Intrinsic value of Cal-Maine Foods - CALM

Previous Close

$45.15

  Intrinsic Value

$4.16

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  Rating & Target

str. sell

-91%

Previous close

$45.15

 
Intrinsic value

$4.16

 
Up/down potential

-91%

 
Rating

str. sell

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

We calculate the intrinsic value of CALM 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 2.2

 

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, %
  -43.69
  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
  1,075
  1,097
  1,122
  1,151
  1,183
  1,219
  1,258
  1,301
  1,347
  1,397
  1,451
  1,508
  1,570
  1,635
  1,704
  1,777
  1,855
  1,938
  2,025
  2,117
  2,214
  2,317
  2,425
  2,539
  2,660
  2,786
  2,920
  3,060
  3,208
  3,363
  3,526
Variable operating expenses, $m
 
  301
  308
  316
  325
  335
  345
  357
  370
  383
  398
  410
  426
  444
  463
  483
  504
  526
  550
  575
  602
  629
  659
  690
  722
  757
  793
  831
  871
  914
  958
Fixed operating expenses, $m
 
  957
  981
  1,006
  1,031
  1,057
  1,083
  1,110
  1,138
  1,166
  1,196
  1,225
  1,256
  1,288
  1,320
  1,353
  1,387
  1,421
  1,457
  1,493
  1,530
  1,569
  1,608
  1,648
  1,689
  1,732
  1,775
  1,819
  1,865
  1,911
  1,959
Total operating expenses, $m
  1,207
  1,258
  1,289
  1,322
  1,356
  1,392
  1,428
  1,467
  1,508
  1,549
  1,594
  1,635
  1,682
  1,732
  1,783
  1,836
  1,891
  1,947
  2,007
  2,068
  2,132
  2,198
  2,267
  2,338
  2,411
  2,489
  2,568
  2,650
  2,736
  2,825
  2,917
Operating income, $m
  -132
  -162
  -168
  -171
  -173
  -173
  -170
  -166
  -160
  -152
  -142
  -127
  -113
  -97
  -79
  -58
  -35
  -10
  18
  49
  82
  119
  159
  201
  248
  298
  352
  409
  472
  538
  609
EBITDA, $m
  -83
  -115
  -120
  -122
  -122
  -121
  -117
  -111
  -103
  -93
  -81
  -67
  -50
  -32
  -11
  13
  39
  67
  99
  133
  171
  211
  255
  303
  354
  409
  468
  531
  599
  672
  750
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
Earnings before tax, $m
  -114
  -163
  -168
  -172
  -174
  -174
  -171
  -168
  -162
  -154
  -145
  -129
  -116
  -100
  -82
  -62
  -40
  -15
  13
  43
  76
  112
  151
  193
  239
  288
  341
  398
  459
  525
  595
Tax expense, $m
  -40
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  12
  21
  30
  41
  52
  64
  78
  92
  107
  124
  142
  161
Net income, $m
  -74
  -163
  -168
  -172
  -174
  -174
  -171
  -168
  -162
  -154
  -145
  -129
  -116
  -100
  -82
  -62
  -40
  -15
  9
  31
  55
  82
  110
  141
  174
  210
  249
  291
  335
  383
  435

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  156
  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
  1,033
  894
  915
  938
  965
  994
  1,026
  1,061
  1,099
  1,140
  1,183
  1,230
  1,280
  1,333
  1,390
  1,450
  1,513
  1,581
  1,652
  1,727
  1,806
  1,890
  1,978
  2,071
  2,169
  2,273
  2,381
  2,496
  2,616
  2,743
  2,876
Adjusted assets (=assets-cash), $m
  877
  894
  915
  938
  965
  994
  1,026
  1,061
  1,099
  1,140
  1,183
  1,230
  1,280
  1,333
  1,390
  1,450
  1,513
  1,581
  1,652
  1,727
  1,806
  1,890
  1,978
  2,071
  2,169
  2,273
  2,381
  2,496
  2,616
  2,743
  2,876
Revenue / Adjusted assets
  1.226
  1.227
  1.226
  1.227
  1.226
  1.226
  1.226
  1.226
  1.226
  1.225
  1.227
  1.226
  1.227
  1.227
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
Average production assets, $m
  214
  218
  223
  229
  235
  243
  250
  259
  268
  278
  289
  300
  312
  325
  339
  354
  369
  386
  403
  421
  441
  461
  483
  505
  529
  554
  581
  609
  638
  669
  702
Working capital, $m
  371
  225
  230
  236
  242
  250
  258
  267
  276
  286
  297
  309
  322
  335
  349
  364
  380
  397
  415
  434
  454
  475
  497
  521
  545
  571
  599
  627
  658
  689
  723
Total debt, $m
  11
  10
  14
  19
  25
  31
  38
  45
  53
  61
  71
  81
  91
  102
  114
  127
  140
  155
  170
  185
  202
  220
  238
  258
  279
  301
  323
  348
  373
  400
  428
Total liabilities, $m
  190
  189
  193
  198
  204
  210
  217
  224
  232
  240
  250
  260
  270
  281
  293
  306
  319
  334
  349
  364
  381
  399
  417
  437
  458
  480
  502
  527
  552
  579
  607
Total equity, $m
  843
  706
  722
  740
  761
  784
  810
  837
  867
  899
  934
  971
  1,010
  1,052
  1,097
  1,144
  1,194
  1,247
  1,303
  1,363
  1,425
  1,491
  1,561
  1,634
  1,712
  1,793
  1,879
  1,969
  2,064
  2,164
  2,269
Total liabilities and equity, $m
  1,033
  895
  915
  938
  965
  994
  1,027
  1,061
  1,099
  1,139
  1,184
  1,231
  1,280
  1,333
  1,390
  1,450
  1,513
  1,581
  1,652
  1,727
  1,806
  1,890
  1,978
  2,071
  2,170
  2,273
  2,381
  2,496
  2,616
  2,743
  2,876
Debt-to-equity ratio
  0.013
  0.010
  0.020
  0.030
  0.030
  0.040
  0.050
  0.050
  0.060
  0.070
  0.080
  0.080
  0.090
  0.100
  0.100
  0.110
  0.120
  0.120
  0.130
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.180
  0.180
  0.190
Adjusted equity ratio
  0.783
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -74
  -163
  -168
  -172
  -174
  -174
  -171
  -168
  -162
  -154
  -145
  -129
  -116
  -100
  -82
  -62
  -40
  -15
  9
  31
  55
  82
  110
  141
  174
  210
  249
  291
  335
  383
  435
Depreciation, amort., depletion, $m
  49
  47
  48
  49
  51
  52
  54
  55
  57
  59
  61
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  116
  122
  128
  134
  140
Funds from operations, $m
  -94
  -115
  -120
  -123
  -123
  -121
  -118
  -112
  -105
  -95
  -83
  -69
  -53
  -35
  -14
  9
  34
  62
  90
  116
  144
  174
  207
  242
  280
  321
  365
  412
  463
  517
  575
Change in working capital, $m
  -45
  4
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
Cash from operations, $m
  -49
  -120
  -125
  -128
  -130
  -129
  -126
  -121
  -114
  -105
  -94
  -81
  -66
  -48
  -29
  -6
  18
  46
  72
  97
  124
  153
  184
  219
  256
  295
  338
  384
  433
  485
  541
Maintenance CAPEX, $m
  0
  -43
  -44
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
New CAPEX, $m
  -67
  -5
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
Cash from investing activities, $m
  56
  -48
  -49
  -51
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -79
  -83
  -87
  -90
  -94
  -99
  -103
  -108
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -159
  -167
Free cash flow, $m
  7
  -167
  -174
  -179
  -182
  -183
  -182
  -180
  -175
  -169
  -160
  -150
  -138
  -124
  -107
  -89
  -68
  -45
  -22
  -2
  20
  44
  71
  99
  131
  164
  200
  240
  282
  327
  375
Issuance/(repayment) of debt, $m
  -17
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
Issuance/(repurchase) of shares, $m
  -2
  176
  184
  190
  194
  197
  197
  195
  192
  186
  179
  166
  155
  142
  127
  109
  90
  68
  47
  28
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -18
  180
  188
  195
  200
  203
  204
  202
  200
  195
  188
  176
  166
  153
  139
  122
  103
  82
  62
  44
  24
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
Total cash flow (excl. dividends), $m
  -11
  13
  15
  17
  18
  20
  21
  23
  25
  26
  28
  26
  28
  29
  31
  33
  35
  37
  39
  42
  44
  62
  89
  119
  151
  186
  223
  264
  307
  353
  403
Retained Cash Flow (-), $m
  72
  -176
  -184
  -190
  -194
  -197
  -197
  -195
  -192
  -186
  -179
  -166
  -155
  -142
  -127
  -109
  -90
  -68
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
Prev. year cash balance distribution, $m
 
  151
  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
 
  -12
  -169
  -174
  -176
  -177
  -175
  -172
  -167
  -160
  -151
  -140
  -128
  -113
  -96
  -76
  -55
  -31
  -17
  -18
  -19
  -4
  20
  46
  74
  104
  138
  173
  212
  253
  298
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
 
  -12
  -155
  -151
  -145
  -137
  -127
  -116
  -104
  -92
  -79
  -67
  -54
  -43
  -32
  -22
  -14
  -7
  -3
  -3
  -2
  0
  2
  3
  4
  4
  4
  4
  3
  3
  2
Current shareholders' claim on cash, %
  100
  91.1
  82.7
  75.1
  68.2
  62.0
  56.6
  51.8
  47.6
  43.9
  40.8
  38.2
  36.0
  34.1
  32.6
  31.4
  30.5
  29.8
  29.4
  29.2
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1

Cal-Maine Foods, Inc. is a producer and marketer of shell eggs in the United States. The Company operates through the segment of production, grading, packaging, marketing and distribution of shell eggs. It offers shell eggs, including specialty and non-specialty eggs. It classifies cage free, organic and brown eggs as specialty products. It classifies all other shell eggs as non-specialty products. The Company markets its specialty shell eggs under the brands, including Egg-Land's Best, Land O' Lakes, Farmhouse and 4-Grain. The Company, through Egg-Land's Best, Inc. (EB), produces, markets and distributes Egg-Land's Best and Land O' Lakes branded eggs. It markets cage-free eggs under its Farmhouse brand and distributes them throughout southeast and southwest regions of the United States. It markets organic, wholesome, cage-free, vegetarian and omega-3 eggs under its 4-Grain brand. It also produces, markets and distributes private label specialty shell eggs to customers.

FINANCIAL RATIOS  of  Cal-Maine Foods (CALM)

Valuation Ratios
P/E Ratio -29.6
Price to Sales 2
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow -44.8
Price to Free Cash Flow -18.9
Growth Rates
Sales Growth Rate -43.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.8%
Cap. Spend. - 3 Yr. Gr. Rate 2.6%
Financial Strength
Quick Ratio 31
Current Ratio 0
LT Debt to Equity 0.7%
Total Debt to Equity 1.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -6.9%
Ret/ On Assets - 3 Yr. Avg. 14.3%
Return On Total Capital -8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 17.3%
Return On Equity -8.4%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 4.3%
Gross Margin - 3 Yr. Avg. 21.1%
EBITDA Margin -6%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin -12.3%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin -10.6%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin -6.9%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 0%

CALM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CALM stock intrinsic value calculation we used $1075 million for the last fiscal year's total revenue generated by Cal-Maine Foods. The default revenue input number comes from 2017 income statement of Cal-Maine 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 CALM 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 4.3%, whose default value for CALM is calculated based on our internal credit rating of Cal-Maine 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 Cal-Maine 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 CALM stock the variable cost ratio is equal to 27.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $934 million in the base year in the intrinsic value calculation for CALM 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 Cal-Maine Foods.

Corporate tax rate of 27% is the nominal tax rate for Cal-Maine 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 CALM 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 CALM are equal to 19.9%.

Life of production assets of 5 years is the average useful life of capital assets used in Cal-Maine 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 CALM is equal to 20.5%. 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 - $843 million for Cal-Maine 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 48.463 million for Cal-Maine 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 Cal-Maine Foods at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Stocks Flashing Renewed Technical Strength: Cal-Maine Foods   [03:00AM  Investor's Business Daily]
▶ Cal-Maine Foods Earns Relative Strength Rating Upgrade   [Nov-06-17 03:00AM  Investor's Business Daily]
▶ Cal-Maine Foods Trying To Close In On Key Technical Measure   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Why Cal-Maine Foods, Inc. Stock Rose 13% in September   [Oct-03-17 12:30PM  Motley Fool]
▶ Company News For Oct 3, 2017   [10:09AM  Zacks]
▶ Cal-Maine reports 1Q loss   [Oct-02-17 09:38PM  Associated Press]
▶ Are Things Looking Up for Cal-Maine?   [06:37PM  Motley Fool]
▶ [$$] Cheap Eggs Flood U.S. Grocery Stores   [12:42AM  The Wall Street Journal]
▶ [$$] Cheap Eggs Flood U.S. Grocery Stores   [07:12AM  The Wall Street Journal]
▶ Cal-Maine reports 4Q loss   [Jul-24-17 09:57PM  Associated Press]
▶ Cal-Maine Foods Scrambled by Low Egg Prices   [Jul-20-17 03:29PM  Motley Fool]
▶ What to Expect When Cal-Maine Foods Reports Earnings   [Jul-01-17 07:02PM  Motley Fool]
▶ Cheap Stocks With Growing EPS   [Jun-22-17 03:29PM  GuruFocus.com]
▶ 6 Stocks With Rising EPS   [Jun-01-17 04:24PM  GuruFocus.com]
▶ 3 Things Cal-Maine Foods Inc Investors Need to Know   [May-06-17 10:00AM  Motley Fool]
▶ ETFs with exposure to Cal-Maine Foods, Inc. : May 1, 2017   [May-01-17 03:44PM  Capital Cube]
▶ 3 Top Dividend Stocks to Put on Your Shopping List   [Apr-10-17 10:11AM  Motley Fool]
▶ Avian Flu Is Back, Should Cal-Maine Investors Worry?   [Apr-06-17 06:08PM  Motley Fool]
▶ What Happened in the Stock Market Today   [Mar-27-17 04:41PM  Motley Fool]
▶ Cal-Maine posts 3Q profit   [06:44AM  Associated Press]
▶ 3 Things to Watch in the Stock Market This Week   [Mar-26-17 10:31AM  Motley Fool]
▶ Cheap Eggs Mean Pain for This Food Company   [Mar-25-17 08:01AM  Motley Fool]
Financial statements of CALM
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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