Intrinsic value of J&J Snack Foods - JJSF

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$132.74

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$132.74

 
Intrinsic value

$62.93

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of JJSF 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 2.5

 

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, %
  1.74
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  993
  1,066
  1,143
  1,222
  1,305
  1,390
  1,480
  1,573
  1,669
  1,770
  1,875
  1,984
  2,098
  2,218
  2,342
  2,472
  2,608
  2,750
  2,898
  3,054
  3,216
  3,386
  3,565
  3,751
  3,947
  4,152
  4,367
  4,592
  4,828
  5,075
  5,335
Variable operating expenses, $m
 
  940
  1,007
  1,076
  1,148
  1,223
  1,301
  1,382
  1,466
  1,554
  1,646
  1,733
  1,833
  1,937
  2,045
  2,159
  2,278
  2,402
  2,531
  2,667
  2,809
  2,958
  3,113
  3,276
  3,447
  3,626
  3,813
  4,010
  4,216
  4,432
  4,659
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  880
  944
  1,011
  1,080
  1,152
  1,228
  1,306
  1,387
  1,471
  1,559
  1,651
  1,738
  1,838
  1,943
  2,051
  2,165
  2,284
  2,408
  2,537
  2,673
  2,816
  2,965
  3,120
  3,283
  3,454
  3,633
  3,821
  4,018
  4,224
  4,440
  4,667
Operating income, $m
  113
  122
  132
  142
  152
  163
  174
  186
  198
  211
  224
  246
  260
  275
  291
  307
  324
  342
  361
  380
  401
  422
  445
  468
  493
  518
  545
  574
  603
  635
  667
EBITDA, $m
  154
  163
  175
  187
  200
  213
  227
  241
  256
  272
  288
  305
  323
  342
  361
  381
  402
  424
  447
  472
  497
  523
  551
  580
  611
  642
  676
  711
  748
  786
  827
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
Earnings before tax, $m
  117
  122
  131
  141
  151
  161
  172
  183
  195
  207
  220
  241
  255
  269
  284
  300
  316
  333
  351
  370
  390
  410
  432
  454
  478
  503
  528
  556
  584
  614
  645
Tax expense, $m
  41
  33
  36
  38
  41
  44
  46
  49
  53
  56
  59
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
Net income, $m
  76
  89
  96
  103
  110
  118
  126
  134
  142
  151
  160
  176
  186
  197
  208
  219
  231
  243
  257
  270
  284
  299
  315
  332
  349
  367
  386
  406
  426
  448
  471

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  154
  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
  790
  683
  732
  783
  836
  891
  948
  1,007
  1,069
  1,134
  1,201
  1,271
  1,344
  1,421
  1,500
  1,584
  1,671
  1,762
  1,857
  1,956
  2,060
  2,169
  2,284
  2,403
  2,528
  2,660
  2,797
  2,941
  3,093
  3,251
  3,417
Adjusted assets (=assets-cash), $m
  636
  683
  732
  783
  836
  891
  948
  1,007
  1,069
  1,134
  1,201
  1,271
  1,344
  1,421
  1,500
  1,584
  1,671
  1,762
  1,857
  1,956
  2,060
  2,169
  2,284
  2,403
  2,528
  2,660
  2,797
  2,941
  3,093
  3,251
  3,417
Revenue / Adjusted assets
  1.561
  1.561
  1.561
  1.561
  1.561
  1.560
  1.561
  1.562
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
  1.561
Average production assets, $m
  222
  239
  256
  274
  292
  311
  331
  352
  374
  396
  420
  444
  470
  497
  525
  554
  584
  616
  649
  684
  720
  759
  798
  840
  884
  930
  978
  1,029
  1,081
  1,137
  1,195
Working capital, $m
  253
  107
  114
  122
  130
  139
  148
  157
  167
  177
  187
  198
  210
  222
  234
  247
  261
  275
  290
  305
  322
  339
  356
  375
  395
  415
  437
  459
  483
  508
  533
Total debt, $m
  2
  13
  25
  37
  50
  63
  77
  91
  106
  121
  137
  154
  171
  190
  209
  228
  249
  271
  294
  318
  342
  368
  396
  424
  454
  486
  519
  553
  589
  627
  667
Total liabilities, $m
  153
  163
  175
  187
  200
  213
  227
  241
  256
  271
  287
  304
  321
  340
  359
  378
  399
  421
  444
  468
  492
  518
  546
  574
  604
  636
  669
  703
  739
  777
  817
Total equity, $m
  638
  520
  557
  596
  636
  678
  721
  767
  814
  863
  914
  967
  1,023
  1,081
  1,142
  1,205
  1,271
  1,341
  1,413
  1,489
  1,568
  1,651
  1,738
  1,829
  1,924
  2,024
  2,129
  2,238
  2,354
  2,474
  2,601
Total liabilities and equity, $m
  791
  683
  732
  783
  836
  891
  948
  1,008
  1,070
  1,134
  1,201
  1,271
  1,344
  1,421
  1,501
  1,583
  1,670
  1,762
  1,857
  1,957
  2,060
  2,169
  2,284
  2,403
  2,528
  2,660
  2,798
  2,941
  3,093
  3,251
  3,418
Debt-to-equity ratio
  0.003
  0.030
  0.040
  0.060
  0.080
  0.090
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
Adjusted equity ratio
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  89
  96
  103
  110
  118
  126
  134
  142
  151
  160
  176
  186
  197
  208
  219
  231
  243
  257
  270
  284
  299
  315
  332
  349
  367
  386
  406
  426
  448
  471
Depreciation, amort., depletion, $m
  41
  40
  43
  45
  48
  50
  53
  56
  58
  61
  65
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  152
  159
Funds from operations, $m
  115
  130
  139
  148
  158
  168
  178
  189
  201
  212
  225
  235
  249
  263
  278
  293
  309
  326
  343
  361
  381
  401
  422
  444
  467
  491
  516
  543
  571
  600
  630
Change in working capital, $m
  -6
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  23
  24
  25
  26
Cash from operations, $m
  121
  126
  131
  140
  150
  159
  169
  180
  191
  202
  214
  224
  237
  251
  265
  280
  295
  311
  328
  346
  364
  384
  404
  425
  447
  470
  495
  520
  547
  575
  604
Maintenance CAPEX, $m
  0
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -152
New CAPEX, $m
  -49
  -17
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
Cash from investing activities, $m
  -75
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
  -115
  -122
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -180
  -190
  -199
  -210
Free cash flow, $m
  46
  80
  82
  88
  95
  101
  108
  115
  122
  130
  138
  144
  153
  162
  171
  181
  191
  202
  213
  224
  237
  249
  263
  277
  291
  307
  323
  339
  357
  375
  395
Issuance/(repayment) of debt, $m
  0
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
Issuance/(repurchase) of shares, $m
  -9
  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  
  -9
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
Total cash flow (excl. dividends), $m
  36
  91
  94
  100
  107
  114
  122
  129
  137
  145
  154
  161
  170
  180
  190
  201
  212
  223
  236
  248
  262
  275
  290
  305
  321
  338
  355
  374
  393
  413
  435
Retained Cash Flow (-), $m
  -38
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
Prev. year cash balance distribution, $m
 
  154
  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
 
  209
  57
  62
  67
  72
  78
  84
  90
  96
  103
  107
  114
  122
  129
  137
  146
  154
  163
  173
  182
  192
  203
  214
  226
  238
  251
  264
  278
  293
  308
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
 
  201
  52
  54
  55
  56
  57
  57
  56
  55
  54
  51
  49
  46
  43
  40
  37
  34
  30
  27
  23
  20
  17
  14
  12
  9
  7
  6
  4
  3
  2
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

J&J Snack Foods Corp. manufactures, markets, and distributes various nutritional snack foods and beverages to the food service and retail supermarket industries in the United States, Mexico, and Canada. The company operates through three segments: Food Service, Retail Supermarkets, and Frozen Beverages. It offers soft pretzels under the SUPERPRETZEL, PRETZEL FILLERS, PRETZELFILS, GOURMET TWISTS, MR. TWISTER, SOFT PRETZEL BITES, SOFTSTIX, SOFT PRETZEL BUNS, TEXAS TWIST, BAVARIAN BAKERY, NEW YORK PRETZEL, KIM & SCOTT’S GOURMET PRETZELS, and SERIOUSLY TWISTED! brand names, as well as under the private labels. The company also provides frozen juice treats and desserts primarily under the LUIGI’S, WHOLE FRUIT, PHILLY SWIRL, ICEE, and MINUTE MAID brands; churros under the TIO PEPE’S, CALIFORNIA CHURROS, and OREO brand names; and dough enrobed handheld products under the PATIO, SUPREME STUFFERS, and SWEET STUFFERS brands. In addition, it offers bakery products, such as biscuits, fig and fruit bars, cookies, breads, rolls, crumbs, muffins, and donuts under the MRS. GOODCOOKIE, READI-BAKE, COUNTRY HOME, MARY B’S, and DADDY RAY’S brand names, as well as under private labels; and frozen beverages primarily under the ICEE, SLUSH PUPPIE, and PARROT ICE names. Further, the company provides soft drinks and funnel cakes under the FUNNEL CAKE FACTORY brand name. It serves snack bars and food stands in chains; department and mass merchandising stores; malls and shopping centers; fast food outlets; casual dining restaurants; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges, and other institutions; and independent retailers. The company sells its products through a network of food brokers and independent sales distributors; and direct sales force. J&J Snack Foods Corp. was founded in 1971 and is headquartered in Pennsauken, New Jersey.

FINANCIAL RATIOS  of  J&J Snack Foods (JJSF)

Valuation Ratios
P/E Ratio 32.6
Price to Sales 2.5
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow 34.4
Growth Rates
Sales Growth Rate 1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.3%
Total Debt to Equity 0.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 10.1%
Return On Total Capital 12.2%
Ret/ On T. Cap. - 3 Yr. Avg. 12.5%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 30.6%
Gross Margin - 3 Yr. Avg. 30.9%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 15.8%
Operating Margin 11.4%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 35%
Eff/ Tax Rate - 3 Yr. Avg. 35.9%
Payout Ratio 38.2%

JJSF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JJSF stock intrinsic value calculation we used $993 million for the last fiscal year's total revenue generated by J&J Snack Foods. The default revenue input number comes from 2016 income statement of J&J Snack 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 JJSF stock valuation model: a) initial revenue growth rate of 7.4% 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 JJSF is calculated based on our internal credit rating of J&J Snack 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 J&J Snack 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 JJSF stock the variable cost ratio is equal to 88.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for JJSF 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 J&J Snack Foods.

Corporate tax rate of 27% is the nominal tax rate for J&J Snack 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 JJSF 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 JJSF are equal to 22.4%.

Life of production assets of 7.5 years is the average useful life of capital assets used in J&J Snack 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 JJSF is equal to 10%. 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 - $638 million for J&J Snack 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 18.683 million for J&J Snack 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 J&J Snack Foods at the current share price and the inputted number of shares is $2.5 billion.


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COMPANY NEWS

▶ ETFs with exposure to J&J Snack Foods Corp. : May 2, 2017   [May-02-17 04:14PM  Capital Cube]
▶ J&J Snack Foods misses 2Q profit forecasts   [Apr-24-17 04:06PM  Associated Press]
▶ J & J Snack Foods Schedules Second Quarter Conference Call   [Apr-12-17 04:00PM  GlobeNewswire]
▶ J&J Snack Foods Introduces Pillsbury® Churro Bites   [Apr-11-17 09:30AM  PR Newswire]
▶ This Sparkling Food Retailer Looks Bright   [Feb-19-17 10:10PM  GuruFocus.com]
▶ J & J Snack Foods Schedules First Quarter Conference Call   [Jan-12-17 04:00PM  GlobeNewswire]
▶ How Big Lots, Inc. (BIG) Stacks Up To Its Peers   [Dec-01-16 10:44PM  at Insider Monkey]
▶ J & J Snack Foods Schedules Fourth Quarter Conference Call   [Oct-24-16 04:00PM  GlobeNewswire]
Stock chart of JJSF Financial statements of JJSF Annual reports of JJSF
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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