Intrinsic value of TreeHouse Foods - THS

Previous Close

$67.85

  Intrinsic Value

$63.76

stock screener

  Rating & Target

hold

-6%

  Value-price divergence*

-56%

Previous close

$67.85

 
Intrinsic value

$63.76

 
Up/down potential

-6%

 
Rating

hold

 
Value-price divergence*

-56%

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

We calculate the intrinsic value of THS 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 3.8

 

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, %
  92.61
  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
  6,175
  6,299
  6,443
  6,609
  6,795
  7,001
  7,227
  7,473
  7,739
  8,026
  8,335
  8,664
  9,016
  9,390
  9,788
  10,210
  10,658
  11,131
  11,632
  12,161
  12,720
  13,310
  13,932
  14,587
  15,278
  16,005
  16,771
  17,577
  18,425
  19,317
  20,256
Variable operating expenses, $m
 
  5,828
  5,956
  6,103
  6,267
  6,450
  6,650
  6,869
  7,105
  7,359
  7,632
  7,680
  7,991
  8,323
  8,676
  9,050
  9,447
  9,866
  10,310
  10,780
  11,275
  11,797
  12,349
  12,930
  13,542
  14,186
  14,865
  15,579
  16,331
  17,122
  17,954
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
  6,272
  5,828
  5,956
  6,103
  6,267
  6,450
  6,650
  6,869
  7,105
  7,359
  7,632
  7,680
  7,991
  8,323
  8,676
  9,050
  9,447
  9,866
  10,310
  10,780
  11,275
  11,797
  12,349
  12,930
  13,542
  14,186
  14,865
  15,579
  16,331
  17,122
  17,954
Operating income, $m
  -97
  471
  487
  506
  527
  551
  576
  604
  635
  667
  702
  984
  1,024
  1,067
  1,112
  1,160
  1,211
  1,265
  1,322
  1,382
  1,445
  1,512
  1,583
  1,657
  1,736
  1,819
  1,906
  1,997
  2,094
  2,195
  2,302
EBITDA, $m
  191
  855
  874
  897
  922
  950
  981
  1,014
  1,050
  1,089
  1,131
  1,176
  1,223
  1,274
  1,328
  1,386
  1,446
  1,511
  1,579
  1,650
  1,726
  1,806
  1,891
  1,979
  2,073
  2,172
  2,276
  2,385
  2,500
  2,621
  2,749
Interest expense (income), $m
  93
  125
  129
  133
  138
  144
  150
  156
  164
  172
  180
  189
  199
  209
  220
  232
  245
  258
  272
  287
  302
  319
  336
  355
  374
  395
  416
  439
  463
  488
  514
Earnings before tax, $m
  -195
  346
  359
  373
  389
  407
  427
  448
  471
  496
  522
  795
  826
  858
  892
  928
  966
  1,007
  1,050
  1,095
  1,143
  1,193
  1,247
  1,303
  1,362
  1,424
  1,489
  1,558
  1,631
  1,707
  1,787
Tax expense, $m
  34
  93
  97
  101
  105
  110
  115
  121
  127
  134
  141
  215
  223
  232
  241
  251
  261
  272
  283
  296
  309
  322
  337
  352
  368
  384
  402
  421
  440
  461
  483
Net income, $m
  -229
  252
  262
  272
  284
  297
  312
  327
  344
  362
  381
  581
  603
  626
  651
  677
  705
  735
  766
  799
  834
  871
  910
  951
  994
  1,039
  1,087
  1,138
  1,190
  1,246
  1,305

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  73
  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
  6,546
  6,602
  6,754
  6,928
  7,123
  7,338
  7,575
  7,833
  8,113
  8,413
  8,736
  9,082
  9,450
  9,843
  10,260
  10,703
  11,172
  11,668
  12,193
  12,748
  13,334
  13,952
  14,603
  15,290
  16,014
  16,777
  17,579
  18,424
  19,313
  20,249
  21,232
Adjusted assets (=assets-cash), $m
  6,473
  6,602
  6,754
  6,928
  7,123
  7,338
  7,575
  7,833
  8,113
  8,413
  8,736
  9,082
  9,450
  9,843
  10,260
  10,703
  11,172
  11,668
  12,193
  12,748
  13,334
  13,952
  14,603
  15,290
  16,014
  16,777
  17,579
  18,424
  19,313
  20,249
  21,232
Revenue / Adjusted assets
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
Average production assets, $m
  1,843
  1,877
  1,920
  1,969
  2,025
  2,086
  2,154
  2,227
  2,306
  2,392
  2,484
  2,582
  2,687
  2,798
  2,917
  3,043
  3,176
  3,317
  3,466
  3,624
  3,791
  3,966
  4,152
  4,347
  4,553
  4,769
  4,998
  5,238
  5,491
  5,757
  6,036
Working capital, $m
  868
  875
  896
  919
  944
  973
  1,005
  1,039
  1,076
  1,116
  1,158
  1,204
  1,253
  1,305
  1,361
  1,419
  1,481
  1,547
  1,617
  1,690
  1,768
  1,850
  1,936
  2,028
  2,124
  2,225
  2,331
  2,443
  2,561
  2,685
  2,816
Total debt, $m
  2,791
  2,802
  2,895
  3,002
  3,121
  3,254
  3,399
  3,558
  3,729
  3,914
  4,112
  4,324
  4,551
  4,792
  5,048
  5,319
  5,607
  5,912
  6,235
  6,575
  6,935
  7,314
  7,714
  8,136
  8,581
  9,049
  9,542
  10,060
  10,606
  11,181
  11,785
Total liabilities, $m
  4,043
  4,054
  4,147
  4,254
  4,373
  4,506
  4,651
  4,810
  4,981
  5,166
  5,364
  5,576
  5,803
  6,044
  6,300
  6,571
  6,859
  7,164
  7,487
  7,827
  8,187
  8,566
  8,966
  9,388
  9,833
  10,301
  10,794
  11,312
  11,858
  12,433
  13,037
Total equity, $m
  2,503
  2,548
  2,607
  2,674
  2,749
  2,833
  2,924
  3,024
  3,131
  3,248
  3,372
  3,506
  3,648
  3,799
  3,960
  4,131
  4,312
  4,504
  4,707
  4,921
  5,147
  5,385
  5,637
  5,902
  6,181
  6,476
  6,786
  7,112
  7,455
  7,816
  8,196
Total liabilities and equity, $m
  6,546
  6,602
  6,754
  6,928
  7,122
  7,339
  7,575
  7,834
  8,112
  8,414
  8,736
  9,082
  9,451
  9,843
  10,260
  10,702
  11,171
  11,668
  12,194
  12,748
  13,334
  13,951
  14,603
  15,290
  16,014
  16,777
  17,580
  18,424
  19,313
  20,249
  21,233
Debt-to-equity ratio
  1.115
  1.100
  1.110
  1.120
  1.140
  1.150
  1.160
  1.180
  1.190
  1.210
  1.220
  1.230
  1.250
  1.260
  1.270
  1.290
  1.300
  1.310
  1.320
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.400
  1.410
  1.410
  1.420
  1.430
  1.440
Adjusted equity ratio
  0.375
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -229
  252
  262
  272
  284
  297
  312
  327
  344
  362
  381
  581
  603
  626
  651
  677
  705
  735
  766
  799
  834
  871
  910
  951
  994
  1,039
  1,087
  1,138
  1,190
  1,246
  1,305
Depreciation, amort., depletion, $m
  288
  384
  387
  391
  395
  399
  404
  410
  416
  422
  429
  191
  199
  207
  216
  225
  235
  246
  257
  268
  281
  294
  308
  322
  337
  353
  370
  388
  407
  426
  447
Funds from operations, $m
  548
  636
  649
  663
  679
  697
  716
  737
  759
  784
  810
  772
  802
  833
  867
  903
  941
  981
  1,023
  1,068
  1,115
  1,165
  1,218
  1,273
  1,331
  1,393
  1,457
  1,526
  1,597
  1,673
  1,752
Change in working capital, $m
  69
  17
  20
  23
  26
  29
  31
  34
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
Cash from operations, $m
  479
  619
  629
  640
  653
  668
  684
  703
  722
  744
  767
  726
  753
  781
  812
  844
  878
  915
  953
  994
  1,037
  1,083
  1,131
  1,182
  1,235
  1,292
  1,351
  1,413
  1,479
  1,549
  1,621
Maintenance CAPEX, $m
  0
  -136
  -139
  -142
  -146
  -150
  -155
  -160
  -165
  -171
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -235
  -246
  -257
  -268
  -281
  -294
  -308
  -322
  -337
  -353
  -370
  -388
  -407
  -426
New CAPEX, $m
  -187
  -34
  -43
  -49
  -55
  -61
  -67
  -73
  -79
  -86
  -92
  -98
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -158
  -167
  -176
  -185
  -195
  -206
  -217
  -228
  -240
  -253
  -266
  -280
Cash from investing activities, $m
  -2,831
  -170
  -182
  -191
  -201
  -211
  -222
  -233
  -244
  -257
  -269
  -282
  -296
  -311
  -326
  -342
  -358
  -376
  -395
  -415
  -435
  -457
  -479
  -503
  -528
  -554
  -581
  -610
  -641
  -673
  -706
Free cash flow, $m
  -2,352
  448
  446
  448
  452
  456
  462
  470
  478
  488
  498
  444
  457
  471
  486
  502
  520
  539
  559
  580
  602
  627
  652
  679
  707
  738
  769
  803
  839
  876
  915
Issuance/(repayment) of debt, $m
  1,577
  77
  93
  107
  120
  133
  145
  158
  171
  185
  198
  212
  226
  241
  256
  272
  288
  305
  322
  341
  360
  379
  400
  422
  444
  468
  493
  519
  546
  574
  604
Issuance/(repurchase) of shares, $m
  835
  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  
  2,378
  77
  93
  107
  120
  133
  145
  158
  171
  185
  198
  212
  226
  241
  256
  272
  288
  305
  322
  341
  360
  379
  400
  422
  444
  468
  493
  519
  546
  574
  604
Total cash flow (excl. dividends), $m
  27
  525
  540
  555
  571
  589
  608
  628
  649
  672
  696
  656
  683
  712
  742
  774
  808
  843
  881
  920
  962
  1,006
  1,052
  1,101
  1,152
  1,206
  1,262
  1,322
  1,384
  1,450
  1,519
Retained Cash Flow (-), $m
  -648
  -52
  -59
  -67
  -75
  -83
  -91
  -100
  -108
  -116
  -125
  -133
  -142
  -151
  -161
  -171
  -181
  -192
  -203
  -214
  -226
  -239
  -252
  -265
  -279
  -294
  -310
  -326
  -343
  -361
  -380
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
 
  479
  481
  488
  496
  506
  516
  528
  542
  556
  572
  523
  541
  560
  581
  603
  627
  652
  678
  706
  736
  767
  801
  836
  873
  911
  953
  996
  1,041
  1,089
  1,140
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  442
  405
  373
  341
  309
  278
  248
  219
  192
  166
  126
  106
  88
  72
  58
  46
  36
  28
  21
  15
  11
  7
  5
  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

TreeHouse Foods, Inc. is a consumer packaged food and beverage manufacturer. The Company's segments include North American Retail Grocery, Food Away From Home, and Industrial and Export. The Company manufactures a range of shelf stable, refrigerated, fresh and frozen products. Its product categories include beverages, salad dressings, snack nuts, beverage enhancers, pickles, sauces, cereals, pasta and dry dinners, cookies and crackers, retail bakery, aseptic products, jams and other products. The North American Retail Grocery segment sells branded and private label products to customers within the United States and Canada. The Food Away From Home segment sells products to foodservice customers, including restaurant chains and food distribution companies within the United States and Canada. The Industrial and Export segment includes the Company's co-pack business and non-dairy powdered creamer sales to industrial customers for use in industrial applications.

FINANCIAL RATIOS  of  TreeHouse Foods (THS)

Valuation Ratios
P/E Ratio -16.8
Price to Sales 0.6
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 13.2
Growth Rates
Sales Growth Rate 92.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 117.4%
Cap. Spend. - 3 Yr. Gr. Rate 18.2%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 108.9%
Total Debt to Equity 111.5%
Interest Coverage -1
Management Effectiveness
Return On Assets -2.3%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital -5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity -10.5%
Return On Equity - 3 Yr. Avg. 0.6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 18.2%
Gross Margin - 3 Yr. Avg. 19.6%
EBITDA Margin 3%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin -1.6%
Oper. Margin - 3 Yr. Avg. 4.2%
Pre-Tax Margin -3.2%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin -3.7%
Net Profit Margin - 3 Yr. Avg. 1%
Effective Tax Rate -17.4%
Eff/ Tax Rate - 3 Yr. Avg. 16.5%
Payout Ratio 0%

THS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the THS stock intrinsic value calculation we used $6175 million for the last fiscal year's total revenue generated by TreeHouse Foods. The default revenue input number comes from 2016 income statement of TreeHouse Foods. 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 THS 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 8.5%, whose default value for THS is calculated based on our internal credit rating of TreeHouse Foods, 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 TreeHouse Foods.
    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 THS stock the variable cost ratio is equal to 92.6%.

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 THS 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 4.6% for TreeHouse Foods.

Corporate tax rate of 27% is the nominal tax rate for TreeHouse Foods. 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 THS 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 THS are equal to 29.8%.

Life of production assets of 13.5 years is the average useful life of capital assets used in TreeHouse Foods 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 THS is equal to 13.9%. 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 - $2503 million for TreeHouse Foods - 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 56.498 million for TreeHouse Foods 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 TreeHouse Foods at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Why TreeHouse Foods, Inc. Stock Lost 21% in August   [Sep-07-17 04:50PM  Motley Fool]
▶ TreeHouse reports 2Q loss   [07:21AM  Associated Press]
▶ New Strong Sell Stocks for May 31st   [May-31-17 09:23AM  Zacks]
▶ Cramer: Why Hain Prompts Hesitation   [07:01PM  TheStreet.com]
▶ Why TreeHouse Foods Inc. Stock Is Falling Today   [May-04-17 02:41PM  Motley Fool]
▶ [$$] TreeHouse Foods to Sell Soup and Infant-Feeding Business to Insight   [Apr-25-17 01:54PM  The Wall Street Journal]
▶ David Rolfe Comments on Treehouse Foods   [Apr-14-17 04:56PM  GuruFocus.com]
▶ Cramer: Market Takes Sucker Punch From Ryan   [Apr-05-17 07:37PM  TheStreet.com]
▶ Treehouse Foods: Cramer's Top Takeaways   [06:20AM  TheStreet.com]
▶ Why TreeHouse Foods Inc. Stock Popped Today   [01:51PM  at Motley Fool]
Financial statements of THS
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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