Intrinsic value of Snyders-Lance - LNCE

Previous Close

$38.96

  Intrinsic Value

$11.17

stock screener

  Rating & Target

str. sell

-71%

  Value-price divergence*

+675%

Previous close

$38.96

 
Intrinsic value

$11.17

 
Up/down potential

-71%

 
Rating

str. sell

 
Value-price divergence*

+675%

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

We calculate the intrinsic value of LNCE 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 3.7

 

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, %
  27.36
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  2,109
  2,181
  2,258
  2,342
  2,432
  2,528
  2,630
  2,739
  2,856
  2,979
  3,109
  3,247
  3,393
  3,548
  3,711
  3,882
  4,064
  4,255
  4,456
  4,668
  4,892
  5,127
  5,374
  5,634
  5,908
  6,196
  6,499
  6,817
  7,151
  7,503
  7,873
Variable operating expenses, $m
 
  2,056
  2,125
  2,199
  2,278
  2,363
  2,453
  2,549
  2,652
  2,760
  2,876
  2,866
  2,995
  3,131
  3,275
  3,426
  3,586
  3,755
  3,933
  4,120
  4,317
  4,524
  4,743
  4,972
  5,214
  5,468
  5,735
  6,016
  6,311
  6,621
  6,948
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
  2,009
  2,056
  2,125
  2,199
  2,278
  2,363
  2,453
  2,549
  2,652
  2,760
  2,876
  2,866
  2,995
  3,131
  3,275
  3,426
  3,586
  3,755
  3,933
  4,120
  4,317
  4,524
  4,743
  4,972
  5,214
  5,468
  5,735
  6,016
  6,311
  6,621
  6,948
Operating income, $m
  100
  124
  134
  143
  154
  165
  177
  190
  204
  218
  233
  382
  399
  417
  436
  456
  477
  500
  524
  549
  575
  602
  631
  662
  694
  728
  764
  801
  840
  882
  925
EBITDA, $m
  199
  318
  329
  341
  354
  368
  383
  399
  416
  434
  453
  473
  494
  517
  541
  566
  592
  620
  649
  680
  713
  747
  783
  821
  861
  903
  947
  993
  1,042
  1,093
  1,147
Interest expense (income), $m
  31
  47
  49
  52
  55
  58
  61
  64
  68
  72
  76
  81
  85
  90
  96
  101
  107
  113
  120
  127
  134
  141
  149
  158
  167
  176
  186
  196
  207
  218
  230
Earnings before tax, $m
  67
  78
  84
  92
  99
  108
  116
  126
  136
  146
  157
  301
  313
  326
  340
  355
  370
  387
  404
  422
  441
  461
  482
  504
  527
  552
  578
  605
  633
  663
  695
Tax expense, $m
  25
  21
  23
  25
  27
  29
  31
  34
  37
  39
  42
  81
  85
  88
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
Net income, $m
  15
  57
  62
  67
  73
  79
  85
  92
  99
  107
  115
  220
  229
  238
  248
  259
  270
  282
  295
  308
  322
  337
  352
  368
  385
  403
  422
  442
  462
  484
  507

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  35
  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
  3,834
  3,929
  4,069
  4,220
  4,382
  4,555
  4,739
  4,936
  5,145
  5,367
  5,602
  5,851
  6,114
  6,392
  6,686
  6,995
  7,322
  7,667
  8,029
  8,412
  8,814
  9,238
  9,683
  10,152
  10,645
  11,164
  11,709
  12,283
  12,886
  13,519
  14,185
Adjusted assets (=assets-cash), $m
  3,799
  3,929
  4,069
  4,220
  4,382
  4,555
  4,739
  4,936
  5,145
  5,367
  5,602
  5,851
  6,114
  6,392
  6,686
  6,995
  7,322
  7,667
  8,029
  8,412
  8,814
  9,238
  9,683
  10,152
  10,645
  11,164
  11,709
  12,283
  12,886
  13,519
  14,185
Revenue / Adjusted assets
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
Average production assets, $m
  1,403
  1,450
  1,502
  1,557
  1,617
  1,681
  1,749
  1,822
  1,899
  1,981
  2,068
  2,159
  2,257
  2,359
  2,467
  2,582
  2,702
  2,830
  2,963
  3,105
  3,253
  3,409
  3,574
  3,747
  3,929
  4,120
  4,322
  4,533
  4,756
  4,990
  5,235
Working capital, $m
  296
  321
  332
  344
  357
  372
  387
  403
  420
  438
  457
  477
  499
  521
  545
  571
  597
  625
  655
  686
  719
  754
  790
  828
  869
  911
  955
  1,002
  1,051
  1,103
  1,157
Total debt, $m
  1,295
  1,326
  1,397
  1,474
  1,557
  1,645
  1,740
  1,840
  1,947
  2,060
  2,181
  2,308
  2,442
  2,584
  2,734
  2,893
  3,060
  3,236
  3,421
  3,616
  3,822
  4,038
  4,266
  4,506
  4,758
  5,023
  5,302
  5,595
  5,903
  6,226
  6,566
Total liabilities, $m
  1,977
  2,008
  2,079
  2,156
  2,239
  2,327
  2,422
  2,522
  2,629
  2,742
  2,863
  2,990
  3,124
  3,266
  3,416
  3,575
  3,742
  3,918
  4,103
  4,298
  4,504
  4,720
  4,948
  5,188
  5,440
  5,705
  5,984
  6,277
  6,585
  6,908
  7,248
Total equity, $m
  1,857
  1,921
  1,990
  2,063
  2,143
  2,227
  2,318
  2,414
  2,516
  2,624
  2,739
  2,861
  2,990
  3,126
  3,269
  3,421
  3,581
  3,749
  3,926
  4,113
  4,310
  4,517
  4,735
  4,964
  5,206
  5,459
  5,726
  6,006
  6,301
  6,611
  6,936
Total liabilities and equity, $m
  3,834
  3,929
  4,069
  4,219
  4,382
  4,554
  4,740
  4,936
  5,145
  5,366
  5,602
  5,851
  6,114
  6,392
  6,685
  6,996
  7,323
  7,667
  8,029
  8,411
  8,814
  9,237
  9,683
  10,152
  10,646
  11,164
  11,710
  12,283
  12,886
  13,519
  14,184
Debt-to-equity ratio
  0.697
  0.690
  0.700
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.850
  0.860
  0.870
  0.880
  0.890
  0.890
  0.900
  0.910
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
Adjusted equity ratio
  0.480
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  57
  62
  67
  73
  79
  85
  92
  99
  107
  115
  220
  229
  238
  248
  259
  270
  282
  295
  308
  322
  337
  352
  368
  385
  403
  422
  442
  462
  484
  507
Depreciation, amort., depletion, $m
  99
  193
  195
  198
  200
  203
  206
  209
  212
  216
  219
  91
  96
  100
  105
  109
  115
  120
  126
  132
  138
  144
  151
  159
  166
  175
  183
  192
  202
  211
  222
Funds from operations, $m
  322
  250
  257
  265
  273
  282
  291
  301
  311
  322
  334
  311
  324
  338
  353
  369
  385
  402
  420
  440
  460
  481
  503
  527
  552
  578
  605
  634
  664
  696
  729
Change in working capital, $m
  61
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
  49
  52
  54
Cash from operations, $m
  261
  240
  246
  252
  260
  267
  276
  285
  294
  304
  315
  291
  303
  316
  329
  343
  358
  374
  391
  408
  427
  446
  467
  489
  511
  535
  560
  587
  615
  644
  675
Maintenance CAPEX, $m
  0
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -88
  -91
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -159
  -166
  -175
  -183
  -192
  -202
  -211
New CAPEX, $m
  -73
  -47
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -121
  -127
  -134
  -141
  -149
  -156
  -164
  -173
  -182
  -191
  -201
  -212
  -222
  -234
  -246
Cash from investing activities, $m
  -1,117
  -106
  -113
  -120
  -126
  -133
  -139
  -147
  -154
  -162
  -171
  -180
  -188
  -199
  -208
  -219
  -230
  -242
  -254
  -267
  -281
  -294
  -308
  -324
  -341
  -357
  -376
  -395
  -414
  -436
  -457
Free cash flow, $m
  -856
  133
  133
  133
  134
  135
  136
  138
  140
  142
  144
  111
  114
  117
  121
  124
  128
  132
  137
  142
  147
  152
  158
  164
  170
  177
  184
  192
  200
  209
  217
Issuance/(repayment) of debt, $m
  916
  66
  71
  77
  83
  88
  94
  100
  107
  113
  120
  127
  134
  142
  150
  158
  167
  176
  185
  195
  206
  216
  228
  240
  252
  265
  279
  293
  308
  324
  340
Issuance/(repurchase) of shares, $m
  0
  8
  7
  7
  7
  6
  5
  4
  3
  2
  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  
  911
  74
  78
  84
  90
  94
  99
  104
  110
  115
  120
  127
  134
  142
  150
  158
  167
  176
  185
  195
  206
  216
  228
  240
  252
  265
  279
  293
  308
  324
  340
Total cash flow (excl. dividends), $m
  54
  206
  211
  217
  223
  230
  236
  243
  250
  257
  265
  239
  249
  259
  271
  283
  295
  308
  322
  337
  352
  369
  386
  404
  423
  442
  463
  485
  508
  532
  558
Retained Cash Flow (-), $m
  -769
  -64
  -68
  -74
  -79
  -85
  -90
  -96
  -102
  -108
  -115
  -122
  -129
  -136
  -144
  -151
  -160
  -168
  -177
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -267
  -280
  -295
  -310
  -326
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
 
  142
  142
  143
  144
  145
  146
  147
  148
  149
  150
  117
  120
  123
  127
  131
  135
  140
  145
  150
  156
  162
  168
  174
  181
  189
  196
  205
  213
  222
  232
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  132
  122
  113
  103
  94
  84
  75
  66
  58
  50
  33
  28
  24
  20
  16
  13
  11
  8
  6
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.8
  99.6
  99.5
  99.3
  99.2
  99.0
  98.9
  98.9
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8

Snyder's-Lance, Inc. is a snack food company. The Company is engaged in the manufacturing, distribution, marketing and sale of snack food products. Its products include pretzels, sandwich crackers, kettle cooked chips, pretzel crackers, cookies, potato chips, tortilla chips, restaurant style crackers, popcorn, nuts and other salty snacks. It owns various names for use with its Branded products, including Snyder's of Hanover; Lance; Cape Cod; Snack Factory Pretzel Crisps; Pop Secret; Emerald; Kettle Brand; KETTLE Chips, and Late July (collectively, Core brands). Its brands also include Metcalfe's skinny; Tom's; Archway; Jays; Stella D'oro; Eatsmart Snacks; Krunchers!, and O-Ke-Doke (collectively, Allied brands), as well as a range of other marks and designs. Its products are packaged in various single-serve, multi-pack, family-size and party-size configurations. It distributes snack food products throughout the United States using its direct-store-delivery distribution network.

FINANCIAL RATIOS  of  Snyders-Lance (LNCE)

Valuation Ratios
P/E Ratio 250
Price to Sales 1.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 14.4
Price to Free Cash Flow 19.9
Growth Rates
Sales Growth Rate 27.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.1%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 67.1%
Total Debt to Equity 69.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 1%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 36.2%
Gross Margin - 3 Yr. Avg. 35.6%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 386.7%

LNCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LNCE stock intrinsic value calculation we used $2109 million for the last fiscal year's total revenue generated by Snyders-Lance. The default revenue input number comes from 2016 income statement of Snyders-Lance. 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 LNCE stock valuation model: a) initial revenue growth rate of 3.4% 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 7.5%, whose default value for LNCE is calculated based on our internal credit rating of Snyders-Lance, 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 Snyders-Lance.
    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 LNCE stock the variable cost ratio is equal to 94.5%.

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 LNCE 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 3.7% for Snyders-Lance.

Corporate tax rate of 27% is the nominal tax rate for Snyders-Lance. 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 LNCE 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 LNCE are equal to 66.5%.

Life of production assets of 23.6 years is the average useful life of capital assets used in Snyders-Lance 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 LNCE is equal to 14.7%. 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 - $1857 million for Snyders-Lance - 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 95.371 million for Snyders-Lance 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 Snyders-Lance at the current share price and the inputted number of shares is $3.7 billion.

RELATED COMPANIES Price Int.Val. Rating
MDLZ Mondelez Inter 41.55 43.61  hold
JBSS John B. Sanfil 67.87 21.96  str.sell
BETR Amplify Snack 7.45 33.14  str.buy
PEP PepsiCo 113.57 59.66  sell
JJSF J&J Snack Food 131.58 61.87  str.sell

COMPANY NEWS

▶ Snyder's tops Street 2Q forecasts   [Aug-08-17 10:30PM  Associated Press]
▶ Snyders-Lance Declares Regular Quarterly Dividend   [Aug-04-17 08:00AM  GlobeNewswire]
▶ Updated: Snyders-Lance to lay off 250 employees, shutter Florida plant   [Jul-25-17 04:53PM  American City Business Journals]
▶ Snyders-Lance to keep familiar name as new CEO   [Jun-28-17 10:20AM  American City Business Journals]
▶ Top Defensive Consumer Stocks for 2017   [May-24-17 06:00AM  Investopedia]
▶ ETFs with exposure to Snyders-Lance, Inc. : May 16, 2017   [May-16-17 12:54PM  Capital Cube]
▶ Snyder's posts 1Q profit   [07:28AM  Associated Press]
▶ Snyders-Lance CEO retires suddenly, interim leader named   [03:00PM  American City Business Journals]
▶ Story Stocks from Briefing.com   [12:27PM  Briefing.com]
▶ [$$] Snyder's-Lance Swaps CEOs, Warns of Weakness   [08:13AM  The Wall Street Journal]
▶ Three things learned from Snyders-Lance 2016 earnings   [12:38PM  American City Business Journals]
▶ Snyder's reports 4Q loss   [07:32AM  Associated Press]
▶ Snyders-Lance Declares Regular Quarterly Dividend   [Feb-10-17 08:00AM  GlobeNewswire]
▶ Are These 3 Big Brand Stocks Wildly Overvalued?   [Jan-30-17 06:28AM  at Motley Fool]
▶ Is Snyder S Lance Inc (LNCE) A Good Stock To Buy?   [Dec-12-16 08:22PM  at Insider Monkey]
Financial statements of LNCE
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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