Intrinsic value of Hain Celestial Group - HAIN

Previous Close

$39.84

  Intrinsic Value

$16.00

stock screener

  Rating & Target

str. sell

-60%

Previous close

$39.84

 
Intrinsic value

$16.00

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of HAIN 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 4.2

 

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, %
  -1.11
  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
  2,853
  2,910
  2,977
  3,054
  3,139
  3,235
  3,339
  3,453
  3,576
  3,708
  3,851
  4,003
  4,165
  4,338
  4,522
  4,717
  4,924
  5,143
  5,374
  5,619
  5,877
  6,149
  6,437
  6,740
  7,059
  7,395
  7,748
  8,121
  8,513
  8,925
  9,359
Variable operating expenses, $m
 
  2,748
  2,809
  2,878
  2,956
  3,042
  3,137
  3,241
  3,352
  3,473
  3,602
  3,634
  3,782
  3,939
  4,106
  4,283
  4,470
  4,669
  4,879
  5,101
  5,335
  5,583
  5,844
  6,118
  6,408
  6,713
  7,034
  7,372
  7,728
  8,103
  8,496
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
  2,742
  2,748
  2,809
  2,878
  2,956
  3,042
  3,137
  3,241
  3,352
  3,473
  3,602
  3,634
  3,782
  3,939
  4,106
  4,283
  4,470
  4,669
  4,879
  5,101
  5,335
  5,583
  5,844
  6,118
  6,408
  6,713
  7,034
  7,372
  7,728
  8,103
  8,496
Operating income, $m
  111
  162
  168
  175
  183
  192
  202
  212
  224
  236
  249
  369
  384
  400
  417
  435
  454
  474
  495
  518
  542
  567
  593
  621
  650
  681
  714
  748
  784
  822
  862
EBITDA, $m
  180
  302
  309
  317
  326
  335
  346
  358
  371
  385
  399
  415
  432
  450
  469
  489
  511
  533
  557
  583
  610
  638
  668
  699
  732
  767
  804
  842
  883
  926
  971
Interest expense (income), $m
  19
  26
  27
  28
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  48
  51
  54
  57
  60
  63
  67
  71
  75
  79
  83
  88
  93
  98
  104
  110
  116
Earnings before tax, $m
  89
  136
  142
  148
  154
  162
  170
  179
  189
  199
  210
  328
  341
  354
  369
  384
  400
  417
  435
  455
  475
  496
  518
  542
  567
  593
  621
  650
  681
  713
  747
Tax expense, $m
  22
  37
  38
  40
  42
  44
  46
  48
  51
  54
  57
  89
  92
  96
  100
  104
  108
  113
  118
  123
  128
  134
  140
  146
  153
  160
  168
  175
  184
  192
  202
Net income, $m
  67
  99
  103
  108
  113
  118
  124
  131
  138
  145
  154
  240
  249
  259
  269
  280
  292
  305
  318
  332
  347
  362
  378
  396
  414
  433
  453
  474
  497
  520
  545

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  147
  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
  2,931
  2,839
  2,904
  2,979
  3,063
  3,156
  3,258
  3,369
  3,489
  3,618
  3,757
  3,905
  4,064
  4,233
  4,412
  4,602
  4,804
  5,017
  5,243
  5,482
  5,734
  5,999
  6,280
  6,575
  6,886
  7,214
  7,559
  7,923
  8,305
  8,707
  9,130
Adjusted assets (=assets-cash), $m
  2,784
  2,839
  2,904
  2,979
  3,063
  3,156
  3,258
  3,369
  3,489
  3,618
  3,757
  3,905
  4,064
  4,233
  4,412
  4,602
  4,804
  5,017
  5,243
  5,482
  5,734
  5,999
  6,280
  6,575
  6,886
  7,214
  7,559
  7,923
  8,305
  8,707
  9,130
Revenue / Adjusted assets
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
Average production assets, $m
  969
  989
  1,012
  1,038
  1,067
  1,100
  1,135
  1,174
  1,216
  1,261
  1,309
  1,361
  1,416
  1,475
  1,538
  1,604
  1,674
  1,749
  1,827
  1,910
  1,998
  2,091
  2,188
  2,291
  2,400
  2,514
  2,634
  2,761
  2,894
  3,035
  3,182
Working capital, $m
  535
  407
  417
  427
  440
  453
  467
  483
  501
  519
  539
  560
  583
  607
  633
  660
  689
  720
  752
  787
  823
  861
  901
  944
  988
  1,035
  1,085
  1,137
  1,192
  1,250
  1,310
Total debt, $m
  750
  764
  793
  825
  861
  902
  946
  994
  1,046
  1,102
  1,162
  1,227
  1,296
  1,369
  1,447
  1,529
  1,617
  1,710
  1,808
  1,911
  2,020
  2,136
  2,257
  2,386
  2,521
  2,663
  2,813
  2,970
  3,136
  3,311
  3,495
Total liabilities, $m
  1,218
  1,232
  1,261
  1,293
  1,329
  1,370
  1,414
  1,462
  1,514
  1,570
  1,630
  1,695
  1,764
  1,837
  1,915
  1,997
  2,085
  2,178
  2,276
  2,379
  2,488
  2,604
  2,725
  2,854
  2,989
  3,131
  3,281
  3,438
  3,604
  3,779
  3,963
Total equity, $m
  1,713
  1,607
  1,644
  1,686
  1,734
  1,786
  1,844
  1,907
  1,975
  2,048
  2,126
  2,210
  2,300
  2,396
  2,497
  2,605
  2,719
  2,840
  2,968
  3,103
  3,245
  3,396
  3,554
  3,722
  3,898
  4,083
  4,279
  4,484
  4,701
  4,928
  5,168
Total liabilities and equity, $m
  2,931
  2,839
  2,905
  2,979
  3,063
  3,156
  3,258
  3,369
  3,489
  3,618
  3,756
  3,905
  4,064
  4,233
  4,412
  4,602
  4,804
  5,018
  5,244
  5,482
  5,733
  6,000
  6,279
  6,576
  6,887
  7,214
  7,560
  7,922
  8,305
  8,707
  9,131
Debt-to-equity ratio
  0.438
  0.480
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
Adjusted equity ratio
  0.563
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  67
  99
  103
  108
  113
  118
  124
  131
  138
  145
  154
  240
  249
  259
  269
  280
  292
  305
  318
  332
  347
  362
  378
  396
  414
  433
  453
  474
  497
  520
  545
Depreciation, amort., depletion, $m
  69
  140
  140
  141
  142
  143
  145
  146
  147
  149
  151
  46
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
  94
  98
  103
  108
Funds from operations, $m
  258
  239
  244
  249
  255
  262
  269
  277
  285
  294
  304
  286
  297
  309
  322
  335
  349
  364
  380
  397
  414
  433
  453
  474
  496
  519
  543
  568
  595
  623
  653
Change in working capital, $m
  41
  8
  9
  11
  12
  13
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
Cash from operations, $m
  217
  231
  234
  238
  243
  248
  254
  261
  268
  276
  284
  265
  274
  285
  296
  308
  320
  334
  348
  363
  378
  395
  413
  431
  451
  472
  493
  516
  540
  566
  593
Maintenance CAPEX, $m
  0
  -33
  -34
  -34
  -35
  -36
  -37
  -39
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -98
  -103
New CAPEX, $m
  -63
  -20
  -23
  -26
  -29
  -32
  -36
  -39
  -42
  -45
  -48
  -52
  -55
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -147
Cash from investing activities, $m
  -76
  -53
  -57
  -60
  -64
  -68
  -73
  -78
  -82
  -86
  -91
  -97
  -101
  -107
  -113
  -118
  -125
  -131
  -138
  -145
  -153
  -161
  -169
  -177
  -186
  -196
  -206
  -217
  -227
  -238
  -250
Free cash flow, $m
  141
  178
  178
  178
  179
  180
  181
  183
  186
  189
  193
  168
  173
  178
  183
  189
  195
  202
  209
  217
  226
  234
  244
  254
  264
  276
  287
  300
  313
  327
  342
Issuance/(repayment) of debt, $m
  -111
  24
  28
  32
  36
  40
  44
  48
  52
  56
  60
  64
  69
  73
  78
  83
  88
  93
  98
  104
  109
  115
  122
  128
  135
  142
  150
  158
  166
  175
  184
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -118
  24
  28
  32
  36
  40
  44
  48
  52
  56
  60
  64
  69
  73
  78
  83
  88
  93
  98
  104
  109
  115
  122
  128
  135
  142
  150
  158
  166
  175
  184
Total cash flow (excl. dividends), $m
  19
  202
  206
  210
  215
  220
  226
  232
  238
  245
  253
  233
  242
  251
  261
  272
  283
  295
  307
  321
  335
  350
  366
  382
  400
  418
  437
  458
  479
  502
  525
Retained Cash Flow (-), $m
  -48
  -31
  -37
  -42
  -47
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -150
  -159
  -167
  -176
  -186
  -195
  -206
  -216
  -228
  -239
Prev. year cash balance distribution, $m
 
  137
  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
 
  308
  169
  168
  167
  167
  168
  169
  170
  172
  175
  149
  152
  155
  159
  164
  169
  174
  180
  186
  192
  199
  207
  215
  223
  232
  242
  252
  263
  274
  286
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  292
  151
  140
  130
  120
  111
  102
  93
  84
  76
  57
  51
  45
  39
  34
  29
  24
  20
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
  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

The Hain Celestial Group, Inc. is an organic and natural products company. The Company and its subsidiaries manufacture, market, distribute and sell organic and natural products under brand names which are sold as better-for-you products. The Company's segments include United States, United Kingdom, Hain Pure Protein and Rest of World. Its Rest of World segment includes Canada and Europe. The Company's brand names include Almond Dream, Arrowhead Mills, Bearitos, BluePrint, Celestial Seasonings, Cully & Sully, Danival, DeBoles, Earth's Best, Ella's Kitchen, Empire, Europe's Best, Farmhouse Fare, Frank Cooper's, FreeBird, Gale's, Garden of Eatin', GG UniqueFiber, Hain Pure Foods, Hartley's, Health Valley, Imagine, Johnson's Juice Co., Joya, Kosher Valley, Lima, The Greek Gods, Tilda, Walnut Acres, WestSoy, Yves Veggie Cuisine and Yorkshire Provender. Its personal care products are marketed under the Alba Botanica, Avalon Organics, Earth's Best, JASON, Live Clean and Queen Helene brands.

FINANCIAL RATIOS  of  Hain Celestial Group (HAIN)

Valuation Ratios
P/E Ratio 61.7
Price to Sales 1.4
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 26.8
Growth Rates
Sales Growth Rate -1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.2%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 15
Current Ratio 0
LT Debt to Equity 43.2%
Total Debt to Equity 43.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity 4%
Return On Equity - 3 Yr. Avg. 5.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 19%
Gross Margin - 3 Yr. Avg. 20.6%
EBITDA Margin 6.2%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 3.1%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 24.7%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 0%

HAIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HAIN stock intrinsic value calculation we used $2853 million for the last fiscal year's total revenue generated by Hain Celestial Group. The default revenue input number comes from 2017 income statement of Hain Celestial Group. 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 HAIN 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 5.6%, whose default value for HAIN is calculated based on our internal credit rating of Hain Celestial Group, 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 Hain Celestial Group.
    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 HAIN stock the variable cost ratio is equal to 94.5%.

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 HAIN 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 Hain Celestial Group.

Corporate tax rate of 27% is the nominal tax rate for Hain Celestial Group. 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 HAIN 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 HAIN are equal to 34%.

Life of production assets of 29.4 years is the average useful life of capital assets used in Hain Celestial Group 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 HAIN is equal to 14%. 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 - $1713 million for Hain Celestial Group - 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 104.478 million for Hain Celestial Group 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 Hain Celestial Group at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ Here's How Hain Celestial Group Inc. Returned to Growth   [Nov-09-17 02:43PM  Motley Fool]
▶ Hain Celestial meets 1Q profit forecasts   [07:39AM  Associated Press]
▶ Why Hain Celestial Stock Fell 12.5% in October   [Nov-03-17 01:39PM  Motley Fool]
▶ Final Trades: HAIN, CELG & PHM   [Oct-19-17 05:59PM  CNBC Videos]
▶ Asian shares slightly higher, though Japan is exception   [Sep-28-17 11:53PM  Associated Press]
▶ Hain Celestial Shoots for the Moon   [11:14AM  Bloomberg]
▶ Hain: Reasons to Give Buyers Pause?   [11:12AM  Barrons.com]
▶ America's Favorite Couple Calls It Quits. PB & Who?   [Sep-14-17 09:08AM  PR Newswire]
▶ Why The Hain Celestial Group Inc. Lost 10% Last Month   [Sep-12-17 03:02PM  Motley Fool]
▶ Hain Celestial Trying To Close In On Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Hain Celestial: Cramer's Top Takeaways   [Aug-31-17 06:41AM  TheStreet.com]
▶ Hain Celestial beats Street 4Q forecasts   [Aug-29-17 10:55PM  Associated Press]
▶ IBD Rating Upgrades: Hain Celestial Flashes Improved Relative Price Strength   [Aug-28-17 03:00AM  Investor's Business Daily]
Financial statements of HAIN
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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