Intrinsic value of SunOpta - STKL

Previous Close

$9.30

  Intrinsic Value

$0.65

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

-110%

Previous close

$9.30

 
Intrinsic value

$0.65

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

-110%

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

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

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 0.8

 

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
  1,374
  1,406
  1,442
  1,482
  1,527
  1,576
  1,630
  1,688
  1,751
  1,818
  1,890
  1,967
  2,048
  2,135
  2,227
  2,325
  2,428
  2,537
  2,653
  2,775
  2,903
  3,039
  3,182
  3,333
  3,491
  3,658
  3,834
  4,019
  4,214
  4,419
Variable operating expenses, $m
 
  1,363
  1,393
  1,429
  1,468
  1,512
  1,560
  1,612
  1,669
  1,730
  1,796
  1,843
  1,918
  1,998
  2,083
  2,172
  2,268
  2,368
  2,475
  2,588
  2,706
  2,832
  2,964
  3,104
  3,251
  3,405
  3,568
  3,740
  3,920
  4,110
  4,310
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
  1,363
  1,393
  1,429
  1,468
  1,512
  1,560
  1,612
  1,669
  1,730
  1,796
  1,843
  1,918
  1,998
  2,083
  2,172
  2,268
  2,368
  2,475
  2,588
  2,706
  2,832
  2,964
  3,104
  3,251
  3,405
  3,568
  3,740
  3,920
  4,110
  4,310
Operating income, $m
  -31
  11
  12
  13
  14
  15
  16
  18
  19
  21
  22
  47
  48
  50
  53
  55
  57
  60
  62
  65
  68
  72
  75
  78
  82
  86
  90
  94
  99
  104
  109
EBITDA, $m
  3
  55
  56
  58
  59
  61
  63
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  140
  146
  153
  161
  168
  177
Interest expense (income), $m
  29
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  91
  96
  101
  107
  113
  119
Earnings before tax, $m
  -74
  -16
  -16
  -16
  -16
  -16
  -17
  -17
  -17
  -17
  -18
  4
  4
  3
  3
  2
  2
  1
  1
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
Tax expense, $m
  -23
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -51
  -16
  -16
  -16
  -16
  -16
  -17
  -17
  -17
  -17
  -18
  3
  3
  3
  2
  2
  1
  1
  1
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10

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
  1,152
  1,178
  1,208
  1,242
  1,280
  1,321
  1,366
  1,415
  1,468
  1,524
  1,584
  1,648
  1,717
  1,790
  1,867
  1,949
  2,035
  2,127
  2,224
  2,326
  2,434
  2,547
  2,667
  2,793
  2,926
  3,066
  3,214
  3,369
  3,532
  3,704
Adjusted assets (=assets-cash), $m
  1,129
  1,152
  1,178
  1,208
  1,242
  1,280
  1,321
  1,366
  1,415
  1,468
  1,524
  1,584
  1,648
  1,717
  1,790
  1,867
  1,949
  2,035
  2,127
  2,224
  2,326
  2,434
  2,547
  2,667
  2,793
  2,926
  3,066
  3,214
  3,369
  3,532
  3,704
Revenue / Adjusted assets
  1.193
  1.193
  1.194
  1.194
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.194
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
Average production assets, $m
  359
  367
  375
  385
  396
  408
  421
  435
  451
  467
  485
  505
  525
  547
  570
  595
  621
  648
  677
  708
  741
  775
  811
  850
  890
  932
  977
  1,024
  1,073
  1,125
  1,180
Working capital, $m
  158
  367
  375
  385
  396
  408
  421
  435
  451
  467
  485
  505
  525
  547
  570
  595
  621
  648
  677
  708
  741
  775
  811
  850
  890
  932
  977
  1,024
  1,073
  1,125
  1,180
Total debt, $m
  433
  446
  462
  480
  501
  523
  548
  576
  605
  637
  671
  707
  746
  788
  832
  878
  928
  980
  1,036
  1,094
  1,156
  1,221
  1,290
  1,363
  1,439
  1,520
  1,604
  1,693
  1,787
  1,886
  1,990
Total liabilities, $m
  684
  697
  713
  731
  752
  774
  799
  827
  856
  888
  922
  958
  997
  1,039
  1,083
  1,129
  1,179
  1,231
  1,287
  1,345
  1,407
  1,472
  1,541
  1,614
  1,690
  1,771
  1,855
  1,944
  2,038
  2,137
  2,241
Total equity, $m
  446
  455
  465
  477
  491
  506
  522
  540
  559
  580
  602
  626
  651
  678
  707
  737
  770
  804
  840
  878
  919
  961
  1,006
  1,054
  1,103
  1,156
  1,211
  1,269
  1,331
  1,395
  1,463
Total liabilities and equity, $m
  1,130
  1,152
  1,178
  1,208
  1,243
  1,280
  1,321
  1,367
  1,415
  1,468
  1,524
  1,584
  1,648
  1,717
  1,790
  1,866
  1,949
  2,035
  2,127
  2,223
  2,326
  2,433
  2,547
  2,668
  2,793
  2,927
  3,066
  3,213
  3,369
  3,532
  3,704
Debt-to-equity ratio
  0.971
  0.980
  0.990
  1.010
  1.020
  1.040
  1.050
  1.070
  1.080
  1.100
  1.110
  1.130
  1.150
  1.160
  1.180
  1.190
  1.210
  1.220
  1.230
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
Adjusted equity ratio
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -51
  -16
  -16
  -16
  -16
  -16
  -17
  -17
  -17
  -17
  -18
  3
  3
  3
  2
  2
  1
  1
  1
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
Depreciation, amort., depletion, $m
  34
  43
  44
  45
  45
  46
  47
  47
  48
  49
  50
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
Funds from operations, $m
  -10
  28
  28
  29
  29
  30
  30
  31
  31
  32
  33
  32
  33
  34
  35
  36
  37
  38
  39
  41
  42
  43
  45
  46
  47
  49
  51
  52
  54
  56
  58
Change in working capital, $m
  -13
  7
  8
  10
  11
  12
  13
  14
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
Cash from operations, $m
  3
  21
  20
  19
  18
  18
  17
  16
  16
  15
  15
  13
  13
  12
  12
  11
  11
  11
  10
  10
  9
  9
  8
  8
  7
  7
  6
  5
  5
  4
  3
Maintenance CAPEX, $m
  0
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
New CAPEX, $m
  -23
  -8
  -8
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
Cash from investing activities, $m
  -20
  -29
  -29
  -32
  -33
  -35
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -58
  -60
  -64
  -66
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -99
  -103
  -108
  -114
  -120
Free cash flow, $m
  -17
  -8
  -10
  -12
  -15
  -17
  -20
  -22
  -25
  -27
  -30
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
Issuance/(repayment) of debt, $m
  -46
  14
  16
  18
  21
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  47
  49
  52
  55
  59
  62
  65
  69
  73
  76
  80
  85
  89
  94
  99
  104
Issuance/(repurchase) of shares, $m
  80
  25
  26
  28
  30
  31
  33
  35
  36
  38
  40
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  78
Cash from financing (excl. dividends), $m  
  16
  39
  42
  46
  51
  54
  58
  62
  65
  70
  74
  57
  62
  66
  71
  76
  80
  85
  91
  97
  103
  109
  116
  123
  130
  137
  146
  154
  163
  172
  182
Total cash flow (excl. dividends), $m
  -1
  30
  32
  34
  35
  37
  38
  40
  41
  42
  44
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
Retained Cash Flow (-), $m
  -25
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -78
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
 
  6
  6
  6
  6
  6
  5
  5
  5
  4
  4
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.0
  93.9
  90.8
  87.7
  84.7
  81.7
  78.8
  75.9
  73.1
  70.3
  69.0
  67.6
  66.2
  64.8
  63.3
  61.8
  60.4
  58.9
  57.4
  55.9
  54.5
  53.0
  51.6
  50.1
  48.7
  47.3
  45.9
  44.5
  43.2
  41.9

SunOpta Inc. sources non-genetically modified (non-GMO) and organic ingredients; and manufactures and sells healthy food and beverage products in the United States, Canada, Europe, China, and Ethiopia. Its Global Ingredients segment offers organic fruit- and vegetable-based raw materials and ingredients, sweeteners, cocoa, coffees, ancient grains, nuts, seeds and pulses, and other organic food products; identity preserved, non-GMO, and organic seeds and grains, including soy, corn, and sunflower; and seed and grain-based animal feed, and pet food products. This segment also engages in the grain milling for corn, coffee and sesame seed processing, and dry and oil roasting and packaging activities; and provision of seed and grain conditioning services, and specialty organic functional ingredients, as well as liquid and dried format seed, grain, and cocoa-based ingredients. The company’s Consumer Products segment offers aseptic beverages, such as soy, almond, rice, coconut, sunflower, and other non-dairy and alternative beverages; and organic and conventional beverage products comprising shelf stable and refrigerated juices, specialty beverages, vitamin and electrolyte waters, and energy drinks. This segment also offers natural and organic frozen fruits and vegetables; specialty fruit toppings and bases; baby food, puddings, sauces, fruits, vegetables, and protein based snacks in organic and conventional re-sealable pouch products; and nutritious snacks. The company was formerly known as Stake Technology Ltd. and changed its name to SunOpta Inc. in October 2003. SunOpta Inc. was founded in 1973 and is headquartered in Mississauga, Canada.

FINANCIAL RATIOS  of  SunOpta (STKL)

Valuation Ratios
P/E Ratio -15.6
Price to Sales 0.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 265.8
Price to Free Cash Flow -39.9
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 $1347 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 9.4%, 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 99.2%.

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 6.3% 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%.

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 26.7%.

Life of production assets of 17.4 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 26.7%. 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 - $446 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 84.879 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.

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COMPANY NEWS

▶ 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]
▶ [$$] SunOpta Gets $85 Million Investment from Oaktree Capital   [11:50AM  at The Wall Street Journal]
▶ [$$] SunOpta Gets $85 Million Investment from Oaktree Capital   [Oct-07-16 05:31PM  at The Wall Street Journal]
▶ Sunopta Inc. (STKL): West Face Capital Continues To Sell Shares   [Sep-09-16 06:39AM  at Insider Monkey]
▶ Sunopta Inc. (STKL): West Face Capital Lowers Its Stake   [Aug-22-16 08:56AM  at Insider Monkey]
Stock chart of STKL 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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