444
  4,588
  4,744
  4,913
  5,095
  5,291
  5,500
  5,723
  5,961
  6,214
  6,482
  6,766
  7,066
  7,384
  7,720
  8,075
  8,449
  8,844
  9,260
  9,699
  10,160
  10,646
  11,158
  11,697
  12,263
  12,859
Adjusted assets (=assets-cash), $m
  3,920
  3,998
  4,090
  4,196
  4,314
  4,444
  4,588
  4,744
  4,913
  5,095
  5,291
  5,500
  5,723
  5,961
  6,214
  6,482
  6,766
  7,066
  7,384
  7,720
  8,075
  8,449
  8,844
  9,260
  9,699
  10,160
  10,646
  11,158
  11,697
  12,263
  12,859
Revenue / Adjusted assets
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
Average production assets, $m
  1,211
  1,235
  1,264
  1,296
  1,332
  1,373
  1,417
  1,465
  1,518
  1,574
  1,634
  1,699
  1,768
  1,841
  1,919
  2,002
  2,090
  2,183
  2,281
  2,385
  2,494
  2,610
  2,732
  2,860
  2,996
  3,138
  3,289
  3,447
  3,613
  3,788
  3,972
Working capital, $m
  1,442
  1,478
  1,512
  1,551
  1,594
  1,643
  1,696
  1,753
  1,816
  1,883
  1,955
  2,033
  2,115
  2,203
  2,296
  2,395
  2,500
  2,612
  2,729
  2,853
  2,984
  3,123
  3,269
  3,422
  3,584
  3,755
  3,935
  4,124
  4,323
  4,532
  4,752
Total debt, $m
  1,501
  1,287
  1,342
  1,406
  1,477
  1,555
  1,642
  1,736
  1,838
  1,947
  2,065
  2,191
  2,325
  2,469
  2,621
  2,782
  2,953
  3,134
  3,325
  3,528
  3,741
  3,967
  4,204
  4,455
  4,719
  4,997
  5,289
  5,597
  5,921
  6,262
  6,621
Total liabilities, $m
  2,621
  2,407
  2,462
  2,526
  2,597
  2,675
  2,762
  2,856
  2,958
  3,067
  3,185
  3,311
  3,445
  3,589
  3,741
  3,902
  4,073
  4,254
  4,445
  4,648
  4,861
  5,087
  5,324
  5,575
  5,839
  6,117
  6,409
  6,717
  7,041
  7,382
  7,741
Total equity, $m
  1,562
  1,591
  1,628
  1,670
  1,717
  1,769
  1,826
  1,888
  1,955
  2,028
  2,106
  2,189
  2,278
  2,373
  2,473
  2,580
  2,693
  2,812
  2,939
  3,073
  3,214
  3,363
  3,520
  3,686
  3,860
  4,044
  4,237
  4,441
  4,655
  4,881
  5,118
Total liabilities and equity, $m
  4,183
  3,998
  4,090
  4,196
  4,314
  4,444
  4,588
  4,744
  4,913
  5,095
  5,291
  5,500
  5,723
  5,962
  6,214
  6,482
  6,766
  7,066
  7,384
  7,721
  8,075
  8,450
  8,844
  9,261
  9,699
  10,161
  10,646
  11,158
  11,696
  12,263
  12,859
Debt-to-equity ratio
  0.961
  0.810
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.020
  1.040
  1.060
  1.080
  1.100
  1.110
  1.130
  1.150
  1.160
  1.180
  1.190
  1.210
  1.220
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
Adjusted equity ratio
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,067
  724
  741
  760
  782
  807
  833
  862
  894
  927
  964
  1,045
  1,087
  1,131
  1,178
  1,227
  1,280
  1,335
  1,394
  1,457
  1,522
  1,591
  1,665
  1,742
  1,823
  1,908
  1,998
  2,093
  2,192
  2,297
  2,407
Depreciation, amort., depletion, $m
  56
  100
  101
  102
  103
  105
  106
  108
  110
  111
  113
  57
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
Funds from operations, $m
  383
  824
  842
  863
  886
  911
  939
  970
  1,003
  1,039
  1,077
  1,102
  1,146
  1,192
  1,242
  1,294
  1,349
  1,408
  1,470
  1,536
  1,605
  1,678
  1,756
  1,837
  1,923
  2,013
  2,108
  2,208
  2,313
  2,423
  2,540
Change in working capital, $m
  -141
  29
  34
  39
  44
  48
  53
  58
  63
  67
  72
  77
  82
  88
  93
  99
  105
  111
  118
  124
  131
  138
  146
  154
  162
  171
  180
  189
  199
  209
  220
Cash from operations, $m
  524
  808
  808
  824
  842
  863
  886
  912
  941
  971
  1,005
  1,025
  1,063
  1,104
  1,148
  1,195
  1,244
  1,297
  1,353
  1,412
  1,474
  1,540
  1,610
  1,683
  1,761
  1,842
  1,928
  2,019
  2,114
  2,214
  2,320
Maintenance CAPEX, $m
  0
  -40
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -120
  -126
New CAPEX, $m
  -110
  -25
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -135
  -143
  -150
  -158
  -166
  -175
  -184
Cash from investing activities, $m
  433
  -65
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -112
  -119
  -126
  -132
  -139
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -220
  -230
  -243
  -255
  -268
  -281
  -295
  -310
Free cash flow, $m
  957
  743
  738
  749
  762
  778
  796
  817
  840
  865
  892
  906
  938
  972
  1,009
  1,048
  1,090
  1,135
  1,182
  1,232
  1,285
  1,341
  1,401
  1,464
  1,530
  1,600
  1,673
  1,751
  1,833
  1,919
  2,009
Issuance/(repayment) of debt, $m
  320
  49
  55
  63
  71
  79
  86
  94
  102
  110
  118
  126
  134
  143
  152
  161
  171
  181
  191
  202
  214
  225
  238
  250
  264
  278
  293
  308
  324
  341
  359
Issuance/(repurchase) of shares, $m
  -1,107
  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  
  -794
  49
  55
  63
  71
  79
  86
  94
  102
  110
  118
  126
  134
  143
  152
  161
  171
  181
  191
  202
  214
  225
  238
  250
  264
  278
  293
  308
  324
  341
  359
Total cash flow (excl. dividends), $m
  159
  792
  794
  812
  833
  857
  883
  911
  941
  974
  1,010
  1,032
  1,072
  1,115
  1,161
  1,209
  1,261
  1,316
  1,373
  1,434
  1,499
  1,567
  1,638
  1,714
  1,794
  1,878
  1,966
  2,059
  2,157
  2,260
  2,368
Retained Cash Flow (-), $m
  343
  -29
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -73
  -78
  -83
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -174
  -184
  -193
  -204
  -214
  -225
  -237
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
 
  763
  757
  771
  787
  805
  826
  849
  874
  902
  932
  948
  983
  1,020
  1,060
  1,103
  1,148
  1,196
  1,247
  1,301
  1,358
  1,418
  1,481
  1,548
  1,619
  1,694
  1,772
  1,855
  1,942
  2,034
  2,131
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  725
  681
  652
  623
  592
  561
  530
  497
  463
  429
  388
  354
  320
  286
  254
  222
  192
  164
  138
  115
  94
  76
  60
  46
  35
  26
  19
  14
  9
  6
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

Brown-Forman Corporation manufactures, bottles, imports, exports, markets, and sells various alcoholic beverages worldwide. It provides spirits, wines, ready-to-drink cocktails, whiskey, vodka, tequilas, champagnes, brandy, and liqueur. The company offers its products primarily under the Jack Daniel’s, Gentleman Jack, Finlandia, Korbel, Woodford Reserve, el Jimador, Herradura, Canadian Mist, Sonoma-Cutrer, Early Times, Chambord, Old Forester, Antiguo, Pepe Lopez, Santa Dose, and Collingwood brands. It serves retail customers and consumers through distributors or state governments; and retail stores, wholesalers, and provincial governments directly. The company was founded in 1870 and is headquartered in Louisville, Kentucky.

FINANCIAL RATIOS  of  Brown-Forman Cl B (BF-B)

Valuation Ratios
P/E Ratio 18.1
Price to Sales 6.3
Price to Book 12.4
Price to Tangible Book
Price to Cash Flow 36.9
Price to Free Cash Flow 46.7
Growth Rates
Sales Growth Rate -1.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12%
Cap. Spend. - 3 Yr. Gr. Rate 2.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 78.7%
Total Debt to Equity 96.1%
Interest Coverage 37
Management Effectiveness
Return On Assets 26.2%
Ret/ On Assets - 3 Yr. Avg. 20.2%
Return On Total Capital 34.7%
Ret/ On T. Cap. - 3 Yr. Avg. 26.8%
Return On Equity 61.6%
Return On Equity - 3 Yr. Avg. 44.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 69.4%
Gross Margin - 3 Yr. Avg. 69.5%
EBITDA Margin 51.3%
EBITDA Margin - 3 Yr. Avg. 40%
Operating Margin 49.6%
Oper. Margin - 3 Yr. Avg. 38.3%
Pre-Tax Margin 48.2%
Pre-Tax Margin - 3 Yr. Avg. 37.3%
Net Profit Margin 34.5%
Net Profit Margin - 3 Yr. Avg. 26.1%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. 30.2%
Payout Ratio 24.9%

BF-B stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BF-B stock intrinsic value calculation we used $3089 million for the last fiscal year's total revenue generated by Brown-Forman Cl B. The default revenue input number comes from 2016 income statement of Brown-Forman Cl B. 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 BF-B 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 5.2%, whose default value for BF-B is calculated based on our internal credit rating of Brown-Forman Cl B, 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 Brown-Forman Cl B.
    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 BF-B 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 $0 million in the base year in the intrinsic value calculation for BF-B 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 3.5% for Brown-Forman Cl B.

Corporate tax rate of 27% is the nominal tax rate for Brown-Forman Cl B. 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 BF-B 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 BF-B are equal to 39.2%.

Life of production assets of 32.3 years is the average useful life of capital assets used in Brown-Forman Cl B 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 BF-B is equal to 46.9%. 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 - $1562 million for Brown-Forman Cl B - 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 388.32 million for Brown-Forman Cl B 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 Brown-Forman Cl B at the current share price and the inputted number of shares is $19.0 billion.


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COMPANY NEWS

▶ Brown-Formans new special release celebrates a historic bourbon   [Jun-22-17 07:35AM  American City Business Journals]
▶ ETFs with exposure to Brown-Forman Corp. : June 20, 2017   [Jun-20-17 02:43PM  Capital Cube]
▶ [$$] Constellation Brands: A Split-Up in the Stars?   [Jun-11-17 11:15PM  Barrons.com]
▶ Company News for June 08, 2017   [09:31AM  Zacks]
▶ Brown-Forman Can Overcome Headwinds   [Jun-07-17 03:54PM  Morningstar]
▶ Stocks to Watch: Coke, Pepsi, UnitedHealth, Ambarella, AMD   [09:27AM  The Wall Street Journal]
▶ Brown-Forman posts 4Q profit   [08:06AM  Associated Press]
▶ Jim Cramer Previews Brown-Forman's Earnings   [12:41PM  TheStreet.com]
▶ Best Buy and Alphabet climb while Brown-Forman falls   [May-25-17 05:08PM  Associated Press]
▶ Brown-Forman adds a UPSer to its board   [07:25AM  American City Business Journals]
▶ Brown-Forman Declares Cash Dividend   [May-24-17 07:10PM  Business Wire]
▶ Brown-Forman Statement   [05:33PM  Business Wire]
▶ How Brown-Forman is bringing a touch of British class to the Kentucky Derby   [May-06-17 01:45PM  American City Business Journals]
▶ [$$] Liquor Makers Step Up Efforts to Win Over Hispanic Drinkers   [May-05-17 05:30AM  The Wall Street Journal]
▶ Three Trump Stocks That Still Have Room To Run   [May-03-17 10:02AM  Forbes]
▶ Better Buy: American Outdoor Brands vs. Brown-Forman   [Apr-22-17 01:16PM  Motley Fool]
▶ ETFs with exposure to Brown-Forman Corp. : April 19, 2017   [Apr-19-17 02:12PM  Capital Cube]
▶ 3 Top Alcohol Stocks to Buy in 2017   [Apr-02-17 08:07AM  Motley Fool]
▶ 3 Top Alcohol Stocks to Buy in 2017   [08:07AM  at Motley Fool]
▶ This fairly new Kentucky Bourbon has a deal with a MLB team   [Mar-31-17 04:05PM  at bizjournals.com]
▶ This fairly new Kentucky Bourbon has a deal with a MLB team   [04:05PM  American City Business Journals]
▶ ETFs with exposure to Brown-Forman Corp. : March 30, 2017   [Mar-29-17 08:28PM  Capital Cube]
▶ High Spirits For Jose Cuervo?   [Mar-21-17 12:57PM  Barrons.com]
▶ High Spirits For Jose Cuervo?   [12:57PM  at Barrons.com]
▶ Old Forester Distillery construction downtown hits a milestone (PHOTOS)   [05:36PM  American City Business Journals]
▶ [$$] Jack Daniels Maker Brown-Forman Cuts Outlook   [Mar-07-17 09:11PM  at The Wall Street Journal]
▶ [$$] Jack Daniel's Maker Brown-Forman Cuts Outlook   [08:51AM  at The Wall Street Journal]
Stock chart of BF-B Financial statements of BF-B Annual reports of BF-B
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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