Intrinsic value of Pilgrim's Pride - PPC

Previous Close

$31.04

  Intrinsic Value

$59.08

stock screener

  Rating & Target

str. buy

+90%

Previous close

$31.04

 
Intrinsic value

$59.08

 
Up/down potential

+90%

 
Rating

str. buy

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 7.7

 

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, %
  -3.04
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  7,931
  8,803
  9,719
  10,677
  11,678
  12,722
  13,809
  14,939
  16,115
  17,337
  18,607
  19,926
  21,298
  22,724
  24,207
  25,749
  27,355
  29,027
  30,768
  32,584
  34,477
  36,452
  38,514
  40,668
  42,917
  45,269
  47,727
  50,298
  52,989
  55,805
  58,752
Variable operating expenses, $m
 
  7,675
  8,472
  9,306
  10,177
  11,086
  12,032
  13,016
  14,039
  15,103
  16,208
  17,344
  18,538
  19,779
  21,070
  22,412
  23,810
  25,265
  26,781
  28,361
  30,009
  31,729
  33,523
  35,398
  37,356
  39,402
  41,542
  43,780
  46,122
  48,573
  51,139
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
  7,675
  8,472
  9,306
  10,177
  11,086
  12,032
  13,016
  14,039
  15,103
  16,208
  17,344
  18,538
  19,779
  21,070
  22,412
  23,810
  25,265
  26,781
  28,361
  30,009
  31,729
  33,523
  35,398
  37,356
  39,402
  41,542
  43,780
  46,122
  48,573
  51,139
Operating income, $m
  714
  1,128
  1,247
  1,371
  1,501
  1,636
  1,777
  1,923
  2,076
  2,234
  2,399
  2,582
  2,760
  2,945
  3,137
  3,337
  3,545
  3,762
  3,987
  4,222
  4,468
  4,724
  4,991
  5,270
  5,562
  5,866
  6,185
  6,518
  6,867
  7,232
  7,614
EBITDA, $m
  895
  1,325
  1,463
  1,607
  1,757
  1,914
  2,078
  2,248
  2,425
  2,609
  2,800
  2,999
  3,205
  3,420
  3,643
  3,875
  4,117
  4,368
  4,630
  4,903
  5,188
  5,486
  5,796
  6,120
  6,459
  6,812
  7,182
  7,569
  7,974
  8,398
  8,842
Interest expense (income), $m
  42
  41
  51
  61
  72
  83
  94
  106
  118
  131
  145
  158
  173
  188
  204
  220
  237
  254
  273
  292
  312
  332
  354
  377
  400
  425
  451
  478
  506
  535
  566
Earnings before tax, $m
  673
  1,087
  1,196
  1,310
  1,429
  1,553
  1,683
  1,818
  1,957
  2,103
  2,254
  2,424
  2,587
  2,757
  2,933
  3,117
  3,308
  3,507
  3,715
  3,931
  4,156
  4,391
  4,637
  4,893
  5,161
  5,441
  5,734
  6,041
  6,361
  6,696
  7,048
Tax expense, $m
  233
  293
  323
  354
  386
  419
  454
  491
  529
  568
  609
  654
  699
  744
  792
  842
  893
  947
  1,003
  1,061
  1,122
  1,186
  1,252
  1,321
  1,394
  1,469
  1,548
  1,631
  1,717
  1,808
  1,903
Net income, $m
  441
  793
  873
  956
  1,043
  1,134
  1,229
  1,327
  1,429
  1,535
  1,645
  1,769
  1,889
  2,012
  2,141
  2,275
  2,415
  2,560
  2,712
  2,869
  3,034
  3,206
  3,385
  3,572
  3,768
  3,972
  4,186
  4,410
  4,644
  4,888
  5,145

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
  3,206
  3,539
  3,888
  4,253
  4,633
  5,029
  5,440
  5,869
  6,314
  6,776
  7,257
  7,756
  8,275
  8,815
  9,377
  9,962
  10,570
  11,205
  11,866
  12,555
  13,275
  14,026
  14,810
  15,629
  16,485
  17,381
  18,317
  19,297
  20,322
  21,396
Adjusted assets (=assets-cash), $m
  2,888
  3,206
  3,539
  3,888
  4,253
  4,633
  5,029
  5,440
  5,869
  6,314
  6,776
  7,257
  7,756
  8,275
  8,815
  9,377
  9,962
  10,570
  11,205
  11,866
  12,555
  13,275
  14,026
  14,810
  15,629
  16,485
  17,381
  18,317
  19,297
  20,322
  21,396
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
  1,637
  1,808
  1,986
  2,172
  2,366
  2,568
  2,779
  2,997
  3,225
  3,461
  3,706
  3,961
  4,227
  4,502
  4,789
  5,088
  5,399
  5,723
  6,061
  6,413
  6,780
  7,164
  7,564
  7,983
  8,420
  8,877
  9,355
  9,856
  10,380
  10,928
Working capital, $m
  454
  370
  408
  448
  490
  534
  580
  627
  677
  728
  781
  837
  895
  954
  1,017
  1,081
  1,149
  1,219
  1,292
  1,369
  1,448
  1,531
  1,618
  1,708
  1,803
  1,901
  2,005
  2,113
  2,226
  2,344
  2,468
Total debt, $m
  1,012
  1,244
  1,489
  1,745
  2,013
  2,292
  2,582
  2,884
  3,199
  3,525
  3,865
  4,217
  4,584
  4,965
  5,361
  5,774
  6,203
  6,650
  7,115
  7,601
  8,107
  8,635
  9,186
  9,761
  10,363
  10,991
  11,648
  12,336
  13,055
  13,807
  14,595
Total liabilities, $m
  2,121
  2,353
  2,598
  2,854
  3,122
  3,401
  3,691
  3,993
  4,308
  4,634
  4,974
  5,326
  5,693
  6,074
  6,470
  6,883
  7,312
  7,759
  8,224
  8,710
  9,216
  9,744
  10,295
  10,870
  11,472
  12,100
  12,757
  13,445
  14,164
  14,916
  15,704
Total equity, $m
  887
  853
  941
  1,034
  1,131
  1,232
  1,338
  1,447
  1,561
  1,679
  1,802
  1,930
  2,063
  2,201
  2,345
  2,494
  2,650
  2,812
  2,980
  3,156
  3,340
  3,531
  3,731
  3,939
  4,157
  4,385
  4,623
  4,872
  5,133
  5,406
  5,691
Total liabilities and equity, $m
  3,008
  3,206
  3,539
  3,888
  4,253
  4,633
  5,029
  5,440
  5,869
  6,313
  6,776
  7,256
  7,756
  8,275
  8,815
  9,377
  9,962
  10,571
  11,204
  11,866
  12,556
  13,275
  14,026
  14,809
  15,629
  16,485
  17,380
  18,317
  19,297
  20,322
  21,395
Debt-to-equity ratio
  1.141
  1.460
  1.580
  1.690
  1.780
  1.860
  1.930
  1.990
  2.050
  2.100
  2.140
  2.180
  2.220
  2.260
  2.290
  2.310
  2.340
  2.360
  2.390
  2.410
  2.430
  2.450
  2.460
  2.480
  2.490
  2.510
  2.520
  2.530
  2.540
  2.550
  2.560
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
  793
  873
  956
  1,043
  1,134
  1,229
  1,327
  1,429
  1,535
  1,645
  1,769
  1,889
  2,012
  2,141
  2,275
  2,415
  2,560
  2,712
  2,869
  3,034
  3,206
  3,385
  3,572
  3,768
  3,972
  4,186
  4,410
  4,644
  4,888
  5,145
Depreciation, amort., depletion, $m
  181
  197
  216
  236
  257
  278
  301
  325
  349
  375
  401
  416
  445
  475
  506
  538
  572
  607
  643
  681
  721
  762
  805
  850
  897
  946
  997
  1,051
  1,107
  1,166
  1,228
Funds from operations, $m
  894
  990
  1,089
  1,192
  1,300
  1,413
  1,530
  1,652
  1,778
  1,910
  2,047
  2,186
  2,334
  2,487
  2,647
  2,814
  2,987
  3,167
  3,355
  3,550
  3,755
  3,968
  4,190
  4,422
  4,665
  4,918
  5,183
  5,461
  5,751
  6,055
  6,373
Change in working capital, $m
  139
  37
  38
  40
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  80
  83
  87
  90
  94
  99
  103
  108
  113
  118
  124
Cash from operations, $m
  755
  953
  1,050
  1,152
  1,258
  1,369
  1,484
  1,604
  1,729
  1,859
  1,994
  2,130
  2,276
  2,427
  2,585
  2,749
  2,919
  3,097
  3,282
  3,474
  3,675
  3,885
  4,103
  4,332
  4,570
  4,820
  5,080
  5,353
  5,638
  5,936
  6,249
Maintenance CAPEX, $m
  0
  -165
  -184
  -203
  -223
  -244
  -266
  -289
  -312
  -337
  -362
  -389
  -416
  -445
  -475
  -506
  -538
  -572
  -607
  -643
  -681
  -721
  -762
  -805
  -850
  -897
  -946
  -997
  -1,051
  -1,107
  -1,166
New CAPEX, $m
  -272
  -165
  -170
  -178
  -186
  -194
  -202
  -210
  -219
  -227
  -236
  -245
  -255
  -265
  -276
  -287
  -299
  -311
  -324
  -338
  -352
  -367
  -384
  -401
  -418
  -437
  -457
  -478
  -500
  -524
  -548
Cash from investing activities, $m
  -262
  -330
  -354
  -381
  -409
  -438
  -468
  -499
  -531
  -564
  -598
  -634
  -671
  -710
  -751
  -793
  -837
  -883
  -931
  -981
  -1,033
  -1,088
  -1,146
  -1,206
  -1,268
  -1,334
  -1,403
  -1,475
  -1,551
  -1,631
  -1,714
Free cash flow, $m
  493
  622
  696
  770
  849
  931
  1,016
  1,105
  1,198
  1,295
  1,395
  1,496
  1,605
  1,717
  1,834
  1,956
  2,082
  2,214
  2,351
  2,493
  2,642
  2,797
  2,958
  3,126
  3,302
  3,485
  3,677
  3,877
  4,086
  4,305
  4,534
Issuance/(repayment) of debt, $m
  -6
  232
  245
  256
  268
  279
  291
  302
  314
  327
  339
  353
  367
  381
  396
  412
  429
  447
  466
  485
  506
  528
  551
  576
  601
  628
  657
  687
  719
  753
  788
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
  232
  245
  256
  268
  279
  291
  302
  314
  327
  339
  353
  367
  381
  396
  412
  429
  447
  466
  485
  506
  528
  551
  576
  601
  628
  657
  687
  719
  753
  788
Total cash flow (excl. dividends), $m
  381
  855
  941
  1,027
  1,116
  1,209
  1,307
  1,407
  1,512
  1,621
  1,735
  1,849
  1,971
  2,098
  2,231
  2,368
  2,512
  2,661
  2,816
  2,979
  3,148
  3,325
  3,509
  3,702
  3,903
  4,114
  4,334
  4,564
  4,805
  5,058
  5,322
Retained Cash Flow (-), $m
  372
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -156
  -162
  -169
  -176
  -183
  -191
  -200
  -209
  -218
  -228
  -238
  -249
  -261
  -273
  -286
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
 
  889
  852
  934
  1,019
  1,108
  1,201
  1,298
  1,398
  1,503
  1,612
  1,721
  1,838
  1,960
  2,087
  2,219
  2,356
  2,499
  2,648
  2,803
  2,965
  3,133
  3,309
  3,493
  3,685
  3,886
  4,096
  4,315
  4,545
  4,785
  5,037
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
 
  848
  772
  800
  821
  835
  841
  839
  829
  811
  786
  752
  713
  669
  620
  568
  514
  459
  405
  351
  300
  253
  209
  170
  136
  106
  82
  61
  45
  32
  23
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 is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators. It offers a range of products to its customers through national and international distribution channels. Its fresh chicken products consist of refrigerated (non-frozen) whole chickens, whole cut-up chickens and selected chicken parts that are either marinated or non-marinated. Its prepared chicken products include ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, some of which are either breaded or non-breaded and either marinated or non-marinated. As of December 25, 2016, the Company marketed its portfolio of fresh, prepared and value-added chicken products across the United States, Mexico and in approximately 80 other countries.

FINANCIAL RATIOS  of  Pilgrim's Pride (PPC)

Valuation Ratios
P/E Ratio 17.5
Price to Sales 1
Price to Book 8.7
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow 16
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 11% 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 8.9 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 248.711 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 $7.7 billion.

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COMPANY NEWS

▶ South Africa's PPC sees higher offer from Fairfax   [Sep-15-17 10:23AM  Reuters]
▶ [$$] CEO of Brazils JBS Is Arrested in New Twist of Scandal at Meatpacker   [Sep-14-17 01:01AM  The Wall Street Journal]
▶ [$$] CEO of Brazil's JBS Is Arrested in New Twist of Scandal at Meatpacker   [Sep-13-17 01:30PM  The Wall Street Journal]
▶ [$$] JBS/Pilgrim's Pride: Game of chicken   [Sep-11-17 05:10PM  Financial Times]
▶ Pilgrim's Pride Near Deal for U.K. Producer Moy Park   [Sep-10-17 09:19PM  Bloomberg]
▶ PPC says AfriSam's new merger proposal falls short   [Sep-04-17 01:49PM  Reuters]
▶ Top Ranked Value Stocks to Buy for August 29th   [Aug-29-17 10:12AM  Zacks]
▶ [$$] 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]
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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