Intrinsic value of Leading Brands - LBIX

Previous Close

$1.65

  Intrinsic Value

$0.33

stock screener

  Rating & Target

str. sell

-80%

Previous close

$1.65

 
Intrinsic value

$0.33

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of LBIX 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.00
  57.60
  52.34
  47.61
  43.35
  39.51
  36.06
  32.95
  30.16
  27.64
  25.38
  23.34
  21.51
  19.86
  18.37
  17.03
  15.83
  14.75
  13.77
  12.89
  12.11
  11.39
  10.76
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
Revenue, $m
  1
  2
  2
  4
  5
  7
  10
  13
  17
  21
  27
  33
  40
  48
  57
  66
  77
  88
  100
  113
  127
  142
  157
  173
  190
  207
  225
  244
  264
  284
  305
Variable operating expenses, $m
 
  10
  16
  23
  33
  46
  63
  83
  108
  138
  173
  214
  259
  311
  368
  431
  499
  572
  651
  735
  824
  918
  1,017
  1,121
  1,229
  1,342
  1,460
  1,582
  1,710
  1,842
  1,980
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
  3
  10
  16
  23
  33
  46
  63
  83
  108
  138
  173
  214
  259
  311
  368
  431
  499
  572
  651
  735
  824
  918
  1,017
  1,121
  1,229
  1,342
  1,460
  1,582
  1,710
  1,842
  1,980
Operating income, $m
  -3
  -9
  -13
  -19
  -28
  -39
  -53
  -70
  -91
  -117
  -146
  -181
  -219
  -263
  -311
  -364
  -422
  -484
  -551
  -622
  -697
  -777
  -860
  -948
  -1,039
  -1,135
  -1,234
  -1,338
  -1,446
  -1,558
  -1,675
EBITDA, $m
  -3
  -8
  -13
  -19
  -27
  -38
  -52
  -69
  -89
  -114
  -143
  -177
  -214
  -257
  -304
  -356
  -413
  -473
  -539
  -608
  -682
  -759
  -841
  -927
  -1,016
  -1,109
  -1,207
  -1,308
  -1,414
  -1,523
  -1,637
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
Earnings before tax, $m
  -2
  -9
  -13
  -19
  -28
  -39
  -53
  -71
  -92
  -117
  -147
  -182
  -221
  -265
  -313
  -367
  -425
  -487
  -555
  -626
  -702
  -782
  -866
  -954
  -1,047
  -1,143
  -1,243
  -1,348
  -1,456
  -1,569
  -1,687
Tax expense, $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
Net income, $m
  -5
  -9
  -13
  -19
  -28
  -39
  -53
  -71
  -92
  -117
  -147
  -182
  -221
  -265
  -313
  -367
  -425
  -487
  -555
  -626
  -702
  -782
  -866
  -954
  -1,047
  -1,143
  -1,243
  -1,348
  -1,456
  -1,569
  -1,687

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  4
  3
  5
  8
  11
  15
  21
  28
  36
  46
  58
  71
  86
  104
  123
  144
  166
  191
  217
  245
  275
  306
  339
  373
  409
  447
  486
  527
  570
  614
  660
Adjusted assets (=assets-cash), $m
  1
  3
  5
  8
  11
  15
  21
  28
  36
  46
  58
  71
  86
  104
  123
  144
  166
  191
  217
  245
  275
  306
  339
  373
  409
  447
  486
  527
  570
  614
  660
Revenue / Adjusted assets
  1.000
  0.667
  0.400
  0.500
  0.455
  0.467
  0.476
  0.464
  0.472
  0.457
  0.466
  0.465
  0.465
  0.462
  0.463
  0.458
  0.464
  0.461
  0.461
  0.461
  0.462
  0.464
  0.463
  0.464
  0.465
  0.463
  0.463
  0.463
  0.463
  0.463
  0.462
Average production assets, $m
  0
  2
  3
  4
  6
  9
  12
  16
  20
  26
  33
  40
  49
  59
  70
  81
  94
  108
  123
  139
  156
  174
  192
  212
  232
  254
  276
  299
  323
  348
  374
Working capital, $m
  3
  0
  0
  -1
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -28
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -61
Total debt, $m
  0
  1
  1
  2
  3
  5
  7
  10
  13
  16
  20
  25
  31
  37
  44
  52
  60
  69
  78
  89
  99
  111
  123
  135
  148
  162
  176
  191
  207
  223
  240
Total liabilities, $m
  1
  1
  2
  3
  4
  6
  8
  10
  13
  17
  21
  26
  31
  38
  45
  52
  61
  69
  79
  89
  100
  111
  123
  136
  149
  163
  177
  192
  207
  223
  240
Total equity, $m
  4
  2
  3
  5
  7
  10
  13
  18
  23
  29
  37
  45
  55
  66
  78
  91
  106
  121
  138
  156
  175
  195
  216
  237
  260
  284
  309
  335
  362
  390
  420
Total liabilities and equity, $m
  5
  3
  5
  8
  11
  16
  21
  28
  36
  46
  58
  71
  86
  104
  123
  143
  167
  190
  217
  245
  275
  306
  339
  373
  409
  447
  486
  527
  569
  613
  660
Debt-to-equity ratio
  0.000
  0.310
  0.400
  0.460
  0.490
  0.510
  0.530
  0.540
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
Adjusted equity ratio
  1.000
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  -9
  -13
  -19
  -28
  -39
  -53
  -71
  -92
  -117
  -147
  -182
  -221
  -265
  -313
  -367
  -425
  -487
  -555
  -626
  -702
  -782
  -866
  -954
  -1,047
  -1,143
  -1,243
  -1,348
  -1,456
  -1,569
  -1,687
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  5
  6
  7
  8
  9
  11
  12
  14
  16
  17
  19
  21
  23
  25
  28
  30
  32
  35
  37
Funds from operations, $m
  -1
  -8
  -13
  -19
  -27
  -38
  -52
  -69
  -90
  -115
  -144
  -178
  -216
  -259
  -306
  -359
  -415
  -477
  -542
  -612
  -686
  -765
  -847
  -933
  -1,023
  -1,117
  -1,216
  -1,318
  -1,424
  -1,534
  -1,649
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  -1
  -8
  -13
  -19
  -27
  -38
  -51
  -68
  -89
  -114
  -143
  -176
  -214
  -257
  -305
  -357
  -413
  -474
  -540
  -610
  -684
  -762
  -844
  -930
  -1,020
  -1,114
  -1,212
  -1,314
  -1,420
  -1,530
  -1,645
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -28
  -30
  -32
  -35
New CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  4
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -51
  -54
  -57
  -61
Free cash flow, $m
  3
  -9
  -14
  -21
  -29
  -41
  -55
  -74
  -95
  -122
  -152
  -187
  -227
  -272
  -321
  -375
  -434
  -498
  -566
  -638
  -714
  -795
  -880
  -969
  -1,062
  -1,159
  -1,260
  -1,365
  -1,474
  -1,588
  -1,706
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  1
  2
  2
  2
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  15
  16
  17
Issuance/(repurchase) of shares, $m
  0
  9
  14
  21
  30
  42
  57
  75
  97
  124
  155
  190
  230
  276
  325
  380
  439
  503
  571
  644
  721
  802
  887
  976
  1,070
  1,167
  1,268
  1,374
  1,483
  1,597
  1,716
Cash from financing (excl. dividends), $m  
  0
  10
  15
  22
  31
  44
  59
  77
  100
  128
  159
  195
  236
  282
  332
  388
  447
  512
  581
  654
  732
  813
  899
  989
  1,083
  1,181
  1,282
  1,389
  1,498
  1,613
  1,733
Total cash flow (excl. dividends), $m
  3
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
Retained Cash Flow (-), $m
  5
  -9
  -14
  -21
  -30
  -42
  -57
  -75
  -97
  -124
  -155
  -190
  -230
  -276
  -325
  -380
  -439
  -503
  -571
  -644
  -721
  -802
  -887
  -976
  -1,070
  -1,167
  -1,268
  -1,374
  -1,483
  -1,597
  -1,716
Prev. year cash balance distribution, $m
 
  3
  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
 
  -6
  -13
  -20
  -28
  -39
  -53
  -71
  -92
  -118
  -148
  -182
  -222
  -266
  -314
  -368
  -426
  -489
  -556
  -628
  -704
  -784
  -868
  -956
  -1,049
  -1,145
  -1,245
  -1,350
  -1,459
  -1,572
  -1,689
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
 
  -6
  -12
  -17
  -23
  -30
  -39
  -48
  -58
  -68
  -78
  -87
  -95
  -101
  -106
  -108
  -108
  -106
  -102
  -97
  -89
  -81
  -72
  -63
  -53
  -45
  -36
  -29
  -23
  -17
  -13
Current shareholders' claim on cash, %
  100
  15.9
  2.5
  0.4
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Leading Brands, Inc. (Leading Brands) and its subsidiaries are engaged in the development, production, marketing and distribution of the Company's branded and licensed beverage brands, as well as production services for certain other customers. The Company's principal operations consist of an integrated bottling and distribution system for beverages. The Company sells beverage products through its integrated distribution system (IDS) of distributors, wholesalers and grocery chains. Its principal product lines include juices and other premium beverages. Its bottling plant provides bottling services for the Company's own products and for external customers, as requested. The Company's beverage brands include TrueBlue, PureBlue and HappyWater. It provides beverage packaging (co-pack) services to a beverage company. The Company bottles juices and new age beverages for a co-pack customer. Its subsidiaries include Leading Brands of Canada, Inc., LBI Brands, Inc. and Neurogenesis Inc.

FINANCIAL RATIOS  of  Leading Brands (LBIX)

Valuation Ratios
P/E Ratio -0.9
Price to Sales 4.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -4.6
Price to Free Cash Flow -4.6
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -71.4%
Ret/ On Assets - 3 Yr. Avg. -27%
Return On Total Capital -76.9%
Ret/ On T. Cap. - 3 Yr. Avg. -29.1%
Return On Equity -76.9%
Return On Equity - 3 Yr. Avg. -29.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -200%
EBITDA Margin - 3 Yr. Avg. -133.3%
Operating Margin -200%
Oper. Margin - 3 Yr. Avg. -166.7%
Pre-Tax Margin -200%
Pre-Tax Margin - 3 Yr. Avg. -166.7%
Net Profit Margin -500%
Net Profit Margin - 3 Yr. Avg. -200%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

LBIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LBIX stock intrinsic value calculation we used $1 million for the last fiscal year's total revenue generated by Leading Brands. The default revenue input number comes from 2017 income statement of Leading Brands. 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 LBIX stock valuation model: a) initial revenue growth rate of 57.6% 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 LBIX is calculated based on our internal credit rating of Leading Brands, 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 Leading Brands.
    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 LBIX stock the variable cost ratio is equal to 648.2%.

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 LBIX 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 5.4% for Leading Brands.

Corporate tax rate of 27% is the nominal tax rate for Leading Brands. 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 LBIX 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 LBIX are equal to 122.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Leading Brands 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 LBIX is equal to -20.1%. 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 - $4 million for Leading Brands - 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 3 million for Leading Brands 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 Leading Brands at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Leading Brands, Inc. Announces Change in Board of Directors   [Jul-19-18 09:00AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q1 Results   [Jul-16-18 01:36PM  GlobeNewswire]
▶ Leading Brands, Inc. announces Mailing of Meeting Material   [Jun-13-18 08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Year End Financial Results   [May-30-18 09:30AM  GlobeNewswire]
▶ Nasdaq Extension   [Apr-02-18 08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q2 Results   [Oct-16-17 08:30AM  GlobeNewswire]
▶ Should You Be Holding Leading Brands Inc (LBIX) Right Now?   [Oct-10-17 11:59AM  Simply Wall St.]
▶ How Should You Think About Leading Brands Incs (LBIX) Risks?   [Sep-18-17 03:55PM  Simply Wall St.]
▶ Leading Brands, Inc. Announces Q1 Results   [Jul-17-17 08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Year End Financial Results   [May-30-17 08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q3 & YTD Results   [Jan-16-17 08:30AM  GlobeNewswire]
▶ Tuesdays Top Trending Tickers: TWTR, VSLR, BIDU, C, LBIX   [Jun-14-16 11:17AM  Insider Monkey]
▶ Leading Brands, Inc. Announces Q1 Results   [08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Year End Financial Results   [May-20-16 08:30AM  GlobeNewswire]
▶ Leading Brands Announces Launch of Canada Fresh Air   [Apr-11-16 08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q3 Results   [Jan-14-16 08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Earnings Q2, 2016   [Oct-13  10:43AM  Capital Cube]
▶ Leading Brands, Inc. Announces Q2 Results   [Oct-09  08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q1 Results   [Jul-10  08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Suspends Investment Banking Mandate   [Jun-24  08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Year End Financial Results   [May-15  08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q3 and YTD Results   [Jan-14  08:30AM  GlobeNewswire]
▶ Leading Brands (LBIX) Downgraded From Buy to Hold   [Nov-12  09:23AM  at TheStreet]
▶ Leading Brands (LBIX) Upgraded From Hold to Buy   [Oct-07  10:54AM  at TheStreet]
▶ Leading Brands, Inc. Announces Q2 Results   [Oct-03  08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q1 Results   [Jul-10  08:30AM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q3 and YTD Results   [Jan-09  05:41PM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q2 and YTD Results   [Oct-10  07:44PM  GlobeNewswire]
▶ Leading Brands Ripe For Big Soft Drink Buyout   [Sep-16  01:57PM  at Seeking Alpha]
▶ Leading Brands: Strong Growth Ahead   [Jul-16  05:36PM  at Seeking Alpha]
▶ Leading Brands, Inc. Announces Q1 Results   [Jul-11  08:30AM  GlobeNewswire]
▶ Leading Brands: A Turnaround Story In The Making   [May-31  01:42PM  at Seeking Alpha]
▶ Leading Brands, Inc.: Juicing Returns For Shareholders   [Feb-06  03:15AM  at Seeking Alpha]
▶ Leading Brands, Inc. Announces Q3 and YTD Results   [Jan-04  07:45PM  GlobeNewswire]
▶ Leading Brands, Inc. Announces Q2 and YTD Results   [Sep-28-12 08:30AM  GlobeNewswire]
▶ CFO Moves: Leading Brands, Response Genetics, Wayside Technology Group   [Aug-21-12 03:55PM  at The Wall Street Journal]
▶ Leading Brands Announces Early Warning Report   [Jul-26-12 08:30AM  GlobeNewswire]
▶ National Beverage Reports Record Revenue, Shares Barely Move   [Jul-18-12 08:29AM  at Seeking Alpha]
▶ Buy This Undervalued Juice Maker Before Its Bought Out   [Jul-13-12 06:51AM  at Seeking Alpha]
▶ Leading Brands, Inc. Announces Q1 Results   [Jul-12-12 08:30AM  GlobeNewswire]
▶ Juicy Returns at National Beverage   [Oct-17-11 05:17PM  at Motley Fool]
▶ Leading Brands, Inc. Announces Record YTD Results   [Sep-29-11 08:30AM  GlobeNewswire]
Financial statements of LBIX
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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