Intrinsic value of Limoneira - LMNR

Previous Close

$23.20

  Intrinsic Value

$53.24

stock screener

  Rating & Target

str. buy

+129%

  Value-price divergence*

+2107%

Previous close

$23.20

 
Intrinsic value

$53.24

 
Up/down potential

+129%

 
Rating

str. buy

 
Value-price divergence*

+2107%

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

We calculate the intrinsic value of LMNR 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 0.3

 

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, %
  12.00
  37.00
  33.80
  30.92
  28.33
  26.00
  23.90
  22.01
  20.31
  18.77
  17.40
  16.16
  15.04
  14.04
  13.13
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
Revenue, $m
  112
  153
  205
  269
  345
  435
  538
  657
  790
  939
  1,102
  1,280
  1,473
  1,679
  1,900
  2,134
  2,381
  2,642
  2,915
  3,200
  3,499
  3,810
  4,134
  4,471
  4,821
  5,185
  5,563
  5,956
  6,365
  6,790
  7,232
Variable operating expenses, $m
 
  89
  119
  156
  200
  252
  312
  381
  458
  544
  638
  741
  853
  973
  1,100
  1,236
  1,379
  1,530
  1,688
  1,853
  2,026
  2,206
  2,394
  2,589
  2,792
  3,003
  3,222
  3,449
  3,686
  3,932
  4,188
Fixed operating expenses, $m
 
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
Total operating expenses, $m
  103
  129
  160
  198
  243
  296
  357
  427
  506
  593
  688
  792
  905
  1,027
  1,155
  1,292
  1,437
  1,589
  1,749
  1,915
  2,090
  2,272
  2,461
  2,658
  2,863
  3,075
  3,296
  3,525
  3,764
  4,012
  4,270
Operating income, $m
  9
  25
  45
  71
  102
  139
  181
  230
  285
  346
  414
  488
  567
  653
  745
  842
  944
  1,052
  1,166
  1,285
  1,409
  1,538
  1,673
  1,813
  1,959
  2,110
  2,267
  2,431
  2,601
  2,778
  2,962
EBITDA, $m
  14
  31
  55
  83
  117
  158
  205
  259
  320
  388
  463
  544
  632
  727
  828
  936
  1,050
  1,169
  1,295
  1,426
  1,563
  1,706
  1,855
  2,010
  2,171
  2,339
  2,513
  2,694
  2,882
  3,078
  3,281
Interest expense (income), $m
  1
  3
  5
  8
  11
  15
  20
  25
  31
  38
  46
  55
  64
  74
  84
  96
  108
  121
  134
  149
  163
  179
  195
  212
  229
  247
  266
  286
  306
  328
  350
Earnings before tax, $m
  13
  21
  40
  63
  91
  123
  161
  205
  254
  308
  368
  433
  504
  579
  660
  746
  836
  932
  1,031
  1,136
  1,245
  1,359
  1,478
  1,601
  1,729
  1,863
  2,001
  2,145
  2,295
  2,450
  2,612
Tax expense, $m
  5
  6
  11
  17
  24
  33
  44
  55
  68
  83
  99
  117
  136
  156
  178
  201
  226
  252
  278
  307
  336
  367
  399
  432
  467
  503
  540
  579
  620
  662
  705
Net income, $m
  8
  16
  29
  46
  66
  90
  118
  149
  185
  225
  268
  316
  368
  423
  482
  544
  610
  680
  753
  829
  909
  992
  1,079
  1,169
  1,262
  1,360
  1,461
  1,566
  1,675
  1,789
  1,907

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  305
  418
  559
  732
  940
  1,184
  1,467
  1,790
  2,153
  2,558
  3,003
  3,488
  4,013
  4,576
  5,177
  5,815
  6,488
  7,198
  7,942
  8,720
  9,533
  10,381
  11,263
  12,181
  13,136
  14,128
  15,159
  16,230
  17,344
  18,501
  19,705
Adjusted assets (=assets-cash), $m
  305
  418
  559
  732
  940
  1,184
  1,467
  1,790
  2,153
  2,558
  3,003
  3,488
  4,013
  4,576
  5,177
  5,815
  6,488
  7,198
  7,942
  8,720
  9,533
  10,381
  11,263
  12,181
  13,136
  14,128
  15,159
  16,230
  17,344
  18,501
  19,705
Revenue / Adjusted assets
  0.367
  0.366
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
Average production assets, $m
  91
  124
  166
  217
  279
  351
  435
  531
  639
  758
  890
  1,034
  1,190
  1,357
  1,535
  1,724
  1,924
  2,134
  2,355
  2,586
  2,827
  3,078
  3,340
  3,612
  3,895
  4,189
  4,495
  4,813
  5,143
  5,486
  5,843
Working capital, $m
  -5
  -3
  -4
  -5
  -6
  -8
  -10
  -12
  -14
  -17
  -20
  -23
  -27
  -30
  -34
  -38
  -43
  -48
  -52
  -58
  -63
  -69
  -74
  -80
  -87
  -93
  -100
  -107
  -115
  -122
  -130
Total debt, $m
  91
  152
  229
  323
  436
  569
  723
  899
  1,096
  1,316
  1,558
  1,822
  2,108
  2,414
  2,741
  3,088
  3,455
  3,841
  4,245
  4,669
  5,111
  5,572
  6,052
  6,552
  7,071
  7,611
  8,171
  8,754
  9,360
  9,990
  10,645
Total liabilities, $m
  167
  227
  304
  398
  511
  644
  798
  974
  1,171
  1,391
  1,633
  1,897
  2,183
  2,489
  2,816
  3,163
  3,530
  3,916
  4,320
  4,744
  5,186
  5,647
  6,127
  6,627
  7,146
  7,686
  8,246
  8,829
  9,435
  10,065
  10,720
Total equity, $m
  139
  191
  255
  334
  429
  540
  669
  816
  982
  1,166
  1,369
  1,590
  1,830
  2,087
  2,361
  2,651
  2,959
  3,282
  3,621
  3,976
  4,347
  4,734
  5,136
  5,555
  5,990
  6,442
  6,912
  7,401
  7,909
  8,437
  8,986
Total liabilities and equity, $m
  306
  418
  559
  732
  940
  1,184
  1,467
  1,790
  2,153
  2,557
  3,002
  3,487
  4,013
  4,576
  5,177
  5,814
  6,489
  7,198
  7,941
  8,720
  9,533
  10,381
  11,263
  12,182
  13,136
  14,128
  15,158
  16,230
  17,344
  18,502
  19,706
Debt-to-equity ratio
  0.655
  0.800
  0.900
  0.970
  1.020
  1.050
  1.080
  1.100
  1.120
  1.130
  1.140
  1.150
  1.150
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.170
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
  1.180
Adjusted equity ratio
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456
  0.456

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  16
  29
  46
  66
  90
  118
  149
  185
  225
  268
  316
  368
  423
  482
  544
  610
  680
  753
  829
  909
  992
  1,079
  1,169
  1,262
  1,360
  1,461
  1,566
  1,675
  1,789
  1,907
Depreciation, amort., depletion, $m
  5
  7
  9
  12
  15
  19
  24
  29
  35
  42
  49
  57
  65
  74
  84
  94
  105
  117
  129
  141
  154
  168
  183
  197
  213
  229
  246
  263
  281
  300
  319
Funds from operations, $m
  12
  22
  38
  58
  82
  109
  142
  179
  220
  266
  317
  373
  433
  497
  566
  639
  716
  797
  882
  971
  1,064
  1,160
  1,261
  1,366
  1,475
  1,589
  1,706
  1,829
  1,956
  2,089
  2,226
Change in working capital, $m
  -2
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
Cash from operations, $m
  14
  23
  39
  59
  83
  111
  144
  181
  222
  269
  320
  376
  436
  501
  570
  643
  720
  801
  887
  976
  1,069
  1,166
  1,267
  1,372
  1,481
  1,595
  1,713
  1,836
  1,964
  2,096
  2,234
Maintenance CAPEX, $m
  0
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -35
  -41
  -49
  -57
  -65
  -74
  -84
  -94
  -105
  -117
  -129
  -141
  -154
  -168
  -183
  -197
  -213
  -229
  -246
  -263
  -281
  -300
New CAPEX, $m
  -31
  -33
  -42
  -51
  -62
  -72
  -84
  -96
  -108
  -120
  -132
  -144
  -156
  -167
  -178
  -189
  -200
  -210
  -221
  -231
  -241
  -251
  -262
  -272
  -283
  -294
  -306
  -318
  -330
  -343
  -357
Cash from investing activities, $m
  -12
  -38
  -49
  -60
  -74
  -87
  -103
  -120
  -137
  -155
  -173
  -193
  -213
  -232
  -252
  -273
  -294
  -315
  -338
  -360
  -382
  -405
  -430
  -455
  -480
  -507
  -535
  -564
  -593
  -624
  -657
Free cash flow, $m
  2
  -15
  -9
  -1
  10
  23
  40
  61
  86
  114
  147
  183
  224
  269
  317
  370
  426
  486
  549
  616
  687
  760
  837
  917
  1,001
  1,088
  1,179
  1,273
  1,370
  1,472
  1,577
Issuance/(repayment) of debt, $m
  1
  61
  77
  94
  113
  133
  154
  176
  198
  220
  242
  264
  285
  306
  327
  347
  367
  386
  405
  424
  442
  461
  480
  499
  519
  540
  561
  583
  606
  630
  655
Issuance/(repurchase) of shares, $m
  0
  36
  35
  33
  28
  21
  11
  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  
  0
  97
  112
  127
  141
  154
  165
  176
  198
  220
  242
  264
  285
  306
  327
  347
  367
  386
  405
  424
  442
  461
  480
  499
  519
  540
  561
  583
  606
  630
  655
Total cash flow (excl. dividends), $m
  3
  82
  103
  126
  151
  178
  206
  237
  283
  334
  389
  447
  509
  575
  644
  717
  793
  872
  954
  1,040
  1,129
  1,221
  1,317
  1,417
  1,520
  1,628
  1,739
  1,855
  1,976
  2,102
  2,232
Retained Cash Flow (-), $m
  -5
  -52
  -64
  -79
  -95
  -111
  -129
  -147
  -166
  -184
  -203
  -221
  -239
  -257
  -274
  -291
  -307
  -323
  -339
  -355
  -371
  -386
  -402
  -419
  -435
  -452
  -470
  -489
  -508
  -528
  -549
Prev. year cash balance distribution, $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 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
 
  31
  38
  47
  56
  66
  77
  90
  118
  150
  186
  226
  270
  318
  370
  426
  485
  548
  615
  685
  758
  835
  915
  998
  1,085
  1,175
  1,269
  1,367
  1,468
  1,574
  1,683
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  29
  33
  37
  40
  43
  45
  46
  53
  59
  63
  65
  65
  63
  59
  55
  49
  43
  37
  30
  25
  19
  15
  11
  8
  6
  4
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  90.2
  83.7
  79.4
  76.6
  75.1
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4

Limoneira Company is engaged in agribusiness and real estate development. The Company's operations consist of fruit production, sales and marketing, rental operations, real estate development and capital investment activities. The Company's segments include lemon operations, other agribusiness, rental operations and real estate development. The Company has three business divisions: agribusiness, rental operations and real estate development. The Company operates its packinghouses in Santa Paula, California and Yuma, Arizona. The Company's water resources include water rights, usage rights and pumping rights to the water in aquifers. The Company's agribusiness includes farming, harvesting, lemon packing and lemon sales operations. The rental operations division includes residential and commercial rentals, leased land operations and organic recycling. The real estate development division includes developable land parcels, multi-family housing and single-family homes.

FINANCIAL RATIOS  of  Limoneira (LMNR)

Valuation Ratios
P/E Ratio 41.1
Price to Sales 2.9
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 23.5
Price to Free Cash Flow -19.4
Growth Rates
Sales Growth Rate 12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.4%
Cap. Spend. - 3 Yr. Gr. Rate 23%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 63.3%
Total Debt to Equity 65.5%
Interest Coverage 14
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 5.9%
Return On Equity - 3 Yr. Avg. 5.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 20.5%
Gross Margin - 3 Yr. Avg. 20.9%
EBITDA Margin 17%
EBITDA Margin - 3 Yr. Avg. 15.5%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 11.1%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate 38.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.1%
Payout Ratio 37.5%

LMNR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LMNR stock intrinsic value calculation we used $112 million for the last fiscal year's total revenue generated by Limoneira. The default revenue input number comes from 2016 income statement of Limoneira. 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 LMNR stock valuation model: a) initial revenue growth rate of 37% 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 7.4%, whose default value for LMNR is calculated based on our internal credit rating of Limoneira, 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 Limoneira.
    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 LMNR stock the variable cost ratio is equal to 58%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for LMNR 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 Limoneira.

Corporate tax rate of 27% is the nominal tax rate for Limoneira. 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 LMNR 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 LMNR are equal to 80.8%.

Life of production assets of 18.3 years is the average useful life of capital assets used in Limoneira 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 LMNR is equal to -1.8%. 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 - $139 million for Limoneira - 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 14.27 million for Limoneira 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 Limoneira at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
ALCO Alico 34.40 5.13  str.sell
FDP Fresh Del Mont 46.66 7.63  str.sell

COMPANY NEWS

▶ ETFs with exposure to Limoneira Co. : September 29, 2017   [Sep-29-17 10:33AM  Capital Cube]
▶ Limoneira Declares Quarterly Dividend   [Sep-27-17 08:30AM  Business Wire]
▶ ETFs with exposure to Limoneira Co. : September 18, 2017   [Sep-18-17 06:13PM  Capital Cube]
▶ Company News For Sep 13, 2017   [Sep-13-17 10:39AM  Zacks]
▶ Limoneira posts 3Q profit   [Sep-11-17 07:54PM  Associated Press]
▶ Limoneira Declares Quarterly Dividend   [Jun-29-17 08:30AM  Business Wire]
▶ ETFs with exposure to Limoneira Co. : June 26, 2017   [Jun-26-17 04:22PM  Capital Cube]
▶ ETFs with exposure to Limoneira Co. : June 13, 2017   [Jun-13-17 12:40PM  Capital Cube]
▶ Limoneira beats 2Q profit forecasts   [Jun-08-17 04:10PM  Associated Press]
▶ Limoneira Adds US East Coast Based Sales Management Talent   [May-30-17 08:30AM  Business Wire]
▶ Limoneira and Tesla Power up to Save Energy Costs   [May-22-17 08:30AM  Business Wire]
▶ Limoneira Declares Quarterly Dividend   [Mar-29-17 08:30AM  Business Wire]
▶ Limoneira Is More Than Just Lemons   [Mar-17-17 03:15PM  TheStreet.com]
▶ Limoneira reports 1Q loss   [Mar-13-17 04:08PM  Associated Press]
▶ Limoneira to Present at the 29th Annual ROTH Conference   [Mar-07-17 08:30AM  Business Wire]
▶ Limoneira to Present at the 2017 ICR Conference   [Jan-03-17 08:30AM  Business Wire]
▶ Limoneira Declares Quarterly Dividend   [Dec-16-16 08:30AM  Business Wire]
▶ Limoneira Declares Quarterly Dividend   [Sep-23-16 08:30AM  Business Wire]
Financial statements of LMNR
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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