Intrinsic value of United Natural Foods - UNFI

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$41.48

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$41.48

 
Intrinsic value

$22.05

 
Up/down potential

-47%

 
Rating

sell

 
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 UNFI 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 2.1

 

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, %
  3.48
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
Revenue, $m
  8,470
  9,453
  10,487
  11,572
  12,707
  13,892
  15,129
  16,416
  17,755
  19,147
  20,594
  22,097
  23,660
  25,284
  26,972
  28,728
  30,555
  32,456
  34,436
  36,499
  38,650
  40,892
  43,232
  45,675
  48,226
  50,891
  53,676
  56,589
  59,636
  62,824
  66,160
Variable operating expenses, $m
 
  9,165
  10,163
  11,211
  12,307
  13,452
  14,646
  15,889
  17,182
  18,526
  19,923
  21,339
  22,848
  24,416
  26,046
  27,742
  29,506
  31,342
  33,254
  35,247
  37,323
  39,489
  41,748
  44,107
  46,570
  49,144
  51,834
  54,647
  57,589
  60,667
  63,889
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
  8,246
  9,165
  10,163
  11,211
  12,307
  13,452
  14,646
  15,889
  17,182
  18,526
  19,923
  21,339
  22,848
  24,416
  26,046
  27,742
  29,506
  31,342
  33,254
  35,247
  37,323
  39,489
  41,748
  44,107
  46,570
  49,144
  51,834
  54,647
  57,589
  60,667
  63,889
Operating income, $m
  224
  288
  323
  361
  400
  440
  483
  527
  573
  621
  670
  758
  812
  868
  926
  986
  1,049
  1,114
  1,182
  1,253
  1,326
  1,403
  1,484
  1,568
  1,655
  1,747
  1,842
  1,942
  2,047
  2,156
  2,271
EBITDA, $m
  295
  381
  422
  466
  512
  559
  609
  661
  715
  771
  829
  890
  953
  1,018
  1,086
  1,157
  1,230
  1,307
  1,387
  1,470
  1,556
  1,647
  1,741
  1,839
  1,942
  2,049
  2,161
  2,279
  2,401
  2,530
  2,664
Interest expense (income), $m
  17
  21
  26
  32
  38
  44
  50
  57
  64
  71
  79
  87
  95
  103
  112
  122
  131
  141
  151
  162
  173
  185
  197
  210
  224
  237
  252
  267
  283
  300
  317
Earnings before tax, $m
  208
  267
  297
  329
  362
  397
  432
  470
  509
  549
  591
  672
  717
  764
  813
  864
  918
  973
  1,030
  1,090
  1,153
  1,218
  1,286
  1,357
  1,432
  1,509
  1,590
  1,675
  1,764
  1,856
  1,954
Tax expense, $m
  82
  72
  80
  89
  98
  107
  117
  127
  137
  148
  160
  181
  194
  206
  220
  233
  248
  263
  278
  294
  311
  329
  347
  366
  387
  407
  429
  452
  476
  501
  527
Net income, $m
  126
  195
  217
  240
  264
  289
  316
  343
  371
  401
  432
  490
  523
  558
  594
  631
  670
  710
  752
  796
  842
  889
  939
  991
  1,045
  1,102
  1,161
  1,223
  1,288
  1,355
  1,426

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  2,852
  3,161
  3,507
  3,870
  4,250
  4,646
  5,060
  5,490
  5,938
  6,404
  6,888
  7,390
  7,913
  8,456
  9,021
  9,608
  10,219
  10,855
  11,517
  12,207
  12,926
  13,676
  14,459
  15,276
  16,129
  17,020
  17,952
  18,926
  19,945
  21,011
  22,127
Adjusted assets (=assets-cash), $m
  2,833
  3,161
  3,507
  3,870
  4,250
  4,646
  5,060
  5,490
  5,938
  6,404
  6,888
  7,390
  7,913
  8,456
  9,021
  9,608
  10,219
  10,855
  11,517
  12,207
  12,926
  13,676
  14,459
  15,276
  16,129
  17,020
  17,952
  18,926
  19,945
  21,011
  22,127
Revenue / Adjusted assets
  2.990
  2.991
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
Average production assets, $m
  769
  860
  954
  1,053
  1,156
  1,264
  1,377
  1,494
  1,616
  1,742
  1,874
  2,011
  2,153
  2,301
  2,454
  2,614
  2,780
  2,954
  3,134
  3,321
  3,517
  3,721
  3,934
  4,156
  4,389
  4,631
  4,885
  5,150
  5,427
  5,717
  6,021
Working capital, $m
  991
  1,096
  1,216
  1,342
  1,474
  1,612
  1,755
  1,904
  2,060
  2,221
  2,389
  2,563
  2,745
  2,933
  3,129
  3,332
  3,544
  3,765
  3,995
  4,234
  4,483
  4,743
  5,015
  5,298
  5,594
  5,903
  6,226
  6,564
  6,918
  7,288
  7,675
Total debt, $m
  600
  741
  902
  1,071
  1,248
  1,433
  1,626
  1,826
  2,035
  2,252
  2,478
  2,712
  2,955
  3,209
  3,472
  3,745
  4,030
  4,326
  4,635
  4,957
  5,292
  5,641
  6,006
  6,387
  6,784
  7,199
  7,634
  8,088
  8,562
  9,059
  9,579
Total liabilities, $m
  1,333
  1,473
  1,634
  1,803
  1,980
  2,165
  2,358
  2,558
  2,767
  2,984
  3,210
  3,444
  3,687
  3,941
  4,204
  4,477
  4,762
  5,058
  5,367
  5,689
  6,024
  6,373
  6,738
  7,119
  7,516
  7,931
  8,366
  8,820
  9,294
  9,791
  10,311
Total equity, $m
  1,520
  1,688
  1,873
  2,067
  2,269
  2,481
  2,702
  2,932
  3,171
  3,420
  3,678
  3,946
  4,226
  4,516
  4,817
  5,131
  5,457
  5,797
  6,150
  6,519
  6,903
  7,303
  7,721
  8,157
  8,613
  9,089
  9,586
  10,107
  10,651
  11,220
  11,816
Total liabilities and equity, $m
  2,853
  3,161
  3,507
  3,870
  4,249
  4,646
  5,060
  5,490
  5,938
  6,404
  6,888
  7,390
  7,913
  8,457
  9,021
  9,608
  10,219
  10,855
  11,517
  12,208
  12,927
  13,676
  14,459
  15,276
  16,129
  17,020
  17,952
  18,927
  19,945
  21,011
  22,127
Debt-to-equity ratio
  0.395
  0.440
  0.480
  0.520
  0.550
  0.580
  0.600
  0.620
  0.640
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
Adjusted equity ratio
  0.530
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  195
  217
  240
  264
  289
  316
  343
  371
  401
  432
  490
  523
  558
  594
  631
  670
  710
  752
  796
  842
  889
  939
  991
  1,045
  1,102
  1,161
  1,223
  1,288
  1,355
  1,426
Depreciation, amort., depletion, $m
  71
  93
  99
  105
  112
  119
  127
  134
  142
  150
  159
  131
  141
  150
  160
  171
  182
  193
  205
  217
  230
  243
  257
  272
  287
  303
  319
  337
  355
  374
  394
Funds from operations, $m
  361
  288
  316
  346
  376
  409
  442
  477
  514
  551
  591
  622
  664
  708
  754
  802
  852
  903
  957
  1,013
  1,072
  1,133
  1,196
  1,263
  1,332
  1,404
  1,480
  1,559
  1,642
  1,729
  1,820
Change in working capital, $m
  64
  114
  120
  126
  132
  138
  143
  149
  155
  161
  168
  174
  181
  188
  196
  204
  212
  221
  230
  239
  249
  260
  271
  283
  296
  309
  323
  338
  353
  370
  387
Cash from operations, $m
  297
  244
  196
  220
  245
  271
  299
  328
  358
  390
  423
  447
  483
  520
  558
  598
  640
  683
  727
  774
  822
  872
  925
  979
  1,036
  1,095
  1,157
  1,221
  1,289
  1,359
  1,433
Maintenance CAPEX, $m
  0
  -50
  -56
  -62
  -69
  -76
  -83
  -90
  -98
  -106
  -114
  -122
  -131
  -141
  -150
  -160
  -171
  -182
  -193
  -205
  -217
  -230
  -243
  -257
  -272
  -287
  -303
  -319
  -337
  -355
  -374
New CAPEX, $m
  -41
  -91
  -94
  -99
  -103
  -108
  -112
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -188
  -196
  -204
  -213
  -222
  -232
  -243
  -253
  -265
  -277
  -290
  -304
Cash from investing activities, $m
  -351
  -141
  -150
  -161
  -172
  -184
  -195
  -207
  -220
  -233
  -246
  -259
  -273
  -289
  -304
  -320
  -337
  -355
  -373
  -393
  -413
  -434
  -456
  -479
  -504
  -530
  -556
  -584
  -614
  -645
  -678
Free cash flow, $m
  -54
  102
  46
  59
  73
  88
  104
  121
  139
  158
  177
  188
  209
  231
  254
  278
  303
  328
  354
  381
  409
  438
  469
  500
  532
  566
  601
  637
  675
  714
  755
Issuance/(repayment) of debt, $m
  58
  153
  161
  169
  177
  185
  193
  201
  209
  217
  226
  234
  244
  253
  263
  274
  285
  296
  309
  322
  335
  350
  365
  381
  398
  415
  434
  454
  475
  497
  520
Issuance/(repurchase) of shares, $m
  2
  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  
  56
  153
  161
  169
  177
  185
  193
  201
  209
  217
  226
  234
  244
  253
  263
  274
  285
  296
  309
  322
  335
  350
  365
  381
  398
  415
  434
  454
  475
  497
  520
Total cash flow (excl. dividends), $m
  1
  256
  207
  228
  250
  272
  296
  321
  348
  375
  403
  422
  453
  485
  517
  552
  587
  624
  663
  703
  745
  788
  833
  881
  930
  981
  1,035
  1,091
  1,150
  1,211
  1,275
Retained Cash Flow (-), $m
  -139
  -175
  -185
  -194
  -203
  -212
  -221
  -230
  -239
  -249
  -258
  -269
  -279
  -290
  -302
  -314
  -326
  -340
  -354
  -368
  -384
  -401
  -418
  -436
  -456
  -476
  -498
  -520
  -544
  -569
  -596
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
 
  88
  22
  34
  47
  61
  76
  92
  108
  126
  144
  154
  174
  195
  216
  238
  261
  285
  309
  334
  360
  387
  415
  444
  474
  505
  537
  571
  606
  642
  679
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
 
  83
  20
  29
  37
  45
  51
  57
  62
  65
  67
  63
  63
  61
  58
  55
  51
  46
  41
  36
  31
  26
  21
  17
  14
  10
  8
  6
  4
  3
  2
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

United Natural Foods, Inc., together with its subsidiaries, distributes and retails natural, organic, and specialty foods and non-food products in the United States and Canada. The company operates through three divisions: Wholesale, Retail, and Manufacturing and Branded Products. The Wholesale division offers grocery and general merchandise, produce, perishables and frozen foods, nutritional supplements and sports nutrition, bulk and foodservice products, and personal care products. This segment also distributes an array of specialty protein, cheese, deli, food service, and bakery goods; and organic and conventional produce and non-produce perishable items, and natural and organic specialty and gourmet ethnic products, as well as vitamins, minerals, and supplements. The Retail division operates 13 natural products retail stores primarily in Florida. The Manufacturing and Branded Products division is involved in importing, roasting, packaging, and distributing nuts, dried fruits, seeds, trail mixes, granola, natural and organic snack items, and confections. This segment also provides Blue Marble Brands products on wholesale basis through third-party distributors in organic, natural, and specialty food brands, as well as directly to retailers; and Field Day brand products primarily to customers in its independent natural products retailer channel. The company serves independently owned natural products retailers, supernatural chains, conventional supermarkets, and mass market chains, as well as foodservice, e-commerce, and international customers outside Canada. United Natural Foods, Inc. was founded in 1976 and is headquartered in Providence, Rhode Island.

FINANCIAL RATIOS  of  United Natural Foods (UNFI)

Valuation Ratios
P/E Ratio 16.6
Price to Sales 0.2
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 8.2
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -68.2%
Cap. Spend. - 3 Yr. Gr. Rate -9.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 38.7%
Total Debt to Equity 39.5%
Interest Coverage 13
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity 8.7%
Return On Equity - 3 Yr. Avg. 10%
Asset Turnover 3.1
Profitability Ratios
Gross Margin 15.1%
Gross Margin - 3 Yr. Avg. 15.7%
EBITDA Margin 3.5%
EBITDA Margin - 3 Yr. Avg. 3.7%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 39.4%
Eff/ Tax Rate - 3 Yr. Avg. 39.5%
Payout Ratio 0%

UNFI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UNFI stock intrinsic value calculation we used $8470 million for the last fiscal year's total revenue generated by United Natural Foods. The default revenue input number comes from 2016 income statement of United Natural 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 UNFI stock valuation model: a) initial revenue growth rate of 11.6% 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 UNFI is calculated based on our internal credit rating of United Natural 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 United Natural 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 UNFI stock the variable cost ratio is equal to 97%.

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 UNFI 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 United Natural Foods.

Corporate tax rate of 27% is the nominal tax rate for United Natural 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 UNFI 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 UNFI are equal to 9.1%.

Life of production assets of 15.3 years is the average useful life of capital assets used in United Natural 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 UNFI is equal to 11.6%. 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 - $1520 million for United Natural 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 51.353 million for United Natural 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 United Natural Foods at the current share price and the inputted number of shares is $2.1 billion.


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COMPANY NEWS

▶ United Natural (UNFI) Downgraded to Sell on Dismal Trends   [Mar-29-17 05:12PM  Investopedia]
▶ United Natural meets 2Q profit forecasts   [Mar-08-17 04:26PM  Associated Press]
▶ United Natural Foods Inc. Expanding in Rhode Island   [Feb-15-17 04:05PM  PR Newswire]
▶ [$$] United Natural: Healthy Food, Healthy Growth   [Dec-09-16 07:19AM  at Barrons.com]
▶ 3 Things to Watch in the Stock Market This Week   [Sep-10-16 06:13PM  at Motley Fool]
▶ United Natural Foods to buy Gourmet Guru for undisclosed sum   [Aug-11-16 08:13AM  at MarketWatch]
Stock chart of UNFI Financial statements of UNFI
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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