Intrinsic value of BRF ADR - BRFS

Previous Close

$9.62

  Intrinsic Value

$12.86

stock screener

  Rating & Target

buy

+34%

Previous close

$9.62

 
Intrinsic value

$12.86

 
Up/down potential

+34%

 
Rating

buy

We calculate the intrinsic value of BRFS 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
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, %
  4.76
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  10,665
  10,942
  11,253
  11,597
  11,974
  12,384
  12,828
  13,306
  13,818
  14,366
  14,951
  15,573
  16,235
  16,936
  17,680
  18,467
  19,299
  20,178
  21,106
  22,085
  23,118
  24,207
  25,353
  26,561
  27,833
  29,171
  30,579
  32,061
  33,619
  35,258
  36,981
Variable operating expenses, $m
 
  9,505
  9,771
  10,066
  10,388
  10,740
  11,119
  11,528
  11,967
  12,437
  12,937
  13,333
  13,899
  14,500
  15,136
  15,810
  16,522
  17,275
  18,070
  18,908
  19,792
  20,724
  21,706
  22,740
  23,828
  24,974
  26,180
  27,448
  28,782
  30,185
  31,660
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
  10,091
  9,505
  9,771
  10,066
  10,388
  10,740
  11,119
  11,528
  11,967
  12,437
  12,937
  13,333
  13,899
  14,500
  15,136
  15,810
  16,522
  17,275
  18,070
  18,908
  19,792
  20,724
  21,706
  22,740
  23,828
  24,974
  26,180
  27,448
  28,782
  30,185
  31,660
Operating income, $m
  574
  1,437
  1,482
  1,531
  1,585
  1,644
  1,708
  1,777
  1,851
  1,930
  2,014
  2,241
  2,336
  2,437
  2,544
  2,657
  2,777
  2,903
  3,037
  3,178
  3,326
  3,483
  3,648
  3,821
  4,004
  4,197
  4,400
  4,613
  4,837
  5,073
  5,321
EBITDA, $m
  1,081
  1,989
  2,046
  2,108
  2,177
  2,251
  2,332
  2,419
  2,512
  2,612
  2,718
  2,831
  2,951
  3,079
  3,214
  3,357
  3,508
  3,668
  3,837
  4,015
  4,202
  4,400
  4,609
  4,828
  5,060
  5,303
  5,559
  5,828
  6,111
  6,409
  6,723
Interest expense (income), $m
  269
  248
  260
  273
  287
  303
  320
  338
  358
  379
  401
  426
  451
  479
  508
  538
  571
  605
  642
  680
  720
  763
  808
  855
  905
  958
  1,013
  1,071
  1,132
  1,197
  1,265
Earnings before tax, $m
  -100
  1,189
  1,222
  1,258
  1,298
  1,342
  1,389
  1,439
  1,493
  1,551
  1,612
  1,815
  1,884
  1,958
  2,036
  2,119
  2,206
  2,298
  2,395
  2,498
  2,606
  2,720
  2,840
  2,966
  3,099
  3,239
  3,386
  3,541
  3,704
  3,876
  4,056
Tax expense, $m
  16
  321
  330
  340
  351
  362
  375
  389
  403
  419
  435
  490
  509
  529
  550
  572
  596
  620
  647
  674
  704
  734
  767
  801
  837
  875
  914
  956
  1,000
  1,046
  1,095
Net income, $m
  -118
  868
  892
  919
  948
  980
  1,014
  1,051
  1,090
  1,132
  1,177
  1,325
  1,376
  1,429
  1,486
  1,547
  1,610
  1,677
  1,748
  1,823
  1,902
  1,985
  2,073
  2,165
  2,262
  2,365
  2,472
  2,585
  2,704
  2,829
  2,961

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,207
  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
  13,578
  11,666
  11,997
  12,363
  12,765
  13,203
  13,676
  14,185
  14,731
  15,316
  15,939
  16,603
  17,308
  18,056
  18,849
  19,687
  20,575
  21,512
  22,501
  23,545
  24,646
  25,807
  27,029
  28,317
  29,672
  31,099
  32,601
  34,180
  35,841
  37,588
  39,425
Adjusted assets (=assets-cash), $m
  11,371
  11,666
  11,997
  12,363
  12,765
  13,203
  13,676
  14,185
  14,731
  15,316
  15,939
  16,603
  17,308
  18,056
  18,849
  19,687
  20,575
  21,512
  22,501
  23,545
  24,646
  25,807
  27,029
  28,317
  29,672
  31,099
  32,601
  34,180
  35,841
  37,588
  39,425
Revenue / Adjusted assets
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
  0.938
Average production assets, $m
  4,449
  4,563
  4,693
  4,836
  4,993
  5,164
  5,349
  5,548
  5,762
  5,991
  6,235
  6,494
  6,770
  7,062
  7,373
  7,701
  8,048
  8,414
  8,801
  9,210
  9,640
  10,094
  10,572
  11,076
  11,606
  12,164
  12,752
  13,369
  14,019
  14,703
  15,421
Working capital, $m
  1,977
  821
  844
  870
  898
  929
  962
  998
  1,036
  1,077
  1,121
  1,168
  1,218
  1,270
  1,326
  1,385
  1,447
  1,513
  1,583
  1,656
  1,734
  1,815
  1,902
  1,992
  2,087
  2,188
  2,293
  2,405
  2,521
  2,644
  2,774
Total debt, $m
  5,995
  5,201
  5,458
  5,742
  6,053
  6,392
  6,759
  7,153
  7,577
  8,030
  8,513
  9,027
  9,574
  10,153
  10,768
  11,418
  12,105
  12,832
  13,599
  14,408
  15,261
  16,160
  17,108
  18,105
  19,156
  20,262
  21,425
  22,650
  23,937
  25,291
  26,715
Total liabilities, $m
  9,835
  9,041
  9,298
  9,582
  9,893
  10,232
  10,599
  10,993
  11,417
  11,870
  12,353
  12,867
  13,414
  13,993
  14,608
  15,258
  15,945
  16,672
  17,439
  18,248
  19,101
  20,000
  20,948
  21,945
  22,996
  24,102
  25,265
  26,490
  27,777
  29,131
  30,555
Total equity, $m
  3,743
  2,625
  2,699
  2,782
  2,872
  2,971
  3,077
  3,192
  3,315
  3,446
  3,586
  3,736
  3,894
  4,063
  4,241
  4,430
  4,629
  4,840
  5,063
  5,298
  5,545
  5,806
  6,082
  6,371
  6,676
  6,997
  7,335
  7,691
  8,064
  8,457
  8,871
Total liabilities and equity, $m
  13,578
  11,666
  11,997
  12,364
  12,765
  13,203
  13,676
  14,185
  14,732
  15,316
  15,939
  16,603
  17,308
  18,056
  18,849
  19,688
  20,574
  21,512
  22,502
  23,546
  24,646
  25,806
  27,030
  28,316
  29,672
  31,099
  32,600
  34,181
  35,841
  37,588
  39,426
Debt-to-equity ratio
  1.602
  1.980
  2.020
  2.060
  2.110
  2.150
  2.200
  2.240
  2.290
  2.330
  2.370
  2.420
  2.460
  2.500
  2.540
  2.580
  2.610
  2.650
  2.690
  2.720
  2.750
  2.780
  2.810
  2.840
  2.870
  2.900
  2.920
  2.950
  2.970
  2.990
  3.010
Adjusted equity ratio
  0.135
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -118
  868
  892
  919
  948
  980
  1,014
  1,051
  1,090
  1,132
  1,177
  1,325
  1,376
  1,429
  1,486
  1,547
  1,610
  1,677
  1,748
  1,823
  1,902
  1,985
  2,073
  2,165
  2,262
  2,365
  2,472
  2,585
  2,704
  2,829
  2,961
Depreciation, amort., depletion, $m
  507
  552
  564
  577
  591
  607
  624
  642
  661
  682
  704
  590
  615
  642
  670
  700
  732
  765
  800
  837
  876
  918
  961
  1,007
  1,055
  1,106
  1,159
  1,215
  1,274
  1,337
  1,402
Funds from operations, $m
  717
  1,420
  1,456
  1,496
  1,539
  1,586
  1,637
  1,692
  1,751
  1,814
  1,881
  1,915
  1,991
  2,071
  2,157
  2,247
  2,342
  2,442
  2,549
  2,660
  2,779
  2,903
  3,034
  3,172
  3,317
  3,470
  3,631
  3,801
  3,979
  4,166
  4,363
Change in working capital, $m
  141
  21
  23
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  56
  59
  62
  66
  70
  73
  77
  82
  86
  91
  95
  100
  106
  111
  117
  123
  129
Cash from operations, $m
  576
  1,399
  1,432
  1,470
  1,511
  1,556
  1,604
  1,656
  1,713
  1,773
  1,837
  1,869
  1,941
  2,019
  2,101
  2,188
  2,279
  2,376
  2,479
  2,587
  2,701
  2,821
  2,948
  3,082
  3,222
  3,370
  3,526
  3,690
  3,862
  4,043
  4,234
Maintenance CAPEX, $m
  0
  -404
  -415
  -427
  -440
  -454
  -469
  -486
  -504
  -524
  -545
  -567
  -590
  -615
  -642
  -670
  -700
  -732
  -765
  -800
  -837
  -876
  -918
  -961
  -1,007
  -1,055
  -1,106
  -1,159
  -1,215
  -1,274
  -1,337
New CAPEX, $m
  -856
  -114
  -130
  -143
  -157
  -171
  -185
  -199
  -214
  -229
  -244
  -260
  -276
  -293
  -310
  -328
  -347
  -367
  -387
  -408
  -431
  -454
  -478
  -504
  -530
  -558
  -587
  -618
  -650
  -683
  -719
Cash from investing activities, $m
  -1,315
  -518
  -545
  -570
  -597
  -625
  -654
  -685
  -718
  -753
  -789
  -827
  -866
  -908
  -952
  -998
  -1,047
  -1,099
  -1,152
  -1,208
  -1,268
  -1,330
  -1,396
  -1,465
  -1,537
  -1,613
  -1,693
  -1,777
  -1,865
  -1,957
  -2,056
Free cash flow, $m
  -739
  880
  888
  900
  914
  931
  950
  971
  995
  1,020
  1,049
  1,042
  1,075
  1,111
  1,149
  1,189
  1,232
  1,278
  1,327
  1,379
  1,433
  1,491
  1,552
  1,617
  1,685
  1,757
  1,833
  1,913
  1,997
  2,085
  2,178
Issuance/(repayment) of debt, $m
  1,718
  232
  257
  284
  311
  339
  367
  395
  423
  453
  483
  514
  546
  580
  614
  650
  687
  726
  767
  809
  853
  899
  947
  998
  1,051
  1,106
  1,164
  1,224
  1,288
  1,354
  1,424
Issuance/(repurchase) of shares, $m
  -170
  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  
  1,548
  232
  257
  284
  311
  339
  367
  395
  423
  453
  483
  514
  546
  580
  614
  650
  687
  726
  767
  809
  853
  899
  947
  998
  1,051
  1,106
  1,164
  1,224
  1,288
  1,354
  1,424
Total cash flow (excl. dividends), $m
  686
  1,112
  1,145
  1,184
  1,225
  1,269
  1,316
  1,366
  1,418
  1,473
  1,532
  1,557
  1,622
  1,690
  1,763
  1,839
  1,920
  2,005
  2,094
  2,188
  2,286
  2,390
  2,500
  2,615
  2,736
  2,863
  2,996
  3,137
  3,284
  3,439
  3,602
Retained Cash Flow (-), $m
  531
  -63
  -75
  -82
  -90
  -98
  -106
  -115
  -123
  -131
  -140
  -149
  -159
  -168
  -178
  -189
  -200
  -211
  -223
  -235
  -248
  -261
  -275
  -290
  -305
  -321
  -338
  -355
  -374
  -393
  -413
Prev. year cash balance distribution, $m
 
  1,181
  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
 
  2,230
  1,070
  1,101
  1,135
  1,171
  1,210
  1,251
  1,295
  1,342
  1,392
  1,407
  1,463
  1,522
  1,585
  1,651
  1,720
  1,794
  1,871
  1,953
  2,039
  2,129
  2,225
  2,325
  2,431
  2,542
  2,658
  2,781
  2,910
  3,046
  3,189
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  2,069
  914
  860
  803
  745
  685
  624
  563
  503
  444
  378
  326
  277
  232
  191
  155
  124
  97
  74
  56
  41
  29
  21
  14
  9
  6
  4
  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

BRF S.A. is a multinational Brazilian company that owns a diverse portfolio of products and is a producer of foods. The Company's segments include Brazil, Latin America (LATAM), Europe, Middle East and North of Africa (MENA), Asia, Africa and Other Segments. These segments include sales of all distribution channels and operations subdivided in to poultry, pork and other, processed, and other sales. The poultry operations include the production and sale of whole poultry and in-natura cuts. The pork and other operations involve the production and sale of in-natura cuts. The processed operations include the production and sale of processed foods, frozen and processed products derived from poultry, pork and beef, margarine, vegetable and soybean-based products. The other sales operations include the commercialization of flour for food service and others. Other segments include sale of in-natura beef cuts, agricultural products and animal feed.

FINANCIAL RATIOS  of  BRF ADR (BRFS)

Valuation Ratios
P/E Ratio -65.1
Price to Sales 0.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow -27.5
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.5%
Cap. Spend. - 3 Yr. Gr. Rate 9.1%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 132.8%
Total Debt to Equity 160.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital -1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity -2.9%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 22.3%
Gross Margin - 3 Yr. Avg. 27.7%
EBITDA Margin 6.3%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 5.4%
Oper. Margin - 3 Yr. Avg. 10.2%
Pre-Tax Margin -0.9%
Pre-Tax Margin - 3 Yr. Avg. 5.2%
Net Profit Margin -1.1%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate -16%
Eff/ Tax Rate - 3 Yr. Avg. -5.7%
Payout Ratio -315.3%

BRFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRFS stock intrinsic value calculation we used $10665 million for the last fiscal year's total revenue generated by BRF ADR. The default revenue input number comes from 2016 income statement of BRF ADR. 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 BRFS stock valuation model: a) initial revenue growth rate of 2.6% 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 7.8%, whose default value for BRFS is calculated based on our internal credit rating of BRF ADR, 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 BRF ADR.
    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 BRFS stock the variable cost ratio is equal to 86.9%.

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 BRFS 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% for BRF ADR.

Corporate tax rate of 27% is the nominal tax rate for BRF ADR. 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 BRFS 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 BRFS are equal to 41.7%.

Life of production assets of 11 years is the average useful life of capital assets used in BRF ADR 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 BRFS is equal to 7.5%. 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 - $3743 million for BRF ADR - 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 796.625 million for BRF ADR 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 BRF ADR at the current share price and the inputted number of shares is $7.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ ETFs with exposure to BRF SA : December 29, 2017   [Dec-29-17 11:37AM  Capital Cube]
▶ ETFs with exposure to BRF SA : December 18, 2017   [Dec-18-17 02:57PM  Capital Cube]
▶ ETFs with exposure to BRF SA : December 8, 2017   [Dec-08-17 12:27PM  Capital Cube]
▶ ETFs with exposure to BRF SA : November 27, 2017   [Nov-27-17 12:27PM  Capital Cube]
▶ BRF posts 3Q profit   [Nov-10-17 05:01AM  Associated Press]
▶ ETFs with exposure to BRF SA : November 9, 2017   [Nov-09-17 12:13PM  Capital Cube]
▶ BRF Earns Relative Strength Rating Upgrade   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: BRF   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Brazil's BRF says Tarpon-backed CEO Faria to leave   [Aug-31-17 07:02PM  Reuters]
▶ BRF - Material Fact   [08:52PM  PR Newswire]
▶ Tyson Foods: Here's the Beef   [Jun-06-17 03:48PM  Barrons.com]
▶ ETFs with exposure to BRF SA : May 19, 2017   [May-19-17 01:42PM  Capital Cube]
▶ [$$] Brazil stocks: no time for Temerity   [12:20PM  Financial Times]
▶ Announcement to the Market   [Apr-25-17 10:54PM  PR Newswire]
▶ New Strong Sell Stocks for April 21st   [Apr-21-17 10:43AM  Zacks]
▶ Brazil Meat Scandal Losses Could Reach $5 Billion   [Mar-30-17 04:18PM  at Forbes]
▶ Announcement To The Market   [Mar-24-17 09:03PM  PR Newswire]
▶ Brazil GDP Could Fall Lower On Meat Scandal   [Mar-23-17 11:07AM  at Forbes]
Financial statements of BRFS
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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