Intrinsic value of McCormick - MKC

Previous Close

$99.13

  Intrinsic Value

$85.93

stock screener

  Rating & Target

hold

-13%

  Value-price divergence*

+79%

Previous close

$99.13

 
Intrinsic value

$85.93

 
Up/down potential

-13%

 
Rating

hold

 
Value-price divergence*

+79%

*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 13.0

 

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
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  4,412
  4,624
  4,847
  5,081
  5,328
  5,587
  5,860
  6,147
  6,448
  6,765
  7,098
  7,448
  7,816
  8,202
  8,608
  9,034
  9,482
  9,953
  10,447
  10,967
  11,512
  12,085
  12,686
  13,318
  13,982
  14,679
  15,410
  16,179
  16,986
  17,834
  18,724
Variable operating expenses, $m
 
  907
  942
  979
  1,018
  1,059
  1,102
  1,147
  1,195
  1,245
  1,298
  1,176
  1,234
  1,295
  1,359
  1,426
  1,497
  1,571
  1,649
  1,731
  1,817
  1,908
  2,003
  2,102
  2,207
  2,317
  2,433
  2,554
  2,681
  2,815
  2,956
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
  3,949
  4,060
  4,175
  4,294
  4,417
  4,544
  4,675
  4,811
  4,952
  5,097
  5,070
  5,226
  5,386
  5,553
  5,725
  5,903
  6,087
  6,278
  6,476
  6,680
  6,893
  7,113
  7,339
  7,575
  7,820
  8,073
  8,335
  8,607
  8,889
  9,182
Operating income, $m
  641
  675
  786
  906
  1,034
  1,170
  1,316
  1,471
  1,637
  1,813
  2,001
  2,378
  2,590
  2,816
  3,055
  3,310
  3,580
  3,866
  4,169
  4,491
  4,831
  5,192
  5,574
  5,978
  6,406
  6,859
  7,338
  7,844
  8,379
  8,945
  9,542
EBITDA, $m
  750
  894
  1,008
  1,129
  1,259
  1,398
  1,547
  1,705
  1,873
  2,052
  2,243
  2,446
  2,662
  2,891
  3,134
  3,392
  3,666
  3,957
  4,265
  4,591
  4,937
  5,303
  5,690
  6,100
  6,534
  6,993
  7,479
  7,992
  8,534
  9,108
  9,714
Interest expense (income), $m
  58
  54
  60
  66
  72
  79
  86
  93
  101
  109
  118
  127
  136
  146
  156
  167
  179
  191
  203
  217
  230
  245
  261
  277
  294
  311
  330
  350
  370
  392
  415
Earnings before tax, $m
  589
  620
  726
  840
  961
  1,091
  1,230
  1,378
  1,536
  1,704
  1,883
  2,251
  2,454
  2,670
  2,899
  3,143
  3,401
  3,675
  3,966
  4,274
  4,601
  4,947
  5,314
  5,702
  6,113
  6,547
  7,008
  7,494
  8,009
  8,552
  9,127
Tax expense, $m
  153
  167
  196
  227
  259
  295
  332
  372
  415
  460
  509
  608
  663
  721
  783
  848
  918
  992
  1,071
  1,154
  1,242
  1,336
  1,435
  1,539
  1,650
  1,768
  1,892
  2,023
  2,162
  2,309
  2,464
Net income, $m
  472
  453
  530
  613
  702
  796
  898
  1,006
  1,121
  1,244
  1,375
  1,643
  1,792
  1,949
  2,116
  2,294
  2,483
  2,683
  2,895
  3,120
  3,359
  3,611
  3,879
  4,162
  4,462
  4,780
  5,115
  5,471
  5,846
  6,243
  6,663

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
  4,733
  4,961
  5,201
  5,453
  5,719
  5,998
  6,291
  6,600
  6,924
  7,265
  7,623
  8,000
  8,395
  8,811
  9,247
  9,706
  10,187
  10,693
  11,225
  11,783
  12,369
  12,985
  13,632
  14,311
  15,024
  15,773
  16,560
  17,386
  18,253
  19,164
Adjusted assets (=assets-cash), $m
  4,518
  4,733
  4,961
  5,201
  5,453
  5,719
  5,998
  6,291
  6,600
  6,924
  7,265
  7,623
  8,000
  8,395
  8,811
  9,247
  9,706
  10,187
  10,693
  11,225
  11,783
  12,369
  12,985
  13,632
  14,311
  15,024
  15,773
  16,560
  17,386
  18,253
  19,164
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
  1,091
  1,144
  1,199
  1,257
  1,319
  1,383
  1,451
  1,522
  1,597
  1,675
  1,758
  1,845
  1,936
  2,031
  2,132
  2,238
  2,349
  2,466
  2,588
  2,717
  2,852
  2,994
  3,143
  3,300
  3,464
  3,637
  3,818
  4,009
  4,209
  4,419
Working capital, $m
  -1
  287
  300
  315
  330
  346
  363
  381
  400
  419
  440
  462
  485
  509
  534
  560
  588
  617
  648
  680
  714
  749
  787
  826
  867
  910
  955
  1,003
  1,053
  1,106
  1,161
Total debt, $m
  1,447
  1,467
  1,613
  1,766
  1,928
  2,098
  2,277
  2,464
  2,662
  2,870
  3,088
  3,317
  3,558
  3,811
  4,077
  4,356
  4,650
  4,958
  5,282
  5,622
  5,979
  6,354
  6,748
  7,162
  7,597
  8,053
  8,533
  9,036
  9,565
  10,120
  10,703
Total liabilities, $m
  3,009
  3,029
  3,175
  3,328
  3,490
  3,660
  3,839
  4,026
  4,224
  4,432
  4,650
  4,879
  5,120
  5,373
  5,639
  5,918
  6,212
  6,520
  6,844
  7,184
  7,541
  7,916
  8,310
  8,724
  9,159
  9,615
  10,095
  10,598
  11,127
  11,682
  12,265
Total equity, $m
  1,627
  1,704
  1,786
  1,872
  1,963
  2,059
  2,159
  2,265
  2,376
  2,493
  2,615
  2,744
  2,880
  3,022
  3,172
  3,329
  3,494
  3,667
  3,850
  4,041
  4,242
  4,453
  4,675
  4,907
  5,152
  5,409
  5,678
  5,962
  6,259
  6,571
  6,899
Total liabilities and equity, $m
  4,636
  4,733
  4,961
  5,200
  5,453
  5,719
  5,998
  6,291
  6,600
  6,925
  7,265
  7,623
  8,000
  8,395
  8,811
  9,247
  9,706
  10,187
  10,694
  11,225
  11,783
  12,369
  12,985
  13,631
  14,311
  15,024
  15,773
  16,560
  17,386
  18,253
  19,164
Debt-to-equity ratio
  0.889
  0.860
  0.900
  0.940
  0.980
  1.020
  1.050
  1.090
  1.120
  1.150
  1.180
  1.210
  1.240
  1.260
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.430
  1.440
  1.460
  1.470
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
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
  453
  530
  613
  702
  796
  898
  1,006
  1,121
  1,244
  1,375
  1,643
  1,792
  1,949
  2,116
  2,294
  2,483
  2,683
  2,895
  3,120
  3,359
  3,611
  3,879
  4,162
  4,462
  4,780
  5,115
  5,471
  5,846
  6,243
  6,663
Depreciation, amort., depletion, $m
  109
  219
  221
  224
  226
  228
  231
  233
  236
  239
  242
  68
  71
  75
  79
  83
  87
  91
  96
  100
  105
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
Funds from operations, $m
  777
  672
  751
  836
  927
  1,025
  1,128
  1,239
  1,357
  1,483
  1,617
  1,712
  1,863
  2,024
  2,195
  2,377
  2,569
  2,774
  2,991
  3,220
  3,464
  3,722
  3,995
  4,284
  4,590
  4,914
  5,256
  5,619
  6,002
  6,406
  6,834
Change in working capital, $m
  119
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
  50
  53
  55
Cash from operations, $m
  658
  659
  738
  822
  912
  1,009
  1,112
  1,221
  1,339
  1,463
  1,596
  1,690
  1,840
  2,000
  2,170
  2,350
  2,542
  2,745
  2,960
  3,188
  3,430
  3,686
  3,958
  4,245
  4,549
  4,871
  5,211
  5,571
  5,952
  6,354
  6,779
Maintenance CAPEX, $m
  0
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
New CAPEX, $m
  -154
  -49
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -149
  -157
  -164
  -173
  -181
  -190
  -200
  -210
Cash from investing activities, $m
  -267
  -89
  -95
  -99
  -104
  -110
  -115
  -122
  -127
  -134
  -141
  -148
  -155
  -162
  -171
  -180
  -189
  -198
  -208
  -219
  -229
  -240
  -253
  -265
  -279
  -292
  -307
  -322
  -338
  -355
  -373
Free cash flow, $m
  391
  569
  643
  722
  807
  899
  996
  1,100
  1,211
  1,330
  1,456
  1,542
  1,685
  1,837
  1,999
  2,171
  2,353
  2,547
  2,752
  2,970
  3,201
  3,446
  3,705
  3,980
  4,271
  4,578
  4,904
  5,249
  5,613
  5,998
  6,406
Issuance/(repayment) of debt, $m
  56
  138
  146
  154
  162
  170
  179
  188
  197
  208
  218
  229
  241
  253
  266
  279
  293
  308
  324
  340
  357
  375
  394
  414
  435
  456
  479
  503
  529
  555
  583
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
  138
  146
  154
  162
  170
  179
  188
  197
  208
  218
  229
  241
  253
  266
  279
  293
  308
  324
  340
  357
  375
  394
  414
  435
  456
  479
  503
  529
  555
  583
Total cash flow (excl. dividends), $m
  224
  707
  789
  876
  969
  1,069
  1,175
  1,288
  1,409
  1,537
  1,674
  1,772
  1,926
  2,091
  2,265
  2,450
  2,647
  2,855
  3,076
  3,310
  3,558
  3,821
  4,099
  4,394
  4,705
  5,035
  5,383
  5,752
  6,142
  6,554
  6,989
Retained Cash Flow (-), $m
  43
  -77
  -82
  -86
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -150
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
  -257
  -270
  -283
  -297
  -312
  -328
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
 
  630
  707
  789
  878
  973
  1,074
  1,182
  1,298
  1,420
  1,551
  1,643
  1,791
  1,948
  2,115
  2,293
  2,482
  2,682
  2,894
  3,119
  3,357
  3,610
  3,878
  4,161
  4,461
  4,778
  5,114
  5,469
  5,844
  6,241
  6,661
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
 
  595
  625
  651
  671
  684
  690
  688
  678
  661
  637
  589
  555
  515
  472
  426
  378
  331
  285
  240
  199
  162
  129
  101
  77
  57
  42
  30
  20
  14
  9
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 is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company's segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products. As of November 30, 2016, it offered brands for consumers in approximately 150 countries and territories. The Company's brands in the Americas include McCormick, Lawry's, and Club House, as well as brands, such as Gourmet Garden and OLD BAY. It provides a range of products to food manufacturers and foodservice customers. The Company's sales, distribution and production facilities are located in North America, Europe and China. It markets regional and ethnic brands, such as Zatarain's, Stubb's, Thai Kitchen and Simply Asia. The Company offers sensory testing, culinary research, food safety and flavor application.

FINANCIAL RATIOS  of  McCormick (MKC)

Valuation Ratios
P/E Ratio 26.3
Price to Sales 2.8
Price to Book 7.6
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 24.6
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 4.8% 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 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 130.65 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 $13.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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CAG Conagra Brands 34.50 13.24  str.sell
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COMPANY NEWS

▶ Food Industry Staples: 3 Stocks to Buy Now   [Oct-17-17 03:23PM  Zacks]
▶ McCormick & Company Is Determined to Expand   [Oct-04-17 06:11PM  Motley Fool]
▶ Once Again, the Market Likes What McCormick Is Cooking   [Oct-03-17 06:56PM  Motley Fool]
▶ Will McCormicks High Valuation Attract Investors?   [Oct-02-17 10:39AM  Market Realist]
▶ Analyzing McCormicks Fiscal 3Q17 Margins   [07:41AM  Market Realist]
▶ Why McCormicks Sales Rose across Its Business Segments   [Sep-29-17 02:06PM  Market Realist]
▶ McCormick Cuts the Mustard, For Now   [02:00PM  Bloomberg]
▶ Company News For Sep 29, 2017   [10:28AM  Zacks]
▶ McCormick beats Street 3Q forecasts   [Sep-28-17 09:41PM  Associated Press]
▶ The Hot Stock: McCormick Spices Things Up   [05:13PM  Barrons.com]
▶ McCormick's Recipe Is a Success   [11:02AM  Morningstar]
▶ McCormick Declares $0.47 Quarterly Dividend   [Sep-26-17 04:15PM  PR Newswire]
▶ Consumer Sector Earnings Are Coming Up this Week   [Sep-25-17 04:08PM  Market Realist]
▶ 3 Things to Watch in the Stock Market This Week   [Sep-24-17 12:00PM  Motley Fool]
▶ Why McCormicks Earnings Per Share Are Projected to Grow   [Sep-18-17 10:39AM  Market Realist]
▶ Whats Driving McCormick after 1H17   [08:07AM  Market Realist]
▶ 3 Heirloom Stocks to Hold Forever   [Sep-17-17 10:45AM  Motley Fool]
▶ Hogan talks economic climate with Baltimore County business leaders   [Sep-07-17 01:04PM  American City Business Journals]
▶ 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]
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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