Intrinsic value of Hain Celestial Group - HAIN

Previous Close

$37.94

  Intrinsic Value

$25.27

stock screener

  Rating & Target

sell

-33%

  Value-price divergence*

-28%

Previous close

$37.94

 
Intrinsic value

$25.27

 
Up/down potential

-33%

 
Rating

sell

 
Value-price divergence*

-28%

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

We calculate the intrinsic value of HAIN 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 4.0

 

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, %
  10.54
  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
  2,885
  2,943
  3,010
  3,088
  3,175
  3,271
  3,376
  3,491
  3,616
  3,750
  3,894
  4,048
  4,212
  4,387
  4,573
  4,770
  4,979
  5,201
  5,435
  5,682
  5,943
  6,218
  6,509
  6,815
  7,138
  7,478
  7,835
  8,212
  8,608
  9,025
  9,464
Variable operating expenses, $m
 
  2,664
  2,723
  2,790
  2,866
  2,949
  3,041
  3,141
  3,249
  3,366
  3,491
  3,519
  3,661
  3,814
  3,975
  4,147
  4,328
  4,521
  4,724
  4,939
  5,166
  5,405
  5,658
  5,924
  6,205
  6,500
  6,811
  7,138
  7,483
  7,845
  8,226
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
  2,725
  2,664
  2,723
  2,790
  2,866
  2,949
  3,041
  3,141
  3,249
  3,366
  3,491
  3,519
  3,661
  3,814
  3,975
  4,147
  4,328
  4,521
  4,724
  4,939
  5,166
  5,405
  5,658
  5,924
  6,205
  6,500
  6,811
  7,138
  7,483
  7,845
  8,226
Operating income, $m
  160
  279
  288
  298
  309
  322
  335
  350
  367
  384
  403
  529
  551
  574
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  933
  978
  1,024
  1,074
  1,125
  1,180
  1,237
EBITDA, $m
  226
  419
  428
  439
  452
  465
  480
  497
  514
  534
  554
  576
  599
  624
  651
  679
  708
  740
  773
  808
  846
  885
  926
  970
  1,016
  1,064
  1,115
  1,168
  1,225
  1,284
  1,346
Interest expense (income), $m
  24
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  92
  97
  103
  108
  114
  121
  127
Earnings before tax, $m
  118
  249
  257
  266
  277
  288
  300
  313
  328
  343
  360
  484
  503
  523
  545
  567
  592
  617
  644
  673
  703
  735
  769
  804
  841
  880
  922
  965
  1,011
  1,059
  1,110
Tax expense, $m
  71
  67
  70
  72
  75
  78
  81
  85
  89
  93
  97
  131
  136
  141
  147
  153
  160
  167
  174
  182
  190
  198
  208
  217
  227
  238
  249
  261
  273
  286
  300
Net income, $m
  47
  182
  188
  195
  202
  210
  219
  229
  239
  251
  263
  353
  367
  382
  398
  414
  432
  451
  470
  491
  513
  537
  561
  587
  614
  643
  673
  705
  738
  773
  810

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  128
  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
  3,008
  2,937
  3,004
  3,082
  3,168
  3,264
  3,370
  3,484
  3,609
  3,743
  3,886
  4,040
  4,204
  4,378
  4,564
  4,761
  4,969
  5,190
  5,424
  5,671
  5,931
  6,206
  6,496
  6,802
  7,124
  7,463
  7,820
  8,196
  8,591
  9,007
  9,445
Adjusted assets (=assets-cash), $m
  2,880
  2,937
  3,004
  3,082
  3,168
  3,264
  3,370
  3,484
  3,609
  3,743
  3,886
  4,040
  4,204
  4,378
  4,564
  4,761
  4,969
  5,190
  5,424
  5,671
  5,931
  6,206
  6,496
  6,802
  7,124
  7,463
  7,820
  8,196
  8,591
  9,007
  9,445
Revenue / Adjusted assets
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
  1.002
Average production assets, $m
  997
  1,018
  1,042
  1,068
  1,098
  1,132
  1,168
  1,208
  1,251
  1,298
  1,347
  1,401
  1,457
  1,518
  1,582
  1,651
  1,723
  1,799
  1,880
  1,966
  2,056
  2,152
  2,252
  2,358
  2,470
  2,587
  2,711
  2,841
  2,978
  3,123
  3,274
Working capital, $m
  543
  450
  461
  472
  486
  500
  517
  534
  553
  574
  596
  619
  644
  671
  700
  730
  762
  796
  831
  869
  909
  951
  996
  1,043
  1,092
  1,144
  1,199
  1,256
  1,317
  1,381
  1,448
Total debt, $m
  863
  862
  893
  928
  968
  1,012
  1,060
  1,112
  1,169
  1,230
  1,296
  1,366
  1,441
  1,521
  1,606
  1,696
  1,791
  1,892
  1,999
  2,111
  2,231
  2,356
  2,489
  2,628
  2,775
  2,930
  3,094
  3,265
  3,446
  3,636
  3,836
Total liabilities, $m
  1,344
  1,342
  1,373
  1,408
  1,448
  1,492
  1,540
  1,592
  1,649
  1,710
  1,776
  1,846
  1,921
  2,001
  2,086
  2,176
  2,271
  2,372
  2,479
  2,591
  2,711
  2,836
  2,969
  3,108
  3,255
  3,410
  3,574
  3,745
  3,926
  4,116
  4,316
Total equity, $m
  1,665
  1,595
  1,631
  1,673
  1,720
  1,773
  1,830
  1,892
  1,960
  2,032
  2,110
  2,194
  2,283
  2,377
  2,478
  2,585
  2,698
  2,818
  2,945
  3,079
  3,221
  3,370
  3,527
  3,693
  3,868
  4,052
  4,246
  4,450
  4,665
  4,891
  5,128
Total liabilities and equity, $m
  3,009
  2,937
  3,004
  3,081
  3,168
  3,265
  3,370
  3,484
  3,609
  3,742
  3,886
  4,040
  4,204
  4,378
  4,564
  4,761
  4,969
  5,190
  5,424
  5,670
  5,932
  6,206
  6,496
  6,801
  7,123
  7,462
  7,820
  8,195
  8,591
  9,007
  9,444
Debt-to-equity ratio
  0.518
  0.540
  0.550
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.690
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.750
Adjusted equity ratio
  0.534
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  182
  188
  195
  202
  210
  219
  229
  239
  251
  263
  353
  367
  382
  398
  414
  432
  451
  470
  491
  513
  537
  561
  587
  614
  643
  673
  705
  738
  773
  810
Depreciation, amort., depletion, $m
  66
  140
  141
  142
  143
  144
  145
  146
  148
  149
  151
  47
  49
  51
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
Funds from operations, $m
  118
  322
  329
  336
  345
  354
  364
  375
  387
  400
  414
  400
  416
  432
  450
  469
  489
  511
  533
  557
  582
  608
  636
  665
  696
  729
  763
  799
  837
  877
  919
Change in working capital, $m
  -89
  9
  10
  12
  13
  15
  16
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
Cash from operations, $m
  207
  313
  318
  324
  331
  339
  348
  357
  368
  379
  392
  376
  391
  406
  422
  439
  457
  477
  497
  519
  542
  566
  592
  619
  647
  677
  709
  742
  777
  814
  852
Maintenance CAPEX, $m
  0
  -33
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
New CAPEX, $m
  -77
  -21
  -23
  -27
  -30
  -33
  -37
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -64
  -68
  -72
  -77
  -81
  -86
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -152
Cash from investing activities, $m
  -234
  -54
  -57
  -62
  -66
  -70
  -75
  -79
  -83
  -88
  -93
  -98
  -104
  -110
  -115
  -121
  -127
  -134
  -141
  -149
  -156
  -164
  -173
  -181
  -191
  -200
  -210
  -220
  -232
  -243
  -256
Free cash flow, $m
  -27
  259
  261
  263
  266
  269
  274
  279
  285
  291
  299
  278
  287
  297
  307
  318
  330
  343
  356
  371
  386
  402
  419
  438
  457
  477
  499
  521
  545
  570
  597
Issuance/(repayment) of debt, $m
  16
  26
  31
  35
  40
  44
  48
  52
  57
  61
  66
  70
  75
  80
  85
  90
  95
  101
  107
  113
  119
  126
  132
  140
  147
  155
  163
  172
  181
  190
  200
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  
  0
  26
  31
  35
  40
  44
  48
  52
  57
  61
  66
  70
  75
  80
  85
  90
  95
  101
  107
  113
  119
  126
  132
  140
  147
  155
  163
  172
  181
  190
  200
Total cash flow (excl. dividends), $m
  -39
  285
  292
  298
  305
  313
  322
  331
  341
  352
  364
  348
  362
  376
  392
  408
  425
  444
  463
  483
  505
  528
  552
  577
  604
  632
  662
  693
  726
  760
  797
Retained Cash Flow (-), $m
  63
  -31
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -73
  -78
  -83
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
Prev. year cash balance distribution, $m
 
  101
  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
 
  355
  255
  256
  258
  261
  264
  269
  274
  280
  286
  265
  273
  282
  291
  301
  312
  324
  336
  349
  364
  379
  394
  411
  429
  448
  468
  489
  511
  534
  559
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  337
  229
  216
  203
  191
  179
  166
  154
  142
  130
  107
  96
  86
  77
  67
  59
  50
  43
  36
  29
  24
  19
  15
  11
  9
  6
  5
  3
  2
  2
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

The Hain Celestial Group, Inc. is an organic and natural products company. The Company and its subsidiaries manufacture, market, distribute and sell organic and natural products under brand names which are sold as better-for-you products. The Company's segments include United States, United Kingdom, Hain Pure Protein and Rest of World. Its Rest of World segment includes Canada and Europe. The Company's brand names include Almond Dream, Arrowhead Mills, Bearitos, BluePrint, Celestial Seasonings, Cully & Sully, Danival, DeBoles, Earth's Best, Ella's Kitchen, Empire, Europe's Best, Farmhouse Fare, Frank Cooper's, FreeBird, Gale's, Garden of Eatin', GG UniqueFiber, Hain Pure Foods, Hartley's, Health Valley, Imagine, Johnson's Juice Co., Joya, Kosher Valley, Lima, The Greek Gods, Tilda, Walnut Acres, WestSoy, Yves Veggie Cuisine and Yorkshire Provender. Its personal care products are marketed under the Alba Botanica, Avalon Organics, Earth's Best, JASON, Live Clean and Queen Helene brands.

FINANCIAL RATIOS  of  Hain Celestial Group (HAIN)

Valuation Ratios
P/E Ratio 83.5
Price to Sales 1.4
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 30.2
Growth Rates
Sales Growth Rate 10.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 50.2%
Total Debt to Equity 51.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 2.8%
Return On Equity - 3 Yr. Avg. 7.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 21.3%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 7.2%
EBITDA Margin - 3 Yr. Avg. 10.4%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 60.2%
Eff/ Tax Rate - 3 Yr. Avg. 39.4%
Payout Ratio 0%

HAIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HAIN stock intrinsic value calculation we used $2885 million for the last fiscal year's total revenue generated by Hain Celestial Group. The default revenue input number comes from 2016 income statement of Hain Celestial Group. 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 HAIN 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 5.3%, whose default value for HAIN is calculated based on our internal credit rating of Hain Celestial Group, 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 Hain Celestial Group.
    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 HAIN stock the variable cost ratio is equal to 90.6%.

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 HAIN 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 Hain Celestial Group.

Corporate tax rate of 27% is the nominal tax rate for Hain Celestial Group. 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 HAIN 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 HAIN are equal to 34.6%.

Life of production assets of 31.7 years is the average useful life of capital assets used in Hain Celestial Group 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 HAIN is equal to 15.3%. 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 - $1665 million for Hain Celestial Group - 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 106.683 million for Hain Celestial Group 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 Hain Celestial Group at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ Final Trades: HAIN, CELG & PHM   [Oct-19-17 05:59PM  CNBC Videos]
▶ Asian shares slightly higher, though Japan is exception   [Sep-28-17 11:53PM  Associated Press]
▶ Hain Celestial Shoots for the Moon   [11:14AM  Bloomberg]
▶ Hain: Reasons to Give Buyers Pause?   [11:12AM  Barrons.com]
▶ America's Favorite Couple Calls It Quits. PB & Who?   [Sep-14-17 09:08AM  PR Newswire]
▶ Why The Hain Celestial Group Inc. Lost 10% Last Month   [Sep-12-17 03:02PM  Motley Fool]
▶ Hain Celestial Trying To Close In On Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Hain Celestial: Cramer's Top Takeaways   [Aug-31-17 06:41AM  TheStreet.com]
▶ Hain Celestial beats Street 4Q forecasts   [Aug-29-17 10:55PM  Associated Press]
▶ IBD Rating Upgrades: Hain Celestial Flashes Improved Relative Price Strength   [Aug-28-17 03:00AM  Investor's Business Daily]
▶ Why Hain Celestial is the Top Consumer Staple   [Jul-19-17 05:12PM  TheStreet.com]
▶ The Greek Gods® Seriously Indulgent Yogurt   [Jul-17-17 09:08AM  PR Newswire]
▶ 3 Value Stocks for Audacious Investors   [Jul-15-17 09:08AM  Motley Fool]
▶ [$$] Activist Wants New Kind of Board at Hain Celestial   [Jul-14-17 11:18PM  Barrons.com]
Financial statements of HAIN
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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