Intrinsic value of Pilgrim's Pride - PPC

Previous Close

$31.22

  Intrinsic Value

$62.24

stock screener

  Rating & Target

str. buy

+99%

Previous close

$31.22

 
Intrinsic value

$62.24

 
Up/down potential

+99%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
Revenue, $m
  7,931
  8,883
  9,886
  10,941
  12,047
  13,202
  14,408
  15,665
  16,972
  18,332
  19,746
  21,215
  22,742
  24,329
  25,978
  27,693
  29,477
  31,333
  33,266
  35,278
  37,376
  39,563
  41,844
  44,225
  46,710
  49,306
  52,020
  54,856
  57,822
  60,925
  64,172
Variable operating expenses, $m
 
  7,735
  8,599
  9,507
  10,459
  11,454
  12,492
  13,573
  14,699
  15,869
  17,086
  18,263
  19,577
  20,943
  22,362
  23,839
  25,374
  26,972
  28,636
  30,368
  32,174
  34,056
  36,020
  38,069
  40,209
  42,444
  44,779
  47,221
  49,774
  52,445
  55,240
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
  7,735
  8,599
  9,507
  10,459
  11,454
  12,492
  13,573
  14,699
  15,869
  17,086
  18,263
  19,577
  20,943
  22,362
  23,839
  25,374
  26,972
  28,636
  30,368
  32,174
  34,056
  36,020
  38,069
  40,209
  42,444
  44,779
  47,221
  49,774
  52,445
  55,240
Operating income, $m
  714
  1,148
  1,287
  1,434
  1,588
  1,749
  1,917
  2,092
  2,274
  2,463
  2,660
  2,953
  3,165
  3,386
  3,616
  3,854
  4,103
  4,361
  4,630
  4,910
  5,202
  5,506
  5,824
  6,155
  6,501
  6,863
  7,240
  7,635
  8,048
  8,480
  8,932
EBITDA, $m
  895
  1,395
  1,553
  1,718
  1,892
  2,073
  2,263
  2,460
  2,665
  2,879
  3,101
  3,332
  3,572
  3,821
  4,080
  4,349
  4,629
  4,921
  5,224
  5,540
  5,870
  6,213
  6,571
  6,945
  7,336
  7,743
  8,169
  8,615
  9,081
  9,568
  10,078
Interest expense (income), $m
  42
  49
  61
  74
  88
  102
  117
  133
  149
  166
  183
  201
  220
  240
  261
  282
  304
  327
  351
  376
  402
  429
  457
  487
  518
  550
  583
  618
  655
  693
  733
Earnings before tax, $m
  673
  1,099
  1,226
  1,360
  1,500
  1,647
  1,800
  1,959
  2,125
  2,297
  2,476
  2,751
  2,945
  3,146
  3,355
  3,572
  3,799
  4,034
  4,279
  4,534
  4,800
  5,077
  5,367
  5,668
  5,984
  6,313
  6,657
  7,017
  7,393
  7,786
  8,198
Tax expense, $m
  233
  297
  331
  367
  405
  445
  486
  529
  574
  620
  669
  743
  795
  849
  906
  965
  1,026
  1,089
  1,155
  1,224
  1,296
  1,371
  1,449
  1,530
  1,616
  1,704
  1,797
  1,894
  1,996
  2,102
  2,214
Net income, $m
  441
  802
  895
  993
  1,095
  1,202
  1,314
  1,430
  1,551
  1,677
  1,808
  2,008
  2,150
  2,297
  2,449
  2,608
  2,773
  2,945
  3,124
  3,310
  3,504
  3,706
  3,918
  4,138
  4,368
  4,608
  4,860
  5,122
  5,397
  5,684
  5,985

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  293
  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
  5,022
  5,297
  5,895
  6,524
  7,184
  7,873
  8,592
  9,341
  10,121
  10,932
  11,775
  12,651
  13,561
  14,507
  15,491
  16,514
  17,577
  18,684
  19,836
  21,037
  22,287
  23,591
  24,952
  26,371
  27,853
  29,402
  31,019
  32,711
  34,479
  36,330
  38,266
Adjusted assets (=assets-cash), $m
  4,729
  5,297
  5,895
  6,524
  7,184
  7,873
  8,592
  9,341
  10,121
  10,932
  11,775
  12,651
  13,561
  14,507
  15,491
  16,514
  17,577
  18,684
  19,836
  21,037
  22,287
  23,591
  24,952
  26,371
  27,853
  29,402
  31,019
  32,711
  34,479
  36,330
  38,266
Revenue / Adjusted assets
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
  1.677
Average production assets, $m
  1,853
  2,079
  2,313
  2,560
  2,819
  3,089
  3,372
  3,666
  3,972
  4,290
  4,621
  4,964
  5,322
  5,693
  6,079
  6,480
  6,898
  7,332
  7,784
  8,255
  8,746
  9,258
  9,791
  10,349
  10,930
  11,538
  12,173
  12,836
  13,530
  14,256
  15,016
Working capital, $m
  625
  391
  435
  481
  530
  581
  634
  689
  747
  807
  869
  933
  1,001
  1,070
  1,143
  1,218
  1,297
  1,379
  1,464
  1,552
  1,645
  1,741
  1,841
  1,946
  2,055
  2,169
  2,289
  2,414
  2,544
  2,681
  2,824
Total debt, $m
  1,412
  1,747
  2,117
  2,507
  2,915
  3,341
  3,786
  4,250
  4,733
  5,235
  5,757
  6,299
  6,862
  7,448
  8,057
  8,690
  9,348
  10,033
  10,747
  11,490
  12,264
  13,071
  13,913
  14,792
  15,709
  16,668
  17,669
  18,716
  19,811
  20,956
  22,155
Total liabilities, $m
  2,944
  3,279
  3,649
  4,039
  4,447
  4,873
  5,318
  5,782
  6,265
  6,767
  7,289
  7,831
  8,394
  8,980
  9,589
  10,222
  10,880
  11,565
  12,279
  13,022
  13,796
  14,603
  15,445
  16,324
  17,241
  18,200
  19,201
  20,248
  21,343
  22,488
  23,687
Total equity, $m
  2,078
  2,018
  2,246
  2,486
  2,737
  2,999
  3,273
  3,559
  3,856
  4,165
  4,486
  4,820
  5,167
  5,527
  5,902
  6,292
  6,697
  7,119
  7,558
  8,015
  8,491
  8,988
  9,507
  10,047
  10,612
  11,202
  11,818
  12,463
  13,137
  13,842
  14,579
Total liabilities and equity, $m
  5,022
  5,297
  5,895
  6,525
  7,184
  7,872
  8,591
  9,341
  10,121
  10,932
  11,775
  12,651
  13,561
  14,507
  15,491
  16,514
  17,577
  18,684
  19,837
  21,037
  22,287
  23,591
  24,952
  26,371
  27,853
  29,402
  31,019
  32,711
  34,480
  36,330
  38,266
Debt-to-equity ratio
  0.679
  0.870
  0.940
  1.010
  1.060
  1.110
  1.160
  1.190
  1.230
  1.260
  1.280
  1.310
  1.330
  1.350
  1.370
  1.380
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.500
  1.510
  1.510
  1.520
Adjusted equity ratio
  0.377
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  441
  802
  895
  993
  1,095
  1,202
  1,314
  1,430
  1,551
  1,677
  1,808
  2,008
  2,150
  2,297
  2,449
  2,608
  2,773
  2,945
  3,124
  3,310
  3,504
  3,706
  3,918
  4,138
  4,368
  4,608
  4,860
  5,122
  5,397
  5,684
  5,985
Depreciation, amort., depletion, $m
  181
  247
  265
  284
  304
  325
  346
  369
  392
  416
  441
  379
  406
  435
  464
  495
  527
  560
  594
  630
  668
  707
  747
  790
  834
  881
  929
  980
  1,033
  1,088
  1,146
Funds from operations, $m
  894
  1,049
  1,160
  1,277
  1,399
  1,527
  1,660
  1,799
  1,943
  2,093
  2,249
  2,387
  2,556
  2,731
  2,913
  3,103
  3,299
  3,504
  3,718
  3,940
  4,172
  4,413
  4,665
  4,928
  5,202
  5,489
  5,789
  6,102
  6,430
  6,772
  7,131
Change in working capital, $m
  139
  42
  44
  46
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  75
  78
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
Cash from operations, $m
  755
  1,008
  1,116
  1,231
  1,350
  1,476
  1,607
  1,743
  1,885
  2,033
  2,187
  2,323
  2,489
  2,661
  2,841
  3,027
  3,221
  3,423
  3,633
  3,851
  4,079
  4,317
  4,565
  4,823
  5,093
  5,375
  5,669
  5,977
  6,299
  6,636
  6,988
Maintenance CAPEX, $m
  0
  -141
  -159
  -177
  -195
  -215
  -236
  -257
  -280
  -303
  -327
  -353
  -379
  -406
  -435
  -464
  -495
  -527
  -560
  -594
  -630
  -668
  -707
  -747
  -790
  -834
  -881
  -929
  -980
  -1,033
  -1,088
New CAPEX, $m
  -272
  -226
  -235
  -247
  -259
  -270
  -282
  -294
  -306
  -318
  -331
  -344
  -357
  -371
  -386
  -401
  -417
  -434
  -452
  -471
  -491
  -512
  -534
  -557
  -582
  -608
  -635
  -664
  -694
  -726
  -760
Cash from investing activities, $m
  -262
  -367
  -394
  -424
  -454
  -485
  -518
  -551
  -586
  -621
  -658
  -697
  -736
  -777
  -821
  -865
  -912
  -961
  -1,012
  -1,065
  -1,121
  -1,180
  -1,241
  -1,304
  -1,372
  -1,442
  -1,516
  -1,593
  -1,674
  -1,759
  -1,848
Free cash flow, $m
  493
  640
  723
  807
  896
  990
  1,089
  1,192
  1,300
  1,412
  1,529
  1,626
  1,753
  1,884
  2,020
  2,162
  2,309
  2,462
  2,621
  2,786
  2,958
  3,138
  3,324
  3,519
  3,721
  3,933
  4,154
  4,384
  4,625
  4,877
  5,140
Issuance/(repayment) of debt, $m
  -2
  351
  370
  389
  408
  427
  445
  464
  483
  502
  522
  542
  564
  586
  609
  633
  658
  685
  713
  743
  774
  807
  842
  879
  917
  958
  1,001
  1,047
  1,095
  1,145
  1,199
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
  351
  370
  389
  408
  427
  445
  464
  483
  502
  522
  542
  564
  586
  609
  633
  658
  685
  713
  743
  774
  807
  842
  879
  917
  958
  1,001
  1,047
  1,095
  1,145
  1,199
Total cash flow (excl. dividends), $m
  381
  991
  1,093
  1,196
  1,304
  1,417
  1,534
  1,656
  1,782
  1,914
  2,051
  2,169
  2,316
  2,469
  2,629
  2,795
  2,967
  3,147
  3,334
  3,529
  3,733
  3,945
  4,166
  4,397
  4,639
  4,891
  5,155
  5,431
  5,720
  6,022
  6,339
Retained Cash Flow (-), $m
  -819
  -217
  -228
  -240
  -251
  -263
  -274
  -285
  -297
  -309
  -321
  -334
  -347
  -360
  -375
  -390
  -405
  -422
  -439
  -457
  -477
  -497
  -518
  -541
  -565
  -590
  -616
  -644
  -674
  -705
  -738
Prev. year cash balance distribution, $m
 
  277
  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
 
  1,051
  865
  957
  1,053
  1,154
  1,260
  1,370
  1,485
  1,605
  1,729
  1,835
  1,969
  2,109
  2,254
  2,405
  2,562
  2,725
  2,895
  3,072
  3,256
  3,448
  3,648
  3,856
  4,074
  4,301
  4,539
  4,787
  5,046
  5,317
  5,601
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
 
  1,003
  784
  820
  848
  869
  882
  886
  880
  866
  843
  802
  764
  720
  670
  616
  559
  501
  442
  385
  330
  278
  231
  188
  150
  118
  90
  68
  50
  36
  25
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 18.6
Price to Sales 1
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 16.9
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 18
Current Ratio 0
LT Debt to Equity 67.2%
Total Debt to Equity 67.9%
Interest Coverage 17
Management Effectiveness
Return On Assets 11.2%
Ret/ On Assets - 3 Yr. Avg. 18.7%
Return On Total Capital 15.3%
Ret/ On T. Cap. - 3 Yr. Avg. 25.1%
Return On Equity 26.4%
Return On Equity - 3 Yr. Avg. 34.2%
Asset Turnover 1.9
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 12% 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 3.5% 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 23.4%.

Life of production assets of 13.1 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 4.4%. 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 - $2078 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 253.059 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 $7.9 billion.

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COMPANY NEWS

▶ Top Ranked Value Stocks to Buy for January 4th   [Jan-04-18 02:37AM  Zacks]
▶ Tyson Foods Tops Fiscal 4Q17 Sales Estimate, Remains Upbeat   [Nov-15-17 10:45AM  Market Realist]
▶ 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]
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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