Intrinsic value of Cal-Maine Foods - CALM

Previous Close

$49.45

  Intrinsic Value

$3,509

stock screener

  Rating & Target

str. buy

+999%

Previous close

$49.45

 
Intrinsic value

$3,509

 
Up/down potential

+999%

 
Rating

str. buy

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 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 2.2

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  2,405
  3,715
  5,556
  8,062
  11,374
  15,636
  20,989
  27,560
  35,462
  44,792
  55,621
  68,002
  81,966
  97,523
  114,670
  133,389
  153,653
  175,429
  198,682
  223,378
  249,484
  276,972
  305,822
  336,020
  367,563
  400,454
  434,708
  470,346
  507,402
  545,917
Variable operating expenses, $m
  1,083
  1,670
  2,495
  3,617
  5,100
  7,010
  9,407
  12,350
  15,889
  20,068
  24,912
  30,457
  36,711
  43,679
  51,359
  59,743
  68,819
  78,572
  88,987
  100,048
  111,740
  124,052
  136,973
  150,499
  164,626
  179,358
  194,699
  210,661
  227,258
  244,508
Fixed operating expenses, $m
  753
  770
  787
  804
  822
  840
  858
  877
  896
  916
  936
  957
  978
  999
  1,021
  1,044
  1,067
  1,090
  1,114
  1,139
  1,164
  1,190
  1,216
  1,242
  1,270
  1,298
  1,326
  1,355
  1,385
  1,416
Total operating expenses, $m
  1,836
  2,440
  3,282
  4,421
  5,922
  7,850
  10,265
  13,227
  16,785
  20,984
  25,848
  31,414
  37,689
  44,678
  52,380
  60,787
  69,886
  79,662
  90,101
  101,187
  112,904
  125,242
  138,189
  151,741
  165,896
  180,656
  196,025
  212,016
  228,643
  245,924
Operating income, $m
  568
  1,275
  2,275
  3,641
  5,452
  7,787
  10,724
  14,333
  18,677
  23,808
  29,773
  36,588
  44,277
  52,844
  62,289
  72,602
  83,767
  95,766
  108,581
  122,191
  136,579
  151,730
  167,633
  184,279
  201,667
  219,799
  238,682
  258,329
  278,758
  299,992
EBITDA, $m
  656
  1,407
  2,469
  3,919
  5,842
  8,322
  11,439
  15,270
  19,881
  25,328
  31,652
  38,886
  47,046
  56,140
  66,164
  77,109
  88,959
  101,694
  115,294
  129,739
  145,009
  161,089
  177,966
  195,633
  214,087
  233,330
  253,370
  274,222
  295,903
  318,439
Interest expense (income), $m
  0
  0
  7
  16
  29
  46
  69
  99
  136
  182
  237
  302
  378
  464
  561
  670
  789
  920
  1,061
  1,213
  1,375
  1,547
  1,729
  1,920
  2,121
  2,332
  2,552
  2,781
  3,020
  3,268
  3,526
Earnings before tax, $m
  568
  1,269
  2,259
  3,612
  5,406
  7,718
  10,625
  14,197
  18,495
  23,571
  29,471
  36,211
  43,813
  52,283
  61,620
  71,813
  82,847
  94,706
  107,368
  120,817
  135,033
  150,002
  165,712
  182,158
  199,335
  217,247
  235,901
  255,309
  275,490
  296,466
Tax expense, $m
  153
  343
  610
  975
  1,460
  2,084
  2,869
  3,833
  4,994
  6,364
  7,957
  9,777
  11,829
  14,116
  16,637
  19,389
  22,369
  25,571
  28,989
  32,620
  36,459
  40,500
  44,742
  49,183
  53,820
  58,657
  63,693
  68,934
  74,382
  80,046
Net income, $m
  415
  926
  1,649
  2,637
  3,946
  5,634
  7,756
  10,363
  13,501
  17,207
  21,514
  26,434
  31,983
  38,167
  44,982
  52,423
  60,478
  69,135
  78,379
  88,196
  98,574
  109,501
  120,970
  132,975
  145,515
  158,590
  172,208
  186,376
  201,108
  216,420

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
  1,478
  2,283
  3,415
  4,955
  6,991
  9,611
  12,900
  16,939
  21,796
  27,530
  34,186
  41,796
  50,379
  59,940
  70,479
  81,984
  94,439
  107,824
  122,116
  137,294
  153,340
  170,235
  187,967
  206,528
  225,915
  246,131
  267,184
  289,088
  311,863
  335,536
Adjusted assets (=assets-cash), $m
  1,478
  2,283
  3,415
  4,955
  6,991
  9,611
  12,900
  16,939
  21,796
  27,530
  34,186
  41,796
  50,379
  59,940
  70,479
  81,984
  94,439
  107,824
  122,116
  137,294
  153,340
  170,235
  187,967
  206,528
  225,915
  246,131
  267,184
  289,088
  311,863
  335,536
Revenue / Adjusted assets
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
Average production assets, $m
  772
  1,193
  1,784
  2,588
  3,651
  5,019
  6,737
  8,847
  11,383
  14,378
  17,854
  21,829
  26,311
  31,305
  36,809
  42,818
  49,322
  56,313
  63,777
  71,704
  80,084
  88,908
  98,169
  107,863
  117,988
  128,546
  139,541
  150,981
  162,876
  175,239
Working capital, $m
  243
  375
  561
  814
  1,149
  1,579
  2,120
  2,784
  3,582
  4,524
  5,618
  6,868
  8,279
  9,850
  11,582
  13,472
  15,519
  17,718
  20,067
  22,561
  25,198
  27,974
  30,888
  33,938
  37,124
  40,446
  43,905
  47,505
  51,248
  55,138
Total debt, $m
  123
  292
  530
  853
  1,281
  1,831
  2,522
  3,370
  4,390
  5,594
  6,992
  8,590
  10,392
  12,400
  14,613
  17,029
  19,645
  22,455
  25,457
  28,644
  32,014
  35,562
  39,286
  43,183
  47,255
  51,500
  55,921
  60,521
  65,304
  70,275
Total liabilities, $m
  310
  480
  717
  1,041
  1,468
  2,018
  2,709
  3,557
  4,577
  5,781
  7,179
  8,777
  10,579
  12,588
  14,801
  17,217
  19,832
  22,643
  25,644
  28,832
  32,201
  35,749
  39,473
  43,371
  47,442
  51,687
  56,109
  60,708
  65,491
  70,462
Total equity, $m
  1,168
  1,804
  2,698
  3,914
  5,523
  7,592
  10,191
  13,382
  17,219
  21,749
  27,007
  33,019
  39,799
  47,353
  55,679
  64,768
  74,607
  85,181
  96,471
  108,463
  121,138
  134,485
  148,494
  163,157
  178,473
  194,443
  211,075
  228,379
  246,372
  265,073
Total liabilities and equity, $m
  1,478
  2,284
  3,415
  4,955
  6,991
  9,610
  12,900
  16,939
  21,796
  27,530
  34,186
  41,796
  50,378
  59,941
  70,480
  81,985
  94,439
  107,824
  122,115
  137,295
  153,339
  170,234
  187,967
  206,528
  225,915
  246,130
  267,184
  289,087
  311,863
  335,535
Debt-to-equity ratio
  0.110
  0.160
  0.200
  0.220
  0.230
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
Adjusted equity ratio
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  415
  926
  1,649
  2,637
  3,946
  5,634
  7,756
  10,363
  13,501
  17,207
  21,514
  26,434
  31,983
  38,167
  44,982
  52,423
  60,478
  69,135
  78,379
  88,196
  98,574
  109,501
  120,970
  132,975
  145,515
  158,590
  172,208
  186,376
  201,108
  216,420
Depreciation, amort., depletion, $m
  87
  132
  194
  279
  391
  535
  715
  937
  1,204
  1,520
  1,879
  2,298
  2,770
  3,295
  3,875
  4,507
  5,192
  5,928
  6,713
  7,548
  8,430
  9,359
  10,334
  11,354
  12,420
  13,531
  14,689
  15,893
  17,145
  18,446
Funds from operations, $m
  502
  1,058
  1,843
  2,915
  4,337
  6,169
  8,472
  11,301
  14,706
  18,726
  23,393
  28,732
  34,753
  41,462
  48,857
  56,930
  65,670
  75,063
  85,092
  95,744
  107,004
  118,860
  131,304
  144,329
  157,934
  172,121
  186,896
  202,269
  218,253
  234,866
Change in working capital, $m
  91
  132
  186
  253
  335
  431
  541
  664
  798
  942
  1,094
  1,250
  1,410
  1,571
  1,732
  1,891
  2,047
  2,199
  2,349
  2,494
  2,637
  2,776
  2,914
  3,050
  3,186
  3,322
  3,460
  3,599
  3,743
  3,890
Cash from operations, $m
  411
  925
  1,657
  2,662
  4,002
  5,738
  7,931
  10,637
  13,907
  17,784
  22,299
  27,481
  33,343
  39,891
  47,125
  55,040
  63,624
  72,863
  82,744
  93,250
  104,367
  116,084
  128,390
  141,279
  154,749
  168,799
  183,437
  198,669
  214,510
  230,976
Maintenance CAPEX, $m
  -51
  -81
  -126
  -188
  -272
  -384
  -528
  -709
  -931
  -1,198
  -1,513
  -1,879
  -2,298
  -2,770
  -3,295
  -3,875
  -4,507
  -5,192
  -5,928
  -6,713
  -7,548
  -8,430
  -9,359
  -10,334
  -11,354
  -12,420
  -13,531
  -14,689
  -15,893
  -17,145
New CAPEX, $m
  -290
  -421
  -591
  -804
  -1,063
  -1,368
  -1,718
  -2,109
  -2,537
  -2,995
  -3,476
  -3,974
  -4,482
  -4,994
  -5,504
  -6,009
  -6,505
  -6,990
  -7,464
  -7,927
  -8,380
  -8,824
  -9,261
  -9,694
  -10,125
  -10,558
  -10,995
  -11,440
  -11,895
  -12,363
Cash from investing activities, $m
  -341
  -502
  -717
  -992
  -1,335
  -1,752
  -2,246
  -2,818
  -3,468
  -4,193
  -4,989
  -5,853
  -6,780
  -7,764
  -8,799
  -9,884
  -11,012
  -12,182
  -13,392
  -14,640
  -15,928
  -17,254
  -18,620
  -20,028
  -21,479
  -22,978
  -24,526
  -26,129
  -27,788
  -29,508
Free cash flow, $m
  70
  424
  941
  1,670
  2,667
  3,986
  5,685
  7,819
  10,439
  13,591
  17,310
  21,627
  26,563
  32,127
  38,326
  45,156
  52,612
  60,681
  69,352
  78,609
  88,439
  98,830
  109,770
  121,252
  133,269
  145,822
  158,910
  172,541
  186,722
  201,468
Issuance/(repayment) of debt, $m
  117
  169
  238
  323
  428
  550
  691
  848
  1,020
  1,204
  1,398
  1,598
  1,802
  2,008
  2,213
  2,416
  2,615
  2,811
  3,001
  3,188
  3,369
  3,548
  3,724
  3,898
  4,071
  4,245
  4,421
  4,600
  4,783
  4,971
Issuance/(repurchase) of shares, $m
  23
  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  
  140
  169
  238
  323
  428
  550
  691
  848
  1,020
  1,204
  1,398
  1,598
  1,802
  2,008
  2,213
  2,416
  2,615
  2,811
  3,001
  3,188
  3,369
  3,548
  3,724
  3,898
  4,071
  4,245
  4,421
  4,600
  4,783
  4,971
Total cash flow (excl. dividends), $m
  210
  593
  1,178
  1,994
  3,094
  4,536
  6,375
  8,667
  11,459
  14,795
  18,707
  23,225
  28,365
  34,135
  40,539
  47,573
  55,227
  63,492
  72,353
  81,797
  91,809
  102,378
  113,494
  125,149
  137,341
  150,067
  163,331
  177,141
  191,505
  206,440
Retained Cash Flow (-), $m
  -437
  -636
  -894
  -1,217
  -1,608
  -2,070
  -2,599
  -3,190
  -3,837
  -4,530
  -5,258
  -6,012
  -6,780
  -7,554
  -8,326
  -9,089
  -9,839
  -10,574
  -11,291
  -11,991
  -12,676
  -13,347
  -14,008
  -14,663
  -15,316
  -15,971
  -16,632
  -17,304
  -17,993
  -18,701
Prev. year cash balance distribution, $m
  223
  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
  -4
  -44
  284
  777
  1,486
  2,466
  3,777
  5,476
  7,622
  10,265
  13,449
  17,214
  21,585
  26,581
  32,213
  38,484
  45,388
  52,918
  61,062
  69,805
  79,133
  89,031
  99,486
  110,486
  122,025
  134,096
  146,699
  159,836
  173,513
  187,738
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
  -4
  -40
  247
  640
  1,152
  1,790
  2,551
  3,423
  4,378
  5,382
  6,387
  7,346
  8,207
  8,924
  9,457
  9,779
  9,876
  9,745
  9,402
  8,870
  8,185
  7,387
  6,520
  5,627
  4,747
  3,912
  3,149
  2,473
  1,894
  1,414
Current shareholders' claim on cash, %
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6

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 -32.5
Price to Sales 2.2
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow -49
Price to Free Cash Flow -20.7
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 $1502.932 million for the last fiscal year's total revenue generated by Cal-Maine Foods. The default revenue input number comes from 0001 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 60% 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 45.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $737 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 5.4% 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 32.1%.

Life of production assets of 9.5 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 10.1%. 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 - $953.333 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 43.832 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

▶ Weekly Top Insider Buys Highlight for the Week of Oct. 12   [Oct-14-18 02:06PM  GuruFocus.com]
▶ Why Infinera, Akorn, and Cal-Maine Foods Slumped Today   [Oct-01-18 04:49PM  Motley Fool]
▶ US Stock Markets Advance Monday   [12:15PM  GuruFocus.com]
▶ Cal-Maine: Fiscal 1Q Earnings Snapshot   [06:36AM  Associated Press]
▶ 7 Straight-A Consumer Stocks to Buy   [Sep-07-18 02:54PM  InvestorPlace]
▶ Cal-Maine: Fiscal 4Q Earnings Snapshot   [06:48AM  Associated Press]
▶ Top Ranked Momentum Stocks to Buy for May 2nd   [May-02-18 10:49AM  Zacks]
▶ Cal-Maine Foods Inc Stock Falls on Q3 Earnings Miss   [Apr-02-18 01:01PM  InvestorPlace]
▶ Cal-Maine posts 3Q profit   [07:03AM  Associated Press]
▶ Who Really Owns Cal-Maine Foods Inc (NASDAQ:CALM)?   [Mar-19-18 05:50PM  Simply Wall St.]
▶ When Will Cal-Maine Foods Inc (NASDAQ:CALM) Become Profitable?   [Mar-12-18 03:02PM  Simply Wall St.]
▶ Top Stocks in Agriculture   [Feb-02-18 06:03AM  Motley Fool]
▶ What Is Cal-Maine Foods Incs (NASDAQ:CALM) Share Price Doing?   [Jan-10-18 08:32AM  Simply Wall St.]
▶ Cal-Maine reports 2Q loss   [06:52AM  Associated Press]
▶ 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]

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