Intrinsic value of Industrias Bachoco ADR - IBA

Previous Close

$63.88

  Intrinsic Value

$79.42

stock screener

  Rating & Target

buy

+24%

  Value-price divergence*

+1039%

Previous close

$63.88

 
Intrinsic value

$79.42

 
Up/down potential

+24%

 
Rating

buy

 
Value-price divergence*

+1039%

*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
  15.50
  14.45
  13.51
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
Revenue, $m
  2,636
  3,045
  3,485
  3,955
  4,456
  4,985
  5,544
  6,130
  6,745
  7,387
  8,057
  8,754
  9,480
  10,236
  11,021
  11,836
  12,684
  13,565
  14,481
  15,433
  16,424
  17,454
  18,528
  19,646
  20,811
  22,026
  23,293
  24,616
  25,997
  27,439
  28,947
Variable operating expenses, $m
 
  2,703
  3,093
  3,511
  3,955
  4,425
  4,920
  5,440
  5,985
  6,555
  7,149
  7,766
  8,410
  9,080
  9,776
  10,499
  11,251
  12,033
  12,845
  13,690
  14,569
  15,483
  16,435
  17,427
  18,460
  19,538
  20,662
  21,835
  23,060
  24,340
  25,678
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
  2,703
  3,093
  3,511
  3,955
  4,425
  4,920
  5,440
  5,985
  6,555
  7,149
  7,766
  8,410
  9,080
  9,776
  10,499
  11,251
  12,033
  12,845
  13,690
  14,569
  15,483
  16,435
  17,427
  18,460
  19,538
  20,662
  21,835
  23,060
  24,340
  25,678
Operating income, $m
  249
  341
  391
  444
  501
  561
  624
  690
  759
  832
  907
  989
  1,071
  1,156
  1,245
  1,337
  1,433
  1,532
  1,636
  1,743
  1,855
  1,971
  2,093
  2,219
  2,351
  2,488
  2,631
  2,780
  2,936
  3,099
  3,270
EBITDA, $m
  296
  396
  453
  514
  579
  648
  720
  797
  876
  960
  1,047
  1,138
  1,232
  1,330
  1,432
  1,538
  1,648
  1,763
  1,882
  2,005
  2,134
  2,268
  2,407
  2,553
  2,704
  2,862
  3,027
  3,199
  3,378
  3,565
  3,761
Interest expense (income), $m
  9
  2
  5
  9
  13
  17
  21
  26
  31
  36
  41
  46
  52
  58
  64
  71
  77
  84
  92
  99
  107
  115
  124
  132
  142
  151
  161
  171
  182
  194
  205
Earnings before tax, $m
  283
  339
  386
  435
  488
  544
  602
  664
  729
  796
  866
  942
  1,019
  1,098
  1,180
  1,266
  1,355
  1,448
  1,544
  1,644
  1,748
  1,856
  1,969
  2,087
  2,209
  2,337
  2,470
  2,609
  2,754
  2,906
  3,064
Tax expense, $m
  83
  92
  104
  118
  132
  147
  163
  179
  197
  215
  234
  254
  275
  296
  319
  342
  366
  391
  417
  444
  472
  501
  532
  563
  596
  631
  667
  704
  744
  785
  827
Net income, $m
  200
  248
  282
  318
  356
  397
  440
  485
  532
  581
  633
  688
  744
  801
  862
  924
  989
  1,057
  1,127
  1,200
  1,276
  1,355
  1,437
  1,523
  1,613
  1,706
  1,803
  1,904
  2,010
  2,121
  2,237

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
  1,723
  1,972
  2,238
  2,522
  2,821
  3,137
  3,469
  3,817
  4,180
  4,559
  4,954
  5,365
  5,793
  6,237
  6,699
  7,178
  7,677
  8,195
  8,734
  9,295
  9,878
  10,485
  11,118
  11,777
  12,465
  13,182
  13,931
  14,712
  15,529
  16,382
Adjusted assets (=assets-cash), $m
  1,492
  1,723
  1,972
  2,238
  2,522
  2,821
  3,137
  3,469
  3,817
  4,180
  4,559
  4,954
  5,365
  5,793
  6,237
  6,699
  7,178
  7,677
  8,195
  8,734
  9,295
  9,878
  10,485
  11,118
  11,777
  12,465
  13,182
  13,931
  14,712
  15,529
  16,382
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
  533
  610
  692
  780
  872
  970
  1,073
  1,180
  1,293
  1,410
  1,532
  1,659
  1,791
  1,929
  2,071
  2,220
  2,374
  2,534
  2,701
  2,874
  3,055
  3,242
  3,438
  3,642
  3,854
  4,076
  4,308
  4,549
  4,802
  5,066
Working capital, $m
  943
  365
  418
  475
  535
  598
  665
  736
  809
  886
  967
  1,051
  1,138
  1,228
  1,322
  1,420
  1,522
  1,628
  1,738
  1,852
  1,971
  2,095
  2,223
  2,357
  2,497
  2,643
  2,795
  2,954
  3,120
  3,293
  3,474
Total debt, $m
  215
  128
  214
  306
  404
  507
  616
  731
  851
  976
  1,107
  1,243
  1,385
  1,532
  1,686
  1,845
  2,011
  2,183
  2,361
  2,547
  2,741
  2,942
  3,151
  3,370
  3,597
  3,834
  4,082
  4,340
  4,610
  4,891
  5,186
Total liabilities, $m
  680
  594
  680
  772
  870
  973
  1,082
  1,197
  1,317
  1,442
  1,573
  1,709
  1,851
  1,998
  2,152
  2,311
  2,477
  2,649
  2,827
  3,013
  3,207
  3,408
  3,617
  3,836
  4,063
  4,300
  4,548
  4,806
  5,076
  5,357
  5,652
Total equity, $m
  1,604
  1,129
  1,292
  1,466
  1,652
  1,848
  2,055
  2,272
  2,500
  2,738
  2,986
  3,245
  3,514
  3,794
  4,085
  4,388
  4,702
  5,028
  5,368
  5,721
  6,088
  6,470
  6,868
  7,282
  7,714
  8,165
  8,634
  9,125
  9,637
  10,171
  10,730
Total liabilities and equity, $m
  2,284
  1,723
  1,972
  2,238
  2,522
  2,821
  3,137
  3,469
  3,817
  4,180
  4,559
  4,954
  5,365
  5,792
  6,237
  6,699
  7,179
  7,677
  8,195
  8,734
  9,295
  9,878
  10,485
  11,118
  11,777
  12,465
  13,182
  13,931
  14,713
  15,528
  16,382
Debt-to-equity ratio
  0.134
  0.110
  0.170
  0.210
  0.240
  0.270
  0.300
  0.320
  0.340
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.450
  0.450
  0.450
  0.460
  0.460
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.480
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
  248
  282
  318
  356
  397
  440
  485
  532
  581
  633
  688
  744
  801
  862
  924
  989
  1,057
  1,127
  1,200
  1,276
  1,355
  1,437
  1,523
  1,613
  1,706
  1,803
  1,904
  2,010
  2,121
  2,237
Depreciation, amort., depletion, $m
  47
  54
  62
  70
  78
  87
  97
  107
  117
  128
  139
  149
  161
  174
  187
  201
  216
  230
  246
  262
  279
  297
  315
  334
  354
  374
  396
  418
  442
  466
  492
Funds from operations, $m
  -6
  302
  343
  387
  434
  484
  536
  591
  649
  709
  772
  837
  905
  975
  1,049
  1,125
  1,205
  1,287
  1,373
  1,462
  1,555
  1,652
  1,752
  1,857
  1,966
  2,080
  2,199
  2,323
  2,452
  2,587
  2,729
Change in working capital, $m
  -159
  49
  53
  56
  60
  64
  67
  70
  74
  77
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  140
  146
  152
  159
  166
  173
  181
Cash from operations, $m
  153
  253
  290
  331
  374
  420
  469
  521
  575
  632
  692
  753
  818
  885
  955
  1,027
  1,103
  1,182
  1,263
  1,348
  1,436
  1,528
  1,623
  1,723
  1,826
  1,934
  2,047
  2,164
  2,286
  2,414
  2,548
Maintenance CAPEX, $m
  0
  -45
  -52
  -59
  -67
  -76
  -85
  -94
  -104
  -115
  -126
  -137
  -149
  -161
  -174
  -187
  -201
  -216
  -230
  -246
  -262
  -279
  -297
  -315
  -334
  -354
  -374
  -396
  -418
  -442
  -466
New CAPEX, $m
  -141
  -71
  -77
  -82
  -88
  -93
  -98
  -103
  -108
  -112
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -160
  -167
  -173
  -180
  -188
  -196
  -204
  -213
  -222
  -231
  -242
  -252
  -264
Cash from investing activities, $m
  -79
  -116
  -129
  -141
  -155
  -169
  -183
  -197
  -212
  -227
  -243
  -259
  -276
  -293
  -311
  -330
  -349
  -370
  -390
  -413
  -435
  -459
  -485
  -511
  -538
  -567
  -596
  -627
  -660
  -694
  -730
Free cash flow, $m
  74
  137
  162
  189
  220
  252
  287
  324
  364
  405
  449
  494
  542
  592
  643
  697
  754
  812
  872
  935
  1,001
  1,069
  1,139
  1,212
  1,289
  1,368
  1,451
  1,537
  1,626
  1,720
  1,818
Issuance/(repayment) of debt, $m
  -18
  80
  86
  92
  98
  103
  109
  115
  120
  125
  131
  136
  142
  147
  153
  159
  166
  172
  179
  186
  193
  201
  210
  218
  227
  237
  247
  258
  270
  282
  294
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
  80
  86
  92
  98
  103
  109
  115
  120
  125
  131
  136
  142
  147
  153
  159
  166
  172
  179
  186
  193
  201
  210
  218
  227
  237
  247
  258
  270
  282
  294
Total cash flow (excl. dividends), $m
  73
  217
  248
  281
  317
  356
  396
  439
  484
  530
  580
  630
  683
  739
  797
  857
  919
  984
  1,051
  1,121
  1,194
  1,270
  1,349
  1,431
  1,516
  1,605
  1,698
  1,795
  1,896
  2,002
  2,112
Retained Cash Flow (-), $m
  -199
  -151
  -163
  -174
  -186
  -196
  -207
  -217
  -228
  -238
  -248
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -339
  -353
  -367
  -382
  -398
  -414
  -432
  -450
  -470
  -490
  -512
  -535
  -559
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
 
  693
  85
  107
  132
  159
  189
  221
  256
  292
  331
  371
  414
  459
  506
  554
  605
  657
  712
  768
  827
  888
  951
  1,016
  1,084
  1,155
  1,228
  1,305
  1,384
  1,467
  1,553
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
 
  664
  77
  93
  108
  123
  137
  149
  160
  168
  174
  176
  177
  175
  170
  163
  154
  143
  131
  118
  105
  92
  79
  67
  55
  45
  36
  28
  21
  16
  12
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., through its subsidiaries, operates as a poultry producer in Mexico and the United States. The company primarily engages in the breeding, processing, and marketing of chicken, eggs, swine, and balanced animal feed. It also offers value-added turkey and beef products; and produces and distributes medicines and vaccines for animal consumption. The company sells its products through wholesalers, as well as institutional, supermarket, and retail channels. Industrias Bachoco, S.A.B. de C.V. was founded in 1952 and is headquartered in Celaya, Mexico. Industrias Bachoco, S.A.B. de C.V. is a subsidiary of Robinson Bours Family Trust.

FINANCIAL RATIOS  of  Industrias Bachoco ADR (IBA)

Valuation Ratios
P/E Ratio 191.6
Price to Sales 14.5
Price to Book 23.9
Price to Tangible Book
Price to Cash Flow 250.5
Price to Free Cash Flow 3194
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 15.5% 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 48.367 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 65.14 50.92  hold
FDP Fresh Del Mont 46.56 7.44  str.sell

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]
▶ Bachoco Announces First Quarter 2015 Earnings Call   [Apr-16  02:01PM  GlobeNewswire]
Stock chart of IBA 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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