Intrinsic value of Industrias Bachoco ADR - IBA

Previous Close

$60.71

  Intrinsic Value

$72.49

stock screener

  Rating & Target

hold

+19%

  Value-price divergence*

-117%

Previous close

$60.71

 
Intrinsic value

$72.49

 
Up/down potential

+19%

 
Rating

hold

 
Value-price divergence*

-117%

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

We calculate the intrinsic value of IBA 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 3.1

 

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, %
  12.55
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
Revenue, $m
  2,636
  2,968
  3,320
  3,690
  4,079
  4,486
  4,912
  5,356
  5,818
  6,299
  6,800
  7,320
  7,861
  8,422
  9,006
  9,613
  10,244
  10,901
  11,584
  12,295
  13,036
  13,809
  14,614
  15,454
  16,331
  17,246
  18,203
  19,202
  20,247
  21,340
  22,483
Variable operating expenses, $m
 
  2,635
  2,947
  3,276
  3,621
  3,982
  4,360
  4,753
  5,164
  5,590
  6,034
  6,493
  6,973
  7,471
  7,989
  8,527
  9,087
  9,670
  10,276
  10,907
  11,564
  12,249
  12,963
  13,708
  14,486
  15,298
  16,147
  17,033
  17,960
  18,930
  19,944
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
  2,387
  2,635
  2,947
  3,276
  3,621
  3,982
  4,360
  4,753
  5,164
  5,590
  6,034
  6,493
  6,973
  7,471
  7,989
  8,527
  9,087
  9,670
  10,276
  10,907
  11,564
  12,249
  12,963
  13,708
  14,486
  15,298
  16,147
  17,033
  17,960
  18,930
  19,944
Operating income, $m
  249
  333
  372
  414
  458
  504
  552
  602
  655
  709
  766
  827
  888
  951
  1,017
  1,086
  1,157
  1,231
  1,308
  1,389
  1,472
  1,560
  1,651
  1,745
  1,845
  1,948
  2,056
  2,169
  2,287
  2,410
  2,539
EBITDA, $m
  296
  386
  431
  479
  530
  583
  638
  696
  756
  819
  884
  951
  1,021
  1,094
  1,170
  1,249
  1,331
  1,416
  1,505
  1,598
  1,694
  1,794
  1,899
  2,008
  2,122
  2,241
  2,365
  2,495
  2,631
  2,773
  2,921
Interest expense (income), $m
  9
  2
  5
  8
  11
  14
  17
  21
  24
  28
  32
  36
  40
  45
  49
  54
  59
  64
  70
  75
  81
  87
  94
  100
  107
  114
  122
  130
  138
  146
  155
Earnings before tax, $m
  283
  331
  368
  407
  448
  490
  535
  582
  630
  681
  733
  791
  847
  906
  968
  1,032
  1,098
  1,167
  1,239
  1,313
  1,391
  1,472
  1,557
  1,645
  1,737
  1,834
  1,934
  2,039
  2,149
  2,264
  2,384
Tax expense, $m
  83
  89
  99
  110
  121
  132
  144
  157
  170
  184
  198
  213
  229
  245
  261
  279
  296
  315
  334
  355
  376
  398
  420
  444
  469
  495
  522
  551
  580
  611
  644
Net income, $m
  200
  241
  268
  297
  327
  358
  391
  425
  460
  497
  535
  577
  619
  662
  706
  753
  801
  852
  904
  959
  1,016
  1,075
  1,137
  1,201
  1,268
  1,339
  1,412
  1,489
  1,569
  1,653
  1,740

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  793
  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
  2,285
  1,680
  1,879
  2,088
  2,308
  2,539
  2,780
  3,031
  3,293
  3,565
  3,848
  4,143
  4,449
  4,767
  5,097
  5,440
  5,798
  6,169
  6,556
  6,958
  7,378
  7,815
  8,270
  8,746
  9,242
  9,760
  10,301
  10,867
  11,458
  12,077
  12,724
Adjusted assets (=assets-cash), $m
  1,492
  1,680
  1,879
  2,088
  2,308
  2,539
  2,780
  3,031
  3,293
  3,565
  3,848
  4,143
  4,449
  4,767
  5,097
  5,440
  5,798
  6,169
  6,556
  6,958
  7,378
  7,815
  8,270
  8,746
  9,242
  9,760
  10,301
  10,867
  11,458
  12,077
  12,724
Revenue / Adjusted assets
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
  1.767
Average production assets, $m
  462
  519
  581
  646
  714
  785
  860
  937
  1,018
  1,102
  1,190
  1,281
  1,376
  1,474
  1,576
  1,682
  1,793
  1,908
  2,027
  2,152
  2,281
  2,417
  2,557
  2,704
  2,858
  3,018
  3,185
  3,360
  3,543
  3,735
  3,935
Working capital, $m
  943
  356
  398
  443
  489
  538
  589
  643
  698
  756
  816
  878
  943
  1,011
  1,081
  1,154
  1,229
  1,308
  1,390
  1,475
  1,564
  1,657
  1,754
  1,854
  1,960
  2,070
  2,184
  2,304
  2,430
  2,561
  2,698
Total debt, $m
  215
  114
  182
  254
  330
  410
  493
  580
  670
  764
  862
  963
  1,069
  1,178
  1,292
  1,411
  1,534
  1,662
  1,796
  1,935
  2,079
  2,230
  2,387
  2,551
  2,723
  2,901
  3,088
  3,283
  3,487
  3,701
  3,924
Total liabilities, $m
  680
  580
  648
  720
  796
  876
  959
  1,046
  1,136
  1,230
  1,328
  1,429
  1,535
  1,644
  1,758
  1,877
  2,000
  2,128
  2,262
  2,401
  2,545
  2,696
  2,853
  3,017
  3,189
  3,367
  3,554
  3,749
  3,953
  4,167
  4,390
Total equity, $m
  1,604
  1,100
  1,231
  1,368
  1,512
  1,663
  1,821
  1,985
  2,157
  2,335
  2,521
  2,713
  2,914
  3,122
  3,339
  3,563
  3,797
  4,041
  4,294
  4,558
  4,832
  5,119
  5,417
  5,729
  6,054
  6,393
  6,747
  7,118
  7,505
  7,910
  8,334
Total liabilities and equity, $m
  2,284
  1,680
  1,879
  2,088
  2,308
  2,539
  2,780
  3,031
  3,293
  3,565
  3,849
  4,142
  4,449
  4,766
  5,097
  5,440
  5,797
  6,169
  6,556
  6,959
  7,377
  7,815
  8,270
  8,746
  9,243
  9,760
  10,301
  10,867
  11,458
  12,077
  12,724
Debt-to-equity ratio
  0.134
  0.100
  0.150
  0.190
  0.220
  0.250
  0.270
  0.290
  0.310
  0.330
  0.340
  0.350
  0.370
  0.380
  0.390
  0.400
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.440
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.470
  0.470
Adjusted equity ratio
  0.599
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  200
  241
  268
  297
  327
  358
  391
  425
  460
  497
  535
  577
  619
  662
  706
  753
  801
  852
  904
  959
  1,016
  1,075
  1,137
  1,201
  1,268
  1,339
  1,412
  1,489
  1,569
  1,653
  1,740
Depreciation, amort., depletion, $m
  47
  53
  59
  65
  72
  79
  86
  93
  101
  110
  118
  124
  134
  143
  153
  163
  174
  185
  197
  209
  221
  235
  248
  263
  277
  293
  309
  326
  344
  363
  382
Funds from operations, $m
  -6
  294
  327
  362
  398
  437
  477
  518
  561
  607
  653
  702
  752
  805
  859
  916
  975
  1,037
  1,101
  1,168
  1,237
  1,309
  1,385
  1,464
  1,546
  1,632
  1,721
  1,815
  1,913
  2,015
  2,122
Change in working capital, $m
  -159
  40
  42
  44
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  125
  131
  137
Cash from operations, $m
  153
  255
  285
  318
  352
  388
  425
  465
  506
  549
  593
  639
  687
  737
  789
  844
  900
  958
  1,019
  1,082
  1,148
  1,217
  1,288
  1,363
  1,441
  1,522
  1,606
  1,695
  1,787
  1,884
  1,985
Maintenance CAPEX, $m
  0
  -45
  -50
  -56
  -63
  -69
  -76
  -83
  -91
  -99
  -107
  -116
  -124
  -134
  -143
  -153
  -163
  -174
  -185
  -197
  -209
  -221
  -235
  -248
  -263
  -277
  -293
  -309
  -326
  -344
  -363
New CAPEX, $m
  -141
  -58
  -61
  -65
  -68
  -71
  -74
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
  -110
  -115
  -120
  -124
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
Cash from investing activities, $m
  -79
  -103
  -111
  -121
  -131
  -140
  -150
  -161
  -172
  -183
  -195
  -207
  -219
  -232
  -245
  -259
  -273
  -289
  -305
  -321
  -339
  -356
  -376
  -395
  -416
  -437
  -460
  -484
  -509
  -535
  -563
Free cash flow, $m
  74
  152
  173
  196
  221
  247
  275
  304
  334
  366
  399
  433
  468
  506
  544
  584
  626
  669
  714
  761
  810
  860
  913
  967
  1,025
  1,084
  1,146
  1,211
  1,278
  1,349
  1,422
Issuance/(repayment) of debt, $m
  -18
  66
  69
  72
  76
  80
  83
  87
  90
  94
  98
  102
  106
  110
  114
  118
  123
  128
  133
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  213
  223
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  
  -26
  66
  69
  72
  76
  80
  83
  87
  90
  94
  98
  102
  106
  110
  114
  118
  123
  128
  133
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  213
  223
Total cash flow (excl. dividends), $m
  73
  217
  242
  269
  297
  327
  358
  390
  424
  460
  497
  534
  574
  615
  658
  703
  749
  797
  848
  900
  954
  1,011
  1,070
  1,131
  1,196
  1,263
  1,333
  1,406
  1,482
  1,562
  1,646
Retained Cash Flow (-), $m
  -199
  -122
  -130
  -137
  -144
  -151
  -158
  -165
  -171
  -178
  -186
  -193
  -200
  -208
  -216
  -225
  -234
  -243
  -253
  -264
  -275
  -286
  -298
  -311
  -325
  -339
  -355
  -371
  -387
  -405
  -424
Prev. year cash balance distribution, $m
 
  626
  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
 
  721
  112
  131
  153
  176
  200
  226
  253
  281
  311
  341
  373
  407
  442
  478
  515
  554
  594
  636
  680
  725
  771
  820
  871
  923
  978
  1,035
  1,095
  1,157
  1,222
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
 
  691
  102
  114
  126
  136
  145
  153
  158
  162
  163
  162
  159
  155
  148
  140
  131
  121
  109
  98
  86
  75
  64
  54
  44
  36
  29
  22
  17
  13
  9
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

Industrias Bachoco, S.A.B. de C.V. (Bachoco) is a holding company. The Company owns and manages over 1,000 facilities, organized in approximately 10 production complexes and over 60 distribution centers in Mexico, and a production complex in the United States. Bachoco operates through two segments: poultry and others. The poultry segment consists of chicken and egg operations. The others segment includes the operations of pigs, balanced feed for animal consumption and other by-products. The Company participates in the food industry in Mexico and in the United States, mainly in the poultry industry. In Mexico, the Company's core business is poultry (chicken and egg products). It also produces and sells a range of other products, which it refers to as other business lines, which include the production and selling of balanced feed, live swine, beef and turkey products, as well as a laboratory that produces vaccines for the poultry industry and other similar industries.

FINANCIAL RATIOS  of  Industrias Bachoco ADR (IBA)

Valuation Ratios
P/E Ratio 182.1
Price to Sales 13.8
Price to Book 22.7
Price to Tangible Book
Price to Cash Flow 238.1
Price to Free Cash Flow 3035.5
Growth Rates
Sales Growth Rate 12.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.4%
Cap. Spend. - 3 Yr. Gr. Rate 37.2%
Financial Strength
Quick Ratio 5
Current Ratio 0.3
LT Debt to Equity 3%
Total Debt to Equity 13.4%
Interest Coverage 32
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 11.7%
Ret/ On T. Cap. - 3 Yr. Avg. 13.5%
Return On Equity 13.3%
Return On Equity - 3 Yr. Avg. 15.2%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 18.1%
Gross Margin - 3 Yr. Avg. 20.2%
EBITDA Margin 12.9%
EBITDA Margin - 3 Yr. Avg. 14.1%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. 11.2%
Pre-Tax Margin 10.7%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 29.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.8%
Payout Ratio 20%

IBA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IBA stock intrinsic value calculation we used $2636 million for the last fiscal year's total revenue generated by Industrias Bachoco ADR. The default revenue input number comes from 2016 income statement of Industrias Bachoco ADR. 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 IBA stock valuation model: a) initial revenue growth rate of 12.6% 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 IBA is calculated based on our internal credit rating of Industrias Bachoco ADR, 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 Industrias Bachoco ADR.
    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 IBA stock the variable cost ratio is equal to 88.8%.

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 IBA 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 4.2% for Industrias Bachoco ADR.

Corporate tax rate of 27% is the nominal tax rate for Industrias Bachoco ADR. 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 IBA 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 IBA are equal to 17.5%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Industrias Bachoco ADR 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 IBA is equal to 12%. 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 - $1604 million for Industrias Bachoco ADR - 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 50.246 million for Industrias Bachoco ADR 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 Industrias Bachoco ADR at the current share price and the inputted number of shares is $3.1 billion.

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TSN Tyson Foods Cl 71.41 53.48  hold
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COMPANY NEWS

▶ Bachoco Informs of Bond Issuance   [Aug-17-17 06:57PM  PR Newswire]
▶ Industrias Bachoco posts 2Q profit   [12:18AM  Associated Press]
▶ Industrias Bachoco Announces Second Quarter 2017 Results   [Jul-26-17 05:00PM  PR Newswire]
▶ The 4 Best Dividend Stocks in Mexico   [Jul-24-17 12:59PM  Motley Fool]
▶ Bachoco's Recent Acquisitions Disclosure   [Jul-18-17 05:30PM  PR Newswire]
▶ Bachoco Announces Second Quarter 2017 Earnings Call   [Jul-17-17 05:30PM  PR Newswire]
▶ Bachoco Acquires a Mexican Pet Food Company   [Jul-12-17 05:00PM  PR Newswire]
▶ Is Rising Inflation in Mexico a Growing Concern?   [May-29-17 07:37AM  Market Realist]
▶ Is Economic Activity in Mexico Steady despite Trade Fears?   [May-26-17 11:59AM  Market Realist]
▶ Bachoco Announces Cash Dividend   [Apr-28-17 05:00PM  PR Newswire]
▶ Industrias Bachoco posts 1Q profit   [Apr-27-17 07:42PM  Associated Press]
▶ Industrias Bachoco posts 4Q profit   [Jan-26-17 05:57PM  Associated Press]
▶ Understanding Cal-Maine Foods Performance in Fiscal 2Q17   [Dec-23-16 03:05PM  Market Realist]
▶ Pilgrims Pride Acquires GNP Company for $350 Million   [Dec-01-16 08:06AM  Market Realist]
▶ Bachoco Announces Third Quarter 2016 Earnings Call   [Oct-11-16 05:00PM  GlobeNewswire]
▶ Bachoco Announces Second Quarter 2016 Earnings Call   [Jul-11-16 05:00PM  GlobeNewswire]
▶ INDUSTRIAS BACHOCO S.A.B. DE C.V. Financials   [01:04PM  EDGAR Online Financials]
▶ Bachoco Announces Cash Dividend   [Apr-28-16 10:30AM  PR Newswire]
▶ Bachoco Announces First Quarter 2016 Earnings Call   [Apr-20-16 05:12PM  GlobeNewswire]
▶ Bachoco Acquires U.S. Fully Cooked Facility   [Feb-22-16 05:00PM  PR Newswire]
▶ Bachoco Acquires U.S. Fully Cooked Facility   [Dec-21  05:00PM  PR Newswire]
▶ Is Royal Gold, Inc USA) (RGLD) A Good Stock To Buy?   [Dec-02  02:42PM  at Insider Monkey]
▶ Should You Buy MPLX LP (MPLX)?   [Nov-30  06:10PM  at Insider Monkey]
▶ Do Hedge Funds Love WuXi PharmaTech (Cayman) Inc. (ADR) (WX)?   [Nov-24  06:50PM  at Insider Monkey]
▶ Bachoco Announces Third Quarter 2015 Earnings Call   [Oct-08  05:00PM  GlobeNewswire]
▶ Bachoco Acquires U.S. Breeders Operation   [Jul-13  05:00PM  PR Newswire]
▶ Bachoco Announces Second Quarter 2015 Earnings Call   [Jul-10  06:44PM  GlobeNewswire]
▶ Bachoco Announces Form 20-F Filing with the SEC   [Apr-28  05:00PM  PR Newswire]
▶ 2015-04-23BACHOCO ANNOUNCES CASH DIVIDEND   [Apr-23  05:12PM  at noodls]
▶ Bachoco Announces Cash Dividend   [04:40PM  PR Newswire]
Financial statements of IBA
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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