Intrinsic value of Pinnacle Foods - PF

Previous Close

$60.74

  Intrinsic Value

$33.86

stock screener

  Rating & Target

sell

-44%

  Value-price divergence*

+156%

Previous close

$60.74

 
Intrinsic value

$33.86

 
Up/down potential

-44%

 
Rating

sell

 
Value-price divergence*

+156%

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

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 7.2

 

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
  145
  151
  158
  166
  174
  183
  192
  202
  213
  225
  237
  250
  264
  278
  294
  310
  327
  346
  365
  385
  406
  429
  452
  477
  503
  531
Earnings before tax, $m
  341
  389
  402
  417
  434
  452
  472
  493
  517
  542
  569
  814
  844
  877
  911
  948
  987
  1,028
  1,072
  1,118
  1,166
  1,218
  1,272
  1,328
  1,388
  1,452
  1,518
  1,588
  1,662
  1,739
  1,820
Tax expense, $m
  130
  105
  109
  113
  117
  122
  127
  133
  139
  146
  154
  220
  228
  237
  246
  256
  267
  278
  289
  302
  315
  329
  343
  359
  375
  392
  410
  429
  449
  470
  491
Net income, $m
  211
  284
  294
  304
  316
  330
  344
  360
  377
  395
  415
  594
  616
  640
  665
  692
  721
  751
  782
  816
  851
  889
  928
  970
  1,014
  1,060
  1,108
  1,159
  1,213
  1,269
  1,329

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
  6,740
  6,511
  6,661
  6,832
  7,024
  7,237
  7,471
  7,726
  8,001
  8,298
  8,616
  8,957
  9,320
  9,707
  10,119
  10,555
  11,018
  11,507
  12,025
  12,572
  13,150
  13,760
  14,402
  15,080
  15,794
  16,546
  17,337
  18,171
  19,047
  19,970
  20,940
Adjusted assets (=assets-cash), $m
  6,387
  6,511
  6,661
  6,832
  7,024
  7,237
  7,471
  7,726
  8,001
  8,298
  8,616
  8,957
  9,320
  9,707
  10,119
  10,555
  11,018
  11,507
  12,025
  12,572
  13,150
  13,760
  14,402
  15,080
  15,794
  16,546
  17,337
  18,171
  19,047
  19,970
  20,940
Revenue / Adjusted assets
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
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
  579
  258
  264
  271
  279
  287
  297
  307
  318
  329
  342
  355
  370
  385
  402
  419
  437
  457
  477
  499
  522
  546
  572
  599
  627
  657
  688
  721
  756
  793
  831
Total debt, $m
  3,167
  3,232
  3,344
  3,472
  3,615
  3,774
  3,948
  4,138
  4,344
  4,565
  4,803
  5,057
  5,328
  5,617
  5,924
  6,249
  6,594
  6,960
  7,346
  7,754
  8,185
  8,640
  9,119
  9,625
  10,157
  10,718
  11,309
  11,930
  12,584
  13,273
  13,996
Total liabilities, $m
  4,792
  4,857
  4,969
  5,097
  5,240
  5,399
  5,573
  5,763
  5,969
  6,190
  6,428
  6,682
  6,953
  7,242
  7,549
  7,874
  8,219
  8,585
  8,971
  9,379
  9,810
  10,265
  10,744
  11,250
  11,782
  12,343
  12,934
  13,555
  14,209
  14,898
  15,621
Total equity, $m
  1,948
  1,654
  1,692
  1,735
  1,784
  1,838
  1,898
  1,962
  2,032
  2,108
  2,189
  2,275
  2,367
  2,466
  2,570
  2,681
  2,799
  2,923
  3,054
  3,193
  3,340
  3,495
  3,658
  3,830
  4,012
  4,203
  4,404
  4,615
  4,838
  5,072
  5,319
Total liabilities and equity, $m
  6,740
  6,511
  6,661
  6,832
  7,024
  7,237
  7,471
  7,725
  8,001
  8,298
  8,617
  8,957
  9,320
  9,708
  10,119
  10,555
  11,018
  11,508
  12,025
  12,572
  13,150
  13,760
  14,402
  15,080
  15,794
  16,546
  17,338
  18,170
  19,047
  19,970
  20,940
Debt-to-equity ratio
  1.626
  1.950
  1.980
  2.000
  2.030
  2.050
  2.080
  2.110
  2.140
  2.170
  2.190
  2.220
  2.250
  2.280
  2.300
  2.330
  2.360
  2.380
  2.400
  2.430
  2.450
  2.470
  2.490
  2.510
  2.530
  2.550
  2.570
  2.580
  2.600
  2.620
  2.630
Adjusted equity ratio
  0.250
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  211
  284
  294
  304
  316
  330
  344
  360
  377
  395
  415
  594
  616
  640
  665
  692
  721
  751
  782
  816
  851
  889
  928
  970
  1,014
  1,060
  1,108
  1,159
  1,213
  1,269
  1,329
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
  645
  662
  680
  700
  722
  745
  770
  738
  766
  796
  828
  862
  897
  935
  975
  1,018
  1,062
  1,110
  1,159
  1,212
  1,267
  1,325
  1,386
  1,451
  1,518
  1,590
  1,665
Change in working capital, $m
  111
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  39
Cash from operations, $m
  488
  600
  611
  624
  638
  654
  671
  690
  711
  733
  757
  724
  751
  780
  811
  844
  879
  916
  955
  996
  1,039
  1,085
  1,134
  1,185
  1,239
  1,295
  1,355
  1,418
  1,484
  1,553
  1,626
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
  435
  434
  434
  436
  439
  443
  448
  454
  462
  471
  422
  433
  445
  458
  472
  487
  503
  521
  540
  560
  581
  604
  628
  653
  680
  708
  739
  770
  804
  839
Issuance/(repayment) of debt, $m
  880
  91
  112
  128
  143
  159
  174
  190
  205
  221
  238
  254
  271
  289
  307
  326
  345
  365
  386
  408
  431
  455
  480
  505
  533
  561
  591
  622
  654
  688
  724
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
  112
  128
  143
  159
  174
  190
  205
  221
  238
  254
  271
  289
  307
  326
  345
  365
  386
  408
  431
  455
  480
  505
  533
  561
  591
  622
  654
  688
  724
Total cash flow (excl. dividends), $m
  296
  526
  546
  562
  579
  597
  617
  638
  660
  683
  708
  676
  704
  733
  765
  797
  832
  869
  907
  948
  991
  1,036
  1,083
  1,133
  1,186
  1,241
  1,299
  1,360
  1,424
  1,492
  1,563
Retained Cash Flow (-), $m
  -142
  -33
  -38
  -43
  -49
  -54
  -59
  -65
  -70
  -75
  -81
  -87
  -92
  -98
  -104
  -111
  -117
  -124
  -132
  -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
 
  820
  508
  519
  530
  543
  558
  573
  590
  608
  627
  590
  612
  635
  660
  687
  715
  744
  776
  809
  844
  881
  920
  961
  1,004
  1,050
  1,098
  1,148
  1,202
  1,258
  1,316
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
 
  753
  424
  390
  357
  323
  290
  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. manufactures, markets, and distributes branded convenience food products in North America. It operates through four segments: Frozen, Grocery, Boulder, and Specialty. The Frozen segment offers frozen vegetables, frozen complete bagged meals, frozen prepared seafood, frozen and refrigerated bagels, frozen pizza, full-calorie single-serve frozen dinners and entrées, and frozen pancakes/waffles/French toast under the Birds Eye, Birds Eye Voila!, Birds Eye Signature Skillets, Van de Kamp's, Mrs. Paul's, Lender's, Celeste, Hungry-Man, and Aunt Jemima brand names. The Grocery segment provides cake/brownie mixes and frostings, shelf-stable pickles, salad dressings, table syrups, refrigerated and shelf-stable spreads, canned meat, pie and pastry fillings, and barbecue sauces under the Duncan Hines, Vlasic, Wish-Bone, Western and Bernstein’s, Log Cabin, Mrs. Butterworth's, Smart Balance, Armour, Brooks, Nalley, Duncan Hines Comstock, Wilderness, and Open Pit brands. The Boulder segment offers gluten-free products, natural frozen meal offerings, plant-based refrigerated and shelf-stable spreads, and plant-based protein frozen products under the Udi's, Glutino, EVOL, Earth Balance, and gardein brands. The Specialty segment provides snack products under the Hawaiian kettle style chips, Tim’s Cascade, Snyder of Berlin, and Husman’s brand names; and manufactures and distributes products primarily in the frozen breakfast, gluten-free, frozen meat substitutes, canned meat, and pie and pastry fruit filling categories, as well as engages in food service and private label businesses. The company sells its products through supermarkets, grocery wholesalers and distributors, mass merchandisers, super centers, convenience stores, dollar stores, natural and organic food stores, drug stores, and warehouse clubs in the United States and Canada, as well as in military channels and foodservice locations. Pinnacle Foods Inc. is headquartered in Parsippany, New Jersey.

FINANCIAL RATIOS  of  Pinnacle Foods (PF)

Valuation Ratios
P/E Ratio 34
Price to Sales 2.3
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 18.5
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 0.1
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 8.1%. 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 118.829 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 $7.2 billion.

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COMPANY NEWS

▶ [$$] 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]
▶ Pinnacle Foods Inc. Affirms Guidance for 2017   [Mar-23-17 06:30AM  GlobeNewswire]
Stock chart of PF 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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