Intrinsic value of Campbell Soup - CPB

Previous Close

$52.00

  Intrinsic Value

$27.21

stock screener

  Rating & Target

sell

-48%

  Value-price divergence*

-5%

Previous close

$52.00

 
Intrinsic value

$27.21

 
Up/down potential

-48%

 
Rating

sell

 
Value-price divergence*

-5%

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

We calculate the intrinsic value of CPB 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 16.1

 

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, %
  -1.50
  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
  7,961
  8,120
  8,307
  8,520
  8,760
  9,026
  9,317
  9,634
  9,978
  10,348
  10,745
  11,170
  11,623
  12,106
  12,619
  13,163
  13,740
  14,351
  14,997
  15,679
  16,399
  17,159
  17,961
  18,806
  19,696
  20,634
  21,621
  22,660
  23,754
  24,904
  26,114
Variable operating expenses, $m
 
  1,408
  1,436
  1,467
  1,502
  1,540
  1,583
  1,629
  1,679
  1,733
  1,791
  1,626
  1,692
  1,762
  1,837
  1,916
  2,000
  2,089
  2,183
  2,282
  2,387
  2,498
  2,615
  2,738
  2,867
  3,004
  3,147
  3,299
  3,458
  3,625
  3,802
Fixed operating expenses, $m
 
  5,901
  6,048
  6,200
  6,355
  6,514
  6,676
  6,843
  7,014
  7,190
  7,369
  7,554
  7,743
  7,936
  8,134
  8,338
  8,546
  8,760
  8,979
  9,203
  9,434
  9,669
  9,911
  10,159
  10,413
  10,673
  10,940
  11,213
  11,494
  11,781
  12,076
Total operating expenses, $m
  7,017
  7,309
  7,484
  7,667
  7,857
  8,054
  8,259
  8,472
  8,693
  8,923
  9,160
  9,180
  9,435
  9,698
  9,971
  10,254
  10,546
  10,849
  11,162
  11,485
  11,821
  12,167
  12,526
  12,897
  13,280
  13,677
  14,087
  14,512
  14,952
  15,406
  15,878
Operating income, $m
  944
  811
  823
  854
  904
  972
  1,058
  1,162
  1,285
  1,426
  1,585
  1,990
  2,189
  2,408
  2,647
  2,909
  3,194
  3,502
  3,834
  4,193
  4,578
  4,992
  5,435
  5,909
  6,416
  6,957
  7,534
  8,148
  8,802
  9,498
  10,237
EBITDA, $m
  1,252
  1,228
  1,245
  1,281
  1,336
  1,411
  1,504
  1,615
  1,746
  1,895
  2,064
  2,253
  2,462
  2,692
  2,944
  3,219
  3,517
  3,839
  4,187
  4,562
  4,964
  5,396
  5,858
  6,352
  6,880
  7,443
  8,042
  8,681
  9,361
  10,084
  10,851
Interest expense (income), $m
  113
  113
  118
  122
  128
  134
  141
  149
  158
  167
  176
  187
  198
  210
  223
  236
  251
  266
  282
  299
  317
  336
  357
  378
  400
  424
  448
  475
  502
  531
  561
Earnings before tax, $m
  849
  698
  705
  732
  776
  838
  917
  1,013
  1,127
  1,259
  1,409
  1,803
  1,991
  2,197
  2,425
  2,673
  2,943
  3,236
  3,552
  3,894
  4,261
  4,656
  5,079
  5,532
  6,016
  6,533
  7,085
  7,674
  8,300
  8,967
  9,676
Tax expense, $m
  286
  188
  190
  198
  209
  226
  248
  274
  304
  340
  380
  487
  537
  593
  655
  722
  795
  874
  959
  1,051
  1,150
  1,257
  1,371
  1,494
  1,624
  1,764
  1,913
  2,072
  2,241
  2,421
  2,612
Net income, $m
  563
  509
  515
  534
  566
  611
  669
  740
  823
  919
  1,028
  1,316
  1,453
  1,604
  1,770
  1,951
  2,148
  2,362
  2,593
  2,842
  3,111
  3,399
  3,707
  4,038
  4,392
  4,769
  5,172
  5,602
  6,059
  6,546
  7,063

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  296
  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
  7,837
  7,690
  7,866
  8,069
  8,296
  8,547
  8,823
  9,124
  9,449
  9,799
  10,175
  10,578
  11,007
  11,464
  11,950
  12,465
  13,012
  13,590
  14,201
  14,847
  15,530
  16,249
  17,009
  17,809
  18,652
  19,540
  20,475
  21,459
  22,494
  23,584
  24,729
Adjusted assets (=assets-cash), $m
  7,541
  7,690
  7,866
  8,069
  8,296
  8,547
  8,823
  9,124
  9,449
  9,799
  10,175
  10,578
  11,007
  11,464
  11,950
  12,465
  13,012
  13,590
  14,201
  14,847
  15,530
  16,249
  17,009
  17,809
  18,652
  19,540
  20,475
  21,459
  22,494
  23,584
  24,729
Revenue / Adjusted assets
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
Average production assets, $m
  3,556
  3,630
  3,713
  3,809
  3,916
  4,035
  4,165
  4,307
  4,460
  4,626
  4,803
  4,993
  5,196
  5,411
  5,641
  5,884
  6,142
  6,415
  6,703
  7,008
  7,330
  7,670
  8,029
  8,406
  8,804
  9,223
  9,665
  10,129
  10,618
  11,132
  11,673
Working capital, $m
  -647
  284
  291
  298
  307
  316
  326
  337
  349
  362
  376
  391
  407
  424
  442
  461
  481
  502
  525
  549
  574
  601
  629
  658
  689
  722
  757
  793
  831
  872
  914
Total debt, $m
  3,533
  3,357
  3,498
  3,660
  3,841
  4,042
  4,262
  4,502
  4,761
  5,041
  5,341
  5,662
  6,005
  6,369
  6,757
  7,168
  7,604
  8,066
  8,554
  9,069
  9,614
  10,188
  10,794
  11,432
  12,105
  12,814
  13,560
  14,345
  15,171
  16,041
  16,955
Total liabilities, $m
  6,312
  6,136
  6,277
  6,439
  6,620
  6,821
  7,041
  7,281
  7,540
  7,820
  8,120
  8,441
  8,784
  9,148
  9,536
  9,947
  10,383
  10,845
  11,333
  11,848
  12,393
  12,967
  13,573
  14,211
  14,884
  15,593
  16,339
  17,124
  17,950
  18,820
  19,734
Total equity, $m
  1,525
  1,553
  1,589
  1,630
  1,676
  1,727
  1,782
  1,843
  1,909
  1,979
  2,055
  2,137
  2,223
  2,316
  2,414
  2,518
  2,628
  2,745
  2,869
  2,999
  3,137
  3,282
  3,436
  3,597
  3,768
  3,947
  4,136
  4,335
  4,544
  4,764
  4,995
Total liabilities and equity, $m
  7,837
  7,689
  7,866
  8,069
  8,296
  8,548
  8,823
  9,124
  9,449
  9,799
  10,175
  10,578
  11,007
  11,464
  11,950
  12,465
  13,011
  13,590
  14,202
  14,847
  15,530
  16,249
  17,009
  17,808
  18,652
  19,540
  20,475
  21,459
  22,494
  23,584
  24,729
Debt-to-equity ratio
  2.317
  2.160
  2.200
  2.250
  2.290
  2.340
  2.390
  2.440
  2.490
  2.550
  2.600
  2.650
  2.700
  2.750
  2.800
  2.850
  2.890
  2.940
  2.980
  3.020
  3.060
  3.100
  3.140
  3.180
  3.210
  3.250
  3.280
  3.310
  3.340
  3.370
  3.390
Adjusted equity ratio
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  563
  509
  515
  534
  566
  611
  669
  740
  823
  919
  1,028
  1,316
  1,453
  1,604
  1,770
  1,951
  2,148
  2,362
  2,593
  2,842
  3,111
  3,399
  3,707
  4,038
  4,392
  4,769
  5,172
  5,602
  6,059
  6,546
  7,063
Depreciation, amort., depletion, $m
  308
  417
  422
  427
  432
  439
  445
  453
  461
  470
  479
  263
  273
  285
  297
  310
  323
  338
  353
  369
  386
  404
  423
  442
  463
  485
  509
  533
  559
  586
  614
Funds from operations, $m
  1,526
  927
  937
  961
  999
  1,050
  1,115
  1,193
  1,284
  1,389
  1,507
  1,579
  1,727
  1,889
  2,067
  2,261
  2,471
  2,700
  2,946
  3,211
  3,496
  3,802
  4,130
  4,481
  4,855
  5,255
  5,681
  6,135
  6,618
  7,132
  7,678
Change in working capital, $m
  63
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
Cash from operations, $m
  1,463
  921
  930
  953
  990
  1,041
  1,104
  1,181
  1,272
  1,376
  1,494
  1,564
  1,711
  1,872
  2,049
  2,242
  2,451
  2,678
  2,923
  3,187
  3,471
  3,776
  4,102
  4,451
  4,824
  5,222
  5,646
  6,098
  6,580
  7,091
  7,635
Maintenance CAPEX, $m
  0
  -187
  -191
  -195
  -200
  -206
  -212
  -219
  -227
  -235
  -243
  -253
  -263
  -273
  -285
  -297
  -310
  -323
  -338
  -353
  -369
  -386
  -404
  -423
  -442
  -463
  -485
  -509
  -533
  -559
  -586
New CAPEX, $m
  -341
  -74
  -83
  -95
  -107
  -119
  -130
  -142
  -154
  -165
  -178
  -190
  -203
  -216
  -229
  -243
  -258
  -273
  -289
  -305
  -322
  -340
  -358
  -378
  -398
  -419
  -441
  -465
  -489
  -514
  -541
Cash from investing activities, $m
  -354
  -261
  -274
  -290
  -307
  -325
  -342
  -361
  -381
  -400
  -421
  -443
  -466
  -489
  -514
  -540
  -568
  -596
  -627
  -658
  -691
  -726
  -762
  -801
  -840
  -882
  -926
  -974
  -1,022
  -1,073
  -1,127
Free cash flow, $m
  1,109
  660
  656
  663
  683
  716
  762
  820
  892
  976
  1,073
  1,122
  1,245
  1,383
  1,535
  1,702
  1,884
  2,082
  2,297
  2,530
  2,780
  3,050
  3,340
  3,651
  3,984
  4,339
  4,720
  5,125
  5,558
  6,018
  6,508
Issuance/(repayment) of debt, $m
  -547
  120
  141
  161
  181
  201
  220
  240
  260
  280
  300
  321
  343
  365
  388
  411
  436
  461
  488
  516
  544
  574
  606
  639
  673
  709
  746
  785
  826
  869
  914
Issuance/(repurchase) of shares, $m
  -141
  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  
  -681
  120
  141
  161
  181
  201
  220
  240
  260
  280
  300
  321
  343
  365
  388
  411
  436
  461
  488
  516
  544
  574
  606
  639
  673
  709
  746
  785
  826
  869
  914
Total cash flow (excl. dividends), $m
  433
  780
  797
  824
  864
  917
  982
  1,060
  1,151
  1,255
  1,373
  1,443
  1,588
  1,748
  1,922
  2,113
  2,320
  2,543
  2,785
  3,045
  3,325
  3,625
  3,946
  4,289
  4,656
  5,048
  5,466
  5,911
  6,384
  6,888
  7,423
Retained Cash Flow (-), $m
  -144
  -28
  -36
  -41
  -46
  -51
  -56
  -61
  -66
  -71
  -76
  -81
  -87
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -138
  -145
  -153
  -162
  -170
  -179
  -189
  -199
  -209
  -220
  -231
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
 
  752
  761
  783
  818
  866
  926
  1,000
  1,086
  1,185
  1,297
  1,361
  1,501
  1,655
  1,824
  2,009
  2,209
  2,427
  2,661
  2,915
  3,187
  3,479
  3,792
  4,128
  4,486
  4,869
  5,277
  5,712
  6,175
  6,668
  7,191
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  701
  657
  621
  591
  566
  543
  520
  497
  471
  444
  396
  366
  334
  300
  265
  230
  196
  164
  135
  108
  84
  65
  48
  35
  25
  17
  11
  7
  5
  3
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

Campbell Soup Company, together with its subsidiaries, manufactures and markets food and beverage products. It operates through three segments: Americas Simple Meals and Beverages; Global Biscuits and Snacks; and Campbell Fresh. The Americas Simple Meals and Beverages segment engages in the retail and food service of Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pastas, beans, and dinner sauces; Swanson canned poultry; Plum food and snacks; V8 juices and beverages; and Campbell’s tomato juices. The Global Biscuits and Snacks segment provides Pepperidge Farm cookies, crackers, bakery, and frozen products in the United States retail; and Arnott’s biscuits in Australia and the Asia Pacific; and Kelsen cookies worldwide, as well as meals and shelf-stable beverages in Australia and the Asia Pacific. The Campbell Fresh segment provides Bolthouse Farms fresh carrots, carrot ingredients, refrigerated beverages, and refrigerated salad dressings; and Garden Fresh Gourmet salsa, hummus, dips, and tortilla chips, as well as refrigerated soups. The company sells its products through retail food chains, mass discounters, mass merchandisers, club stores, convenience stores, drug stores, and dollar stores, as well as other retail, commercial, and non-commercial establishments; and independent contractor distributors. Campbell Soup Company was founded in 1869 and is headquartered in Camden, New Jersey.

FINANCIAL RATIOS  of  Campbell Soup (CPB)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 2
Price to Book 10.5
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 14.3
Growth Rates
Sales Growth Rate -1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.3%
Cap. Spend. - 3 Yr. Gr. Rate 0.3%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 151.7%
Total Debt to Equity 231.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 10.7%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 38.7%
Return On Equity - 3 Yr. Avg. 48.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 34.9%
Gross Margin - 3 Yr. Avg. 35.1%
EBITDA Margin 16%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 11.9%
Oper. Margin - 3 Yr. Avg. 13.4%
Pre-Tax Margin 10.7%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 33.7%
Eff/ Tax Rate - 3 Yr. Avg. 32%
Payout Ratio 69.3%

CPB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPB stock intrinsic value calculation we used $7961 million for the last fiscal year's total revenue generated by Campbell Soup. The default revenue input number comes from 2016 income statement of Campbell Soup. 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 CPB 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 7.3%, whose default value for CPB is calculated based on our internal credit rating of Campbell Soup, 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 Campbell Soup.
    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 CPB stock the variable cost ratio is equal to 17.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5757 million in the base year in the intrinsic value calculation for CPB 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 Campbell Soup.

Corporate tax rate of 27% is the nominal tax rate for Campbell Soup. 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 CPB 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 CPB are equal to 44.7%.

Life of production assets of 19 years is the average useful life of capital assets used in Campbell Soup 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 CPB is equal to 3.5%. 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 - $1525 million for Campbell Soup - 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 308.959 million for Campbell Soup 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 Campbell Soup at the current share price and the inputted number of shares is $16.1 billion.

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COMPANY NEWS

▶ Pacific Foods co-founder talks about beginnings   [Jul-23-17 12:13PM  Associated Press]
▶ Campbell Needs to Turn Up the Heat on Its Top Line   [Jul-20-17 09:38AM  Bloomberg]
▶ Prego Celebrates the Family Meal   [Jul-17-17 04:30PM  Business Wire]
▶ Campbell's acquires Oregon-based organic company   [11:35AM  American City Business Journals]
▶ Risk Happens Fast: Doug Kass   [09:43AM  TheStreet.com]
▶ 3 Beaten-Up Big Brand Stocks: Are They Bargains?   [Jul-12-17 10:30AM  Motley Fool]
▶ Why Campbell Soup Stock Is Down 14% in 2017   [Jul-11-17 02:54PM  Motley Fool]
▶ [$$] Campbell Soup Buy Shouldn't Bowl Over Investors   [Jul-09-17 10:48PM  Barrons.com]
▶ What Happened in the Stock Market Today   [Jul-07-17 05:06PM  Motley Fool]
▶ Campbell Soup: Mmmm Not Good   [03:37PM  TheStreet.com]
▶ Nasdaq Jumps On Strong Jobs Report; IBD 50 Growth Names Shine   [01:36PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [10:04AM  Briefing.com]
▶ Campbell's Small--but Strategic--Deal   [09:23AM  Morningstar]
▶ Campbell Soup Makes A Strategic Acquisition   [04:51AM  Investor's Business Daily]
▶ [$$] Campbell Expands Organic Business With Pacific Foods Purchase   [Jul-06-17 08:31PM  The Wall Street Journal]
▶ Campbell Soup Is Losing its Fresh Food Bet   [06:28PM  Fortune Videos]
▶ Campbell's acquiring Tualatin-based Pacific Foods in $700M deal   [05:58PM  American City Business Journals]
▶ Why Campbell Soup Stock Has Grown Cold   [05:35PM  Market Realist]
▶ Whats Eating Food Manufacturers Stock Prices?   [03:37PM  Market Realist]
▶ Consumer staples sector continues growth in second half   [Jul-05-17 01:50PM  CNBC Videos]
▶ Campbell Declares Quarterly Dividend   [Jun-27-17 05:53PM  Business Wire]
▶ 6 Companies Kraft Heinz May Try to Buy Next   [Jun-12-17 06:42PM  Barrons.com]
▶ 3 Dividend Stocks for Long-Term Investors   [May-30-17 10:38AM  Motley Fool]
▶ Campbell Soup invests $10 million in Chefd   [05:00PM  American City Business Journals]
▶ Why Did Campbell Soups Margins Fall in Fiscal 3Q17?   [May-23-17 01:05PM  Market Realist]
Stock chart of CPB Financial statements of CPB Annual reports of CPB
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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