Intrinsic value of McCormick - MKC

Previous Close

$97.97

  Intrinsic Value

$54.75

stock screener

  Rating & Target

sell

-44%

  Value-price divergence*

-10%

Previous close

$97.97

 
Intrinsic value

$54.75

 
Up/down potential

-44%

 
Rating

sell

 
Value-price divergence*

-10%

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

We calculate the intrinsic value of MKC 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 12.4

 

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, %
  2.70
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,412
  4,500
  4,604
  4,722
  4,855
  5,002
  5,164
  5,339
  5,530
  5,735
  5,955
  6,190
  6,442
  6,709
  6,993
  7,295
  7,615
  7,953
  8,311
  8,689
  9,088
  9,510
  9,954
  10,422
  10,916
  11,435
  11,983
  12,558
  13,164
  13,802
  14,473
Variable operating expenses, $m
 
  888
  904
  923
  943
  967
  992
  1,020
  1,050
  1,082
  1,117
  977
  1,017
  1,059
  1,104
  1,152
  1,202
  1,255
  1,312
  1,372
  1,435
  1,501
  1,571
  1,645
  1,723
  1,805
  1,892
  1,982
  2,078
  2,179
  2,285
Fixed operating expenses, $m
 
  3,042
  3,118
  3,196
  3,276
  3,358
  3,442
  3,528
  3,616
  3,707
  3,799
  3,894
  3,992
  4,091
  4,194
  4,299
  4,406
  4,516
  4,629
  4,745
  4,863
  4,985
  5,110
  5,237
  5,368
  5,503
  5,640
  5,781
  5,926
  6,074
  6,226
Total operating expenses, $m
  3,771
  3,930
  4,022
  4,119
  4,219
  4,325
  4,434
  4,548
  4,666
  4,789
  4,916
  4,871
  5,009
  5,150
  5,298
  5,451
  5,608
  5,771
  5,941
  6,117
  6,298
  6,486
  6,681
  6,882
  7,091
  7,308
  7,532
  7,763
  8,004
  8,253
  8,511
Operating income, $m
  641
  571
  582
  603
  635
  677
  729
  791
  864
  946
  1,039
  1,319
  1,433
  1,559
  1,696
  1,845
  2,007
  2,182
  2,370
  2,573
  2,790
  3,024
  3,273
  3,540
  3,824
  4,128
  4,451
  4,795
  5,161
  5,549
  5,962
EBITDA, $m
  750
  789
  801
  824
  857
  900
  954
  1,017
  1,091
  1,175
  1,270
  1,376
  1,492
  1,620
  1,760
  1,912
  2,076
  2,254
  2,446
  2,652
  2,873
  3,111
  3,364
  3,635
  3,924
  4,232
  4,561
  4,910
  5,281
  5,676
  6,095
Interest expense (income), $m
  58
  54
  57
  60
  63
  66
  70
  75
  79
  84
  90
  96
  102
  109
  116
  124
  132
  140
  150
  159
  169
  180
  191
  203
  216
  229
  243
  258
  273
  290
  307
Earnings before tax, $m
  589
  516
  525
  544
  573
  611
  659
  717
  784
  861
  949
  1,223
  1,331
  1,450
  1,580
  1,721
  1,875
  2,041
  2,220
  2,414
  2,621
  2,843
  3,082
  3,336
  3,608
  3,899
  4,208
  4,537
  4,887
  5,260
  5,656
Tax expense, $m
  153
  139
  142
  147
  155
  165
  178
  194
  212
  233
  256
  330
  359
  391
  426
  465
  506
  551
  600
  652
  708
  768
  832
  901
  974
  1,053
  1,136
  1,225
  1,320
  1,420
  1,527
Net income, $m
  472
  377
  383
  397
  418
  446
  481
  523
  572
  629
  692
  893
  972
  1,058
  1,153
  1,256
  1,369
  1,490
  1,621
  1,762
  1,913
  2,076
  2,250
  2,436
  2,634
  2,846
  3,072
  3,312
  3,568
  3,840
  4,129

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  118
  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
  4,636
  4,606
  4,712
  4,833
  4,969
  5,120
  5,285
  5,465
  5,660
  5,870
  6,095
  6,336
  6,593
  6,867
  7,158
  7,467
  7,794
  8,140
  8,507
  8,894
  9,302
  9,734
  10,188
  10,668
  11,173
  11,705
  12,265
  12,854
  13,474
  14,127
  14,813
Adjusted assets (=assets-cash), $m
  4,518
  4,606
  4,712
  4,833
  4,969
  5,120
  5,285
  5,465
  5,660
  5,870
  6,095
  6,336
  6,593
  6,867
  7,158
  7,467
  7,794
  8,140
  8,507
  8,894
  9,302
  9,734
  10,188
  10,668
  11,173
  11,705
  12,265
  12,854
  13,474
  14,127
  14,813
Revenue / Adjusted assets
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
Average production assets, $m
  1,042
  1,062
  1,086
  1,114
  1,146
  1,180
  1,219
  1,260
  1,305
  1,353
  1,405
  1,461
  1,520
  1,583
  1,650
  1,722
  1,797
  1,877
  1,961
  2,051
  2,145
  2,244
  2,349
  2,460
  2,576
  2,699
  2,828
  2,964
  3,107
  3,257
  3,416
Working capital, $m
  -1
  279
  285
  293
  301
  310
  320
  331
  343
  356
  369
  384
  399
  416
  434
  452
  472
  493
  515
  539
  563
  590
  617
  646
  677
  709
  743
  779
  816
  856
  897
Total debt, $m
  1,447
  1,386
  1,454
  1,531
  1,618
  1,715
  1,820
  1,936
  2,060
  2,195
  2,339
  2,493
  2,658
  2,833
  3,019
  3,217
  3,426
  3,648
  3,882
  4,130
  4,392
  4,668
  4,959
  5,265
  5,589
  5,929
  6,287
  6,665
  7,062
  7,479
  7,919
Total liabilities, $m
  3,009
  2,948
  3,016
  3,093
  3,180
  3,277
  3,382
  3,498
  3,622
  3,757
  3,901
  4,055
  4,220
  4,395
  4,581
  4,779
  4,988
  5,210
  5,444
  5,692
  5,954
  6,230
  6,521
  6,827
  7,151
  7,491
  7,849
  8,227
  8,624
  9,041
  9,481
Total equity, $m
  1,627
  1,658
  1,696
  1,740
  1,789
  1,843
  1,903
  1,967
  2,038
  2,113
  2,194
  2,281
  2,374
  2,472
  2,577
  2,688
  2,806
  2,931
  3,062
  3,202
  3,349
  3,504
  3,668
  3,840
  4,022
  4,214
  4,415
  4,627
  4,851
  5,086
  5,333
Total liabilities and equity, $m
  4,636
  4,606
  4,712
  4,833
  4,969
  5,120
  5,285
  5,465
  5,660
  5,870
  6,095
  6,336
  6,594
  6,867
  7,158
  7,467
  7,794
  8,141
  8,506
  8,894
  9,303
  9,734
  10,189
  10,667
  11,173
  11,705
  12,264
  12,854
  13,475
  14,127
  14,814
Debt-to-equity ratio
  0.889
  0.840
  0.860
  0.880
  0.900
  0.930
  0.960
  0.980
  1.010
  1.040
  1.070
  1.090
  1.120
  1.150
  1.170
  1.200
  1.220
  1.240
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.420
  1.440
  1.460
  1.470
  1.480
Adjusted equity ratio
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  472
  377
  383
  397
  418
  446
  481
  523
  572
  629
  692
  893
  972
  1,058
  1,153
  1,256
  1,369
  1,490
  1,621
  1,762
  1,913
  2,076
  2,250
  2,436
  2,634
  2,846
  3,072
  3,312
  3,568
  3,840
  4,129
Depreciation, amort., depletion, $m
  109
  218
  219
  220
  222
  223
  224
  226
  228
  230
  232
  57
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
Funds from operations, $m
  777
  595
  602
  617
  639
  669
  705
  749
  800
  858
  924
  949
  1,030
  1,120
  1,217
  1,323
  1,438
  1,563
  1,697
  1,841
  1,996
  2,163
  2,341
  2,531
  2,734
  2,951
  3,181
  3,427
  3,688
  3,966
  4,261
Change in working capital, $m
  119
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
Cash from operations, $m
  658
  590
  596
  610
  631
  660
  695
  738
  788
  846
  910
  935
  1,015
  1,103
  1,199
  1,304
  1,418
  1,542
  1,675
  1,818
  1,972
  2,137
  2,313
  2,502
  2,703
  2,918
  3,147
  3,391
  3,651
  3,926
  4,219
Maintenance CAPEX, $m
  0
  -40
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -120
  -126
New CAPEX, $m
  -154
  -20
  -24
  -28
  -31
  -35
  -38
  -42
  -45
  -48
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -105
  -111
  -116
  -123
  -129
  -136
  -143
  -150
  -158
Cash from investing activities, $m
  -267
  -60
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -157
  -165
  -173
  -182
  -192
  -202
  -211
  -223
  -234
  -246
  -258
  -270
  -284
Free cash flow, $m
  391
  529
  530
  540
  557
  581
  612
  650
  695
  747
  806
  825
  899
  981
  1,071
  1,169
  1,276
  1,392
  1,518
  1,653
  1,798
  1,954
  2,121
  2,300
  2,492
  2,696
  2,914
  3,146
  3,393
  3,656
  3,935
Issuance/(repayment) of debt, $m
  56
  57
  68
  78
  87
  96
  106
  115
  125
  134
  144
  154
  165
  175
  186
  198
  209
  222
  234
  248
  262
  276
  291
  307
  323
  340
  358
  377
  397
  418
  439
Issuance/(repurchase) of shares, $m
  -209
  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  
  -154
  57
  68
  78
  87
  96
  106
  115
  125
  134
  144
  154
  165
  175
  186
  198
  209
  222
  234
  248
  262
  276
  291
  307
  323
  340
  358
  377
  397
  418
  439
Total cash flow (excl. dividends), $m
  224
  586
  598
  617
  644
  677
  717
  765
  819
  881
  950
  979
  1,064
  1,156
  1,257
  1,367
  1,486
  1,614
  1,752
  1,900
  2,060
  2,230
  2,412
  2,607
  2,815
  3,036
  3,272
  3,523
  3,790
  4,073
  4,374
Retained Cash Flow (-), $m
  43
  -31
  -38
  -44
  -49
  -54
  -60
  -65
  -70
  -76
  -81
  -87
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -139
  -147
  -155
  -164
  -173
  -182
  -191
  -202
  -212
  -223
  -235
  -247
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
 
  555
  560
  574
  595
  623
  658
  700
  749
  805
  869
  892
  971
  1,058
  1,152
  1,256
  1,368
  1,489
  1,620
  1,761
  1,912
  2,075
  2,249
  2,435
  2,633
  2,845
  3,070
  3,311
  3,566
  3,838
  4,127
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  523
  496
  473
  455
  438
  423
  407
  392
  375
  357
  320
  301
  280
  257
  233
  209
  184
  159
  136
  114
  93
  75
  59
  45
  34
  25
  18
  12
  8
  5
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

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates through two segments, Consumer and Industrial. The Consumer segment offers spices, herbs, and seasonings, as well as desserts. This segment markets its products under the McCormick, Lawry’s, Club House, Gourmet Garden, OLD BAY brands in the Americas; Ducros, Schwartz, Kamis, and Drogheria & Alimentari, and Vahiné brand names in Europe, the Middle East, and Africa; McCormick and DaQiao brands in China; and McCormick, Aeroplane, and Gourmet Garden brand names in Australia, as well as markets regional and ethnic brands, such as Zatarain’s, Stubb's, Thai Kitchen, and Simply Asia. It also supplies its products under the private labels. This segment serves retailers comprising grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce retailers directly and indirectly through distributors or wholesalers. The Industrial segment offers seasoning blends, spices and herbs, condiments, coating systems, and compound flavors to multinational food manufacturers and foodservice customers. It serves foodservice customers directly and indirectly through distributors. McCormick & Company, Incorporated was founded in 1889 and is based in Sparks, Maryland.

FINANCIAL RATIOS  of  McCormick (MKC)

Valuation Ratios
P/E Ratio 26
Price to Sales 2.8
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow 24.4
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.3%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 64.8%
Total Debt to Equity 88.9%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 15.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.2%
Return On Equity 28.6%
Return On Equity - 3 Yr. Avg. 25.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 17.1%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 14.5%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 10.7%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 26%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 46.2%

MKC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MKC stock intrinsic value calculation we used $4412 million for the last fiscal year's total revenue generated by McCormick. The default revenue input number comes from 2016 income statement of McCormick. 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 MKC stock valuation model: a) initial revenue growth rate of 2% 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 6%, whose default value for MKC is calculated based on our internal credit rating of McCormick, 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 McCormick.
    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 MKC stock the variable cost ratio is equal to 19.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2968 million in the base year in the intrinsic value calculation for MKC 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 4.1% for McCormick.

Corporate tax rate of 27% is the nominal tax rate for McCormick. 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 MKC 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 MKC are equal to 23.6%.

Life of production assets of 25.8 years is the average useful life of capital assets used in McCormick 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 MKC is equal to 6.2%. 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 - $1627 million for McCormick - 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 126.287 million for McCormick 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 McCormick at the current share price and the inputted number of shares is $12.4 billion.

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COMPANY NEWS

▶ The impact of millennials across the market   [Aug-09-17 07:43PM  CNBC Videos]
▶ Cramer's Stop Trading: McCormick   [09:54AM  CNBC Videos]
▶ McCormick launches $500 million stock offering   [Aug-07-17 09:26PM  American City Business Journals]
▶ McCormick's New Products Are About to Wake Up America   [Jul-26-17 06:42PM  Motley Fool]
▶ McCormick and Co.: Cramer's Top Takeaways   [06:30AM  TheStreet.com]
▶ Cramer Remix: Why investors shouldnt abandon Alphabet   [Jul-25-17 07:27PM  CNBC Videos]
▶ McCormick Demonstrates a Path Forward   [Jul-24-17 04:47PM  Motley Fool]
▶ Dow, S&P 500, Nasdaq Close at Records   [Jul-20-17 12:39AM  The Wall Street Journal]
▶ Cramer: This M&A Frenzy Is all About Relevance and Fear   [Jul-19-17 07:01PM  TheStreet.com]
▶ [$$] McCormick: some like it hot   [01:20PM  Financial Times]
▶ Stocks Boosted by Strong Corporate Earnings   [01:04PM  The Wall Street Journal]
▶ McCormick Purchase Worth the Price?   [10:50AM  Morningstar]
▶ McCormick Acquires RB Foods: Its a Winner!   [07:40AM  Market Realist]
▶ McCormick to add French's mustard, Frank's RedHot in $4.2 billion deal   [Jul-18-17 11:45PM  American City Business Journals]
▶ The No. 1 concern for companies during this earnings season   [Jul-10-17 10:47AM  Yahoo Finance]
▶ Will Liberty Lunch be reborn at Stubb's? Owners seek to protect iconic Austin name   [Jul-07-17 05:47PM  American City Business Journals]
▶ Stubb's restaurant forced to change name after trademark suit settlement   [Jul-06-17 08:16PM  American City Business Journals]
▶ Is McCormicks Premium Valuation Warranted?   [07:37AM  Market Realist]
▶ McCormick Tops Sales Estimates and Reaffirms Guidance   [Jun-30-17 04:05PM  Market Realist]
▶ McCormick beats Street 2Q forecasts   [Jun-29-17 09:39PM  Associated Press]
▶ McCormick CEO sees 'opportunity' with Amazon/Whole Foods deal   [03:00PM  American City Business Journals]
▶ McCormick shares fall despite increase in second-quarter profit   [02:23PM  American City Business Journals]
▶ McCormick Declares $0.47 Quarterly Dividend   [Jun-27-17 04:15PM  PR Newswire]
▶ 3 Things to Watch in the Stock Market This Week   [Jun-25-17 06:21AM  Motley Fool]
▶ Why Conagras Sales Is projected to Decline in Fiscal 4Q17   [Jun-23-17 10:37AM  Market Realist]
▶ How Wall Street Analysts View McCormick Stock   [09:06AM  Market Realist]
▶ Factors That Could Drive McCormicks Fiscal 2Q17 Sales   [Jun-22-17 10:36AM  Market Realist]
Stock chart of MKC Financial statements of MKC
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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