Intrinsic value of Sanderson Farms - SAFM

Previous Close

$163.82

  Intrinsic Value

$50.04

stock screener

  Rating & Target

str. sell

-69%

  Value-price divergence*

-80%

Previous close

$163.82

 
Intrinsic value

$50.04

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence*

-80%

*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 3.9

 

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, %
  0.46
  28.00
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
Revenue, $m
  2,816
  3,604
  4,531
  5,601
  6,821
  8,191
  9,713
  11,386
  13,208
  15,176
  17,287
  19,538
  21,925
  24,445
  27,096
  29,877
  32,786
  35,822
  38,987
  42,283
  45,711
  49,274
  52,978
  56,827
  60,827
  64,984
  69,306
  73,801
  78,478
  83,347
  88,417
Variable operating expenses, $m
 
  3,172
  3,987
  4,929
  6,002
  7,208
  8,547
  10,020
  11,623
  13,355
  15,212
  17,193
  19,294
  21,512
  23,845
  26,292
  28,851
  31,524
  34,309
  37,209
  40,225
  43,361
  46,621
  50,008
  53,527
  57,186
  60,989
  64,945
  69,061
  73,345
  77,807
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
  3,172
  3,987
  4,929
  6,002
  7,208
  8,547
  10,020
  11,623
  13,355
  15,212
  17,193
  19,294
  21,512
  23,845
  26,292
  28,851
  31,524
  34,309
  37,209
  40,225
  43,361
  46,621
  50,008
  53,527
  57,186
  60,989
  64,945
  69,061
  73,345
  77,807
Operating income, $m
  294
  433
  544
  672
  818
  983
  1,166
  1,366
  1,585
  1,821
  2,074
  2,345
  2,631
  2,933
  3,252
  3,585
  3,934
  4,299
  4,678
  5,074
  5,485
  5,913
  6,357
  6,819
  7,299
  7,798
  8,317
  8,856
  9,417
  10,002
  10,610
EBITDA, $m
  379
  542
  681
  842
  1,025
  1,231
  1,460
  1,712
  1,986
  2,282
  2,599
  2,937
  3,296
  3,675
  4,074
  4,492
  4,929
  5,386
  5,862
  6,357
  6,872
  7,408
  7,965
  8,544
  9,145
  9,770
  10,420
  11,096
  11,799
  12,531
  13,293
Interest expense (income), $m
  2
  0
  26
  57
  92
  133
  178
  228
  284
  344
  409
  479
  554
  633
  716
  804
  896
  992
  1,093
  1,198
  1,307
  1,420
  1,538
  1,661
  1,788
  1,921
  2,058
  2,201
  2,350
  2,505
  2,666
Earnings before tax, $m
  293
  433
  518
  615
  726
  850
  988
  1,138
  1,301
  1,477
  1,665
  1,865
  2,077
  2,301
  2,535
  2,781
  3,038
  3,306
  3,586
  3,876
  4,179
  4,493
  4,819
  5,158
  5,511
  5,877
  6,258
  6,655
  7,067
  7,497
  7,944
Tax expense, $m
  104
  117
  140
  166
  196
  230
  267
  307
  351
  399
  450
  504
  561
  621
  685
  751
  820
  893
  968
  1,047
  1,128
  1,213
  1,301
  1,393
  1,488
  1,587
  1,690
  1,797
  1,908
  2,024
  2,145
Net income, $m
  189
  316
  378
  449
  530
  621
  721
  831
  950
  1,078
  1,216
  1,362
  1,516
  1,680
  1,851
  2,030
  2,218
  2,414
  2,618
  2,830
  3,050
  3,280
  3,518
  3,766
  4,023
  4,291
  4,569
  4,858
  5,159
  5,472
  5,799

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
  1,522
  1,913
  2,365
  2,880
  3,459
  4,102
  4,808
  5,578
  6,409
  7,300
  8,251
  9,259
  10,323
  11,443
  12,617
  13,845
  15,128
  16,464
  17,856
  19,303
  20,808
  22,372
  23,998
  25,687
  27,443
  29,268
  31,166
  33,141
  35,197
  37,338
Adjusted assets (=assets-cash), $m
  1,189
  1,522
  1,913
  2,365
  2,880
  3,459
  4,102
  4,808
  5,578
  6,409
  7,300
  8,251
  9,259
  10,323
  11,443
  12,617
  13,845
  15,128
  16,464
  17,856
  19,303
  20,808
  22,372
  23,998
  25,687
  27,443
  29,268
  31,166
  33,141
  35,197
  37,338
Revenue / Adjusted assets
  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
  2.368
Average production assets, $m
  744
  952
  1,196
  1,479
  1,801
  2,162
  2,564
  3,006
  3,487
  4,006
  4,564
  5,158
  5,788
  6,453
  7,153
  7,888
  8,655
  9,457
  10,293
  11,163
  12,068
  13,008
  13,986
  15,002
  16,058
  17,156
  18,297
  19,484
  20,718
  22,004
  23,342
Working capital, $m
  465
  296
  372
  459
  559
  672
  796
  934
  1,083
  1,244
  1,418
  1,602
  1,798
  2,004
  2,222
  2,450
  2,688
  2,937
  3,197
  3,467
  3,748
  4,040
  4,344
  4,660
  4,988
  5,329
  5,683
  6,052
  6,435
  6,834
  7,250
Total debt, $m
  0
  65
  142
  231
  332
  445
  571
  709
  860
  1,023
  1,198
  1,384
  1,582
  1,790
  2,010
  2,240
  2,481
  2,732
  2,994
  3,267
  3,550
  3,845
  4,152
  4,471
  4,802
  5,146
  5,503
  5,876
  6,263
  6,666
  7,085
Total liabilities, $m
  232
  298
  375
  464
  565
  678
  804
  942
  1,093
  1,256
  1,431
  1,617
  1,815
  2,023
  2,243
  2,473
  2,714
  2,965
  3,227
  3,500
  3,783
  4,078
  4,385
  4,704
  5,035
  5,379
  5,736
  6,109
  6,496
  6,899
  7,318
Total equity, $m
  1,190
  1,224
  1,538
  1,902
  2,316
  2,781
  3,298
  3,866
  4,484
  5,153
  5,869
  6,634
  7,444
  8,300
  9,200
  10,144
  11,132
  12,163
  13,237
  14,356
  15,520
  16,730
  17,987
  19,294
  20,652
  22,064
  23,531
  25,058
  26,646
  28,299
  30,020
Total liabilities and equity, $m
  1,422
  1,522
  1,913
  2,366
  2,881
  3,459
  4,102
  4,808
  5,577
  6,409
  7,300
  8,251
  9,259
  10,323
  11,443
  12,617
  13,846
  15,128
  16,464
  17,856
  19,303
  20,808
  22,372
  23,998
  25,687
  27,443
  29,267
  31,167
  33,142
  35,198
  37,338
Debt-to-equity ratio
  0.000
  0.050
  0.090
  0.120
  0.140
  0.160
  0.170
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.220
  0.220
  0.220
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.240
  0.240
  0.240
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
  316
  378
  449
  530
  621
  721
  831
  950
  1,078
  1,216
  1,362
  1,516
  1,680
  1,851
  2,030
  2,218
  2,414
  2,618
  2,830
  3,050
  3,280
  3,518
  3,766
  4,023
  4,291
  4,569
  4,858
  5,159
  5,472
  5,799
Depreciation, amort., depletion, $m
  85
  109
  137
  170
  207
  249
  295
  346
  401
  461
  525
  593
  665
  742
  822
  907
  995
  1,087
  1,183
  1,283
  1,387
  1,495
  1,608
  1,724
  1,846
  1,972
  2,103
  2,239
  2,381
  2,529
  2,683
Funds from operations, $m
  268
  425
  515
  619
  737
  869
  1,016
  1,176
  1,351
  1,539
  1,740
  1,955
  2,182
  2,421
  2,673
  2,937
  3,213
  3,501
  3,801
  4,113
  4,437
  4,775
  5,126
  5,490
  5,869
  6,262
  6,672
  7,097
  7,540
  8,002
  8,482
Change in working capital, $m
  -25
  65
  76
  88
  100
  112
  125
  137
  149
  161
  173
  185
  196
  207
  217
  228
  239
  249
  260
  270
  281
  292
  304
  316
  328
  341
  354
  369
  384
  399
  416
Cash from operations, $m
  293
  360
  439
  531
  637
  757
  891
  1,039
  1,201
  1,377
  1,567
  1,770
  1,986
  2,215
  2,456
  2,709
  2,974
  3,252
  3,541
  3,843
  4,156
  4,483
  4,822
  5,174
  5,541
  5,922
  6,317
  6,729
  7,157
  7,602
  8,066
Maintenance CAPEX, $m
  0
  -85
  -109
  -137
  -170
  -207
  -249
  -295
  -346
  -401
  -461
  -525
  -593
  -665
  -742
  -822
  -907
  -995
  -1,087
  -1,183
  -1,283
  -1,387
  -1,495
  -1,608
  -1,724
  -1,846
  -1,972
  -2,103
  -2,239
  -2,381
  -2,529
New CAPEX, $m
  -201
  -208
  -245
  -283
  -322
  -362
  -402
  -442
  -481
  -520
  -557
  -594
  -630
  -665
  -700
  -734
  -768
  -802
  -836
  -870
  -905
  -941
  -978
  -1,016
  -1,056
  -1,098
  -1,141
  -1,187
  -1,235
  -1,285
  -1,339
Cash from investing activities, $m
  -200
  -293
  -354
  -420
  -492
  -569
  -651
  -737
  -827
  -921
  -1,018
  -1,119
  -1,223
  -1,330
  -1,442
  -1,556
  -1,675
  -1,797
  -1,923
  -2,053
  -2,188
  -2,328
  -2,473
  -2,624
  -2,780
  -2,944
  -3,113
  -3,290
  -3,474
  -3,666
  -3,868
Free cash flow, $m
  93
  67
  85
  111
  145
  188
  241
  303
  375
  457
  549
  651
  763
  884
  1,014
  1,153
  1,300
  1,455
  1,618
  1,790
  1,968
  2,155
  2,349
  2,551
  2,760
  2,978
  3,204
  3,439
  3,683
  3,936
  4,199
Issuance/(repayment) of debt, $m
  -10
  65
  77
  89
  101
  113
  126
  138
  151
  163
  175
  186
  198
  209
  219
  230
  241
  251
  262
  273
  284
  295
  307
  319
  331
  344
  358
  372
  387
  403
  420
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
  65
  77
  89
  101
  113
  126
  138
  151
  163
  175
  186
  198
  209
  219
  230
  241
  251
  262
  273
  284
  295
  307
  319
  331
  344
  358
  372
  387
  403
  420
Total cash flow (excl. dividends), $m
  80
  132
  162
  200
  246
  302
  366
  441
  526
  620
  724
  838
  961
  1,093
  1,233
  1,383
  1,541
  1,706
  1,880
  2,062
  2,252
  2,450
  2,655
  2,869
  3,092
  3,322
  3,562
  3,811
  4,070
  4,339
  4,618
Retained Cash Flow (-), $m
  -160
  -268
  -315
  -364
  -414
  -465
  -517
  -568
  -619
  -668
  -717
  -764
  -810
  -856
  -900
  -944
  -988
  -1,031
  -1,075
  -1,119
  -1,164
  -1,210
  -1,258
  -1,307
  -1,358
  -1,412
  -1,467
  -1,526
  -1,588
  -1,653
  -1,721
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
 
  98
  -152
  -164
  -168
  -164
  -150
  -127
  -93
  -48
  7
  73
  150
  237
  333
  439
  553
  675
  806
  943
  1,088
  1,240
  1,398
  1,563
  1,734
  1,911
  2,095
  2,285
  2,482
  2,686
  2,897
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
 
  94
  -140
  -142
  -138
  -127
  -109
  -86
  -58
  -28
  4
  35
  64
  90
  112
  129
  141
  147
  148
  145
  138
  128
  116
  102
  88
  74
  61
  49
  38
  29
  22
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. is a poultry processing company. The Company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken, and also preparation, processing, marketing and distribution of processed and minimally prepared chicken. It sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, under the Sanderson Farms brand name to retailers, distributors, casual dining operators, customers reselling frozen chicken into export markets. The Company, through its subsidiaries, Sanderson Farms, Inc. (Production Division) and Sanderson Farms, Inc. (Processing Division), conducts its chicken operations. Sanderson Farms, Inc. (Production Division) is engaged in the production of chickens to the broiler-stage. Sanderson Farms, Inc. (Foods Division) is engaged in the processing, sale and distribution of chickens. The Company, through Sanderson Farms, Inc. (Foods Division), conducts its prepared chicken business.

FINANCIAL RATIOS  of  Sanderson Farms (SAFM)

Valuation Ratios
P/E Ratio 19.7
Price to Sales 1.3
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 40.4
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 28% 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 8.7 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 23.506 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 $3.9 billion.

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COMPANY NEWS

▶ Sanderson Farms raises dividend to 32 cents a share   [Sep-21-17 03:43PM  MarketWatch]
▶ Top Stock Picks for the Week of September 18th   [Sep-18-17 01:55PM  Zacks]
▶ 3 Stocks Set To Benefit From The NFL Season   [Sep-06-17 03:39PM  Zacks]
▶ Top Ranked Value Stocks to Buy for August 29th   [Aug-29-17 10:12AM  Zacks]
▶ Sanderson Farms posts 3Q profit   [Aug-24-17 09:58PM  Associated Press]
▶ 5 Stock Picks from Analyzing ROE the DuPont Way   [Aug-21-17 06:21AM  Zacks]
▶ Analyzing Tyson Foods Fiscal 3Q17 Sales Trends   [Aug-08-17 03:05PM  Market Realist]
▶ [$$] Tyson Fattens Up Revenue on Higher Prices   [Aug-07-17 01:25PM  The Wall Street Journal]
▶ 5 Winning Stocks Filtered by DuPont Trick   [Aug-03-17 06:40AM  Zacks]
▶ Sane Portfolio Racks Up a 19% Return   [Jul-31-17 04:15PM  GuruFocus.com]
▶ 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]
Financial statements 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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