Intrinsic value of Scotts Miracle-Gro - SMG

Previous Close

$94.66

  Intrinsic Value

$28.70

stock screener

  Rating & Target

str. sell

-70%

  Value-price divergence*

-46%

Previous close

$94.66

 
Intrinsic value

$28.70

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence*

-46%

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

We calculate the intrinsic value of SMG 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 5.7

 

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, %
  3.96
  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
  2,836
  2,893
  2,959
  3,035
  3,121
  3,215
  3,319
  3,432
  3,555
  3,686
  3,828
  3,979
  4,141
  4,313
  4,495
  4,689
  4,895
  5,112
  5,342
  5,585
  5,842
  6,113
  6,398
  6,699
  7,017
  7,351
  7,702
  8,072
  8,462
  8,872
  9,303
Variable operating expenses, $m
 
  2,614
  2,674
  2,741
  2,817
  2,902
  2,994
  3,095
  3,204
  3,321
  3,447
  3,545
  3,689
  3,842
  4,005
  4,177
  4,360
  4,554
  4,759
  4,976
  5,204
  5,446
  5,700
  5,968
  6,251
  6,548
  6,862
  7,191
  7,538
  7,903
  8,287
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
  2,377
  2,614
  2,674
  2,741
  2,817
  2,902
  2,994
  3,095
  3,204
  3,321
  3,447
  3,545
  3,689
  3,842
  4,005
  4,177
  4,360
  4,554
  4,759
  4,976
  5,204
  5,446
  5,700
  5,968
  6,251
  6,548
  6,862
  7,191
  7,538
  7,903
  8,287
Operating income, $m
  459
  278
  286
  294
  303
  314
  325
  337
  351
  365
  381
  434
  452
  471
  491
  512
  534
  558
  583
  610
  638
  667
  698
  731
  766
  802
  841
  881
  924
  968
  1,015
EBITDA, $m
  533
  372
  380
  390
  401
  413
  427
  441
  457
  474
  492
  511
  532
  554
  578
  603
  629
  657
  687
  718
  751
  786
  822
  861
  902
  945
  990
  1,037
  1,087
  1,140
  1,196
Interest expense (income), $m
  54
  55
  57
  59
  62
  64
  67
  71
  74
  78
  82
  87
  92
  97
  102
  108
  114
  120
  127
  135
  142
  150
  159
  168
  178
  188
  198
  209
  221
  233
  246
Earnings before tax, $m
  393
  223
  228
  235
  242
  249
  258
  267
  276
  287
  298
  348
  360
  374
  389
  404
  420
  438
  456
  475
  495
  517
  539
  563
  588
  615
  643
  672
  703
  735
  769
Tax expense, $m
  140
  60
  62
  63
  65
  67
  70
  72
  75
  77
  81
  94
  97
  101
  105
  109
  113
  118
  123
  128
  134
  140
  146
  152
  159
  166
  173
  181
  190
  198
  208
Net income, $m
  315
  163
  167
  171
  176
  182
  188
  195
  202
  209
  218
  254
  263
  273
  284
  295
  307
  319
  333
  347
  362
  377
  394
  411
  429
  449
  469
  490
  513
  537
  562

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  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
  2,803
  2,808
  2,873
  2,947
  3,030
  3,122
  3,222
  3,332
  3,451
  3,579
  3,716
  3,863
  4,020
  4,187
  4,364
  4,553
  4,752
  4,963
  5,187
  5,423
  5,672
  5,935
  6,212
  6,504
  6,812
  7,136
  7,478
  7,837
  8,216
  8,613
  9,032
Adjusted assets (=assets-cash), $m
  2,753
  2,808
  2,873
  2,947
  3,030
  3,122
  3,222
  3,332
  3,451
  3,579
  3,716
  3,863
  4,020
  4,187
  4,364
  4,553
  4,752
  4,963
  5,187
  5,423
  5,672
  5,935
  6,212
  6,504
  6,812
  7,136
  7,478
  7,837
  8,216
  8,613
  9,032
Revenue / Adjusted assets
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
Average production assets, $m
  939
  957
  980
  1,005
  1,033
  1,064
  1,099
  1,136
  1,177
  1,220
  1,267
  1,317
  1,371
  1,427
  1,488
  1,552
  1,620
  1,692
  1,768
  1,849
  1,934
  2,023
  2,118
  2,217
  2,322
  2,433
  2,549
  2,672
  2,801
  2,937
  3,079
Working capital, $m
  399
  544
  556
  571
  587
  604
  624
  645
  668
  693
  720
  748
  778
  811
  845
  882
  920
  961
  1,004
  1,050
  1,098
  1,149
  1,203
  1,259
  1,319
  1,382
  1,448
  1,518
  1,591
  1,668
  1,749
Total debt, $m
  1,310
  1,300
  1,348
  1,403
  1,464
  1,532
  1,607
  1,688
  1,776
  1,870
  1,972
  2,081
  2,197
  2,320
  2,452
  2,591
  2,739
  2,895
  3,060
  3,235
  3,419
  3,614
  3,819
  4,035
  4,263
  4,503
  4,756
  5,022
  5,301
  5,596
  5,906
Total liabilities, $m
  2,088
  2,078
  2,126
  2,181
  2,242
  2,310
  2,385
  2,466
  2,554
  2,648
  2,750
  2,859
  2,975
  3,098
  3,230
  3,369
  3,517
  3,673
  3,838
  4,013
  4,197
  4,392
  4,597
  4,813
  5,041
  5,281
  5,534
  5,800
  6,079
  6,374
  6,684
Total equity, $m
  715
  730
  747
  766
  788
  812
  838
  866
  897
  931
  966
  1,004
  1,045
  1,089
  1,135
  1,184
  1,236
  1,290
  1,349
  1,410
  1,475
  1,543
  1,615
  1,691
  1,771
  1,855
  1,944
  2,038
  2,136
  2,239
  2,348
Total liabilities and equity, $m
  2,803
  2,808
  2,873
  2,947
  3,030
  3,122
  3,223
  3,332
  3,451
  3,579
  3,716
  3,863
  4,020
  4,187
  4,365
  4,553
  4,753
  4,963
  5,187
  5,423
  5,672
  5,935
  6,212
  6,504
  6,812
  7,136
  7,478
  7,838
  8,215
  8,613
  9,032
Debt-to-equity ratio
  1.832
  1.780
  1.800
  1.830
  1.860
  1.890
  1.920
  1.950
  1.980
  2.010
  2.040
  2.070
  2.100
  2.130
  2.160
  2.190
  2.220
  2.240
  2.270
  2.290
  2.320
  2.340
  2.360
  2.390
  2.410
  2.430
  2.450
  2.460
  2.480
  2.500
  2.510
Adjusted equity ratio
  0.242
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  315
  163
  167
  171
  176
  182
  188
  195
  202
  209
  218
  254
  263
  273
  284
  295
  307
  319
  333
  347
  362
  377
  394
  411
  429
  449
  469
  490
  513
  537
  562
Depreciation, amort., depletion, $m
  74
  93
  95
  96
  98
  100
  102
  104
  106
  109
  111
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
  118
  124
  130
  136
  142
  149
  156
  164
  172
  180
Funds from operations, $m
  -7
  256
  261
  267
  274
  281
  290
  298
  308
  318
  329
  331
  343
  357
  371
  386
  402
  418
  436
  455
  475
  496
  518
  541
  565
  591
  618
  647
  677
  708
  742
Change in working capital, $m
  -244
  11
  13
  14
  16
  18
  20
  21
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
Cash from operations, $m
  237
  245
  249
  253
  258
  264
  270
  277
  285
  293
  302
  302
  313
  324
  336
  349
  363
  377
  393
  409
  426
  445
  464
  484
  506
  528
  552
  577
  604
  631
  661
Maintenance CAPEX, $m
  0
  -55
  -56
  -57
  -59
  -60
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
New CAPEX, $m
  -58
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -116
  -123
  -129
  -136
  -143
Cash from investing activities, $m
  -134
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -107
  -113
  -118
  -124
  -130
  -137
  -143
  -151
  -159
  -167
  -175
  -183
  -193
  -203
  -213
  -224
  -235
  -247
  -258
  -272
  -285
  -300
  -315
Free cash flow, $m
  103
  172
  171
  171
  171
  172
  173
  175
  178
  181
  184
  178
  182
  187
  192
  198
  204
  211
  218
  225
  233
  242
  251
  261
  271
  282
  293
  306
  318
  332
  346
Issuance/(repayment) of debt, $m
  116
  40
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  139
  148
  156
  165
  175
  184
  195
  205
  216
  228
  240
  253
  266
  280
  294
  310
Issuance/(repurchase) of shares, $m
  -116
  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  
  -5
  40
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  139
  148
  156
  165
  175
  184
  195
  205
  216
  228
  240
  253
  266
  280
  294
  310
Total cash flow (excl. dividends), $m
  96
  212
  219
  225
  232
  240
  248
  257
  266
  276
  286
  287
  298
  311
  324
  337
  352
  367
  383
  400
  418
  437
  456
  477
  499
  522
  546
  571
  598
  626
  656
Retained Cash Flow (-), $m
  -94
  -15
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
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
 
  197
  202
  206
  211
  216
  222
  228
  235
  242
  250
  249
  258
  267
  278
  288
  300
  312
  325
  339
  353
  368
  384
  401
  419
  438
  457
  478
  500
  523
  547
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  183
  173
  162
  151
  140
  128
  117
  105
  94
  83
  70
  61
  52
  44
  36
  30
  24
  19
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
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 Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden products worldwide. Its Lawn Care segment offers lawn fertilizers, grass seed products, spreaders, other durable products, and outdoor cleaners, as well as lawn-related weed, pest, and disease control products. The company’s Gardening and Landscape segment provides water soluble and continuous-release plant foods, potting mixes and garden soils, mulch and decorative groundcover products, plant-related pest and disease control products, organic garden products, live goods and seeding solutions, and hydroponic gardening products. Its Controls segment offers insect and rodent control products, and selective and non-selective weed control products to protect homes and maintain external home areas. The company offers its products under the Scotts, Turf Builder, EZ Seed, Water Smart, PatchMaster, EverGreen, Fertiligène, Substral, Miracle-Gro Patch Magic, Weedol, Pathclear, KB, Celaflor, EdgeGuard, Snap, Handy Green II, Scotts OxiCleanTM3, Miracle-Gro, Osmocote, Hyponex, Earthgro, SuperSoil, Ortho, Miracle-Gro Organic Choice, Nature’s Care, Whitney Farms, EcoScraps, General Hydroponics, Gavita, AeroGarden, Substral, ASEF, Scotts EcoSense, Naturen, Fafard, Ortho, Tomcat, Roundup, Groundclear, Nexa Lotte, Home Defence, Home Defense, Weedol, and Pathclear brand names. It serves home centers, mass merchandisers, warehouse clubs, large hardware chains, independent hardware stores, nurseries, garden centers, food and drug stores, and indoor gardening and hydroponic stores through a direct sales force and network of brokers and distributors. The Scotts Miracle-Gro Company was founded in 1868 and is headquartered in Marysville, Ohio.

FINANCIAL RATIOS  of  Scotts Miracle-Gro (SMG)

Valuation Ratios
P/E Ratio 18.1
Price to Sales 2
Price to Book 8
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow 31.9
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.5%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 157.3%
Total Debt to Equity 183.2%
Interest Coverage 8
Management Effectiveness
Return On Assets 13.1%
Ret/ On Assets - 3 Yr. Avg. 10.4%
Return On Total Capital 16.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 47.2%
Return On Equity - 3 Yr. Avg. 33.6%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 35.4%
Gross Margin - 3 Yr. Avg. 34.5%
EBITDA Margin 18.4%
EBITDA Margin - 3 Yr. Avg. 14.5%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 13.9%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 11.1%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 35.3%
Payout Ratio 37.1%

SMG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SMG stock intrinsic value calculation we used $2836 million for the last fiscal year's total revenue generated by Scotts Miracle-Gro. The default revenue input number comes from 2016 income statement of Scotts Miracle-Gro. 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 SMG 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 7.5%, whose default value for SMG is calculated based on our internal credit rating of Scotts Miracle-Gro, 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 Scotts Miracle-Gro.
    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 SMG stock the variable cost ratio is equal to 90.4%.

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 SMG 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 Scotts Miracle-Gro.

Corporate tax rate of 27% is the nominal tax rate for Scotts Miracle-Gro. 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 SMG 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 SMG are equal to 33.1%.

Life of production assets of 17.1 years is the average useful life of capital assets used in Scotts Miracle-Gro 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 SMG is equal to 18.8%. 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 - $715 million for Scotts Miracle-Gro - 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 60.028 million for Scotts Miracle-Gro 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 Scotts Miracle-Gro at the current share price and the inputted number of shares is $5.7 billion.

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COMPANY NEWS

▶ Scotts Miracle-Gros Margins Are Expanding   [Aug-10-17 10:38AM  Market Realist]
▶ Analyzing Scotts-Miracle Gros Sales   [09:08AM  Market Realist]
▶ Is Scotts Miracle-Gro Slowing Down?   [07:39AM  Market Realist]
▶ Top 4 Marijuana Stocks to Watch for August 2017   [Aug-07-17 09:54AM  Investopedia]
▶ Scotts tops Street 3Q forecasts   [Aug-01-17 09:34PM  Associated Press]
▶ Scotts Miracle-Gro nearly done buying hydroponics businesses   [03:15PM  American City Business Journals]
▶ 3 Dividend Stocks You Haven't Thought Of   [Jul-29-17 10:31AM  Motley Fool]
▶ 3 Growth Stocks I'd Buy Right Now   [Jul-21-17 06:05AM  Motley Fool]
▶ The Scotts Miracle-Gro Company: What Wall Street Recommends   [Jul-17-17 07:40AM  Market Realist]
▶ 4 Marijuana Stocks That Should Be Profitable in 2017   [Jul-10-17 08:43AM  Motley Fool]
▶ Better Know a Marijuana Stock: Scotts Miracle-Gro   [Jul-07-17 08:03AM  Motley Fool]
▶ Marijuana Stocks Will Soar if This Legislation Passes   [Jun-20-17 03:02PM  Motley Fool]
▶ Pot Stock Winners of the Week   [Jun-17-17 07:47AM  Investopedia]
▶ Whats Analysts Take on Scotts Miracle-Gro in June 2017?   [Jun-14-17 07:36AM  Market Realist]
▶ Story Stocks from Briefing.com   [Jun-13-17 11:32AM  Briefing.com]
▶ Trump highlights corporations committed to infrastructure   [Jun-07-17 02:51PM  Fox Business Videos]
▶ The 2 Best Dividend Stocks in Marijuana   [May-27-17 12:03PM  Motley Fool]
▶ Is The Marijuana Stock Rally Over?   [May-14-17 06:42AM  Motley Fool]
▶ Fertilizer Spreader   [May-04-17 05:03PM  The Wall Street Journal]
▶ Stocks Flat; Fertilizer Firms Crash; Facebook Draws High Volume, Again   [May-02-17 03:13PM  Investor's Business Daily]
▶ Scotts sheds European, Australian business for $250M   [11:19AM  American City Business Journals]
▶ Scotts misses Street 2Q forecasts   [07:39AM  Associated Press]
▶ Analyzing Scotts Miracle-Gros Valuation Multiple   [Apr-27-17 09:07AM  Market Realist]
▶ What to Expect from Scotts Miracle-Gros Margins in 2Q17   [Apr-26-17 01:35PM  Market Realist]
Stock chart of SMG Financial statements of SMG
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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