Intrinsic value of McCormick - MKC

Previous Close

$101.16

  Intrinsic Value

$139.02

stock screener

  Rating & Target

buy

+37%

Previous close

$101.16

 
Intrinsic value

$139.02

 
Up/down potential

+37%

 
Rating

buy

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

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 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 13.2

 

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, %
  2.70
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  4,412
  4,791
  5,186
  5,597
  6,024
  6,467
  6,928
  7,407
  7,905
  8,422
  8,961
  9,521
  10,105
  10,713
  11,347
  12,008
  12,697
  13,416
  14,168
  14,953
  15,773
  16,631
  17,528
  18,466
  19,449
  20,477
  21,554
  22,681
  23,863
  25,101
  26,399
Variable operating expenses, $m
 
  933
  996
  1,061
  1,128
  1,198
  1,271
  1,346
  1,425
  1,507
  1,592
  1,503
  1,595
  1,691
  1,791
  1,895
  2,004
  2,118
  2,237
  2,360
  2,490
  2,625
  2,767
  2,915
  3,070
  3,232
  3,402
  3,580
  3,767
  3,962
  4,167
Fixed operating expenses, $m
 
  3,042
  3,118
  3,196
  3,276
  3,358
  3,442
  3,528
  3,616
  3,707
  3,799
  3,894
  3,992
  4,091
  4,194
  4,299
  4,406
  4,516
  4,629
  4,745
  4,863
  4,985
  5,110
  5,237
  5,368
  5,503
  5,640
  5,781
  5,926
  6,074
  6,226
Total operating expenses, $m
  3,771
  3,975
  4,114
  4,257
  4,404
  4,556
  4,713
  4,874
  5,041
  5,214
  5,391
  5,397
  5,587
  5,782
  5,985
  6,194
  6,410
  6,634
  6,866
  7,105
  7,353
  7,610
  7,877
  8,152
  8,438
  8,735
  9,042
  9,361
  9,693
  10,036
  10,393
Operating income, $m
  641
  816
  1,072
  1,340
  1,619
  1,911
  2,215
  2,532
  2,863
  3,209
  3,570
  4,124
  4,518
  4,930
  5,362
  5,813
  6,287
  6,782
  7,302
  7,848
  8,420
  9,020
  9,651
  10,314
  11,010
  11,742
  12,511
  13,320
  14,170
  15,065
  16,006
EBITDA, $m
  750
  1,037
  1,297
  1,568
  1,852
  2,147
  2,456
  2,777
  3,113
  3,463
  3,829
  4,211
  4,611
  5,028
  5,466
  5,923
  6,403
  6,905
  7,432
  7,984
  8,564
  9,173
  9,812
  10,483
  11,188
  11,929
  12,708
  13,527
  14,389
  15,295
  16,247
Interest expense (income), $m
  58
  54
  65
  75
  86
  98
  110
  122
  135
  148
  162
  177
  192
  207
  224
  241
  258
  277
  296
  316
  338
  360
  383
  407
  432
  458
  486
  515
  545
  577
  610
Earnings before tax, $m
  589
  761
  1,008
  1,265
  1,533
  1,813
  2,105
  2,410
  2,729
  3,061
  3,408
  3,947
  4,327
  4,723
  5,138
  5,573
  6,028
  6,505
  7,006
  7,531
  8,082
  8,661
  9,269
  9,907
  10,578
  11,284
  12,025
  12,805
  13,625
  14,488
  15,396
Tax expense, $m
  153
  206
  272
  341
  414
  490
  568
  651
  737
  826
  920
  1,066
  1,168
  1,275
  1,387
  1,505
  1,628
  1,756
  1,892
  2,033
  2,182
  2,338
  2,503
  2,675
  2,856
  3,047
  3,247
  3,457
  3,679
  3,912
  4,157
Net income, $m
  472
  556
  736
  923
  1,119
  1,324
  1,537
  1,760
  1,992
  2,234
  2,488
  2,882
  3,158
  3,448
  3,751
  4,068
  4,401
  4,749
  5,114
  5,498
  5,900
  6,322
  6,766
  7,232
  7,722
  8,237
  8,778
  9,348
  9,946
  10,576
  11,239

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  118
  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
  4,636
  4,904
  5,308
  5,729
  6,165
  6,619
  7,091
  7,581
  8,091
  8,621
  9,172
  9,746
  10,343
  10,965
  11,614
  12,290
  12,996
  13,732
  14,501
  15,305
  16,144
  17,022
  17,940
  18,901
  19,906
  20,959
  22,061
  23,215
  24,425
  25,692
  27,020
Adjusted assets (=assets-cash), $m
  4,518
  4,904
  5,308
  5,729
  6,165
  6,619
  7,091
  7,581
  8,091
  8,621
  9,172
  9,746
  10,343
  10,965
  11,614
  12,290
  12,996
  13,732
  14,501
  15,305
  16,144
  17,022
  17,940
  18,901
  19,906
  20,959
  22,061
  23,215
  24,425
  25,692
  27,020
Revenue / Adjusted assets
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
Average production assets, $m
  1,042
  1,131
  1,224
  1,321
  1,422
  1,526
  1,635
  1,748
  1,865
  1,988
  2,115
  2,247
  2,385
  2,528
  2,678
  2,834
  2,996
  3,166
  3,344
  3,529
  3,722
  3,925
  4,137
  4,358
  4,590
  4,833
  5,087
  5,353
  5,632
  5,924
  6,230
Working capital, $m
  -1
  297
  322
  347
  373
  401
  430
  459
  490
  522
  556
  590
  627
  664
  703
  744
  787
  832
  878
  927
  978
  1,031
  1,087
  1,145
  1,206
  1,270
  1,336
  1,406
  1,480
  1,556
  1,637
Total debt, $m
  1,447
  1,577
  1,835
  2,104
  2,384
  2,674
  2,976
  3,290
  3,616
  3,955
  4,308
  4,675
  5,057
  5,456
  5,871
  6,304
  6,755
  7,227
  7,719
  8,233
  8,770
  9,332
  9,920
  10,535
  11,178
  11,852
  12,557
  13,296
  14,070
  14,881
  15,731
Total liabilities, $m
  3,009
  3,139
  3,397
  3,666
  3,946
  4,236
  4,538
  4,852
  5,178
  5,517
  5,870
  6,237
  6,619
  7,018
  7,433
  7,866
  8,317
  8,789
  9,281
  9,795
  10,332
  10,894
  11,482
  12,097
  12,740
  13,414
  14,119
  14,858
  15,632
  16,443
  17,293
Total equity, $m
  1,627
  1,766
  1,911
  2,062
  2,220
  2,383
  2,553
  2,729
  2,913
  3,103
  3,302
  3,508
  3,723
  3,947
  4,181
  4,424
  4,678
  4,944
  5,220
  5,510
  5,812
  6,128
  6,459
  6,804
  7,166
  7,545
  7,942
  8,358
  8,793
  9,249
  9,727
Total liabilities and equity, $m
  4,636
  4,905
  5,308
  5,728
  6,166
  6,619
  7,091
  7,581
  8,091
  8,620
  9,172
  9,745
  10,342
  10,965
  11,614
  12,290
  12,995
  13,733
  14,501
  15,305
  16,144
  17,022
  17,941
  18,901
  19,906
  20,959
  22,061
  23,216
  24,425
  25,692
  27,020
Debt-to-equity ratio
  0.889
  0.890
  0.960
  1.020
  1.070
  1.120
  1.170
  1.210
  1.240
  1.270
  1.300
  1.330
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.480
  1.490
  1.510
  1.520
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.610
  1.620
Adjusted equity ratio
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  472
  556
  736
  923
  1,119
  1,324
  1,537
  1,760
  1,992
  2,234
  2,488
  2,882
  3,158
  3,448
  3,751
  4,068
  4,401
  4,749
  5,114
  5,498
  5,900
  6,322
  6,766
  7,232
  7,722
  8,237
  8,778
  9,348
  9,946
  10,576
  11,239
Depreciation, amort., depletion, $m
  109
  221
  225
  228
  232
  236
  240
  245
  249
  254
  259
  87
  92
  98
  104
  110
  116
  123
  130
  137
  144
  152
  160
  169
  178
  187
  197
  207
  218
  230
  241
Funds from operations, $m
  777
  777
  960
  1,152
  1,351
  1,560
  1,777
  2,004
  2,241
  2,489
  2,747
  2,969
  3,251
  3,546
  3,855
  4,178
  4,517
  4,872
  5,244
  5,634
  6,044
  6,475
  6,926
  7,401
  7,900
  8,424
  8,976
  9,555
  10,165
  10,806
  11,480
Change in working capital, $m
  119
  24
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
Cash from operations, $m
  658
  753
  936
  1,126
  1,325
  1,532
  1,749
  1,975
  2,210
  2,456
  2,713
  2,934
  3,215
  3,508
  3,815
  4,137
  4,474
  4,827
  5,197
  5,586
  5,993
  6,421
  6,871
  7,343
  7,839
  8,361
  8,909
  9,485
  10,091
  10,729
  11,400
Maintenance CAPEX, $m
  0
  -40
  -44
  -47
  -51
  -55
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -207
  -218
  -230
New CAPEX, $m
  -154
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -117
  -122
  -127
  -132
  -138
  -143
  -150
  -156
  -163
  -170
  -177
  -185
  -194
  -202
  -212
  -221
  -232
  -243
  -254
  -266
  -279
  -292
  -306
Cash from investing activities, $m
  -267
  -129
  -137
  -144
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -225
  -235
  -248
  -260
  -273
  -286
  -300
  -315
  -331
  -346
  -364
  -381
  -401
  -421
  -441
  -463
  -486
  -510
  -536
Free cash flow, $m
  391
  624
  799
  982
  1,173
  1,373
  1,581
  1,798
  2,025
  2,262
  2,509
  2,720
  2,990
  3,272
  3,568
  3,877
  4,201
  4,541
  4,897
  5,271
  5,663
  6,075
  6,507
  6,961
  7,438
  7,940
  8,467
  9,022
  9,605
  10,219
  10,864
Issuance/(repayment) of debt, $m
  56
  248
  259
  269
  280
  290
  302
  314
  326
  339
  353
  367
  382
  398
  415
  433
  452
  471
  492
  514
  537
  562
  588
  615
  643
  674
  705
  739
  774
  811
  850
Issuance/(repurchase) of shares, $m
  -209
  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  
  -154
  248
  259
  269
  280
  290
  302
  314
  326
  339
  353
  367
  382
  398
  415
  433
  452
  471
  492
  514
  537
  562
  588
  615
  643
  674
  705
  739
  774
  811
  850
Total cash flow (excl. dividends), $m
  224
  872
  1,057
  1,251
  1,453
  1,663
  1,883
  2,112
  2,351
  2,601
  2,862
  3,087
  3,372
  3,671
  3,983
  4,310
  4,653
  5,012
  5,389
  5,785
  6,200
  6,637
  7,095
  7,576
  8,082
  8,614
  9,173
  9,761
  10,379
  11,030
  11,714
Retained Cash Flow (-), $m
  43
  -139
  -145
  -151
  -157
  -163
  -170
  -176
  -183
  -191
  -198
  -207
  -215
  -224
  -233
  -243
  -254
  -265
  -277
  -289
  -302
  -316
  -331
  -346
  -362
  -379
  -397
  -416
  -435
  -456
  -478
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
 
  733
  912
  1,099
  1,295
  1,500
  1,713
  1,936
  2,168
  2,410
  2,664
  2,880
  3,157
  3,446
  3,749
  4,067
  4,399
  4,747
  5,113
  5,496
  5,898
  6,320
  6,764
  7,230
  7,720
  8,235
  8,776
  9,345
  9,944
  10,573
  11,236
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  692
  807
  907
  990
  1,055
  1,100
  1,126
  1,134
  1,122
  1,094
  1,033
  978
  911
  836
  755
  671
  586
  503
  424
  350
  284
  226
  175
  133
  99
  72
  50
  35
  23
  15
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

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 26.9
Price to Sales 2.9
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 19.3
Price to Free Cash Flow 25.1
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 $4412 million for the last fiscal year's total revenue generated by McCormick. The default revenue input number comes from 2016 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 8.6% 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%, 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 19.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2968 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 4.1% 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 23.6%.

Life of production assets of 25.8 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 6.2%. 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 - $1627 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 130.969 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 $13.2 billion.

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Financial statements of MKC
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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