Intrinsic value of Calavo Growers - CVGW

Previous Close

$70.70

  Intrinsic Value

$238.86

stock screener

  Rating & Target

str. buy

+238%

  Value-price divergence*

+17%

Previous close

$70.70

 
Intrinsic value

$238.86

 
Up/down potential

+238%

 
Rating

str. buy

 
Value-price divergence*

+17%

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

We calculate the intrinsic value of CVGW 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 2016), $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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.22
  22.70
  20.93
  19.34
  17.90
  16.61
  15.45
  14.41
  13.47
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
Revenue, $m
  936
  1,148
  1,389
  1,657
  1,954
  2,279
  2,631
  3,010
  3,415
  3,846
  4,302
  4,783
  5,288
  5,816
  6,369
  6,945
  7,546
  8,170
  8,820
  9,495
  10,197
  10,926
  11,684
  12,472
  13,292
  14,144
  15,031
  15,954
  16,916
  17,919
  18,964
Variable operating expenses, $m
 
  901
  1,089
  1,300
  1,532
  1,786
  2,062
  2,359
  2,676
  3,014
  3,371
  3,745
  4,141
  4,555
  4,987
  5,439
  5,909
  6,398
  6,907
  7,436
  7,985
  8,556
  9,150
  9,767
  10,408
  11,076
  11,770
  12,493
  13,247
  14,032
  14,850
Fixed operating expenses, $m
 
  148
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  194
  199
  203
  209
  214
  219
  225
  230
  236
  242
  248
  254
  260
  267
  274
  280
  287
  295
  302
Total operating expenses, $m
  875
  1,049
  1,240
  1,455
  1,691
  1,949
  2,229
  2,530
  2,851
  3,194
  3,555
  3,934
  4,335
  4,754
  5,190
  5,648
  6,123
  6,617
  7,132
  7,666
  8,221
  8,798
  9,398
  10,021
  10,668
  11,343
  12,044
  12,773
  13,534
  14,327
  15,152
Operating income, $m
  61
  100
  148
  203
  263
  330
  402
  480
  564
  653
  747
  849
  953
  1,063
  1,178
  1,298
  1,423
  1,553
  1,689
  1,830
  1,976
  2,128
  2,287
  2,451
  2,623
  2,801
  2,987
  3,180
  3,382
  3,592
  3,812
EBITDA, $m
  70
  111
  161
  218
  280
  350
  425
  506
  593
  685
  783
  887
  995
  1,109
  1,229
  1,353
  1,483
  1,618
  1,759
  1,905
  2,057
  2,215
  2,380
  2,551
  2,728
  2,914
  3,106
  3,307
  3,516
  3,735
  3,962
Interest expense (income), $m
  1
  0
  1
  2
  3
  4
  5
  7
  8
  9
  11
  13
  15
  16
  18
  20
  23
  25
  27
  30
  32
  35
  38
  40
  43
  46
  50
  53
  56
  60
  64
Earnings before tax, $m
  60
  100
  147
  201
  260
  326
  397
  473
  556
  643
  736
  836
  939
  1,047
  1,160
  1,278
  1,400
  1,528
  1,661
  1,800
  1,944
  2,094
  2,249
  2,411
  2,580
  2,755
  2,937
  3,128
  3,326
  3,532
  3,748
Tax expense, $m
  22
  27
  40
  54
  70
  88
  107
  128
  150
  174
  199
  226
  253
  283
  313
  345
  378
  413
  449
  486
  525
  565
  607
  651
  696
  744
  793
  844
  898
  954
  1,012
Net income, $m
  38
  73
  107
  147
  190
  238
  290
  346
  406
  470
  537
  610
  685
  764
  847
  933
  1,022
  1,116
  1,213
  1,314
  1,419
  1,528
  1,642
  1,760
  1,883
  2,011
  2,144
  2,283
  2,428
  2,579
  2,736

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  328
  385
  466
  556
  656
  764
  883
  1,010
  1,146
  1,290
  1,443
  1,604
  1,774
  1,951
  2,137
  2,330
  2,531
  2,741
  2,959
  3,185
  3,421
  3,665
  3,920
  4,184
  4,459
  4,745
  5,042
  5,352
  5,675
  6,011
  6,362
Adjusted assets (=assets-cash), $m
  314
  385
  466
  556
  656
  764
  883
  1,010
  1,146
  1,290
  1,443
  1,604
  1,774
  1,951
  2,137
  2,330
  2,531
  2,741
  2,959
  3,185
  3,421
  3,665
  3,920
  4,184
  4,459
  4,745
  5,042
  5,352
  5,675
  6,011
  6,362
Revenue / Adjusted assets
  2.981
  2.982
  2.981
  2.980
  2.979
  2.983
  2.980
  2.980
  2.980
  2.981
  2.981
  2.982
  2.981
  2.981
  2.980
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
  2.981
Average production assets, $m
  83
  102
  124
  148
  174
  203
  234
  268
  304
  342
  383
  426
  471
  518
  567
  618
  672
  727
  785
  845
  908
  972
  1,040
  1,110
  1,183
  1,259
  1,338
  1,420
  1,506
  1,595
  1,688
Working capital, $m
  26
  38
  46
  55
  64
  75
  87
  99
  113
  127
  142
  158
  174
  192
  210
  229
  249
  270
  291
  313
  337
  361
  386
  412
  439
  467
  496
  526
  558
  591
  626
Total debt, $m
  20
  29
  54
  83
  114
  149
  187
  227
  270
  316
  365
  416
  470
  526
  585
  647
  711
  778
  847
  919
  994
  1,072
  1,152
  1,236
  1,324
  1,415
  1,509
  1,608
  1,711
  1,817
  1,929
Total liabilities, $m
  114
  123
  148
  177
  208
  243
  281
  321
  364
  410
  459
  510
  564
  620
  679
  741
  805
  872
  941
  1,013
  1,088
  1,166
  1,246
  1,330
  1,418
  1,509
  1,603
  1,702
  1,805
  1,911
  2,023
Total equity, $m
  214
  263
  318
  379
  447
  521
  602
  689
  781
  880
  984
  1,094
  1,210
  1,331
  1,457
  1,589
  1,726
  1,869
  2,018
  2,172
  2,333
  2,500
  2,673
  2,853
  3,041
  3,236
  3,439
  3,650
  3,870
  4,099
  4,339
Total liabilities and equity, $m
  328
  386
  466
  556
  655
  764
  883
  1,010
  1,145
  1,290
  1,443
  1,604
  1,774
  1,951
  2,136
  2,330
  2,531
  2,741
  2,959
  3,185
  3,421
  3,666
  3,919
  4,183
  4,459
  4,745
  5,042
  5,352
  5,675
  6,010
  6,362
Debt-to-equity ratio
  0.093
  0.110
  0.170
  0.220
  0.260
  0.290
  0.310
  0.330
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.400
  0.410
  0.410
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
Adjusted equity ratio
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  73
  107
  147
  190
  238
  290
  346
  406
  470
  537
  610
  685
  764
  847
  933
  1,022
  1,116
  1,213
  1,314
  1,419
  1,528
  1,642
  1,760
  1,883
  2,011
  2,144
  2,283
  2,428
  2,579
  2,736
Depreciation, amort., depletion, $m
  9
  11
  13
  15
  17
  20
  23
  26
  29
  32
  36
  38
  42
  46
  51
  55
  60
  65
  70
  75
  81
  87
  93
  99
  106
  112
  119
  127
  134
  142
  151
Funds from operations, $m
  73
  84
  120
  162
  207
  258
  312
  371
  435
  502
  573
  648
  727
  810
  897
  988
  1,082
  1,181
  1,283
  1,389
  1,500
  1,615
  1,735
  1,859
  1,989
  2,123
  2,264
  2,410
  2,562
  2,721
  2,887
Change in working capital, $m
  11
  7
  8
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
Cash from operations, $m
  62
  77
  112
  153
  198
  247
  301
  359
  421
  488
  558
  632
  711
  793
  879
  969
  1,062
  1,160
  1,262
  1,367
  1,477
  1,591
  1,710
  1,833
  1,962
  2,095
  2,234
  2,379
  2,530
  2,688
  2,852
Maintenance CAPEX, $m
  0
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -27
  -31
  -34
  -38
  -42
  -46
  -51
  -55
  -60
  -65
  -70
  -75
  -81
  -87
  -93
  -99
  -106
  -112
  -119
  -127
  -134
  -142
New CAPEX, $m
  -22
  -19
  -21
  -24
  -26
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
Cash from investing activities, $m
  -22
  -26
  -30
  -35
  -39
  -45
  -49
  -55
  -60
  -65
  -72
  -77
  -83
  -89
  -95
  -102
  -108
  -116
  -123
  -130
  -137
  -146
  -154
  -163
  -172
  -182
  -191
  -201
  -213
  -223
  -235
Free cash flow, $m
  40
  50
  82
  118
  158
  202
  251
  304
  361
  422
  487
  555
  628
  704
  784
  867
  954
  1,044
  1,139
  1,237
  1,339
  1,445
  1,555
  1,670
  1,790
  1,914
  2,043
  2,178
  2,318
  2,464
  2,617
Issuance/(repayment) of debt, $m
  -20
  23
  26
  29
  32
  35
  38
  40
  43
  46
  49
  51
  54
  56
  59
  61
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
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
  0
Cash from financing (excl. dividends), $m  
  -20
  23
  26
  29
  32
  35
  38
  40
  43
  46
  49
  51
  54
  56
  59
  61
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
Total cash flow (excl. dividends), $m
  21
  72
  107
  146
  190
  237
  289
  345
  404
  468
  536
  607
  682
  760
  842
  928
  1,018
  1,111
  1,208
  1,309
  1,414
  1,523
  1,636
  1,754
  1,877
  2,005
  2,138
  2,276
  2,421
  2,571
  2,728
Retained Cash Flow (-), $m
  -29
  -49
  -55
  -61
  -68
  -74
  -81
  -87
  -93
  -99
  -104
  -110
  -115
  -121
  -126
  -132
  -137
  -143
  -149
  -155
  -161
  -167
  -173
  -180
  -187
  -195
  -203
  -211
  -220
  -229
  -239
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
 
  24
  52
  85
  122
  163
  208
  258
  312
  370
  431
  497
  566
  639
  716
  796
  881
  968
  1,059
  1,154
  1,253
  1,356
  1,463
  1,574
  1,690
  1,810
  1,935
  2,065
  2,201
  2,342
  2,489
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
 
  23
  48
  74
  100
  126
  151
  174
  195
  212
  226
  236
  242
  243
  240
  234
  224
  211
  195
  178
  159
  140
  121
  103
  86
  70
  56
  44
  34
  26
  19
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

Calavo Growers, Inc. operates in the avocado industry. The Company provides value-added fresh food. The Company distributes its products both domestically and internationally and internationally. It operates in three business segments: Fresh products, Calavo Foods and Renaissance Food Group, LLC (RFG). The Company is engaged in marketing and distributing avocados, prepared avocados and other perishable foods, which allows it to deliver an array of fresh and prepared food products to food distributors, produce wholesalers, supermarkets, convenience stores and restaurants on a worldwide basis. The Company procures avocados principally from California and Mexico. Through its various operating facilities, the Company sorts, packs, and/or ripens avocados, tomatoes and/or Hawaiian grown papayas; processes and packages fresh cut fruit and vegetables, salads, wraps, sandwiches, fresh snacking products and a range of behind-the-glass deli items, and produces and packages guacamole and salsa.

FINANCIAL RATIOS  of  Calavo Growers (CVGW)

Valuation Ratios
P/E Ratio 32.4
Price to Sales 1.3
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 30.8
Growth Rates
Sales Growth Rate 9.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.2%
Cap. Spend. - 3 Yr. Gr. Rate 25.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 0.5%
Total Debt to Equity 9.3%
Interest Coverage 61
Management Effectiveness
Return On Assets 12.6%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 16.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 19%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 3.1
Profitability Ratios
Gross Margin 11.5%
Gross Margin - 3 Yr. Avg. 10.2%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 4.7%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 3.8%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 3.6%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 2.4%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 58%
Payout Ratio 36.8%

CVGW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVGW stock intrinsic value calculation we used $936 million for the last fiscal year's total revenue generated by Calavo Growers. The default revenue input number comes from 2016 income statement of Calavo Growers. 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 CVGW stock valuation model: a) initial revenue growth rate of 22.7% 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 CVGW is calculated based on our internal credit rating of Calavo Growers, 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 Calavo Growers.
    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 CVGW stock the variable cost ratio is equal to 78.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $144 million in the base year in the intrinsic value calculation for CVGW 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 Calavo Growers.

Corporate tax rate of 27% is the nominal tax rate for Calavo Growers. 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 CVGW 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 CVGW are equal to 8.9%.

Life of production assets of 11.2 years is the average useful life of capital assets used in Calavo Growers 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 CVGW is equal to 3.3%. 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 - $214 million for Calavo Growers - 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 17.714 million for Calavo Growers 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 Calavo Growers at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for October 17th   [Oct-17-17 09:53AM  Zacks]
▶ Calavo Growers Sees IBD RS Rating Climb To 73   [Sep-19-17 03:00AM  Investor's Business Daily]
▶ Don't Wait to Buy These 3 Dividend Stocks   [Sep-10-17 11:13AM  Motley Fool]
▶ Calavo posts 3Q profit   [Sep-06-17 11:56PM  Associated Press]
▶ Top 5 Earnings Growth Stocks to Buy Right Away   [Jun-30-17 09:55AM  Zacks]
▶ New Strong Buy Stocks for June 28th   [Jun-28-17 10:34AM  Zacks]
▶ ETFs with exposure to Calavo Growers, Inc. : June 6, 2017   [Jun-06-17 11:40AM  Capital Cube]
▶ Calavo posts 2Q profit   [09:08AM  Associated Press]
▶ Wells Fargo Among 5 Stocks Insiders Are Loading Up On   [Apr-19-17 01:21PM  TheStreet.com]
▶ Weekly CEO Buys Highlights   [11:25AM  GuruFocus.com]
▶ Calavo Growers CEO Invests in Company   [Apr-13-17 06:45PM  GuruFocus.com]
▶ Weekly CEO Buys Highlights   [Mar-20-17 01:43PM  GuruFocus.com]
▶ 6 Stocks Trending Up With Big Volume   [Mar-09-17 04:45PM  TheStreet.com]
▶ Calavo misses Street 1Q forecasts   [Mar-07-17 09:04AM  Associated Press]
▶ Why Fred's, Calavo Growers, and CarMax Jumped Today   [Dec-20-16 05:20PM  at Motley Fool]
Financial statements of CVGW
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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