Intrinsic value of Sprouts Farmers Market - SFM

Previous Close

$23.95

  Intrinsic Value

$29.15

stock screener

  Rating & Target

buy

+22%

  Value-price divergence*

-55%

Previous close

$23.95

 
Intrinsic value

$29.15

 
Up/down potential

+22%

 
Rating

buy

 
Value-price divergence*

-55%

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

We calculate the intrinsic value of SFM 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 2017), $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 3.2

 

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, %
  12.61
  13.90
  13.01
  12.21
  11.49
  10.84
  10.26
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
  6.48
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  4,046
  4,608
  5,208
  5,844
  6,515
  7,221
  7,962
  8,737
  9,545
  10,388
  11,266
  12,179
  13,128
  14,114
  15,139
  16,204
  17,312
  18,463
  19,660
  20,905
  22,202
  23,552
  24,959
  26,426
  27,956
  29,552
  31,219
  32,959
  34,778
  36,678
  38,666
Variable operating expenses, $m
 
  4,318
  4,874
  5,465
  6,089
  6,745
  7,433
  8,152
  8,903
  9,687
  10,502
  11,313
  12,195
  13,111
  14,063
  15,052
  16,081
  17,150
  18,262
  19,419
  20,624
  21,878
  23,185
  24,547
  25,968
  27,451
  28,999
  30,616
  32,305
  34,071
  35,917
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
  3,833
  4,318
  4,874
  5,465
  6,089
  6,745
  7,433
  8,152
  8,903
  9,687
  10,502
  11,313
  12,195
  13,111
  14,063
  15,052
  16,081
  17,150
  18,262
  19,419
  20,624
  21,878
  23,185
  24,547
  25,968
  27,451
  28,999
  30,616
  32,305
  34,071
  35,917
Operating income, $m
  213
  291
  333
  379
  426
  477
  529
  584
  642
  702
  764
  866
  933
  1,003
  1,076
  1,152
  1,231
  1,313
  1,398
  1,486
  1,578
  1,674
  1,774
  1,879
  1,988
  2,101
  2,219
  2,343
  2,473
  2,608
  2,749
EBITDA, $m
  293
  389
  439
  493
  549
  609
  671
  737
  805
  876
  950
  1,027
  1,107
  1,190
  1,276
  1,366
  1,460
  1,557
  1,658
  1,763
  1,872
  1,986
  2,104
  2,228
  2,357
  2,492
  2,632
  2,779
  2,932
  3,092
  3,260
Interest expense (income), $m
  15
  16
  21
  26
  31
  37
  43
  49
  55
  62
  69
  76
  83
  91
  99
  108
  116
  125
  135
  145
  155
  166
  177
  188
  200
  213
  226
  240
  254
  269
  285
Earnings before tax, $m
  199
  274
  312
  353
  395
  440
  487
  536
  587
  640
  696
  790
  850
  912
  977
  1,044
  1,114
  1,187
  1,263
  1,342
  1,424
  1,509
  1,598
  1,691
  1,787
  1,888
  1,994
  2,104
  2,219
  2,339
  2,464
Tax expense, $m
  75
  74
  84
  95
  107
  119
  131
  145
  158
  173
  188
  213
  230
  246
  264
  282
  301
  321
  341
  362
  384
  407
  431
  456
  483
  510
  538
  568
  599
  631
  665
Net income, $m
  124
  200
  228
  257
  288
  321
  355
  391
  428
  467
  508
  577
  621
  666
  713
  762
  814
  867
  922
  979
  1,039
  1,101
  1,166
  1,234
  1,305
  1,378
  1,455
  1,536
  1,620
  1,707
  1,799

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  1,440
  1,627
  1,838
  2,063
  2,300
  2,549
  2,810
  3,084
  3,369
  3,667
  3,977
  4,299
  4,634
  4,982
  5,344
  5,720
  6,111
  6,517
  6,940
  7,379
  7,837
  8,314
  8,810
  9,328
  9,868
  10,431
  11,020
  11,634
  12,276
  12,947
  13,648
Adjusted assets (=assets-cash), $m
  1,428
  1,627
  1,838
  2,063
  2,300
  2,549
  2,810
  3,084
  3,369
  3,667
  3,977
  4,299
  4,634
  4,982
  5,344
  5,720
  6,111
  6,517
  6,940
  7,379
  7,837
  8,314
  8,810
  9,328
  9,868
  10,431
  11,020
  11,634
  12,276
  12,947
  13,648
Revenue / Adjusted assets
  2.833
  2.832
  2.834
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
Average production assets, $m
  748
  853
  963
  1,081
  1,205
  1,336
  1,473
  1,616
  1,766
  1,922
  2,084
  2,253
  2,429
  2,611
  2,801
  2,998
  3,203
  3,416
  3,637
  3,868
  4,107
  4,357
  4,617
  4,889
  5,172
  5,467
  5,775
  6,097
  6,434
  6,785
  7,153
Working capital, $m
  5
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
Total debt, $m
  385
  479
  590
  709
  835
  966
  1,105
  1,249
  1,400
  1,558
  1,722
  1,892
  2,069
  2,254
  2,445
  2,644
  2,851
  3,065
  3,289
  3,522
  3,764
  4,016
  4,279
  4,552
  4,838
  5,136
  5,447
  5,772
  6,112
  6,467
  6,838
Total liabilities, $m
  767
  861
  972
  1,091
  1,217
  1,348
  1,487
  1,631
  1,782
  1,940
  2,104
  2,274
  2,451
  2,636
  2,827
  3,026
  3,233
  3,447
  3,671
  3,904
  4,146
  4,398
  4,661
  4,934
  5,220
  5,518
  5,829
  6,154
  6,494
  6,849
  7,220
Total equity, $m
  673
  766
  866
  972
  1,083
  1,201
  1,324
  1,452
  1,587
  1,727
  1,873
  2,025
  2,183
  2,347
  2,517
  2,694
  2,878
  3,070
  3,269
  3,476
  3,691
  3,916
  4,150
  4,393
  4,648
  4,913
  5,190
  5,480
  5,782
  6,098
  6,428
Total liabilities and equity, $m
  1,440
  1,627
  1,838
  2,063
  2,300
  2,549
  2,811
  3,083
  3,369
  3,667
  3,977
  4,299
  4,634
  4,983
  5,344
  5,720
  6,111
  6,517
  6,940
  7,380
  7,837
  8,314
  8,811
  9,327
  9,868
  10,431
  11,019
  11,634
  12,276
  12,947
  13,648
Debt-to-equity ratio
  0.572
  0.620
  0.680
  0.730
  0.770
  0.800
  0.830
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.010
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
Adjusted equity ratio
  0.463
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  124
  200
  228
  257
  288
  321
  355
  391
  428
  467
  508
  577
  621
  666
  713
  762
  814
  867
  922
  979
  1,039
  1,101
  1,166
  1,234
  1,305
  1,378
  1,455
  1,536
  1,620
  1,707
  1,799
Depreciation, amort., depletion, $m
  80
  98
  106
  114
  123
  132
  142
  152
  163
  174
  186
  161
  173
  187
  200
  214
  229
  244
  260
  276
  293
  311
  330
  349
  369
  391
  413
  436
  460
  485
  511
Funds from operations, $m
  268
  298
  334
  371
  411
  453
  497
  543
  591
  641
  693
  738
  794
  853
  913
  977
  1,042
  1,111
  1,182
  1,256
  1,333
  1,413
  1,496
  1,583
  1,674
  1,769
  1,868
  1,971
  2,079
  2,192
  2,310
Change in working capital, $m
  14
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  254
  297
  333
  371
  411
  453
  497
  543
  591
  641
  693
  737
  793
  852
  912
  976
  1,041
  1,109
  1,180
  1,254
  1,331
  1,411
  1,495
  1,582
  1,673
  1,767
  1,866
  1,969
  2,077
  2,190
  2,308
Maintenance CAPEX, $m
  0
  -53
  -61
  -69
  -77
  -86
  -95
  -105
  -115
  -126
  -137
  -149
  -161
  -173
  -187
  -200
  -214
  -229
  -244
  -260
  -276
  -293
  -311
  -330
  -349
  -369
  -391
  -413
  -436
  -460
  -485
New CAPEX, $m
  -182
  -105
  -111
  -118
  -124
  -131
  -137
  -143
  -150
  -156
  -162
  -169
  -176
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -240
  -250
  -260
  -271
  -283
  -295
  -308
  -322
  -336
  -352
  -368
Cash from investing activities, $m
  -181
  -158
  -172
  -187
  -201
  -217
  -232
  -248
  -265
  -282
  -299
  -318
  -337
  -355
  -377
  -397
  -419
  -442
  -465
  -490
  -516
  -543
  -571
  -601
  -632
  -664
  -699
  -735
  -772
  -812
  -853
Free cash flow, $m
  73
  139
  161
  184
  209
  236
  264
  294
  325
  358
  393
  419
  457
  496
  536
  578
  622
  668
  715
  764
  815
  868
  923
  981
  1,040
  1,103
  1,167
  1,235
  1,305
  1,379
  1,456
Issuance/(repayment) of debt, $m
  91
  106
  112
  119
  125
  132
  138
  145
  151
  157
  164
  170
  177
  184
  191
  199
  207
  215
  224
  233
  242
  252
  263
  274
  286
  298
  311
  325
  340
  355
  371
Issuance/(repurchase) of shares, $m
  -288
  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  
  -197
  106
  112
  119
  125
  132
  138
  145
  151
  157
  164
  170
  177
  184
  191
  199
  207
  215
  224
  233
  242
  252
  263
  274
  286
  298
  311
  325
  340
  355
  371
Total cash flow (excl. dividends), $m
  -124
  245
  273
  303
  335
  368
  402
  439
  476
  516
  557
  590
  634
  680
  728
  777
  829
  883
  939
  997
  1,057
  1,120
  1,186
  1,255
  1,326
  1,401
  1,478
  1,560
  1,645
  1,734
  1,827
Retained Cash Flow (-), $m
  150
  -93
  -100
  -106
  -112
  -117
  -123
  -129
  -134
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -234
  -244
  -254
  -265
  -277
  -289
  -302
  -316
  -330
Prev. year cash balance distribution, $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 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
 
  152
  174
  197
  223
  250
  279
  310
  342
  376
  411
  438
  476
  516
  557
  600
  645
  691
  740
  790
  842
  896
  952
  1,011
  1,072
  1,135
  1,201
  1,270
  1,343
  1,418
  1,496
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  145
  158
  171
  182
  192
  200
  206
  209
  211
  209
  201
  196
  188
  178
  167
  154
  141
  126
  112
  98
  84
  71
  59
  48
  38
  30
  23
  17
  13
  9
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

Sprouts Farmers Market, Inc., a healthy grocery store, provides fresh, natural, and organic food in the United States. The company’s stores offer fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat and seafood, deli products, baked goods, dairy and dairy alternatives, frozen foods, body care and natural household items, and beer and wine. As of February 23, 2017, it operated 256 stores in 14 states. The company was founded in 2002 and is based in Phoenix, Arizona.

FINANCIAL RATIOS  of  Sprouts Farmers Market (SFM)

Valuation Ratios
P/E Ratio 27.1
Price to Sales 0.8
Price to Book 5
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 46.7
Growth Rates
Sales Growth Rate 12.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.9%
Cap. Spend. - 3 Yr. Gr. Rate 15.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 55.4%
Total Debt to Equity 57.2%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.3%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 11.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.2%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 17.2%
Asset Turnover 2.8
Profitability Ratios
Gross Margin 29.2%
Gross Margin - 3 Yr. Avg. 29.4%
EBITDA Margin 7.3%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin 4.9%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 37.7%
Payout Ratio 0%

SFM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFM stock intrinsic value calculation we used $4046 million for the last fiscal year's total revenue generated by Sprouts Farmers Market. The default revenue input number comes from 2017 income statement of Sprouts Farmers Market. 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 SFM stock valuation model: a) initial revenue growth rate of 13.9% 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 4.5%, whose default value for SFM is calculated based on our internal credit rating of Sprouts Farmers Market, 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 Sprouts Farmers Market.
    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 SFM stock the variable cost ratio is equal to 93.8%.

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 SFM 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 4.4% for Sprouts Farmers Market.

Corporate tax rate of 27% is the nominal tax rate for Sprouts Farmers Market. 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 SFM 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 SFM are equal to 18.5%.

Life of production assets of 14 years is the average useful life of capital assets used in Sprouts Farmers Market 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 SFM is equal to 0.1%. 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 - $673 million for Sprouts Farmers Market - 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 132.178 million for Sprouts Farmers Market 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 Sprouts Farmers Market at the current share price and the inputted number of shares is $3.2 billion.

RELATED COMPANIES Price Int.Val. Rating
WFM Whole Foods Ma 41.71 28.30  sell
KR Kroger 22.94 29.60  buy
SVU Supervalu 22.01 5.39  str.buy
WMT Wal-Mart Store 80.02 72.08  hold
NGVC Natural Grocer 6.13 13.04  str.buy
IMKTA Ingles Markets 24.50 19.67  sell

COMPANY NEWS

▶ Still Reason To Tread Cautiously Among Grocers   [Aug-17-17 09:19AM  Barrons.com]
▶ More Consumer Sector Earnings Results from Last Week   [Aug-09-17 09:31AM  Market Realist]
▶ Sprouts Farmers Markets 2Q17 Earnings Rose 16%   [Aug-08-17 10:39AM  Market Realist]
▶ Sprouts Farmers beats Street 2Q forecasts   [Aug-03-17 09:27AM  Associated Press]
▶ No Rating Changes for Whole Foods after 3Q17 Results   [Aug-01-17 11:35AM  Market Realist]
▶ Amazon.com, Inc. (AMZN) Stock Is Bulletproof   [Jul-25-17 12:44PM  InvestorPlace]
▶ SFMs Sales Comps to Remain in Positive Territory in 2Q17   [Jul-21-17 10:41AM  Market Realist]
▶ Whole Foods Stock Bounces Back after a 2-Year Struggle   [Jul-20-17 09:08AM  Market Realist]
▶ First Look: Sprouts' new East Memphis location   [Jul-13-17 04:15PM  American City Business Journals]
▶ [$$] Amazon/Whole Foods: More Than an Aisle Threat   [Jul-11-17 03:02PM  Barrons.com]
▶ Whole Foods: As Good As It Gets   [Jun-29-17 12:59PM  Barrons.com]
▶ Walmart Could Pick Up Sprouts ... or Not   [Jun-27-17 03:42PM  TheStreet.com]
▶ The Best Food Stocks to Buy Now   [Jun-20-17 06:18PM  Zacks]
▶ Bulls bet on this grocery chain   [02:21PM  CNBC Videos]
▶ The Nasdaq Was Just Beat Up -- Here's What You Need to Know   [Jun-17-17 06:16AM  TheStreet.com]
▶ [$$] Kroger slide sends tremors through US grocery retailers   [Jun-15-17 04:39PM  Financial Times]
▶ Prime (Now) time: Amazon debuts 2-hour delivery in Denver   [08:51AM  American City Business Journals]
▶ Kroger on the Street: Analyst Recommendations   [07:36AM  Market Realist]
▶ Amazon starts its 'superfast' delivery in Denver items at your door within 2 hours   [Jun-13-17 06:44PM  American City Business Journals]
▶ Sprouts expanding prepped meal offerings, deliveries to keep up with dining trends   [Jun-06-17 07:50PM  American City Business Journals]
▶ See inside South Tampa's Sprouts Farmers Market (Photos)   [May-23-17 12:05PM  American City Business Journals]
▶ Top Ranked Growth Stocks to Buy for May 19th   [May-19-17 09:25AM  Zacks]
▶ Sprouts Farmers Market Is Trading Better, Buy a Breakout   [May-18-17 12:49PM  TheStreet.com]
▶ Once-Wilted Grocery Stocks Show Signs of Rebound   [May-16-17 10:00AM  TheStreet.com]
▶ Whole Foods Market Overhauls Board, Cuts Full-Year Outlook   [May-10-17 04:47PM  Investor's Business Daily]
▶ Sprouts Q1 earnings beat expectations thanks to merger rumors   [May-05-17 05:30PM  American City Business Journals]
▶ Sprouts Farmers beats Street 1Q forecasts   [May-04-17 09:17AM  Associated Press]
▶ What Wall Street Recommends for SuperValu   [May-01-17 10:37AM  Market Realist]
▶ SFMs Comps Growth to Remain Muted in Fiscal 2017   [Apr-26-17 06:05PM  Market Realist]
Financial statements of SFM
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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