Intrinsic value of SpartanNash - SPTN

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$30.83

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$30.83

 
Intrinsic value

$28.10

 
Up/down potential

-9%

 
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 SPTN 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 1.1

 

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, %
  1.08
  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
  7,735
  7,890
  8,071
  8,279
  8,511
  8,770
  9,053
  9,361
  9,695
  10,054
  10,440
  10,853
  11,293
  11,762
  12,261
  12,790
  13,350
  13,943
  14,571
  15,234
  15,934
  16,672
  17,451
  18,272
  19,137
  20,048
  21,007
  22,017
  23,080
  24,197
  25,373
Variable operating expenses, $m
 
  7,763
  7,941
  8,144
  8,372
  8,625
  8,902
  9,204
  9,531
  9,884
  10,262
  10,634
  11,065
  11,525
  12,013
  12,532
  13,081
  13,662
  14,277
  14,926
  15,612
  16,336
  17,099
  17,903
  18,751
  19,644
  20,584
  21,573
  22,614
  23,709
  24,861
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
  7,626
  7,763
  7,941
  8,144
  8,372
  8,625
  8,902
  9,204
  9,531
  9,884
  10,262
  10,634
  11,065
  11,525
  12,013
  12,532
  13,081
  13,662
  14,277
  14,926
  15,612
  16,336
  17,099
  17,903
  18,751
  19,644
  20,584
  21,573
  22,614
  23,709
  24,861
Operating income, $m
  109
  127
  131
  135
  139
  145
  150
  157
  163
  171
  178
  219
  228
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  369
  386
  404
  424
  444
  466
  488
  512
EBITDA, $m
  188
  211
  216
  222
  228
  235
  242
  250
  259
  269
  279
  290
  302
  315
  328
  342
  357
  373
  390
  408
  426
  446
  467
  489
  512
  536
  562
  589
  618
  647
  679
Interest expense (income), $m
  16
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  37
  39
  42
  45
  48
  51
  55
  59
  62
  66
  71
  75
  80
  85
  90
  96
Earnings before tax, $m
  90
  112
  115
  119
  122
  126
  131
  136
  141
  146
  152
  191
  198
  205
  213
  221
  230
  239
  249
  259
  270
  281
  294
  306
  320
  334
  349
  364
  381
  398
  416
Tax expense, $m
  33
  30
  31
  32
  33
  34
  35
  37
  38
  40
  41
  52
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  107
  112
Net income, $m
  57
  82
  84
  87
  89
  92
  95
  99
  103
  107
  111
  140
  145
  150
  156
  162
  168
  175
  182
  189
  197
  205
  214
  224
  233
  244
  255
  266
  278
  291
  304

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  24
  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
  1,930
  1,944
  1,989
  2,040
  2,097
  2,161
  2,231
  2,307
  2,389
  2,478
  2,573
  2,674
  2,783
  2,899
  3,021
  3,152
  3,290
  3,436
  3,591
  3,754
  3,926
  4,108
  4,300
  4,503
  4,716
  4,940
  5,177
  5,426
  5,687
  5,963
  6,253
Adjusted assets (=assets-cash), $m
  1,906
  1,944
  1,989
  2,040
  2,097
  2,161
  2,231
  2,307
  2,389
  2,478
  2,573
  2,674
  2,783
  2,899
  3,021
  3,152
  3,290
  3,436
  3,591
  3,754
  3,926
  4,108
  4,300
  4,503
  4,716
  4,940
  5,177
  5,426
  5,687
  5,963
  6,253
Revenue / Adjusted assets
  4.058
  4.059
  4.058
  4.058
  4.059
  4.058
  4.058
  4.058
  4.058
  4.057
  4.058
  4.059
  4.058
  4.057
  4.059
  4.058
  4.058
  4.058
  4.058
  4.058
  4.059
  4.058
  4.058
  4.058
  4.058
  4.058
  4.058
  4.058
  4.058
  4.058
  4.058
Average production assets, $m
  599
  608
  621
  637
  655
  675
  697
  721
  746
  774
  804
  836
  870
  906
  944
  985
  1,028
  1,074
  1,122
  1,173
  1,227
  1,284
  1,344
  1,407
  1,474
  1,544
  1,618
  1,695
  1,777
  1,863
  1,954
Working capital, $m
  387
  387
  395
  406
  417
  430
  444
  459
  475
  493
  512
  532
  553
  576
  601
  627
  654
  683
  714
  746
  781
  817
  855
  895
  938
  982
  1,029
  1,079
  1,131
  1,186
  1,243
Total debt, $m
  431
  436
  462
  491
  524
  560
  600
  643
  690
  741
  795
  853
  915
  981
  1,051
  1,126
  1,204
  1,288
  1,376
  1,470
  1,568
  1,672
  1,782
  1,897
  2,019
  2,147
  2,282
  2,424
  2,574
  2,731
  2,896
Total liabilities, $m
  1,105
  1,110
  1,136
  1,165
  1,198
  1,234
  1,274
  1,317
  1,364
  1,415
  1,469
  1,527
  1,589
  1,655
  1,725
  1,800
  1,878
  1,962
  2,050
  2,144
  2,242
  2,346
  2,456
  2,571
  2,693
  2,821
  2,956
  3,098
  3,248
  3,405
  3,570
Total equity, $m
  825
  834
  853
  875
  900
  927
  957
  990
  1,025
  1,063
  1,104
  1,147
  1,194
  1,243
  1,296
  1,352
  1,411
  1,474
  1,540
  1,610
  1,684
  1,763
  1,845
  1,932
  2,023
  2,119
  2,221
  2,328
  2,440
  2,558
  2,682
Total liabilities and equity, $m
  1,930
  1,944
  1,989
  2,040
  2,098
  2,161
  2,231
  2,307
  2,389
  2,478
  2,573
  2,674
  2,783
  2,898
  3,021
  3,152
  3,289
  3,436
  3,590
  3,754
  3,926
  4,109
  4,301
  4,503
  4,716
  4,940
  5,177
  5,426
  5,688
  5,963
  6,252
Debt-to-equity ratio
  0.522
  0.520
  0.540
  0.560
  0.580
  0.600
  0.630
  0.650
  0.670
  0.700
  0.720
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.030
  1.040
  1.050
  1.070
  1.080
Adjusted equity ratio
  0.420
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  82
  84
  87
  89
  92
  95
  99
  103
  107
  111
  140
  145
  150
  156
  162
  168
  175
  182
  189
  197
  205
  214
  224
  233
  244
  255
  266
  278
  291
  304
Depreciation, amort., depletion, $m
  79
  84
  85
  87
  88
  90
  92
  94
  96
  98
  101
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
Funds from operations, $m
  126
  166
  170
  173
  178
  182
  187
  193
  199
  205
  212
  211
  219
  227
  236
  246
  256
  266
  278
  289
  302
  315
  329
  344
  359
  376
  393
  411
  430
  450
  471
Change in working capital, $m
  -28
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
  58
Cash from operations, $m
  154
  146
  161
  163
  166
  170
  173
  178
  183
  188
  193
  191
  197
  204
  212
  220
  228
  237
  247
  257
  268
  279
  291
  304
  317
  331
  346
  361
  378
  395
  413
Maintenance CAPEX, $m
  0
  -51
  -52
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
New CAPEX, $m
  -73
  -9
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
Cash from investing activities, $m
  -68
  -60
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -122
  -127
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
Free cash flow, $m
  86
  86
  95
  94
  94
  94
  94
  94
  95
  96
  97
  90
  92
  94
  96
  98
  101
  104
  107
  110
  114
  117
  121
  126
  130
  135
  140
  145
  151
  157
  164
Issuance/(repayment) of debt, $m
  -53
  22
  26
  29
  33
  36
  40
  43
  47
  51
  54
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  104
  110
  116
  122
  128
  135
  142
  149
  157
  165
Issuance/(repurchase) of shares, $m
  -6
  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  
  -61
  22
  26
  29
  33
  36
  40
  43
  47
  51
  54
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  104
  110
  116
  122
  128
  135
  142
  149
  157
  165
Total cash flow (excl. dividends), $m
  25
  108
  120
  123
  126
  130
  134
  138
  142
  147
  152
  148
  154
  160
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  263
  275
  287
  301
  314
  329
Retained Cash Flow (-), $m
  -34
  -16
  -19
  -22
  -25
  -27
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -107
  -112
  -118
  -124
Prev. year cash balance distribution, $m
 
  7
  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
 
  99
  101
  101
  102
  103
  104
  105
  107
  109
  111
  105
  107
  110
  113
  117
  121
  124
  129
  133
  138
  143
  149
  154
  160
  167
  174
  181
  188
  196
  205
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  94
  91
  86
  81
  76
  71
  66
  61
  56
  51
  43
  39
  35
  31
  27
  23
  20
  17
  14
  12
  9
  8
  6
  5
  3
  3
  2
  1
  1
  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

SpartanNash Company operates as a grocery distributor and retailer primarily in the United States. The company operates in three segments: Military, Food Distribution, and Retail. The Military segment sells and distributes grocery products to military commissaries and exchanges located in 37 states across the United States and the District of Columbia, Europe, Puerto Rico, Cuba, Egypt, and Bahrain. The Food Distribution segment provides approximately 56,000 stock-keeping units, including dry groceries, produce, dairy products, meat, delicatessen items, bakery goods, frozen food, seafood, floral products, general merchandise, beverages, tobacco products, pharmacy, and health and beauty care items to independent retail locations and corporate-owned retail stores. This segment also offers various value-added services to independent distribution customers. The Retail segment operates 163 retail stores in the Midwest and Great Lakes primarily under the Family Fare Supermarkets, Family Fresh Markets, D&W Fresh Markets, and Sun Mart; and 29 fuel centers that offers refueling facilities, as well as consumable products under the Family Fare Quick Stop, D&W Quick Stop, VG’s Quick Stop, Forest Hills Quick Stop, and Sunmart Express Fuel names. Its retail supermarkets offer dry groceries, produce, dairy products, meat, frozen food, seafood, floral products, general merchandise, beverages, tobacco products, health and beauty care products, delicatessen items, and bakery goods, as well as pharmacy services. SpartanNash Company also distributes private brand items, including Spartan and Our Family, Top Care, Tippy Toes, Full Circle, B-leve, PAWS Premium, and Valu Time brands. The company was formerly known as Spartan Stores, Inc. and changed its name to SpartanNash Company in May 2014. SpartanNash Company was founded in 1917 and is headquartered in Grand Rapids, Michigan.

FINANCIAL RATIOS  of  SpartanNash (SPTN)

Valuation Ratios
P/E Ratio 20.3
Price to Sales 0.1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 14.3
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.6%
Cap. Spend. - 3 Yr. Gr. Rate 14.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 50.2%
Total Debt to Equity 52.2%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 7.1%
Return On Equity - 3 Yr. Avg. 7.8%
Asset Turnover 4
Profitability Ratios
Gross Margin 14.4%
Gross Margin - 3 Yr. Avg. 14.5%
EBITDA Margin 2.4%
EBITDA Margin - 3 Yr. Avg. 2.5%
Operating Margin 1.4%
Oper. Margin - 3 Yr. Avg. 1.5%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 40.4%

SPTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPTN stock intrinsic value calculation we used $7735 million for the last fiscal year's total revenue generated by SpartanNash. The default revenue input number comes from 2016 income statement of SpartanNash. 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 SPTN 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 5.2%, whose default value for SPTN is calculated based on our internal credit rating of SpartanNash, 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 SpartanNash.
    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 SPTN stock the variable cost ratio is equal to 98.4%.

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 SPTN 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 SpartanNash.

Corporate tax rate of 27% is the nominal tax rate for SpartanNash. 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 SPTN 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 SPTN are equal to 7.7%.

Life of production assets of 11.7 years is the average useful life of capital assets used in SpartanNash 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 SPTN is equal to 4.9%. 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 - $825 million for SpartanNash - 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 36.653 million for SpartanNash 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 SpartanNash at the current share price and the inputted number of shares is $1.1 billion.


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COMPANY NEWS

▶ SpartanNash Names Kathy Mahoney President, MDV   [May-24-17 04:15PM  Business Wire]
▶ SpartanNash to Webcast Annual Shareholders Meeting   [May-17-17 08:00AM  Business Wire]
▶ There's Value in SuperValu   [Mar-27-17 07:30AM  Bloomberg]
▶ Should You Buy SpartanNash Co (SPTN)?   [Dec-02-16 09:31AM  at Insider Monkey]
▶ SpartanNash Declares Quarterly Cash Dividend   [Nov-21-16 04:05PM  Business Wire]
▶ SpartanNash Hires New Chief Human Resources Officer   [Sep-15-16 10:30AM  Business Wire]
▶ 3 Attractive Income Stocks Whose Dividends Could Double   [Sep-14-16 08:04AM  at Motley Fool]
▶ SpartanNash Declares Quarterly Cash Dividend   [Aug-26-16 04:05PM  Business Wire]
▶ SpartanNash Declares Quarterly Cash Dividend   [08:00AM  Business Wire]
Stock chart of SPTN Financial statements of SPTN Annual reports of SPTN
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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