Intrinsic value of Darling Ingredients - DAR

Previous Close

$19.85

  Intrinsic Value

$178.02

stock screener

  Rating & Target

str. buy

+797%

Previous close

$19.85

 
Intrinsic value

$178.02

 
Up/down potential

+797%

 
Rating

str. buy

We calculate the intrinsic value of DAR 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 3.3

 

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, %
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  3,955
  4,259
  4,576
  4,905
  5,247
  5,602
  5,971
  6,356
  6,755
  7,172
  7,605
  8,057
  8,528
  9,020
  9,533
  10,068
  10,628
  11,212
  11,823
  12,462
  13,131
  13,830
  14,563
  15,330
  16,133
  16,974
  17,856
  18,780
  19,748
  20,764
Variable operating expenses, $m
  645
  679
  715
  752
  791
  831
  872
  916
  961
  1,008
  859
  910
  964
  1,019
  1,077
  1,138
  1,201
  1,267
  1,336
  1,408
  1,484
  1,563
  1,645
  1,732
  1,823
  1,918
  2,017
  2,122
  2,231
  2,346
Fixed operating expenses, $m
  38
  39
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
Total operating expenses, $m
  683
  718
  754
  792
  832
  873
  915
  960
  1,006
  1,054
  906
  958
  1,013
  1,069
  1,128
  1,190
  1,255
  1,322
  1,392
  1,465
  1,542
  1,623
  1,706
  1,794
  1,887
  1,983
  2,084
  2,190
  2,301
  2,417
Operating income, $m
  3,272
  3,542
  3,822
  4,113
  4,415
  4,729
  5,056
  5,396
  5,749
  6,118
  6,699
  7,099
  7,516
  7,950
  8,404
  8,878
  9,373
  9,891
  10,431
  10,997
  11,589
  12,208
  12,856
  13,535
  14,246
  14,991
  15,772
  16,590
  17,447
  18,347
EBITDA, $m
  3,852
  4,151
  4,461
  4,784
  5,119
  5,468
  5,830
  6,207
  6,600
  7,008
  7,434
  7,877
  8,339
  8,822
  9,325
  9,851
  10,400
  10,974
  11,573
  12,201
  12,857
  13,544
  14,263
  15,016
  15,805
  16,631
  17,497
  18,404
  19,355
  20,352
Interest expense (income), $m
  82
  93
  104
  116
  129
  142
  156
  170
  185
  200
  216
  233
  250
  268
  287
  307
  327
  348
  371
  394
  419
  444
  471
  499
  528
  559
  591
  625
  660
  697
  735
Earnings before tax, $m
  3,180
  3,438
  3,705
  3,984
  4,273
  4,573
  4,886
  5,211
  5,549
  5,902
  6,466
  6,849
  7,248
  7,664
  8,098
  8,551
  9,025
  9,520
  10,037
  10,578
  11,145
  11,737
  12,358
  13,007
  13,688
  14,400
  15,147
  15,930
  16,751
  17,611
Tax expense, $m
  859
  928
  1,000
  1,076
  1,154
  1,235
  1,319
  1,407
  1,498
  1,593
  1,746
  1,849
  1,957
  2,069
  2,186
  2,309
  2,437
  2,570
  2,710
  2,856
  3,009
  3,169
  3,337
  3,512
  3,696
  3,888
  4,090
  4,301
  4,523
  4,755
Net income, $m
  2,321
  2,509
  2,705
  2,908
  3,119
  3,338
  3,567
  3,804
  4,051
  4,308
  4,720
  5,000
  5,291
  5,594
  5,911
  6,242
  6,588
  6,949
  7,327
  7,722
  8,136
  8,568
  9,021
  9,495
  9,992
  10,512
  11,058
  11,629
  12,228
  12,856

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
  5,352
  5,764
  6,192
  6,637
  7,100
  7,580
  8,080
  8,600
  9,141
  9,705
  10,291
  10,903
  11,540
  12,205
  12,899
  13,624
  14,381
  15,172
  15,999
  16,864
  17,768
  18,715
  19,706
  20,744
  21,831
  22,969
  24,162
  25,412
  26,723
  28,097
Adjusted assets (=assets-cash), $m
  5,352
  5,764
  6,192
  6,637
  7,100
  7,580
  8,080
  8,600
  9,141
  9,705
  10,291
  10,903
  11,540
  12,205
  12,899
  13,624
  14,381
  15,172
  15,999
  16,864
  17,768
  18,715
  19,706
  20,744
  21,831
  22,969
  24,162
  25,412
  26,723
  28,097
Revenue / Adjusted assets
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
Average production assets, $m
  3,820
  4,115
  4,420
  4,738
  5,068
  5,411
  5,768
  6,139
  6,526
  6,928
  7,347
  7,783
  8,238
  8,713
  9,209
  9,726
  10,266
  10,831
  11,421
  12,039
  12,684
  13,360
  14,068
  14,808
  15,584
  16,397
  17,249
  18,141
  19,077
  20,058
Working capital, $m
  150
  162
  174
  186
  199
  213
  227
  242
  257
  273
  289
  306
  324
  343
  362
  383
  404
  426
  449
  474
  499
  526
  553
  583
  613
  645
  679
  714
  750
  789
Total debt, $m
  1,928
  2,154
  2,388
  2,631
  2,884
  3,147
  3,421
  3,705
  4,001
  4,309
  4,630
  4,965
  5,314
  5,677
  6,057
  6,453
  6,867
  7,300
  7,752
  8,225
  8,720
  9,238
  9,780
  10,348
  10,942
  11,565
  12,218
  12,902
  13,618
  14,370
Total liabilities, $m
  2,927
  3,153
  3,387
  3,631
  3,884
  4,146
  4,420
  4,704
  5,000
  5,308
  5,629
  5,964
  6,313
  6,676
  7,056
  7,452
  7,866
  8,299
  8,751
  9,224
  9,719
  10,237
  10,779
  11,347
  11,941
  12,564
  13,217
  13,901
  14,617
  15,369
Total equity, $m
  2,424
  2,611
  2,805
  3,007
  3,216
  3,434
  3,660
  3,896
  4,141
  4,396
  4,662
  4,939
  5,228
  5,529
  5,843
  6,172
  6,515
  6,873
  7,247
  7,639
  8,049
  8,478
  8,927
  9,397
  9,889
  10,405
  10,945
  11,512
  12,106
  12,728
Total liabilities and equity, $m
  5,351
  5,764
  6,192
  6,638
  7,100
  7,580
  8,080
  8,600
  9,141
  9,704
  10,291
  10,903
  11,541
  12,205
  12,899
  13,624
  14,381
  15,172
  15,998
  16,863
  17,768
  18,715
  19,706
  20,744
  21,830
  22,969
  24,162
  25,413
  26,723
  28,097
Debt-to-equity ratio
  0.800
  0.820
  0.850
  0.880
  0.900
  0.920
  0.930
  0.950
  0.970
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
  1.100
  1.100
  1.110
  1.110
  1.120
  1.120
  1.120
  1.130
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,321
  2,509
  2,705
  2,908
  3,119
  3,338
  3,567
  3,804
  4,051
  4,308
  4,720
  5,000
  5,291
  5,594
  5,911
  6,242
  6,588
  6,949
  7,327
  7,722
  8,136
  8,568
  9,021
  9,495
  9,992
  10,512
  11,058
  11,629
  12,228
  12,856
Depreciation, amort., depletion, $m
  580
  609
  640
  672
  705
  739
  775
  812
  850
  891
  735
  778
  824
  871
  921
  973
  1,027
  1,083
  1,142
  1,204
  1,268
  1,336
  1,407
  1,481
  1,558
  1,640
  1,725
  1,814
  1,908
  2,006
Funds from operations, $m
  2,901
  3,119
  3,345
  3,580
  3,824
  4,077
  4,341
  4,616
  4,901
  5,199
  5,455
  5,778
  6,115
  6,466
  6,832
  7,215
  7,615
  8,032
  8,469
  8,926
  9,404
  9,904
  10,428
  10,976
  11,550
  12,152
  12,782
  13,443
  14,136
  14,862
Change in working capital, $m
  11
  12
  12
  12
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
Cash from operations, $m
  2,890
  3,107
  3,333
  3,567
  3,811
  4,064
  4,327
  4,601
  4,886
  5,183
  5,439
  5,761
  6,097
  6,447
  6,813
  7,195
  7,593
  8,010
  8,446
  8,902
  9,379
  9,878
  10,400
  10,947
  11,520
  12,120
  12,749
  13,408
  14,099
  14,823
Maintenance CAPEX, $m
  -354
  -382
  -411
  -442
  -474
  -507
  -541
  -577
  -614
  -653
  -693
  -735
  -778
  -824
  -871
  -921
  -973
  -1,027
  -1,083
  -1,142
  -1,204
  -1,268
  -1,336
  -1,407
  -1,481
  -1,558
  -1,640
  -1,725
  -1,814
  -1,908
New CAPEX, $m
  -282
  -294
  -306
  -318
  -330
  -343
  -357
  -371
  -386
  -402
  -419
  -437
  -455
  -475
  -495
  -517
  -540
  -565
  -590
  -617
  -646
  -676
  -707
  -741
  -776
  -813
  -852
  -893
  -936
  -981
Cash from investing activities, $m
  -636
  -676
  -717
  -760
  -804
  -850
  -898
  -948
  -1,000
  -1,055
  -1,112
  -1,172
  -1,233
  -1,299
  -1,366
  -1,438
  -1,513
  -1,592
  -1,673
  -1,759
  -1,850
  -1,944
  -2,043
  -2,148
  -2,257
  -2,371
  -2,492
  -2,618
  -2,750
  -2,889
Free cash flow, $m
  2,254
  2,431
  2,616
  2,807
  3,007
  3,214
  3,429
  3,653
  3,886
  4,128
  4,327
  4,590
  4,863
  5,148
  5,446
  5,756
  6,080
  6,419
  6,773
  7,142
  7,529
  7,933
  8,356
  8,799
  9,263
  9,749
  10,258
  10,791
  11,349
  11,935
Issuance/(repayment) of debt, $m
  214
  225
  234
  243
  253
  263
  273
  284
  296
  308
  321
  334
  349
  364
  380
  396
  414
  433
  452
  473
  495
  518
  542
  568
  594
  623
  653
  684
  717
  752
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  
  214
  225
  234
  243
  253
  263
  273
  284
  296
  308
  321
  334
  349
  364
  380
  396
  414
  433
  452
  473
  495
  518
  542
  568
  594
  623
  653
  684
  717
  752
Total cash flow (excl. dividends), $m
  2,468
  2,656
  2,850
  3,051
  3,260
  3,477
  3,703
  3,938
  4,182
  4,436
  4,648
  4,924
  5,212
  5,512
  5,826
  6,153
  6,495
  6,852
  7,225
  7,615
  8,024
  8,451
  8,899
  9,367
  9,858
  10,372
  10,910
  11,475
  12,066
  12,686
Retained Cash Flow (-), $m
  -179
  -187
  -194
  -202
  -210
  -218
  -226
  -236
  -245
  -255
  -266
  -277
  -289
  -301
  -314
  -328
  -343
  -358
  -375
  -392
  -410
  -429
  -449
  -470
  -492
  -516
  -540
  -566
  -594
  -622
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
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
Cash available for distribution, $m
  2,289
  2,470
  2,656
  2,849
  3,050
  3,259
  3,476
  3,702
  3,937
  4,181
  4,382
  4,647
  4,923
  5,211
  5,511
  5,824
  6,152
  6,493
  6,850
  7,224
  7,614
  8,022
  8,450
  8,897
  9,365
  9,856
  10,370
  10,908
  11,472
  12,064
Discount rate, %
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
  2,149
  2,164
  2,158
  2,132
  2,085
  2,020
  1,937
  1,838
  1,725
  1,600
  1,448
  1,312
  1,172
  1,033
  897
  767
  645
  533
  433
  345
  269
  206
  154
  113
  80
  56
  38
  25
  16
  10
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

Darling Ingredients Inc. (Darling) is a developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy and fertilizer industries. The Company operates through three segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. The Company collects and transforms all aspects of animal by-product streams into useable and specialty ingredients, such as gelatin, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, green energy, natural casings and hides. In addition, the Company provides grease trap services to food service establishments, environmental services to food processors and sells restaurant cooking oil delivery and collection equipment.

FINANCIAL RATIOS  of  Darling Ingredients (DAR)

Valuation Ratios
P/E Ratio 32
Price to Sales 1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 22.2
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.3%
Cap. Spend. - 3 Yr. Gr. Rate 15.1%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 87.6%
Total Debt to Equity 88.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 4.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 22.2%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 4.5%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 2.9%
Net Profit Margin 3%
Net Profit Margin - 3 Yr. Avg. 2.3%
Effective Tax Rate 13%
Eff/ Tax Rate - 3 Yr. Avg. 14.4%
Payout Ratio 0%

DAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DAR stock intrinsic value calculation we used $3662 million for the last fiscal year's total revenue generated by Darling Ingredients. The default revenue input number comes from 2017 income statement of Darling Ingredients. 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 DAR stock valuation model: a) initial revenue growth rate of 8% 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 6.5%, whose default value for DAR is calculated based on our internal credit rating of Darling Ingredients, 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 Darling Ingredients.
    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 DAR stock the variable cost ratio is equal to 16.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $37 million in the base year in the intrinsic value calculation for DAR 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 Darling Ingredients.

Corporate tax rate of 27% is the nominal tax rate for Darling Ingredients. 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 DAR 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 DAR are equal to 96.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Darling Ingredients 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 DAR is equal to 3.8%. 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 - $2245 million for Darling Ingredients - 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 165 million for Darling Ingredients 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 Darling Ingredients at the current share price and the inputted number of shares is $3.3 billion.

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▶ Darling Ingredients Shows Market Leadership With Jump To 82 RS Rating   [Jan-12-18 03:00AM  Investor's Business Daily]
▶ IBD Rating Upgrades: Darling Ingredients Flashes Improved Technical Strength   [Dec-22-17 03:00AM  Investor's Business Daily]
▶ Darling Ingredients Inc. To Ring NYSE Closing Bell   [Dec-12-17 06:45AM  PR Newswire]
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