Intrinsic value of Brown-Forman Cl B - BF-B

Previous Close

$67.91

  Intrinsic Value

$37.47

stock screener

  Rating & Target

sell

-45%

Previous close

$67.91

 
Intrinsic value

$37.47

 
Up/down potential

-45%

 
Rating

sell

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

We calculate the intrinsic value of BF-B 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Brown-Forman Cl B (BF-B) stock.

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, %
  -3.08
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  2,994
  3,296
  3,613
  3,942
  4,286
  4,644
  5,016
  5,403
  5,804
  6,222
  6,656
  7,107
  7,576
  8,064
  8,572
  9,101
  9,651
  10,225
  10,823
  11,447
  12,099
  12,779
  13,489
  14,231
  15,007
  15,818
  16,667
  17,555
  18,485
  19,459
  20,479
Variable operating expenses, $m
 
  1,654
  1,805
  1,963
  2,128
  2,299
  2,477
  2,662
  2,855
  3,055
  3,263
  3,403
  3,628
  3,862
  4,105
  4,358
  4,622
  4,896
  5,183
  5,482
  5,793
  6,119
  6,459
  6,815
  7,186
  7,575
  7,981
  8,406
  8,852
  9,318
  9,806
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
  2,005
  1,654
  1,805
  1,963
  2,128
  2,299
  2,477
  2,662
  2,855
  3,055
  3,263
  3,403
  3,628
  3,862
  4,105
  4,358
  4,622
  4,896
  5,183
  5,482
  5,793
  6,119
  6,459
  6,815
  7,186
  7,575
  7,981
  8,406
  8,852
  9,318
  9,806
Operating income, $m
  989
  1,643
  1,807
  1,979
  2,158
  2,345
  2,539
  2,740
  2,950
  3,167
  3,394
  3,704
  3,948
  4,203
  4,467
  4,743
  5,030
  5,329
  5,641
  5,966
  6,305
  6,660
  7,030
  7,417
  7,821
  8,244
  8,686
  9,149
  9,634
  10,141
  10,672
EBITDA, $m
  1,047
  1,765
  1,935
  2,111
  2,295
  2,487
  2,686
  2,893
  3,108
  3,332
  3,564
  3,806
  4,057
  4,319
  4,591
  4,874
  5,168
  5,476
  5,796
  6,130
  6,479
  6,843
  7,224
  7,621
  8,036
  8,471
  8,926
  9,401
  9,899
  10,421
  10,967
Interest expense (income), $m
  48
  69
  80
  91
  103
  115
  128
  142
  155
  170
  185
  200
  217
  234
  251
  269
  288
  308
  329
  350
  373
  396
  420
  446
  473
  501
  530
  560
  592
  626
  661
Earnings before tax, $m
  933
  1,574
  1,728
  1,888
  2,055
  2,230
  2,411
  2,599
  2,794
  2,997
  3,209
  3,504
  3,732
  3,969
  4,216
  4,474
  4,742
  5,021
  5,312
  5,616
  5,933
  6,264
  6,609
  6,971
  7,348
  7,743
  8,156
  8,589
  9,041
  9,515
  10,012
Tax expense, $m
  264
  425
  466
  510
  555
  602
  651
  702
  754
  809
  866
  946
  1,008
  1,072
  1,138
  1,208
  1,280
  1,356
  1,434
  1,516
  1,602
  1,691
  1,784
  1,882
  1,984
  2,091
  2,202
  2,319
  2,441
  2,569
  2,703
Net income, $m
  669
  1,149
  1,261
  1,378
  1,500
  1,628
  1,760
  1,897
  2,040
  2,188
  2,342
  2,558
  2,724
  2,898
  3,078
  3,266
  3,461
  3,665
  3,878
  4,099
  4,331
  4,572
  4,825
  5,088
  5,364
  5,653
  5,954
  6,270
  6,600
  6,946
  7,309

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  182
  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
  4,625
  4,891
  5,360
  5,849
  6,359
  6,890
  7,442
  8,016
  8,612
  9,232
  9,876
  10,545
  11,241
  11,965
  12,718
  13,503
  14,320
  15,171
  16,058
  16,984
  17,951
  18,959
  20,013
  21,114
  22,265
  23,469
  24,729
  26,047
  27,426
  28,871
  30,384
Adjusted assets (=assets-cash), $m
  4,443
  4,891
  5,360
  5,849
  6,359
  6,890
  7,442
  8,016
  8,612
  9,232
  9,876
  10,545
  11,241
  11,965
  12,718
  13,503
  14,320
  15,171
  16,058
  16,984
  17,951
  18,959
  20,013
  21,114
  22,265
  23,469
  24,729
  26,047
  27,426
  28,871
  30,384
Revenue / Adjusted assets
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
Average production assets, $m
  1,289
  1,421
  1,557
  1,699
  1,847
  2,001
  2,162
  2,329
  2,502
  2,682
  2,869
  3,063
  3,265
  3,476
  3,695
  3,922
  4,160
  4,407
  4,665
  4,934
  5,215
  5,508
  5,814
  6,134
  6,468
  6,818
  7,184
  7,566
  7,967
  8,387
  8,826
Working capital, $m
  1,381
  1,648
  1,806
  1,971
  2,143
  2,322
  2,508
  2,701
  2,902
  3,111
  3,328
  3,554
  3,788
  4,032
  4,286
  4,550
  4,826
  5,113
  5,412
  5,724
  6,049
  6,389
  6,744
  7,116
  7,503
  7,909
  8,334
  8,778
  9,243
  9,729
  10,239
Total debt, $m
  2,149
  2,278
  2,603
  2,942
  3,295
  3,662
  4,044
  4,441
  4,853
  5,282
  5,728
  6,191
  6,673
  7,174
  7,695
  8,238
  8,803
  9,392
  10,006
  10,647
  11,316
  12,014
  12,743
  13,505
  14,302
  15,135
  16,006
  16,918
  17,873
  18,873
  19,919
Total liabilities, $m
  3,255
  3,384
  3,709
  4,048
  4,401
  4,768
  5,150
  5,547
  5,959
  6,388
  6,834
  7,297
  7,779
  8,280
  8,801
  9,344
  9,909
  10,498
  11,112
  11,753
  12,422
  13,120
  13,849
  14,611
  15,408
  16,241
  17,112
  18,024
  18,979
  19,979
  21,025
Total equity, $m
  1,370
  1,506
  1,651
  1,802
  1,959
  2,122
  2,292
  2,469
  2,652
  2,843
  3,042
  3,248
  3,462
  3,685
  3,917
  4,159
  4,410
  4,673
  4,946
  5,231
  5,529
  5,839
  6,164
  6,503
  6,858
  7,229
  7,616
  8,022
  8,447
  8,892
  9,358
Total liabilities and equity, $m
  4,625
  4,890
  5,360
  5,850
  6,360
  6,890
  7,442
  8,016
  8,611
  9,231
  9,876
  10,545
  11,241
  11,965
  12,718
  13,503
  14,319
  15,171
  16,058
  16,984
  17,951
  18,959
  20,013
  21,114
  22,266
  23,470
  24,728
  26,046
  27,426
  28,871
  30,383
Debt-to-equity ratio
  1.569
  1.510
  1.580
  1.630
  1.680
  1.730
  1.760
  1.800
  1.830
  1.860
  1.880
  1.910
  1.930
  1.950
  1.960
  1.980
  2.000
  2.010
  2.020
  2.040
  2.050
  2.060
  2.070
  2.080
  2.090
  2.090
  2.100
  2.110
  2.120
  2.120
  2.130
Adjusted equity ratio
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  669
  1,149
  1,261
  1,378
  1,500
  1,628
  1,760
  1,897
  2,040
  2,188
  2,342
  2,558
  2,724
  2,898
  3,078
  3,266
  3,461
  3,665
  3,878
  4,099
  4,331
  4,572
  4,825
  5,088
  5,364
  5,653
  5,954
  6,270
  6,600
  6,946
  7,309
Depreciation, amort., depletion, $m
  58
  123
  127
  132
  137
  142
  147
  153
  159
  165
  171
  102
  109
  116
  123
  131
  139
  147
  155
  164
  174
  184
  194
  204
  216
  227
  239
  252
  266
  280
  294
Funds from operations, $m
  545
  1,272
  1,388
  1,510
  1,637
  1,770
  1,907
  2,050
  2,199
  2,353
  2,513
  2,660
  2,833
  3,013
  3,201
  3,396
  3,600
  3,812
  4,033
  4,264
  4,505
  4,756
  5,019
  5,293
  5,580
  5,880
  6,194
  6,522
  6,866
  7,226
  7,603
Change in working capital, $m
  -94
  151
  158
  165
  172
  179
  186
  193
  201
  209
  217
  226
  235
  244
  254
  264
  275
  287
  299
  312
  326
  340
  355
  371
  388
  406
  424
  444
  465
  487
  510
Cash from operations, $m
  639
  1,120
  1,230
  1,345
  1,465
  1,591
  1,721
  1,857
  1,998
  2,144
  2,296
  2,434
  2,598
  2,769
  2,947
  3,132
  3,325
  3,525
  3,734
  3,952
  4,179
  4,416
  4,663
  4,922
  5,192
  5,474
  5,769
  6,078
  6,401
  6,739
  7,093
Maintenance CAPEX, $m
  0
  -43
  -47
  -52
  -57
  -62
  -67
  -72
  -78
  -83
  -89
  -96
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -155
  -164
  -174
  -184
  -194
  -204
  -216
  -227
  -239
  -252
  -266
  -280
New CAPEX, $m
  -115
  -132
  -136
  -142
  -148
  -154
  -160
  -167
  -173
  -180
  -187
  -194
  -202
  -210
  -219
  -228
  -237
  -247
  -258
  -269
  -281
  -293
  -306
  -320
  -334
  -350
  -366
  -383
  -401
  -420
  -439
Cash from investing activities, $m
  -422
  -175
  -183
  -194
  -205
  -216
  -227
  -239
  -251
  -263
  -276
  -290
  -304
  -319
  -335
  -351
  -368
  -386
  -405
  -424
  -445
  -467
  -490
  -514
  -538
  -566
  -593
  -622
  -653
  -686
  -719
Free cash flow, $m
  217
  946
  1,047
  1,151
  1,261
  1,375
  1,494
  1,618
  1,747
  1,881
  2,020
  2,144
  2,294
  2,450
  2,612
  2,781
  2,957
  3,139
  3,329
  3,527
  3,734
  3,949
  4,174
  4,408
  4,653
  4,909
  5,176
  5,456
  5,748
  6,054
  6,374
Issuance/(repayment) of debt, $m
  565
  311
  325
  339
  353
  367
  382
  397
  413
  429
  446
  463
  482
  501
  521
  543
  565
  589
  614
  641
  669
  698
  729
  762
  797
  833
  872
  912
  955
  1,000
  1,047
Issuance/(repurchase) of shares, $m
  -561
  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  
  -11
  311
  325
  339
  353
  367
  382
  397
  413
  429
  446
  463
  482
  501
  521
  543
  565
  589
  614
  641
  669
  698
  729
  762
  797
  833
  872
  912
  955
  1,000
  1,047
Total cash flow (excl. dividends), $m
  193
  1,257
  1,371
  1,490
  1,614
  1,742
  1,876
  2,015
  2,159
  2,309
  2,465
  2,607
  2,776
  2,951
  3,134
  3,324
  3,522
  3,728
  3,944
  4,168
  4,402
  4,647
  4,903
  5,170
  5,450
  5,742
  6,048
  6,368
  6,703
  7,053
  7,421
Retained Cash Flow (-), $m
  192
  -136
  -144
  -151
  -157
  -163
  -170
  -177
  -184
  -191
  -198
  -206
  -214
  -223
  -232
  -242
  -252
  -262
  -273
  -285
  -298
  -311
  -325
  -339
  -355
  -371
  -388
  -406
  -425
  -445
  -466
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
 
  1,121
  1,227
  1,339
  1,457
  1,579
  1,706
  1,838
  1,976
  2,119
  2,267
  2,401
  2,561
  2,728
  2,902
  3,082
  3,270
  3,466
  3,670
  3,883
  4,105
  4,337
  4,578
  4,831
  5,095
  5,371
  5,660
  5,962
  6,278
  6,609
  6,955
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  1,046
  1,062
  1,068
  1,062
  1,044
  1,014
  973
  922
  863
  797
  720
  647
  573
  500
  429
  361
  299
  243
  194
  151
  116
  86
  63
  45
  31
  21
  14
  9
  5
  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

Brown-Forman Corporation is a spirit and wine company. The Company manufactures, bottles, imports, exports, markets and sells a range of alcoholic beverages. The Company has a portfolio of approximately 40 spirit, wine and ready-to-drink cocktail (RTD) brands. Its principal brands include Jack Daniel's Tennessee Whiskey, Jack Daniel's RTDs, Jack Daniel's Tennessee Honey, Gentleman Jack Rare Tennessee Whiskey, Jack Daniel's Tennessee Fire, Jack Daniel's Single Barrel Collection, Jack Daniel's Sinatra Select, Jack Daniel's Winter Jack, Jack Daniel's No. 27 Gold Tennessee Whiskey, Finlandia Vodkas, Finlandia RTDs, Korbel California Brandy, Woodford Reserve Kentucky Bourbons, el Jimador Tequilas, el Jimador New Mix RTDs, Herradura Tequilas, Canadian Mist Canadian Whisky, Sonoma-Cutrer California Wines, Early Times Kentucky Whisky and Bourbon, Chambord Liqueur, Old Forester Kentucky Bourbon, Antiguo Tequila, Pepe Lopez Tequila, Santa Dose Cachaca and Collingwood Canadian Whisky.

FINANCIAL RATIOS  of  Brown-Forman Cl B (BF-B)

Valuation Ratios
P/E Ratio 39
Price to Sales 8.7
Price to Book 19
Price to Tangible Book
Price to Cash Flow 40.8
Price to Free Cash Flow 49.8
Growth Rates
Sales Growth Rate -3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 123.3%
Total Debt to Equity 156.9%
Interest Coverage 20
Management Effectiveness
Return On Assets 16%
Ret/ On Assets - 3 Yr. Avg. 19.7%
Return On Total Capital 20.3%
Ret/ On T. Cap. - 3 Yr. Avg. 25.8%
Return On Equity 45.6%
Return On Equity - 3 Yr. Avg. 47.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 67.5%
Gross Margin - 3 Yr. Avg. 68.9%
EBITDA Margin 34.7%
EBITDA Margin - 3 Yr. Avg. 40.2%
Operating Margin 33%
Oper. Margin - 3 Yr. Avg. 38.5%
Pre-Tax Margin 31.2%
Pre-Tax Margin - 3 Yr. Avg. 37.1%
Net Profit Margin 22.3%
Net Profit Margin - 3 Yr. Avg. 26.2%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 41%

BF-B stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BF-B stock intrinsic value calculation we used $2994 million for the last fiscal year's total revenue generated by Brown-Forman Cl B. The default revenue input number comes from 2017 income statement of Brown-Forman Cl B. 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 BF-B stock valuation model: a) initial revenue growth rate of 10.1% 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 7.1%, whose default value for BF-B is calculated based on our internal credit rating of Brown-Forman Cl B, 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 Brown-Forman Cl B.
    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 BF-B stock the variable cost ratio is equal to 50.4%.

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 BF-B 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 Brown-Forman Cl B.

Corporate tax rate of 27% is the nominal tax rate for Brown-Forman Cl B. 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 BF-B 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 BF-B are equal to 43.1%.

Life of production assets of 33.8 years is the average useful life of capital assets used in Brown-Forman Cl B 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 BF-B is equal to 50%. 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 - $1370 million for Brown-Forman Cl B - 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 383.428 million for Brown-Forman Cl B 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 Brown-Forman Cl B at the current share price and the inputted number of shares is $26.0 billion.

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COMPANY NEWS

▶ Maybe There's a Bull Market In Your Wine Fridge   [Feb-09-18 05:57PM  TheStreet.com]
▶ Brown-Forman invests in renewable energy   [Feb-07-18 05:30PM  American City Business Journals]
▶ Brown-Forman Invests in Renewable Energy   [02:44PM  Business Wire]
▶ Stock Market News For Jan 25, 2018   [Jan-25-18 10:11AM  Zacks]
▶ Old Forester, Bourbon Barrel Foods team up on new product line   [Jan-19-18 01:00PM  American City Business Journals]
▶ How 3Q18 Results Affected Constellation Brands Valuation   [Jan-16-18 10:30AM  Market Realist]
▶ Consumer Staples Outlook - January 2018   [Jan-03-18 03:20PM  Zacks]
▶ Top-Rated Stocks: Brown Forman Sees Composite Rating Climb To 96   [Jan-02-18 03:00AM  Investor's Business Daily]
▶ Constellation Brands Breaks Out Ahead Of Earnings, Legal Pot In California   [Dec-28-17 04:01PM  Investor's Business Daily]
▶ Distillers bet big on bourbon   [Dec-19-17 06:42AM  CNBC Videos]
▶ These Were the Top Movers in the Consumer Sector Last Week   [Dec-11-17 02:30PM  Market Realist]
▶ Stocks Flashing Renewed Technical Strength: Brown Forman   [03:00AM  Investor's Business Daily]
▶ New Highs: Two Stocks Pose Question, Hold Or Cash In?   [04:16PM  Investor's Business Daily]
▶ These Hard Liquors Are Gaining Popularity Now As Tastes Shift   [04:07PM  Investor's Business Daily]
▶ Building a Circle of Competency - Part II   [10:55AM  GuruFocus.com]
▶ Brown-Forman posts 2Q profit   [07:55AM  Associated Press]
▶ DOJ suit slams breaks on AT&T, Time Warner deal   [Nov-21-17 08:59AM  Yahoo Finance]
▶ Nike Inc Leads 5 Dividend Stocks Boosting Payouts   [Nov-17-17 01:38PM  InvestorPlace]
▶ Brown-Forman Increases Cash Dividend 8.2%   [Nov-16-17 02:04PM  Business Wire]
▶ Details emerge on Brown-Forman's $45M Louisville project   [Nov-13-17 05:10PM  American City Business Journals]
▶ This Beer Giant, Like Constellation Brands, Is Eyeing The Pot Market   [Nov-02-17 04:05PM  Investor's Business Daily]
▶ Brown Forman Clears Key Benchmark, Hitting 80-Plus RS Rating   [Nov-01-17 03:00AM  Investor's Business Daily]
▶ How Diageo Makes Most of Its Money   [Oct-25-17 03:51PM  Motley Fool]
▶ Old Forester delays Main Street opening, announces new distillery leadership   [Oct-17-17 10:19AM  American City Business Journals]
▶ Brown-Forman, Sazerac alum takes another job in the industry   [Oct-12-17 10:58AM  American City Business Journals]
▶ Brown-Forman Names U.K. Country Manager   [09:39AM  Business Wire]
▶ Drink to the Bullish Charts of Brown-Forman   [02:12PM  TheStreet.com]
▶ Drink to the Bullish Charts of Brown-Forman.   [02:12PM  TheStreet.com]
▶ Brown-Forman Names Lawson Whiting Chief Operating Officer   [Sep-28-17 09:00AM  Business Wire]
▶ How Safe Is Brown-Forman's Dividend?   [Sep-26-17 08:17AM  Motley Fool]
Financial statements of BF-B
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