Intrinsic value of McCormick - MKC

Previous Close

$137.47

  Intrinsic Value

$154.95

stock screener

  Rating & Target

hold

+13%

Previous close

$137.47

 
Intrinsic value

$154.95

 
Up/down potential

+13%

 
Rating

hold

We calculate the intrinsic value of MKC 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 16.7

 

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, %
  19.10
  17.69
  16.42
  15.28
  14.25
  13.33
  12.49
  11.74
  11.07
  10.46
  9.92
  9.42
  8.98
  8.58
  8.23
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
Revenue, $m
  5,757
  6,776
  7,889
  9,094
  10,390
  11,774
  13,245
  14,801
  16,439
  18,159
  19,960
  21,841
  23,803
  25,846
  27,972
  30,183
  32,481
  34,869
  37,350
  39,929
  42,610
  45,398
  48,298
  51,316
  54,459
  57,734
  61,146
  64,705
  68,418
  72,293
Variable operating expenses, $m
  4,778
  5,490
  6,267
  7,109
  8,014
  8,982
  10,009
  11,096
  12,240
  13,442
  13,944
  15,258
  16,628
  18,056
  19,541
  21,085
  22,691
  24,359
  26,092
  27,894
  29,767
  31,714
  33,740
  35,849
  38,045
  40,332
  42,716
  45,202
  47,796
  50,503
Fixed operating expenses, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Total operating expenses, $m
  4,777
  5,489
  6,266
  7,108
  8,013
  8,981
  10,008
  11,095
  12,239
  13,441
  13,943
  15,257
  16,627
  18,055
  19,540
  21,084
  22,690
  24,358
  26,090
  27,892
  29,765
  31,712
  33,738
  35,847
  38,043
  40,330
  42,714
  45,200
  47,794
  50,501
Operating income, $m
  980
  1,287
  1,623
  1,986
  2,377
  2,794
  3,237
  3,706
  4,200
  4,719
  6,017
  6,585
  7,176
  7,792
  8,433
  9,099
  9,792
  10,511
  11,259
  12,037
  12,845
  13,685
  14,559
  15,469
  16,417
  17,403
  18,432
  19,505
  20,624
  21,792
EBITDA, $m
  1,863
  2,192
  2,552
  2,942
  3,361
  3,808
  4,284
  4,787
  5,317
  5,873
  6,455
  7,064
  7,698
  8,359
  9,046
  9,761
  10,504
  11,276
  12,079
  12,912
  13,779
  14,681
  15,619
  16,595
  17,611
  18,670
  19,773
  20,924
  22,124
  23,378
Interest expense (income), $m
  58
  271
  352
  441
  538
  644
  757
  878
  1,006
  1,142
  1,285
  1,435
  1,593
  1,757
  1,928
  2,107
  2,292
  2,485
  2,686
  2,894
  3,111
  3,336
  3,571
  3,814
  4,067
  4,331
  4,605
  4,891
  5,189
  5,500
  5,824
Earnings before tax, $m
  709
  935
  1,181
  1,448
  1,733
  2,037
  2,360
  2,700
  3,058
  3,433
  4,582
  4,992
  5,419
  5,864
  6,326
  6,807
  7,306
  7,825
  8,365
  8,925
  9,508
  10,115
  10,745
  11,402
  12,086
  12,798
  13,541
  14,315
  15,124
  15,968
Tax expense, $m
  191
  252
  319
  391
  468
  550
  637
  729
  826
  927
  1,237
  1,348
  1,463
  1,583
  1,708
  1,838
  1,973
  2,113
  2,258
  2,410
  2,567
  2,731
  2,901
  3,079
  3,263
  3,455
  3,656
  3,865
  4,083
  4,311
Net income, $m
  517
  683
  862
  1,057
  1,265
  1,487
  1,723
  1,971
  2,232
  2,506
  3,345
  3,644
  3,956
  4,280
  4,618
  4,969
  5,334
  5,713
  6,106
  6,516
  6,941
  7,384
  7,844
  8,323
  8,823
  9,343
  9,885
  10,450
  11,040
  11,656

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
  12,382
  14,572
  16,965
  19,557
  22,344
  25,321
  28,485
  31,830
  35,353
  39,052
  42,925
  46,970
  51,189
  55,583
  60,156
  64,910
  69,851
  74,986
  80,322
  85,868
  91,634
  97,629
  103,866
  110,358
  117,117
  124,158
  131,497
  139,150
  147,134
  155,468
Adjusted assets (=assets-cash), $m
  12,382
  14,572
  16,965
  19,557
  22,344
  25,321
  28,485
  31,830
  35,353
  39,052
  42,925
  46,970
  51,189
  55,583
  60,156
  64,910
  69,851
  74,986
  80,322
  85,868
  91,634
  97,629
  103,866
  110,358
  117,117
  124,158
  131,497
  139,150
  147,134
  155,468
Revenue / Adjusted assets
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
Average production assets, $m
  3,788
  4,459
  5,191
  5,984
  6,837
  7,748
  8,715
  9,739
  10,817
  11,949
  13,134
  14,372
  15,662
  17,007
  18,406
  19,860
  21,372
  22,944
  24,576
  26,273
  28,037
  29,872
  31,780
  33,766
  35,834
  37,989
  40,234
  42,576
  45,019
  47,569
Working capital, $m
  81
  95
  110
  127
  145
  165
  185
  207
  230
  254
  279
  306
  333
  362
  392
  423
  455
  488
  523
  559
  597
  636
  676
  718
  762
  808
  856
  906
  958
  1,012
Total debt, $m
  6,523
  8,170
  9,970
  11,919
  14,015
  16,254
  18,633
  21,148
  23,798
  26,579
  29,492
  32,534
  35,707
  39,011
  42,449
  46,024
  49,740
  53,602
  57,615
  61,785
  66,121
  70,629
  75,320
  80,201
  85,284
  90,579
  96,098
  101,853
  107,857
  114,124
Total liabilities, $m
  9,311
  10,958
  12,757
  14,707
  16,802
  19,042
  21,420
  23,936
  26,586
  29,367
  32,279
  35,322
  38,494
  41,799
  45,237
  48,812
  52,528
  56,390
  60,402
  64,573
  68,909
  73,417
  78,108
  82,989
  88,072
  93,367
  98,886
  104,641
  110,645
  116,912
Total equity, $m
  3,071
  3,614
  4,207
  4,850
  5,541
  6,280
  7,064
  7,894
  8,768
  9,685
  10,645
  11,649
  12,695
  13,785
  14,919
  16,098
  17,323
  18,597
  19,920
  21,295
  22,725
  24,212
  25,759
  27,369
  29,045
  30,791
  32,611
  34,509
  36,489
  38,556
Total liabilities and equity, $m
  12,382
  14,572
  16,964
  19,557
  22,343
  25,322
  28,484
  31,830
  35,354
  39,052
  42,924
  46,971
  51,189
  55,584
  60,156
  64,910
  69,851
  74,987
  80,322
  85,868
  91,634
  97,629
  103,867
  110,358
  117,117
  124,158
  131,497
  139,150
  147,134
  155,468
Debt-to-equity ratio
  2.120
  2.260
  2.370
  2.460
  2.530
  2.590
  2.640
  2.680
  2.710
  2.740
  2.770
  2.790
  2.810
  2.830
  2.850
  2.860
  2.870
  2.880
  2.890
  2.900
  2.910
  2.920
  2.920
  2.930
  2.940
  2.940
  2.950
  2.950
  2.960
  2.960
Adjusted equity ratio
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  517
  683
  862
  1,057
  1,265
  1,487
  1,723
  1,971
  2,232
  2,506
  3,345
  3,644
  3,956
  4,280
  4,618
  4,969
  5,334
  5,713
  6,106
  6,516
  6,941
  7,384
  7,844
  8,323
  8,823
  9,343
  9,885
  10,450
  11,040
  11,656
Depreciation, amort., depletion, $m
  882
  905
  929
  956
  984
  1,014
  1,047
  1,081
  1,117
  1,154
  438
  479
  522
  567
  614
  662
  712
  765
  819
  876
  935
  996
  1,059
  1,126
  1,194
  1,266
  1,341
  1,419
  1,501
  1,586
Funds from operations, $m
  1,400
  1,587
  1,792
  2,012
  2,249
  2,502
  2,769
  3,052
  3,349
  3,661
  3,783
  4,123
  4,478
  4,847
  5,232
  5,631
  6,046
  6,477
  6,926
  7,391
  7,876
  8,379
  8,903
  9,449
  10,017
  10,609
  11,226
  11,869
  12,541
  13,242
Change in working capital, $m
  13
  14
  16
  17
  18
  19
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
Cash from operations, $m
  1,387
  1,573
  1,776
  1,995
  2,231
  2,482
  2,749
  3,030
  3,326
  3,637
  3,758
  4,097
  4,451
  4,819
  5,202
  5,600
  6,014
  6,444
  6,891
  7,355
  7,838
  8,340
  8,863
  9,407
  9,973
  10,563
  11,178
  11,820
  12,489
  13,188
Maintenance CAPEX, $m
  -106
  -126
  -149
  -173
  -199
  -228
  -258
  -291
  -325
  -361
  -398
  -438
  -479
  -522
  -567
  -614
  -662
  -712
  -765
  -819
  -876
  -935
  -996
  -1,059
  -1,126
  -1,194
  -1,266
  -1,341
  -1,419
  -1,501
New CAPEX, $m
  -610
  -670
  -732
  -793
  -853
  -911
  -968
  -1,024
  -1,078
  -1,132
  -1,185
  -1,238
  -1,291
  -1,344
  -1,399
  -1,455
  -1,512
  -1,571
  -1,633
  -1,697
  -1,764
  -1,834
  -1,908
  -1,986
  -2,068
  -2,154
  -2,246
  -2,342
  -2,443
  -2,550
Cash from investing activities, $m
  -716
  -796
  -881
  -966
  -1,052
  -1,139
  -1,226
  -1,315
  -1,403
  -1,493
  -1,583
  -1,676
  -1,770
  -1,866
  -1,966
  -2,069
  -2,174
  -2,283
  -2,398
  -2,516
  -2,640
  -2,769
  -2,904
  -3,045
  -3,194
  -3,348
  -3,512
  -3,683
  -3,862
  -4,051
Free cash flow, $m
  671
  777
  895
  1,029
  1,179
  1,343
  1,522
  1,716
  1,923
  2,144
  2,174
  2,421
  2,681
  2,952
  3,236
  3,532
  3,840
  4,160
  4,493
  4,839
  5,198
  5,571
  5,959
  6,361
  6,779
  7,214
  7,666
  8,137
  8,627
  9,137
Issuance/(repayment) of debt, $m
  1,496
  1,647
  1,799
  1,949
  2,096
  2,239
  2,379
  2,516
  2,650
  2,782
  2,912
  3,042
  3,173
  3,304
  3,438
  3,575
  3,716
  3,862
  4,013
  4,171
  4,336
  4,509
  4,690
  4,881
  5,083
  5,295
  5,519
  5,755
  6,004
  6,267
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  
  1,496
  1,647
  1,799
  1,949
  2,096
  2,239
  2,379
  2,516
  2,650
  2,782
  2,912
  3,042
  3,173
  3,304
  3,438
  3,575
  3,716
  3,862
  4,013
  4,171
  4,336
  4,509
  4,690
  4,881
  5,083
  5,295
  5,519
  5,755
  6,004
  6,267
Total cash flow (excl. dividends), $m
  2,167
  2,424
  2,695
  2,979
  3,275
  3,582
  3,901
  4,232
  4,573
  4,926
  5,087
  5,464
  5,853
  6,257
  6,674
  7,107
  7,556
  8,022
  8,506
  9,010
  9,534
  10,080
  10,649
  11,243
  11,862
  12,509
  13,185
  13,892
  14,631
  15,404
Retained Cash Flow (-), $m
  -500
  -543
  -593
  -643
  -691
  -738
  -785
  -830
  -874
  -917
  -960
  -1,003
  -1,046
  -1,090
  -1,134
  -1,179
  -1,225
  -1,274
  -1,323
  -1,375
  -1,430
  -1,487
  -1,547
  -1,610
  -1,676
  -1,746
  -1,820
  -1,898
  -1,980
  -2,067
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
  1,667
  1,881
  2,101
  2,336
  2,583
  2,844
  3,117
  3,402
  3,699
  4,009
  4,126
  4,460
  4,807
  5,167
  5,540
  5,928
  6,330
  6,748
  7,183
  7,634
  8,104
  8,593
  9,102
  9,633
  10,186
  10,763
  11,365
  11,994
  12,651
  13,337
Discount rate, %
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
  1,527
  1,564
  1,573
  1,558
  1,521
  1,461
  1,381
  1,285
  1,175
  1,056
  888
  772
  659
  550
  450
  360
  282
  216
  161
  117
  83
  57
  38
  25
  15
  9
  5
  3
  2
  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

McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company's segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products. As of November 30, 2016, it offered brands for consumers in approximately 150 countries and territories. The Company's brands in the Americas include McCormick, Lawry's, and Club House, as well as brands, such as Gourmet Garden and OLD BAY. It provides a range of products to food manufacturers and foodservice customers. The Company's sales, distribution and production facilities are located in North America, Europe and China. It markets regional and ethnic brands, such as Zatarain's, Stubb's, Thai Kitchen and Simply Asia. The Company offers sensory testing, culinary research, food safety and flavor application.

FINANCIAL RATIOS  of  McCormick (MKC)

Valuation Ratios
P/E Ratio 36.5
Price to Sales 3.9
Price to Book 10.6
Price to Tangible Book
Price to Cash Flow 26.2
Price to Free Cash Flow 34.2
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.3%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 64.8%
Total Debt to Equity 88.9%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 15.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.2%
Return On Equity 28.6%
Return On Equity - 3 Yr. Avg. 25.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 17.1%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 14.5%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 10.7%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 26%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 46.2%

MKC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MKC stock intrinsic value calculation we used $4834.1 million for the last fiscal year's total revenue generated by McCormick. The default revenue input number comes from 0001 income statement of McCormick. 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 MKC stock valuation model: a) initial revenue growth rate of 19.1% 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 9.2%, whose default value for MKC is calculated based on our internal credit rating of McCormick, 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 McCormick.
    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 MKC stock the variable cost ratio is equal to 85.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $-1 million in the base year in the intrinsic value calculation for MKC 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 McCormick.

Corporate tax rate of 27% is the nominal tax rate for McCormick. 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 MKC 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 MKC are equal to 65.8%.

Life of production assets of 44.9 years is the average useful life of capital assets used in McCormick 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 MKC is equal to 1.4%. 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 - $2570.9 million for McCormick - 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 121.281 million for McCormick 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 McCormick at the current share price and the inputted number of shares is $16.7 billion.

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COMPANY NEWS

▶ The Ravens will now only serve McCormick condiments at M&T Bank Stadium   [Oct-18-18 02:53PM  American City Business Journals]
▶ 7 Consumer Staples Stocks to Buy   [Oct-10-18 11:35AM  InvestorPlace]
▶ Cramer's consumer staples 'power ranking'   [Oct-09-18 07:03PM  CNBC Videos]
▶ RB Foods Continues to Power McCormick's Growth   [Oct-03-18 03:36PM  GuruFocus.com]
▶ Inside McCormick's new $170M Hunt Valley headquarters (PHOTOS)   [Oct-02-18 02:48PM  American City Business Journals]
▶ What McCormick Wants Investors to Know   [Oct-01-18 09:02PM  Motley Fool]
▶ McCormick Rides Portfolio Additions to Record Sales   [Sep-30-18 11:19AM  Motley Fool]
▶ Company News For Sep 28, 2018   [Sep-28-18 10:17AM  Zacks]
▶ McCormick cooks up chicken wings as it expands Frank's RedHot brand   [06:28AM  American City Business Journals]
▶ Frank's RedHot helps boost McCormick's profit spike in 3Q   [11:14AM  American City Business Journals]
▶ [$$] Reckitt food unit deal boosts McCormick   [07:52AM  Financial Times]
▶ McCormick: Fiscal 3Q Earnings Snapshot   [06:40AM  Associated Press]
▶ McCormick & Co's Q3 Earnings Outlook   [Sep-26-18 02:15PM  Benzinga]
▶ McCormick Declares $0.52 Quarterly Dividend   [Sep-25-18 04:40PM  PR Newswire]
▶ 10 Buy-and-Hold Stocks to Own Forever   [03:42PM  InvestorPlace]
▶ 3 Things to Watch in the Stock Market This Week   [Sep-23-18 07:17AM  Motley Fool]
▶ McCormick Earnings: What to Watch   [Sep-21-18 07:55PM  Motley Fool]
▶ How McCormick Stock Can Add Some Spice to Your Portfolio   [Sep-17-18 10:57AM  InvestorPlace]
▶ 3 Stocks for Warren Buffett Fans   [Sep-15-18 08:00AM  Motley Fool]
▶ The 15th Rule Breakers 5-Stock Sampler Is Mmm-mmm Good   [Sep-11-18 01:39PM  Motley Fool]
▶ Jealous, Hogan trade blows over proposal to lower Maryland sales tax   [Sep-06-18 02:04PM  American City Business Journals]
▶ Caves Valley Partners in deal to buy Hunt Valley office building from McCormick   [Aug-27-18 03:00PM  American City Business Journals]
▶ The top Baltimore-area performers during the stock market's longest bull run   [Aug-22-18 03:03PM  American City Business Journals]
▶ McCormick's Stock Is Seasoned to Go Higher   [Jul-24-18 09:37AM  TheStreet.com]
▶ Embrace the Volatility Window   [Jul-13-18 02:37PM  Motley Fool]
▶ 6 Stocks to Outperform The Late Bull Market   [Jul-11-18 01:45PM  Investopedia]
▶ Why McCormick Stock Gained 15% in June   [Jul-10-18 10:48AM  Motley Fool]
▶ 33 Super Deals and Discounts for 2018   [Jul-06-18 05:21PM  Kiplinger]
▶ 3 Values in Consumer Staples Stocks   [04:54PM  Kiplinger]
▶ Jim Cramer: Don't Buy Into These Contortions of Negativity   [Jul-05-18 07:01PM  TheStreet.com]
▶ Long-Simmering McCormick Now Habanero Hot   [08:24AM  TheStreet.com]
▶ What 'ketchup wars' means for McCormick   [Jul-04-18 09:01AM  American City Business Journals]
▶ 3 Things McCormick Wants You to Know   [Jul-02-18 08:16PM  Motley Fool]
▶ Company News For Jun 29, 2018   [09:27AM  Zacks]
▶ McCormick Stock Spikes on Strong Q2 Earnings   [12:19PM  InvestorPlace]
▶ McCormick Gets the Job Done in Q2   [12:14PM  Motley Fool]

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