Intrinsic value of Lamb Weston Holdings - LW

Previous Close

$45.36

  Intrinsic Value

$22.29

stock screener

  Rating & Target

str. sell

-51%

  Value-price divergence*

0%

Previous close

$45.36

 
Intrinsic value

$22.29

 
Up/down potential

-51%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of LW 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 6.6

 

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, %
  2.36
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  2,994
  3,159
  3,331
  3,511
  3,699
  3,896
  4,103
  4,319
  4,545
  4,782
  5,030
  5,291
  5,563
  5,849
  6,149
  6,464
  6,794
  7,140
  7,503
  7,883
  8,283
  8,702
  9,142
  9,603
  10,088
  10,596
  11,130
  11,690
  12,278
  12,895
  13,543
Variable operating expenses, $m
 
  2,744
  2,893
  3,049
  3,211
  3,382
  3,560
  3,747
  3,943
  4,147
  4,362
  4,574
  4,810
  5,057
  5,316
  5,588
  5,873
  6,172
  6,486
  6,815
  7,161
  7,523
  7,903
  8,302
  8,721
  9,161
  9,622
  10,106
  10,615
  11,148
  11,708
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
  2,618
  2,744
  2,893
  3,049
  3,211
  3,382
  3,560
  3,747
  3,943
  4,147
  4,362
  4,574
  4,810
  5,057
  5,316
  5,588
  5,873
  6,172
  6,486
  6,815
  7,161
  7,523
  7,903
  8,302
  8,721
  9,161
  9,622
  10,106
  10,615
  11,148
  11,708
Operating income, $m
  376
  415
  438
  462
  488
  514
  542
  572
  602
  634
  668
  717
  754
  792
  833
  876
  920
  967
  1,016
  1,068
  1,122
  1,179
  1,239
  1,301
  1,367
  1,436
  1,508
  1,584
  1,663
  1,747
  1,835
EBITDA, $m
  472
  518
  546
  575
  606
  639
  672
  708
  745
  784
  824
  867
  912
  959
  1,008
  1,059
  1,113
  1,170
  1,229
  1,292
  1,357
  1,426
  1,498
  1,574
  1,653
  1,736
  1,824
  1,916
  2,012
  2,113
  2,219
Interest expense (income), $m
  6
  5
  6
  8
  10
  12
  14
  16
  19
  21
  24
  26
  29
  32
  35
  38
  42
  45
  49
  53
  57
  61
  65
  70
  75
  80
  85
  91
  97
  103
  110
Earnings before tax, $m
  367
  410
  431
  454
  478
  502
  528
  555
  584
  613
  644
  690
  725
  760
  798
  838
  879
  922
  968
  1,015
  1,066
  1,118
  1,173
  1,231
  1,292
  1,356
  1,422
  1,493
  1,566
  1,644
  1,725
Tax expense, $m
  144
  111
  116
  123
  129
  136
  143
  150
  158
  166
  174
  186
  196
  205
  215
  226
  237
  249
  261
  274
  288
  302
  317
  332
  349
  366
  384
  403
  423
  444
  466
Net income, $m
  285
  299
  315
  331
  349
  367
  386
  405
  426
  448
  470
  504
  529
  555
  583
  611
  642
  673
  706
  741
  778
  816
  856
  899
  943
  990
  1,038
  1,090
  1,143
  1,200
  1,259

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  36
  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
  2,159
  2,240
  2,362
  2,490
  2,624
  2,763
  2,910
  3,063
  3,223
  3,391
  3,568
  3,752
  3,946
  4,149
  4,361
  4,584
  4,818
  5,064
  5,321
  5,591
  5,874
  6,172
  6,484
  6,811
  7,155
  7,515
  7,894
  8,291
  8,708
  9,145
  9,605
Adjusted assets (=assets-cash), $m
  2,123
  2,240
  2,362
  2,490
  2,624
  2,763
  2,910
  3,063
  3,223
  3,391
  3,568
  3,752
  3,946
  4,149
  4,361
  4,584
  4,818
  5,064
  5,321
  5,591
  5,874
  6,172
  6,484
  6,811
  7,155
  7,515
  7,894
  8,291
  8,708
  9,145
  9,605
Revenue / Adjusted assets
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
  1.410
Average production assets, $m
  1,063
  1,121
  1,182
  1,246
  1,313
  1,383
  1,456
  1,533
  1,613
  1,698
  1,786
  1,878
  1,975
  2,077
  2,183
  2,295
  2,412
  2,535
  2,663
  2,799
  2,940
  3,089
  3,245
  3,409
  3,581
  3,762
  3,951
  4,150
  4,359
  4,578
  4,808
Working capital, $m
  370
  395
  416
  439
  462
  487
  513
  540
  568
  598
  629
  661
  695
  731
  769
  808
  849
  892
  938
  985
  1,035
  1,088
  1,143
  1,200
  1,261
  1,325
  1,391
  1,461
  1,535
  1,612
  1,693
Total debt, $m
  143
  147
  188
  232
  277
  325
  374
  426
  481
  538
  598
  661
  727
  795
  868
  944
  1,023
  1,107
  1,194
  1,286
  1,382
  1,483
  1,589
  1,701
  1,818
  1,940
  2,069
  2,204
  2,346
  2,494
  2,651
Total liabilities, $m
  759
  762
  803
  847
  892
  940
  989
  1,041
  1,096
  1,153
  1,213
  1,276
  1,342
  1,410
  1,483
  1,559
  1,638
  1,722
  1,809
  1,901
  1,997
  2,098
  2,204
  2,316
  2,433
  2,555
  2,684
  2,819
  2,961
  3,109
  3,266
Total equity, $m
  1,401
  1,479
  1,559
  1,643
  1,732
  1,824
  1,920
  2,021
  2,127
  2,238
  2,355
  2,476
  2,604
  2,738
  2,878
  3,026
  3,180
  3,342
  3,512
  3,690
  3,877
  4,073
  4,279
  4,495
  4,722
  4,960
  5,210
  5,472
  5,747
  6,036
  6,339
Total liabilities and equity, $m
  2,160
  2,241
  2,362
  2,490
  2,624
  2,764
  2,909
  3,062
  3,223
  3,391
  3,568
  3,752
  3,946
  4,148
  4,361
  4,585
  4,818
  5,064
  5,321
  5,591
  5,874
  6,171
  6,483
  6,811
  7,155
  7,515
  7,894
  8,291
  8,708
  9,145
  9,605
Debt-to-equity ratio
  0.102
  0.100
  0.120
  0.140
  0.160
  0.180
  0.190
  0.210
  0.230
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.380
  0.380
  0.390
  0.400
  0.400
  0.410
  0.410
  0.420
Adjusted equity ratio
  0.655
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  285
  299
  315
  331
  349
  367
  386
  405
  426
  448
  470
  504
  529
  555
  583
  611
  642
  673
  706
  741
  778
  816
  856
  899
  943
  990
  1,038
  1,090
  1,143
  1,200
  1,259
Depreciation, amort., depletion, $m
  96
  103
  108
  113
  118
  124
  130
  136
  142
  149
  156
  150
  158
  166
  175
  184
  193
  203
  213
  224
  235
  247
  260
  273
  286
  301
  316
  332
  349
  366
  385
Funds from operations, $m
  390
  402
  423
  444
  467
  491
  515
  541
  568
  597
  627
  654
  687
  721
  757
  795
  835
  876
  920
  965
  1,013
  1,063
  1,116
  1,171
  1,230
  1,291
  1,354
  1,422
  1,492
  1,566
  1,644
Change in working capital, $m
  8
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  48
  50
  52
  55
  58
  61
  64
  67
  70
  73
  77
  81
Cash from operations, $m
  382
  382
  401
  422
  444
  466
  490
  514
  540
  567
  596
  622
  653
  686
  720
  756
  793
  833
  874
  918
  963
  1,011
  1,061
  1,114
  1,169
  1,227
  1,288
  1,352
  1,419
  1,489
  1,563
Maintenance CAPEX, $m
  0
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -260
  -273
  -286
  -301
  -316
  -332
  -349
  -366
New CAPEX, $m
  -152
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -102
  -106
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -199
  -209
  -219
  -230
Cash from investing activities, $m
  -144
  -143
  -151
  -159
  -167
  -175
  -184
  -194
  -203
  -213
  -224
  -235
  -247
  -260
  -272
  -287
  -301
  -316
  -332
  -348
  -366
  -384
  -403
  -424
  -445
  -466
  -490
  -515
  -541
  -568
  -596
Free cash flow, $m
  238
  238
  251
  263
  277
  291
  306
  321
  337
  354
  372
  386
  406
  426
  447
  469
  493
  517
  543
  569
  597
  627
  658
  690
  724
  760
  797
  837
  878
  921
  967
Issuance/(repayment) of debt, $m
  12
  40
  42
  43
  45
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  80
  83
  88
  92
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  156
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  
  -233
  40
  42
  43
  45
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  80
  83
  88
  92
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  156
Total cash flow (excl. dividends), $m
  6
  278
  292
  307
  322
  339
  356
  373
  392
  411
  432
  449
  472
  495
  519
  545
  572
  600
  630
  661
  694
  728
  764
  802
  841
  883
  926
  972
  1,020
  1,070
  1,123
Retained Cash Flow (-), $m
  -43
  -78
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -275
  -289
  -303
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
 
  200
  212
  223
  234
  246
  259
  272
  286
  300
  315
  327
  344
  361
  379
  398
  418
  438
  460
  483
  507
  532
  558
  585
  614
  645
  676
  710
  745
  781
  820
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
 
  192
  194
  194
  193
  191
  188
  184
  179
  172
  165
  155
  147
  137
  127
  117
  106
  95
  85
  74
  64
  55
  46
  38
  31
  25
  20
  15
  12
  9
  6
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

Lamb Weston Holdings, Inc. produces and markets value-added frozen potato products worldwide. It operates through four segments: Global, Foodservice, Retail, and Other. The company offers frozen potatoes, sweet potatoes, and appetizers under the Lamb Weston brand name, as well as various customer labels. It serves retail and foodservice customers; grocery, mass, club, and specialty retailers; and businesses, independent restaurants, regional chain restaurants, and convenience stores, as well as primary, secondary, and post-secondary educational institutions. The company was founded in 1950 and is based in Eagle, Idaho.

FINANCIAL RATIOS  of  Lamb Weston Holdings (LW)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 2.2
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 17.3
Price to Free Cash Flow 28.8
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.2%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 7.4%
Total Debt to Equity 10.2%
Interest Coverage 62
Management Effectiveness
Return On Assets 13.7%
Ret/ On Assets - 3 Yr. Avg. 18.3%
Return On Total Capital 18.8%
Ret/ On T. Cap. - 3 Yr. Avg. 25%
Return On Equity 20.7%
Return On Equity - 3 Yr. Avg. 27.5%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 22.3%
Gross Margin - 3 Yr. Avg. 21.1%
EBITDA Margin 15.7%
EBITDA Margin - 3 Yr. Avg. 15.9%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 12.8%
Pre-Tax Margin 12.3%
Pre-Tax Margin - 3 Yr. Avg. 12.6%
Net Profit Margin 9.5%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 39.2%
Eff/ Tax Rate - 3 Yr. Avg. 36.4%
Payout Ratio 0%

LW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LW stock intrinsic value calculation we used $2994 million for the last fiscal year's total revenue generated by Lamb Weston Holdings. The default revenue input number comes from 2016 income statement of Lamb Weston Holdings. 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 LW stock valuation model: a) initial revenue growth rate of 5.5% 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 LW is calculated based on our internal credit rating of Lamb Weston Holdings, 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 Lamb Weston Holdings.
    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 LW stock the variable cost ratio is equal to 86.9%.

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 LW 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 4.4% for Lamb Weston Holdings.

Corporate tax rate of 27% is the nominal tax rate for Lamb Weston Holdings. 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 LW 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 LW are equal to 35.5%.

Life of production assets of 12.5 years is the average useful life of capital assets used in Lamb Weston Holdings 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 LW is equal to 12.5%. 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 - $1401 million for Lamb Weston Holdings - 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 144.931 million for Lamb Weston Holdings 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 Lamb Weston Holdings at the current share price and the inputted number of shares is $6.6 billion.

RELATED COMPANIES Price Int.Val. Rating
LW Lamb Weston Ho 45.36 22.29  sell
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SNAK Inventure Food 3.44 0.12  str.sell
APFH AdvancePierre 40.25 1.35  str.sell
JJSF J&J Snack Food 129.04 62.28  str.sell
SYY Sysco 51.19 81.82  str.buy
KHC Kraft Heinz 86.50 46.85  sell
MCD McDonald's 158.90 12.13  str.sell
WEN Wendy's Co 15.34 3.54  str.sell

COMPANY NEWS

▶ Lamb Weston beats 4Q profit forecasts   [Jul-25-17 11:46PM  Associated Press]
▶ Metro Atlanta Chamber CEO joins board of frozen potato supplier   [11:30AM  American City Business Journals]
▶ Lamb Weston Holdings Declares Quarterly Dividend   [Jul-20-17 04:15PM  Business Wire]
▶ Lamb Weston beats 3Q profit forecasts   [08:38AM  Associated Press]
▶ Lamb Weston Holdings Declares Quarterly Dividend   [Mar-23-17 04:15PM  Business Wire]
▶ [$$] Lamb Weston Tops Views in First Quarterly Report   [09:28AM  at The Wall Street Journal]
▶ Conagra: Sizzling!   [Dec-22-16 11:36AM  at Barrons.com]
▶ [$$] ConAgra Revenue Falls As it Cuts Discounting   [08:58AM  at The Wall Street Journal]
▶ Lamb Weston Holdings Declares Quarterly Dividend   [Dec-15-16 04:15PM  Business Wire]
▶ ConAgra Splits Its Menu, but We're Not Hungry   [Dec-09-16 07:00AM  at Morningstar]
Stock chart of LW Financial statements of LW
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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