Intrinsic value of Balchem - BCPC

Previous Close

$99.89

  Intrinsic Value

$31.29

stock screener

  Rating & Target

str. sell

-69%

Previous close

$99.89

 
Intrinsic value

$31.29

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of BCPC 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 2017), $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 3.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  640
  686
  734
  784
  836
  891
  947
  1,006
  1,067
  1,130
  1,197
  1,266
  1,338
  1,414
  1,492
  1,575
  1,661
  1,751
  1,845
  1,943
  2,046
  2,154
  2,267
  2,385
  2,510
  2,640
  2,776
  2,919
  3,068
  3,225
Variable operating expenses, $m
  530
  565
  600
  638
  676
  716
  758
  801
  847
  894
  886
  937
  991
  1,047
  1,105
  1,166
  1,229
  1,296
  1,366
  1,439
  1,515
  1,595
  1,679
  1,766
  1,858
  1,954
  2,055
  2,161
  2,272
  2,388
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
  530
  565
  600
  638
  676
  716
  758
  801
  847
  894
  886
  937
  991
  1,047
  1,105
  1,166
  1,229
  1,296
  1,366
  1,439
  1,515
  1,595
  1,679
  1,766
  1,858
  1,954
  2,055
  2,161
  2,272
  2,388
Operating income, $m
  109
  121
  134
  147
  160
  174
  189
  204
  220
  237
  311
  329
  347
  367
  387
  409
  431
  455
  479
  504
  531
  559
  589
  619
  652
  685
  721
  758
  797
  837
EBITDA, $m
  247
  265
  284
  303
  323
  344
  366
  389
  413
  437
  463
  490
  517
  547
  577
  609
  642
  677
  713
  751
  791
  833
  877
  923
  971
  1,021
  1,073
  1,129
  1,187
  1,247
Interest expense (income), $m
  7
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  58
  61
  65
  68
  72
  76
  81
  85
  90
Earnings before tax, $m
  97
  108
  119
  130
  142
  155
  168
  181
  195
  210
  282
  298
  314
  332
  350
  369
  388
  409
  431
  453
  477
  502
  528
  555
  583
  613
  644
  677
  712
  748
Tax expense, $m
  26
  29
  32
  35
  38
  42
  45
  49
  53
  57
  76
  80
  85
  90
  94
  100
  105
  110
  116
  122
  129
  135
  142
  150
  157
  166
  174
  183
  192
  202
Net income, $m
  71
  79
  87
  95
  104
  113
  122
  132
  143
  153
  206
  217
  230
  242
  255
  269
  284
  299
  314
  331
  348
  366
  385
  405
  426
  448
  470
  494
  519
  546

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
  1,037
  1,112
  1,190
  1,271
  1,356
  1,443
  1,535
  1,630
  1,729
  1,832
  1,940
  2,052
  2,169
  2,291
  2,419
  2,552
  2,691
  2,837
  2,990
  3,149
  3,316
  3,491
  3,674
  3,866
  4,067
  4,278
  4,499
  4,730
  4,973
  5,227
Adjusted assets (=assets-cash), $m
  1,037
  1,112
  1,190
  1,271
  1,356
  1,443
  1,535
  1,630
  1,729
  1,832
  1,940
  2,052
  2,169
  2,291
  2,419
  2,552
  2,691
  2,837
  2,990
  3,149
  3,316
  3,491
  3,674
  3,866
  4,067
  4,278
  4,499
  4,730
  4,973
  5,227
Revenue / Adjusted assets
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
Average production assets, $m
  813
  872
  933
  997
  1,063
  1,132
  1,203
  1,278
  1,356
  1,437
  1,521
  1,609
  1,701
  1,797
  1,897
  2,001
  2,111
  2,225
  2,345
  2,470
  2,601
  2,738
  2,882
  3,032
  3,190
  3,355
  3,528
  3,710
  3,900
  4,099
Working capital, $m
  35
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  68
  72
  76
  81
  85
  90
  95
  100
  105
  110
  116
  122
  129
  136
  143
  150
  158
  166
  174
Total debt, $m
  246
  273
  301
  330
  360
  392
  425
  459
  495
  532
  571
  611
  653
  697
  743
  791
  841
  894
  949
  1,006
  1,066
  1,129
  1,195
  1,264
  1,337
  1,412
  1,492
  1,575
  1,663
  1,754
Total liabilities, $m
  373
  400
  428
  458
  488
  520
  552
  587
  622
  659
  698
  739
  781
  825
  871
  919
  969
  1,021
  1,076
  1,134
  1,194
  1,257
  1,323
  1,392
  1,464
  1,540
  1,620
  1,703
  1,790
  1,882
Total equity, $m
  663
  712
  762
  814
  868
  924
  982
  1,043
  1,106
  1,172
  1,241
  1,313
  1,388
  1,466
  1,548
  1,633
  1,723
  1,816
  1,913
  2,016
  2,122
  2,234
  2,352
  2,474
  2,603
  2,738
  2,879
  3,027
  3,183
  3,346
Total liabilities and equity, $m
  1,036
  1,112
  1,190
  1,272
  1,356
  1,444
  1,534
  1,630
  1,728
  1,831
  1,939
  2,052
  2,169
  2,291
  2,419
  2,552
  2,692
  2,837
  2,989
  3,150
  3,316
  3,491
  3,675
  3,866
  4,067
  4,278
  4,499
  4,730
  4,973
  5,228
Debt-to-equity ratio
  0.370
  0.380
  0.390
  0.410
  0.420
  0.420
  0.430
  0.440
  0.450
  0.450
  0.460
  0.470
  0.470
  0.480
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.500
  0.510
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.520
Adjusted equity ratio
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  71
  79
  87
  95
  104
  113
  122
  132
  143
  153
  206
  217
  230
  242
  255
  269
  284
  299
  314
  331
  348
  366
  385
  405
  426
  448
  470
  494
  519
  546
Depreciation, amort., depletion, $m
  138
  144
  150
  157
  163
  170
  177
  185
  192
  201
  152
  161
  170
  180
  190
  200
  211
  222
  234
  247
  260
  274
  288
  303
  319
  335
  353
  371
  390
  410
Funds from operations, $m
  209
  223
  237
  252
  267
  283
  300
  317
  335
  354
  358
  378
  400
  422
  445
  469
  495
  521
  549
  578
  608
  640
  673
  708
  745
  783
  823
  865
  909
  956
Change in working capital, $m
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
Cash from operations, $m
  207
  220
  234
  249
  264
  280
  297
  314
  332
  350
  354
  375
  396
  418
  441
  465
  490
  516
  544
  573
  603
  634
  667
  702
  738
  776
  816
  858
  901
  947
Maintenance CAPEX, $m
  -76
  -81
  -87
  -93
  -100
  -106
  -113
  -120
  -128
  -136
  -144
  -152
  -161
  -170
  -180
  -190
  -200
  -211
  -222
  -234
  -247
  -260
  -274
  -288
  -303
  -319
  -335
  -353
  -371
  -390
New CAPEX, $m
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -144
  -150
  -158
  -165
  -173
  -182
  -190
  -200
Cash from investing activities, $m
  -133
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -228
  -240
  -253
  -266
  -280
  -295
  -309
  -325
  -342
  -359
  -378
  -397
  -418
  -438
  -461
  -484
  -508
  -535
  -561
  -590
Free cash flow, $m
  74
  80
  86
  92
  98
  105
  112
  119
  126
  134
  126
  135
  143
  152
  161
  171
  181
  191
  202
  213
  225
  237
  250
  263
  277
  292
  307
  323
  340
  358
Issuance/(repayment) of debt, $m
  27
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  27
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
Total cash flow (excl. dividends), $m
  101
  107
  114
  121
  129
  137
  145
  153
  162
  171
  165
  175
  185
  196
  207
  219
  231
  243
  257
  270
  285
  300
  316
  332
  350
  368
  387
  407
  427
  449
Retained Cash Flow (-), $m
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
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
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
Cash available for distribution, $m
  55
  59
  64
  69
  75
  80
  86
  92
  99
  105
  96
  103
  110
  118
  125
  133
  141
  150
  159
  168
  178
  188
  199
  209
  221
  233
  245
  258
  272
  286
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  52
  54
  56
  57
  58
  58
  58
  58
  57
  55
  46
  44
  42
  39
  37
  34
  31
  28
  24
  21
  18
  16
  13
  11
  9
  7
  5
  4
  3
  2
Current shareholders' claim on cash, %
  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

Balchem Corporation is engaged in the development, manufacture and marketing of specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical, medical sterilization and industrial markets. The Company operates in four segments: Human Nutrition & Health, Animal Nutrition & Health, Specialty Products and Industrial Products. The Human Nutrition & Health segment supplies ingredients in the food and beverage industry, providing solutions in powder, solid and liquid flavor delivery systems, spray dried emulsified powder systems and cereal systems. The Animal Nutrition & Health segment provides nutritional products derived from its microencapsulation and chelation technologies in addition to basic choline chloride. The Specialty Products segment sells ethylene oxide as a sterilant gas primarily for use in the healthcare industry. The Industrial Products segment includes the manufacture and sale of methylamines.

FINANCIAL RATIOS  of  Balchem (BCPC)

Valuation Ratios
P/E Ratio 56.7
Price to Sales 5.7
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 29.4
Price to Free Cash Flow 37.8
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -42.9%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 47%
Total Debt to Equity 53.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 11.4%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 32.7%
Gross Margin - 3 Yr. Avg. 29.9%
EBITDA Margin 24.6%
EBITDA Margin - 3 Yr. Avg. 23.2%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 16.2%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 10.1%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 19.6%

BCPC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCPC stock intrinsic value calculation we used $595 million for the last fiscal year's total revenue generated by Balchem. The default revenue input number comes from 2017 income statement of Balchem. 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 BCPC stock valuation model: a) initial revenue growth rate of 7.5% 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 4.3%, whose default value for BCPC is calculated based on our internal credit rating of Balchem, 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 Balchem.
    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 BCPC stock the variable cost ratio is equal to 83.6%.

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 BCPC 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 Balchem.

Corporate tax rate of 27% is the nominal tax rate for Balchem. 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 BCPC stock is equal to 1.1%.

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 BCPC are equal to 127.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Balchem 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 BCPC is equal to 5.4%. 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 - $617 million for Balchem - 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 32 million for Balchem 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 Balchem at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Is Balchem Corporation (NASDAQ:BCPC) Undervalued?   [Jun-24-18 09:56AM  Simply Wall St.]
▶ Balchem Reports Strong Growth to Begin 2018   [May-09-18 01:15PM  Motley Fool]
▶ Blachem: 1Q Earnings Snapshot   [May-04-18 07:35AM  Associated Press]
▶ Health and Nutrition Growth Drives Balchem Corporation   [Mar-06-18 07:05AM  Motley Fool]
▶ Balchem Corporation to Host Earnings Call   [Feb-27-18 09:15AM  ACCESSWIRE]
▶ ETFs with exposure to Balchem Corp. : December 29, 2017   [Dec-29-17 11:33AM  Capital Cube]
▶ Balchem Corporation Announces Dividend   [Dec-15-17 09:00AM  GlobeNewswire]
▶ ETFs with exposure to Balchem Corp. : December 7, 2017   [Dec-07-17 01:00PM  Capital Cube]
▶ Industrial Sales Boost Balchem Corporation's Bottom Line   [Nov-14-17 07:31AM  Motley Fool]
▶ Blachem posts 3Q profit   [07:29AM  Associated Press]
▶ ETFs with exposure to Balchem Corp. : October 26, 2017   [Oct-26-17 10:20AM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : October 10, 2017   [Oct-10-17 11:02AM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : September 26, 2017   [Sep-26-17 10:43AM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : September 12, 2017   [Sep-11-17 09:32PM  Capital Cube]
▶ Blachem posts 2Q profit   [Aug-04-17 10:21PM  Associated Press]
▶ ETFs with exposure to Balchem Corp. : July 4, 2017   [Jul-04-17 02:38PM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : June 22, 2017   [Jun-22-17 03:25PM  Capital Cube]
▶ Balchem Reports Record Earnings in First Quarter   [May-09-17 02:13PM  Motley Fool]
▶ Blachem posts 1Q profit   [10:11AM  Associated Press]
▶ Balchem Corp. Value Analysis (NASDAQ:BCPC) : May 3, 2017   [May-03-17 04:35PM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : April 19, 2017   [Apr-19-17 02:12PM  Capital Cube]
▶ Health Products Drive Balchem Corporation's Growth   [Mar-01-17 03:43PM  Motley Fool]
▶ Blachem posts 4Q profit   [08:23AM  Associated Press]
▶ 3 Stocks That Turned $10,000 Into at Least $3.68 Million   [Feb-13-17 12:03PM  Motley Fool]
▶ [$$] LBO Focus: Private Equity Whets Appetite for Ingredients Deals   [Feb-01-17 09:24AM  at The Wall Street Journal]
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