Intrinsic value of Sprouts Farmers Market - SFM

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$22.74

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$22.74

 
Intrinsic value

$21.00

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence* premium content

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*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 3.1

 

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
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  4,046
  4,289
  4,542
  4,806
  5,081
  5,368
  5,668
  5,982
  6,310
  6,652
  7,011
  7,386
  7,778
  8,189
  8,619
  9,070
  9,542
  10,037
  10,556
  11,099
  11,669
  12,267
  12,894
  13,551
  14,241
  14,964
  15,723
  16,519
  17,355
  18,232
  19,152
Variable operating expenses, $m
 
  4,021
  4,256
  4,501
  4,757
  5,024
  5,302
  5,594
  5,898
  6,216
  6,549
  6,861
  7,225
  7,607
  8,007
  8,425
  8,864
  9,323
  9,805
  10,310
  10,840
  11,395
  11,977
  12,588
  13,228
  13,900
  14,605
  15,345
  16,121
  16,935
  17,790
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
  4,021
  4,256
  4,501
  4,757
  5,024
  5,302
  5,594
  5,898
  6,216
  6,549
  6,861
  7,225
  7,607
  8,007
  8,425
  8,864
  9,323
  9,805
  10,310
  10,840
  11,395
  11,977
  12,588
  13,228
  13,900
  14,605
  15,345
  16,121
  16,935
  17,790
Operating income, $m
  213
  268
  286
  305
  324
  345
  366
  388
  412
  436
  462
  525
  553
  582
  613
  645
  678
  714
  750
  789
  830
  872
  917
  963
  1,012
  1,064
  1,118
  1,174
  1,234
  1,296
  1,362
EBITDA, $m
  293
  362
  383
  405
  428
  453
  478
  504
  532
  561
  591
  623
  656
  690
  727
  765
  805
  846
  890
  936
  984
  1,034
  1,087
  1,142
  1,201
  1,262
  1,326
  1,393
  1,463
  1,537
  1,615
Interest expense (income), $m
  15
  16
  18
  21
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  50
  54
  58
  62
  66
  70
  74
  79
  84
  89
  95
  100
  106
  112
  119
  126
  133
Earnings before tax, $m
  199
  252
  268
  284
  302
  320
  339
  359
  379
  401
  424
  484
  509
  535
  562
  591
  621
  652
  685
  719
  755
  793
  833
  874
  918
  964
  1,012
  1,062
  1,115
  1,170
  1,229
Tax expense, $m
  75
  68
  72
  77
  81
  86
  92
  97
  102
  108
  114
  131
  137
  144
  152
  160
  168
  176
  185
  194
  204
  214
  225
  236
  248
  260
  273
  287
  301
  316
  332
Net income, $m
  124
  184
  195
  208
  220
  234
  247
  262
  277
  293
  309
  354
  372
  391
  410
  431
  453
  476
  500
  525
  551
  579
  608
  638
  670
  703
  739
  775
  814
  854
  897

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
  1,514
  1,603
  1,696
  1,794
  1,895
  2,001
  2,112
  2,227
  2,348
  2,475
  2,607
  2,746
  2,891
  3,043
  3,202
  3,368
  3,543
  3,726
  3,918
  4,119
  4,330
  4,551
  4,783
  5,027
  5,282
  5,550
  5,831
  6,126
  6,435
  6,760
Adjusted assets (=assets-cash), $m
  1,428
  1,514
  1,603
  1,696
  1,794
  1,895
  2,001
  2,112
  2,227
  2,348
  2,475
  2,607
  2,746
  2,891
  3,043
  3,202
  3,368
  3,543
  3,726
  3,918
  4,119
  4,330
  4,551
  4,783
  5,027
  5,282
  5,550
  5,831
  6,126
  6,435
  6,760
Revenue / Adjusted assets
  2.833
  2.833
  2.833
  2.834
  2.832
  2.833
  2.833
  2.832
  2.833
  2.833
  2.833
  2.833
  2.832
  2.833
  2.832
  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
  793
  840
  889
  940
  993
  1,049
  1,107
  1,167
  1,231
  1,297
  1,366
  1,439
  1,515
  1,595
  1,678
  1,765
  1,857
  1,953
  2,053
  2,159
  2,269
  2,385
  2,507
  2,635
  2,768
  2,909
  3,056
  3,211
  3,373
  3,543
Working capital, $m
  5
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
Total debt, $m
  385
  419
  466
  515
  567
  620
  676
  735
  796
  860
  927
  997
  1,070
  1,147
  1,227
  1,312
  1,400
  1,492
  1,589
  1,691
  1,797
  1,909
  2,026
  2,148
  2,277
  2,412
  2,554
  2,703
  2,859
  3,022
  3,194
Total liabilities, $m
  767
  801
  848
  897
  949
  1,002
  1,058
  1,117
  1,178
  1,242
  1,309
  1,379
  1,452
  1,529
  1,609
  1,694
  1,782
  1,874
  1,971
  2,073
  2,179
  2,291
  2,408
  2,530
  2,659
  2,794
  2,936
  3,085
  3,241
  3,404
  3,576
Total equity, $m
  673
  713
  755
  799
  845
  893
  942
  995
  1,049
  1,106
  1,166
  1,228
  1,293
  1,361
  1,433
  1,508
  1,586
  1,669
  1,755
  1,845
  1,940
  2,039
  2,144
  2,253
  2,368
  2,488
  2,614
  2,746
  2,885
  3,031
  3,184
Total liabilities and equity, $m
  1,440
  1,514
  1,603
  1,696
  1,794
  1,895
  2,000
  2,112
  2,227
  2,348
  2,475
  2,607
  2,745
  2,890
  3,042
  3,202
  3,368
  3,543
  3,726
  3,918
  4,119
  4,330
  4,552
  4,783
  5,027
  5,282
  5,550
  5,831
  6,126
  6,435
  6,760
Debt-to-equity ratio
  0.572
  0.590
  0.620
  0.650
  0.670
  0.700
  0.720
  0.740
  0.760
  0.780
  0.800
  0.810
  0.830
  0.840
  0.860
  0.870
  0.880
  0.890
  0.910
  0.920
  0.930
  0.940
  0.940
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
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
  184
  195
  208
  220
  234
  247
  262
  277
  293
  309
  354
  372
  391
  410
  431
  453
  476
  500
  525
  551
  579
  608
  638
  670
  703
  739
  775
  814
  854
  897
Depreciation, amort., depletion, $m
  80
  93
  97
  100
  104
  108
  112
  116
  120
  125
  129
  98
  103
  108
  114
  120
  126
  133
  139
  147
  154
  162
  170
  179
  188
  198
  208
  218
  229
  241
  253
Funds from operations, $m
  268
  277
  292
  308
  324
  341
  359
  378
  397
  418
  439
  451
  474
  499
  524
  551
  579
  609
  639
  672
  706
  741
  778
  817
  858
  901
  946
  994
  1,043
  1,095
  1,150
Change in working capital, $m
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  254
  332
  292
  308
  324
  341
  359
  377
  397
  417
  438
  451
  474
  498
  524
  551
  579
  608
  639
  671
  705
  740
  778
  817
  858
  901
  946
  993
  1,042
  1,094
  1,149
Maintenance CAPEX, $m
  0
  -53
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -139
  -147
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -218
  -229
  -241
New CAPEX, $m
  -182
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -92
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -155
  -162
  -170
Cash from investing activities, $m
  -181
  -98
  -104
  -109
  -115
  -120
  -127
  -133
  -140
  -146
  -154
  -162
  -171
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -252
  -265
  -278
  -292
  -307
  -322
  -338
  -355
  -373
  -391
  -411
Free cash flow, $m
  73
  233
  188
  199
  210
  221
  232
  244
  257
  270
  284
  289
  304
  320
  336
  353
  372
  390
  410
  431
  453
  476
  500
  525
  551
  578
  607
  638
  670
  703
  738
Issuance/(repayment) of debt, $m
  91
  46
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  106
  112
  117
  123
  129
  135
  142
  149
  156
  164
  172
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
  46
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  106
  112
  117
  123
  129
  135
  142
  149
  156
  164
  172
Total cash flow (excl. dividends), $m
  -124
  279
  236
  248
  261
  274
  288
  303
  318
  334
  351
  359
  377
  396
  416
  438
  460
  483
  507
  533
  559
  587
  617
  647
  680
  714
  749
  786
  826
  867
  910
Retained Cash Flow (-), $m
  150
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -132
  -139
  -146
  -153
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
 
  239
  194
  204
  215
  227
  238
  251
  264
  277
  292
  296
  312
  328
  345
  363
  381
  401
  421
  442
  465
  488
  512
  538
  565
  593
  623
  654
  687
  721
  757
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
 
  229
  177
  177
  176
  174
  171
  167
  161
  155
  148
  136
  128
  119
  110
  101
  91
  81
  72
  63
  54
  46
  38
  31
  25
  20
  16
  12
  9
  6
  5
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 25.7
Price to Sales 0.8
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 44.3
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 6% 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 138.408 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 $3.1 billion.


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COMPANY NEWS

▶ Investigation finds starving chickens at Sprouts Farmers Market egg supplier   [Apr-19-17 09:12PM  American City Business Journals]
▶ Natural-foods grocery store plows through controversy to open new East Bay location   [Apr-17-17 09:05PM  American City Business Journals]
▶ Why Sprouts Farmers Market, Inc. Surged 25% in March   [Apr-15-17 02:07PM  Motley Fool]
▶ Can Sprouts Farmers Market Still Cultivate a Rally?   [Apr-11-17 12:03PM  TheStreet.com]
▶ Whole Foods Jumps On Jana Stake As Private Equity Eyes Grocers   [04:29PM  Investor's Business Daily]
▶ Sprouts opening new store in Mesa as part of latest expansion   [Apr-05-17 03:00PM  American City Business Journals]
▶ 3 Top Growth Stocks Priced at a Bargain This Spring   [Apr-03-17 12:12PM  Motley Fool]
▶ Whole Foods: Still the Best Player?   [Mar-28-17 11:15AM  Barrons.com]
▶ Whole Foods: Still the Best Player?   [11:15AM  at Barrons.com]
▶ Can Whole Foods Keep Up in a Trader Joe's World?   [Mar-24-17 02:03PM  at Barrons.com]
▶ Whole Foods Stock Initiated at UBS With 'Sell' Rating   [Mar-23-17 11:48AM  TheStreet.com]
▶ Is Whole Foods Junk Food?   [11:31AM  Barrons.com]
▶ Is Whole Foods Junk Food?   [11:31AM  at Barrons.com]
▶ Albertsons in early discussions for Sprouts merger   [Mar-20-17 06:04PM  at CNBC]
▶ Victorias Secret, Walking Dead, Sprouts, Tesla top stocks to watch   [Feb-22-17 11:05PM  at bizjournals.com]
▶ Whole Foods Faces Price Issue for Competitive Edge   [Feb-10-17 12:40PM  at Investopedia]
Stock chart of SFM 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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