Intrinsic value of Conagra Brands - CAG

Previous Close

$36.15

  Intrinsic Value

$13.78

stock screener

  Rating & Target

str. sell

-62%

Previous close

$36.15

 
Intrinsic value

$13.78

 
Up/down potential

-62%

 
Rating

str. sell

We calculate the intrinsic value of CAG 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 15.4

 

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, %
  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
  7,984
  8,167
  8,377
  8,613
  8,874
  9,160
  9,472
  9,810
  10,174
  10,564
  10,982
  11,428
  11,902
  12,407
  12,942
  13,509
  14,109
  14,744
  15,415
  16,123
  16,871
  17,659
  18,489
  19,365
  20,287
  21,257
  22,279
  23,354
  24,485
  25,675
Variable operating expenses, $m
  7,597
  7,759
  7,944
  8,152
  8,383
  8,636
  8,911
  9,209
  9,530
  9,874
  9,690
  10,083
  10,502
  10,947
  11,419
  11,920
  12,449
  13,009
  13,601
  14,226
  14,886
  15,581
  16,314
  17,086
  17,900
  18,756
  19,658
  20,606
  21,604
  22,654
Fixed operating expenses, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Total operating expenses, $m
  7,596
  7,758
  7,943
  8,151
  8,382
  8,635
  8,910
  9,208
  9,529
  9,873
  9,689
  10,082
  10,501
  10,946
  11,418
  11,919
  12,448
  13,008
  13,599
  14,224
  14,884
  15,579
  16,312
  17,084
  17,898
  18,754
  19,656
  20,604
  21,602
  22,652
Operating income, $m
  387
  409
  434
  461
  492
  526
  563
  602
  645
  691
  1,293
  1,346
  1,402
  1,461
  1,524
  1,591
  1,661
  1,736
  1,815
  1,898
  1,986
  2,079
  2,177
  2,280
  2,389
  2,503
  2,623
  2,750
  2,883
  3,023
EBITDA, $m
  1,676
  1,715
  1,759
  1,808
  1,863
  1,923
  1,989
  2,060
  2,136
  2,218
  2,306
  2,399
  2,499
  2,605
  2,717
  2,836
  2,962
  3,096
  3,236
  3,385
  3,542
  3,707
  3,882
  4,065
  4,259
  4,463
  4,677
  4,903
  5,140
  5,390
Interest expense (income), $m
  224
  162
  169
  176
  185
  195
  206
  218
  231
  246
  261
  277
  295
  314
  334
  355
  378
  402
  427
  454
  482
  512
  543
  577
  612
  648
  687
  728
  771
  817
  864
Earnings before tax, $m
  226
  240
  257
  276
  297
  320
  344
  371
  400
  430
  1,016
  1,051
  1,088
  1,127
  1,169
  1,213
  1,260
  1,309
  1,361
  1,417
  1,475
  1,536
  1,600
  1,668
  1,740
  1,815
  1,895
  1,978
  2,066
  2,158
Tax expense, $m
  61
  65
  69
  75
  80
  86
  93
  100
  108
  116
  274
  284
  294
  304
  316
  328
  340
  354
  368
  382
  398
  415
  432
  450
  470
  490
  512
  534
  558
  583
Net income, $m
  165
  175
  188
  202
  217
  233
  251
  271
  292
  314
  742
  767
  794
  823
  853
  886
  920
  956
  994
  1,034
  1,077
  1,121
  1,168
  1,218
  1,270
  1,325
  1,383
  1,444
  1,508
  1,576

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
  10,301
  10,538
  10,809
  11,113
  11,450
  11,820
  12,222
  12,658
  13,127
  13,631
  14,170
  14,745
  15,358
  16,008
  16,699
  17,431
  18,205
  19,025
  19,890
  20,804
  21,768
  22,785
  23,857
  24,987
  26,176
  27,429
  28,747
  30,134
  31,594
  33,129
Adjusted assets (=assets-cash), $m
  10,301
  10,538
  10,809
  11,113
  11,450
  11,820
  12,222
  12,658
  13,127
  13,631
  14,170
  14,745
  15,358
  16,008
  16,699
  17,431
  18,205
  19,025
  19,890
  20,804
  21,768
  22,785
  23,857
  24,987
  26,176
  27,429
  28,747
  30,134
  31,594
  33,129
Revenue / Adjusted assets
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
Average production assets, $m
  7,361
  7,530
  7,724
  7,941
  8,182
  8,446
  8,733
  9,045
  9,380
  9,740
  10,125
  10,536
  10,974
  11,439
  11,932
  12,455
  13,009
  13,594
  14,213
  14,866
  15,555
  16,281
  17,047
  17,854
  18,704
  19,599
  20,541
  21,532
  22,575
  23,672
Working capital, $m
  168
  172
  176
  181
  186
  192
  199
  206
  214
  222
  231
  240
  250
  261
  272
  284
  296
  310
  324
  339
  354
  371
  388
  407
  426
  446
  468
  490
  514
  539
Total debt, $m
  3,123
  3,267
  3,431
  3,615
  3,818
  4,042
  4,286
  4,549
  4,833
  5,138
  5,464
  5,812
  6,182
  6,576
  6,994
  7,437
  7,905
  8,401
  8,925
  9,478
  10,061
  10,676
  11,325
  12,008
  12,728
  13,486
  14,283
  15,122
  16,005
  16,934
Total liabilities, $m
  6,232
  6,376
  6,540
  6,723
  6,927
  7,151
  7,394
  7,658
  7,942
  8,247
  8,573
  8,921
  9,291
  9,685
  10,103
  10,546
  11,014
  11,510
  12,034
  12,586
  13,170
  13,785
  14,434
  15,117
  15,837
  16,594
  17,392
  18,231
  19,114
  20,043
Total equity, $m
  4,069
  4,163
  4,270
  4,390
  4,523
  4,669
  4,828
  5,000
  5,185
  5,384
  5,597
  5,824
  6,066
  6,323
  6,596
  6,885
  7,191
  7,515
  7,857
  8,218
  8,599
  9,000
  9,424
  9,870
  10,340
  10,834
  11,355
  11,903
  12,480
  13,086
Total liabilities and equity, $m
  10,301
  10,539
  10,810
  11,113
  11,450
  11,820
  12,222
  12,658
  13,127
  13,631
  14,170
  14,745
  15,357
  16,008
  16,699
  17,431
  18,205
  19,025
  19,891
  20,804
  21,769
  22,785
  23,858
  24,987
  26,177
  27,428
  28,747
  30,134
  31,594
  33,129
Debt-to-equity ratio
  0.770
  0.780
  0.800
  0.820
  0.840
  0.870
  0.890
  0.910
  0.930
  0.950
  0.980
  1.000
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.150
  1.170
  1.190
  1.200
  1.220
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
Adjusted equity ratio
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  165
  175
  188
  202
  217
  233
  251
  271
  292
  314
  742
  767
  794
  823
  853
  886
  920
  956
  994
  1,034
  1,077
  1,121
  1,168
  1,218
  1,270
  1,325
  1,383
  1,444
  1,508
  1,576
Depreciation, amort., depletion, $m
  1,289
  1,306
  1,325
  1,347
  1,371
  1,398
  1,426
  1,457
  1,491
  1,527
  1,013
  1,054
  1,097
  1,144
  1,193
  1,246
  1,301
  1,359
  1,421
  1,487
  1,555
  1,628
  1,705
  1,785
  1,870
  1,960
  2,054
  2,153
  2,258
  2,367
Funds from operations, $m
  1,454
  1,481
  1,513
  1,549
  1,588
  1,631
  1,678
  1,728
  1,783
  1,841
  1,754
  1,821
  1,891
  1,967
  2,047
  2,131
  2,221
  2,315
  2,415
  2,521
  2,632
  2,749
  2,873
  3,003
  3,141
  3,285
  3,437
  3,597
  3,766
  3,943
Change in working capital, $m
  3
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
Cash from operations, $m
  1,450
  1,478
  1,509
  1,544
  1,582
  1,625
  1,671
  1,721
  1,775
  1,833
  1,745
  1,811
  1,882
  1,956
  2,035
  2,119
  2,208
  2,302
  2,401
  2,506
  2,616
  2,733
  2,856
  2,985
  3,121
  3,265
  3,416
  3,575
  3,742
  3,918
Maintenance CAPEX, $m
  -721
  -736
  -753
  -772
  -794
  -818
  -845
  -873
  -904
  -938
  -974
  -1,013
  -1,054
  -1,097
  -1,144
  -1,193
  -1,246
  -1,301
  -1,359
  -1,421
  -1,487
  -1,555
  -1,628
  -1,705
  -1,785
  -1,870
  -1,960
  -2,054
  -2,153
  -2,258
New CAPEX, $m
  -148
  -169
  -194
  -217
  -241
  -264
  -288
  -311
  -335
  -360
  -385
  -411
  -438
  -465
  -493
  -523
  -554
  -585
  -618
  -653
  -689
  -727
  -766
  -807
  -850
  -895
  -942
  -991
  -1,043
  -1,097
Cash from investing activities, $m
  -869
  -905
  -947
  -989
  -1,035
  -1,082
  -1,133
  -1,184
  -1,239
  -1,298
  -1,359
  -1,424
  -1,492
  -1,562
  -1,637
  -1,716
  -1,800
  -1,886
  -1,977
  -2,074
  -2,176
  -2,282
  -2,394
  -2,512
  -2,635
  -2,765
  -2,902
  -3,045
  -3,196
  -3,355
Free cash flow, $m
  581
  572
  562
  554
  548
  543
  539
  536
  535
  535
  386
  388
  390
  394
  398
  403
  409
  416
  423
  431
  441
  451
  462
  473
  486
  499
  514
  529
  546
  563
Issuance/(repayment) of debt, $m
  127
  143
  164
  184
  204
  224
  244
  264
  284
  305
  326
  348
  370
  394
  418
  443
  469
  496
  524
  553
  583
  615
  649
  683
  720
  758
  798
  839
  883
  929
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  
  127
  143
  164
  184
  204
  224
  244
  264
  284
  305
  326
  348
  370
  394
  418
  443
  469
  496
  524
  553
  583
  615
  649
  683
  720
  758
  798
  839
  883
  929
Total cash flow (excl. dividends), $m
  708
  716
  726
  738
  751
  766
  782
  800
  819
  840
  712
  736
  761
  787
  816
  846
  878
  911
  947
  984
  1,024
  1,066
  1,110
  1,157
  1,206
  1,257
  1,312
  1,369
  1,429
  1,492
Retained Cash Flow (-), $m
  -78
  -94
  -107
  -120
  -133
  -146
  -159
  -172
  -185
  -199
  -213
  -227
  -242
  -257
  -273
  -289
  -306
  -324
  -342
  -361
  -381
  -402
  -423
  -446
  -470
  -495
  -521
  -548
  -576
  -606
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
  39
  40
  41
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  117
  122
Cash available for distribution, $m
  630
  622
  619
  618
  618
  620
  623
  628
  634
  641
  499
  509
  519
  530
  543
  557
  572
  588
  605
  623
  643
  664
  687
  710
  736
  762
  791
  821
  852
  886
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  599
  560
  525
  491
  458
  425
  392
  361
  330
  299
  208
  186
  166
  147
  128
  111
  95
  80
  67
  55
  45
  36
  28
  22
  16
  12
  9
  6
  4
  3
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

Conagra Brands, Inc., formerly ConAgra Foods, Inc., operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers. Conagra Foodservice offers products to restaurants, retailers, commercial customers and other foodservice suppliers. The Company also operates in the countries outside the United States, such as Canada and Mexico. The Company's brands include Marie Callender's, Healthy Choice, Slim Jim, Hebrew National, Orville Redenbacher's, Peter Pan, Reddi-wip, PAM, Snack Pack, Banquet, Chef Boyardee, Egg Beaters, Rosarita, Fleischmann's and Hunt's. The Company sells its products in grocery, convenience, mass merchandise and club stores.

FINANCIAL RATIOS  of  Conagra Brands (CAG)

Valuation Ratios
P/E Ratio 23.6
Price to Sales 1.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 15.5
Growth Rates
Sales Growth Rate -9.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.9%
Cap. Spend. - 3 Yr. Gr. Rate -12.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 69.4%
Total Debt to Equity 75.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. -0.1%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. -1.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 30.1%
Gross Margin - 3 Yr. Avg. 28.2%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 12.4%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 8.2%
Net Profit Margin - 3 Yr. Avg. -0.8%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 38.2%
Payout Ratio 64.9%

CAG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAG stock intrinsic value calculation we used $7827 million for the last fiscal year's total revenue generated by Conagra Brands. The default revenue input number comes from 2017 income statement of Conagra Brands. 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 CAG 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 5.1%, whose default value for CAG is calculated based on our internal credit rating of Conagra Brands, 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 Conagra Brands.
    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 CAG stock the variable cost ratio is equal to 95.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $-1 million in the base year in the intrinsic value calculation for CAG 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 Conagra Brands.

Corporate tax rate of 27% is the nominal tax rate for Conagra Brands. 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 CAG stock is equal to 0.5%.

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 CAG are equal to 92.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Conagra Brands 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 CAG is equal to 2.1%. 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 - $3991 million for Conagra Brands - 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 426 million for Conagra Brands 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 Conagra Brands at the current share price and the inputted number of shares is $15.4 billion.

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COMPANY NEWS

▶ Conagra Brands Announces Quarterly Dividend Payment   [Jul-18-18 04:30PM  PR Newswire]
▶ 10 Biggest Food Acquisitions of All-Time   [Jun-29-18 08:29PM  TheStreet.com]
▶ Conagra Earnings: 14 Things to Know About Q4   [11:37AM  InvestorPlace]
▶ [$$] A Frozen Foods Deal to Melt the Competition   [07:48PM  The Wall Street Journal]
▶ Stocks End Sharply Lower on China Concerns   [05:13PM  TheStreet.com]
▶ What Happened in the Stock Market Today   [04:49PM  Motley Fool]
▶ Trader Blitz: Wrestling and Trade   [01:23PM  CNBC Videos]
▶ Conagra to buy Pinnacle for $8.1 bln   [01:05PM  Reuters Videos]
▶ Stocks up as trade tensions ease   [11:15AM  Yahoo Finance Video]
▶ [$$] Conagra to Buy Pinnacle Foods for $8.2 Billion   [10:20AM  The Wall Street Journal]
▶ Yahoo Finance Live: Midday Movers - Jun 27th, 2018   [09:40AM  Yahoo Finance Video]
▶ Conagra to gobble up Pinnacle Foods in $8.2 billion deal   [08:40AM  American City Business Journals]
▶ [$$] Conagra Brands agrees to buy Pinnacle Foods   [Jun-26-18 11:40PM  Financial Times]
▶ [$$] Conagra, General Mills Square Off in Battle to Revive Packaged Foods   [Jun-24-18 07:50PM  The Wall Street Journal]
▶ Would you pay $30 for bottled hot dog water?   [Jun-22-18 01:12PM  Yahoo Finance Video]
▶ [$$] Why the Frozen-Food Aisle Is Hot Right Now   [Jun-08-18 07:58PM  The Wall Street Journal]
▶ [$$] Why the Frozen-Food Aisle Is Hot Right Now   [Jun-07-18 11:18AM  The Wall Street Journal]
▶ [$$] How Old, and Cold, Food Brands Are Finding New Life   [07:46AM  The Wall Street Journal]
▶ Top technician makes contrarian call on consumer staples   [May-31-18 05:09PM  CNBC Videos]
▶ Conagra Brands Is Stuck In a Trading Range For Now   [May-25-18 09:13AM  TheStreet.com]
▶ Conagra, PepsiCo veteran joins Arcadia Biosciences board; stock spikes   [May-15-18 05:53PM  American City Business Journals]
▶ 7 Consumer Goods Stocks That Will Rise Again   [May-11-18 01:03PM  InvestorPlace]
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