Intrinsic value of Snyders-Lance - LNCE

Previous Close

$37.08

  Intrinsic Value

$11.67

stock screener

  Rating & Target

str. sell

-69%

  Value-price divergence*

+48%

Previous close

$37.08

 
Intrinsic value

$11.67

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence*

+48%

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

We calculate the intrinsic value of LNCE 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 3.6

 

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, %
  27.36
  18.80
  17.42
  16.18
  15.06
  14.05
  13.15
  12.33
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
Revenue, $m
  2,109
  2,505
  2,942
  3,418
  3,933
  4,485
  5,075
  5,701
  6,362
  7,058
  7,789
  8,553
  9,351
  10,183
  11,049
  11,951
  12,888
  13,862
  14,874
  15,926
  17,019
  18,155
  19,337
  20,567
  21,847
  23,180
  24,568
  26,016
  27,525
  29,100
  30,744
Variable operating expenses, $m
 
  2,343
  2,728
  3,148
  3,602
  4,090
  4,611
  5,163
  5,747
  6,361
  7,005
  7,548
  8,252
  8,987
  9,751
  10,547
  11,374
  12,233
  13,126
  14,054
  15,019
  16,022
  17,065
  18,150
  19,280
  20,456
  21,682
  22,959
  24,291
  25,681
  27,132
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
  2,009
  2,343
  2,728
  3,148
  3,602
  4,090
  4,611
  5,163
  5,747
  6,361
  7,005
  7,548
  8,252
  8,987
  9,751
  10,547
  11,374
  12,233
  13,126
  14,054
  15,019
  16,022
  17,065
  18,150
  19,280
  20,456
  21,682
  22,959
  24,291
  25,681
  27,132
Operating income, $m
  100
  163
  214
  270
  330
  395
  464
  538
  616
  698
  783
  1,005
  1,099
  1,196
  1,298
  1,404
  1,514
  1,629
  1,748
  1,871
  2,000
  2,133
  2,272
  2,416
  2,567
  2,723
  2,887
  3,057
  3,234
  3,419
  3,612
EBITDA, $m
  199
  365
  429
  498
  573
  653
  739
  830
  927
  1,028
  1,135
  1,246
  1,362
  1,483
  1,610
  1,741
  1,877
  2,019
  2,167
  2,320
  2,479
  2,645
  2,817
  2,996
  3,182
  3,377
  3,579
  3,790
  4,010
  4,239
  4,479
Interest expense (income), $m
  31
  47
  60
  75
  91
  109
  128
  148
  169
  192
  215
  240
  266
  293
  322
  351
  382
  414
  447
  481
  517
  555
  593
  634
  675
  719
  764
  812
  861
  912
  966
Earnings before tax, $m
  67
  116
  154
  195
  239
  286
  337
  390
  447
  506
  568
  765
  833
  903
  977
  1,053
  1,132
  1,215
  1,301
  1,390
  1,482
  1,579
  1,679
  1,783
  1,891
  2,004
  2,122
  2,245
  2,373
  2,507
  2,646
Tax expense, $m
  25
  31
  42
  53
  65
  77
  91
  105
  121
  137
  153
  207
  225
  244
  264
  284
  306
  328
  351
  375
  400
  426
  453
  481
  511
  541
  573
  606
  641
  677
  714
Net income, $m
  15
  85
  112
  142
  175
  209
  246
  285
  326
  369
  415
  558
  608
  659
  713
  769
  827
  887
  949
  1,014
  1,082
  1,152
  1,225
  1,302
  1,381
  1,463
  1,549
  1,639
  1,732
  1,830
  1,932

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  35
  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
  3,834
  4,514
  5,301
  6,158
  7,086
  8,082
  9,144
  10,272
  11,464
  12,718
  14,034
  15,411
  16,849
  18,348
  19,909
  21,533
  23,221
  24,976
  26,800
  28,695
  30,665
  32,712
  34,842
  37,057
  39,364
  41,765
  44,267
  46,875
  49,595
  52,433
  55,395
Adjusted assets (=assets-cash), $m
  3,799
  4,514
  5,301
  6,158
  7,086
  8,082
  9,144
  10,272
  11,464
  12,718
  14,034
  15,411
  16,849
  18,348
  19,909
  21,533
  23,221
  24,976
  26,800
  28,695
  30,665
  32,712
  34,842
  37,057
  39,364
  41,765
  44,267
  46,875
  49,595
  52,433
  55,395
Revenue / Adjusted assets
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
Average production assets, $m
  1,403
  1,666
  1,956
  2,273
  2,615
  2,983
  3,375
  3,791
  4,231
  4,694
  5,180
  5,688
  6,218
  6,772
  7,348
  7,947
  8,570
  9,218
  9,891
  10,591
  11,318
  12,073
  12,859
  13,677
  14,528
  15,414
  16,338
  17,300
  18,304
  19,352
  20,445
Working capital, $m
  296
  368
  432
  502
  578
  659
  746
  838
  935
  1,038
  1,145
  1,257
  1,375
  1,497
  1,624
  1,757
  1,895
  2,038
  2,186
  2,341
  2,502
  2,669
  2,843
  3,023
  3,211
  3,407
  3,612
  3,824
  4,046
  4,278
  4,519
Total debt, $m
  1,295
  1,625
  2,027
  2,465
  2,939
  3,448
  3,991
  4,567
  5,176
  5,817
  6,489
  7,193
  7,928
  8,694
  9,491
  10,321
  11,184
  12,081
  13,013
  13,981
  14,988
  16,034
  17,122
  18,254
  19,433
  20,660
  21,938
  23,271
  24,661
  26,111
  27,625
Total liabilities, $m
  1,977
  2,307
  2,709
  3,147
  3,621
  4,130
  4,673
  5,249
  5,858
  6,499
  7,171
  7,875
  8,610
  9,376
  10,173
  11,003
  11,866
  12,763
  13,695
  14,663
  15,670
  16,716
  17,804
  18,936
  20,115
  21,342
  22,620
  23,953
  25,343
  26,793
  28,307
Total equity, $m
  1,857
  2,208
  2,592
  3,011
  3,465
  3,952
  4,472
  5,023
  5,606
  6,219
  6,863
  7,536
  8,239
  8,972
  9,735
  10,530
  11,355
  12,213
  13,105
  14,032
  14,995
  15,996
  17,038
  18,121
  19,249
  20,423
  21,647
  22,922
  24,252
  25,640
  27,088
Total liabilities and equity, $m
  3,834
  4,515
  5,301
  6,158
  7,086
  8,082
  9,145
  10,272
  11,464
  12,718
  14,034
  15,411
  16,849
  18,348
  19,908
  21,533
  23,221
  24,976
  26,800
  28,695
  30,665
  32,712
  34,842
  37,057
  39,364
  41,765
  44,267
  46,875
  49,595
  52,433
  55,395
Debt-to-equity ratio
  0.697
  0.740
  0.780
  0.820
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.950
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
Adjusted equity ratio
  0.480
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  85
  112
  142
  175
  209
  246
  285
  326
  369
  415
  558
  608
  659
  713
  769
  827
  887
  949
  1,014
  1,082
  1,152
  1,225
  1,302
  1,381
  1,463
  1,549
  1,639
  1,732
  1,830
  1,932
Depreciation, amort., depletion, $m
  99
  202
  215
  228
  243
  258
  275
  292
  311
  331
  351
  241
  263
  287
  311
  337
  363
  391
  419
  449
  480
  512
  545
  580
  616
  653
  692
  733
  776
  820
  866
Funds from operations, $m
  322
  287
  327
  370
  417
  467
  521
  577
  637
  700
  766
  799
  871
  946
  1,024
  1,105
  1,190
  1,277
  1,369
  1,463
  1,562
  1,664
  1,770
  1,881
  1,996
  2,116
  2,241
  2,372
  2,508
  2,650
  2,798
Change in working capital, $m
  61
  58
  64
  70
  76
  81
  87
  92
  97
  102
  107
  112
  117
  122
  127
  132
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  213
  222
  232
  242
Cash from operations, $m
  261
  229
  263
  300
  341
  386
  434
  485
  540
  598
  659
  687
  754
  824
  897
  973
  1,052
  1,134
  1,220
  1,309
  1,401
  1,497
  1,597
  1,700
  1,808
  1,920
  2,037
  2,159
  2,286
  2,418
  2,556
Maintenance CAPEX, $m
  0
  -59
  -71
  -83
  -96
  -111
  -126
  -143
  -161
  -179
  -199
  -219
  -241
  -263
  -287
  -311
  -337
  -363
  -391
  -419
  -449
  -480
  -512
  -545
  -580
  -616
  -653
  -692
  -733
  -776
  -820
New CAPEX, $m
  -73
  -263
  -290
  -317
  -342
  -368
  -392
  -416
  -440
  -463
  -486
  -508
  -531
  -553
  -576
  -599
  -623
  -648
  -673
  -699
  -727
  -756
  -786
  -818
  -851
  -886
  -923
  -963
  -1,004
  -1,047
  -1,093
Cash from investing activities, $m
  -1,117
  -322
  -361
  -400
  -438
  -479
  -518
  -559
  -601
  -642
  -685
  -727
  -772
  -816
  -863
  -910
  -960
  -1,011
  -1,064
  -1,118
  -1,176
  -1,236
  -1,298
  -1,363
  -1,431
  -1,502
  -1,576
  -1,655
  -1,737
  -1,823
  -1,913
Free cash flow, $m
  -856
  -94
  -98
  -99
  -97
  -92
  -85
  -74
  -60
  -44
  -26
  -41
  -18
  7
  34
  62
  92
  123
  156
  190
  225
  262
  299
  338
  378
  419
  461
  504
  549
  595
  643
Issuance/(repayment) of debt, $m
  916
  365
  402
  438
  474
  509
  543
  576
  609
  641
  672
  704
  735
  766
  798
  830
  863
  897
  932
  968
  1,006
  1,046
  1,088
  1,132
  1,178
  1,227
  1,279
  1,333
  1,390
  1,450
  1,514
Issuance/(repurchase) of shares, $m
  0
  266
  272
  277
  279
  278
  274
  267
  257
  244
  229
  115
  95
  74
  50
  25
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  911
  631
  674
  715
  753
  787
  817
  843
  866
  885
  901
  819
  830
  840
  848
  855
  863
  897
  932
  968
  1,006
  1,046
  1,088
  1,132
  1,178
  1,227
  1,279
  1,333
  1,390
  1,450
  1,514
Total cash flow (excl. dividends), $m
  54
  537
  576
  616
  656
  694
  732
  769
  805
  840
  875
  778
  812
  847
  882
  918
  955
  1,020
  1,088
  1,158
  1,232
  1,308
  1,387
  1,470
  1,556
  1,646
  1,739
  1,837
  1,939
  2,045
  2,157
Retained Cash Flow (-), $m
  -769
  -351
  -385
  -419
  -454
  -487
  -520
  -552
  -583
  -613
  -643
  -673
  -703
  -733
  -763
  -794
  -826
  -858
  -892
  -927
  -963
  -1,001
  -1,041
  -1,083
  -1,128
  -1,174
  -1,223
  -1,275
  -1,330
  -1,388
  -1,449
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
 
  186
  192
  197
  202
  207
  213
  217
  222
  227
  232
  105
  109
  114
  119
  123
  129
  162
  196
  232
  269
  307
  346
  386
  428
  471
  516
  562
  609
  658
  708
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  173
  165
  155
  145
  134
  123
  111
  100
  88
  77
  29
  26
  22
  19
  15
  13
  12
  11
  10
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  93.1
  87.5
  82.8
  79.0
  75.9
  73.2
  71.0
  69.2
  67.7
  66.4
  65.8
  65.4
  65.1
  64.9
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8
  64.8

Snyder’s-Lance, Inc. manufactures, distributes, markets, and sells snack food products in the United States. Its products include pretzels, sandwich crackers, kettle cooked chips, pretzel crackers, cookies, potato chips, tortilla chips, nuts, restaurant style crackers, and other salty snacks. The company sells its products under the Snyder’s of Hanover, Lance, Cape Cod, Snack Factory Pretzel Crisps, Late July, Tom’s, Archway, Jays, Stella D’oro, EatSmart Snacks, Krunchers! and O-Ke-Doke brands. It also purchases and sells cake products and meat snacks under its brands; and sells partner brand products. Snyder’s-Lance, Inc. sells its products through direct-store-delivery network, third-party distributors, and directly to grocery/mass merchandisers, club stores, discount stores, convenience stores, and food service establishments, as well as various other retail customers, such as drug stores, schools, military and government facilities, recreational facilities, offices, and other independent retailers. The company was formerly known as Lance, Inc. and changed its name to Snyder’s-Lance, Inc. in December 2010. Snyder’s-Lance, Inc. was founded in 1912 and is headquartered in Charlotte, North Carolina.

FINANCIAL RATIOS  of  Snyders-Lance (LNCE)

Valuation Ratios
P/E Ratio 237.9
Price to Sales 1.7
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 19
Growth Rates
Sales Growth Rate 27.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.1%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 67.1%
Total Debt to Equity 69.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 1%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 36.2%
Gross Margin - 3 Yr. Avg. 35.6%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 386.7%

LNCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LNCE stock intrinsic value calculation we used $2109 million for the last fiscal year's total revenue generated by Snyders-Lance. The default revenue input number comes from 2016 income statement of Snyders-Lance. 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 LNCE stock valuation model: a) initial revenue growth rate of 18.8% 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 7.5%, whose default value for LNCE is calculated based on our internal credit rating of Snyders-Lance, 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 Snyders-Lance.
    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 LNCE stock the variable cost ratio is equal to 94.5%.

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 LNCE 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 3.7% for Snyders-Lance.

Corporate tax rate of 27% is the nominal tax rate for Snyders-Lance. 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 LNCE 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 LNCE are equal to 66.5%.

Life of production assets of 23.6 years is the average useful life of capital assets used in Snyders-Lance 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 LNCE is equal to 14.7%. 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 - $1857 million for Snyders-Lance - 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 96.241 million for Snyders-Lance 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 Snyders-Lance at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ Snyder's tops Street 2Q forecasts   [Aug-08-17 10:30PM  Associated Press]
▶ Snyders-Lance Declares Regular Quarterly Dividend   [Aug-04-17 08:00AM  GlobeNewswire]
▶ Updated: Snyders-Lance to lay off 250 employees, shutter Florida plant   [Jul-25-17 04:53PM  American City Business Journals]
▶ Snyders-Lance to keep familiar name as new CEO   [Jun-28-17 10:20AM  American City Business Journals]
▶ Top Defensive Consumer Stocks for 2017   [May-24-17 06:00AM  Investopedia]
▶ ETFs with exposure to Snyders-Lance, Inc. : May 16, 2017   [May-16-17 12:54PM  Capital Cube]
▶ Snyder's posts 1Q profit   [07:28AM  Associated Press]
▶ Snyders-Lance CEO retires suddenly, interim leader named   [03:00PM  American City Business Journals]
▶ Story Stocks from Briefing.com   [12:27PM  Briefing.com]
▶ [$$] Snyder's-Lance Swaps CEOs, Warns of Weakness   [08:13AM  The Wall Street Journal]
▶ Three things learned from Snyders-Lance 2016 earnings   [12:38PM  American City Business Journals]
▶ Snyder's reports 4Q loss   [07:32AM  Associated Press]
▶ Snyders-Lance Declares Regular Quarterly Dividend   [Feb-10-17 08:00AM  GlobeNewswire]
▶ Are These 3 Big Brand Stocks Wildly Overvalued?   [Jan-30-17 06:28AM  at Motley Fool]
▶ Is Snyder S Lance Inc (LNCE) A Good Stock To Buy?   [Dec-12-16 08:22PM  at Insider Monkey]
Stock chart of LNCE Financial statements of LNCE
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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