Intrinsic value of Sanderson Farms - SAFM

Previous Close

$100.67

  Intrinsic Value

$174.81

stock screener

  Rating & Target

str. buy

+74%

Previous close

$100.67

 
Intrinsic value

$174.81

 
Up/down potential

+74%

 
Rating

str. buy

We calculate the intrinsic value of SAFM 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 2.3

 

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, %
  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
  3,409
  3,487
  3,577
  3,678
  3,789
  3,912
  4,045
  4,189
  4,344
  4,511
  4,689
  4,880
  5,082
  5,298
  5,526
  5,768
  6,025
  6,296
  6,582
  6,885
  7,204
  7,540
  7,895
  8,269
  8,663
  9,077
  9,513
  9,972
  10,455
  10,963
Variable operating expenses, $m
  2,560
  2,619
  2,686
  2,762
  2,846
  2,938
  3,038
  3,146
  3,263
  3,388
  3,522
  3,665
  3,817
  3,979
  4,150
  4,332
  4,525
  4,728
  4,943
  5,170
  5,410
  5,663
  5,929
  6,210
  6,506
  6,817
  7,145
  7,489
  7,852
  8,234
Fixed operating expenses, $m
  425
  435
  444
  454
  464
  474
  484
  495
  506
  517
  529
  540
  552
  564
  577
  589
  602
  615
  629
  643
  657
  671
  686
  701
  717
  733
  749
  765
  782
  799
Total operating expenses, $m
  2,985
  3,054
  3,130
  3,216
  3,310
  3,412
  3,522
  3,641
  3,769
  3,905
  4,051
  4,205
  4,369
  4,543
  4,727
  4,921
  5,127
  5,343
  5,572
  5,813
  6,067
  6,334
  6,615
  6,911
  7,223
  7,550
  7,894
  8,254
  8,634
  9,033
Operating income, $m
  424
  434
  447
  462
  480
  500
  523
  548
  576
  606
  639
  675
  713
  755
  799
  847
  898
  952
  1,010
  1,071
  1,137
  1,206
  1,280
  1,358
  1,440
  1,528
  1,620
  1,718
  1,821
  1,931
EBITDA, $m
  526
  538
  554
  572
  593
  617
  644
  673
  706
  741
  779
  821
  865
  913
  965
  1,019
  1,078
  1,140
  1,207
  1,277
  1,352
  1,431
  1,516
  1,605
  1,699
  1,799
  1,904
  2,016
  2,134
  2,258
Interest expense (income), $m
  2
  0
  0
  1
  1
  2
  2
  3
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  19
  20
  22
  24
  26
  28
  30
  32
  35
Earnings before tax, $m
  424
  434
  446
  461
  478
  498
  520
  544
  572
  601
  633
  668
  706
  746
  790
  836
  886
  939
  996
  1,056
  1,120
  1,187
  1,259
  1,335
  1,416
  1,502
  1,592
  1,688
  1,789
  1,896
Tax expense, $m
  114
  117
  120
  124
  129
  134
  140
  147
  154
  162
  171
  180
  191
  202
  213
  226
  239
  254
  269
  285
  302
  321
  340
  361
  382
  405
  430
  456
  483
  512
Net income, $m
  309
  316
  326
  336
  349
  363
  380
  397
  417
  439
  462
  488
  515
  545
  577
  611
  647
  686
  727
  771
  817
  867
  919
  975
  1,034
  1,096
  1,162
  1,232
  1,306
  1,384

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
  1,543
  1,579
  1,619
  1,665
  1,715
  1,771
  1,831
  1,896
  1,967
  2,042
  2,123
  2,209
  2,301
  2,398
  2,502
  2,611
  2,727
  2,850
  2,980
  3,117
  3,261
  3,414
  3,574
  3,743
  3,922
  4,109
  4,307
  4,514
  4,733
  4,963
Adjusted assets (=assets-cash), $m
  1,543
  1,579
  1,619
  1,665
  1,715
  1,771
  1,831
  1,896
  1,967
  2,042
  2,123
  2,209
  2,301
  2,398
  2,502
  2,611
  2,727
  2,850
  2,980
  3,117
  3,261
  3,414
  3,574
  3,743
  3,922
  4,109
  4,307
  4,514
  4,733
  4,963
Revenue / Adjusted assets
  2.209
  2.208
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.208
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
  2.209
Average production assets, $m
  856
  875
  898
  923
  951
  982
  1,015
  1,051
  1,090
  1,132
  1,177
  1,225
  1,276
  1,330
  1,387
  1,448
  1,512
  1,580
  1,652
  1,728
  1,808
  1,893
  1,982
  2,076
  2,174
  2,278
  2,388
  2,503
  2,624
  2,752
Working capital, $m
  235
  241
  247
  254
  261
  270
  279
  289
  300
  311
  324
  337
  351
  366
  381
  398
  416
  434
  454
  475
  497
  520
  545
  571
  598
  626
  656
  688
  721
  756
Total debt, $m
  7
  14
  22
  31
  41
  52
  64
  77
  91
  106
  122
  139
  157
  177
  197
  219
  242
  267
  293
  320
  349
  379
  411
  445
  480
  517
  557
  598
  642
  687
Total liabilities, $m
  307
  314
  322
  331
  341
  352
  364
  377
  391
  406
  422
  440
  458
  477
  498
  520
  543
  567
  593
  620
  649
  679
  711
  745
  780
  818
  857
  898
  942
  988
Total equity, $m
  1,236
  1,265
  1,297
  1,334
  1,374
  1,418
  1,467
  1,519
  1,575
  1,636
  1,700
  1,769
  1,843
  1,921
  2,004
  2,092
  2,185
  2,283
  2,387
  2,496
  2,612
  2,734
  2,863
  2,998
  3,141
  3,291
  3,450
  3,616
  3,791
  3,975
Total liabilities and equity, $m
  1,543
  1,579
  1,619
  1,665
  1,715
  1,770
  1,831
  1,896
  1,966
  2,042
  2,122
  2,209
  2,301
  2,398
  2,502
  2,612
  2,728
  2,850
  2,980
  3,116
  3,261
  3,413
  3,574
  3,743
  3,921
  4,109
  4,307
  4,514
  4,733
  4,963
Debt-to-equity ratio
  0.010
  0.010
  0.020
  0.020
  0.030
  0.040
  0.040
  0.050
  0.060
  0.060
  0.070
  0.080
  0.090
  0.090
  0.100
  0.100
  0.110
  0.120
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.170
Adjusted equity ratio
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801
  0.801

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  309
  316
  326
  336
  349
  363
  380
  397
  417
  439
  462
  488
  515
  545
  577
  611
  647
  686
  727
  771
  817
  867
  919
  975
  1,034
  1,096
  1,162
  1,232
  1,306
  1,384
Depreciation, amort., depletion, $m
  102
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  146
  152
  158
  165
  172
  180
  188
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  328
Funds from operations, $m
  411
  421
  432
  446
  462
  480
  500
  523
  547
  574
  603
  634
  667
  703
  742
  783
  827
  874
  923
  976
  1,033
  1,092
  1,155
  1,222
  1,293
  1,368
  1,447
  1,530
  1,619
  1,712
Change in working capital, $m
  5
  5
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
Cash from operations, $m
  407
  415
  426
  439
  454
  472
  491
  513
  536
  562
  590
  621
  653
  688
  726
  766
  809
  855
  904
  955
  1,010
  1,069
  1,131
  1,196
  1,266
  1,339
  1,417
  1,499
  1,585
  1,677
Maintenance CAPEX, $m
  -100
  -102
  -104
  -107
  -110
  -113
  -117
  -121
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
  -312
New CAPEX, $m
  -15
  -20
  -22
  -25
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -115
  -121
  -128
Cash from investing activities, $m
  -115
  -122
  -126
  -132
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -215
  -226
  -236
  -248
  -260
  -273
  -286
  -299
  -314
  -330
  -346
  -363
  -381
  -399
  -419
  -440
Free cash flow, $m
  291
  294
  299
  307
  317
  328
  341
  356
  372
  391
  411
  433
  457
  482
  510
  540
  572
  607
  644
  683
  725
  769
  816
  866
  920
  976
  1,036
  1,099
  1,166
  1,237
Issuance/(repayment) of debt, $m
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  44
  46
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  
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  44
  46
Total cash flow (excl. dividends), $m
  298
  301
  308
  316
  327
  339
  353
  369
  386
  406
  427
  450
  475
  502
  531
  562
  596
  631
  669
  710
  753
  799
  848
  900
  955
  1,013
  1,075
  1,140
  1,209
  1,283
Retained Cash Flow (-), $m
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
Prev. year cash balance distribution, $m
  221
  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
  495
  272
  275
  280
  286
  295
  305
  316
  330
  345
  362
  381
  401
  424
  448
  474
  503
  533
  566
  600
  638
  677
  720
  765
  812
  863
  917
  974
  1,034
  1,098
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  474
  249
  239
  230
  222
  214
  206
  198
  189
  181
  172
  162
  153
  142
  132
  121
  109
  98
  87
  76
  66
  56
  47
  39
  32
  25
  20
  15
  11
  8
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

Sanderson Farms, Inc. is a poultry processing company. The Company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken, and also preparation, processing, marketing and distribution of processed and minimally prepared chicken. It sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, under the Sanderson Farms brand name to retailers, distributors, casual dining operators, customers reselling frozen chicken into export markets. The Company, through its subsidiaries, Sanderson Farms, Inc. (Production Division) and Sanderson Farms, Inc. (Processing Division), conducts its chicken operations. Sanderson Farms, Inc. (Production Division) is engaged in the production of chickens to the broiler-stage. Sanderson Farms, Inc. (Foods Division) is engaged in the processing, sale and distribution of chickens. The Company, through Sanderson Farms, Inc. (Foods Division), conducts its prepared chicken business.

FINANCIAL RATIOS  of  Sanderson Farms (SAFM)

Valuation Ratios
P/E Ratio 8.2
Price to Sales 0.7
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow 9.5
Growth Rates
Sales Growth Rate 18.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 214
Management Effectiveness
Return On Assets 17.8%
Ret/ On Assets - 3 Yr. Avg. 16.9%
Return On Total Capital 21.3%
Ret/ On T. Cap. - 3 Yr. Avg. 20.1%
Return On Equity 21.3%
Return On Equity - 3 Yr. Avg. 20.3%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 19.2%
Gross Margin - 3 Yr. Avg. 17.6%
EBITDA Margin 15.8%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 12.7%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 12.7%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 16.4%

SAFM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SAFM stock intrinsic value calculation we used $3342.226 million for the last fiscal year's total revenue generated by Sanderson Farms. The default revenue input number comes from 0001 income statement of Sanderson Farms. 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 SAFM 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 4.3%, whose default value for SAFM is calculated based on our internal credit rating of Sanderson Farms, 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 Sanderson Farms.
    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 SAFM stock the variable cost ratio is equal to 75.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $416 million in the base year in the intrinsic value calculation for SAFM 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 Sanderson Farms.

Corporate tax rate of 27% is the nominal tax rate for Sanderson Farms. 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 SAFM 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 SAFM are equal to 25.1%.

Life of production assets of 8.4 years is the average useful life of capital assets used in Sanderson Farms 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 SAFM is equal to 6.9%. 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 - $1432.862 million for Sanderson Farms - 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 22.836 million for Sanderson Farms 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 Sanderson Farms at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Sanderson Farms: Fiscal 3Q Earnings Snapshot   [07:48AM  Associated Press]
▶ Sanderson Farms Q3 Earnings Preview   [Aug-22-18 02:52PM  Benzinga]
▶ Sanderson Farms, Inc. Announces Quarterly Dividend   [Jul-19-18 01:05PM  Business Wire]
▶ Sanderson Farms to Host Investor Conference   [Jun-26-18 11:35AM  Business Wire]
▶ Sanderson Farms: Fiscal 2Q Earnings Snapshot   [May-24-18 08:05AM  Associated Press]
▶ Sanderson Farms Earnings Preview   [May-23-18 04:10PM  Benzinga]
▶ Cheap Dividend Paying Companies To Buy   [04:05PM  Simply Wall St.]
▶ Sanderson Farms, Inc. Announces Quarterly Dividend   [Apr-19-18 12:50PM  Business Wire]
▶ Top 3 Cheap Stocks For The Month   [Apr-17-18 10:02AM  Simply Wall St.]
▶ [$$] US meat producers rise with soyabeans under pressure   [Apr-03-18 11:11PM  Financial Times]
▶ New Strong Sell Stocks for February 28th   [Feb-28-18 03:57AM  Zacks]
▶ Sanderson Farms, Inc. to Host Earnings Call   [Feb-22-18 10:05AM  ACCESSWIRE]
▶ Sanderson Farms misses 1Q profit forecasts   [05:03AM  Associated Press]
▶ Sanderson Farms, Inc. Announces Quarterly Dividend   [Jan-18-18 05:05PM  Business Wire]
▶ [$$] Growing Appetites Fuel Record U.S. Meat Production   [Jan-12-18 11:30PM  The Wall Street Journal]
▶ New Strong Sell Stocks for January 9th   [Jan-09-18 08:26AM  Zacks]
▶ Estimating The Fair Value Of Sanderson Farms Inc (NASDAQ:SAFM)   [Dec-23-17 06:35PM  Simply Wall St.]
▶ Company News For Dec 15, 2017   [10:13AM  Zacks]
▶ Sanderson Farms misses 4Q profit forecasts   [07:51AM  Associated Press]
▶ Earnings Season Watch List: Sanderson Farms   [Dec-13-17 03:00AM  Investor's Business Daily]

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