Intrinsic value of Dean Foods - DF

Previous Close

$10.48

  Intrinsic Value

$16.52

stock screener

  Rating & Target

str. buy

+58%

Previous close

$10.48

 
Intrinsic value

$16.52

 
Up/down potential

+58%

 
Rating

str. buy

We calculate the intrinsic value of DF 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 1.0

 

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
  7,951
  8,134
  8,343
  8,577
  8,838
  9,123
  9,434
  9,770
  10,132
  10,521
  10,937
  11,381
  11,854
  12,356
  12,889
  13,454
  14,052
  14,684
  15,352
  16,057
  16,802
  17,587
  18,414
  19,286
  20,204
  21,170
  22,188
  23,259
  24,385
  25,570
Variable operating expenses, $m
  7,672
  7,847
  8,048
  8,273
  8,523
  8,797
  9,095
  9,418
  9,766
  10,140
  10,501
  10,927
  11,381
  11,863
  12,375
  12,917
  13,491
  14,098
  14,740
  15,417
  16,132
  16,885
  17,680
  18,517
  19,398
  20,327
  21,303
  22,331
  23,413
  24,551
Fixed operating expenses, $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 operating expenses, $m
  7,672
  7,847
  8,048
  8,273
  8,523
  8,797
  9,095
  9,418
  9,766
  10,140
  10,501
  10,927
  11,381
  11,863
  12,375
  12,917
  13,491
  14,098
  14,740
  15,417
  16,132
  16,885
  17,680
  18,517
  19,398
  20,327
  21,303
  22,331
  23,413
  24,551
Operating income, $m
  279
  286
  295
  304
  314
  326
  338
  352
  366
  381
  436
  454
  473
  493
  514
  536
  560
  585
  612
  640
  670
  701
  734
  769
  805
  844
  884
  927
  972
  1,019
EBITDA, $m
  470
  480
  493
  507
  522
  539
  557
  577
  598
  621
  646
  672
  700
  730
  761
  795
  830
  867
  907
  948
  992
  1,039
  1,088
  1,139
  1,193
  1,250
  1,310
  1,374
  1,440
  1,510
Interest expense (income), $m
  61
  66
  68
  72
  75
  79
  84
  88
  94
  99
  106
  112
  119
  127
  135
  144
  153
  162
  173
  183
  195
  207
  219
  233
  247
  262
  278
  294
  311
  330
  349
Earnings before tax, $m
  213
  218
  223
  229
  235
  242
  250
  258
  267
  276
  324
  334
  346
  357
  370
  384
  398
  413
  429
  445
  463
  482
  501
  522
  543
  566
  590
  616
  642
  670
Tax expense, $m
  58
  59
  60
  62
  64
  65
  67
  70
  72
  74
  87
  90
  93
  97
  100
  104
  107
  111
  116
  120
  125
  130
  135
  141
  147
  153
  159
  166
  173
  181
Net income, $m
  156
  159
  163
  167
  172
  177
  182
  188
  195
  201
  236
  244
  252
  261
  270
  280
  290
  301
  313
  325
  338
  352
  366
  381
  397
  413
  431
  449
  469
  489

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
  2,554
  2,613
  2,680
  2,755
  2,839
  2,931
  3,030
  3,138
  3,255
  3,380
  3,513
  3,656
  3,808
  3,969
  4,140
  4,322
  4,514
  4,717
  4,932
  5,158
  5,397
  5,649
  5,915
  6,195
  6,490
  6,801
  7,127
  7,471
  7,833
  8,214
Adjusted assets (=assets-cash), $m
  2,554
  2,613
  2,680
  2,755
  2,839
  2,931
  3,030
  3,138
  3,255
  3,380
  3,513
  3,656
  3,808
  3,969
  4,140
  4,322
  4,514
  4,717
  4,932
  5,158
  5,397
  5,649
  5,915
  6,195
  6,490
  6,801
  7,127
  7,471
  7,833
  8,214
Revenue / Adjusted assets
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.114
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
  3.113
Average production assets, $m
  1,527
  1,562
  1,602
  1,647
  1,697
  1,752
  1,811
  1,876
  1,945
  2,020
  2,100
  2,185
  2,276
  2,372
  2,475
  2,583
  2,698
  2,819
  2,948
  3,083
  3,226
  3,377
  3,535
  3,703
  3,879
  4,065
  4,260
  4,466
  4,682
  4,909
Working capital, $m
  -398
  -407
  -417
  -429
  -442
  -456
  -472
  -488
  -507
  -526
  -547
  -569
  -593
  -618
  -644
  -673
  -703
  -734
  -768
  -803
  -840
  -879
  -921
  -964
  -1,010
  -1,059
  -1,109
  -1,163
  -1,219
  -1,278
Total debt, $m
  950
  994
  1,043
  1,099
  1,160
  1,228
  1,302
  1,382
  1,467
  1,560
  1,658
  1,763
  1,875
  1,995
  2,121
  2,255
  2,397
  2,546
  2,705
  2,872
  3,049
  3,235
  3,431
  3,637
  3,855
  4,084
  4,325
  4,579
  4,846
  5,127
Total liabilities, $m
  1,885
  1,928
  1,978
  2,033
  2,095
  2,163
  2,236
  2,316
  2,402
  2,494
  2,593
  2,698
  2,810
  2,929
  3,056
  3,189
  3,331
  3,481
  3,639
  3,807
  3,983
  4,169
  4,365
  4,572
  4,790
  5,019
  5,260
  5,514
  5,781
  6,062
Total equity, $m
  669
  685
  702
  722
  744
  768
  794
  822
  853
  885
  920
  958
  998
  1,040
  1,085
  1,132
  1,183
  1,236
  1,292
  1,351
  1,414
  1,480
  1,550
  1,623
  1,700
  1,782
  1,867
  1,958
  2,052
  2,152
Total liabilities and equity, $m
  2,554
  2,613
  2,680
  2,755
  2,839
  2,931
  3,030
  3,138
  3,255
  3,379
  3,513
  3,656
  3,808
  3,969
  4,141
  4,321
  4,514
  4,717
  4,931
  5,158
  5,397
  5,649
  5,915
  6,195
  6,490
  6,801
  7,127
  7,472
  7,833
  8,214
Debt-to-equity ratio
  1.420
  1.450
  1.490
  1.520
  1.560
  1.600
  1.640
  1.680
  1.720
  1.760
  1.800
  1.840
  1.880
  1.920
  1.960
  1.990
  2.030
  2.060
  2.090
  2.130
  2.160
  2.190
  2.210
  2.240
  2.270
  2.290
  2.320
  2.340
  2.360
  2.380
Adjusted equity ratio
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  156
  159
  163
  167
  172
  177
  182
  188
  195
  201
  236
  244
  252
  261
  270
  280
  290
  301
  313
  325
  338
  352
  366
  381
  397
  413
  431
  449
  469
  489
Depreciation, amort., depletion, $m
  191
  194
  198
  203
  208
  213
  219
  225
  232
  240
  210
  219
  228
  237
  247
  258
  270
  282
  295
  308
  323
  338
  354
  370
  388
  406
  426
  447
  468
  491
Funds from operations, $m
  346
  353
  361
  370
  379
  390
  401
  414
  427
  441
  446
  463
  480
  498
  518
  538
  560
  583
  608
  633
  661
  689
  719
  751
  785
  820
  857
  896
  937
  980
Change in working capital, $m
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
Cash from operations, $m
  354
  362
  371
  381
  392
  404
  417
  431
  445
  461
  467
  485
  503
  523
  544
  567
  590
  615
  641
  669
  698
  728
  761
  795
  831
  868
  908
  950
  993
  1,040
Maintenance CAPEX, $m
  -150
  -153
  -156
  -160
  -165
  -170
  -175
  -181
  -188
  -195
  -202
  -210
  -219
  -228
  -237
  -247
  -258
  -270
  -282
  -295
  -308
  -323
  -338
  -354
  -370
  -388
  -406
  -426
  -447
  -468
New CAPEX, $m
  -27
  -35
  -40
  -45
  -50
  -55
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -115
  -121
  -128
  -135
  -143
  -151
  -159
  -167
  -176
  -186
  -195
  -206
  -216
  -227
Cash from investing activities, $m
  -177
  -188
  -196
  -205
  -215
  -225
  -235
  -246
  -258
  -270
  -282
  -295
  -310
  -324
  -339
  -355
  -373
  -391
  -410
  -430
  -451
  -474
  -497
  -521
  -546
  -574
  -601
  -632
  -663
  -695
Free cash flow, $m
  177
  175
  175
  176
  178
  180
  182
  185
  188
  192
  185
  190
  194
  199
  205
  211
  217
  224
  231
  238
  247
  255
  264
  274
  284
  295
  306
  318
  331
  344
Issuance/(repayment) of debt, $m
  37
  43
  50
  56
  62
  68
  74
  80
  86
  92
  99
  105
  112
  119
  126
  134
  142
  150
  158
  167
  176
  186
  196
  207
  218
  229
  241
  254
  267
  281
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  
  37
  43
  50
  56
  62
  68
  74
  80
  86
  92
  99
  105
  112
  119
  126
  134
  142
  150
  158
  167
  176
  186
  196
  207
  218
  229
  241
  254
  267
  281
Total cash flow (excl. dividends), $m
  214
  218
  225
  232
  239
  247
  256
  265
  274
  284
  284
  295
  306
  318
  331
  345
  359
  374
  389
  406
  423
  441
  460
  480
  502
  524
  547
  572
  598
  625
Retained Cash Flow (-), $m
  -13
  -15
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
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
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
Cash available for distribution, $m
  201
  202
  207
  212
  217
  223
  230
  236
  243
  251
  249
  257
  266
  276
  286
  297
  308
  320
  333
  346
  360
  375
  391
  407
  424
  443
  462
  482
  503
  525
Discount rate, %
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
  184
  169
  156
  143
  129
  116
  103
  91
  79
  68
  55
  46
  38
  31
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
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

Dean Foods Company is a food and beverage company. The Company processes and distributes fluid milk, and other dairy and dairy case products in the United States. It is engaged in manufacturing, marketing, selling and distributing a range of branded and private label dairy and dairy case products. It offers branded and private label dairy case products, including fluid milk, ice cream, cultured dairy products, creamers, ice cream mix and other dairy products to retailers, distributors, foodservice outlets, educational institutions and governmental entities across the United States. It also offers juices, teas and bottled water. As of December 31, 2016, the Company had over 50 national, regional and local dairy brands, as well as private labels. As of December 31, 2016, the Company's national, local and regional licensed brands included Alta Dena, Hygeia, PET, Arctic Splash, Jilbert, Pog, Barbers Dairy, Purity, Berkeley Farms, Land-O-Sun & design and ReadyLeaf, Broughton.

FINANCIAL RATIOS  of  Dean Foods (DF)

Valuation Ratios
P/E Ratio 7.9
Price to Sales 0.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow 8.5
Growth Rates
Sales Growth Rate -5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11%
Cap. Spend. - 3 Yr. Gr. Rate -3.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 121.9%
Total Debt to Equity 145%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 20.7%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 3
Profitability Ratios
Gross Margin 25.8%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 5.7%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin 3.4%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 40.4%
Eff/ Tax Rate - 3 Yr. Avg. 46.8%
Payout Ratio 27.5%

DF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DF stock intrinsic value calculation we used $7795 million for the last fiscal year's total revenue generated by Dean Foods. The default revenue input number comes from 2017 income statement of Dean 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 DF 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 9%, whose default value for DF is calculated based on our internal credit rating of Dean 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 Dean 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 DF stock the variable cost ratio is equal to 96.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DF 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 7.2% for Dean Foods.

Corporate tax rate of 27% is the nominal tax rate for Dean 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 DF stock is equal to 0.1%.

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 DF are equal to 19.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Dean 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 DF is equal to -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 - $656 million for Dean 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 91 million for Dean 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 Dean Foods at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Dean Foods provides details on Louisville plant closure in filing   [Jul-09-18 01:20PM  American City Business Journals]
▶ Dean Foods becomes majority shareholder of Good Karma   [Jul-02-18 04:15PM  PR Newswire]
▶ Can Trump win on trade with little support at home?   [Jun-11-18 01:13PM  Yahoo Finance Video]
▶ Dean Foods Declares Quarterly Dividend   [May-09-18 06:31PM  PR Newswire]
▶ Company News For May 9, 2018   [10:11AM  Zacks]
▶ [$$] Dean Foods' 1Q Loss Narrows   [07:56AM  The Wall Street Journal]
▶ Dean Foods: 1Q Earnings Snapshot   [06:13AM  Associated Press]
▶ What Makes Dean Foods (DF) a Strong Sell?   [Apr-04-18 08:49AM  Zacks]
▶ Dean Foods Declares Quarterly Dividend   [Mar-07-18 05:14PM  PR Newswire]
▶ Company News For Feb 27, 2018   [10:04AM  Zacks]
▶ Why Dean Foods, Albemarle, and SemGroup Slumped Today   [Feb-26-18 04:34PM  Motley Fool]
▶ Dow Gains 290 Points as Bad News Is Good   [01:00PM  Barrons.com]
▶ World Stock Markets Rise Monday   [12:01PM  GuruFocus.com]
▶ Dean Foods misses Street 4Q forecasts   [07:19AM  Associated Press]
▶ Why Dean Foods Company Stock Fell 46.9% in 2017   [Jan-17-18 08:31PM  Motley Fool]
▶ CFO Moves: Pandora, Dean Foods, Etihad Aviation   [Jan-11-18 02:34PM  The Wall Street Journal]
▶ Dean Foods Names Jody Macedonio Chief Financial Officer   [Jan-10-18 04:30PM  PR Newswire]
▶ Dean Foods: Don"t Worry About Spilled Milk   [Jan-02-18 04:09PM  GuruFocus.com]
▶ ETFs with exposure to Dean Foods Co. : December 29, 2017   [Dec-29-17 11:50AM  Capital Cube]
▶ ETFs with exposure to Dean Foods Co. : December 18, 2017   [Dec-18-17 03:19PM  Capital Cube]
▶ Sheriff: Undercover video shows dairy workers hitting cows   [Dec-15-17 02:02PM  Associated Press]
▶ 5 Hot Stocks To Watch This Week   [Dec-11-17 11:45AM  Benzinga]
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