Intrinsic value of Blue Buffalo Pet Products - BUFF

Previous Close

$33.68

  Intrinsic Value

$57.75

stock screener

  Rating & Target

str. buy

+71%

Previous close

$33.68

 
Intrinsic value

$57.75

 
Up/down potential

+71%

 
Rating

str. buy

We calculate the intrinsic value of BUFF 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, %
  11.98
  18.40
  17.06
  15.85
  14.77
  13.79
  12.91
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.78
  8.41
  8.07
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
Revenue, $m
  1,150
  1,362
  1,594
  1,847
  2,119
  2,412
  2,723
  3,053
  3,401
  3,768
  4,152
  4,553
  4,972
  5,409
  5,864
  6,337
  6,828
  7,339
  7,870
  8,422
  8,996
  9,592
  10,212
  10,858
  11,530
  12,229
  12,958
  13,718
  14,511
  15,339
  16,202
Variable operating expenses, $m
 
  686
  803
  931
  1,068
  1,215
  1,372
  1,539
  1,714
  1,899
  2,092
  2,295
  2,506
  2,726
  2,955
  3,194
  3,442
  3,699
  3,967
  4,245
  4,534
  4,834
  5,147
  5,472
  5,811
  6,164
  6,531
  6,914
  7,314
  7,731
  8,166
Fixed operating expenses, $m
 
  367
  376
  386
  395
  405
  415
  426
  436
  447
  458
  470
  481
  494
  506
  518
  531
  545
  558
  572
  587
  601
  616
  632
  648
  664
  680
  697
  715
  733
  751
Total operating expenses, $m
  929
  1,053
  1,179
  1,317
  1,463
  1,620
  1,787
  1,965
  2,150
  2,346
  2,550
  2,765
  2,987
  3,220
  3,461
  3,712
  3,973
  4,244
  4,525
  4,817
  5,121
  5,435
  5,763
  6,104
  6,459
  6,828
  7,211
  7,611
  8,029
  8,464
  8,917
Operating income, $m
  221
  308
  414
  530
  656
  791
  935
  1,089
  1,251
  1,422
  1,601
  1,789
  1,985
  2,189
  2,403
  2,625
  2,855
  3,096
  3,345
  3,605
  3,875
  4,156
  4,449
  4,754
  5,071
  5,402
  5,747
  6,107
  6,483
  6,875
  7,285
EBITDA, $m
  230
  319
  427
  545
  673
  810
  957
  1,113
  1,277
  1,451
  1,633
  1,824
  2,024
  2,232
  2,448
  2,674
  2,909
  3,153
  3,407
  3,671
  3,945
  4,231
  4,529
  4,838
  5,161
  5,497
  5,848
  6,214
  6,596
  6,995
  7,412
Interest expense (income), $m
  0
  13
  9
  11
  14
  16
  19
  22
  26
  29
  33
  36
  40
  44
  49
  53
  58
  63
  68
  73
  78
  84
  90
  96
  102
  109
  115
  122
  130
  138
  146
Earnings before tax, $m
  207
  295
  405
  519
  642
  775
  916
  1,066
  1,225
  1,393
  1,568
  1,752
  1,944
  2,145
  2,354
  2,571
  2,798
  3,033
  3,278
  3,532
  3,797
  4,073
  4,359
  4,658
  4,969
  5,293
  5,632
  5,985
  6,353
  6,738
  7,140
Tax expense, $m
  77
  80
  109
  140
  173
  209
  247
  288
  331
  376
  423
  473
  525
  579
  636
  694
  755
  819
  885
  954
  1,025
  1,100
  1,177
  1,258
  1,342
  1,429
  1,521
  1,616
  1,715
  1,819
  1,928
Net income, $m
  130
  215
  296
  379
  469
  565
  669
  778
  894
  1,017
  1,145
  1,279
  1,419
  1,566
  1,718
  1,877
  2,042
  2,214
  2,393
  2,579
  2,772
  2,973
  3,182
  3,400
  3,627
  3,864
  4,111
  4,369
  4,638
  4,918
  5,212

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  293
  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
  650
  423
  495
  573
  658
  749
  845
  948
  1,056
  1,170
  1,289
  1,414
  1,544
  1,679
  1,820
  1,967
  2,120
  2,279
  2,443
  2,615
  2,793
  2,978
  3,171
  3,371
  3,579
  3,797
  4,023
  4,259
  4,505
  4,762
  5,030
Adjusted assets (=assets-cash), $m
  357
  423
  495
  573
  658
  749
  845
  948
  1,056
  1,170
  1,289
  1,414
  1,544
  1,679
  1,820
  1,967
  2,120
  2,279
  2,443
  2,615
  2,793
  2,978
  3,171
  3,371
  3,579
  3,797
  4,023
  4,259
  4,505
  4,762
  5,030
Revenue / Adjusted assets
  3.221
  3.220
  3.220
  3.223
  3.220
  3.220
  3.222
  3.220
  3.221
  3.221
  3.221
  3.220
  3.220
  3.222
  3.222
  3.222
  3.221
  3.220
  3.221
  3.221
  3.221
  3.221
  3.220
  3.221
  3.222
  3.221
  3.221
  3.221
  3.221
  3.221
  3.221
Average production assets, $m
  139
  163
  191
  222
  254
  289
  327
  366
  408
  452
  498
  546
  597
  649
  704
  760
  819
  881
  944
  1,011
  1,079
  1,151
  1,225
  1,303
  1,384
  1,468
  1,555
  1,646
  1,741
  1,841
  1,944
Working capital, $m
  386
  114
  134
  155
  178
  203
  229
  256
  286
  316
  349
  382
  418
  454
  493
  532
  574
  617
  661
  707
  756
  806
  858
  912
  968
  1,027
  1,088
  1,152
  1,219
  1,288
  1,361
Total debt, $m
  383
  259
  324
  395
  471
  553
  640
  732
  829
  932
  1,039
  1,151
  1,268
  1,390
  1,517
  1,650
  1,787
  1,930
  2,078
  2,232
  2,393
  2,559
  2,732
  2,913
  3,101
  3,296
  3,500
  3,712
  3,934
  4,165
  4,406
Total liabilities, $m
  504
  380
  445
  516
  592
  674
  761
  853
  950
  1,053
  1,160
  1,272
  1,389
  1,511
  1,638
  1,771
  1,908
  2,051
  2,199
  2,353
  2,514
  2,680
  2,853
  3,034
  3,222
  3,417
  3,621
  3,833
  4,055
  4,286
  4,527
Total equity, $m
  146
  42
  49
  57
  66
  75
  85
  95
  106
  117
  129
  141
  154
  168
  182
  197
  212
  228
  244
  261
  279
  298
  317
  337
  358
  380
  402
  426
  451
  476
  503
Total liabilities and equity, $m
  650
  422
  494
  573
  658
  749
  846
  948
  1,056
  1,170
  1,289
  1,413
  1,543
  1,679
  1,820
  1,968
  2,120
  2,279
  2,443
  2,614
  2,793
  2,978
  3,170
  3,371
  3,580
  3,797
  4,023
  4,259
  4,506
  4,762
  5,030
Debt-to-equity ratio
  2.623
  6.140
  6.550
  6.890
  7.160
  7.380
  7.570
  7.720
  7.850
  7.970
  8.060
  8.140
  8.220
  8.280
  8.340
  8.380
  8.430
  8.470
  8.500
  8.540
  8.570
  8.590
  8.620
  8.640
  8.660
  8.680
  8.700
  8.720
  8.730
  8.750
  8.760
Adjusted equity ratio
  -0.412
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  215
  296
  379
  469
  565
  669
  778
  894
  1,017
  1,145
  1,279
  1,419
  1,566
  1,718
  1,877
  2,042
  2,214
  2,393
  2,579
  2,772
  2,973
  3,182
  3,400
  3,627
  3,864
  4,111
  4,369
  4,638
  4,918
  5,212
Depreciation, amort., depletion, $m
  9
  11
  12
  14
  17
  19
  21
  24
  27
  29
  32
  35
  39
  42
  46
  49
  53
  57
  61
  66
  70
  75
  80
  85
  90
  95
  101
  107
  113
  120
  126
Funds from operations, $m
  130
  226
  308
  393
  485
  584
  690
  802
  921
  1,046
  1,177
  1,315
  1,458
  1,608
  1,764
  1,927
  2,096
  2,271
  2,454
  2,644
  2,842
  3,048
  3,262
  3,485
  3,717
  3,960
  4,212
  4,476
  4,751
  5,038
  5,338
Change in working capital, $m
  3
  18
  20
  21
  23
  25
  26
  28
  29
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  69
  73
Cash from operations, $m
  127
  208
  289
  372
  462
  560
  664
  775
  892
  1,015
  1,145
  1,281
  1,423
  1,571
  1,726
  1,887
  2,054
  2,228
  2,410
  2,598
  2,794
  2,998
  3,210
  3,431
  3,661
  3,901
  4,151
  4,412
  4,684
  4,969
  5,266
Maintenance CAPEX, $m
  0
  -9
  -11
  -12
  -14
  -17
  -19
  -21
  -24
  -27
  -29
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -120
New CAPEX, $m
  -56
  -25
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -99
  -104
Cash from investing activities, $m
  -57
  -34
  -39
  -42
  -47
  -52
  -56
  -61
  -66
  -71
  -75
  -80
  -85
  -91
  -97
  -103
  -108
  -114
  -121
  -127
  -135
  -142
  -149
  -157
  -166
  -174
  -182
  -192
  -202
  -212
  -224
Free cash flow, $m
  70
  174
  250
  329
  415
  508
  608
  714
  826
  945
  1,070
  1,200
  1,337
  1,480
  1,629
  1,784
  1,946
  2,114
  2,289
  2,470
  2,659
  2,856
  3,061
  3,274
  3,496
  3,727
  3,968
  4,220
  4,482
  4,756
  5,042
Issuance/(repayment) of debt, $m
  -4
  -120
  65
  71
  76
  82
  87
  92
  97
  102
  107
  112
  117
  122
  127
  132
  137
  143
  148
  154
  160
  167
  173
  180
  188
  196
  204
  212
  222
  231
  241
Issuance/(repurchase) of shares, $m
  2
  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  
  -2
  -120
  65
  71
  76
  82
  87
  92
  97
  102
  107
  112
  117
  122
  127
  132
  137
  143
  148
  154
  160
  167
  173
  180
  188
  196
  204
  212
  222
  231
  241
Total cash flow (excl. dividends), $m
  68
  55
  315
  400
  491
  590
  695
  806
  923
  1,047
  1,177
  1,313
  1,454
  1,602
  1,756
  1,916
  2,083
  2,257
  2,437
  2,625
  2,820
  3,023
  3,234
  3,454
  3,683
  3,922
  4,172
  4,432
  4,704
  4,987
  5,284
Retained Cash Flow (-), $m
  -137
  -185
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
Prev. year cash balance distribution, $m
 
  289
  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
 
  159
  308
  392
  483
  581
  685
  796
  913
  1,036
  1,165
  1,300
  1,441
  1,589
  1,742
  1,902
  2,068
  2,241
  2,420
  2,607
  2,802
  3,004
  3,215
  3,434
  3,663
  3,901
  4,149
  4,408
  4,679
  4,962
  5,257
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  152
  282
  341
  398
  450
  497
  538
  570
  595
  611
  617
  615
  604
  585
  558
  526
  488
  446
  401
  356
  311
  267
  225
  187
  152
  121
  95
  72
  54
  40
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

Blue Buffalo Pet Products, Inc. (BBPP) is a holding company. The Company operates as a pet food company. The Company, through its subsidiaries, develops, produces, markets and sells pet food under product lines, including BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet lines. Its product lines of pet food include various product types for dogs and cats. The Company categorizes its products as dry foods, and wet foods, treats and other products. It has a product portfolio across various product types, including diet types, breed sizes for dogs, life stages, flavors, product functions, and textures and cuts for wet foods. BLUE Wilderness is a high-meat, high-protein and grain-free ancestral feeding line. BLUE Basics is a line of limited ingredient diet products for pets with food sensitivities. BLUE Freedom is a grain-free line. BLUE Natural Veterinary Diet is a line of Therapeutic diets for pets, offered through veterinarians.

FINANCIAL RATIOS  of  Blue Buffalo Pet Products (BUFF)

Valuation Ratios
P/E Ratio 50.9
Price to Sales 5.8
Price to Book 45.3
Price to Tangible Book
Price to Cash Flow 52.1
Price to Free Cash Flow 93.2
Growth Rates
Sales Growth Rate 12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 460%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio 73
Current Ratio 0
LT Debt to Equity 259.6%
Total Debt to Equity 262.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 22.4%
Ret/ On Assets - 3 Yr. Avg. 24.6%
Return On Total Capital 28.1%
Ret/ On T. Cap. - 3 Yr. Avg. 31.2%
Return On Equity 167.7%
Return On Equity - 3 Yr. Avg. -44.6%
Asset Turnover 2
Profitability Ratios
Gross Margin 44.9%
Gross Margin - 3 Yr. Avg. 41.9%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 17.4%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 18%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 10.4%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 0%

BUFF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BUFF stock intrinsic value calculation we used $1150 million for the last fiscal year's total revenue generated by Blue Buffalo Pet Products. The default revenue input number comes from 2016 income statement of Blue Buffalo Pet Products. 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 BUFF stock valuation model: a) initial revenue growth rate of 18.4% 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 4.3%, whose default value for BUFF is calculated based on our internal credit rating of Blue Buffalo Pet Products, 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 Blue Buffalo Pet Products.
    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 BUFF stock the variable cost ratio is equal to 50.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $358 million in the base year in the intrinsic value calculation for BUFF 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 Blue Buffalo Pet Products.

Corporate tax rate of 27% is the nominal tax rate for Blue Buffalo Pet Products. 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 BUFF 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 BUFF are equal to 12%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Blue Buffalo Pet Products 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 BUFF is equal to 8.4%. 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 - $146 million for Blue Buffalo Pet Products - 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 194.572 million for Blue Buffalo Pet Products 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 Blue Buffalo Pet Products at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ Blue Buffalo Pet Products Getting Closer To Key Technical Benchmark   [Nov-13-17 03:00AM  Investor's Business Daily]
▶ Blue Buffalo beats Street 3Q forecasts   [Nov-07-17 04:13PM  Associated Press]
▶ Even Dogs Are Eating Quinoa Now   [Oct-04-17 04:00AM  Bloomberg]
▶ Is This 2015 IPO Barking Up The Right Breakout Tree?   [Sep-25-17 10:39AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: Blue Buffalo Pet Prods   [Sep-21-17 03:00AM  Investor's Business Daily]
▶ Blue Buffalo meets 2Q profit forecasts   [Aug-08-17 11:54PM  Associated Press]
▶ 10 High-Quality Stocks That Play Defense   [Jul-19-17 06:00AM  Morningstar]
▶ Strategy Change Not Enough to Make Us Scoop Up Kellogg   [Jul-17-17 07:00AM  Morningstar]
▶ 2 Top Growth Stocks You Can't Afford to Miss   [Jun-08-17 12:54PM  Motley Fool]
▶ Blue Buffalo's a Natural Buy   [Jun-02-17 07:00AM  Morningstar]
▶ Today's Bell Ringer, May 17, 2017   [May-17-17 09:16AM  CNBC Videos]
▶ Blue Buffalo beats Street 1Q forecasts   [May-09-17 06:04PM  Associated Press]
▶ IIROC Trading Resumption - BUFF.P; DVC.H; HVST   [Apr-27-17 04:23PM  CNW Group]
▶ IIROC Trading Halt - BUFF.P   [01:06PM  PR Newswire]
Financial statements of BUFF
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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