Intrinsic value of Cal-Maine Foods - CALM

Previous Close

$45.60

  Intrinsic Value

$4.05

stock screener

  Rating & Target

str. sell

-91%

Previous close

$45.60

 
Intrinsic value

$4.05

 
Up/down potential

-91%

 
Rating

str. sell

We calculate the intrinsic value of CALM 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, %
  -43.69
  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
  1,075
  1,097
  1,122
  1,151
  1,183
  1,219
  1,258
  1,301
  1,347
  1,397
  1,451
  1,508
  1,570
  1,635
  1,704
  1,777
  1,855
  1,938
  2,025
  2,117
  2,214
  2,317
  2,425
  2,539
  2,660
  2,786
  2,920
  3,060
  3,208
  3,363
  3,526
Variable operating expenses, $m
 
  303
  309
  317
  326
  336
  346
  358
  370
  384
  398
  407
  424
  441
  460
  480
  501
  523
  547
  572
  598
  626
  655
  686
  718
  752
  788
  826
  866
  908
  952
Fixed operating expenses, $m
 
  950
  971
  993
  1,015
  1,037
  1,060
  1,083
  1,107
  1,131
  1,156
  1,182
  1,208
  1,234
  1,261
  1,289
  1,317
  1,346
  1,376
  1,406
  1,437
  1,469
  1,501
  1,534
  1,568
  1,602
  1,638
  1,674
  1,710
  1,748
  1,787
Total operating expenses, $m
  1,207
  1,253
  1,280
  1,310
  1,341
  1,373
  1,406
  1,441
  1,477
  1,515
  1,554
  1,589
  1,632
  1,675
  1,721
  1,769
  1,818
  1,869
  1,923
  1,978
  2,035
  2,095
  2,156
  2,220
  2,286
  2,354
  2,426
  2,500
  2,576
  2,656
  2,739
Operating income, $m
  -132
  -156
  -159
  -159
  -157
  -154
  -148
  -140
  -130
  -118
  -103
  -80
  -62
  -41
  -17
  9
  37
  68
  102
  139
  179
  223
  270
  320
  374
  432
  494
  560
  631
  707
  788
EBITDA, $m
  -83
  -101
  -103
  -102
  -98
  -93
  -85
  -75
  -63
  -49
  -32
  -13
  8
  32
  58
  88
  120
  154
  192
  233
  278
  326
  377
  433
  492
  555
  623
  696
  774
  856
  944
Interest expense (income), $m
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
Earnings before tax, $m
  -114
  -157
  -160
  -160
  -159
  -155
  -149
  -142
  -132
  -120
  -107
  -84
  -66
  -46
  -23
  2
  30
  61
  94
  130
  169
  212
  258
  307
  360
  417
  478
  543
  612
  687
  766
Tax expense, $m
  -40
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  8
  16
  25
  35
  46
  57
  70
  83
  97
  112
  129
  147
  165
  185
  207
Net income, $m
  -74
  -157
  -160
  -160
  -159
  -155
  -149
  -142
  -132
  -120
  -107
  -84
  -66
  -46
  -23
  2
  22
  44
  69
  95
  124
  155
  188
  224
  263
  304
  349
  396
  447
  501
  559

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  156
  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
  1,033
  961
  983
  1,008
  1,037
  1,068
  1,103
  1,140
  1,181
  1,225
  1,272
  1,322
  1,376
  1,433
  1,493
  1,558
  1,626
  1,698
  1,775
  1,856
  1,941
  2,031
  2,126
  2,226
  2,331
  2,442
  2,559
  2,682
  2,811
  2,947
  3,091
Adjusted assets (=assets-cash), $m
  877
  961
  983
  1,008
  1,037
  1,068
  1,103
  1,140
  1,181
  1,225
  1,272
  1,322
  1,376
  1,433
  1,493
  1,558
  1,626
  1,698
  1,775
  1,856
  1,941
  2,031
  2,126
  2,226
  2,331
  2,442
  2,559
  2,682
  2,811
  2,947
  3,091
Revenue / Adjusted assets
  1.226
  1.142
  1.141
  1.142
  1.141
  1.141
  1.141
  1.141
  1.141
  1.140
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
  1.141
Average production assets, $m
  214
  487
  498
  511
  525
  541
  559
  578
  598
  620
  644
  670
  697
  726
  757
  789
  824
  860
  899
  940
  983
  1,029
  1,077
  1,128
  1,181
  1,237
  1,296
  1,359
  1,424
  1,493
  1,566
Working capital, $m
  371
  103
  105
  108
  111
  115
  118
  122
  127
  131
  136
  142
  148
  154
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  288
  302
  316
  331
Total debt, $m
  11
  10
  15
  19
  25
  31
  38
  45
  53
  62
  71
  81
  92
  103
  115
  128
  141
  155
  170
  186
  203
  221
  240
  259
  280
  302
  325
  349
  375
  401
  430
Total liabilities, $m
  190
  189
  194
  199
  204
  210
  217
  225
  233
  241
  251
  260
  271
  282
  294
  307
  320
  335
  350
  366
  382
  400
  419
  438
  459
  481
  504
  528
  554
  581
  609
Total equity, $m
  843
  772
  789
  810
  832
  858
  885
  916
  948
  983
  1,021
  1,062
  1,105
  1,150
  1,199
  1,251
  1,306
  1,364
  1,425
  1,490
  1,558
  1,631
  1,707
  1,787
  1,872
  1,961
  2,055
  2,153
  2,257
  2,367
  2,482
Total liabilities and equity, $m
  1,033
  961
  983
  1,009
  1,036
  1,068
  1,102
  1,141
  1,181
  1,224
  1,272
  1,322
  1,376
  1,432
  1,493
  1,558
  1,626
  1,699
  1,775
  1,856
  1,940
  2,031
  2,126
  2,225
  2,331
  2,442
  2,559
  2,681
  2,811
  2,948
  3,091
Debt-to-equity ratio
  0.013
  0.010
  0.020
  0.020
  0.030
  0.040
  0.040
  0.050
  0.060
  0.060
  0.070
  0.080
  0.080
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.170
Adjusted equity ratio
  0.783
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -74
  -157
  -160
  -160
  -159
  -155
  -149
  -142
  -132
  -120
  -107
  -84
  -66
  -46
  -23
  2
  22
  44
  69
  95
  124
  155
  188
  224
  263
  304
  349
  396
  447
  501
  559
Depreciation, amort., depletion, $m
  49
  55
  56
  58
  59
  61
  62
  64
  66
  69
  71
  67
  70
  73
  76
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  142
  149
  157
Funds from operations, $m
  -94
  -102
  -103
  -102
  -100
  -94
  -87
  -78
  -66
  -52
  -36
  -17
  4
  27
  53
  81
  104
  130
  159
  189
  222
  258
  296
  337
  381
  428
  478
  532
  589
  651
  716
Change in working capital, $m
  -45
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
Cash from operations, $m
  -49
  -104
  -106
  -105
  -103
  -98
  -91
  -82
  -70
  -57
  -41
  -23
  -2
  21
  46
  74
  97
  123
  150
  180
  213
  248
  286
  326
  369
  416
  466
  519
  576
  636
  701
Maintenance CAPEX, $m
  0
  -48
  -49
  -50
  -51
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
New CAPEX, $m
  -67
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
Cash from investing activities, $m
  56
  -58
  -60
  -63
  -65
  -69
  -71
  -75
  -79
  -82
  -86
  -89
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -159
  -166
  -174
  -183
  -192
  -202
  -211
  -222
Free cash flow, $m
  7
  -161
  -165
  -168
  -168
  -166
  -162
  -156
  -149
  -139
  -127
  -113
  -96
  -78
  -57
  -34
  -16
  4
  26
  50
  76
  104
  135
  168
  203
  242
  283
  327
  374
  425
  479
Issuance/(repayment) of debt, $m
  -17
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
Issuance/(repurchase) of shares, $m
  -2
  172
  177
  180
  181
  180
  177
  172
  165
  156
  144
  125
  109
  91
  72
  50
  33
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -18
  176
  181
  185
  187
  186
  184
  179
  173
  165
  153
  135
  120
  102
  84
  63
  46
  28
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
Total cash flow (excl. dividends), $m
  -11
  15
  16
  18
  19
  20
  22
  23
  24
  26
  27
  22
  23
  25
  27
  28
  30
  32
  41
  65
  92
  122
  153
  187
  224
  264
  306
  351
  400
  451
  507
Retained Cash Flow (-), $m
  72
  -172
  -177
  -180
  -181
  -180
  -177
  -172
  -165
  -156
  -144
  -125
  -109
  -91
  -72
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -109
  -115
Prev. year cash balance distribution, $m
 
  87
  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
 
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
Cash available for distribution, $m
 
  -70
  -161
  -163
  -162
  -160
  -156
  -149
  -141
  -130
  -117
  -103
  -86
  -67
  -45
  -24
  -25
  -26
  -21
  1
  24
  49
  77
  107
  139
  174
  212
  252
  296
  342
  392
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
 
  -68
  -147
  -142
  -134
  -124
  -113
  -101
  -88
  -75
  -62
  -49
  -37
  -25
  -15
  -7
  -6
  -6
  -4
  0
  3
  5
  6
  7
  7
  7
  6
  5
  5
  4
  3
Current shareholders' claim on cash, %
  100
  91.9
  84.5
  77.6
  71.5
  66.0
  61.1
  56.9
  53.2
  50.0
  47.3
  45.2
  43.5
  42.1
  41.2
  40.5
  40.1
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9
  39.9

Cal-Maine Foods, Inc. is a producer and marketer of shell eggs in the United States. The Company operates through the segment of production, grading, packaging, marketing and distribution of shell eggs. It offers shell eggs, including specialty and non-specialty eggs. It classifies cage free, organic and brown eggs as specialty products. It classifies all other shell eggs as non-specialty products. The Company markets its specialty shell eggs under the brands, including Egg-Land's Best, Land O' Lakes, Farmhouse and 4-Grain. The Company, through Egg-Land's Best, Inc. (EB), produces, markets and distributes Egg-Land's Best and Land O' Lakes branded eggs. It markets cage-free eggs under its Farmhouse brand and distributes them throughout southeast and southwest regions of the United States. It markets organic, wholesome, cage-free, vegetarian and omega-3 eggs under its 4-Grain brand. It also produces, markets and distributes private label specialty shell eggs to customers.

FINANCIAL RATIOS  of  Cal-Maine Foods (CALM)

Valuation Ratios
P/E Ratio -29.9
Price to Sales 2.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow -45.2
Price to Free Cash Flow -19.1
Growth Rates
Sales Growth Rate -43.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.8%
Cap. Spend. - 3 Yr. Gr. Rate 2.6%
Financial Strength
Quick Ratio 31
Current Ratio 0
LT Debt to Equity 0.7%
Total Debt to Equity 1.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -6.9%
Ret/ On Assets - 3 Yr. Avg. 14.3%
Return On Total Capital -8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 17.3%
Return On Equity -8.4%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 4.3%
Gross Margin - 3 Yr. Avg. 21.1%
EBITDA Margin -6%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin -12.3%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin -10.6%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin -6.9%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 0%

CALM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CALM stock intrinsic value calculation we used $1075 million for the last fiscal year's total revenue generated by Cal-Maine Foods. The default revenue input number comes from 2017 income statement of Cal-Maine Foods. 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 CALM 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 4.3%, whose default value for CALM is calculated based on our internal credit rating of Cal-Maine Foods, 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 Cal-Maine Foods.
    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 CALM stock the variable cost ratio is equal to 27.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $930 million in the base year in the intrinsic value calculation for CALM 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 5.4% for Cal-Maine Foods.

Corporate tax rate of 27% is the nominal tax rate for Cal-Maine Foods. 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 CALM stock is equal to 0.3%.

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 CALM are equal to 44.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Cal-Maine Foods 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 CALM is equal to 9.4%. 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 - $843 million for Cal-Maine Foods - 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 48 million for Cal-Maine Foods 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 Cal-Maine Foods at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Top Ranked Momentum Stocks to Buy for May 2nd   [May-02-18 10:49AM  Zacks]
▶ Cal-Maine Foods Inc Stock Falls on Q3 Earnings Miss   [Apr-02-18 01:01PM  InvestorPlace]
▶ Cal-Maine posts 3Q profit   [07:03AM  Associated Press]
▶ Who Really Owns Cal-Maine Foods Inc (NASDAQ:CALM)?   [Mar-19-18 05:50PM  Simply Wall St.]
▶ When Will Cal-Maine Foods Inc (NASDAQ:CALM) Become Profitable?   [Mar-12-18 03:02PM  Simply Wall St.]
▶ Top Stocks in Agriculture   [Feb-02-18 06:03AM  Motley Fool]
▶ What Is Cal-Maine Foods Incs (NASDAQ:CALM) Share Price Doing?   [Jan-10-18 08:32AM  Simply Wall St.]
▶ Cal-Maine reports 2Q loss   [06:52AM  Associated Press]
▶ Stocks Flashing Renewed Technical Strength: Cal-Maine Foods   [03:00AM  Investor's Business Daily]
▶ Cal-Maine Foods Earns Relative Strength Rating Upgrade   [Nov-06-17 03:00AM  Investor's Business Daily]
▶ Cal-Maine Foods Trying To Close In On Key Technical Measure   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Why Cal-Maine Foods, Inc. Stock Rose 13% in September   [Oct-03-17 12:30PM  Motley Fool]
▶ Company News For Oct 3, 2017   [10:09AM  Zacks]
▶ Cal-Maine reports 1Q loss   [Oct-02-17 09:38PM  Associated Press]
▶ Are Things Looking Up for Cal-Maine?   [06:37PM  Motley Fool]
▶ [$$] Cheap Eggs Flood U.S. Grocery Stores   [12:42AM  The Wall Street Journal]
▶ [$$] Cheap Eggs Flood U.S. Grocery Stores   [07:12AM  The Wall Street Journal]
▶ Cal-Maine reports 4Q loss   [Jul-24-17 09:57PM  Associated Press]
▶ Cal-Maine Foods Scrambled by Low Egg Prices   [Jul-20-17 03:29PM  Motley Fool]
▶ What to Expect When Cal-Maine Foods Reports Earnings   [Jul-01-17 07:02PM  Motley Fool]
▶ Cheap Stocks With Growing EPS   [Jun-22-17 03:29PM  GuruFocus.com]
▶ 6 Stocks With Rising EPS   [Jun-01-17 04:24PM  GuruFocus.com]
▶ 3 Things Cal-Maine Foods Inc Investors Need to Know   [May-06-17 10:00AM  Motley Fool]
Financial statements of CALM
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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