Intrinsic value of National Beverage - FIZZ

Previous Close

$100.84

  Intrinsic Value

$214.20

stock screener

  Rating & Target

str. buy

+112%

Previous close

$100.84

 
Intrinsic value

$214.20

 
Up/down potential

+112%

 
Rating

str. buy

*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 4.7

 

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
  19.80
  18.32
  16.99
  15.79
  14.71
  13.74
  12.87
  12.08
  11.37
  10.73
  10.16
  9.64
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
Revenue, $m
  827
  991
  1,172
  1,371
  1,588
  1,822
  2,072
  2,338
  2,621
  2,919
  3,232
  3,560
  3,904
  4,262
  4,636
  5,024
  5,429
  5,849
  6,286
  6,740
  7,212
  7,702
  8,212
  8,742
  9,294
  9,868
  10,466
  11,090
  11,740
  12,418
  13,125
Variable operating expenses, $m
 
  422
  499
  583
  675
  774
  881
  994
  1,114
  1,240
  1,373
  1,511
  1,657
  1,809
  1,968
  2,132
  2,304
  2,482
  2,668
  2,861
  3,061
  3,269
  3,485
  3,710
  3,944
  4,188
  4,442
  4,707
  4,983
  5,270
  5,571
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
  750
  835
  928
  1,028
  1,136
  1,252
  1,374
  1,504
  1,640
  1,783
  1,931
  2,087
  2,250
  2,420
  2,595
  2,779
  2,969
  3,167
  3,373
  3,585
  3,806
  4,036
  4,275
  4,523
  4,781
  5,050
  5,330
  5,622
  5,925
  6,242
Operating income, $m
  163
  241
  337
  443
  559
  685
  820
  964
  1,117
  1,279
  1,449
  1,629
  1,817
  2,012
  2,216
  2,428
  2,650
  2,880
  3,119
  3,368
  3,626
  3,895
  4,175
  4,467
  4,770
  5,087
  5,416
  5,760
  6,118
  6,492
  6,883
EBITDA, $m
  176
  255
  354
  463
  582
  710
  849
  996
  1,153
  1,319
  1,493
  1,676
  1,868
  2,068
  2,277
  2,495
  2,721
  2,957
  3,202
  3,456
  3,721
  3,997
  4,284
  4,582
  4,893
  5,216
  5,554
  5,906
  6,273
  6,656
  7,056
Interest expense (income), $m
  0
  0
  1
  2
  2
  3
  5
  6
  7
  8
  10
  11
  12
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
Earnings before tax, $m
  163
  241
  336
  442
  557
  682
  816
  959
  1,110
  1,271
  1,440
  1,618
  1,804
  1,998
  2,200
  2,411
  2,630
  2,859
  3,096
  3,343
  3,599
  3,866
  4,144
  4,433
  4,734
  5,048
  5,375
  5,716
  6,071
  6,443
  6,830
Tax expense, $m
  56
  65
  91
  119
  150
  184
  220
  259
  300
  343
  389
  437
  487
  539
  594
  651
  710
  772
  836
  903
  972
  1,044
  1,119
  1,197
  1,278
  1,363
  1,451
  1,543
  1,639
  1,739
  1,844
Net income, $m
  107
  176
  246
  323
  407
  498
  595
  700
  811
  928
  1,051
  1,181
  1,317
  1,459
  1,606
  1,760
  1,920
  2,087
  2,260
  2,440
  2,628
  2,822
  3,025
  3,236
  3,456
  3,685
  3,924
  4,172
  4,432
  4,703
  4,986

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
  354
  261
  309
  361
  419
  480
  546
  616
  691
  769
  852
  938
  1,029
  1,123
  1,222
  1,324
  1,431
  1,542
  1,657
  1,776
  1,901
  2,030
  2,164
  2,304
  2,450
  2,601
  2,759
  2,923
  3,094
  3,273
  3,459
Adjusted assets (=assets-cash), $m
  218
  261
  309
  361
  419
  480
  546
  616
  691
  769
  852
  938
  1,029
  1,123
  1,222
  1,324
  1,431
  1,542
  1,657
  1,776
  1,901
  2,030
  2,164
  2,304
  2,450
  2,601
  2,759
  2,923
  3,094
  3,273
  3,459
Revenue / Adjusted assets
  3.794
  3.797
  3.793
  3.798
  3.790
  3.796
  3.795
  3.795
  3.793
  3.796
  3.793
  3.795
  3.794
  3.795
  3.794
  3.795
  3.794
  3.793
  3.794
  3.795
  3.794
  3.794
  3.795
  3.794
  3.793
  3.794
  3.793
  3.794
  3.794
  3.794
  3.794
Average production assets, $m
  66
  78
  93
  108
  125
  144
  164
  185
  207
  231
  255
  281
  308
  337
  366
  397
  429
  462
  497
  532
  570
  608
  649
  691
  734
  780
  827
  876
  927
  981
  1,037
Working capital, $m
  181
  54
  63
  74
  86
  98
  112
  126
  142
  158
  175
  192
  211
  230
  250
  271
  293
  316
  339
  364
  389
  416
  443
  472
  502
  533
  565
  599
  634
  671
  709
Total debt, $m
  0
  21
  45
  71
  99
  130
  162
  197
  234
  273
  314
  357
  401
  448
  497
  548
  600
  655
  712
  771
  833
  897
  963
  1,033
  1,105
  1,179
  1,258
  1,339
  1,424
  1,512
  1,604
Total liabilities, $m
  108
  129
  153
  179
  207
  238
  270
  305
  342
  381
  422
  465
  509
  556
  605
  656
  708
  763
  820
  879
  941
  1,005
  1,071
  1,141
  1,213
  1,287
  1,366
  1,447
  1,532
  1,620
  1,712
Total equity, $m
  246
  132
  156
  183
  211
  242
  276
  311
  349
  389
  430
  474
  520
  567
  617
  669
  723
  779
  837
  897
  960
  1,025
  1,093
  1,164
  1,237
  1,313
  1,393
  1,476
  1,563
  1,653
  1,747
Total liabilities and equity, $m
  354
  261
  309
  362
  418
  480
  546
  616
  691
  770
  852
  939
  1,029
  1,123
  1,222
  1,325
  1,431
  1,542
  1,657
  1,776
  1,901
  2,030
  2,164
  2,305
  2,450
  2,600
  2,759
  2,923
  3,095
  3,273
  3,459
Debt-to-equity ratio
  0.000
  0.160
  0.290
  0.390
  0.470
  0.530
  0.590
  0.630
  0.670
  0.700
  0.730
  0.750
  0.770
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
Adjusted equity ratio
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  107
  176
  246
  323
  407
  498
  595
  700
  811
  928
  1,051
  1,181
  1,317
  1,459
  1,606
  1,760
  1,920
  2,087
  2,260
  2,440
  2,628
  2,822
  3,025
  3,236
  3,456
  3,685
  3,924
  4,172
  4,432
  4,703
  4,986
Depreciation, amort., depletion, $m
  13
  14
  17
  19
  22
  25
  29
  32
  36
  40
  44
  47
  51
  56
  61
  66
  71
  77
  83
  89
  95
  101
  108
  115
  122
  130
  138
  146
  155
  163
  173
Funds from operations, $m
  106
  190
  262
  342
  429
  523
  624
  732
  846
  967
  1,095
  1,228
  1,368
  1,515
  1,667
  1,826
  1,992
  2,164
  2,343
  2,529
  2,723
  2,924
  3,133
  3,351
  3,578
  3,815
  4,061
  4,318
  4,587
  4,867
  5,159
Change in working capital, $m
  -8
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  25
  26
  28
  29
  30
  31
  32
  34
  35
  37
  38
Cash from operations, $m
  114
  181
  253
  331
  417
  510
  610
  717
  831
  951
  1,078
  1,211
  1,350
  1,495
  1,647
  1,805
  1,970
  2,141
  2,319
  2,504
  2,697
  2,897
  3,106
  3,323
  3,549
  3,784
  4,029
  4,285
  4,552
  4,830
  5,121
Maintenance CAPEX, $m
  0
  -11
  -13
  -15
  -18
  -21
  -24
  -27
  -31
  -35
  -38
  -43
  -47
  -51
  -56
  -61
  -66
  -71
  -77
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -155
  -163
New CAPEX, $m
  -14
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -54
  -56
Cash from investing activities, $m
  -14
  -24
  -27
  -31
  -35
  -39
  -44
  -48
  -53
  -59
  -63
  -69
  -74
  -79
  -86
  -92
  -98
  -104
  -112
  -119
  -126
  -134
  -141
  -150
  -159
  -167
  -177
  -187
  -197
  -209
  -219
Free cash flow, $m
  100
  158
  225
  300
  382
  471
  567
  669
  778
  893
  1,015
  1,142
  1,276
  1,416
  1,561
  1,713
  1,872
  2,036
  2,208
  2,386
  2,571
  2,764
  2,964
  3,173
  3,390
  3,616
  3,852
  4,098
  4,354
  4,622
  4,901
Issuance/(repayment) of debt, $m
  0
  21
  24
  26
  28
  30
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  85
  88
  92
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
  24
  26
  28
  30
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  85
  88
  92
Total cash flow (excl. dividends), $m
  101
  179
  249
  326
  410
  501
  599
  704
  815
  932
  1,056
  1,185
  1,321
  1,462
  1,610
  1,764
  1,924
  2,091
  2,265
  2,445
  2,633
  2,828
  3,031
  3,242
  3,462
  3,691
  3,930
  4,179
  4,439
  4,710
  4,994
Retained Cash Flow (-), $m
  -40
  -22
  -24
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -87
  -90
  -94
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
 
  293
  225
  299
  381
  470
  566
  668
  777
  893
  1,014
  1,141
  1,275
  1,415
  1,560
  1,712
  1,871
  2,035
  2,207
  2,385
  2,570
  2,762
  2,963
  3,171
  3,388
  3,615
  3,850
  4,096
  4,352
  4,620
  4,899
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
 
  281
  206
  261
  314
  365
  411
  452
  486
  513
  532
  542
  544
  538
  524
  503
  475
  443
  406
  367
  327
  286
  246
  208
  173
  141
  112
  88
  67
  50
  37
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 43.9
Price to Sales 5.7
Price to Book 19.1
Price to Tangible Book
Price to Cash Flow 41.2
Price to Free Cash Flow 47
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
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 32.4%
Ret/ On Assets - 3 Yr. Avg. 25.1%
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 19.8% 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 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 5.4%. 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 46.557 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 $4.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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COKE Coca-Cola Bott 224.97 693.72  str.buy
COT Cott 17.62 25.60  str.buy

COMPANY NEWS

▶ LaCroix parent company's CEO continues to fight back against critics   [03:10PM  American City Business Journals]
▶ National Beverage posts 2Q profit   [11:42AM  Associated Press]
▶ Blue Chips Lead In Early Trade; 1 Soft Drink Maker Gaps Up   [10:24AM  Investor's Business Daily]
▶ 3 Top Soda Stocks to Consider Buying Now   [Nov-19-17 05:06PM  Motley Fool]
▶ Better Buy: Coca Cola vs. National Beverage   [Nov-02-17 07:31PM  Motley Fool]
▶ Coca-Cola Is Taking Aim at La Croix   [Oct-25-17 06:48PM  Motley Fool]
▶ Lacroix Maker's Frustration Bubbles Over   [Oct-19-17 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]
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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