Intrinsic value of National Beverage - FIZZ

Previous Close

$96.44

  Intrinsic Value

$194.80

stock screener

  Rating & Target

str. buy

+102%

  Value-price divergence*

+82%

Previous close

$96.44

 
Intrinsic value

$194.80

 
Up/down potential

+102%

 
Rating

str. buy

 
Value-price divergence*

+82%

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

We calculate the intrinsic value of FIZZ 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 4.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  17.30
  18.40
  17.06
  15.85
  14.77
  13.79
  12.91
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.78
  8.41
  8.07
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
Revenue, $m
  827
  979
  1,146
  1,328
  1,524
  1,734
  1,958
  2,196
  2,446
  2,709
  2,986
  3,274
  3,576
  3,890
  4,217
  4,557
  4,911
  5,278
  5,660
  6,057
  6,469
  6,898
  7,344
  7,808
  8,291
  8,794
  9,319
  9,865
  10,435
  11,030
  11,652
Variable operating expenses, $m
 
  417
  488
  565
  648
  737
  832
  933
  1,039
  1,151
  1,268
  1,390
  1,518
  1,651
  1,790
  1,934
  2,084
  2,240
  2,402
  2,571
  2,746
  2,928
  3,117
  3,314
  3,519
  3,733
  3,955
  4,187
  4,429
  4,682
  4,945
Fixed operating expenses, $m
 
  328
  336
  345
  353
  362
  371
  380
  390
  400
  410
  420
  430
  441
  452
  463
  475
  487
  499
  512
  524
  537
  551
  565
  579
  593
  608
  623
  639
  655
  671
Total operating expenses, $m
  664
  745
  824
  910
  1,001
  1,099
  1,203
  1,313
  1,429
  1,551
  1,678
  1,810
  1,948
  2,092
  2,242
  2,397
  2,559
  2,727
  2,901
  3,083
  3,270
  3,465
  3,668
  3,879
  4,098
  4,326
  4,563
  4,810
  5,068
  5,337
  5,616
Operating income, $m
  163
  234
  322
  418
  523
  635
  755
  882
  1,017
  1,159
  1,307
  1,465
  1,628
  1,798
  1,975
  2,159
  2,351
  2,551
  2,759
  2,974
  3,199
  3,433
  3,676
  3,929
  4,193
  4,469
  4,756
  5,055
  5,367
  5,694
  6,035
EBITDA, $m
  176
  248
  339
  437
  544
  659
  782
  912
  1,050
  1,196
  1,348
  1,508
  1,675
  1,849
  2,030
  2,219
  2,416
  2,620
  2,833
  3,054
  3,284
  3,524
  3,773
  4,032
  4,303
  4,584
  4,878
  5,185
  5,505
  5,839
  6,189
Interest expense (income), $m
  0
  0
  1
  2
  2
  3
  4
  5
  6
  8
  9
  10
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  46
  48
Earnings before tax, $m
  163
  234
  322
  417
  520
  632
  750
  877
  1,010
  1,151
  1,299
  1,454
  1,616
  1,785
  1,960
  2,143
  2,334
  2,532
  2,737
  2,952
  3,174
  3,406
  3,647
  3,899
  4,160
  4,433
  4,718
  5,015
  5,325
  5,648
  5,987
Tax expense, $m
  56
  63
  87
  113
  140
  171
  203
  237
  273
  311
  351
  393
  436
  482
  529
  579
  630
  684
  739
  797
  857
  920
  985
  1,053
  1,123
  1,197
  1,274
  1,354
  1,438
  1,525
  1,616
Net income, $m
  107
  171
  235
  304
  380
  461
  548
  640
  737
  840
  948
  1,062
  1,180
  1,303
  1,431
  1,565
  1,704
  1,848
  1,998
  2,155
  2,317
  2,486
  2,663
  2,846
  3,037
  3,236
  3,444
  3,661
  3,887
  4,123
  4,370

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  136
  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
  358
  263
  308
  356
  409
  466
  526
  589
  657
  727
  801
  879
  960
  1,044
  1,132
  1,223
  1,318
  1,417
  1,519
  1,626
  1,737
  1,852
  1,972
  2,096
  2,226
  2,361
  2,502
  2,648
  2,801
  2,961
  3,128
Adjusted assets (=assets-cash), $m
  222
  263
  308
  356
  409
  466
  526
  589
  657
  727
  801
  879
  960
  1,044
  1,132
  1,223
  1,318
  1,417
  1,519
  1,626
  1,737
  1,852
  1,972
  2,096
  2,226
  2,361
  2,502
  2,648
  2,801
  2,961
  3,128
Revenue / Adjusted assets
  3.725
  3.722
  3.721
  3.730
  3.726
  3.721
  3.722
  3.728
  3.723
  3.726
  3.728
  3.725
  3.725
  3.726
  3.725
  3.726
  3.726
  3.725
  3.726
  3.725
  3.724
  3.725
  3.724
  3.725
  3.725
  3.725
  3.725
  3.725
  3.725
  3.725
  3.725
Average production assets, $m
  66
  77
  91
  105
  120
  137
  155
  173
  193
  214
  236
  259
  282
  307
  333
  360
  388
  417
  447
  478
  511
  545
  580
  617
  655
  695
  736
  779
  824
  871
  920
Working capital, $m
  185
  58
  68
  78
  90
  102
  116
  130
  144
  160
  176
  193
  211
  230
  249
  269
  290
  311
  334
  357
  382
  407
  433
  461
  489
  519
  550
  582
  616
  651
  687
Total debt, $m
  0
  21
  43
  68
  95
  123
  153
  186
  220
  255
  293
  332
  373
  415
  460
  506
  554
  604
  655
  709
  765
  823
  884
  947
  1,012
  1,080
  1,151
  1,225
  1,303
  1,383
  1,468
Total liabilities, $m
  112
  133
  155
  180
  207
  235
  265
  298
  332
  367
  405
  444
  485
  527
  572
  618
  666
  716
  767
  821
  877
  935
  996
  1,059
  1,124
  1,192
  1,263
  1,337
  1,415
  1,495
  1,580
Total equity, $m
  246
  130
  152
  176
  203
  230
  260
  292
  325
  360
  397
  435
  475
  517
  560
  606
  653
  701
  752
  805
  860
  917
  976
  1,038
  1,102
  1,169
  1,238
  1,311
  1,387
  1,466
  1,548
Total liabilities and equity, $m
  358
  263
  307
  356
  410
  465
  525
  590
  657
  727
  802
  879
  960
  1,044
  1,132
  1,224
  1,319
  1,417
  1,519
  1,626
  1,737
  1,852
  1,972
  2,097
  2,226
  2,361
  2,501
  2,648
  2,802
  2,961
  3,128
Debt-to-equity ratio
  0.000
  0.160
  0.280
  0.390
  0.470
  0.530
  0.590
  0.640
  0.680
  0.710
  0.740
  0.760
  0.780
  0.800
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
Adjusted equity ratio
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  107
  171
  235
  304
  380
  461
  548
  640
  737
  840
  948
  1,062
  1,180
  1,303
  1,431
  1,565
  1,704
  1,848
  1,998
  2,155
  2,317
  2,486
  2,663
  2,846
  3,037
  3,236
  3,444
  3,661
  3,887
  4,123
  4,370
Depreciation, amort., depletion, $m
  13
  14
  16
  19
  21
  24
  27
  30
  34
  37
  41
  43
  47
  51
  56
  60
  65
  69
  75
  80
  85
  91
  97
  103
  109
  116
  123
  130
  137
  145
  153
Funds from operations, $m
  106
  185
  251
  323
  401
  485
  575
  670
  771
  877
  989
  1,105
  1,227
  1,354
  1,487
  1,625
  1,768
  1,918
  2,073
  2,234
  2,402
  2,577
  2,759
  2,949
  3,146
  3,352
  3,567
  3,791
  4,024
  4,269
  4,524
Change in working capital, $m
  -8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
Cash from operations, $m
  114
  176
  241
  312
  390
  473
  562
  656
  756
  862
  972
  1,088
  1,209
  1,336
  1,467
  1,605
  1,747
  1,896
  2,050
  2,211
  2,378
  2,552
  2,733
  2,921
  3,118
  3,322
  3,536
  3,758
  3,991
  4,233
  4,487
Maintenance CAPEX, $m
  0
  -11
  -13
  -15
  -17
  -20
  -23
  -26
  -29
  -32
  -36
  -39
  -43
  -47
  -51
  -56
  -60
  -65
  -69
  -75
  -80
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -137
  -145
New CAPEX, $m
  -14
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
Cash from investing activities, $m
  -14
  -23
  -26
  -29
  -32
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -72
  -77
  -83
  -88
  -94
  -99
  -106
  -113
  -119
  -126
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
Free cash flow, $m
  100
  153
  215
  283
  357
  436
  521
  612
  707
  809
  915
  1,026
  1,142
  1,264
  1,390
  1,522
  1,659
  1,802
  1,951
  2,105
  2,266
  2,433
  2,607
  2,788
  2,977
  3,173
  3,378
  3,592
  3,816
  4,049
  4,293
Issuance/(repayment) of debt, $m
  0
  21
  23
  25
  27
  28
  30
  32
  34
  36
  37
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  81
  84
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  
  1
  21
  23
  25
  27
  28
  30
  32
  34
  36
  37
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  81
  84
Total cash flow (excl. dividends), $m
  101
  174
  238
  308
  383
  465
  551
  644
  741
  844
  952
  1,065
  1,183
  1,306
  1,435
  1,568
  1,707
  1,852
  2,002
  2,159
  2,322
  2,491
  2,667
  2,851
  3,042
  3,242
  3,450
  3,667
  3,893
  4,130
  4,377
Retained Cash Flow (-), $m
  -40
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
Prev. year cash balance distribution, $m
 
  136
  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
 
  290
  216
  283
  357
  437
  522
  612
  708
  809
  916
  1,027
  1,143
  1,264
  1,391
  1,523
  1,660
  1,803
  1,952
  2,106
  2,267
  2,434
  2,608
  2,789
  2,978
  3,175
  3,380
  3,594
  3,817
  4,051
  4,294
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
 
  278
  197
  247
  294
  338
  379
  414
  443
  465
  480
  487
  488
  481
  467
  447
  422
  392
  359
  324
  288
  252
  216
  183
  152
  124
  99
  77
  59
  44
  32
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

National Beverage Corp. is a holding company. The Company develops, produces, markets and sells a diverse portfolio of flavored beverage products primarily in North America. The Company's brands consist of beverages geared to the active and health-conscious consumer (Power+ Brands), including sparkling waters, energy drinks and juices, and carbonated soft drinks in a range of flavors, including regular, sugar-free and reduced calorie options. In addition, the Company produces soft drinks for certain retailers, such as allied brands. The Company's portfolio of Power+ Brands includes LaCroix, LaCroix Curate, LaCroix NiCola and Shasta sparkling water products; Rip It energy drinks and shots, and Everfresh, Everfresh Premier Varietals and Mr. Pure juice and juice-based products. The Company's carbonated soft drinks include Shasta and Faygo, iconic brands. The Company had, as of April 30, 2016, 12 production facilities located near metropolitan markets across the continental United States.

FINANCIAL RATIOS  of  National Beverage (FIZZ)

Valuation Ratios
P/E Ratio 42
Price to Sales 5.4
Price to Book 18.3
Price to Tangible Book
Price to Cash Flow 39.4
Price to Free Cash Flow 44.9
Growth Rates
Sales Growth Rate 17.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate 3.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 32.2%
Ret/ On Assets - 3 Yr. Avg. 25%
Return On Total Capital 47.3%
Ret/ On T. Cap. - 3 Yr. Avg. 38.1%
Return On Equity 47.3%
Return On Equity - 3 Yr. Avg. 40.1%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 39.4%
Gross Margin - 3 Yr. Avg. 35.8%
EBITDA Margin 21.3%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 19.7%
Oper. Margin - 3 Yr. Avg. 14.8%
Pre-Tax Margin 19.7%
Pre-Tax Margin - 3 Yr. Avg. 14.8%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 65.4%

FIZZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FIZZ stock intrinsic value calculation we used $827 million for the last fiscal year's total revenue generated by National Beverage. The default revenue input number comes from 2017 income statement of National Beverage. 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 FIZZ stock valuation model: a) initial revenue growth rate of 18.4% 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 FIZZ is calculated based on our internal credit rating of National Beverage, 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 National Beverage.
    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 FIZZ stock the variable cost ratio is equal to 42.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $320 million in the base year in the intrinsic value calculation for FIZZ 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 National Beverage.

Corporate tax rate of 27% is the nominal tax rate for National Beverage. 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 FIZZ 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 FIZZ are equal to 7.9%.

Life of production assets of 6 years is the average useful life of capital assets used in National Beverage 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 FIZZ is equal to 5.9%. 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 - $246 million for National Beverage - 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 46.182 million for National Beverage 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 National Beverage at the current share price and the inputted number of shares is $4.5 billion.

RELATED COMPANIES Price Int.Val. Rating
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COKE Coca-Cola Bott 224.84 713.58  str.buy
COT Cott 14.84 25.69  str.buy

COMPANY NEWS

▶ Lacroix Maker's Frustration Bubbles Over   [04:16PM  The Wall Street Journal]
▶ FIZZ Grows Stronger!!   [11:42AM  Business Wire]
▶ As Bubble Water Battle Brews, LaCroix Investors Suffer Declines   [Oct-05-17 12:56PM  The Wall Street Journal]
▶ [$$] LaCroixs Maker Loses Some Sparkle   [Oct-04-17 08:50PM  The Wall Street Journal]
▶ 3 Stocks the Smartest Investors are Buying Right Now   [Sep-26-17 09:00PM  Motley Fool]
▶ 3 Soda Stocks You May Be Overlooking   [Sep-23-17 11:31AM  Motley Fool]
▶ 3 Stocks That Put Coca-Cola's Returns to Shame   [Sep-20-17 08:25AM  Motley Fool]
▶ These 3 Stocks Have Doubled Investors' Money   [Sep-16-17 09:20AM  Motley Fool]
▶ LaCroix Fizzy Water Is Everyones Favorite. Nobody Knows Whats In It   [Sep-14-17 12:59AM  The Wall Street Journal]
▶ 3 Stocks Warren Buffett Cant Buy, but You Can   [Sep-09-17 10:31AM  Motley Fool]
▶ National Beverage posts 1Q profit   [Sep-07-17 09:22PM  Associated Press]
▶ National Beverage posts 1Q profit   [04:21PM  Associated Press]
▶ Forget Costco: These 3 Stocks Have Doubled This Year   [Jul-28-17 07:36PM  Motley Fool]
▶ LaCroix Maker Goes From Fizzy to Fuzzy   [09:25AM  Bloomberg]
▶ These 3 Stocks Have Quadrupled Since 2014   [Jul-23-17 11:32AM  Motley Fool]
▶ LaCroix parent company beat analysts expectations but stock drops   [03:04PM  American City Business Journals]
▶ How Far Could LaCroix Drive National Beverage?   [Jun-26-17 09:38AM  Motley Fool]
▶ 3 Stocks with National Beverage-like Return Potential   [Jun-21-17 04:13PM  Motley Fool]
▶ 3 Growth Stocks You Should Consider Today   [11:32AM  Motley Fool]
▶ National Beverage Corp. Trades EX-Dividend   [Jun-02-17 09:15AM  Business Wire]
▶ National Beverage Corp. Rebukes Maxim Report   [02:10PM  Business Wire]
▶ Like Growth? Then You'll Love These 3 Stocks   [Apr-18-17 11:11AM  Motley Fool]
▶ Stock in local beverage manufacturer fizzes up to all-time high   [10:55AM  American City Business Journals]
▶ 3 Top Soda Stocks to Buy in 2017   [Apr-08-17 02:24PM  Motley Fool]
▶ Want to Spot a Bubble? Here Is National Beverage Stock   [Apr-05-17 03:32PM  TheStreet.com]
▶ Bears Are Betting LaCroix Is Too Bubbly   [01:16PM  The Wall Street Journal]
▶ 3 Hot Health & Fitness Stocks for 2017   [Apr-03-17 11:43AM  Motley Fool]
▶ 3 Hot Health & Fitness Stocks for 2017   [11:43AM  at Motley Fool]
▶ Here's What You Missed On PreMarket Prep Today   [Mar-30-17 11:00AM  Benzinga]
Financial statements of FIZZ
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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