Intrinsic value of Hormel Foods - HRL

Previous Close

$34.09

  Intrinsic Value

$30.70

stock screener

  Rating & Target

hold

-10%

  Value-price divergence*

+84%

Previous close

$34.09

 
Intrinsic value

$30.70

 
Up/down potential

-10%

 
Rating

hold

 
Value-price divergence*

+84%

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

We calculate the intrinsic value of HRL 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 18.3

 

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, %
  2.80
  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
  9,523
  9,713
  9,937
  10,192
  10,479
  10,797
  11,145
  11,525
  11,936
  12,378
  12,853
  13,362
  13,904
  14,481
  15,095
  15,746
  16,436
  17,167
  17,939
  18,755
  19,617
  20,526
  21,485
  22,496
  23,561
  24,683
  25,863
  27,107
  28,415
  29,791
  31,238
Variable operating expenses, $m
 
  1,716
  1,751
  1,791
  1,836
  1,886
  1,941
  2,001
  2,066
  2,136
  2,211
  2,108
  2,193
  2,284
  2,381
  2,484
  2,592
  2,708
  2,830
  2,958
  3,094
  3,238
  3,389
  3,548
  3,716
  3,893
  4,079
  4,276
  4,482
  4,699
  4,927
Fixed operating expenses, $m
 
  6,890
  7,062
  7,239
  7,420
  7,605
  7,795
  7,990
  8,190
  8,395
  8,605
  8,820
  9,040
  9,266
  9,498
  9,735
  9,979
  10,228
  10,484
  10,746
  11,015
  11,290
  11,572
  11,862
  12,158
  12,462
  12,774
  13,093
  13,420
  13,756
  14,100
Total operating expenses, $m
  8,199
  8,606
  8,813
  9,030
  9,256
  9,491
  9,736
  9,991
  10,256
  10,531
  10,816
  10,928
  11,233
  11,550
  11,879
  12,219
  12,571
  12,936
  13,314
  13,704
  14,109
  14,528
  14,961
  15,410
  15,874
  16,355
  16,853
  17,369
  17,902
  18,455
  19,027
Operating income, $m
  1,324
  1,108
  1,124
  1,162
  1,223
  1,305
  1,408
  1,533
  1,679
  1,848
  2,038
  2,434
  2,670
  2,931
  3,216
  3,527
  3,865
  4,230
  4,625
  5,051
  5,508
  5,998
  6,524
  7,086
  7,686
  8,327
  9,010
  9,738
  10,512
  11,336
  12,211
EBITDA, $m
  1,456
  1,361
  1,379
  1,419
  1,482
  1,566
  1,672
  1,800
  1,949
  2,120
  2,314
  2,531
  2,771
  3,035
  3,325
  3,641
  3,983
  4,354
  4,755
  5,186
  5,649
  6,146
  6,679
  7,248
  7,856
  8,505
  9,197
  9,933
  10,717
  11,551
  12,436
Interest expense (income), $m
  -13
  9
  10
  12
  14
  16
  18
  20
  23
  26
  29
  32
  36
  40
  44
  48
  53
  58
  63
  68
  74
  80
  87
  93
  101
  108
  116
  124
  133
  142
  152
Earnings before tax, $m
  1,317
  1,099
  1,114
  1,151
  1,209
  1,289
  1,391
  1,513
  1,656
  1,822
  2,009
  2,402
  2,635
  2,891
  3,172
  3,479
  3,812
  4,173
  4,563
  4,982
  5,434
  5,918
  6,437
  6,992
  7,586
  8,219
  8,894
  9,614
  10,379
  11,193
  12,059
Tax expense, $m
  426
  297
  301
  311
  326
  348
  375
  408
  447
  492
  542
  648
  711
  781
  856
  939
  1,029
  1,127
  1,232
  1,345
  1,467
  1,598
  1,738
  1,888
  2,048
  2,219
  2,401
  2,596
  2,802
  3,022
  3,256
Net income, $m
  890
  802
  813
  840
  883
  941
  1,015
  1,104
  1,209
  1,330
  1,466
  1,753
  1,923
  2,110
  2,316
  2,539
  2,783
  3,046
  3,331
  3,637
  3,967
  4,320
  4,699
  5,105
  5,538
  6,000
  6,493
  7,018
  7,577
  8,171
  8,803

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  415
  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
  6,370
  6,075
  6,214
  6,374
  6,553
  6,752
  6,970
  7,207
  7,464
  7,741
  8,038
  8,356
  8,695
  9,056
  9,440
  9,847
  10,279
  10,736
  11,219
  11,729
  12,268
  12,837
  13,437
  14,069
  14,735
  15,436
  16,175
  16,952
  17,770
  18,631
  19,536
Adjusted assets (=assets-cash), $m
  5,955
  6,075
  6,214
  6,374
  6,553
  6,752
  6,970
  7,207
  7,464
  7,741
  8,038
  8,356
  8,695
  9,056
  9,440
  9,847
  10,279
  10,736
  11,219
  11,729
  12,268
  12,837
  13,437
  14,069
  14,735
  15,436
  16,175
  16,952
  17,770
  18,631
  19,536
Revenue / Adjusted assets
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
  1.599
Average production assets, $m
  1,924
  1,962
  2,007
  2,059
  2,117
  2,181
  2,251
  2,328
  2,411
  2,500
  2,596
  2,699
  2,809
  2,925
  3,049
  3,181
  3,320
  3,468
  3,624
  3,789
  3,963
  4,146
  4,340
  4,544
  4,759
  4,986
  5,224
  5,476
  5,740
  6,018
  6,310
Working capital, $m
  977
  573
  586
  601
  618
  637
  658
  680
  704
  730
  758
  788
  820
  854
  891
  929
  970
  1,013
  1,058
  1,107
  1,157
  1,211
  1,268
  1,327
  1,390
  1,456
  1,526
  1,599
  1,676
  1,758
  1,843
Total debt, $m
  250
  290
  335
  387
  445
  509
  579
  656
  739
  828
  924
  1,027
  1,137
  1,253
  1,377
  1,509
  1,648
  1,796
  1,952
  2,117
  2,291
  2,474
  2,668
  2,872
  3,087
  3,314
  3,552
  3,804
  4,068
  4,346
  4,638
Total liabilities, $m
  1,922
  1,962
  2,007
  2,059
  2,117
  2,181
  2,251
  2,328
  2,411
  2,500
  2,596
  2,699
  2,809
  2,925
  3,049
  3,181
  3,320
  3,468
  3,624
  3,789
  3,963
  4,146
  4,340
  4,544
  4,759
  4,986
  5,224
  5,476
  5,740
  6,018
  6,310
Total equity, $m
  4,448
  4,113
  4,207
  4,315
  4,437
  4,571
  4,719
  4,879
  5,053
  5,241
  5,442
  5,657
  5,887
  6,131
  6,391
  6,667
  6,959
  7,268
  7,595
  7,941
  8,306
  8,691
  9,097
  9,525
  9,975
  10,450
  10,950
  11,477
  12,030
  12,613
  13,226
Total liabilities and equity, $m
  6,370
  6,075
  6,214
  6,374
  6,554
  6,752
  6,970
  7,207
  7,464
  7,741
  8,038
  8,356
  8,696
  9,056
  9,440
  9,848
  10,279
  10,736
  11,219
  11,730
  12,269
  12,837
  13,437
  14,069
  14,734
  15,436
  16,174
  16,953
  17,770
  18,631
  19,536
Debt-to-equity ratio
  0.056
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.310
  0.320
  0.320
  0.330
  0.340
  0.340
  0.350
Adjusted equity ratio
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  890
  802
  813
  840
  883
  941
  1,015
  1,104
  1,209
  1,330
  1,466
  1,753
  1,923
  2,110
  2,316
  2,539
  2,783
  3,046
  3,331
  3,637
  3,967
  4,320
  4,699
  5,105
  5,538
  6,000
  6,493
  7,018
  7,577
  8,171
  8,803
Depreciation, amort., depletion, $m
  132
  254
  255
  257
  259
  261
  264
  267
  270
  273
  276
  96
  100
  104
  109
  114
  119
  124
  129
  135
  142
  148
  155
  162
  170
  178
  187
  196
  205
  215
  225
Funds from operations, $m
  942
  1,056
  1,068
  1,097
  1,142
  1,203
  1,279
  1,371
  1,479
  1,603
  1,743
  1,850
  2,023
  2,215
  2,425
  2,653
  2,901
  3,170
  3,460
  3,772
  4,108
  4,468
  4,854
  5,267
  5,708
  6,178
  6,679
  7,213
  7,782
  8,386
  9,028
Change in working capital, $m
  -51
  11
  13
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
Cash from operations, $m
  993
  1,045
  1,055
  1,082
  1,125
  1,184
  1,258
  1,349
  1,455
  1,576
  1,715
  1,820
  1,991
  2,181
  2,388
  2,615
  2,861
  3,127
  3,414
  3,724
  4,057
  4,415
  4,798
  5,207
  5,645
  6,112
  6,610
  7,140
  7,705
  8,305
  8,943
Maintenance CAPEX, $m
  0
  -69
  -70
  -72
  -74
  -76
  -78
  -80
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -129
  -135
  -142
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
New CAPEX, $m
  -256
  -39
  -45
  -52
  -58
  -64
  -70
  -77
  -83
  -89
  -96
  -103
  -110
  -117
  -124
  -132
  -139
  -148
  -156
  -165
  -174
  -184
  -194
  -204
  -215
  -227
  -239
  -251
  -264
  -278
  -292
Cash from investing activities, $m
  -409
  -108
  -115
  -124
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -196
  -206
  -217
  -228
  -241
  -253
  -267
  -280
  -294
  -309
  -326
  -342
  -359
  -377
  -397
  -417
  -438
  -460
  -483
  -507
Free cash flow, $m
  584
  937
  940
  959
  993
  1,044
  1,110
  1,192
  1,288
  1,401
  1,529
  1,624
  1,786
  1,964
  2,160
  2,374
  2,608
  2,861
  3,135
  3,430
  3,748
  4,090
  4,456
  4,848
  5,267
  5,715
  6,193
  6,702
  7,245
  7,822
  8,436
Issuance/(repayment) of debt, $m
  -185
  40
  45
  52
  58
  64
  70
  77
  83
  89
  96
  103
  110
  117
  124
  132
  139
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  292
Issuance/(repurchase) of shares, $m
  -76
  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  
  -214
  40
  45
  52
  58
  64
  70
  77
  83
  89
  96
  103
  110
  117
  124
  132
  139
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  292
Total cash flow (excl. dividends), $m
  364
  977
  985
  1,010
  1,051
  1,108
  1,181
  1,268
  1,371
  1,490
  1,625
  1,727
  1,895
  2,081
  2,284
  2,506
  2,747
  3,008
  3,291
  3,595
  3,922
  4,273
  4,650
  5,052
  5,482
  5,942
  6,432
  6,954
  7,509
  8,100
  8,728
Retained Cash Flow (-), $m
  -450
  -80
  -95
  -108
  -121
  -135
  -148
  -161
  -174
  -187
  -201
  -215
  -230
  -244
  -260
  -276
  -292
  -309
  -327
  -346
  -365
  -385
  -406
  -428
  -451
  -475
  -500
  -526
  -554
  -583
  -613
Prev. year cash balance distribution, $m
 
  415
  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
 
  1,313
  890
  902
  930
  974
  1,033
  1,108
  1,197
  1,303
  1,424
  1,512
  1,666
  1,836
  2,024
  2,230
  2,455
  2,699
  2,964
  3,249
  3,557
  3,888
  4,244
  4,624
  5,032
  5,467
  5,932
  6,427
  6,955
  7,517
  8,115
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
 
  1,259
  815
  785
  766
  755
  750
  748
  748
  748
  747
  718
  711
  698
  680
  655
  624
  587
  546
  500
  452
  402
  352
  303
  256
  213
  173
  138
  108
  82
  61
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

Hormel Foods Corporation produces and markets various meat and food products worldwide. The company operates in five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It provides various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products comprising canned luncheon meats, shelf-stable microwaveable meals, stews, chilies, hash, flour and corn tortillas, salsas, tortilla chips, peanut butter, and other products. The company also offers poultry products, such as turkey products; and nutritional food products and supplements, sugar and sugar substitutes, dessert and drink mixes, and industrial gelatin products. It sells its products through sales personnel, as well as through independent brokers and distributors. The company was formerly known as Geo. A. Hormel & Company and changed its name to Hormel Foods Corporation in January 1995. Hormel Foods Corporation was founded in 1891 and is headquartered in Austin, Minnesota.

FINANCIAL RATIOS  of  Hormel Foods (HRL)

Valuation Ratios
P/E Ratio 20.2
Price to Sales 1.9
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow 24.4
Growth Rates
Sales Growth Rate 2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 77.8%
Cap. Spend. - 3 Yr. Gr. Rate 19.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 5.6%
Total Debt to Equity 5.6%
Interest Coverage -100
Management Effectiveness
Return On Assets 14.1%
Ret/ On Assets - 3 Yr. Avg. 12.6%
Return On Total Capital 19.5%
Ret/ On T. Cap. - 3 Yr. Avg. 17.4%
Return On Equity 21.1%
Return On Equity - 3 Yr. Avg. 18.9%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 22.7%
Gross Margin - 3 Yr. Avg. 19.7%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 13.2%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 13.8%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 32.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 33.3%

HRL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HRL stock intrinsic value calculation we used $9523 million for the last fiscal year's total revenue generated by Hormel Foods. The default revenue input number comes from 2016 income statement of Hormel 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 HRL 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 HRL is calculated based on our internal credit rating of Hormel 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 Hormel 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 HRL stock the variable cost ratio is equal to 17.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6722 million in the base year in the intrinsic value calculation for HRL 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 Hormel Foods.

Corporate tax rate of 27% is the nominal tax rate for Hormel 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 HRL 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 HRL are equal to 20.2%.

Life of production assets of 28 years is the average useful life of capital assets used in Hormel 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 HRL is equal to 5.9%. 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 - $4448 million for Hormel 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 537.851 million for Hormel 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 Hormel Foods at the current share price and the inputted number of shares is $18.3 billion.

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COMPANY NEWS

▶ Hormel adds to protein portfolio with $425M deal for Fontanini meats   [Aug-17-17 12:45PM  American City Business Journals]
▶ Is Hormel a Good Dividend Stock?   [Aug-13-17 04:33PM  Motley Fool]
▶ Trade of the Day: Hormel Foods Corp (HRL)   [Aug-10-17 08:54AM  InvestorPlace]
▶ Hormel Foods Announces New Leadership Hire   [Aug-09-17 08:00AM  PR Newswire]
▶ [$$] Consumers Appetite for Bacon, Chicken Has Tyson Scrambling to Keep Up   [Aug-08-17 12:37AM  The Wall Street Journal]
▶ [$$] Tyson Fattens Up Revenue on Higher Prices   [01:25PM  The Wall Street Journal]
▶ Hormel Foods Launches New On-The-Go Snacks   [Jul-25-17 11:00AM  PR Newswire]
▶ 3 Great Stocks for Low-Risk Investors   [Jul-18-17 06:06PM  Motley Fool]
▶ ETFs with exposure to Hormel Foods Corp. : July 12, 2017   [Jul-12-17 02:39PM  Capital Cube]
▶ 3 Stocks With Growing Dividends for July   [Jul-09-17 07:03AM  Motley Fool]
▶ ETFs with exposure to Hormel Foods Corp. : June 26, 2017   [Jun-26-17 04:09PM  Capital Cube]
▶ In Your 40s? 2 Stocks You Should Consider Buying   [Jun-22-17 12:27PM  Motley Fool]
▶ 3 Heirloom Stocks to Hold Forever   [07:34AM  Motley Fool]
▶ ETFs with exposure to Hormel Foods Corp. : June 14, 2017   [Jun-14-17 01:37PM  Capital Cube]
▶ Tyson Foods: Here's the Beef   [Jun-06-17 03:48PM  Barrons.com]
▶ Company News for May 26, 2017   [May-26-17 10:31AM  Zacks]
▶ Financials & food in the trader blitz   [May-25-17 01:27PM  CNBC Videos]
▶ Hormel misses Street 2Q forecasts   [06:38AM  Associated Press]
▶ Hormel Foods Declares 17 Cent Quarterly Dividend   [May-22-17 05:10PM  TheStreet.com]
▶ 4 Big-Brand Investing Tips That Could Earn You Thousands   [May-18-17 04:26PM  Motley Fool]
▶ 5 Value Stocks To Own As Volatility Increases   [May-16-17 05:16PM  Benzinga]
▶ How The NFL Makes Money   [11:18AM  Investopedia]
▶ Hormel Foods Announces Pollinator Garden Expansion   [Apr-21-17 08:00AM  PR Newswire]
▶ 3 Dividend Stocks to Buy on Sale   [12:23PM  Motley Fool]
▶ 3 Top Stocks to Buy for Your Grandchildren in April   [Apr-17-17 06:14PM  Motley Fool]
▶ Hormel Foods Personnel Announcement   [08:00AM  PR Newswire]
▶ Hormel Foods Stock Trades Ex-Dividend Thursday   [Apr-10-17 05:12AM  Investopedia]
▶ Hormel is One Stock You Should Buy Today and Hold Forever   [Apr-04-17 07:00AM  TheStreet.com]
▶ Hormel Foods Corporation Declares Quarterly Dividend   [Mar-31-17 11:42AM  PR Newswire]
▶ Mairs & Power Comments on Hormel   [Mar-16-17 03:58PM  GuruFocus.com]
Stock chart of HRL Financial statements of HRL
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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