Intrinsic value of Industrias Bachoco ADR - IBA

Previous Close

$59.58

  Intrinsic Value

$73.38

stock screener

  Rating & Target

buy

+23%

Previous close

$59.58

 
Intrinsic value

$73.38

 
Up/down potential

+23%

 
Rating

buy

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 3.0

 

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
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  2,636
  2,981
  3,348
  3,735
  4,142
  4,569
  5,016
  5,483
  5,970
  6,476
  7,003
  7,551
  8,121
  8,713
  9,328
  9,967
  10,631
  11,322
  12,041
  12,790
  13,569
  14,381
  15,228
  16,111
  17,032
  17,994
  18,998
  20,047
  21,144
  22,291
  23,491
Variable operating expenses, $m
 
  2,647
  2,972
  3,315
  3,677
  4,056
  4,452
  4,866
  5,298
  5,747
  6,215
  6,698
  7,203
  7,728
  8,274
  8,841
  9,430
  10,044
  10,681
  11,345
  12,037
  12,757
  13,508
  14,291
  15,108
  15,961
  16,852
  17,783
  18,756
  19,773
  20,837
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
  2,647
  2,972
  3,315
  3,677
  4,056
  4,452
  4,866
  5,298
  5,747
  6,215
  6,698
  7,203
  7,728
  8,274
  8,841
  9,430
  10,044
  10,681
  11,345
  12,037
  12,757
  13,508
  14,291
  15,108
  15,961
  16,852
  17,783
  18,756
  19,773
  20,837
Operating income, $m
  249
  334
  376
  419
  465
  514
  564
  617
  672
  729
  789
  853
  917
  984
  1,054
  1,126
  1,201
  1,279
  1,360
  1,445
  1,533
  1,624
  1,720
  1,820
  1,924
  2,032
  2,146
  2,264
  2,388
  2,518
  2,653
EBITDA, $m
  296
  387
  435
  485
  538
  594
  652
  712
  776
  842
  910
  981
  1,055
  1,132
  1,212
  1,295
  1,381
  1,471
  1,565
  1,662
  1,763
  1,869
  1,979
  2,093
  2,213
  2,338
  2,469
  2,605
  2,747
  2,896
  3,052
Interest expense (income), $m
  9
  2
  5
  8
  11
  14
  18
  22
  25
  29
  34
  38
  42
  47
  52
  57
  62
  68
  73
  79
  85
  92
  98
  105
  113
  120
  128
  136
  145
  154
  163
Earnings before tax, $m
  283
  332
  371
  411
  454
  499
  546
  595
  646
  700
  755
  815
  875
  937
  1,002
  1,069
  1,139
  1,211
  1,287
  1,365
  1,447
  1,533
  1,622
  1,714
  1,811
  1,912
  2,018
  2,128
  2,243
  2,364
  2,490
Tax expense, $m
  83
  90
  100
  111
  123
  135
  147
  161
  175
  189
  204
  220
  236
  253
  270
  289
  307
  327
  347
  369
  391
  414
  438
  463
  489
  516
  545
  575
  606
  638
  672
Net income, $m
  200
  243
  271
  300
  332
  364
  399
  435
  472
  511
  551
  595
  639
  684
  731
  780
  831
  884
  939
  997
  1,057
  1,119
  1,184
  1,252
  1,322
  1,396
  1,473
  1,554
  1,638
  1,726
  1,818

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
  1,687
  1,895
  2,114
  2,344
  2,586
  2,839
  3,103
  3,378
  3,665
  3,963
  4,273
  4,596
  4,931
  5,279
  5,640
  6,017
  6,408
  6,815
  7,238
  7,679
  8,139
  8,618
  9,118
  9,639
  10,183
  10,752
  11,345
  11,966
  12,615
  13,294
Adjusted assets (=assets-cash), $m
  1,492
  1,687
  1,895
  2,114
  2,344
  2,586
  2,839
  3,103
  3,378
  3,665
  3,963
  4,273
  4,596
  4,931
  5,279
  5,640
  6,017
  6,408
  6,815
  7,238
  7,679
  8,139
  8,618
  9,118
  9,639
  10,183
  10,752
  11,345
  11,966
  12,615
  13,294
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
  522
  586
  654
  725
  800
  878
  960
  1,045
  1,133
  1,226
  1,321
  1,421
  1,525
  1,632
  1,744
  1,860
  1,981
  2,107
  2,238
  2,375
  2,517
  2,665
  2,819
  2,981
  3,149
  3,325
  3,508
  3,700
  3,901
  4,111
Working capital, $m
  943
  358
  402
  448
  497
  548
  602
  658
  716
  777
  840
  906
  974
  1,046
  1,119
  1,196
  1,276
  1,359
  1,445
  1,535
  1,628
  1,726
  1,827
  1,933
  2,044
  2,159
  2,280
  2,406
  2,537
  2,675
  2,819
Total debt, $m
  215
  116
  188
  263
  343
  426
  513
  605
  700
  798
  901
  1,008
  1,120
  1,235
  1,355
  1,480
  1,610
  1,745
  1,885
  2,031
  2,183
  2,342
  2,507
  2,680
  2,859
  3,047
  3,243
  3,448
  3,662
  3,886
  4,120
Total liabilities, $m
  680
  582
  654
  729
  809
  892
  979
  1,071
  1,166
  1,264
  1,367
  1,474
  1,586
  1,701
  1,821
  1,946
  2,076
  2,211
  2,351
  2,497
  2,649
  2,808
  2,973
  3,146
  3,325
  3,513
  3,709
  3,914
  4,128
  4,352
  4,586
Total equity, $m
  1,604
  1,105
  1,241
  1,384
  1,535
  1,694
  1,859
  2,032
  2,213
  2,401
  2,596
  2,799
  3,010
  3,230
  3,458
  3,695
  3,941
  4,197
  4,464
  4,741
  5,030
  5,331
  5,645
  5,972
  6,314
  6,670
  7,042
  7,431
  7,838
  8,263
  8,708
Total liabilities and equity, $m
  2,284
  1,687
  1,895
  2,113
  2,344
  2,586
  2,838
  3,103
  3,379
  3,665
  3,963
  4,273
  4,596
  4,931
  5,279
  5,641
  6,017
  6,408
  6,815
  7,238
  7,679
  8,139
  8,618
  9,118
  9,639
  10,183
  10,751
  11,345
  11,966
  12,615
  13,294
Debt-to-equity ratio
  0.134
  0.110
  0.150
  0.190
  0.220
  0.250
  0.280
  0.300
  0.320
  0.330
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.450
  0.450
  0.460
  0.460
  0.460
  0.470
  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
  243
  271
  300
  332
  364
  399
  435
  472
  511
  551
  595
  639
  684
  731
  780
  831
  884
  939
  997
  1,057
  1,119
  1,184
  1,252
  1,322
  1,396
  1,473
  1,554
  1,638
  1,726
  1,818
Depreciation, amort., depletion, $m
  47
  53
  59
  66
  73
  80
  88
  96
  104
  113
  121
  128
  138
  148
  158
  169
  181
  192
  205
  217
  231
  244
  259
  274
  289
  306
  323
  341
  359
  379
  399
Funds from operations, $m
  -6
  296
  330
  366
  404
  445
  486
  530
  576
  623
  673
  723
  777
  832
  890
  950
  1,012
  1,077
  1,144
  1,214
  1,287
  1,363
  1,443
  1,525
  1,612
  1,702
  1,796
  1,894
  1,997
  2,104
  2,217
Change in working capital, $m
  -159
  41
  44
  46
  49
  51
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  94
  97
  102
  106
  111
  115
  121
  126
  132
  138
  144
Cash from operations, $m
  153
  254
  286
  320
  356
  393
  433
  474
  517
  562
  609
  658
  708
  761
  816
  873
  932
  994
  1,058
  1,124
  1,194
  1,266
  1,341
  1,419
  1,501
  1,586
  1,675
  1,768
  1,865
  1,967
  2,073
Maintenance CAPEX, $m
  0
  -45
  -51
  -57
  -63
  -70
  -78
  -85
  -93
  -101
  -110
  -119
  -128
  -138
  -148
  -158
  -169
  -181
  -192
  -205
  -217
  -231
  -244
  -259
  -274
  -289
  -306
  -323
  -341
  -359
  -379
New CAPEX, $m
  -141
  -60
  -64
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -155
  -161
  -168
  -176
  -184
  -192
  -201
  -210
Cash from investing activities, $m
  -79
  -105
  -115
  -125
  -134
  -145
  -156
  -167
  -178
  -190
  -202
  -215
  -228
  -242
  -256
  -270
  -285
  -302
  -318
  -336
  -353
  -373
  -392
  -414
  -435
  -457
  -482
  -507
  -533
  -560
  -589
Free cash flow, $m
  74
  149
  171
  195
  221
  248
  277
  307
  339
  372
  407
  443
  480
  520
  560
  603
  646
  692
  739
  789
  840
  893
  948
  1,006
  1,066
  1,129
  1,194
  1,262
  1,333
  1,407
  1,484
Issuance/(repayment) of debt, $m
  -18
  68
  72
  76
  80
  83
  87
  91
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  140
  146
  152
  159
  165
  172
  180
  188
  196
  205
  214
  224
  234
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
  68
  72
  76
  80
  83
  87
  91
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  140
  146
  152
  159
  165
  172
  180
  188
  196
  205
  214
  224
  234
Total cash flow (excl. dividends), $m
  73
  217
  243
  271
  300
  332
  364
  398
  434
  471
  510
  550
  592
  635
  680
  727
  776
  827
  880
  935
  992
  1,052
  1,114
  1,178
  1,246
  1,316
  1,390
  1,467
  1,547
  1,631
  1,718
Retained Cash Flow (-), $m
  -199
  -127
  -136
  -143
  -151
  -158
  -166
  -173
  -180
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -267
  -277
  -289
  -301
  -314
  -327
  -341
  -356
  -372
  -389
  -407
  -425
  -445
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
 
  716
  107
  127
  149
  173
  199
  225
  254
  283
  315
  347
  380
  416
  452
  490
  530
  571
  613
  657
  703
  751
  800
  851
  904
  960
  1,018
  1,078
  1,140
  1,206
  1,274
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
 
  687
  98
  111
  123
  134
  144
  152
  159
  163
  165
  165
  162
  158
  152
  144
  135
  124
  113
  101
  89
  78
  66
  56
  46
  37
  30
  23
  18
  13
  10
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 178.7
Price to Sales 13.6
Price to Book 22.3
Price to Tangible Book
Price to Cash Flow 233.6
Price to Free Cash Flow 2979
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
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 13.1% 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 50.082 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 $3.0 billion.

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COMPANY NEWS

▶ GuruFocus Forum Shares 5 Good Stock Picks   [Dec-12-17 04:27PM  GuruFocus.com]
▶ Industrias Bachoco posts 3Q profit   [Oct-23-17 05:45PM  Associated Press]
▶ 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]
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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