Intrinsic value of Pilgrim's Pride - PPC

Previous Close

$28.17

  Intrinsic Value

$39.71

stock screener

  Rating & Target

buy

+41%

  Value-price divergence*

+94%

Previous close

$28.17

 
Intrinsic value

$39.71

 
Up/down potential

+41%

 
Rating

buy

 
Value-price divergence*

+94%

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

We calculate the intrinsic value of PPC 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 6.9

 

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, %
  -3.04
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  7,931
  8,161
  8,415
  8,692
  8,994
  9,320
  9,670
  10,046
  10,447
  10,875
  11,330
  11,814
  12,327
  12,870
  13,445
  14,052
  14,694
  15,372
  16,087
  16,840
  17,634
  18,471
  19,352
  20,280
  21,256
  22,283
  23,364
  24,500
  25,695
  26,952
  28,273
Variable operating expenses, $m
 
  7,116
  7,337
  7,579
  7,841
  8,125
  8,430
  8,757
  9,106
  9,478
  9,875
  10,283
  10,729
  11,202
  11,702
  12,231
  12,790
  13,380
  14,002
  14,658
  15,349
  16,077
  16,844
  17,652
  18,501
  19,396
  20,336
  21,325
  22,366
  23,459
  24,609
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
  7,218
  7,116
  7,337
  7,579
  7,841
  8,125
  8,430
  8,757
  9,106
  9,478
  9,875
  10,283
  10,729
  11,202
  11,702
  12,231
  12,790
  13,380
  14,002
  14,658
  15,349
  16,077
  16,844
  17,652
  18,501
  19,396
  20,336
  21,325
  22,366
  23,459
  24,609
Operating income, $m
  714
  1,045
  1,078
  1,114
  1,153
  1,195
  1,241
  1,289
  1,341
  1,397
  1,456
  1,531
  1,597
  1,668
  1,742
  1,821
  1,904
  1,992
  2,085
  2,182
  2,285
  2,394
  2,508
  2,628
  2,755
  2,888
  3,028
  3,175
  3,330
  3,493
  3,664
EBITDA, $m
  895
  1,209
  1,247
  1,288
  1,333
  1,381
  1,433
  1,489
  1,548
  1,612
  1,679
  1,751
  1,827
  1,907
  1,992
  2,082
  2,178
  2,278
  2,384
  2,496
  2,613
  2,737
  2,868
  3,005
  3,150
  3,302
  3,462
  3,631
  3,808
  3,994
  4,190
Interest expense (income), $m
  42
  41
  44
  47
  50
  53
  57
  61
  65
  69
  74
  79
  84
  90
  96
  102
  109
  116
  123
  131
  139
  148
  157
  167
  177
  187
  199
  211
  223
  236
  250
Earnings before tax, $m
  673
  1,003
  1,034
  1,067
  1,103
  1,142
  1,184
  1,229
  1,277
  1,328
  1,382
  1,452
  1,513
  1,578
  1,647
  1,719
  1,796
  1,876
  1,962
  2,051
  2,146
  2,246
  2,351
  2,461
  2,578
  2,700
  2,829
  2,964
  3,107
  3,257
  3,414
Tax expense, $m
  233
  271
  279
  288
  298
  308
  320
  332
  345
  358
  373
  392
  409
  426
  445
  464
  485
  507
  530
  554
  579
  606
  635
  665
  696
  729
  764
  800
  839
  879
  922
Net income, $m
  441
  733
  755
  779
  805
  834
  864
  897
  932
  969
  1,009
  1,060
  1,105
  1,152
  1,202
  1,255
  1,311
  1,370
  1,432
  1,498
  1,567
  1,639
  1,716
  1,797
  1,882
  1,971
  2,065
  2,164
  2,268
  2,377
  2,492

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  120
  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
  3,008
  2,972
  3,064
  3,165
  3,275
  3,394
  3,522
  3,658
  3,804
  3,960
  4,126
  4,302
  4,489
  4,687
  4,896
  5,117
  5,351
  5,598
  5,858
  6,133
  6,422
  6,727
  7,047
  7,385
  7,741
  8,115
  8,508
  8,922
  9,357
  9,815
  10,296
Adjusted assets (=assets-cash), $m
  2,888
  2,972
  3,064
  3,165
  3,275
  3,394
  3,522
  3,658
  3,804
  3,960
  4,126
  4,302
  4,489
  4,687
  4,896
  5,117
  5,351
  5,598
  5,858
  6,133
  6,422
  6,727
  7,047
  7,385
  7,741
  8,115
  8,508
  8,922
  9,357
  9,815
  10,296
Revenue / Adjusted assets
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
  2.746
Average production assets, $m
  1,472
  1,518
  1,565
  1,617
  1,673
  1,733
  1,799
  1,869
  1,943
  2,023
  2,107
  2,197
  2,293
  2,394
  2,501
  2,614
  2,733
  2,859
  2,992
  3,132
  3,280
  3,436
  3,600
  3,772
  3,954
  4,145
  4,346
  4,557
  4,779
  5,013
  5,259
Working capital, $m
  454
  343
  353
  365
  378
  391
  406
  422
  439
  457
  476
  496
  518
  541
  565
  590
  617
  646
  676
  707
  741
  776
  813
  852
  893
  936
  981
  1,029
  1,079
  1,132
  1,187
Total debt, $m
  1,012
  1,072
  1,140
  1,214
  1,295
  1,382
  1,476
  1,576
  1,683
  1,798
  1,920
  2,049
  2,186
  2,331
  2,485
  2,647
  2,819
  3,000
  3,191
  3,392
  3,605
  3,828
  4,064
  4,312
  4,573
  4,847
  5,136
  5,440
  5,759
  6,095
  6,448
Total liabilities, $m
  2,121
  2,181
  2,249
  2,323
  2,404
  2,491
  2,585
  2,685
  2,792
  2,907
  3,029
  3,158
  3,295
  3,440
  3,594
  3,756
  3,928
  4,109
  4,300
  4,501
  4,714
  4,937
  5,173
  5,421
  5,682
  5,956
  6,245
  6,549
  6,868
  7,204
  7,557
Total equity, $m
  887
  791
  815
  842
  871
  903
  937
  973
  1,012
  1,053
  1,098
  1,144
  1,194
  1,247
  1,302
  1,361
  1,423
  1,489
  1,558
  1,631
  1,708
  1,789
  1,875
  1,964
  2,059
  2,159
  2,263
  2,373
  2,489
  2,611
  2,739
Total liabilities and equity, $m
  3,008
  2,972
  3,064
  3,165
  3,275
  3,394
  3,522
  3,658
  3,804
  3,960
  4,127
  4,302
  4,489
  4,687
  4,896
  5,117
  5,351
  5,598
  5,858
  6,132
  6,422
  6,726
  7,048
  7,385
  7,741
  8,115
  8,508
  8,922
  9,357
  9,815
  10,296
Debt-to-equity ratio
  1.141
  1.360
  1.400
  1.440
  1.490
  1.530
  1.580
  1.620
  1.660
  1.710
  1.750
  1.790
  1.830
  1.870
  1.910
  1.940
  1.980
  2.010
  2.050
  2.080
  2.110
  2.140
  2.170
  2.190
  2.220
  2.250
  2.270
  2.290
  2.310
  2.330
  2.350
Adjusted equity ratio
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  441
  733
  755
  779
  805
  834
  864
  897
  932
  969
  1,009
  1,060
  1,105
  1,152
  1,202
  1,255
  1,311
  1,370
  1,432
  1,498
  1,567
  1,639
  1,716
  1,797
  1,882
  1,971
  2,065
  2,164
  2,268
  2,377
  2,492
Depreciation, amort., depletion, $m
  181
  164
  169
  174
  180
  186
  192
  199
  207
  215
  223
  220
  229
  239
  250
  261
  273
  286
  299
  313
  328
  344
  360
  377
  395
  414
  435
  456
  478
  501
  526
Funds from operations, $m
  894
  897
  924
  953
  985
  1,020
  1,057
  1,096
  1,139
  1,184
  1,232
  1,280
  1,334
  1,391
  1,452
  1,516
  1,584
  1,656
  1,731
  1,811
  1,895
  1,983
  2,076
  2,174
  2,277
  2,386
  2,500
  2,620
  2,746
  2,879
  3,018
Change in working capital, $m
  139
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
Cash from operations, $m
  755
  887
  913
  942
  973
  1,006
  1,042
  1,081
  1,122
  1,166
  1,213
  1,260
  1,313
  1,369
  1,428
  1,491
  1,557
  1,627
  1,701
  1,779
  1,861
  1,948
  2,039
  2,135
  2,236
  2,342
  2,454
  2,572
  2,696
  2,826
  2,963
Maintenance CAPEX, $m
  0
  -147
  -152
  -157
  -162
  -167
  -173
  -180
  -187
  -194
  -202
  -211
  -220
  -229
  -239
  -250
  -261
  -273
  -286
  -299
  -313
  -328
  -344
  -360
  -377
  -395
  -414
  -435
  -456
  -478
  -501
New CAPEX, $m
  -272
  -46
  -47
  -52
  -56
  -61
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -234
  -246
Cash from investing activities, $m
  -262
  -193
  -199
  -209
  -218
  -228
  -238
  -250
  -262
  -274
  -287
  -301
  -315
  -330
  -346
  -363
  -380
  -399
  -419
  -439
  -461
  -484
  -508
  -533
  -559
  -586
  -615
  -646
  -678
  -712
  -747
Free cash flow, $m
  493
  694
  714
  733
  755
  778
  803
  831
  860
  892
  926
  959
  997
  1,038
  1,082
  1,128
  1,176
  1,228
  1,282
  1,340
  1,400
  1,464
  1,532
  1,603
  1,677
  1,756
  1,839
  1,926
  2,018
  2,114
  2,216
Issuance/(repayment) of debt, $m
  -6
  60
  68
  74
  81
  87
  94
  100
  107
  114
  122
  129
  137
  145
  154
  162
  172
  181
  191
  201
  212
  224
  236
  248
  261
  275
  289
  304
  319
  336
  353
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -113
  60
  68
  74
  81
  87
  94
  100
  107
  114
  122
  129
  137
  145
  154
  162
  172
  181
  191
  201
  212
  224
  236
  248
  261
  275
  289
  304
  319
  336
  353
Total cash flow (excl. dividends), $m
  381
  755
  782
  808
  835
  865
  897
  931
  968
  1,007
  1,048
  1,088
  1,134
  1,184
  1,235
  1,290
  1,348
  1,409
  1,473
  1,541
  1,613
  1,688
  1,767
  1,851
  1,938
  2,031
  2,128
  2,230
  2,337
  2,450
  2,569
Retained Cash Flow (-), $m
  372
  -24
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
Prev. year cash balance distribution, $m
 
  120
  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
 
  851
  757
  781
  806
  834
  863
  895
  929
  965
  1,004
  1,041
  1,085
  1,131
  1,180
  1,231
  1,286
  1,343
  1,404
  1,468
  1,536
  1,607
  1,682
  1,761
  1,844
  1,931
  2,023
  2,120
  2,221
  2,328
  2,441
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  812
  687
  669
  649
  628
  604
  578
  551
  521
  489
  455
  421
  386
  351
  315
  281
  247
  215
  184
  156
  130
  106
  86
  68
  53
  40
  30
  22
  16
  11
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

Pilgrim’s Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products to retailers, distributors, and foodservice operators in the United States, Mexico, and Puerto Rico. It offers fresh chicken products comprising pre-marinated or non-marinated refrigerated (non-frozen) whole chickens, prepackaged case-ready chicken, whole cut-up chickens, and selected chicken parts. The company also provides prepared chicken products, including portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties, and bone-in chicken parts. The company sells its products to foodservice market, including chain restaurants, food processors, broad-line distributors, and other institutions; and retail market customers comprising grocery store chains, wholesale clubs, and other retail distributors. In addition, it exports chicken products to Mexico, the Middle East, Asia, the Commonwealth of Independent States, and other countries. Pilgrim’s Pride Corporation was founded in 1946 and is headquartered in Greeley, Colorado. Pilgrim’s Pride Corporation is a subsidiary of JBS S.A.

FINANCIAL RATIOS  of  Pilgrim's Pride (PPC)

Valuation Ratios
P/E Ratio 15.9
Price to Sales 0.9
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 14.5
Growth Rates
Sales Growth Rate -3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 54.5%
Cap. Spend. - 3 Yr. Gr. Rate 18.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 114.1%
Total Debt to Equity 114.1%
Interest Coverage 17
Management Effectiveness
Return On Assets 14.8%
Ret/ On Assets - 3 Yr. Avg. 19.9%
Return On Total Capital 21.1%
Ret/ On T. Cap. - 3 Yr. Avg. 27%
Return On Equity 41.1%
Return On Equity - 3 Yr. Avg. 39.1%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 11.5%
Gross Margin - 3 Yr. Avg. 14.4%
EBITDA Margin 11.3%
EBITDA Margin - 3 Yr. Avg. 13.7%
Operating Margin 9%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 8.5%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 34.6%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 158.7%

PPC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PPC stock intrinsic value calculation we used $7931 million for the last fiscal year's total revenue generated by Pilgrim's Pride. The default revenue input number comes from 2016 income statement of Pilgrim's Pride. 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 PPC stock valuation model: a) initial revenue growth rate of 2.9% 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 4.8%, whose default value for PPC is calculated based on our internal credit rating of Pilgrim's Pride, 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 Pilgrim's Pride.
    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 PPC stock the variable cost ratio is equal to 87.2%.

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 PPC 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 Pilgrim's Pride.

Corporate tax rate of 27% is the nominal tax rate for Pilgrim's Pride. 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 PPC 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 PPC are equal to 18.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Pilgrim's Pride 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 PPC is equal to 4.2%. 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 - $887 million for Pilgrim's Pride - 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 246.251 million for Pilgrim's Pride 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 Pilgrim's Pride at the current share price and the inputted number of shares is $6.9 billion.

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CALM Cal-Maine Food 35.30 108.90  str.buy
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COMPANY NEWS

▶ [$$] Consumers Appetite for Bacon, Chicken Has Tyson Scrambling to Keep Up   [Aug-08-17 12:37AM  The Wall Street Journal]
▶ [$$] Tyson Fattens Up Revenue on Higher Prices   [01:25PM  The Wall Street Journal]
▶ Pilgrims Announces Release of 2016 Sustainability Report   [Jul-10-17 06:00AM  GlobeNewswire]
▶ Humane Society investigation alleges animal abuse at 2 Pilgrim's Pride facilities   [Jun-28-17 05:31PM  American City Business Journals]
▶ Brazil Beef Banned In U.S., Pilgrim's Pride Rises   [Jun-23-17 10:22AM  Barrons.com]
▶ Is This Troubled Stock Making A Pilgrimage To A New Breakout?   [Jun-08-17 11:05AM  Investor's Business Daily]
▶ ETFs with exposure to Pilgrims Pride Corp. : May 12, 2017   [May-12-17 04:20PM  Capital Cube]
▶ Bulls feed on this stock   [May-11-17 01:25PM  CNBC Videos]
▶ Pilgrims Pride Announces New Credit Facility   [May-09-17 06:24PM  GlobeNewswire]
▶ [$$] Restaurant Slowdown Slices Tyson's Earnings   [02:04PM  The Wall Street Journal]
▶ Top Ranked Momentum Stocks to Buy for May 4th   [May-04-17 10:46AM  Zacks]
▶ Pilgrim's Pride posts 1Q profit   [05:03AM  Associated Press]
▶ Avian Flu Is Back, Should Cal-Maine Investors Worry?   [Apr-06-17 06:08PM  Motley Fool]
▶ Pilgrim's Pride to invest $13M in Triad hatchery, add 17 jobs   [Apr-03-17 01:40PM  at bizjournals.com]
▶ Pilgrim's Pride to invest $13M in Triad hatchery, add 17 jobs   [01:40PM  American City Business Journals]
▶ Top Ranked Value Stocks to Buy for March 15th   [Mar-15-17 10:46AM  Zacks]
▶ Tyson Foods falls on bird flu scare   [02:50PM  CNBC Videos]
▶ Pilgrims Pride Announces Closure of GNP Company Acquisition   [Jan-06-17 04:30PM  GlobeNewswire]
▶ [$$] Agricultural Officials to Suspend Controversial Chicken Pricing Benchmark   [Dec-22-16 09:28AM  at The Wall Street Journal]
Stock chart of PPC Financial statements of PPC
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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