Intrinsic value of Andersons - ANDE

Previous Close

$33.12

  Intrinsic Value

$6.15

stock screener

  Rating & Target

str. sell

-81%

Previous close

$33.12

 
Intrinsic value

$6.15

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of ANDE 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 0001), $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 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  3,760
  3,847
  3,945
  4,056
  4,179
  4,314
  4,461
  4,620
  4,792
  4,976
  5,172
  5,382
  5,606
  5,843
  6,095
  6,362
  6,645
  6,944
  7,260
  7,594
  7,946
  8,317
  8,708
  9,120
  9,555
  10,012
  10,493
  10,999
  11,532
  12,092
Variable operating expenses, $m
  2,854
  2,919
  2,994
  3,078
  3,171
  3,273
  3,384
  3,504
  3,633
  3,772
  3,909
  4,068
  4,237
  4,416
  4,607
  4,809
  5,022
  5,248
  5,487
  5,739
  6,005
  6,286
  6,581
  6,893
  7,221
  7,567
  7,930
  8,313
  8,716
  9,139
Fixed operating expenses, $m
  968
  989
  1,011
  1,033
  1,056
  1,079
  1,103
  1,127
  1,152
  1,177
  1,203
  1,230
  1,257
  1,284
  1,313
  1,341
  1,371
  1,401
  1,432
  1,463
  1,496
  1,529
  1,562
  1,597
  1,632
  1,668
  1,704
  1,742
  1,780
  1,819
Total operating expenses, $m
  3,822
  3,908
  4,005
  4,111
  4,227
  4,352
  4,487
  4,631
  4,785
  4,949
  5,112
  5,298
  5,494
  5,700
  5,920
  6,150
  6,393
  6,649
  6,919
  7,202
  7,501
  7,815
  8,143
  8,490
  8,853
  9,235
  9,634
  10,055
  10,496
  10,958
Operating income, $m
  -61
  -62
  -59
  -54
  -47
  -37
  -25
  -11
  6
  26
  60
  85
  112
  143
  176
  212
  252
  295
  341
  391
  445
  503
  565
  631
  702
  778
  858
  945
  1,036
  1,134
EBITDA, $m
  32
  34
  39
  46
  56
  68
  84
  102
  123
  146
  173
  202
  234
  270
  309
  351
  397
  446
  499
  556
  618
  684
  754
  829
  910
  995
  1,087
  1,184
  1,287
  1,397
Interest expense (income), $m
  21
  27
  28
  30
  32
  34
  36
  39
  42
  45
  49
  52
  56
  60
  65
  69
  74
  79
  85
  91
  97
  104
  111
  118
  126
  134
  142
  152
  161
  171
  182
Earnings before tax, $m
  -88
  -90
  -89
  -86
  -81
  -74
  -64
  -53
  -39
  -22
  8
  29
  52
  78
  107
  138
  172
  210
  250
  294
  341
  392
  447
  505
  568
  635
  707
  784
  865
  953
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  8
  14
  21
  29
  37
  47
  57
  68
  79
  92
  106
  121
  136
  153
  171
  191
  212
  234
  257
Net income, $m
  -88
  -90
  -89
  -86
  -81
  -74
  -64
  -53
  -39
  -22
  6
  21
  38
  57
  78
  101
  126
  153
  183
  215
  249
  286
  326
  369
  415
  464
  516
  572
  632
  695

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,205
  2,256
  2,314
  2,379
  2,451
  2,530
  2,617
  2,710
  2,810
  2,918
  3,034
  3,157
  3,288
  3,427
  3,575
  3,732
  3,897
  4,073
  4,258
  4,454
  4,660
  4,878
  5,107
  5,349
  5,604
  5,872
  6,154
  6,451
  6,764
  7,092
Adjusted assets (=assets-cash), $m
  2,205
  2,256
  2,314
  2,379
  2,451
  2,530
  2,617
  2,710
  2,810
  2,918
  3,034
  3,157
  3,288
  3,427
  3,575
  3,732
  3,897
  4,073
  4,258
  4,454
  4,660
  4,878
  5,107
  5,349
  5,604
  5,872
  6,154
  6,451
  6,764
  7,092
Revenue / Adjusted assets
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
  1.705
Average production assets, $m
  884
  904
  927
  953
  982
  1,014
  1,048
  1,086
  1,126
  1,169
  1,215
  1,265
  1,317
  1,373
  1,432
  1,495
  1,562
  1,632
  1,706
  1,785
  1,867
  1,954
  2,046
  2,143
  2,245
  2,353
  2,466
  2,585
  2,710
  2,842
Working capital, $m
  308
  315
  324
  333
  343
  354
  366
  379
  393
  408
  424
  441
  460
  479
  500
  522
  545
  569
  595
  623
  652
  682
  714
  748
  783
  821
  860
  902
  946
  992
Total debt, $m
  521
  553
  589
  630
  675
  724
  778
  836
  898
  965
  1,037
  1,114
  1,196
  1,282
  1,375
  1,472
  1,575
  1,685
  1,800
  1,922
  2,051
  2,186
  2,329
  2,480
  2,639
  2,806
  2,981
  3,166
  3,361
  3,566
Total liabilities, $m
  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
  4,418
Total equity, $m
  831
  851
  872
  897
  924
  954
  986
  1,022
  1,059
  1,100
  1,144
  1,190
  1,239
  1,292
  1,348
  1,407
  1,469
  1,535
  1,605
  1,679
  1,757
  1,839
  1,925
  2,017
  2,113
  2,214
  2,320
  2,432
  2,550
  2,674
Total liabilities and equity, $m
  2,205
  2,257
  2,314
  2,379
  2,451
  2,530
  2,616
  2,710
  2,810
  2,918
  3,034
  3,157
  3,287
  3,427
  3,575
  3,732
  3,897
  4,072
  4,258
  4,454
  4,660
  4,878
  5,107
  5,350
  5,604
  5,872
  6,154
  6,451
  6,764
  7,092
Debt-to-equity ratio
  0.630
  0.650
  0.680
  0.700
  0.730
  0.760
  0.790
  0.820
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.020
  1.050
  1.070
  1.100
  1.120
  1.140
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
Adjusted equity ratio
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -88
  -90
  -89
  -86
  -81
  -74
  -64
  -53
  -39
  -22
  6
  21
  38
  57
  78
  101
  126
  153
  183
  215
  249
  286
  326
  369
  415
  464
  516
  572
  632
  695
Depreciation, amort., depletion, $m
  94
  96
  98
  100
  103
  106
  109
  112
  116
  120
  113
  117
  122
  127
  133
  138
  145
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
  251
  263
Funds from operations, $m
  6
  6
  9
  14
  22
  32
  45
  60
  77
  98
  118
  138
  160
  184
  211
  239
  271
  304
  341
  380
  422
  467
  515
  567
  622
  681
  744
  811
  883
  958
Change in working capital, $m
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  37
  39
  42
  44
  46
Cash from operations, $m
  0
  -1
  1
  5
  12
  21
  33
  47
  63
  83
  102
  121
  142
  165
  190
  217
  247
  280
  315
  352
  393
  437
  483
  533
  587
  644
  705
  770
  839
  913
Maintenance CAPEX, $m
  -80
  -82
  -84
  -86
  -88
  -91
  -94
  -97
  -101
  -104
  -108
  -113
  -117
  -122
  -127
  -133
  -138
  -145
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -251
New CAPEX, $m
  -19
  -20
  -23
  -26
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
Cash from investing activities, $m
  -99
  -102
  -107
  -112
  -117
  -123
  -129
  -134
  -141
  -147
  -154
  -162
  -170
  -178
  -186
  -196
  -204
  -215
  -225
  -236
  -248
  -260
  -273
  -286
  -300
  -315
  -331
  -347
  -364
  -383
Free cash flow, $m
  -99
  -103
  -106
  -107
  -105
  -102
  -96
  -88
  -77
  -65
  -52
  -41
  -28
  -13
  4
  22
  42
  65
  89
  116
  145
  177
  210
  247
  286
  329
  374
  423
  474
  530
Issuance/(repayment) of debt, $m
  27
  32
  36
  41
  45
  49
  54
  58
  63
  67
  72
  77
  82
  87
  92
  98
  103
  109
  115
  122
  129
  136
  143
  151
  159
  167
  176
  185
  195
  205
Issuance/(repurchase) of shares, $m
  104
  109
  111
  111
  108
  104
  97
  88
  77
  63
  38
  25
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  131
  141
  147
  152
  153
  153
  151
  146
  140
  130
  110
  102
  93
  87
  92
  98
  103
  109
  115
  122
  129
  136
  143
  151
  159
  167
  176
  185
  195
  205
Total cash flow (excl. dividends), $m
  32
  37
  41
  44
  48
  51
  55
  58
  62
  65
  57
  61
  65
  74
  96
  120
  146
  174
  205
  238
  274
  312
  353
  398
  445
  496
  550
  608
  669
  735
Retained Cash Flow (-), $m
  -104
  -109
  -111
  -111
  -108
  -104
  -97
  -88
  -77
  -63
  -43
  -46
  -49
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -118
  -124
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
  -72
  -72
  -70
  -66
  -61
  -52
  -42
  -30
  -15
  2
  14
  15
  16
  21
  40
  61
  83
  108
  135
  164
  196
  230
  267
  307
  349
  395
  443
  496
  551
  611
Discount rate, %
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
  -68
  -63
  -57
  -49
  -41
  -32
  -23
  -14
  -6
  1
  4
  4
  4
  4
  6
  7
  8
  8
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  90.0
  80.8
  72.6
  65.3
  59.1
  53.9
  49.5
  46.0
  43.2
  41.0
  39.8
  39.1
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8
  38.8

The Andersons, Inc. is a diversified company. The Company conducts business across North America in the grain, ethanol, plant nutrient and rail sectors. The Company also produces turf and cob products. The Company operates through segments, including Grain, Ethanol, Rail and Plant Nutrient. Its Grain business operates grain elevators in various states in the United States Corn Belt. Its Ethanol Group has ownership interests in over four Limited Liability Companies (the ethanol LLCs or LLCs). Its Plant Nutrient Group is a manufacturer, distributor and retailer of agricultural and related plant nutrients, corncob-based products, and pelleted lime and gypsum products in the United States Corn Belt, Florida and Puerto Rico. Its Rail Group leases, repairs and sells various types of railcars, locomotives and barges.

FINANCIAL RATIOS  of  Andersons (ANDE)

Valuation Ratios
P/E Ratio 77.9
Price to Sales 0.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 23.4
Price to Free Cash Flow -7.6
Growth Rates
Sales Growth Rate -6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.3%
Cap. Spend. - 3 Yr. Gr. Rate 3.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 51.3%
Total Debt to Equity 61.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 1%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 1.6%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 8.8%
Gross Margin - 3 Yr. Avg. 8.8%
EBITDA Margin 3.2%
EBITDA Margin - 3 Yr. Avg. 3.7%
Operating Margin 0.5%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 24.9%
Payout Ratio 141.7%

ANDE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANDE stock intrinsic value calculation we used $3686.345 million for the last fiscal year's total revenue generated by Andersons. The default revenue input number comes from 0001 income statement of Andersons. 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 ANDE 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 6.8%, whose default value for ANDE is calculated based on our internal credit rating of Andersons, 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 Andersons.
    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 ANDE stock the variable cost ratio is equal to 75.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $947 million in the base year in the intrinsic value calculation for ANDE 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 5.4% for Andersons.

Corporate tax rate of 27% is the nominal tax rate for Andersons. 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 ANDE 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 ANDE are equal to 23.5%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Andersons 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 ANDE is equal to 8.2%. 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 - $815.202 million for Andersons - 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 28.3 million for Andersons 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 Andersons at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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ADM Archer Daniels 46.13 160.06  str.buy
CHD Church&Dwight 65.81 61.66  hold

COMPANY NEWS

▶ How Financially Strong Is The Andersons Inc (NASDAQ:ANDE)?   [Nov-09-18 01:01PM  Simply Wall St.]
▶ Andersons: 3Q Earnings Snapshot   [05:29PM  Associated Press]
▶ The Andersons Q3 Earnings Preview   [08:02AM  Benzinga]
▶ Lansing Trade CEO: Merger creates an $8.5B ag powerhouse   [Oct-16-18 04:04PM  American City Business Journals]
▶ Kansas City's fifth-largest private company sells for $305M   [Oct-15-18 04:44PM  American City Business Journals]
▶ A Look At The Fair Value Of The Andersons Inc (NASDAQ:ANDE)   [Sep-12-18 09:10AM  Simply Wall St.]
▶ 5 Top Winners From Trumps $6 Billion Trade Relief Program   [Aug-30-18 09:30AM  InvestorPlace]
▶ The Andersons, Inc. Names Dowdle to Board of Directors   [Aug-27-18 09:20AM  PR Newswire]
▶ Andersons: 2Q Earnings Snapshot   [Aug-07-18 05:42PM  Associated Press]
▶ The Andersons Names Valentine as Chief Financial Officer   [Jun-01-18 08:30AM  PR Newswire]
▶ Andersons: 1Q Earnings Snapshot   [May-07-18 06:06PM  Associated Press]
▶ Andersons posts 4Q profit   [Feb-14-18 05:25PM  Associated Press]
▶ Earnings Preview For Andersons   [09:29AM  Benzinga]
▶ Is The Andersons Inc (NASDAQ:ANDE) A Good Dividend Stock?   [Jan-24-18 07:33AM  Simply Wall St.]
▶ U.S. grain companies fear harm from new tax law   [Jan-10-18 07:05AM  Reuters]
▶ U.S. grain companies fear harm from new tax law   [Jan-09-18 07:52PM  Reuters]
▶ Andersons, Inc. to Host Earnings Call   [08:40AM  ACCESSWIRE]
▶ Andersons posts 3Q profit   [Nov-06-17 04:58PM  Associated Press]

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