Intrinsic value of Campbell Soup - CPB

Previous Close

$40.58

  Intrinsic Value

$26.42

stock screener

  Rating & Target

sell

-35%

Previous close

$40.58

 
Intrinsic value

$26.42

 
Up/down potential

-35%

 
Rating

sell

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

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, %
  -0.89
  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
  7,890
  8,048
  8,233
  8,444
  8,682
  8,945
  9,234
  9,549
  9,889
  10,256
  10,649
  11,070
  11,520
  11,998
  12,506
  13,046
  13,618
  14,223
  14,863
  15,539
  16,253
  17,006
  17,801
  18,638
  19,521
  20,450
  21,428
  22,458
  23,542
  24,682
  25,881
Variable operating expenses, $m
 
  7,068
  7,223
  7,400
  7,599
  7,820
  8,062
  8,325
  8,610
  8,918
  9,248
  9,277
  9,654
  10,055
  10,481
  10,933
  11,412
  11,919
  12,455
  13,022
  13,620
  14,252
  14,918
  15,619
  16,359
  17,138
  17,958
  18,821
  19,729
  20,684
  21,689
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
  6,491
  7,068
  7,223
  7,400
  7,599
  7,820
  8,062
  8,325
  8,610
  8,918
  9,248
  9,277
  9,654
  10,055
  10,481
  10,933
  11,412
  11,919
  12,455
  13,022
  13,620
  14,252
  14,918
  15,619
  16,359
  17,138
  17,958
  18,821
  19,729
  20,684
  21,689
Operating income, $m
  1,399
  980
  1,010
  1,045
  1,083
  1,126
  1,172
  1,223
  1,278
  1,338
  1,402
  1,793
  1,866
  1,943
  2,026
  2,113
  2,206
  2,304
  2,407
  2,517
  2,633
  2,755
  2,883
  3,019
  3,162
  3,312
  3,471
  3,638
  3,813
  3,998
  4,192
EBITDA, $m
  1,717
  1,890
  1,934
  1,983
  2,039
  2,101
  2,169
  2,243
  2,323
  2,409
  2,501
  2,600
  2,706
  2,818
  2,937
  3,064
  3,198
  3,341
  3,491
  3,650
  3,817
  3,994
  4,181
  4,378
  4,585
  4,803
  5,033
  5,275
  5,529
  5,797
  6,079
Interest expense (income), $m
  110
  191
  198
  205
  214
  224
  235
  247
  260
  274
  290
  306
  324
  342
  362
  383
  406
  430
  455
  482
  510
  540
  571
  604
  639
  676
  714
  755
  798
  843
  891
Earnings before tax, $m
  1,293
  789
  813
  839
  869
  902
  937
  976
  1,018
  1,064
  1,112
  1,487
  1,542
  1,601
  1,664
  1,730
  1,800
  1,874
  1,953
  2,035
  2,123
  2,215
  2,312
  2,415
  2,523
  2,637
  2,756
  2,882
  3,015
  3,155
  3,301
Tax expense, $m
  406
  213
  219
  227
  235
  243
  253
  264
  275
  287
  300
  402
  416
  432
  449
  467
  486
  506
  527
  550
  573
  598
  624
  652
  681
  712
  744
  778
  814
  852
  891
Net income, $m
  887
  576
  593
  613
  634
  658
  684
  713
  743
  776
  812
  1,086
  1,126
  1,169
  1,214
  1,263
  1,314
  1,368
  1,425
  1,486
  1,550
  1,617
  1,688
  1,763
  1,842
  1,925
  2,012
  2,104
  2,201
  2,303
  2,410

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  319
  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
  7,726
  7,882
  8,064
  8,271
  8,503
  8,761
  9,044
  9,352
  9,686
  10,045
  10,430
  10,843
  11,283
  11,751
  12,249
  12,778
  13,338
  13,930
  14,557
  15,219
  15,919
  16,657
  17,435
  18,255
  19,119
  20,029
  20,988
  21,996
  23,058
  24,175
  25,349
Adjusted assets (=assets-cash), $m
  7,407
  7,882
  8,064
  8,271
  8,503
  8,761
  9,044
  9,352
  9,686
  10,045
  10,430
  10,843
  11,283
  11,751
  12,249
  12,778
  13,338
  13,930
  14,557
  15,219
  15,919
  16,657
  17,435
  18,255
  19,119
  20,029
  20,988
  21,996
  23,058
  24,175
  25,349
Revenue / Adjusted assets
  1.065
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
  1.021
Average production assets, $m
  3,566
  5,867
  6,002
  6,156
  6,329
  6,521
  6,732
  6,961
  7,209
  7,476
  7,763
  8,070
  8,398
  8,747
  9,117
  9,510
  9,927
  10,368
  10,835
  11,328
  11,848
  12,398
  12,977
  13,587
  14,231
  14,908
  15,621
  16,372
  17,162
  17,993
  18,868
Working capital, $m
  -495
  241
  247
  253
  260
  268
  277
  286
  297
  308
  319
  332
  346
  360
  375
  391
  409
  427
  446
  466
  488
  510
  534
  559
  586
  613
  643
  674
  706
  740
  776
Total debt, $m
  3,536
  3,658
  3,801
  3,964
  4,148
  4,351
  4,574
  4,816
  5,079
  5,362
  5,666
  5,991
  6,338
  6,707
  7,099
  7,516
  7,957
  8,424
  8,918
  9,440
  9,991
  10,572
  11,186
  11,832
  12,513
  13,230
  13,985
  14,780
  15,617
  16,497
  17,422
Total liabilities, $m
  6,089
  6,211
  6,354
  6,517
  6,701
  6,904
  7,127
  7,369
  7,632
  7,915
  8,219
  8,544
  8,891
  9,260
  9,652
  10,069
  10,510
  10,977
  11,471
  11,993
  12,544
  13,125
  13,739
  14,385
  15,066
  15,783
  16,538
  17,333
  18,170
  19,050
  19,975
Total equity, $m
  1,637
  1,671
  1,709
  1,753
  1,803
  1,857
  1,917
  1,983
  2,053
  2,129
  2,211
  2,299
  2,392
  2,491
  2,597
  2,709
  2,828
  2,953
  3,086
  3,227
  3,375
  3,531
  3,696
  3,870
  4,053
  4,246
  4,449
  4,663
  4,888
  5,125
  5,374
Total liabilities and equity, $m
  7,726
  7,882
  8,063
  8,270
  8,504
  8,761
  9,044
  9,352
  9,685
  10,044
  10,430
  10,843
  11,283
  11,751
  12,249
  12,778
  13,338
  13,930
  14,557
  15,220
  15,919
  16,656
  17,435
  18,255
  19,119
  20,029
  20,987
  21,996
  23,058
  24,175
  25,349
Debt-to-equity ratio
  2.160
  2.190
  2.220
  2.260
  2.300
  2.340
  2.390
  2.430
  2.470
  2.520
  2.560
  2.610
  2.650
  2.690
  2.730
  2.770
  2.810
  2.850
  2.890
  2.930
  2.960
  2.990
  3.030
  3.060
  3.090
  3.120
  3.140
  3.170
  3.190
  3.220
  3.240
Adjusted equity ratio
  0.221
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  887
  576
  593
  613
  634
  658
  684
  713
  743
  776
  812
  1,086
  1,126
  1,169
  1,214
  1,263
  1,314
  1,368
  1,425
  1,486
  1,550
  1,617
  1,688
  1,763
  1,842
  1,925
  2,012
  2,104
  2,201
  2,303
  2,410
Depreciation, amort., depletion, $m
  318
  910
  923
  939
  956
  975
  996
  1,019
  1,044
  1,071
  1,100
  807
  840
  875
  912
  951
  993
  1,037
  1,083
  1,133
  1,185
  1,240
  1,298
  1,359
  1,423
  1,491
  1,562
  1,637
  1,716
  1,799
  1,887
Funds from operations, $m
  1,234
  1,486
  1,517
  1,552
  1,591
  1,634
  1,681
  1,732
  1,788
  1,847
  1,911
  1,893
  1,966
  2,043
  2,126
  2,214
  2,307
  2,405
  2,509
  2,619
  2,735
  2,857
  2,986
  3,122
  3,265
  3,416
  3,574
  3,741
  3,917
  4,102
  4,297
Change in working capital, $m
  -57
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  33
  34
  36
Cash from operations, $m
  1,291
  1,481
  1,511
  1,545
  1,583
  1,626
  1,672
  1,723
  1,777
  1,836
  1,900
  1,880
  1,952
  2,029
  2,111
  2,198
  2,289
  2,387
  2,490
  2,598
  2,713
  2,834
  2,962
  3,097
  3,238
  3,388
  3,545
  3,711
  3,885
  4,068
  4,261
Maintenance CAPEX, $m
  0
  -575
  -587
  -600
  -616
  -633
  -652
  -673
  -696
  -721
  -748
  -776
  -807
  -840
  -875
  -912
  -951
  -993
  -1,037
  -1,083
  -1,133
  -1,185
  -1,240
  -1,298
  -1,359
  -1,423
  -1,491
  -1,562
  -1,637
  -1,716
  -1,799
New CAPEX, $m
  -338
  -112
  -135
  -154
  -173
  -192
  -211
  -229
  -248
  -267
  -287
  -307
  -328
  -349
  -371
  -393
  -417
  -441
  -467
  -493
  -520
  -549
  -579
  -611
  -643
  -677
  -713
  -751
  -790
  -831
  -874
Cash from investing activities, $m
  -368
  -687
  -722
  -754
  -789
  -825
  -863
  -902
  -944
  -988
  -1,035
  -1,083
  -1,135
  -1,189
  -1,246
  -1,305
  -1,368
  -1,434
  -1,504
  -1,576
  -1,653
  -1,734
  -1,819
  -1,909
  -2,002
  -2,100
  -2,204
  -2,313
  -2,427
  -2,547
  -2,673
Free cash flow, $m
  923
  794
  790
  791
  795
  801
  809
  820
  833
  848
  865
  797
  818
  841
  866
  893
  922
  953
  986
  1,022
  1,060
  1,100
  1,143
  1,188
  1,236
  1,287
  1,341
  1,398
  1,457
  1,521
  1,587
Issuance/(repayment) of debt, $m
  -34
  122
  143
  163
  183
  203
  223
  243
  263
  283
  304
  325
  347
  369
  392
  416
  441
  467
  494
  522
  551
  581
  613
  646
  681
  717
  755
  795
  836
  880
  926
Issuance/(repurchase) of shares, $m
  -435
  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  
  -491
  122
  143
  163
  183
  203
  223
  243
  263
  283
  304
  325
  347
  369
  392
  416
  441
  467
  494
  522
  551
  581
  613
  646
  681
  717
  755
  795
  836
  880
  926
Total cash flow (excl. dividends), $m
  443
  916
  932
  954
  978
  1,004
  1,032
  1,063
  1,096
  1,131
  1,169
  1,122
  1,164
  1,210
  1,258
  1,309
  1,363
  1,420
  1,480
  1,544
  1,611
  1,682
  1,756
  1,835
  1,917
  2,004
  2,096
  2,192
  2,294
  2,401
  2,513
Retained Cash Flow (-), $m
  -112
  -34
  -38
  -44
  -49
  -55
  -60
  -65
  -71
  -76
  -82
  -87
  -93
  -99
  -106
  -112
  -119
  -126
  -133
  -140
  -148
  -156
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249
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
 
  63
  64
  66
  68
  69
  72
  74
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  164
  171
  180
  188
  197
Cash available for distribution, $m
 
  882
  894
  910
  929
  949
  972
  998
  1,025
  1,055
  1,087
  1,034
  1,071
  1,111
  1,152
  1,197
  1,244
  1,294
  1,347
  1,403
  1,463
  1,525
  1,591
  1,661
  1,734
  1,811
  1,893
  1,979
  2,069
  2,164
  2,264
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  826
  779
  733
  686
  638
  590
  542
  494
  446
  399
  326
  286
  248
  213
  180
  150
  123
  99
  79
  61
  47
  35
  26
  18
  13
  9
  6
  4
  2
  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

Campbell Soup Company is a food company, which manufactures and markets food products. The Company's segments include Americas Simple Meals and Beverages; Global Biscuits and Snacks, and Campbell Fresh. The Americas Simple Meals and Beverages segment includes the retail and food service channel businesses. The segment includes the products, such as Campbell's condensed and ready-to-serve soups; Swanson broth and stocks; Prego pasta sauces; Pace Mexican sauces; Campbell's gravies, pasta, beans and dinner sauces; Plum food and snacks; V8 juices and beverages, and Campbell's tomato juice. The Global Biscuits and Snacks segment includes Pepperidge Farm cookies, crackers, bakery and frozen products; Arnott's biscuits, and Kelsen cookies. The Campbell Fresh segment includes Bolthouse Farms fresh carrots, carrot ingredients, refrigerated beverages and refrigerated salad dressings; Garden Fresh Gourmet salsa, hummus, dips and tortilla chips, and the United States refrigerated soup business.

FINANCIAL RATIOS  of  Campbell Soup (CPB)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 1.5
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 12.8
Growth Rates
Sales Growth Rate -0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -0.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 152.7%
Total Debt to Equity 216%
Interest Coverage 13
Management Effectiveness
Return On Assets 12.4%
Ret/ On Assets - 3 Yr. Avg. 9.9%
Return On Total Capital 17.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13.3%
Return On Equity 56.1%
Return On Equity - 3 Yr. Avg. 46.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 38.7%
Gross Margin - 3 Yr. Avg. 36%
EBITDA Margin 21.8%
EBITDA Margin - 3 Yr. Avg. 18.2%
Operating Margin 17.7%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 16.4%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 11.2%
Net Profit Margin - 3 Yr. Avg. 8.9%
Effective Tax Rate 31.4%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 47.4%

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 $7890 million for the last fiscal year's total revenue generated by Campbell Soup. The default revenue input number comes from 2017 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 6.8%, 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 87.9%.

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 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 5.4% 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 0.8%.

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 72.9%.

Life of production assets of 10 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%. 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 - $1637 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 305 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 $12.4 billion.

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COMPANY NEWS

▶ Campbell Appoints Xavier Boza Chief Human Resources Officer   [Jul-18-18 09:00AM  Business Wire]
▶ How NestlĂ© boosted Sweet Earth Foods   [Jul-13-18 08:57AM  American City Business Journals]
▶ 7 S&P 500 Companies Whose Debt Scares Me   [Jul-06-18 01:30PM  InvestorPlace]
▶ 3 Huge Reasons to Be Bullish on Coca-Cola Stock   [Jul-05-18 11:24PM  InvestorPlace]
▶ Loeb pushes for sale of Campbell   [10:22AM  Reuters Videos]
▶ 3 Restaurant Stocks to Consider Buying Right Now   [Jul-02-18 10:28AM  InvestorPlace]
▶ Campbell Declares Quarterly Dividend   [Jun-27-18 05:20PM  Business Wire]
▶ Kraft Heinz Might Be Craving Some Soup   [Jun-26-18 03:34PM  Motley Fool]
▶ Experts: Why Kraft Heinz could pass on buying Campbell   [02:03PM  American City Business Journals]
▶ These 3 Safety Stocks Are Now Value Plays   [01:10PM  InvestorPlace]
▶ Company News For Jun 26, 2018   [10:21AM  Zacks]
▶ Campbell Soup Co. shares rise after report of Kraft Heinz interest   [10:42AM  American City Business Journals]
▶ Should You Be Holding Campbell Soup Company (NYSE:CPB)?   [Jun-21-18 09:44AM  Simply Wall St.]
▶ Best NYSE Dividend Payers   [09:02AM  Simply Wall St.]
▶ Tariff losers: Whiskey, Motorcycles and Makeup   [01:02PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Jun 1st, 2018   [09:40AM  Yahoo Finance Video]
▶ A Tariff Windfall For Steel? Probably Not.   [07:10AM  Investopedia]
▶ [$$] Food Companies Churn Through CEOs, Desperate for Fresh Ideas   [May-29-18 07:45PM  The Wall Street Journal]
▶ Campbell Soup CEO Is Stepping Down   [04:24PM  Fortune Videos]
▶ 3 Stocks That Look Good Short   [May-27-18 02:00PM  TheStreet.com]
▶ PepsiCo buys S.F.-based Bare Foods as food giants shop Bay Area for innovation   [May-25-18 05:38PM  American City Business Journals]
▶ Campbell's Soup Leaves an Aftertaste   [02:30PM  Motley Fool]
▶ Campbell Soup Needs More Than a Management Change   [May-24-18 05:35PM  Motley Fool]
▶ 5 tasty food stocks to buy, and 5 stale ones to sell   [May-22-18 05:39PM  MarketWatch]
▶ [$$] Gender, Campbell's Soup and the American Consumer   [02:16PM  The Wall Street Journal]
▶ Campbells Strategy Comes Under Scrutiny After CEO Departure   [May-20-18 09:09PM  The Wall Street Journal]
Financial statements 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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