Intrinsic value of Tyson Foods Cl A - TSN

Previous Close

$79.25

  Intrinsic Value

$67.77

stock screener

  Rating & Target

hold

-14%

Previous close

$79.25

 
Intrinsic value

$67.77

 
Up/down potential

-14%

 
Rating

hold

We calculate the intrinsic value of TSN 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.74
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  38,260
  39,676
  41,195
  42,821
  44,556
  46,404
  48,368
  50,452
  52,661
  55,000
  57,473
  60,086
  62,845
  65,757
  68,827
  72,064
  75,474
  79,066
  82,848
  86,829
  91,017
  95,424
  100,060
  104,935
  110,061
  115,450
  121,114
  127,068
  133,326
  139,901
  146,811
Variable operating expenses, $m
 
  36,586
  37,952
  39,413
  40,972
  42,633
  44,398
  46,270
  48,255
  50,357
  52,579
  53,995
  56,474
  59,091
  61,850
  64,759
  67,823
  71,051
  74,449
  78,027
  81,791
  85,751
  89,917
  94,298
  98,904
  103,746
  108,837
  114,187
  119,810
  125,719
  131,928
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
  35,329
  36,586
  37,952
  39,413
  40,972
  42,633
  44,398
  46,270
  48,255
  50,357
  52,579
  53,995
  56,474
  59,091
  61,850
  64,759
  67,823
  71,051
  74,449
  78,027
  81,791
  85,751
  89,917
  94,298
  98,904
  103,746
  108,837
  114,187
  119,810
  125,719
  131,928
Operating income, $m
  2,931
  3,090
  3,244
  3,408
  3,584
  3,772
  3,971
  4,182
  4,406
  4,643
  4,894
  6,091
  6,371
  6,666
  6,977
  7,305
  7,651
  8,015
  8,398
  8,802
  9,226
  9,673
  10,143
  10,637
  11,157
  11,703
  12,277
  12,881
  13,515
  14,182
  14,882
EBITDA, $m
  3,692
  4,479
  4,651
  4,834
  5,030
  5,239
  5,460
  5,696
  5,945
  6,209
  6,488
  6,783
  7,095
  7,423
  7,770
  8,135
  8,520
  8,926
  9,353
  9,802
  10,275
  10,772
  11,296
  11,846
  12,425
  13,033
  13,673
  14,345
  15,051
  15,793
  16,573
Interest expense (income), $m
  249
  346
  368
  392
  418
  445
  474
  505
  538
  572
  609
  648
  689
  733
  778
  827
  878
  931
  988
  1,047
  1,110
  1,176
  1,245
  1,318
  1,395
  1,476
  1,560
  1,650
  1,743
  1,842
  1,945
Earnings before tax, $m
  2,628
  2,744
  2,875
  3,016
  3,167
  3,327
  3,497
  3,677
  3,868
  4,071
  4,284
  5,443
  5,681
  5,933
  6,199
  6,478
  6,773
  7,084
  7,410
  7,754
  8,116
  8,497
  8,898
  9,319
  9,762
  10,227
  10,717
  11,231
  11,772
  12,340
  12,937
Tax expense, $m
  850
  741
  776
  814
  855
  898
  944
  993
  1,044
  1,099
  1,157
  1,470
  1,534
  1,602
  1,674
  1,749
  1,829
  1,913
  2,001
  2,094
  2,191
  2,294
  2,402
  2,516
  2,636
  2,761
  2,894
  3,032
  3,178
  3,332
  3,493
Net income, $m
  1,774
  2,003
  2,099
  2,202
  2,312
  2,429
  2,553
  2,684
  2,824
  2,971
  3,128
  3,973
  4,147
  4,331
  4,525
  4,729
  4,944
  5,171
  5,410
  5,661
  5,925
  6,203
  6,495
  6,803
  7,126
  7,466
  7,823
  8,199
  8,594
  9,008
  9,444

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  318
  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
  28,066
  28,771
  29,873
  31,052
  32,311
  33,651
  35,075
  36,586
  38,188
  39,884
  41,677
  43,572
  45,573
  47,684
  49,911
  52,258
  54,731
  57,336
  60,078
  62,965
  66,003
  69,198
  72,560
  76,095
  79,812
  83,720
  87,828
  92,145
  96,683
  101,451
  106,462
Adjusted assets (=assets-cash), $m
  27,748
  28,771
  29,873
  31,052
  32,311
  33,651
  35,075
  36,586
  38,188
  39,884
  41,677
  43,572
  45,573
  47,684
  49,911
  52,258
  54,731
  57,336
  60,078
  62,965
  66,003
  69,198
  72,560
  76,095
  79,812
  83,720
  87,828
  92,145
  96,683
  101,451
  106,462
Revenue / Adjusted assets
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
Average production assets, $m
  11,033
  11,427
  11,864
  12,332
  12,832
  13,364
  13,930
  14,530
  15,166
  15,840
  16,552
  17,305
  18,099
  18,938
  19,822
  20,754
  21,737
  22,771
  23,860
  25,007
  26,213
  27,482
  28,817
  30,221
  31,697
  33,249
  34,881
  36,596
  38,398
  40,292
  42,281
Working capital, $m
  2,226
  2,936
  3,048
  3,169
  3,297
  3,434
  3,579
  3,733
  3,897
  4,070
  4,253
  4,446
  4,651
  4,866
  5,093
  5,333
  5,585
  5,851
  6,131
  6,425
  6,735
  7,061
  7,404
  7,765
  8,144
  8,543
  8,962
  9,403
  9,866
  10,353
  10,864
Total debt, $m
  10,203
  10,516
  11,199
  11,930
  12,711
  13,541
  14,424
  15,361
  16,355
  17,406
  18,518
  19,693
  20,933
  22,242
  23,623
  25,078
  26,611
  28,226
  29,926
  31,716
  33,600
  35,581
  37,665
  39,857
  42,161
  44,584
  47,131
  49,808
  52,621
  55,578
  58,684
Total liabilities, $m
  17,525
  17,838
  18,521
  19,252
  20,033
  20,863
  21,746
  22,683
  23,677
  24,728
  25,840
  27,015
  28,255
  29,564
  30,945
  32,400
  33,933
  35,548
  37,248
  39,038
  40,922
  42,903
  44,987
  47,179
  49,483
  51,906
  54,453
  57,130
  59,943
  62,900
  66,006
Total equity, $m
  10,541
  10,933
  11,352
  11,800
  12,278
  12,787
  13,328
  13,903
  14,511
  15,156
  15,837
  16,557
  17,318
  18,120
  18,966
  19,858
  20,798
  21,788
  22,830
  23,927
  25,081
  26,295
  27,573
  28,916
  30,329
  31,814
  33,375
  35,015
  36,739
  38,551
  40,455
Total liabilities and equity, $m
  28,066
  28,771
  29,873
  31,052
  32,311
  33,650
  35,074
  36,586
  38,188
  39,884
  41,677
  43,572
  45,573
  47,684
  49,911
  52,258
  54,731
  57,336
  60,078
  62,965
  66,003
  69,198
  72,560
  76,095
  79,812
  83,720
  87,828
  92,145
  96,682
  101,451
  106,461
Debt-to-equity ratio
  0.968
  0.960
  0.990
  1.010
  1.040
  1.060
  1.080
  1.100
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.300
  1.310
  1.330
  1.340
  1.350
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
Adjusted equity ratio
  0.368
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,774
  2,003
  2,099
  2,202
  2,312
  2,429
  2,553
  2,684
  2,824
  2,971
  3,128
  3,973
  4,147
  4,331
  4,525
  4,729
  4,944
  5,171
  5,410
  5,661
  5,925
  6,203
  6,495
  6,803
  7,126
  7,466
  7,823
  8,199
  8,594
  9,008
  9,444
Depreciation, amort., depletion, $m
  761
  1,389
  1,407
  1,426
  1,446
  1,467
  1,490
  1,514
  1,539
  1,566
  1,594
  692
  724
  758
  793
  830
  869
  911
  954
  1,000
  1,049
  1,099
  1,153
  1,209
  1,268
  1,330
  1,395
  1,464
  1,536
  1,612
  1,691
Funds from operations, $m
  2,449
  3,392
  3,506
  3,628
  3,757
  3,895
  4,042
  4,198
  4,363
  4,537
  4,722
  4,665
  4,871
  5,089
  5,318
  5,559
  5,814
  6,082
  6,364
  6,661
  6,973
  7,302
  7,648
  8,012
  8,394
  8,796
  9,219
  9,663
  10,129
  10,620
  11,135
Change in working capital, $m
  -150
  105
  112
  120
  128
  137
  145
  154
  163
  173
  183
  193
  204
  215
  227
  240
  252
  266
  280
  295
  310
  326
  343
  361
  379
  399
  419
  441
  463
  487
  511
Cash from operations, $m
  2,599
  3,287
  3,394
  3,507
  3,629
  3,759
  3,897
  4,044
  4,199
  4,364
  4,539
  4,472
  4,667
  4,873
  5,091
  5,320
  5,561
  5,816
  6,084
  6,366
  6,663
  6,976
  7,305
  7,651
  8,015
  8,397
  8,799
  9,222
  9,666
  10,133
  10,624
Maintenance CAPEX, $m
  0
  -441
  -457
  -475
  -493
  -513
  -535
  -557
  -581
  -607
  -634
  -662
  -692
  -724
  -758
  -793
  -830
  -869
  -911
  -954
  -1,000
  -1,049
  -1,099
  -1,153
  -1,209
  -1,268
  -1,330
  -1,395
  -1,464
  -1,536
  -1,612
New CAPEX, $m
  -1,069
  -394
  -438
  -468
  -500
  -532
  -566
  -600
  -636
  -673
  -712
  -753
  -795
  -839
  -884
  -932
  -982
  -1,034
  -1,089
  -1,146
  -1,206
  -1,269
  -1,335
  -1,404
  -1,476
  -1,552
  -1,631
  -1,715
  -1,802
  -1,894
  -1,990
Cash from investing activities, $m
  -4,164
  -835
  -895
  -943
  -993
  -1,045
  -1,101
  -1,157
  -1,217
  -1,280
  -1,346
  -1,415
  -1,487
  -1,563
  -1,642
  -1,725
  -1,812
  -1,903
  -2,000
  -2,100
  -2,206
  -2,318
  -2,434
  -2,557
  -2,685
  -2,820
  -2,961
  -3,110
  -3,266
  -3,430
  -3,602
Free cash flow, $m
  -1,565
  2,452
  2,499
  2,565
  2,636
  2,713
  2,797
  2,886
  2,982
  3,084
  3,193
  3,057
  3,180
  3,311
  3,449
  3,595
  3,749
  3,912
  4,084
  4,266
  4,457
  4,658
  4,871
  5,094
  5,330
  5,577
  5,838
  6,112
  6,400
  6,704
  7,022
Issuance/(repayment) of debt, $m
  2,540
  631
  683
  731
  780
  831
  883
  937
  993
  1,051
  1,112
  1,175
  1,241
  1,309
  1,381
  1,455
  1,533
  1,615
  1,700
  1,790
  1,883
  1,981
  2,084
  2,192
  2,305
  2,423
  2,547
  2,677
  2,813
  2,956
  3,106
Issuance/(repurchase) of shares, $m
  -706
  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  
  1,849
  631
  683
  731
  780
  831
  883
  937
  993
  1,051
  1,112
  1,175
  1,241
  1,309
  1,381
  1,455
  1,533
  1,615
  1,700
  1,790
  1,883
  1,981
  2,084
  2,192
  2,305
  2,423
  2,547
  2,677
  2,813
  2,956
  3,106
Total cash flow (excl. dividends), $m
  288
  3,083
  3,182
  3,296
  3,416
  3,544
  3,680
  3,823
  3,975
  4,136
  4,305
  4,232
  4,421
  4,620
  4,829
  5,050
  5,282
  5,527
  5,784
  6,055
  6,340
  6,640
  6,955
  7,286
  7,634
  8,000
  8,385
  8,789
  9,214
  9,660
  10,129
Retained Cash Flow (-), $m
  -933
  -392
  -419
  -448
  -478
  -509
  -541
  -574
  -609
  -644
  -681
  -720
  -760
  -802
  -846
  -892
  -940
  -990
  -1,042
  -1,097
  -1,154
  -1,214
  -1,277
  -1,343
  -1,412
  -1,485
  -1,561
  -1,641
  -1,724
  -1,812
  -1,904
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
 
  2,691
  2,763
  2,847
  2,938
  3,035
  3,138
  3,249
  3,366
  3,491
  3,624
  3,512
  3,661
  3,817
  3,983
  4,158
  4,343
  4,537
  4,742
  4,958
  5,186
  5,425
  5,677
  5,943
  6,222
  6,515
  6,824
  7,148
  7,489
  7,848
  8,225
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  2,510
  2,389
  2,264
  2,133
  1,995
  1,852
  1,705
  1,556
  1,406
  1,257
  1,037
  908
  786
  670
  563
  466
  379
  303
  238
  183
  138
  102
  73
  51
  35
  23
  15
  10
  6
  3
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

Tyson Foods, Inc. is a food company, which is engaged in offering chicken, beef and pork, as well as prepared foods. The Company offers food products under Tyson, Jimmy Dean, Hillshire Farm, Sara Lee, Ball Park, Wright, Aidells and State Fair brands. The Company operates through four segments: Chicken, Beef, Pork and Prepared Foods. It operates a vertically integrated chicken production process, which consists of breeding stock, contract growers, feed production, processing, further-processing, marketing and transportation of chicken and related allied products, including animal and pet food ingredients. Through its subsidiary, Cobb-Vantress, Inc. (Cobb), the Company is engaged in supplying poultry breeding stock across the world. It produces a range of fresh, frozen and refrigerated food products. Its products are marketed and sold by its sales staff to grocery retailers, grocery wholesalers, meat distributors, warehouse club stores and military commissaries, among others.

FINANCIAL RATIOS  of  Tyson Foods Cl A (TSN)

Valuation Ratios
P/E Ratio 16.4
Price to Sales 0.8
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate 3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 53.8%
Cap. Spend. - 3 Yr. Gr. Rate 11.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 88.2%
Total Debt to Equity 96.8%
Interest Coverage 12
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 17.6%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 13.3%
Gross Margin - 3 Yr. Avg. 11.8%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 32.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.5%
Payout Ratio 18%

TSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TSN stock intrinsic value calculation we used $38260 million for the last fiscal year's total revenue generated by Tyson Foods Cl A. The default revenue input number comes from 2017 income statement of Tyson Foods Cl A. 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 TSN stock valuation model: a) initial revenue growth rate of 3.7% 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 7.2%, whose default value for TSN is calculated based on our internal credit rating of Tyson Foods Cl A, 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 Tyson Foods Cl A.
    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 TSN stock the variable cost ratio is equal to 92.3%.

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 TSN 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 Tyson Foods Cl A.

Corporate tax rate of 27% is the nominal tax rate for Tyson Foods Cl A. 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 TSN 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 TSN are equal to 28.8%.

Life of production assets of 25 years is the average useful life of capital assets used in Tyson Foods Cl A 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 TSN is equal to 7.4%. 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 - $10541 million for Tyson Foods Cl A - 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 369.804 million for Tyson Foods Cl A 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 Tyson Foods Cl A at the current share price and the inputted number of shares is $29.3 billion.

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COMPANY NEWS

▶ [$$] Growing Appetites Fuel Record U.S. Meat Production   [Jan-12-18 11:30PM  The Wall Street Journal]
▶ Why Tyson Foods, Inc. Stock Jumped 31.4% in 2017   [Jan-11-18 09:00AM  Motley Fool]
▶ Why McDonald's revived the 'Dollar Menu' with a catch   [Jan-04-18 02:33PM  Yahoo Finance Video]
▶ How Tyson Foods Compares with Its Peers in Valuation   [Dec-29-17 09:02AM  Market Realist]
▶ Tyson Foods: Analysts Are Recommending a Buy   [07:35AM  Market Realist]
▶ Why Tysons Earnings Could Continue to Rise in Fiscal 2018   [Dec-28-17 05:25PM  Market Realist]
▶ Silicon Valley and the Search for Meatless Meat   [Dec-19-17 06:30AM  Fortune]
▶ Lawsuit challenges cancellation of farmer fair practice rule   [Dec-14-17 12:04PM  Associated Press]
▶ US stocks edge higher in afternoon trading; oil prices rise   [Dec-11-17 03:20PM  Associated Press]
▶ Tyson the best way to play bull market in protein   [Dec-08-17 07:41PM  CNBC Videos]
▶ Weekly CFO Sells Highlight   [Dec-04-17 11:49AM  GuruFocus.com]
▶ Tyson Foods Appoints Amy Tu General Counsel   [Nov-30-17 04:05PM  GlobeNewswire]
▶ Must-have experiences of 2018   [Nov-28-17 11:28AM  Yahoo Finance Video]
▶ A Tasty Long-Term Thanksgiving Portfolio   [Nov-22-17 11:00AM  TheStreet.com]
▶ Time In The Market Beats Market Timing   [Nov-21-17 02:47PM  Forbes]
▶ Business Highlights   [Nov-20-17 05:36PM  Associated Press]
▶ How Tyson Foods Margins Fared in Fiscal 4Q17   [07:31AM  Market Realist]
▶ Analysts Expecting A Meaty Return From Tyson Foods   [Nov-15-17 11:09AM  Benzinga]
▶ Company News For Nov 14, 2017   [10:32AM  Zacks]
▶ [$$] Tyson Wants to Use Beef to Fatten Up Poultry Business   [12:06PM  The Wall Street Journal]
▶ Tyson Takes a Big Bite Out of Earnings   [11:50AM  24/7 Wall St.]
▶ Tyson's Dividend Is Now More Than Twice As Big As GE's   [11:28AM  Investor's Business Daily]
▶ Tyson beats Street 4Q forecasts   [07:54AM  Associated Press]
▶ Molson Coors exec leaving to become CFO at Arkansas food giant   [Nov-09-17 09:13AM  American City Business Journals]
▶ What Analysts Suggest for TSN Stock   [09:02AM  Market Realist]
Financial statements of TSN
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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