Intrinsic value of Dean Foods - DF

Previous Close

$10.56

  Intrinsic Value

$2.80

stock screener

  Rating & Target

str. sell

-73%

  Value-price divergence*

+161%

Previous close

$10.56

 
Intrinsic value

$2.80

 
Up/down potential

-73%

 
Rating

str. sell

 
Value-price divergence*

+161%

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

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 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 1.0

 

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, %
  -5.07
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  7,710
  8,034
  8,378
  8,742
  9,128
  9,537
  9,969
  10,425
  10,906
  11,414
  11,949
  12,513
  13,108
  13,733
  14,392
  15,085
  15,815
  16,582
  17,389
  18,238
  19,130
  20,068
  21,053
  22,089
  23,178
  24,322
  25,525
  26,788
  28,115
  29,508
  30,973
Variable operating expenses, $m
 
  7,985
  8,326
  8,688
  9,071
  9,476
  9,904
  10,357
  10,834
  11,338
  11,869
  12,413
  13,003
  13,623
  14,277
  14,965
  15,688
  16,449
  17,250
  18,092
  18,977
  19,907
  20,885
  21,913
  22,993
  24,128
  25,320
  26,573
  27,890
  29,273
  30,725
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
  7,447
  7,985
  8,326
  8,688
  9,071
  9,476
  9,904
  10,357
  10,834
  11,338
  11,869
  12,413
  13,003
  13,623
  14,277
  14,965
  15,688
  16,449
  17,250
  18,092
  18,977
  19,907
  20,885
  21,913
  22,993
  24,128
  25,320
  26,573
  27,890
  29,273
  30,725
Operating income, $m
  264
  49
  52
  55
  58
  61
  64
  68
  72
  76
  80
  100
  105
  110
  115
  121
  126
  133
  139
  146
  153
  160
  168
  177
  185
  195
  204
  214
  225
  236
  248
EBITDA, $m
  442
  215
  224
  234
  245
  256
  267
  279
  292
  306
  320
  335
  351
  368
  386
  404
  424
  444
  466
  489
  513
  538
  564
  592
  621
  652
  684
  718
  753
  791
  830
Interest expense (income), $m
  61
  62
  68
  74
  80
  87
  95
  103
  111
  120
  129
  139
  149
  160
  171
  183
  196
  209
  223
  238
  253
  270
  287
  305
  323
  343
  364
  386
  409
  433
  459
Earnings before tax, $m
  203
  -13
  -16
  -19
  -23
  -27
  -31
  -35
  -39
  -44
  -49
  -39
  -44
  -50
  -56
  -63
  -69
  -77
  -84
  -92
  -100
  -109
  -118
  -128
  -138
  -149
  -160
  -172
  -184
  -197
  -211
Tax expense, $m
  82
  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
Net income, $m
  120
  -13
  -16
  -19
  -23
  -27
  -31
  -35
  -39
  -44
  -49
  -39
  -44
  -50
  -56
  -63
  -69
  -77
  -84
  -92
  -100
  -109
  -118
  -128
  -138
  -149
  -160
  -172
  -184
  -197
  -211

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  18
  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
  2,606
  2,697
  2,812
  2,935
  3,064
  3,201
  3,346
  3,499
  3,661
  3,831
  4,011
  4,200
  4,400
  4,610
  4,831
  5,064
  5,309
  5,566
  5,837
  6,122
  6,422
  6,736
  7,067
  7,415
  7,781
  8,165
  8,568
  8,992
  9,438
  9,906
  10,397
Adjusted assets (=assets-cash), $m
  2,588
  2,697
  2,812
  2,935
  3,064
  3,201
  3,346
  3,499
  3,661
  3,831
  4,011
  4,200
  4,400
  4,610
  4,831
  5,064
  5,309
  5,566
  5,837
  6,122
  6,422
  6,736
  7,067
  7,415
  7,781
  8,165
  8,568
  8,992
  9,438
  9,906
  10,397
Revenue / Adjusted assets
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
  2.979
Average production assets, $m
  724
  755
  788
  822
  858
  896
  937
  980
  1,025
  1,073
  1,123
  1,176
  1,232
  1,291
  1,353
  1,418
  1,487
  1,559
  1,635
  1,714
  1,798
  1,886
  1,979
  2,076
  2,179
  2,286
  2,399
  2,518
  2,643
  2,774
  2,911
Working capital, $m
  211
  345
  360
  376
  393
  410
  429
  448
  469
  491
  514
  538
  564
  591
  619
  649
  680
  713
  748
  784
  823
  863
  905
  950
  997
  1,046
  1,098
  1,152
  1,209
  1,269
  1,332
Total debt, $m
  886
  951
  1,040
  1,133
  1,232
  1,337
  1,448
  1,565
  1,688
  1,818
  1,956
  2,100
  2,253
  2,413
  2,582
  2,760
  2,947
  3,144
  3,351
  3,568
  3,797
  4,038
  4,290
  4,556
  4,835
  5,129
  5,437
  5,761
  6,101
  6,459
  6,834
Total liabilities, $m
  1,996
  2,060
  2,149
  2,242
  2,341
  2,446
  2,557
  2,674
  2,797
  2,927
  3,065
  3,209
  3,362
  3,522
  3,691
  3,869
  4,056
  4,253
  4,460
  4,677
  4,906
  5,147
  5,399
  5,665
  5,944
  6,238
  6,546
  6,870
  7,210
  7,568
  7,943
Total equity, $m
  611
  636
  664
  693
  723
  756
  790
  826
  864
  904
  947
  991
  1,038
  1,088
  1,140
  1,195
  1,253
  1,314
  1,378
  1,445
  1,515
  1,590
  1,668
  1,750
  1,836
  1,927
  2,022
  2,122
  2,227
  2,338
  2,454
Total liabilities and equity, $m
  2,607
  2,696
  2,813
  2,935
  3,064
  3,202
  3,347
  3,500
  3,661
  3,831
  4,012
  4,200
  4,400
  4,610
  4,831
  5,064
  5,309
  5,567
  5,838
  6,122
  6,421
  6,737
  7,067
  7,415
  7,780
  8,165
  8,568
  8,992
  9,437
  9,906
  10,397
Debt-to-equity ratio
  1.450
  1.490
  1.570
  1.640
  1.700
  1.770
  1.830
  1.890
  1.950
  2.010
  2.070
  2.120
  2.170
  2.220
  2.260
  2.310
  2.350
  2.390
  2.430
  2.470
  2.510
  2.540
  2.570
  2.600
  2.630
  2.660
  2.690
  2.710
  2.740
  2.760
  2.790
Adjusted equity ratio
  0.229
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  120
  -13
  -16
  -19
  -23
  -27
  -31
  -35
  -39
  -44
  -49
  -39
  -44
  -50
  -56
  -63
  -69
  -77
  -84
  -92
  -100
  -109
  -118
  -128
  -138
  -149
  -160
  -172
  -184
  -197
  -211
Depreciation, amort., depletion, $m
  178
  166
  173
  180
  187
  195
  203
  211
  220
  230
  240
  235
  246
  258
  271
  284
  297
  312
  327
  343
  360
  377
  396
  415
  436
  457
  480
  504
  529
  555
  582
Funds from operations, $m
  182
  154
  157
  160
  164
  168
  172
  177
  181
  186
  191
  196
  202
  208
  214
  221
  228
  235
  243
  251
  259
  268
  278
  287
  298
  308
  320
  332
  344
  358
  371
Change in working capital, $m
  -75
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
  47
  49
  52
  54
  57
  60
  63
Cash from operations, $m
  257
  140
  142
  145
  148
  151
  154
  157
  160
  164
  168
  172
  177
  181
  186
  191
  196
  202
  208
  214
  221
  228
  235
  243
  251
  259
  268
  277
  287
  298
  308
Maintenance CAPEX, $m
  0
  -145
  -151
  -158
  -164
  -172
  -179
  -187
  -196
  -205
  -215
  -225
  -235
  -246
  -258
  -271
  -284
  -297
  -312
  -327
  -343
  -360
  -377
  -396
  -415
  -436
  -457
  -480
  -504
  -529
  -555
New CAPEX, $m
  -145
  -32
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -131
  -138
Cash from investing activities, $m
  -288
  -177
  -183
  -192
  -200
  -210
  -220
  -230
  -241
  -253
  -265
  -278
  -291
  -305
  -320
  -336
  -353
  -369
  -388
  -407
  -427
  -448
  -470
  -493
  -517
  -544
  -570
  -599
  -629
  -660
  -693
Free cash flow, $m
  -31
  -37
  -41
  -47
  -53
  -59
  -66
  -73
  -81
  -89
  -97
  -105
  -115
  -124
  -134
  -145
  -156
  -167
  -180
  -192
  -206
  -220
  -235
  -250
  -267
  -284
  -302
  -321
  -341
  -362
  -384
Issuance/(repayment) of debt, $m
  48
  83
  88
  94
  99
  105
  111
  117
  123
  130
  137
  145
  152
  160
  169
  178
  187
  197
  207
  218
  229
  241
  253
  266
  279
  293
  308
  324
  340
  357
  376
Issuance/(repurchase) of shares, $m
  -26
  38
  43
  48
  53
  59
  65
  71
  77
  84
  91
  83
  91
  100
  108
  118
  127
  137
  148
  159
  171
  183
  196
  210
  224
  239
  255
  272
  289
  308
  327
Cash from financing (excl. dividends), $m  
  23
  121
  131
  142
  152
  164
  176
  188
  200
  214
  228
  228
  243
  260
  277
  296
  314
  334
  355
  377
  400
  424
  449
  476
  503
  532
  563
  596
  629
  665
  703
Total cash flow (excl. dividends), $m
  -10
  85
  90
  95
  99
  104
  109
  115
  120
  126
  132
  123
  129
  136
  143
  151
  159
  167
  176
  185
  194
  204
  214
  225
  237
  249
  261
  275
  289
  303
  318
Retained Cash Flow (-), $m
  -65
  -38
  -43
  -48
  -53
  -59
  -65
  -71
  -77
  -84
  -91
  -83
  -91
  -100
  -108
  -118
  -127
  -137
  -148
  -159
  -171
  -183
  -196
  -210
  -224
  -239
  -255
  -272
  -289
  -308
  -327
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
 
  47
  47
  47
  46
  45
  45
  44
  43
  42
  40
  39
  38
  36
  35
  33
  31
  29
  27
  25
  23
  21
  18
  15
  12
  9
  6
  3
  -1
  -4
  -8
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  44
  41
  37
  33
  30
  26
  23
  20
  17
  14
  12
  9
  7
  6
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.2
  92.3
  88.2
  84.1
  80.0
  75.9
  71.9
  67.9
  63.9
  60.1
  57.0
  53.8
  50.8
  47.8
  44.9
  42.0
  39.3
  36.7
  34.2
  31.9
  29.6
  27.5
  25.4
  23.5
  21.8
  20.1
  18.5
  17.0
  15.7
  14.4

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 8
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 $7710 million for the last fiscal year's total revenue generated by Dean Foods. The default revenue input number comes from 2016 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 4.2% 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 7.2%, 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 99.4%.

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 7.1% 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%.

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 9.4%.

Life of production assets of 4.7 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 4.3%. 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 - $611 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 91.892 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.

RELATED COMPANIES Price Int.Val. Rating
LWAY Lifeway Foods 10.56 6.55  sell
THS TreeHouse Food 68.72 63.76  hold

COMPANY NEWS

▶ ETFs with exposure to Dean Foods Co. : October 9, 2017   [Oct-09-17 11:27AM  Capital Cube]
▶ Why Dean Foods Company Fell 26.7% in August   [Sep-05-17 08:01PM  Motley Fool]
▶ ETFs with exposure to Dean Foods Co. : August 24, 2017   [Aug-24-17 03:13PM  Capital Cube]
▶ New Strong Sell Stocks for August 11th   [Aug-11-17 08:20AM  Zacks]
▶ Dean Foods Declares Quarterly Dividend   [Aug-09-17 05:34PM  PR Newswire]
▶ [$$] Dean Foods Drops as Milk Struggles Deepen   [12:48AM  The Wall Street Journal]
▶ Dean Foods misses Street 2Q forecasts   [Aug-08-17 10:21PM  Associated Press]
▶ What Happened in the Stock Market Today   [04:50PM  Motley Fool]
▶ [$$] Dean Foods Drops as Milk Struggles Deepen   [12:51PM  The Wall Street Journal]
▶ Dean Foods misses Street 2Q forecasts   [09:21AM  Associated Press]
▶ Kroger price cuts hammer milk company's outlook   [Jul-31-17 03:35PM  American City Business Journals]
▶ [$$] Billy Walters Sentenced to Five Years for Insider Trading   [Jul-27-17 03:16PM  The Wall Street Journal]
▶ Who are Monsanto's main competitors?   [Jun-27-17 10:39AM  Investopedia]
▶ Dean Foods gets in on organic with juice company purchase   [Jun-23-17 01:35PM  American City Business Journals]
▶ Uncle Matt's Organic To Join Dean Foods Family Of Brands   [Jun-22-17 04:01PM  PR Newswire]
▶ New Strong Sell Stocks for June 12th   [Jun-12-17 10:25AM  Zacks]
▶ Bear of the Day: Dean Foods (DF)   [06:02AM  Zacks]
▶ New Strong Sell Stocks for June 5th   [Jun-05-17 10:56AM  Zacks]
▶ ETFs with exposure to Dean Foods Co. : May 23, 2017   [May-23-17 12:37PM  Capital Cube]
▶ ETFs with exposure to Dean Foods Co. : May 12, 2017   [May-12-17 03:52PM  Capital Cube]
▶ Dean Foods Declares Quarterly Dividend   [May-10-17 05:12PM  PR Newswire]
▶ Company News for May 10, 2017   [09:45AM  Zacks]
▶ All Eye On Q1 Earnings   [May-09-17 10:48AM  Zacks]
▶ Dean Foods reports 1Q loss   [08:09AM  Associated Press]
▶ Bat phone central to new trial request for Las Vegas gambler   [May-05-17 09:07PM  Associated Press]
▶ Sports gambler convicted in Dean Foods insider trading case   [Apr-07-17 04:30PM  American City Business Journals]
Financial statements of DF
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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