Intrinsic value of Campbell Soup - CPB

Previous Close

$49.93

  Intrinsic Value

$25.53

stock screener

  Rating & Target

sell

-49%

Previous close

$49.93

 
Intrinsic value

$25.53

 
Up/down potential

-49%

 
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

Revenue (in 2017), $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 15.0

 

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
 
  7,086
  7,244
  7,425
  7,628
  7,852
  8,099
  8,368
  8,659
  8,972
  9,308
  9,456
  9,840
  10,249
  10,683
  11,144
  11,632
  12,149
  12,696
  13,273
  13,883
  14,527
  15,205
  15,921
  16,674
  17,468
  18,304
  19,184
  20,109
  21,083
  22,108
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
  7,086
  7,244
  7,425
  7,628
  7,852
  8,099
  8,368
  8,659
  8,972
  9,308
  9,456
  9,840
  10,249
  10,683
  11,144
  11,632
  12,149
  12,696
  13,273
  13,883
  14,527
  15,205
  15,921
  16,674
  17,468
  18,304
  19,184
  20,109
  21,083
  22,108
Operating income, $m
  1,399
  962
  989
  1,020
  1,054
  1,093
  1,135
  1,181
  1,230
  1,284
  1,341
  1,614
  1,680
  1,749
  1,824
  1,902
  1,986
  2,074
  2,167
  2,266
  2,370
  2,480
  2,595
  2,718
  2,846
  2,982
  3,124
  3,275
  3,433
  3,599
  3,774
EBITDA, $m
  1,717
  1,374
  1,406
  1,442
  1,483
  1,528
  1,577
  1,631
  1,689
  1,751
  1,819
  1,891
  1,967
  2,049
  2,136
  2,228
  2,326
  2,429
  2,538
  2,654
  2,776
  2,904
  3,040
  3,183
  3,334
  3,492
  3,660
  3,835
  4,020
  4,215
  4,420
Interest expense (income), $m
  110
  113
  117
  121
  127
  133
  140
  147
  155
  164
  173
  183
  194
  206
  218
  231
  245
  259
  275
  291
  308
  327
  346
  366
  388
  410
  434
  459
  486
  513
  543
Earnings before tax, $m
  1,293
  849
  872
  898
  928
  960
  995
  1,034
  1,075
  1,120
  1,168
  1,431
  1,486
  1,544
  1,606
  1,671
  1,741
  1,815
  1,892
  1,975
  2,061
  2,153
  2,249
  2,351
  2,458
  2,571
  2,690
  2,815
  2,947
  3,085
  3,231
Tax expense, $m
  406
  229
  236
  243
  250
  259
  269
  279
  290
  302
  315
  386
  401
  417
  434
  451
  470
  490
  511
  533
  557
  581
  607
  635
  664
  694
  726
  760
  796
  833
  872
Net income, $m
  887
  620
  637
  656
  677
  701
  727
  755
  785
  818
  853
  1,045
  1,084
  1,127
  1,172
  1,220
  1,271
  1,325
  1,381
  1,441
  1,505
  1,572
  1,642
  1,716
  1,795
  1,877
  1,964
  2,055
  2,151
  2,252
  2,359

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
  7,557
  7,730
  7,929
  8,152
  8,399
  8,670
  8,966
  9,285
  9,630
  9,999
  10,395
  10,817
  11,266
  11,743
  12,250
  12,786
  13,355
  13,956
  14,591
  15,261
  15,968
  16,714
  17,501
  18,329
  19,202
  20,121
  21,088
  22,105
  23,176
  24,302
Adjusted assets (=assets-cash), $m
  7,407
  7,557
  7,730
  7,929
  8,152
  8,399
  8,670
  8,966
  9,285
  9,630
  9,999
  10,395
  10,817
  11,266
  11,743
  12,250
  12,786
  13,355
  13,956
  14,591
  15,261
  15,968
  16,714
  17,501
  18,329
  19,202
  20,121
  21,088
  22,105
  23,176
  24,302
Revenue / Adjusted assets
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
Average production assets, $m
  3,566
  3,638
  3,721
  3,817
  3,924
  4,043
  4,174
  4,316
  4,470
  4,636
  4,813
  5,004
  5,207
  5,423
  5,653
  5,897
  6,155
  6,429
  6,718
  7,024
  7,346
  7,687
  8,046
  8,425
  8,823
  9,243
  9,686
  10,151
  10,641
  11,156
  11,698
Working capital, $m
  -495
  225
  231
  236
  243
  250
  259
  267
  277
  287
  298
  310
  323
  336
  350
  365
  381
  398
  416
  435
  455
  476
  498
  522
  547
  573
  600
  629
  659
  691
  725
Total debt, $m
  3,536
  3,334
  3,469
  3,624
  3,798
  3,990
  4,201
  4,431
  4,680
  4,949
  5,236
  5,544
  5,873
  6,223
  6,595
  6,989
  7,408
  7,850
  8,318
  8,813
  9,335
  9,886
  10,468
  11,080
  11,725
  12,405
  13,121
  13,874
  14,667
  15,501
  16,378
Total liabilities, $m
  6,089
  5,887
  6,022
  6,177
  6,351
  6,543
  6,754
  6,984
  7,233
  7,502
  7,789
  8,097
  8,426
  8,776
  9,148
  9,542
  9,961
  10,403
  10,871
  11,366
  11,888
  12,439
  13,021
  13,633
  14,278
  14,958
  15,674
  16,427
  17,220
  18,054
  18,931
Total equity, $m
  1,637
  1,670
  1,708
  1,752
  1,802
  1,856
  1,916
  1,981
  2,052
  2,128
  2,210
  2,297
  2,390
  2,490
  2,595
  2,707
  2,826
  2,951
  3,084
  3,225
  3,373
  3,529
  3,694
  3,868
  4,051
  4,244
  4,447
  4,660
  4,885
  5,122
  5,371
Total liabilities and equity, $m
  7,726
  7,557
  7,730
  7,929
  8,153
  8,399
  8,670
  8,965
  9,285
  9,630
  9,999
  10,394
  10,816
  11,266
  11,743
  12,249
  12,787
  13,354
  13,955
  14,591
  15,261
  15,968
  16,715
  17,501
  18,329
  19,202
  20,121
  21,087
  22,105
  23,176
  24,302
Debt-to-equity ratio
  2.160
  2.000
  2.030
  2.070
  2.110
  2.150
  2.190
  2.240
  2.280
  2.330
  2.370
  2.410
  2.460
  2.500
  2.540
  2.580
  2.620
  2.660
  2.700
  2.730
  2.770
  2.800
  2.830
  2.860
  2.890
  2.920
  2.950
  2.980
  3.000
  3.030
  3.050
Adjusted equity ratio
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  887
  620
  637
  656
  677
  701
  727
  755
  785
  818
  853
  1,045
  1,084
  1,127
  1,172
  1,220
  1,271
  1,325
  1,381
  1,441
  1,505
  1,572
  1,642
  1,716
  1,795
  1,877
  1,964
  2,055
  2,151
  2,252
  2,359
Depreciation, amort., depletion, $m
  318
  412
  417
  422
  428
  435
  442
  450
  458
  468
  477
  276
  288
  300
  312
  326
  340
  355
  371
  388
  406
  425
  445
  465
  487
  511
  535
  561
  588
  616
  646
Funds from operations, $m
  1,234
  1,032
  1,054
  1,078
  1,105
  1,136
  1,169
  1,205
  1,243
  1,285
  1,330
  1,321
  1,372
  1,427
  1,484
  1,546
  1,611
  1,680
  1,753
  1,829
  1,911
  1,996
  2,087
  2,182
  2,282
  2,388
  2,499
  2,616
  2,739
  2,869
  3,005
Change in working capital, $m
  -57
  4
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
Cash from operations, $m
  1,291
  1,028
  1,049
  1,072
  1,099
  1,128
  1,161
  1,196
  1,234
  1,275
  1,319
  1,309
  1,360
  1,413
  1,470
  1,531
  1,595
  1,663
  1,735
  1,811
  1,891
  1,975
  2,064
  2,158
  2,257
  2,362
  2,472
  2,587
  2,709
  2,837
  2,971
Maintenance CAPEX, $m
  0
  -197
  -201
  -206
  -211
  -217
  -223
  -231
  -238
  -247
  -256
  -266
  -276
  -288
  -300
  -312
  -326
  -340
  -355
  -371
  -388
  -406
  -425
  -445
  -465
  -487
  -511
  -535
  -561
  -588
  -616
New CAPEX, $m
  -338
  -72
  -84
  -96
  -107
  -119
  -131
  -142
  -154
  -166
  -178
  -190
  -203
  -216
  -230
  -244
  -258
  -274
  -289
  -306
  -323
  -341
  -359
  -379
  -399
  -420
  -442
  -466
  -490
  -515
  -542
Cash from investing activities, $m
  -368
  -269
  -285
  -302
  -318
  -336
  -354
  -373
  -392
  -413
  -434
  -456
  -479
  -504
  -530
  -556
  -584
  -614
  -644
  -677
  -711
  -747
  -784
  -824
  -864
  -907
  -953
  -1,001
  -1,051
  -1,103
  -1,158
Free cash flow, $m
  923
  759
  764
  771
  781
  792
  807
  823
  842
  862
  885
  853
  880
  909
  941
  975
  1,011
  1,049
  1,090
  1,134
  1,180
  1,229
  1,281
  1,335
  1,393
  1,454
  1,519
  1,587
  1,658
  1,734
  1,813
Issuance/(repayment) of debt, $m
  -34
  117
  135
  155
  174
  193
  211
  230
  249
  268
  288
  308
  329
  350
  372
  395
  418
  443
  468
  495
  522
  551
  581
  613
  645
  680
  716
  753
  793
  834
  877
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
  117
  135
  155
  174
  193
  211
  230
  249
  268
  288
  308
  329
  350
  372
  395
  418
  443
  468
  495
  522
  551
  581
  613
  645
  680
  716
  753
  793
  834
  877
Total cash flow (excl. dividends), $m
  443
  876
  899
  926
  954
  985
  1,018
  1,053
  1,091
  1,130
  1,173
  1,161
  1,209
  1,259
  1,313
  1,369
  1,429
  1,492
  1,558
  1,628
  1,702
  1,780
  1,862
  1,948
  2,039
  2,134
  2,234
  2,340
  2,451
  2,568
  2,690
Retained Cash Flow (-), $m
  -112
  -33
  -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
 
  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
 
  843
  861
  882
  905
  930
  958
  988
  1,020
  1,054
  1,091
  1,074
  1,115
  1,160
  1,207
  1,257
  1,310
  1,366
  1,425
  1,488
  1,554
  1,624
  1,697
  1,774
  1,855
  1,941
  2,031
  2,126
  2,226
  2,331
  2,441
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  786
  744
  701
  657
  612
  565
  518
  471
  424
  379
  317
  277
  239
  203
  170
  141
  114
  91
  71
  55
  41
  30
  22
  15
  10
  7
  5
  3
  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 16.9
Price to Sales 1.9
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 15.8
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 7.2%, 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 88.1%.

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 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 45.2%.

Life of production assets of 18.1 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 2.8%. 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 300.631 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 $15.0 billion.

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COMPANY NEWS

▶ Medtronic, Hormel and Jacobs jump while Signet tumbles   [Nov-21-17 04:42PM  Associated Press]
▶ Campbells Loses Favor   [03:25PM  Bloomberg]
▶ [$$] Higher Costs Extend Campbell's Sales Decline   [02:41PM  The Wall Street Journal]
▶ Five big movers in the blitz   [02:04PM  CNBC Videos]
▶ Cramer: As Algos Go, So Goes the Market   [11:10AM  TheStreet.com]
▶ Campbell Soup Earnings Just Dont Taste Right   [10:19AM  24/7 Wall St.]
▶ Campbell misses Street 1Q forecasts   [07:21AM  Associated Press]
▶ Campbell Reports First-Quarter Results   [07:15AM  Business Wire]
▶ Campbell Declares Quarterly Dividend   [Nov-16-17 08:15AM  Business Wire]
▶ Best Dividend Stocks This Month   [08:02AM  Simply Wall St.]
▶ What Analysts Recommend for Campbell Soup   [Nov-14-17 10:31AM  Market Realist]
▶ Why Campbell Soups Fiscal 1Q18 Earnings Could Fall   [Nov-13-17 04:35PM  Market Realist]
▶ New Campbell Soup Tech Chief to Focus on Analytics, Employee Collaboration   [Oct-16-17 03:29PM  The Wall Street Journal]
▶ Can Food Companies Get People to Make Impulse Purchases Online?   [Oct-15-17 10:54PM  The Wall Street Journal]
▶ 10 Cheap Stocks With Enviable Yields   [Oct-12-17 06:00AM  Morningstar]
▶ Trump is wrong about the NFL's 'massive tax breaks'   [Oct-10-17 09:10AM  Yahoo Finance]
▶ Your guide to New York Comic Con 2017 weekend   [Oct-05-17 01:15PM  American City Business Journals]
▶ Weekly Top Insider Buys Highlight for the Week of Sept. 29   [Sep-30-17 09:31PM  GuruFocus.com]
▶ Campbell Soup Has Been Hit the Worst   [Sep-28-17 09:36AM  Market Realist]
▶ Campbell Declares Quarterly Dividend   [04:45PM  Business Wire]
▶ NFL makes a major ruling on players not on sidelines   [01:15PM  Yahoo Finance Video]
▶ Consumer packaging group to reduce confusing food labels   [Sep-21-17 02:37PM  Associated Press]
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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