Intrinsic value of Sanderson Farms - SAFM

Previous Close

$122.99

  Intrinsic Value

$107.54

stock screener

  Rating & Target

hold

-13%

  Value-price divergence*

-51%

Previous close

$122.99

 
Intrinsic value

$107.54

 
Up/down potential

-13%

 
Rating

hold

 
Value-price divergence*

-51%

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

We calculate the intrinsic value of SAFM 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 2.8

 

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, %
  0.46
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  2,816
  3,202
  3,613
  4,048
  4,507
  4,990
  5,495
  6,024
  6,576
  7,151
  7,750
  8,372
  9,019
  9,692
  10,391
  11,117
  11,872
  12,657
  13,474
  14,324
  15,208
  16,129
  17,089
  18,090
  19,134
  20,224
  21,361
  22,549
  23,791
  25,089
  26,446
Variable operating expenses, $m
 
  2,818
  3,179
  3,562
  3,966
  4,391
  4,836
  5,301
  5,787
  6,293
  6,820
  7,368
  7,937
  8,529
  9,144
  9,783
  10,448
  11,138
  11,857
  12,605
  13,383
  14,194
  15,039
  15,919
  16,838
  17,797
  18,798
  19,843
  20,936
  22,078
  23,272
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
  2,522
  2,818
  3,179
  3,562
  3,966
  4,391
  4,836
  5,301
  5,787
  6,293
  6,820
  7,368
  7,937
  8,529
  9,144
  9,783
  10,448
  11,138
  11,857
  12,605
  13,383
  14,194
  15,039
  15,919
  16,838
  17,797
  18,798
  19,843
  20,936
  22,078
  23,272
Operating income, $m
  294
  384
  434
  486
  541
  599
  659
  723
  789
  858
  930
  1,005
  1,082
  1,163
  1,247
  1,334
  1,425
  1,519
  1,617
  1,719
  1,825
  1,936
  2,051
  2,171
  2,296
  2,427
  2,563
  2,706
  2,855
  3,011
  3,174
EBITDA, $m
  379
  469
  529
  593
  660
  730
  805
  882
  963
  1,047
  1,135
  1,226
  1,320
  1,419
  1,521
  1,628
  1,738
  1,853
  1,973
  2,097
  2,226
  2,361
  2,502
  2,648
  2,801
  2,961
  3,127
  3,301
  3,483
  3,673
  3,872
Interest expense (income), $m
  2
  0
  13
  26
  41
  56
  72
  89
  106
  125
  144
  163
  184
  205
  228
  251
  275
  300
  326
  353
  381
  410
  441
  473
  506
  540
  576
  614
  653
  694
  737
Earnings before tax, $m
  293
  384
  421
  459
  500
  543
  587
  634
  683
  734
  786
  841
  898
  958
  1,019
  1,083
  1,150
  1,219
  1,291
  1,366
  1,444
  1,525
  1,610
  1,698
  1,790
  1,887
  1,987
  2,092
  2,202
  2,316
  2,436
Tax expense, $m
  104
  104
  114
  124
  135
  147
  159
  171
  184
  198
  212
  227
  243
  259
  275
  292
  310
  329
  349
  369
  390
  412
  435
  459
  483
  509
  536
  565
  594
  625
  658
Net income, $m
  189
  280
  307
  335
  365
  396
  429
  463
  498
  536
  574
  614
  656
  699
  744
  791
  839
  890
  942
  997
  1,054
  1,113
  1,175
  1,240
  1,307
  1,377
  1,450
  1,527
  1,607
  1,691
  1,778

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  234
  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
  1,423
  1,352
  1,526
  1,709
  1,903
  2,107
  2,321
  2,544
  2,777
  3,020
  3,273
  3,536
  3,809
  4,093
  4,388
  4,695
  5,014
  5,345
  5,690
  6,049
  6,422
  6,811
  7,217
  7,639
  8,080
  8,540
  9,021
  9,523
  10,047
  10,595
  11,168
Adjusted assets (=assets-cash), $m
  1,189
  1,352
  1,526
  1,709
  1,903
  2,107
  2,321
  2,544
  2,777
  3,020
  3,273
  3,536
  3,809
  4,093
  4,388
  4,695
  5,014
  5,345
  5,690
  6,049
  6,422
  6,811
  7,217
  7,639
  8,080
  8,540
  9,021
  9,523
  10,047
  10,595
  11,168
Revenue / Adjusted assets
  2.368
  2.368
  2.368
  2.369
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
Average production assets, $m
  744
  845
  954
  1,069
  1,190
  1,317
  1,451
  1,590
  1,736
  1,888
  2,046
  2,210
  2,381
  2,559
  2,743
  2,935
  3,134
  3,342
  3,557
  3,781
  4,015
  4,258
  4,512
  4,776
  5,051
  5,339
  5,639
  5,953
  6,281
  6,623
  6,982
Working capital, $m
  465
  263
  296
  332
  370
  409
  451
  494
  539
  586
  635
  687
  740
  795
  852
  912
  974
  1,038
  1,105
  1,175
  1,247
  1,323
  1,401
  1,483
  1,569
  1,658
  1,752
  1,849
  1,951
  2,057
  2,169
Total debt, $m
  0
  32
  66
  102
  140
  180
  222
  266
  311
  359
  408
  460
  514
  569
  627
  687
  750
  815
  882
  953
  1,026
  1,102
  1,181
  1,264
  1,351
  1,441
  1,535
  1,633
  1,736
  1,844
  1,956
Total liabilities, $m
  232
  265
  299
  335
  373
  413
  455
  499
  544
  592
  641
  693
  747
  802
  860
  920
  983
  1,048
  1,115
  1,186
  1,259
  1,335
  1,414
  1,497
  1,584
  1,674
  1,768
  1,866
  1,969
  2,077
  2,189
Total equity, $m
  1,190
  1,087
  1,227
  1,374
  1,530
  1,694
  1,866
  2,045
  2,233
  2,428
  2,631
  2,843
  3,062
  3,291
  3,528
  3,775
  4,031
  4,298
  4,575
  4,863
  5,164
  5,476
  5,802
  6,142
  6,497
  6,866
  7,253
  7,656
  8,078
  8,518
  8,979
Total liabilities and equity, $m
  1,422
  1,352
  1,526
  1,709
  1,903
  2,107
  2,321
  2,544
  2,777
  3,020
  3,272
  3,536
  3,809
  4,093
  4,388
  4,695
  5,014
  5,346
  5,690
  6,049
  6,423
  6,811
  7,216
  7,639
  8,081
  8,540
  9,021
  9,522
  10,047
  10,595
  11,168
Debt-to-equity ratio
  0.000
  0.030
  0.050
  0.070
  0.090
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.180
  0.190
  0.190
  0.190
  0.200
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.220
  0.220
Adjusted equity ratio
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  189
  280
  307
  335
  365
  396
  429
  463
  498
  536
  574
  614
  656
  699
  744
  791
  839
  890
  942
  997
  1,054
  1,113
  1,175
  1,240
  1,307
  1,377
  1,450
  1,527
  1,607
  1,691
  1,778
Depreciation, amort., depletion, $m
  85
  85
  95
  107
  119
  132
  145
  159
  174
  189
  205
  221
  238
  256
  274
  293
  313
  334
  356
  378
  401
  426
  451
  478
  505
  534
  564
  595
  628
  662
  698
Funds from operations, $m
  268
  365
  402
  442
  484
  528
  574
  622
  672
  724
  779
  835
  894
  955
  1,018
  1,084
  1,153
  1,224
  1,298
  1,375
  1,456
  1,539
  1,626
  1,717
  1,812
  1,911
  2,014
  2,122
  2,235
  2,353
  2,477
Change in working capital, $m
  -25
  32
  34
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  64
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
Cash from operations, $m
  293
  333
  369
  406
  446
  488
  532
  579
  627
  677
  730
  784
  841
  900
  961
  1,025
  1,091
  1,160
  1,231
  1,306
  1,383
  1,464
  1,548
  1,635
  1,727
  1,822
  1,921
  2,025
  2,133
  2,247
  2,365
Maintenance CAPEX, $m
  0
  -74
  -85
  -95
  -107
  -119
  -132
  -145
  -159
  -174
  -189
  -205
  -221
  -238
  -256
  -274
  -293
  -313
  -334
  -356
  -378
  -401
  -426
  -451
  -478
  -505
  -534
  -564
  -595
  -628
  -662
New CAPEX, $m
  -201
  -102
  -108
  -115
  -121
  -127
  -134
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -192
  -199
  -207
  -216
  -224
  -234
  -243
  -253
  -264
  -276
  -288
  -300
  -314
  -328
  -343
  -358
Cash from investing activities, $m
  -200
  -176
  -193
  -210
  -228
  -246
  -266
  -285
  -305
  -326
  -347
  -369
  -392
  -416
  -441
  -466
  -492
  -520
  -550
  -580
  -612
  -644
  -679
  -715
  -754
  -793
  -834
  -878
  -923
  -971
  -1,020
Free cash flow, $m
  93
  157
  176
  196
  218
  242
  267
  294
  322
  352
  383
  415
  449
  484
  521
  559
  598
  639
  681
  726
  771
  819
  868
  920
  973
  1,029
  1,087
  1,147
  1,210
  1,276
  1,345
Issuance/(repayment) of debt, $m
  -10
  32
  34
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  62
  65
  68
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  107
  112
Issuance/(repurchase) of shares, $m
  -6
  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  
  -12
  32
  34
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  62
  65
  68
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  107
  112
Total cash flow (excl. dividends), $m
  80
  189
  210
  232
  256
  282
  309
  338
  368
  399
  432
  467
  503
  540
  579
  619
  661
  704
  749
  796
  845
  895
  948
  1,003
  1,060
  1,119
  1,181
  1,246
  1,313
  1,383
  1,457
Retained Cash Flow (-), $m
  -160
  -131
  -139
  -148
  -156
  -164
  -172
  -180
  -187
  -195
  -203
  -211
  -220
  -228
  -237
  -247
  -256
  -267
  -277
  -288
  -300
  -313
  -326
  -340
  -354
  -370
  -386
  -403
  -422
  -441
  -461
Prev. year cash balance distribution, $m
 
  234
  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
 
  292
  70
  84
  100
  118
  137
  158
  180
  204
  229
  255
  283
  311
  341
  372
  404
  437
  472
  507
  544
  582
  622
  663
  705
  749
  795
  842
  892
  943
  996
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  280
  64
  74
  83
  91
  100
  107
  113
  117
  120
  121
  121
  118
  115
  109
  103
  95
  87
  78
  69
  60
  52
  43
  36
  29
  23
  18
  14
  10
  8
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

Sanderson Farms, Inc., an integrated poultry processing company, produces, processes, markets, and distributes fresh, frozen, and prepared chicken products in the United States. The company sells ice pack, chill pack, bulk pack, and frozen chicken in whole, cut-up, and boneless form primarily under the Sanderson Farms brand name to retailers, distributors, and casual dining operators in the southeastern, southwestern, northeastern, and western United States, as well as to customers who resell frozen chicken in the export markets. Its prepared chicken product line includes institutional and consumer packaged partially cooked or marinated chicken items for distributors and food service establishments. Sanderson Farms, Inc. was founded in 1947 and is headquartered in Laurel, Mississippi.

FINANCIAL RATIOS  of  Sanderson Farms (SAFM)

Valuation Ratios
P/E Ratio 14.8
Price to Sales 1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 30.3
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27.2%
Cap. Spend. - 3 Yr. Gr. Rate 29.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 148
Management Effectiveness
Return On Assets 14.3%
Ret/ On Assets - 3 Yr. Avg. 19.2%
Return On Total Capital 17%
Ret/ On T. Cap. - 3 Yr. Avg. 23.2%
Return On Equity 17%
Return On Equity - 3 Yr. Avg. 23.7%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 16.1%
Gross Margin - 3 Yr. Avg. 17.5%
EBITDA Margin 13.5%
EBITDA Margin - 3 Yr. Avg. 14.8%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 12.1%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 35.5%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 22.8%

SAFM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SAFM stock intrinsic value calculation we used $2816 million for the last fiscal year's total revenue generated by Sanderson Farms. The default revenue input number comes from 2016 income statement of Sanderson Farms. 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 SAFM stock valuation model: a) initial revenue growth rate of 13.7% 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 4.3%, whose default value for SAFM is calculated based on our internal credit rating of Sanderson Farms, 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 Sanderson Farms.
    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 SAFM stock the variable cost ratio is equal to 88%.

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 SAFM 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 40% for Sanderson Farms.

Corporate tax rate of 27% is the nominal tax rate for Sanderson Farms. 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 SAFM 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 SAFM are equal to 26.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Sanderson Farms 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 SAFM is equal to 8.2%. 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 - $1190 million for Sanderson Farms - 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 23.005 million for Sanderson Farms 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 Sanderson Farms at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Sanderson Farms Meets 80-Plus Relative Strength Rating Benchmark   [Jul-14-17 03:00AM  Investor's Business Daily]
▶ Top Ranked Value Stocks to Buy for July 11th   [Jul-11-17 09:51AM  Zacks]
▶ Sanderson Farms Comments on California Complaint   [Jun-23-17 01:30PM  Business Wire]
▶ Sanderson Farms to Host Investor Conference   [11:00AM  Business Wire]
▶ Tyson Foods: Here's the Beef   [Jun-06-17 03:48PM  Barrons.com]
▶ Sanderson Farms tops Street 2Q forecasts   [07:34AM  Associated Press]
▶ [$$] Restaurant Slowdown Slices Tyson's Earnings   [02:04PM  The Wall Street Journal]
▶ Sanderson Farms, Inc. Announces New Credit Agreement   [Apr-28-17 01:05PM  Business Wire]
▶ Sanderson Farms, Inc. Announces Quarterly Dividend   [Apr-27-17 01:00PM  Business Wire]
▶ Tyson Foods falls on bird flu scare   [02:50PM  CNBC Videos]
▶ Bird flu found at Tyson Foods chicken supplier   [12:14PM  Associated Press]
▶ Is the Chicken Industry Rigged?   [05:00AM  at Bloomberg]
▶ Sanderson Farms, Inc. Announces Quarterly Dividend   [Jan-19-17 11:25AM  Business Wire]
Stock chart of SAFM Financial statements of SAFM Annual reports of SAFM
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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