Intrinsic value of Flowers Foods - FLO

Previous Close

$19.30

  Intrinsic Value

$11.97

stock screener

  Rating & Target

sell

-38%

Previous close

$19.30

 
Intrinsic value

$11.97

 
Up/down potential

-38%

 
Rating

sell

We calculate the intrinsic value of FLO 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 0001), $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 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

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
  3,999
  4,091
  4,196
  4,314
  4,445
  4,589
  4,745
  4,914
  5,096
  5,292
  5,501
  5,724
  5,962
  6,215
  6,483
  6,767
  7,068
  7,386
  7,722
  8,076
  8,451
  8,846
  9,262
  9,700
  10,162
  10,648
  11,160
  11,699
  12,265
  12,861
Variable operating expenses, $m
  3,729
  3,812
  3,907
  4,013
  4,131
  4,261
  4,402
  4,554
  4,719
  4,895
  4,963
  5,165
  5,379
  5,607
  5,849
  6,105
  6,377
  6,663
  6,967
  7,287
  7,624
  7,981
  8,356
  8,752
  9,168
  9,607
  10,069
  10,555
  11,066
  11,603
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
  3,729
  3,812
  3,907
  4,013
  4,131
  4,261
  4,402
  4,554
  4,719
  4,895
  4,963
  5,165
  5,379
  5,607
  5,849
  6,105
  6,377
  6,663
  6,967
  7,287
  7,624
  7,981
  8,356
  8,752
  9,168
  9,607
  10,069
  10,555
  11,066
  11,603
Operating income, $m
  270
  279
  290
  301
  314
  328
  343
  360
  378
  397
  538
  560
  583
  608
  634
  662
  691
  722
  755
  790
  826
  865
  906
  949
  994
  1,041
  1,091
  1,144
  1,199
  1,258
EBITDA, $m
  494
  505
  518
  533
  549
  567
  586
  607
  630
  654
  680
  707
  737
  768
  801
  836
  873
  913
  954
  998
  1,044
  1,093
  1,144
  1,199
  1,256
  1,316
  1,379
  1,445
  1,515
  1,589
Interest expense (income), $m
  27
  45
  47
  48
  50
  53
  55
  58
  61
  64
  68
  72
  76
  80
  85
  90
  95
  100
  106
  112
  119
  126
  133
  141
  149
  157
  166
  176
  186
  196
  207
Earnings before tax, $m
  225
  233
  241
  251
  261
  273
  285
  299
  313
  329
  466
  484
  503
  523
  544
  567
  591
  616
  643
  671
  701
  732
  765
  800
  837
  875
  916
  958
  1,003
  1,051
Tax expense, $m
  61
  63
  65
  68
  71
  74
  77
  81
  85
  89
  126
  131
  136
  141
  147
  153
  160
  166
  174
  181
  189
  198
  207
  216
  226
  236
  247
  259
  271
  284
Net income, $m
  165
  170
  176
  183
  191
  199
  208
  218
  229
  240
  340
  353
  367
  382
  397
  414
  431
  450
  469
  490
  512
  534
  559
  584
  611
  639
  668
  700
  732
  767

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
  2,713
  2,776
  2,847
  2,927
  3,016
  3,113
  3,219
  3,334
  3,457
  3,590
  3,732
  3,884
  4,045
  4,216
  4,398
  4,591
  4,795
  5,011
  5,239
  5,479
  5,733
  6,001
  6,283
  6,581
  6,894
  7,224
  7,571
  7,937
  8,321
  8,725
Adjusted assets (=assets-cash), $m
  2,713
  2,776
  2,847
  2,927
  3,016
  3,113
  3,219
  3,334
  3,457
  3,590
  3,732
  3,884
  4,045
  4,216
  4,398
  4,591
  4,795
  5,011
  5,239
  5,479
  5,733
  6,001
  6,283
  6,581
  6,894
  7,224
  7,571
  7,937
  8,321
  8,725
Revenue / Adjusted assets
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
  1.474
Average production assets, $m
  1,412
  1,444
  1,481
  1,523
  1,569
  1,620
  1,675
  1,735
  1,799
  1,868
  1,942
  2,021
  2,105
  2,194
  2,288
  2,389
  2,495
  2,607
  2,726
  2,851
  2,983
  3,123
  3,269
  3,424
  3,587
  3,759
  3,940
  4,130
  4,330
  4,540
Working capital, $m
  124
  127
  130
  134
  138
  142
  147
  152
  158
  164
  171
  177
  185
  193
  201
  210
  219
  229
  239
  250
  262
  274
  287
  301
  315
  330
  346
  363
  380
  399
Total debt, $m
  861
  894
  932
  974
  1,021
  1,073
  1,129
  1,190
  1,256
  1,326
  1,401
  1,481
  1,567
  1,658
  1,754
  1,856
  1,964
  2,079
  2,200
  2,327
  2,462
  2,604
  2,753
  2,911
  3,077
  3,252
  3,436
  3,630
  3,833
  4,048
Total liabilities, $m
  1,438
  1,471
  1,509
  1,551
  1,598
  1,650
  1,706
  1,767
  1,832
  1,903
  1,978
  2,058
  2,144
  2,235
  2,331
  2,433
  2,541
  2,656
  2,776
  2,904
  3,039
  3,181
  3,330
  3,488
  3,654
  3,829
  4,013
  4,206
  4,410
  4,624
Total equity, $m
  1,275
  1,304
  1,338
  1,376
  1,417
  1,463
  1,513
  1,567
  1,625
  1,687
  1,754
  1,825
  1,901
  1,982
  2,067
  2,158
  2,254
  2,355
  2,462
  2,575
  2,695
  2,821
  2,953
  3,093
  3,240
  3,395
  3,559
  3,730
  3,911
  4,101
Total liabilities and equity, $m
  2,713
  2,775
  2,847
  2,927
  3,015
  3,113
  3,219
  3,334
  3,457
  3,590
  3,732
  3,883
  4,045
  4,217
  4,398
  4,591
  4,795
  5,011
  5,238
  5,479
  5,734
  6,002
  6,283
  6,581
  6,894
  7,224
  7,572
  7,936
  8,321
  8,725
Debt-to-equity ratio
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.990
Adjusted equity ratio
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  165
  170
  176
  183
  191
  199
  208
  218
  229
  240
  340
  353
  367
  382
  397
  414
  431
  450
  469
  490
  512
  534
  559
  584
  611
  639
  668
  700
  732
  767
Depreciation, amort., depletion, $m
  224
  226
  229
  232
  235
  239
  243
  247
  252
  257
  142
  147
  154
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  288
  301
  316
  331
Funds from operations, $m
  388
  396
  405
  415
  426
  438
  451
  465
  481
  497
  482
  501
  521
  542
  564
  588
  613
  640
  668
  698
  729
  762
  797
  834
  873
  913
  956
  1,001
  1,049
  1,098
Change in working capital, $m
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
Cash from operations, $m
  386
  393
  402
  411
  422
  434
  446
  460
  475
  491
  476
  494
  513
  534
  556
  579
  604
  630
  658
  687
  718
  750
  784
  820
  858
  898
  940
  984
  1,031
  1,080
Maintenance CAPEX, $m
  -101
  -103
  -105
  -108
  -111
  -115
  -118
  -122
  -127
  -131
  -136
  -142
  -147
  -154
  -160
  -167
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -274
  -288
  -301
  -316
New CAPEX, $m
  -28
  -32
  -37
  -42
  -46
  -51
  -55
  -60
  -64
  -69
  -74
  -79
  -84
  -89
  -95
  -100
  -106
  -112
  -119
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -210
Cash from investing activities, $m
  -129
  -135
  -142
  -150
  -157
  -166
  -173
  -182
  -191
  -200
  -210
  -221
  -231
  -243
  -255
  -267
  -280
  -294
  -309
  -324
  -340
  -357
  -375
  -394
  -413
  -434
  -455
  -478
  -501
  -526
Free cash flow, $m
  257
  258
  259
  262
  265
  268
  273
  278
  284
  291
  265
  273
  282
  291
  301
  312
  324
  336
  349
  363
  377
  393
  409
  427
  445
  465
  485
  507
  530
  554
Issuance/(repayment) of debt, $m
  29
  33
  38
  42
  47
  52
  56
  61
  66
  70
  75
  80
  85
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
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  
  29
  33
  38
  42
  47
  52
  56
  61
  66
  70
  75
  80
  85
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
Total cash flow (excl. dividends), $m
  286
  291
  297
  304
  312
  320
  329
  339
  350
  361
  341
  354
  368
  382
  398
  414
  432
  450
  470
  490
  512
  535
  559
  585
  611
  639
  669
  700
  733
  768
Retained Cash Flow (-), $m
  -24
  -29
  -34
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -67
  -71
  -76
  -81
  -85
  -91
  -96
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -181
  -190
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
  261
  261
  264
  266
  270
  274
  279
  285
  292
  299
  274
  283
  292
  302
  312
  324
  336
  349
  363
  377
  393
  409
  426
  445
  464
  484
  506
  529
  553
  578
Discount rate, %
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
  247
  232
  219
  205
  192
  179
  165
  152
  139
  126
  102
  91
  80
  71
  61
  52
  44
  37
  30
  24
  19
  15
  12
  9
  6
  5
  3
  2
  1
  1
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

Flowers Foods, Inc. is a producer and marketer of packaged bakery products. The Company operates in two segments: direct-store-delivery segment (DSD Segment) and warehouse delivery segment (Warehouse Segment). The DSD segment produces fresh breads, buns, rolls, tortillas and snack cakes sold primarily by a network of independent distributors to retail and foodservice customers in the areas of the United States: East, South, Southwest, California, and select markets in the Midwest, Pacific Northwest, Nevada, and Colorado. The Warehouse Segment produces snack cakes, breads and rolls that are shipped both fresh and frozen to national retail, foodservice, vending, and co-pack customers through their warehouse channels. The Warehouse Segment supplies national and regional restaurants, institutions and foodservice distributors, and retail in-store bakeries with breads and rolls. It also sells packaged bakery products to wholesale distributors for ultimate sale to a range of food outlets.

FINANCIAL RATIOS  of  Flowers Foods (FLO)

Valuation Ratios
P/E Ratio 24.5
Price to Sales 1
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 16.5
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 0.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 78.3%
Total Debt to Equity 80.8%
Interest Coverage 10
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 15.1%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 48.4%
Gross Margin - 3 Yr. Avg. 48.1%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 79.9%

FLO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLO stock intrinsic value calculation we used $3920.733 million for the last fiscal year's total revenue generated by Flowers Foods. The default revenue input number comes from 0001 income statement of Flowers 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 FLO 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 5.8%, whose default value for FLO is calculated based on our internal credit rating of Flowers 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 Flowers 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 FLO stock the variable cost ratio is equal to 93.3%.

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 FLO 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 Flowers Foods.

Corporate tax rate of 27% is the nominal tax rate for Flowers 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 FLO 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 FLO are equal to 35.3%.

Life of production assets of 13.7 years is the average useful life of capital assets used in Flowers 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 FLO is equal to 3.1%. 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 - $1250.677 million for Flowers 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 210.883 million for Flowers 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 Flowers Foods at the current share price and the inputted number of shares is $4.1 billion.

RELATED COMPANIES Price Int.Val. Rating
CPB Campbell Soup 40.14 51.91  buy

COMPANY NEWS

▶ Flowers Foods Declares Dividend   [Aug-17-18 09:00AM  PR Newswire]
▶ New Strong Sell Stocks for August 14th   [Aug-14-18 09:00AM  Zacks]
▶ Yeast issue lessens Flowers Foods' rise   [10:18AM  American City Business Journals]
▶ Yeast recall lessens Flowers Foods' rise   [06:52AM  American City Business Journals]
▶ Flowers Foods (FLO) Stock Slides on Q2 Profit Miss   [Aug-08-18 06:04PM  InvestorPlace]
▶ Flowers Foods: 2Q Earnings Snapshot   [04:45PM  Associated Press]
▶ Swiss Rolls recalled over potential salmonella contamination   [Jul-20-18 12:25AM  CBS MoneyWatch]
▶ Swiss Rolls Recall: 8 Things for Consumers to Know   [Jul-19-18 02:22PM  InvestorPlace]
▶ How Financially Strong Is Flowers Foods Inc (NYSE:FLO)?   [Jun-15-18 08:53PM  Simply Wall St.]
▶ Flowers Foods Increases Quarterly Dividend   [May-24-18 09:15AM  PR Newswire]
▶ Flowers Foods, Inc. to Host Earnings Call   [May-17-18 06:30AM  ACCESSWIRE]
▶ Flowers Foods: 1Q Earnings Snapshot   [May-16-18 04:25PM  Associated Press]
▶ Top Ranked Income Stocks to Buy for April 10th   [Apr-10-18 08:11AM  Zacks]
▶ New Month, New Quarter, Same Old Selloff   [Apr-03-18 09:15AM  Zacks]
▶ Should You Buy Flowers Foods Inc (NYSE:FLO) Now?   [Mar-20-18 11:26AM  Simply Wall St.]
▶ March Top Staples Dividend Stock   [Mar-15-18 04:02PM  Simply Wall St.]
▶ Should You Sell Flowers Foods Inc (NYSE:FLO) At This PE Ratio?   [Mar-05-18 02:03PM  Simply Wall St.]
▶ Flowers Foods Gets a Lift as I Stray from My Atkins Diet   [Feb-23-18 10:00AM  TheStreet.com]
▶ Flowers Foods Declares Dividend   [Feb-16-18 08:50AM  PR Newswire]
▶ Top NasdaqGS Dividend Payers   [Feb-12-18 08:02AM  Simply Wall St.]
▶ Flowers Foods posts 4Q profit   [05:01AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for January 4th   [Jan-04-18 06:42AM  Zacks]
▶ Flowers Foods Executives Exercise Options   [Nov-30-17 05:00PM  PR Newswire]
▶ Flowers Foods Declares Dividend   [Nov-17-17 08:50AM  PR Newswire]
▶ Flowers Foods Executives Exercise Options   [Nov-15-17 05:45PM  PR Newswire]
▶ Flowers Foods reports 3Q loss   [Nov-08-17 07:55PM  Associated Press]

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