Intrinsic value of Sanderson Farms - SAFM

Previous Close

$133.41

  Intrinsic Value

$462.25

stock screener

  Rating & Target

str. buy

+246%

Previous close

$133.41

 
Intrinsic value

$462.25

 
Up/down potential

+246%

 
Rating

str. buy

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

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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.68
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.59
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
Revenue, $m
  3,342
  3,887
  4,476
  5,110
  5,786
  6,505
  7,264
  8,063
  8,902
  9,780
  10,698
  11,654
  12,650
  13,686
  14,764
  15,883
  17,047
  18,256
  19,513
  20,820
  22,179
  23,592
  25,064
  26,596
  28,192
  29,856
  31,591
  33,401
  35,290
  37,264
  39,325
Variable operating expenses, $m
 
  2,919
  3,362
  3,838
  4,346
  4,885
  5,455
  6,056
  6,686
  7,345
  8,034
  8,752
  9,500
  10,278
  11,087
  11,928
  12,802
  13,711
  14,655
  15,636
  16,656
  17,718
  18,823
  19,973
  21,172
  22,422
  23,725
  25,084
  26,503
  27,985
  29,533
Fixed operating expenses, $m
 
  427
  438
  449
  460
  472
  484
  496
  508
  521
  534
  547
  561
  575
  589
  604
  619
  635
  650
  667
  683
  700
  718
  736
  754
  773
  792
  812
  833
  853
  875
Total operating expenses, $m
  2,917
  3,346
  3,800
  4,287
  4,806
  5,357
  5,939
  6,552
  7,194
  7,866
  8,568
  9,299
  10,061
  10,853
  11,676
  12,532
  13,421
  14,346
  15,305
  16,303
  17,339
  18,418
  19,541
  20,709
  21,926
  23,195
  24,517
  25,896
  27,336
  28,838
  30,408
Operating income, $m
  425
  540
  677
  823
  981
  1,148
  1,325
  1,512
  1,709
  1,915
  2,130
  2,355
  2,589
  2,833
  3,087
  3,351
  3,626
  3,911
  4,208
  4,518
  4,839
  5,174
  5,523
  5,887
  6,266
  6,661
  7,074
  7,505
  7,955
  8,425
  8,917
EBITDA, $m
  525
  657
  810
  976
  1,153
  1,342
  1,542
  1,753
  1,975
  2,207
  2,450
  2,703
  2,967
  3,242
  3,528
  3,826
  4,135
  4,457
  4,792
  5,140
  5,502
  5,879
  6,272
  6,681
  7,108
  7,553
  8,018
  8,503
  9,009
  9,539
  10,092
Interest expense (income), $m
  2
  0
  2
  4
  6
  8
  10
  12
  15
  17
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  55
  59
  64
  68
  73
  78
  83
  89
  94
  100
  106
Earnings before tax, $m
  425
  540
  675
  820
  975
  1,140
  1,315
  1,500
  1,694
  1,897
  2,110
  2,332
  2,563
  2,804
  3,054
  3,315
  3,586
  3,868
  4,162
  4,467
  4,784
  5,115
  5,459
  5,818
  6,193
  6,583
  6,990
  7,416
  7,860
  8,325
  8,811
Tax expense, $m
  145
  146
  182
  221
  263
  308
  355
  405
  457
  512
  570
  630
  692
  757
  825
  895
  968
  1,044
  1,124
  1,206
  1,292
  1,381
  1,474
  1,571
  1,672
  1,777
  1,887
  2,002
  2,122
  2,248
  2,379
Net income, $m
  280
  394
  493
  598
  712
  832
  960
  1,095
  1,236
  1,385
  1,540
  1,702
  1,871
  2,047
  2,230
  2,420
  2,618
  2,824
  3,038
  3,261
  3,493
  3,734
  3,985
  4,247
  4,521
  4,806
  5,103
  5,414
  5,738
  6,077
  6,432

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  419
  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
  1,733
  1,528
  1,760
  2,009
  2,275
  2,558
  2,856
  3,171
  3,501
  3,846
  4,207
  4,583
  4,974
  5,382
  5,806
  6,246
  6,704
  7,179
  7,673
  8,187
  8,721
  9,277
  9,856
  10,458
  11,086
  11,740
  12,423
  13,134
  13,877
  14,653
  15,464
Adjusted assets (=assets-cash), $m
  1,314
  1,528
  1,760
  2,009
  2,275
  2,558
  2,856
  3,171
  3,501
  3,846
  4,207
  4,583
  4,974
  5,382
  5,806
  6,246
  6,704
  7,179
  7,673
  8,187
  8,721
  9,277
  9,856
  10,458
  11,086
  11,740
  12,423
  13,134
  13,877
  14,653
  15,464
Revenue / Adjusted assets
  2.543
  2.544
  2.543
  2.544
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
  2.543
Average production assets, $m
  841
  976
  1,124
  1,283
  1,452
  1,633
  1,823
  2,024
  2,234
  2,455
  2,685
  2,925
  3,175
  3,435
  3,706
  3,987
  4,279
  4,582
  4,898
  5,226
  5,567
  5,922
  6,291
  6,676
  7,076
  7,494
  7,929
  8,384
  8,858
  9,353
  9,871
Working capital, $m
  651
  268
  309
  353
  399
  449
  501
  556
  614
  675
  738
  804
  873
  944
  1,019
  1,096
  1,176
  1,260
  1,346
  1,437
  1,530
  1,628
  1,729
  1,835
  1,945
  2,060
  2,180
  2,305
  2,435
  2,571
  2,713
Total debt, $m
  0
  48
  101
  158
  219
  283
  351
  423
  498
  577
  659
  745
  834
  927
  1,024
  1,124
  1,228
  1,337
  1,450
  1,567
  1,689
  1,815
  1,947
  2,085
  2,228
  2,377
  2,532
  2,695
  2,864
  3,041
  3,226
Total liabilities, $m
  300
  348
  401
  458
  519
  583
  651
  723
  798
  877
  959
  1,045
  1,134
  1,227
  1,324
  1,424
  1,528
  1,637
  1,750
  1,867
  1,989
  2,115
  2,247
  2,385
  2,528
  2,677
  2,832
  2,995
  3,164
  3,341
  3,526
Total equity, $m
  1,433
  1,180
  1,359
  1,551
  1,757
  1,975
  2,205
  2,448
  2,703
  2,969
  3,248
  3,538
  3,840
  4,155
  4,482
  4,822
  5,175
  5,542
  5,924
  6,320
  6,733
  7,162
  7,609
  8,074
  8,558
  9,064
  9,590
  10,140
  10,713
  11,312
  11,938
Total liabilities and equity, $m
  1,733
  1,528
  1,760
  2,009
  2,276
  2,558
  2,856
  3,171
  3,501
  3,846
  4,207
  4,583
  4,974
  5,382
  5,806
  6,246
  6,703
  7,179
  7,674
  8,187
  8,722
  9,277
  9,856
  10,459
  11,086
  11,741
  12,422
  13,135
  13,877
  14,653
  15,464
Debt-to-equity ratio
  0.000
  0.040
  0.070
  0.100
  0.120
  0.140
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
Adjusted equity ratio
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  280
  394
  493
  598
  712
  832
  960
  1,095
  1,236
  1,385
  1,540
  1,702
  1,871
  2,047
  2,230
  2,420
  2,618
  2,824
  3,038
  3,261
  3,493
  3,734
  3,985
  4,247
  4,521
  4,806
  5,103
  5,414
  5,738
  6,077
  6,432
Depreciation, amort., depletion, $m
  100
  116
  134
  153
  173
  194
  217
  241
  266
  292
  320
  348
  378
  409
  441
  475
  509
  546
  583
  622
  663
  705
  749
  795
  842
  892
  944
  998
  1,055
  1,113
  1,175
Funds from operations, $m
  404
  511
  626
  751
  885
  1,027
  1,177
  1,336
  1,502
  1,677
  1,860
  2,050
  2,249
  2,456
  2,671
  2,895
  3,127
  3,369
  3,621
  3,883
  4,155
  4,439
  4,734
  5,042
  5,363
  5,698
  6,047
  6,412
  6,793
  7,191
  7,607
Change in working capital, $m
  -5
  38
  41
  44
  47
  50
  52
  55
  58
  61
  63
  66
  69
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
Cash from operations, $m
  409
  473
  586
  707
  838
  977
  1,125
  1,281
  1,445
  1,617
  1,796
  1,984
  2,180
  2,384
  2,597
  2,817
  3,047
  3,286
  3,534
  3,793
  4,062
  4,341
  4,633
  4,936
  5,253
  5,583
  5,927
  6,287
  6,662
  7,055
  7,465
Maintenance CAPEX, $m
  0
  -100
  -116
  -134
  -153
  -173
  -194
  -217
  -241
  -266
  -292
  -320
  -348
  -378
  -409
  -441
  -475
  -509
  -546
  -583
  -622
  -663
  -705
  -749
  -795
  -842
  -892
  -944
  -998
  -1,055
  -1,113
New CAPEX, $m
  -167
  -135
  -148
  -159
  -170
  -180
  -191
  -201
  -211
  -220
  -230
  -240
  -250
  -260
  -270
  -281
  -292
  -304
  -315
  -328
  -341
  -355
  -369
  -385
  -401
  -418
  -435
  -454
  -474
  -495
  -517
Cash from investing activities, $m
  -166
  -235
  -264
  -293
  -323
  -353
  -385
  -418
  -452
  -486
  -522
  -560
  -598
  -638
  -679
  -722
  -767
  -813
  -861
  -911
  -963
  -1,018
  -1,074
  -1,134
  -1,196
  -1,260
  -1,327
  -1,398
  -1,472
  -1,550
  -1,630
Free cash flow, $m
  243
  238
  322
  415
  515
  624
  740
  863
  993
  1,130
  1,274
  1,425
  1,582
  1,746
  1,917
  2,095
  2,280
  2,473
  2,673
  2,882
  3,098
  3,324
  3,559
  3,803
  4,058
  4,323
  4,600
  4,888
  5,190
  5,505
  5,834
Issuance/(repayment) of debt, $m
  0
  48
  53
  57
  61
  64
  68
  72
  75
  79
  82
  86
  89
  93
  97
  100
  104
  108
  113
  117
  122
  127
  132
  137
  143
  149
  156
  162
  169
  177
  185
Issuance/(repurchase) of shares, $m
  -9
  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
  48
  53
  57
  61
  64
  68
  72
  75
  79
  82
  86
  89
  93
  97
  100
  104
  108
  113
  117
  122
  127
  132
  137
  143
  149
  156
  162
  169
  177
  185
Total cash flow (excl. dividends), $m
  231
  286
  374
  471
  576
  688
  808
  935
  1,068
  1,209
  1,356
  1,510
  1,671
  1,839
  2,014
  2,196
  2,385
  2,581
  2,786
  2,999
  3,220
  3,451
  3,690
  3,940
  4,201
  4,472
  4,755
  5,051
  5,359
  5,682
  6,019
Retained Cash Flow (-), $m
  -243
  -166
  -179
  -192
  -205
  -218
  -230
  -243
  -255
  -267
  -278
  -290
  -302
  -315
  -327
  -340
  -353
  -367
  -382
  -397
  -413
  -429
  -447
  -465
  -485
  -505
  -527
  -550
  -574
  -599
  -626
Prev. year cash balance distribution, $m
 
  419
  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
 
  539
  195
  279
  371
  470
  577
  692
  814
  942
  1,078
  1,220
  1,369
  1,524
  1,687
  1,856
  2,031
  2,214
  2,404
  2,602
  2,808
  3,021
  3,244
  3,475
  3,716
  3,967
  4,229
  4,501
  4,786
  5,083
  5,393
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
 
  517
  179
  243
  305
  365
  419
  467
  509
  541
  565
  579
  584
  580
  566
  545
  516
  482
  443
  401
  357
  313
  269
  228
  189
  154
  123
  97
  74
  55
  41
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 10.9
Price to Sales 0.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 12.6
Growth Rates
Sales Growth Rate 18.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 214
Management Effectiveness
Return On Assets 17.8%
Ret/ On Assets - 3 Yr. Avg. 16.9%
Return On Total Capital 21.3%
Ret/ On T. Cap. - 3 Yr. Avg. 20.1%
Return On Equity 21.3%
Return On Equity - 3 Yr. Avg. 20.3%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 19.2%
Gross Margin - 3 Yr. Avg. 17.6%
EBITDA Margin 15.8%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 12.7%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 12.7%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 16.4%

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 $3342 million for the last fiscal year's total revenue generated by Sanderson Farms. The default revenue input number comes from 2017 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 16.3% 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 75.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $417 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 3.5% 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 25.1%.

Life of production assets of 8.4 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 6.9%. 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 - $1433 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 23.346 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 $3.1 billion.

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COMPANY NEWS

▶ Sanderson Farms, Inc. Announces Quarterly Dividend   [Jan-18-18 05:05PM  Business Wire]
▶ [$$] Growing Appetites Fuel Record U.S. Meat Production   [Jan-12-18 11:30PM  The Wall Street Journal]
▶ New Strong Sell Stocks for January 9th   [Jan-09-18 08:26AM  Zacks]
▶ Estimating The Fair Value Of Sanderson Farms Inc (NASDAQ:SAFM)   [Dec-23-17 06:35PM  Simply Wall St.]
▶ Company News For Dec 15, 2017   [10:13AM  Zacks]
▶ Sanderson Farms misses 4Q profit forecasts   [07:51AM  Associated Press]
▶ Earnings Season Watch List: Sanderson Farms   [Dec-13-17 03:00AM  Investor's Business Daily]
▶ Earnings Season Watch List: Sanderson Farms   [Dec-06-17 03:00AM  Investor's Business Daily]
▶ Earnings Season Watch List: Sanderson Farms   [03:00AM  Investor's Business Daily]
▶ Don't Be a Ham: Meat Stocks Are Looking Full   [Nov-03-17 11:41AM  Barrons.com]
▶ Why Analysts Prefer Tyson Over Sanderson Farms   [Oct-31-17 09:43AM  Benzinga]
▶ The Downside Of Dividend Paying Stocks   [Oct-30-17 02:11PM  Forbes]
▶ What Is Sanderson Farms Incs (SAFM) Share Price Doing?   [Oct-25-17 04:28PM  Simply Wall St.]
▶ 4 of the Most Efficient Stocks to Buy Now   [Oct-20-17 10:29AM  Zacks]
▶ Chicken Rules The Roost, But Americans Want Their Meat Drug-Free And Easy   [Oct-13-17 07:58AM  Investor's Business Daily]
▶ Why Sanderson Farms, Noble, and Gigamon Slumped Today   [Oct-06-17 04:30PM  Motley Fool]
▶ 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]
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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