Intrinsic value of McCormick - MKC

Previous Close

$100.23

  Intrinsic Value

$56.28

stock screener

  Rating & Target

sell

-44%

  Value-price divergence*

-10%

Previous close

$100.23

 
Intrinsic value

$56.28

 
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 12.7

 

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
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  4,412
  4,505
  4,612
  4,735
  4,871
  5,022
  5,187
  5,367
  5,561
  5,769
  5,993
  6,232
  6,487
  6,758
  7,046
  7,352
  7,675
  8,018
  8,380
  8,762
  9,166
  9,592
  10,041
  10,515
  11,013
  11,539
  12,091
  12,673
  13,286
  13,930
  14,607
Variable operating expenses, $m
 
  888
  905
  924
  946
  970
  996
  1,024
  1,055
  1,088
  1,123
  984
  1,024
  1,067
  1,112
  1,161
  1,212
  1,266
  1,323
  1,383
  1,447
  1,514
  1,585
  1,660
  1,739
  1,821
  1,909
  2,001
  2,097
  2,199
  2,306
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
  4,023
  4,120
  4,222
  4,328
  4,438
  4,552
  4,671
  4,795
  4,922
  4,878
  5,016
  5,158
  5,306
  5,460
  5,618
  5,782
  5,952
  6,128
  6,310
  6,499
  6,695
  6,897
  7,107
  7,324
  7,549
  7,782
  8,023
  8,273
  8,532
Operating income, $m
  641
  574
  589
  614
  649
  694
  749
  814
  889
  975
  1,070
  1,354
  1,471
  1,600
  1,740
  1,892
  2,058
  2,236
  2,428
  2,634
  2,856
  3,093
  3,347
  3,617
  3,907
  4,215
  4,543
  4,892
  5,263
  5,657
  6,076
EBITDA, $m
  750
  793
  808
  834
  871
  917
  974
  1,041
  1,117
  1,205
  1,302
  1,411
  1,530
  1,661
  1,804
  1,960
  2,128
  2,309
  2,505
  2,714
  2,940
  3,181
  3,438
  3,714
  4,007
  4,320
  4,653
  5,008
  5,384
  5,785
  6,209
Interest expense (income), $m
  58
  54
  57
  60
  63
  67
  71
  75
  80
  85
  91
  97
  103
  110
  117
  125
  133
  142
  151
  161
  171
  182
  194
  206
  218
  232
  246
  261
  276
  293
  310
Earnings before tax, $m
  589
  520
  532
  554
  586
  627
  678
  739
  809
  889
  979
  1,257
  1,368
  1,489
  1,623
  1,767
  1,924
  2,094
  2,277
  2,473
  2,684
  2,911
  3,153
  3,412
  3,688
  3,983
  4,297
  4,631
  4,986
  5,364
  5,766
Tax expense, $m
  153
  140
  144
  150
  158
  169
  183
  200
  219
  240
  264
  339
  369
  402
  438
  477
  520
  565
  615
  668
  725
  786
  851
  921
  996
  1,075
  1,160
  1,250
  1,346
  1,448
  1,557
Net income, $m
  472
  379
  388
  404
  428
  458
  495
  540
  591
  649
  715
  918
  998
  1,087
  1,184
  1,290
  1,405
  1,528
  1,662
  1,806
  1,960
  2,125
  2,302
  2,491
  2,692
  2,907
  3,137
  3,381
  3,640
  3,916
  4,209

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
  4,611
  4,721
  4,846
  4,986
  5,140
  5,309
  5,493
  5,691
  5,905
  6,134
  6,379
  6,639
  6,917
  7,212
  7,525
  7,856
  8,206
  8,577
  8,969
  9,382
  9,818
  10,278
  10,762
  11,273
  11,810
  12,376
  12,972
  13,598
  14,258
  14,951
Adjusted assets (=assets-cash), $m
  4,518
  4,611
  4,721
  4,846
  4,986
  5,140
  5,309
  5,493
  5,691
  5,905
  6,134
  6,379
  6,639
  6,917
  7,212
  7,525
  7,856
  8,206
  8,577
  8,969
  9,382
  9,818
  10,278
  10,762
  11,273
  11,810
  12,376
  12,972
  13,598
  14,258
  14,951
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
  1,063
  1,089
  1,117
  1,150
  1,185
  1,224
  1,267
  1,312
  1,362
  1,414
  1,471
  1,531
  1,595
  1,663
  1,735
  1,811
  1,892
  1,978
  2,068
  2,163
  2,264
  2,370
  2,481
  2,599
  2,723
  2,854
  2,991
  3,135
  3,287
  3,447
Working capital, $m
  -1
  279
  286
  294
  302
  311
  322
  333
  345
  358
  372
  386
  402
  419
  437
  456
  476
  497
  520
  543
  568
  595
  623
  652
  683
  715
  750
  786
  824
  864
  906
Total debt, $m
  1,447
  1,389
  1,459
  1,539
  1,629
  1,728
  1,836
  1,953
  2,081
  2,217
  2,364
  2,520
  2,687
  2,865
  3,054
  3,254
  3,466
  3,690
  3,927
  4,178
  4,442
  4,721
  5,016
  5,326
  5,652
  5,997
  6,359
  6,740
  7,141
  7,563
  8,007
Total liabilities, $m
  3,009
  2,951
  3,021
  3,101
  3,191
  3,290
  3,398
  3,515
  3,643
  3,779
  3,926
  4,082
  4,249
  4,427
  4,616
  4,816
  5,028
  5,252
  5,489
  5,740
  6,004
  6,283
  6,578
  6,888
  7,214
  7,559
  7,921
  8,302
  8,703
  9,125
  9,569
Total equity, $m
  1,627
  1,660
  1,700
  1,745
  1,795
  1,851
  1,911
  1,977
  2,049
  2,126
  2,208
  2,296
  2,390
  2,490
  2,596
  2,709
  2,828
  2,954
  3,088
  3,229
  3,377
  3,534
  3,700
  3,874
  4,058
  4,252
  4,455
  4,670
  4,895
  5,133
  5,382
Total liabilities and equity, $m
  4,636
  4,611
  4,721
  4,846
  4,986
  5,141
  5,309
  5,492
  5,692
  5,905
  6,134
  6,378
  6,639
  6,917
  7,212
  7,525
  7,856
  8,206
  8,577
  8,969
  9,381
  9,817
  10,278
  10,762
  11,272
  11,811
  12,376
  12,972
  13,598
  14,258
  14,951
Debt-to-equity ratio
  0.889
  0.840
  0.860
  0.880
  0.910
  0.930
  0.960
  0.990
  1.020
  1.040
  1.070
  1.100
  1.120
  1.150
  1.180
  1.200
  1.230
  1.250
  1.270
  1.290
  1.320
  1.340
  1.360
  1.370
  1.390
  1.410
  1.430
  1.440
  1.460
  1.470
  1.490
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
  379
  388
  404
  428
  458
  495
  540
  591
  649
  715
  918
  998
  1,087
  1,184
  1,290
  1,405
  1,528
  1,662
  1,806
  1,960
  2,125
  2,302
  2,491
  2,692
  2,907
  3,137
  3,381
  3,640
  3,916
  4,209
Depreciation, amort., depletion, $m
  109
  218
  219
  220
  222
  223
  225
  226
  228
  230
  232
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  127
  134
Funds from operations, $m
  777
  598
  608
  625
  649
  681
  720
  766
  819
  879
  947
  975
  1,058
  1,149
  1,249
  1,357
  1,475
  1,602
  1,739
  1,886
  2,044
  2,213
  2,394
  2,587
  2,793
  3,013
  3,247
  3,497
  3,762
  4,043
  4,343
Change in working capital, $m
  119
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
Cash from operations, $m
  658
  644
  601
  617
  641
  672
  710
  755
  807
  866
  933
  960
  1,042
  1,132
  1,231
  1,338
  1,455
  1,581
  1,716
  1,862
  2,018
  2,186
  2,366
  2,557
  2,762
  2,980
  3,213
  3,460
  3,724
  4,003
  4,301
Maintenance CAPEX, $m
  0
  -40
  -41
  -42
  -43
  -45
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -127
New CAPEX, $m
  -154
  -21
  -25
  -29
  -32
  -36
  -39
  -42
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -145
  -152
  -160
Cash from investing activities, $m
  -267
  -61
  -66
  -71
  -75
  -81
  -85
  -89
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -136
  -143
  -151
  -158
  -167
  -175
  -185
  -194
  -204
  -214
  -225
  -236
  -248
  -261
  -274
  -287
Free cash flow, $m
  391
  583
  534
  546
  565
  592
  625
  665
  712
  766
  828
  848
  925
  1,009
  1,101
  1,202
  1,311
  1,430
  1,557
  1,695
  1,843
  2,002
  2,172
  2,354
  2,548
  2,756
  2,977
  3,213
  3,463
  3,730
  4,013
Issuance/(repayment) of debt, $m
  56
  60
  71
  80
  90
  99
  108
  118
  127
  137
  146
  157
  167
  178
  189
  200
  212
  224
  237
  251
  265
  279
  294
  310
  327
  344
  362
  381
  401
  422
  444
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
  60
  71
  80
  90
  99
  108
  118
  127
  137
  146
  157
  167
  178
  189
  200
  212
  224
  237
  251
  265
  279
  294
  310
  327
  344
  362
  381
  401
  422
  444
Total cash flow (excl. dividends), $m
  224
  642
  605
  626
  655
  690
  733
  782
  839
  903
  974
  1,005
  1,092
  1,187
  1,290
  1,402
  1,523
  1,654
  1,795
  1,946
  2,108
  2,281
  2,466
  2,664
  2,875
  3,100
  3,339
  3,594
  3,864
  4,152
  4,457
Retained Cash Flow (-), $m
  43
  -33
  -40
  -45
  -50
  -56
  -61
  -66
  -71
  -77
  -82
  -88
  -94
  -100
  -106
  -113
  -119
  -126
  -133
  -141
  -149
  -157
  -166
  -174
  -184
  -194
  -204
  -214
  -226
  -237
  -250
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
 
  609
  565
  581
  605
  635
  672
  716
  767
  826
  892
  917
  998
  1,087
  1,184
  1,289
  1,404
  1,528
  1,661
  1,805
  1,959
  2,124
  2,301
  2,490
  2,691
  2,906
  3,135
  3,379
  3,639
  3,915
  4,207
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
 
  575
  500
  480
  462
  446
  432
  417
  401
  385
  366
  329
  309
  287
  264
  239
  214
  189
  163
  139
  116
  95
  77
  60
  46
  35
  26
  18
  13
  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

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 26.6
Price to Sales 2.8
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 19.1
Price to Free Cash Flow 24.9
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 2.1% 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 $12.7 billion.

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COMPANY NEWS

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▶ Factors That Could Drive McCormicks Fiscal 2Q17 Sales   [Jun-22-17 10:36AM  Market Realist]
▶ Greater Baltimore remains without a Fortune 500 company as Under Armour creeps closer   [Jun-07-17 12:00PM  American City Business Journals]
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▶ McCormick Appoints Tony Vernon to Board of Directors   [May-23-17 02:15PM  PR Newswire]
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▶ Under Armour is now Greater Baltimore's largest public company   [09:36AM  American City Business Journals]
▶ McCormick Honors 2017 Unsung Heroes   [May-02-17 04:36PM  PR Newswire]
▶ Exclusive: McCormick & Co. lists existing headquarter buildings in Baltimore County   [Apr-28-17 11:41AM  American City Business Journals]
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▶ How McCormick Is Trading Compared to Its Peers   [Apr-11-17 10:36AM  Market Realist]
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▶ A Look at McCormicks Strong Dividend History   [07:36AM  Market Realist]
▶ A Look at McCormicks Strategic Initiatives   [Apr-10-17 10:38AM  Market Realist]
▶ McCormick Is Strong, but Current Valuation Remains a Drag   [Apr-07-17 05:50PM  Market Realist]
▶ McCormick Holds 2017 Investor Day   [06:30AM  PR Newswire]
▶ Next week's dips could equal opportunity   [Mar-31-17 07:49PM  CNBC Videos]
▶ McCormick Declares $0.47 Quarterly Dividend   [Mar-29-17 04:15PM  PR Newswire]
▶ The Biggest Loser: McCormick Slides 2.9%   [05:08PM  at Barrons.com]
▶ McCormick profit inches up to $93.5M in 1Q   [09:15AM  at bizjournals.com]
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Stock chart of MKC Financial statements of MKC Annual reports 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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