Intrinsic value of J.M. Smucker - SJM

Previous Close

$104.14

  Intrinsic Value

$81.35

stock screener

  Rating & Target

sell

-22%

  Value-price divergence*

+17%

Previous close

$104.14

 
Intrinsic value

$81.35

 
Up/down potential

-22%

 
Rating

sell

 
Value-price divergence*

+17%

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

We calculate the intrinsic value of SJM 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 11.5

 

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, %
  -5.36
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  7,392
  7,540
  7,713
  7,911
  8,134
  8,381
  8,651
  8,946
  9,265
  9,608
  9,977
  10,372
  10,793
  11,241
  11,717
  12,222
  12,758
  13,325
  13,925
  14,558
  15,227
  15,933
  16,677
  17,462
  18,289
  19,159
  20,076
  21,041
  22,056
  23,124
  24,248
Variable operating expenses, $m
 
  5,477
  5,589
  5,717
  5,861
  6,020
  6,195
  6,385
  6,591
  6,813
  7,051
  6,698
  6,970
  7,259
  7,567
  7,893
  8,239
  8,605
  8,992
  9,402
  9,834
  10,289
  10,770
  11,277
  11,811
  12,373
  12,965
  13,588
  14,244
  14,933
  15,659
Fixed operating expenses, $m
 
  1,030
  1,056
  1,082
  1,109
  1,137
  1,165
  1,195
  1,224
  1,255
  1,286
  1,319
  1,352
  1,385
  1,420
  1,456
  1,492
  1,529
  1,567
  1,607
  1,647
  1,688
  1,730
  1,773
  1,818
  1,863
  1,910
  1,958
  2,006
  2,057
  2,108
Total operating expenses, $m
  6,361
  6,507
  6,645
  6,799
  6,970
  7,157
  7,360
  7,580
  7,815
  8,068
  8,337
  8,017
  8,322
  8,644
  8,987
  9,349
  9,731
  10,134
  10,559
  11,009
  11,481
  11,977
  12,500
  13,050
  13,629
  14,236
  14,875
  15,546
  16,250
  16,990
  17,767
Operating income, $m
  1,032
  1,033
  1,069
  1,112
  1,164
  1,224
  1,291
  1,366
  1,449
  1,541
  1,640
  2,355
  2,471
  2,596
  2,730
  2,874
  3,027
  3,191
  3,365
  3,550
  3,747
  3,956
  4,177
  4,412
  4,660
  4,923
  5,201
  5,495
  5,806
  6,134
  6,481
EBITDA, $m
  1,451
  1,911
  1,953
  2,004
  2,063
  2,132
  2,209
  2,295
  2,389
  2,493
  2,605
  2,727
  2,858
  2,999
  3,150
  3,312
  3,484
  3,668
  3,864
  4,072
  4,292
  4,527
  4,775
  5,037
  5,316
  5,610
  5,921
  6,249
  6,596
  6,963
  7,350
Interest expense (income), $m
  0
  183
  189
  196
  204
  213
  223
  234
  246
  259
  273
  288
  304
  321
  340
  359
  380
  402
  425
  449
  475
  502
  531
  561
  593
  627
  663
  700
  739
  781
  824
Earnings before tax, $m
  878
  850
  880
  916
  960
  1,011
  1,068
  1,132
  1,203
  1,281
  1,367
  2,067
  2,167
  2,275
  2,390
  2,515
  2,647
  2,789
  2,940
  3,101
  3,272
  3,453
  3,646
  3,850
  4,067
  4,296
  4,539
  4,795
  5,067
  5,353
  5,656
Tax expense, $m
  286
  230
  238
  247
  259
  273
  288
  306
  325
  346
  369
  558
  585
  614
  645
  679
  715
  753
  794
  837
  883
  932
  984
  1,040
  1,098
  1,160
  1,225
  1,295
  1,368
  1,445
  1,527
Net income, $m
  592
  621
  642
  669
  701
  738
  780
  827
  878
  935
  998
  1,509
  1,582
  1,661
  1,745
  1,836
  1,933
  2,036
  2,146
  2,264
  2,388
  2,521
  2,662
  2,811
  2,969
  3,136
  3,313
  3,501
  3,699
  3,908
  4,129

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  175
  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
  15,640
  15,774
  16,137
  16,551
  17,017
  17,533
  18,099
  18,715
  19,382
  20,101
  20,873
  21,698
  22,579
  23,516
  24,513
  25,570
  26,691
  27,877
  29,131
  30,456
  31,856
  33,333
  34,890
  36,531
  38,261
  40,082
  42,000
  44,018
  46,143
  48,377
  50,728
Adjusted assets (=assets-cash), $m
  15,465
  15,774
  16,137
  16,551
  17,017
  17,533
  18,099
  18,715
  19,382
  20,101
  20,873
  21,698
  22,579
  23,516
  24,513
  25,570
  26,691
  27,877
  29,131
  30,456
  31,856
  33,333
  34,890
  36,531
  38,261
  40,082
  42,000
  44,018
  46,143
  48,377
  50,728
Revenue / Adjusted assets
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
Average production assets, $m
  7,945
  8,105
  8,292
  8,505
  8,744
  9,009
  9,300
  9,617
  9,960
  10,329
  10,725
  11,149
  11,602
  12,084
  12,596
  13,139
  13,715
  14,324
  14,969
  15,650
  16,369
  17,128
  17,928
  18,772
  19,660
  20,596
  21,582
  22,619
  23,710
  24,859
  26,066
Working capital, $m
  -191
  596
  609
  625
  643
  662
  683
  707
  732
  759
  788
  819
  853
  888
  926
  966
  1,008
  1,053
  1,100
  1,150
  1,203
  1,259
  1,318
  1,379
  1,445
  1,514
  1,586
  1,662
  1,742
  1,827
  1,916
Total debt, $m
  5,399
  5,395
  5,597
  5,828
  6,087
  6,375
  6,690
  7,033
  7,405
  7,805
  8,235
  8,695
  9,185
  9,707
  10,263
  10,852
  11,476
  12,136
  12,835
  13,573
  14,353
  15,175
  16,043
  16,957
  17,920
  18,935
  20,003
  21,127
  22,310
  23,555
  24,864
Total liabilities, $m
  8,790
  8,786
  8,988
  9,219
  9,478
  9,766
  10,081
  10,424
  10,796
  11,196
  11,626
  12,086
  12,576
  13,098
  13,654
  14,243
  14,867
  15,527
  16,226
  16,964
  17,744
  18,566
  19,434
  20,348
  21,311
  22,326
  23,394
  24,518
  25,701
  26,946
  28,255
Total equity, $m
  6,850
  6,988
  7,148
  7,332
  7,538
  7,767
  8,018
  8,291
  8,586
  8,905
  9,247
  9,612
  10,002
  10,418
  10,859
  11,328
  11,824
  12,349
  12,905
  13,492
  14,112
  14,766
  15,456
  16,183
  16,949
  17,756
  18,606
  19,500
  20,441
  21,431
  22,472
Total liabilities and equity, $m
  15,640
  15,774
  16,136
  16,551
  17,016
  17,533
  18,099
  18,715
  19,382
  20,101
  20,873
  21,698
  22,578
  23,516
  24,513
  25,571
  26,691
  27,876
  29,131
  30,456
  31,856
  33,332
  34,890
  36,531
  38,260
  40,082
  42,000
  44,018
  46,142
  48,377
  50,727
Debt-to-equity ratio
  0.788
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.850
  0.860
  0.880
  0.890
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
  1.100
  1.110
Adjusted equity ratio
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  592
  621
  642
  669
  701
  738
  780
  827
  878
  935
  998
  1,509
  1,582
  1,661
  1,745
  1,836
  1,933
  2,036
  2,146
  2,264
  2,388
  2,521
  2,662
  2,811
  2,969
  3,136
  3,313
  3,501
  3,699
  3,908
  4,129
Depreciation, amort., depletion, $m
  419
  878
  884
  891
  899
  908
  918
  928
  940
  952
  965
  372
  387
  403
  420
  438
  457
  477
  499
  522
  546
  571
  598
  626
  655
  687
  719
  754
  790
  829
  869
Funds from operations, $m
  1,055
  1,498
  1,526
  1,560
  1,600
  1,646
  1,697
  1,755
  1,818
  1,887
  1,963
  1,880
  1,969
  2,063
  2,165
  2,274
  2,390
  2,513
  2,645
  2,785
  2,934
  3,092
  3,259
  3,436
  3,624
  3,823
  4,033
  4,254
  4,489
  4,737
  4,998
Change in working capital, $m
  -4
  12
  14
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  89
Cash from operations, $m
  1,059
  1,487
  1,513
  1,545
  1,582
  1,626
  1,676
  1,732
  1,793
  1,860
  1,934
  1,849
  1,935
  2,028
  2,127
  2,234
  2,347
  2,469
  2,598
  2,735
  2,881
  3,036
  3,200
  3,374
  3,559
  3,754
  3,960
  4,178
  4,409
  4,652
  4,909
Maintenance CAPEX, $m
  0
  -265
  -270
  -276
  -283
  -291
  -300
  -310
  -321
  -332
  -344
  -358
  -372
  -387
  -403
  -420
  -438
  -457
  -477
  -499
  -522
  -546
  -571
  -598
  -626
  -655
  -687
  -719
  -754
  -790
  -829
New CAPEX, $m
  -192
  -161
  -186
  -213
  -239
  -265
  -291
  -317
  -343
  -369
  -396
  -424
  -453
  -482
  -512
  -543
  -576
  -610
  -645
  -681
  -719
  -759
  -800
  -843
  -889
  -936
  -985
  -1,037
  -1,091
  -1,148
  -1,208
Cash from investing activities, $m
  -190
  -426
  -456
  -489
  -522
  -556
  -591
  -627
  -664
  -701
  -740
  -782
  -825
  -869
  -915
  -963
  -1,014
  -1,067
  -1,122
  -1,180
  -1,241
  -1,305
  -1,371
  -1,441
  -1,515
  -1,591
  -1,672
  -1,756
  -1,845
  -1,938
  -2,037
Free cash flow, $m
  869
  1,061
  1,056
  1,055
  1,060
  1,070
  1,085
  1,105
  1,130
  1,159
  1,193
  1,068
  1,111
  1,159
  1,212
  1,270
  1,334
  1,402
  1,476
  1,555
  1,640
  1,732
  1,829
  1,933
  2,044
  2,163
  2,288
  2,422
  2,563
  2,714
  2,873
Issuance/(repayment) of debt, $m
  -30
  171
  202
  231
  259
  287
  315
  343
  372
  400
  430
  460
  491
  522
  555
  589
  624
  661
  699
  738
  779
  822
  867
  914
  963
  1,015
  1,068
  1,124
  1,183
  1,245
  1,309
Issuance/(repurchase) of shares, $m
  -438
  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  
  -467
  171
  202
  231
  259
  287
  315
  343
  372
  400
  430
  460
  491
  522
  555
  589
  624
  661
  699
  738
  779
  822
  867
  914
  963
  1,015
  1,068
  1,124
  1,183
  1,245
  1,309
Total cash flow (excl. dividends), $m
  396
  1,232
  1,258
  1,286
  1,319
  1,357
  1,400
  1,448
  1,501
  1,559
  1,623
  1,527
  1,602
  1,682
  1,767
  1,859
  1,958
  2,063
  2,174
  2,293
  2,420
  2,554
  2,697
  2,848
  3,008
  3,177
  3,356
  3,546
  3,746
  3,958
  4,182
Retained Cash Flow (-), $m
  159
  -138
  -161
  -184
  -206
  -229
  -251
  -273
  -296
  -318
  -342
  -366
  -390
  -415
  -441
  -468
  -496
  -525
  -556
  -587
  -620
  -654
  -690
  -727
  -766
  -807
  -850
  -894
  -941
  -990
  -1,041
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
 
  1,094
  1,097
  1,102
  1,113
  1,129
  1,149
  1,175
  1,206
  1,241
  1,281
  1,162
  1,212
  1,266
  1,326
  1,391
  1,461
  1,537
  1,619
  1,706
  1,800
  1,900
  2,007
  2,121
  2,242
  2,370
  2,507
  2,652
  2,805
  2,968
  3,141
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  1,019
  945
  871
  801
  734
  669
  606
  546
  488
  432
  332
  290
  250
  213
  179
  148
  121
  96
  76
  58
  44
  32
  23
  16
  11
  7
  5
  3
  2
  1
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

The J. M. Smucker Company is a manufacturer and marketer of branded food and beverage products and pet food and pet snacks in North America. The Company's segments include U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International and Foodservice. The Company's U.S. retail market segments consist of the sale of branded food products to consumers through retail outlets in North America. In the U.S. retail market segments, the Company's products are sold to food retailers, food wholesalers, drug stores, club stores, mass merchandisers, discount and dollar stores, military commissaries, natural foods stores and distributors, and pet specialty stores. In International and Foodservice, the Company's products are distributed domestically and in foreign countries through retail channels and foodservice distributors and operators, such as restaurants, lodging, schools and universities, healthcare operators.

FINANCIAL RATIOS  of  J.M. Smucker (SJM)

Valuation Ratios
P/E Ratio 20
Price to Sales 1.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 13.6
Growth Rates
Sales Growth Rate -5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.5%
Cap. Spend. - 3 Yr. Gr. Rate -7.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 64.9%
Total Debt to Equity 78.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 38.4%
Gross Margin - 3 Yr. Avg. 37.1%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 8%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.1%
Payout Ratio 57.3%

SJM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SJM stock intrinsic value calculation we used $7392 million for the last fiscal year's total revenue generated by J.M. Smucker. The default revenue input number comes from 2017 income statement of J.M. Smucker. 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 SJM stock valuation model: a) initial revenue growth rate of 2% 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 7.4%, whose default value for SJM is calculated based on our internal credit rating of J.M. Smucker, 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 J.M. Smucker.
    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 SJM stock the variable cost ratio is equal to 72.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1005 million in the base year in the intrinsic value calculation for SJM 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 J.M. Smucker.

Corporate tax rate of 27% is the nominal tax rate for J.M. Smucker. 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 SJM 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 SJM are equal to 107.5%.

Life of production assets of 33.5 years is the average useful life of capital assets used in J.M. Smucker 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 SJM is equal to 7.9%. 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 - $6850 million for J.M. Smucker - 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 110.889 million for J.M. Smucker 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 J.M. Smucker at the current share price and the inputted number of shares is $11.5 billion.

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COMPANY NEWS

▶ Smucker's Solid Brands Should Accelerate Growth   [Oct-09-17 07:00AM  Morningstar]
▶ This Just In: Kraft Heinz Stock Upgraded   [Oct-06-17 01:59PM  Motley Fool]
▶ Why Goldman Sachs Downgraded Kraft Heinz Stock   [Oct-05-17 07:42AM  Market Realist]
▶ What Analysts Recommend For McCormick Stock   [Sep-27-17 09:10AM  Market Realist]
▶ Is It The Right Time To Buy The J M Smucker Company (SJM)?   [Sep-24-17 10:11AM  Simply Wall St.]
▶ 3 Stocks to Help You Make Money in Retirement   [Sep-21-17 09:15AM  Motley Fool]
▶ Why an SJM Stock Recovery May Not Happen Soon   [07:38AM  Market Realist]
▶ What Analysts Recommend for SJM Stock Now   [Sep-20-17 10:38AM  Market Realist]
▶ Behind J.M. Smuckers Waning Sales   [08:07AM  Market Realist]
▶ Weekly Top Insider Buys Highlights   [Sep-01-17 07:56PM  GuruFocus.com]
▶ Why J.M. Smucker Stock Lost 14% in August   [03:03PM  Motley Fool]
▶ [$$] Smucker: EPS Growth Looks Canned for Now   [Aug-28-17 01:45PM  Barrons.com]
▶ J.M. Smuckers Segment Sales in Fiscal 1Q18   [07:37AM  Market Realist]
▶ J.M. Smuckers Fiscal 1Q18 Sales Fell, Missed Estimate   [Aug-25-17 11:06AM  Market Realist]
▶ Company News For August 25, 2017   [09:46AM  Zacks]
▶ Stocks Slide, Dragged Lower by Consumer Staples   [12:08AM  The Wall Street Journal]
▶ Smucker misses Street 1Q forecasts   [Aug-24-17 09:58PM  Associated Press]
▶ Why J.M. Smucker Co. Stock Plunged Today   [06:19PM  Motley Fool]
▶ Stocks Slide, Dragged Lower by Consumer Staples   [05:58PM  The Wall Street Journal]
▶ Robert Olstein Keeps Buying FedEx, General Electric   [Aug-23-17 03:54PM  GuruFocus.com]
▶ What Analysts Recommend for SJM Stock   [Aug-17-17 09:06AM  Market Realist]
▶ What Analysts Project for SJMs Sales in Fiscal 1Q18   [Aug-16-17 02:36PM  Market Realist]
▶ Smucker Co. reinvests in Memphis facility   [Jul-26-17 03:10PM  American City Business Journals]
▶ These 3 Stocks Just Raised Their Dividends   [Jul-24-17 09:51AM  Motley Fool]
▶ Why Stephens Downgraded J.M. Smucker Stock   [07:55AM  Market Realist]
▶ The J. M. Smucker Company Announces Dividend Increase   [Jul-19-17 06:58PM  PR Newswire]
▶ 10 High-Quality Stocks That Play Defense   [06:00AM  Morningstar]
▶ 3 Best Coffee Stocks for 2017   [Jul-17-17 08:56AM  Investopedia]
▶ 3 Beaten-Up Big Brand Stocks: Are They Bargains?   [Jul-12-17 10:30AM  Motley Fool]
▶ Understanding J. M. Smuckers New 52-Week Low   [Jul-07-17 10:36AM  Market Realist]
▶ Is McCormicks Premium Valuation Warranted?   [Jul-04-17 07:37AM  Market Realist]
Financial statements of SJM
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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