Intrinsic value of SunOpta - STKL

Previous Close

$8.70

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$8.70

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of STKL 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  17.64
  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
  1,347
  1,306
  1,336
  1,370
  1,408
  1,451
  1,498
  1,549
  1,604
  1,664
  1,728
  1,796
  1,869
  1,946
  2,029
  2,116
  2,209
  2,307
  2,411
  2,521
  2,637
  2,759
  2,888
  3,024
  3,167
  3,318
  3,476
  3,643
  3,819
  4,004
  4,199
Variable operating expenses, $m
 
  1,334
  1,364
  1,398
  1,437
  1,479
  1,526
  1,577
  1,632
  1,692
  1,756
  1,796
  1,869
  1,946
  2,029
  2,116
  2,209
  2,307
  2,411
  2,521
  2,637
  2,759
  2,888
  3,024
  3,167
  3,318
  3,476
  3,643
  3,819
  4,004
  4,199
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
  1,378
  1,334
  1,364
  1,398
  1,437
  1,479
  1,526
  1,577
  1,632
  1,692
  1,756
  1,796
  1,869
  1,946
  2,029
  2,116
  2,209
  2,307
  2,411
  2,521
  2,637
  2,759
  2,888
  3,024
  3,167
  3,318
  3,476
  3,643
  3,819
  4,004
  4,199
Operating income, $m
  -31
  -28
  -28
  -28
  -28
  -28
  -28
  -28
  -28
  -28
  -28
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
EBITDA, $m
  3
  52
  53
  54
  56
  58
  59
  61
  64
  66
  68
  71
  74
  77
  80
  84
  88
  91
  96
  100
  104
  109
  114
  120
  126
  131
  138
  144
  151
  159
  166
Interest expense (income), $m
  29
  34
  35
  36
  38
  39
  41
  43
  45
  47
  50
  53
  56
  59
  62
  65
  69
  73
  77
  82
  86
  91
  96
  102
  107
  114
  120
  127
  134
  141
  149
Earnings before tax, $m
  -74
  -62
  -63
  -64
  -66
  -67
  -69
  -71
  -73
  -76
  -78
  -53
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -102
  -107
  -113
  -120
  -126
  -134
  -141
  -149
Tax expense, $m
  -23
  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
Net income, $m
  -51
  -62
  -63
  -64
  -66
  -67
  -69
  -71
  -73
  -76
  -78
  -53
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -102
  -107
  -113
  -120
  -126
  -134
  -141
  -149

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1
  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
  1,130
  1,002
  1,025
  1,051
  1,081
  1,114
  1,150
  1,189
  1,231
  1,277
  1,326
  1,378
  1,434
  1,494
  1,557
  1,624
  1,695
  1,771
  1,850
  1,935
  2,024
  2,117
  2,216
  2,321
  2,430
  2,546
  2,668
  2,796
  2,931
  3,073
  3,222
Adjusted assets (=assets-cash), $m
  1,129
  1,002
  1,025
  1,051
  1,081
  1,114
  1,150
  1,189
  1,231
  1,277
  1,326
  1,378
  1,434
  1,494
  1,557
  1,624
  1,695
  1,771
  1,850
  1,935
  2,024
  2,117
  2,216
  2,321
  2,430
  2,546
  2,668
  2,796
  2,931
  3,073
  3,222
Revenue / Adjusted assets
  1.193
  1.303
  1.303
  1.304
  1.302
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
  1.303
Average production assets, $m
  359
  517
  529
  543
  558
  575
  593
  613
  635
  659
  684
  711
  740
  771
  803
  838
  875
  914
  955
  998
  1,044
  1,093
  1,144
  1,197
  1,254
  1,314
  1,377
  1,443
  1,512
  1,586
  1,663
Working capital, $m
  158
  197
  202
  207
  213
  219
  226
  234
  242
  251
  261
  271
  282
  294
  306
  320
  334
  348
  364
  381
  398
  417
  436
  457
  478
  501
  525
  550
  577
  605
  634
Total debt, $m
  433
  476
  494
  514
  536
  561
  588
  618
  650
  684
  721
  761
  803
  848
  896
  946
  1,000
  1,057
  1,117
  1,181
  1,248
  1,319
  1,393
  1,472
  1,555
  1,642
  1,734
  1,831
  1,933
  2,040
  2,153
Total liabilities, $m
  684
  757
  774
  794
  816
  841
  868
  898
  930
  964
  1,001
  1,041
  1,083
  1,128
  1,176
  1,226
  1,280
  1,337
  1,397
  1,461
  1,528
  1,599
  1,673
  1,752
  1,835
  1,922
  2,014
  2,111
  2,213
  2,320
  2,433
Total equity, $m
  446
  245
  251
  258
  265
  273
  282
  291
  302
  313
  325
  338
  351
  366
  381
  398
  415
  434
  453
  474
  496
  519
  543
  569
  595
  624
  654
  685
  718
  753
  789
Total liabilities and equity, $m
  1,130
  1,002
  1,025
  1,052
  1,081
  1,114
  1,150
  1,189
  1,232
  1,277
  1,326
  1,379
  1,434
  1,494
  1,557
  1,624
  1,695
  1,771
  1,850
  1,935
  2,024
  2,118
  2,216
  2,321
  2,430
  2,546
  2,668
  2,796
  2,931
  3,073
  3,222
Debt-to-equity ratio
  0.971
  1.940
  1.970
  1.990
  2.020
  2.060
  2.090
  2.120
  2.150
  2.190
  2.220
  2.250
  2.280
  2.320
  2.350
  2.380
  2.410
  2.440
  2.460
  2.490
  2.520
  2.540
  2.570
  2.590
  2.610
  2.630
  2.650
  2.670
  2.690
  2.710
  2.730
Adjusted equity ratio
  0.395
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -51
  -62
  -63
  -64
  -66
  -67
  -69
  -71
  -73
  -76
  -78
  -53
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -102
  -107
  -113
  -120
  -126
  -134
  -141
  -149
Depreciation, amort., depletion, $m
  34
  80
  81
  82
  84
  86
  88
  90
  92
  94
  97
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  138
  144
  151
  159
  166
Funds from operations, $m
  -10
  18
  18
  18
  18
  18
  18
  18
  19
  19
  19
  19
  19
  19
  19
  19
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  18
  17
Change in working capital, $m
  -13
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  29
Cash from operations, $m
  3
  14
  14
  13
  12
  12
  11
  11
  10
  10
  9
  8
  8
  7
  6
  5
  4
  4
  3
  2
  1
  0
  -1
  -2
  -4
  -5
  -6
  -7
  -9
  -10
  -12
Maintenance CAPEX, $m
  0
  -51
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -64
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -159
New CAPEX, $m
  -23
  -10
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
Cash from investing activities, $m
  -20
  -61
  -64
  -67
  -69
  -73
  -76
  -79
  -83
  -88
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -138
  -146
  -152
  -160
  -168
  -177
  -185
  -194
  -204
  -214
  -224
  -236
Free cash flow, $m
  -17
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -211
  -223
  -235
  -248
Issuance/(repayment) of debt, $m
  -46
  14
  17
  20
  22
  25
  27
  30
  32
  34
  37
  40
  42
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  87
  92
  97
  102
  107
  113
Issuance/(repurchase) of shares, $m
  80
  67
  69
  71
  73
  75
  78
  81
  84
  87
  90
  65
  69
  73
  77
  82
  86
  91
  97
  102
  108
  114
  120
  127
  134
  142
  150
  158
  167
  176
  185
Cash from financing (excl. dividends), $m  
  16
  81
  86
  91
  95
  100
  105
  111
  116
  121
  127
  105
  111
  118
  125
  133
  140
  148
  157
  166
  175
  185
  195
  206
  217
  229
  242
  255
  269
  283
  298
Total cash flow (excl. dividends), $m
  -1
  35
  36
  37
  38
  39
  40
  41
  43
  44
  45
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
  48
  51
Retained Cash Flow (-), $m
  -25
  -67
  -69
  -71
  -73
  -75
  -78
  -81
  -84
  -87
  -90
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -185
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
 
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
Cash available for distribution, $m
 
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -121
  -128
  -135
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  -29
  -26
  -24
  -22
  -20
  -18
  -16
  -14
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.8
  84.4
  77.4
  71.1
  65.2
  59.8
  54.8
  50.2
  46.0
  42.2
  39.6
  37.2
  34.9
  32.7
  30.6
  28.7
  26.8
  25.0
  23.4
  21.8
  20.3
  18.9
  17.6
  16.4
  15.2
  14.2
  13.2
  12.2
  11.3
  10.5

Sunopta Inc is a Canada-based company, which operates businesses focused on a healthy products portfolio. It operates through the following segments: Global Ingredients and Consumer Products. The Global Ingredients segment aggregates its North American and international raw material sourcing and supply operating segments focused on the procurement, processing and sale of specialty and organic grains, seeds, fruits, grain- and cocoa-based ingredients, and other commodities. The Consumer Products segment provides healthy and organic food products that are consumer-packaged to retailers, foodservice distributors and food manufacturers with a range of branded and private label products. It is focused on sourcing non-genetically modified (non-GMO) and organic ingredients, and manufacturing healthy food and beverage products. It manufactures packaged products focused on the healthy beverage, healthy fruit and healthy snack categories.

FINANCIAL RATIOS  of  SunOpta (STKL)

Valuation Ratios
P/E Ratio -14.6
Price to Sales 0.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 248.6
Price to Free Cash Flow -37.3
Growth Rates
Sales Growth Rate 17.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25.8%
Cap. Spend. - 3 Yr. Gr. Rate -4.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 51.6%
Total Debt to Equity 97.1%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.6%
Ret/ On Assets - 3 Yr. Avg. -0.7%
Return On Total Capital -5.7%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -11.8%
Return On Equity - 3 Yr. Avg. -4.5%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 9.4%
Gross Margin - 3 Yr. Avg. 10%
EBITDA Margin -0.8%
EBITDA Margin - 3 Yr. Avg. 2%
Operating Margin -2.3%
Oper. Margin - 3 Yr. Avg. 0.6%
Pre-Tax Margin -5.5%
Pre-Tax Margin - 3 Yr. Avg. -1.1%
Net Profit Margin -3.8%
Net Profit Margin - 3 Yr. Avg. -1.5%
Effective Tax Rate 31.1%
Eff/ Tax Rate - 3 Yr. Avg. 42.9%
Payout Ratio 0%

STKL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STKL stock intrinsic value calculation we used $1280 million for the last fiscal year's total revenue generated by SunOpta. The default revenue input number comes from 2016 income statement of SunOpta. 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 STKL 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 10.4%, whose default value for STKL is calculated based on our internal credit rating of SunOpta, 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 SunOpta.
    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 STKL stock the variable cost ratio is equal to 102.2%.

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 STKL 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 7.3% for SunOpta.

Corporate tax rate of 27% is the nominal tax rate for SunOpta. 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 STKL stock is equal to 0.4%.

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 STKL are equal to 39.6%.

Life of production assets of 10 years is the average useful life of capital assets used in SunOpta 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 STKL is equal to 15.1%. 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 - $240 million for SunOpta - 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 87 million for SunOpta 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 SunOpta at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
POST Post Holdings 88.68 105.91  buy
CPB Campbell Soup 40.50 26.42  sell
HAIN Hain Celestial 28.99 15.91  sell

COMPANY NEWS

▶ Should You Buy SunOpta Inc (TSE:SOY)?   [Jun-26-18 03:23PM  Simply Wall St.]
▶ SunOpta: 1Q Earnings Snapshot   [May-09-18 08:27AM  Associated Press]
▶ Have Investors Priced In SunOpta Incs (TSE:SOY) Growth?   [May-07-18 06:02PM  Simply Wall St.]
▶ SunOpta reports 4Q loss   [Feb-27-18 08:25AM  Associated Press]
▶ Sunopta Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ SunOpta Inc. to Present at the ICR Conference 2018   [Jan-02-18 07:30AM  Business Wire]
▶ ETFs with exposure to SunOpta, Inc. : December 26, 2017   [Dec-26-17 12:10PM  Capital Cube]
▶ SunOpta reports 3Q loss   [08:06AM  Associated Press]
▶ Sunopta Inc. to Host Earnings Call   [06:50AM  ACCESSWIRE]
▶ SunOpta Inc. Announces Exit from Nutrition Bar Operations   [Sep-27-17 07:30AM  Business Wire]
▶ ETFs with exposure to SunOpta, Inc. : August 25, 2017   [Aug-25-17 05:37PM  Capital Cube]
▶ SunOpta reports 2Q loss   [Aug-09-17 05:58PM  Associated Press]
▶ ETFs with exposure to SunOpta, Inc. : May 18, 2017   [May-18-17 02:02PM  Capital Cube]
▶ Investor Network: Sunopta Inc. to Host Earnings Call   [May-10-17 08:15AM  Accesswire]
▶ SunOpta reports 1Q loss   [08:06AM  Associated Press]
▶ Weekly CEO Buys Highlights   [12:39PM  GuruFocus.com]
▶ Oaktree Boosts Stake as Largest Shareholder in SunOpta   [Mar-10-17 05:09PM  GuruFocus.com]
▶ 5 Stocks Insiders Are Loading Up On   [11:57AM  TheStreet.com]
▶ SunOpta reports 4Q loss   [07:59AM  Associated Press]
Financial statements of STKL
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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