Intrinsic value of Pinnacle Foods - PF

Previous Close

$56.05

  Intrinsic Value

$33.89

stock screener

  Rating & Target

sell

-40%

Previous close

$56.05

 
Intrinsic value

$33.89

 
Up/down potential

-40%

 
Rating

sell

We calculate the intrinsic value of PF 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 6.7

 

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, %
  17.77
  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
  3,128
  3,191
  3,264
  3,348
  3,442
  3,546
  3,661
  3,786
  3,920
  4,066
  4,222
  4,389
  4,567
  4,757
  4,958
  5,172
  5,399
  5,639
  5,892
  6,160
  6,444
  6,742
  7,057
  7,389
  7,739
  8,107
  8,495
  8,904
  9,333
  9,785
  10,261
Variable operating expenses, $m
 
  2,676
  2,732
  2,797
  2,870
  2,950
  3,038
  3,134
  3,238
  3,350
  3,471
  3,383
  3,520
  3,667
  3,822
  3,987
  4,162
  4,347
  4,542
  4,749
  4,967
  5,197
  5,440
  5,696
  5,966
  6,250
  6,549
  6,863
  7,195
  7,543
  7,909
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
  2,648
  2,676
  2,732
  2,797
  2,870
  2,950
  3,038
  3,134
  3,238
  3,350
  3,471
  3,383
  3,520
  3,667
  3,822
  3,987
  4,162
  4,347
  4,542
  4,749
  4,967
  5,197
  5,440
  5,696
  5,966
  6,250
  6,549
  6,863
  7,195
  7,543
  7,909
Operating income, $m
  480
  515
  532
  551
  572
  596
  623
  651
  682
  715
  751
  1,006
  1,047
  1,090
  1,136
  1,185
  1,237
  1,292
  1,350
  1,412
  1,477
  1,545
  1,617
  1,693
  1,773
  1,858
  1,947
  2,040
  2,139
  2,242
  2,351
EBITDA, $m
  586
  836
  855
  877
  901
  929
  959
  991
  1,027
  1,065
  1,106
  1,149
  1,196
  1,246
  1,298
  1,354
  1,414
  1,477
  1,543
  1,613
  1,687
  1,766
  1,848
  1,935
  2,027
  2,123
  2,225
  2,332
  2,444
  2,563
  2,687
Interest expense (income), $m
  109
  126
  129
  134
  139
  144
  151
  158
  165
  173
  182
  191
  201
  212
  224
  236
  249
  262
  277
  292
  308
  325
  343
  362
  382
  403
  425
  449
  473
  499
  527
Earnings before tax, $m
  341
  389
  402
  417
  434
  452
  472
  494
  517
  542
  569
  814
  845
  878
  913
  949
  988
  1,030
  1,073
  1,120
  1,168
  1,220
  1,274
  1,331
  1,391
  1,455
  1,521
  1,591
  1,665
  1,743
  1,825
Tax expense, $m
  130
  105
  109
  113
  117
  122
  127
  133
  140
  146
  154
  220
  228
  237
  246
  256
  267
  278
  290
  302
  315
  329
  344
  359
  376
  393
  411
  430
  450
  471
  493
Net income, $m
  211
  284
  294
  305
  317
  330
  344
  360
  377
  396
  415
  594
  617
  641
  666
  693
  722
  752
  784
  817
  853
  890
  930
  972
  1,016
  1,062
  1,110
  1,162
  1,216
  1,272
  1,332

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  353
  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
  6,688
  6,459
  6,607
  6,777
  6,968
  7,179
  7,411
  7,663
  7,936
  8,231
  8,546
  8,884
  9,245
  9,629
  10,037
  10,470
  10,929
  11,414
  11,928
  12,471
  13,044
  13,648
  14,286
  14,958
  15,666
  16,412
  17,197
  18,024
  18,893
  19,808
  20,771
Adjusted assets (=assets-cash), $m
  6,335
  6,459
  6,607
  6,777
  6,968
  7,179
  7,411
  7,663
  7,936
  8,231
  8,546
  8,884
  9,245
  9,629
  10,037
  10,470
  10,929
  11,414
  11,928
  12,471
  13,044
  13,648
  14,286
  14,958
  15,666
  16,412
  17,197
  18,024
  18,893
  19,808
  20,771
Revenue / Adjusted assets
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
Average production assets, $m
  3,071
  3,133
  3,205
  3,288
  3,380
  3,483
  3,595
  3,717
  3,850
  3,993
  4,146
  4,310
  4,485
  4,671
  4,869
  5,079
  5,302
  5,537
  5,786
  6,050
  6,328
  6,621
  6,930
  7,256
  7,600
  7,961
  8,342
  8,743
  9,165
  9,609
  10,076
Working capital, $m
  527
  204
  209
  214
  220
  227
  234
  242
  251
  260
  270
  281
  292
  304
  317
  331
  346
  361
  377
  394
  412
  431
  452
  473
  495
  519
  544
  570
  597
  626
  657
Total debt, $m
  3,167
  3,232
  3,343
  3,469
  3,611
  3,768
  3,941
  4,128
  4,332
  4,551
  4,786
  5,037
  5,305
  5,591
  5,894
  6,217
  6,558
  6,919
  7,301
  7,705
  8,131
  8,581
  9,056
  9,556
  10,082
  10,637
  11,222
  11,837
  12,484
  13,164
  13,880
Total liabilities, $m
  4,740
  4,805
  4,916
  5,042
  5,184
  5,341
  5,514
  5,701
  5,905
  6,124
  6,359
  6,610
  6,878
  7,164
  7,467
  7,790
  8,131
  8,492
  8,874
  9,278
  9,704
  10,154
  10,629
  11,129
  11,655
  12,210
  12,795
  13,410
  14,057
  14,737
  15,453
Total equity, $m
  1,948
  1,653
  1,691
  1,735
  1,784
  1,838
  1,897
  1,962
  2,032
  2,107
  2,188
  2,274
  2,367
  2,465
  2,569
  2,680
  2,798
  2,922
  3,054
  3,192
  3,339
  3,494
  3,657
  3,829
  4,010
  4,201
  4,402
  4,614
  4,837
  5,071
  5,317
Total liabilities and equity, $m
  6,688
  6,458
  6,607
  6,777
  6,968
  7,179
  7,411
  7,663
  7,937
  8,231
  8,547
  8,884
  9,245
  9,629
  10,036
  10,470
  10,929
  11,414
  11,928
  12,470
  13,043
  13,648
  14,286
  14,958
  15,665
  16,411
  17,197
  18,024
  18,894
  19,808
  20,770
Debt-to-equity ratio
  1.626
  1.950
  1.980
  2.000
  2.020
  2.050
  2.080
  2.100
  2.130
  2.160
  2.190
  2.210
  2.240
  2.270
  2.290
  2.320
  2.340
  2.370
  2.390
  2.410
  2.440
  2.460
  2.480
  2.500
  2.510
  2.530
  2.550
  2.570
  2.580
  2.600
  2.610
Adjusted equity ratio
  0.252
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  211
  284
  294
  305
  317
  330
  344
  360
  377
  396
  415
  594
  617
  641
  666
  693
  722
  752
  784
  817
  853
  890
  930
  972
  1,016
  1,062
  1,110
  1,162
  1,216
  1,272
  1,332
Depreciation, amort., depletion, $m
  106
  321
  323
  326
  329
  332
  336
  340
  345
  349
  354
  144
  149
  156
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  278
  291
  306
  320
  336
Funds from operations, $m
  599
  605
  617
  630
  646
  662
  681
  700
  722
  745
  770
  738
  766
  796
  828
  862
  898
  936
  977
  1,019
  1,064
  1,111
  1,161
  1,214
  1,269
  1,327
  1,389
  1,453
  1,521
  1,593
  1,668
Change in working capital, $m
  111
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
Cash from operations, $m
  488
  601
  612
  625
  640
  656
  673
  693
  713
  736
  760
  727
  755
  784
  816
  849
  884
  921
  960
  1,002
  1,046
  1,092
  1,141
  1,192
  1,246
  1,304
  1,364
  1,427
  1,494
  1,564
  1,637
Maintenance CAPEX, $m
  0
  -102
  -104
  -107
  -110
  -113
  -116
  -120
  -124
  -128
  -133
  -138
  -144
  -149
  -156
  -162
  -169
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -291
  -306
  -320
New CAPEX, $m
  -101
  -63
  -72
  -82
  -92
  -102
  -112
  -122
  -133
  -143
  -153
  -164
  -175
  -186
  -198
  -210
  -223
  -236
  -249
  -263
  -278
  -293
  -309
  -326
  -344
  -362
  -381
  -401
  -422
  -444
  -467
Cash from investing activities, $m
  -1,086
  -165
  -176
  -189
  -202
  -215
  -228
  -242
  -257
  -271
  -286
  -302
  -319
  -335
  -354
  -372
  -392
  -413
  -434
  -456
  -480
  -504
  -530
  -557
  -586
  -615
  -646
  -679
  -713
  -750
  -787
Free cash flow, $m
  -598
  436
  436
  436
  437
  440
  445
  450
  457
  465
  474
  425
  436
  449
  462
  476
  492
  509
  527
  546
  566
  588
  611
  635
  661
  688
  717
  748
  780
  814
  850
Issuance/(repayment) of debt, $m
  880
  91
  111
  126
  142
  157
  172
  188
  203
  219
  235
  251
  268
  286
  304
  322
  341
  361
  382
  404
  426
  450
  474
  500
  527
  555
  584
  615
  647
  681
  716
Issuance/(repurchase) of shares, $m
  26
  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  
  894
  91
  111
  126
  142
  157
  172
  188
  203
  219
  235
  251
  268
  286
  304
  322
  341
  361
  382
  404
  426
  450
  474
  500
  527
  555
  584
  615
  647
  681
  716
Total cash flow (excl. dividends), $m
  296
  527
  546
  562
  579
  598
  617
  638
  660
  684
  709
  677
  705
  734
  765
  798
  833
  870
  909
  949
  992
  1,038
  1,085
  1,135
  1,188
  1,243
  1,302
  1,363
  1,427
  1,495
  1,566
Retained Cash Flow (-), $m
  -142
  -32
  -38
  -43
  -49
  -54
  -59
  -65
  -70
  -75
  -81
  -87
  -92
  -98
  -104
  -111
  -117
  -124
  -131
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -234
  -246
Prev. year cash balance distribution, $m
 
  327
  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
 
  822
  508
  519
  530
  544
  558
  573
  590
  608
  628
  590
  612
  636
  661
  688
  716
  746
  777
  811
  846
  883
  922
  963
  1,007
  1,052
  1,101
  1,151
  1,205
  1,261
  1,320
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  754
  424
  391
  357
  323
  291
  258
  227
  198
  170
  131
  110
  91
  74
  59
  46
  35
  27
  20
  14
  10
  7
  4
  3
  2
  1
  1
  0
  0
  0
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

Pinnacle Foods Inc. is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through four segments: Frozen segment, the Grocery segment, the Boulder segment and the Specialty segment. Its products are sold through supermarkets, grocery wholesalers and distributors, mass merchandisers, super centers, convenience stores, dollar stores, drug stores and warehouse clubs in the United States and Canada, as well as in military channels and foodservice locations. It offers Birds Eye brand in the frozen vegetables category. The Grocery segment consists of a portfolio of shelf-stable and refrigerated products, including a line of shelf-stable pickle products, primarily under the nationally distributed Vlasic brand, and the regional brands under the Milwaukee's and Wiejske Wyroby brands. It offers a portfolio of gluten-free products under the Udi's and Glutino brands. The Specialty segment includes direct store delivery snacks portfolio.

FINANCIAL RATIOS  of  Pinnacle Foods (PF)

Valuation Ratios
P/E Ratio 31.4
Price to Sales 2.1
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 17.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.5%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 161.2%
Total Debt to Equity 162.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 12.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 29.3%
Gross Margin - 3 Yr. Avg. 27.8%
EBITDA Margin 17.8%
EBITDA Margin - 3 Yr. Avg. 19.8%
Operating Margin 15.3%
Oper. Margin - 3 Yr. Avg. 17%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 13.2%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 8.1%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 38.4%
Payout Ratio 58.3%

PF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PF stock intrinsic value calculation we used $3128 million for the last fiscal year's total revenue generated by Pinnacle Foods. The default revenue input number comes from 2016 income statement of Pinnacle Foods. 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 PF 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 9%, whose default value for PF is calculated based on our internal credit rating of Pinnacle Foods, 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 Pinnacle Foods.
    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 PF stock the variable cost ratio is equal to 84%.

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 PF 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% for Pinnacle Foods.

Corporate tax rate of 27% is the nominal tax rate for Pinnacle Foods. 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 PF 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 PF are equal to 98.2%.

Life of production assets of 47.3 years is the average useful life of capital assets used in Pinnacle Foods 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 PF is equal to 6.4%. 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 - $1948 million for Pinnacle Foods - 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 118.822 million for Pinnacle Foods 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 Pinnacle Foods at the current share price and the inputted number of shares is $6.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Food Industry Staples: 3 Stocks to Buy Now   [Oct-17-17 03:23PM  Zacks]
▶ [$$] Kraft Heinz, Kellogg Latest Food Makers to See Sales Drop   [Aug-03-17 06:35PM  The Wall Street Journal]
▶ Pinnacle Foods beats 2Q profit forecasts   [Jul-27-17 06:38PM  Associated Press]
▶ The options market: Buy this stock!   [Jul-19-17 01:44PM  CNBC Videos]
▶ Conagra Shouldn't Reach for Pinnacle   [Jun-01-17 11:56AM  Bloomberg]
▶ Pinnacle Foods Inc. Declares Quarterly Dividend   [May-24-17 09:00AM  GlobeNewswire]
▶ ETFs with exposure to Pinnacle Foods, Inc. : May 2, 2017   [May-02-17 04:28PM  Capital Cube]
▶ Corrections & Amplifications   [12:24AM  The Wall Street Journal]
▶ Corrections & Amplifications   [May-01-17 11:27PM  The Wall Street Journal]
▶ Food Industry Earnings Crush It This Week   [Apr-27-17 12:09PM  Investopedia]
▶ Pinnacle Foods tops 1Q profit forecasts   [08:44AM  Associated Press]
▶ Winning Consumer Staples Stocks in 2017   [Apr-24-17 05:28PM  Investopedia]
▶ Credit Suisse: Hershey a Buy on Earnings Pullback   [Apr-21-17 01:58PM  Investopedia]
▶ Morgan Stanley Bearish on Smucker   [10:28AM  Investopedia]
▶ Constellation Brands (STZ) Q4 Earnings: What's in Store?   [Mar-30-17 09:28AM  Investopedia]
▶ Consumer Defensive: Still Thirsty for Growth   [07:00AM  at Morningstar]
▶ United Natural (UNFI) Downgraded to Sell on Dismal Trends   [Mar-29-17 05:12PM  Investopedia]
Financial statements of PF
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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