Intrinsic value of Flowers Foods - FLO

Previous Close

$19.72

  Intrinsic Value

$9.81

stock screener

  Rating & Target

str. sell

-50%

Previous close

$19.72

 
Intrinsic value

$9.81

 
Up/down potential

-50%

 
Rating

str. sell

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

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 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 4.1

 

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, %
  3.92
  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
  3,927
  4,006
  4,098
  4,203
  4,321
  4,452
  4,596
  4,752
  4,922
  5,104
  5,300
  5,510
  5,734
  5,972
  6,225
  6,493
  6,778
  7,079
  7,397
  7,734
  8,089
  8,464
  8,860
  9,277
  9,716
  10,178
  10,665
  11,178
  11,717
  12,285
  12,882
Variable operating expenses, $m
 
  3,688
  3,772
  3,868
  3,975
  4,094
  4,225
  4,367
  4,521
  4,687
  4,865
  5,009
  5,213
  5,429
  5,659
  5,903
  6,162
  6,436
  6,725
  7,031
  7,354
  7,695
  8,055
  8,434
  8,833
  9,253
  9,696
  10,162
  10,653
  11,169
  11,711
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
  3,663
  3,688
  3,772
  3,868
  3,975
  4,094
  4,225
  4,367
  4,521
  4,687
  4,865
  5,009
  5,213
  5,429
  5,659
  5,903
  6,162
  6,436
  6,725
  7,031
  7,354
  7,695
  8,055
  8,434
  8,833
  9,253
  9,696
  10,162
  10,653
  11,169
  11,711
Operating income, $m
  264
  317
  326
  335
  346
  358
  371
  385
  401
  417
  435
  501
  521
  543
  566
  590
  616
  643
  672
  703
  735
  769
  805
  843
  883
  925
  969
  1,016
  1,065
  1,116
  1,171
EBITDA, $m
  405
  476
  487
  500
  514
  529
  546
  565
  585
  607
  630
  655
  682
  710
  740
  772
  806
  841
  879
  919
  962
  1,006
  1,053
  1,103
  1,155
  1,210
  1,268
  1,329
  1,393
  1,460
  1,531
Interest expense (income), $m
  27
  34
  35
  36
  38
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  77
  82
  87
  91
  97
  102
  108
  114
  120
  127
  134
  141
  149
Earnings before tax, $m
  250
  283
  291
  299
  308
  318
  330
  342
  355
  369
  385
  448
  465
  484
  503
  524
  546
  570
  595
  621
  649
  678
  708
  741
  775
  811
  849
  889
  931
  975
  1,021
Tax expense, $m
  86
  77
  78
  81
  83
  86
  89
  92
  96
  100
  104
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
  276
Net income, $m
  164
  207
  212
  218
  225
  232
  241
  250
  259
  270
  281
  327
  340
  353
  367
  383
  399
  416
  434
  453
  473
  495
  517
  541
  566
  592
  620
  649
  679
  712
  746

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  2,761
  2,811
  2,876
  2,949
  3,032
  3,124
  3,225
  3,335
  3,454
  3,582
  3,720
  3,867
  4,024
  4,191
  4,368
  4,557
  4,756
  4,968
  5,191
  5,427
  5,677
  5,940
  6,217
  6,510
  6,818
  7,143
  7,484
  7,844
  8,223
  8,621
  9,040
Adjusted assets (=assets-cash), $m
  2,755
  2,811
  2,876
  2,949
  3,032
  3,124
  3,225
  3,335
  3,454
  3,582
  3,720
  3,867
  4,024
  4,191
  4,368
  4,557
  4,756
  4,968
  5,191
  5,427
  5,677
  5,940
  6,217
  6,510
  6,818
  7,143
  7,484
  7,844
  8,223
  8,621
  9,040
Revenue / Adjusted assets
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
  1.425
Average production assets, $m
  1,649
  1,682
  1,721
  1,765
  1,815
  1,870
  1,930
  1,996
  2,067
  2,144
  2,226
  2,314
  2,408
  2,508
  2,614
  2,727
  2,847
  2,973
  3,107
  3,248
  3,398
  3,555
  3,721
  3,896
  4,081
  4,275
  4,479
  4,695
  4,921
  5,160
  5,410
Working capital, $m
  136
  164
  168
  172
  177
  183
  188
  195
  202
  209
  217
  226
  235
  245
  255
  266
  278
  290
  303
  317
  332
  347
  363
  380
  398
  417
  437
  458
  480
  504
  528
Total debt, $m
  978
  1,004
  1,040
  1,082
  1,128
  1,180
  1,236
  1,298
  1,365
  1,437
  1,514
  1,596
  1,684
  1,778
  1,878
  1,983
  2,095
  2,214
  2,339
  2,472
  2,612
  2,759
  2,915
  3,079
  3,252
  3,434
  3,626
  3,828
  4,040
  4,263
  4,498
Total liabilities, $m
  1,551
  1,577
  1,613
  1,655
  1,701
  1,753
  1,809
  1,871
  1,938
  2,010
  2,087
  2,169
  2,257
  2,351
  2,451
  2,556
  2,668
  2,787
  2,912
  3,045
  3,185
  3,332
  3,488
  3,652
  3,825
  4,007
  4,199
  4,401
  4,613
  4,836
  5,071
Total equity, $m
  1,210
  1,234
  1,262
  1,295
  1,331
  1,372
  1,416
  1,464
  1,516
  1,573
  1,633
  1,697
  1,766
  1,840
  1,918
  2,000
  2,088
  2,181
  2,279
  2,383
  2,492
  2,608
  2,729
  2,858
  2,993
  3,136
  3,286
  3,444
  3,610
  3,785
  3,968
Total liabilities and equity, $m
  2,761
  2,811
  2,875
  2,950
  3,032
  3,125
  3,225
  3,335
  3,454
  3,583
  3,720
  3,866
  4,023
  4,191
  4,369
  4,556
  4,756
  4,968
  5,191
  5,428
  5,677
  5,940
  6,217
  6,510
  6,818
  7,143
  7,485
  7,845
  8,223
  8,621
  9,039
Debt-to-equity ratio
  0.808
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.890
  0.900
  0.910
  0.930
  0.940
  0.950
  0.970
  0.980
  0.990
  1.000
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.130
  1.130
Adjusted equity ratio
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  164
  207
  212
  218
  225
  232
  241
  250
  259
  270
  281
  327
  340
  353
  367
  383
  399
  416
  434
  453
  473
  495
  517
  541
  566
  592
  620
  649
  679
  712
  746
Depreciation, amort., depletion, $m
  141
  159
  161
  164
  168
  171
  175
  180
  184
  190
  195
  154
  161
  167
  174
  182
  190
  198
  207
  217
  227
  237
  248
  260
  272
  285
  299
  313
  328
  344
  361
Funds from operations, $m
  351
  366
  373
  382
  393
  404
  416
  429
  444
  459
  476
  481
  500
  520
  542
  565
  589
  614
  641
  670
  700
  732
  765
  801
  838
  877
  918
  962
  1,008
  1,056
  1,106
Change in working capital, $m
  5
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  346
  362
  370
  378
  388
  398
  410
  423
  437
  452
  468
  472
  491
  511
  531
  554
  577
  602
  628
  656
  685
  716
  749
  784
  820
  858
  898
  941
  985
  1,032
  1,082
Maintenance CAPEX, $m
  0
  -110
  -112
  -115
  -118
  -121
  -125
  -129
  -133
  -138
  -143
  -148
  -154
  -161
  -167
  -174
  -182
  -190
  -198
  -207
  -217
  -227
  -237
  -248
  -260
  -272
  -285
  -299
  -313
  -328
  -344
New CAPEX, $m
  -102
  -34
  -39
  -44
  -50
  -55
  -60
  -66
  -71
  -77
  -82
  -88
  -94
  -100
  -106
  -113
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -205
  -215
  -227
  -238
  -251
Cash from investing activities, $m
  -70
  -144
  -151
  -159
  -168
  -176
  -185
  -195
  -204
  -215
  -225
  -236
  -248
  -261
  -273
  -287
  -302
  -317
  -332
  -348
  -366
  -384
  -403
  -423
  -444
  -466
  -490
  -514
  -540
  -566
  -595
Free cash flow, $m
  276
  219
  219
  219
  220
  222
  225
  228
  233
  237
  243
  236
  243
  250
  258
  266
  276
  286
  296
  308
  320
  332
  346
  360
  376
  392
  409
  427
  446
  466
  487
Issuance/(repayment) of debt, $m
  -54
  32
  36
  41
  47
  52
  57
  62
  67
  72
  77
  83
  88
  94
  100
  106
  112
  119
  125
  133
  140
  148
  156
  164
  173
  182
  192
  202
  212
  223
  235
Issuance/(repurchase) of shares, $m
  -99
  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  
  -153
  32
  36
  41
  47
  52
  57
  62
  67
  72
  77
  83
  88
  94
  100
  106
  112
  119
  125
  133
  140
  148
  156
  164
  173
  182
  192
  202
  212
  223
  235
Total cash flow (excl. dividends), $m
  123
  251
  255
  261
  267
  274
  282
  290
  299
  309
  320
  319
  331
  344
  358
  372
  388
  404
  422
  440
  459
  480
  502
  524
  549
  574
  601
  629
  658
  689
  722
Retained Cash Flow (-), $m
  33
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -109
  -116
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
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
 
  227
  227
  228
  231
  234
  237
  242
  247
  253
  259
  254
  262
  270
  280
  289
  300
  311
  323
  336
  350
  364
  380
  396
  413
  431
  451
  471
  492
  515
  538
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  213
  199
  185
  172
  160
  147
  135
  123
  111
  99
  84
  74
  64
  55
  47
  39
  33
  27
  21
  17
  13
  10
  7
  5
  4
  3
  2
  1
  1
  0
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

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 25.1
Price to Sales 1
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 16.8
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 $3927 million for the last fiscal year's total revenue generated by Flowers Foods. The default revenue input number comes from 2016 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 6.5%, 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 92.1%.

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 3.5% 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 42%.

Life of production assets of 15 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 4.1%. 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 - $1210 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 209.091 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 49.76 25.53  sell

COMPANY NEWS

▶ 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]
▶ New Strong Sell Stocks for September 21st   [Sep-21-17 08:07AM  Zacks]
▶ New Strong Sell Stocks for August 31st   [Aug-31-17 10:30AM  Zacks]
▶ Flowers Foods Declares Dividend   [Aug-18-17 09:15AM  PR Newswire]
▶ Flowers Foods to close Triad plant, lay off 169 employees   [Aug-10-17 04:10PM  American City Business Journals]
▶ Flowers Foods posts 2Q profit   [Aug-09-17 11:56PM  Associated Press]
▶ Flowers Foods Announces Treasury Appointment   [Jul-27-17 04:45PM  PR Newswire]
▶ ETFs with exposure to Flowers Foods, Inc. : July 5, 2017   [Jul-05-17 12:42PM  Capital Cube]
▶ ETFs with exposure to Flowers Foods, Inc. : June 13, 2017   [Jun-13-17 12:29PM  Capital Cube]
▶ These 3 Stocks Just Raised Their Dividends   [Jun-02-17 05:20PM  Motley Fool]
▶ Flowers Foods Increases Quarterly Dividend   [May-25-17 09:00AM  PR Newswire]
▶ ETFs with exposure to Flowers Foods, Inc. : May 22, 2017   [May-22-17 01:40PM  Capital Cube]
▶ Flowers Foods misses Street 1Q forecasts   [May-17-17 04:42PM  Associated Press]
▶ Taking a Look at Flower Foods Stock   [Mar-26-17 11:45PM  GuruFocus.com]
▶ Flowers Foods Declares Dividend   [Feb-17-17 09:45AM  PR Newswire]
▶ The Selloff of Flowers Foods Was Irrational   [Feb-15-17 03:41PM  GuruFocus.com]
Financial statements of FLO
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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