Intrinsic value of Sprouts Farmers Market - SFM

Previous Close

$18.75

  Intrinsic Value

$29.66

stock screener

  Rating & Target

str. buy

+58%

  Value-price divergence*

-11%

Previous close

$18.75

 
Intrinsic value

$29.66

 
Up/down potential

+58%

 
Rating

str. buy

 
Value-price divergence*

-11%

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

We calculate the intrinsic value of SFM 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 2017), $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 2.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.61
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  4,046
  4,641
  5,278
  5,957
  6,676
  7,434
  8,232
  9,068
  9,942
  10,854
  11,804
  12,794
  13,823
  14,893
  16,005
  17,160
  18,361
  19,609
  20,907
  22,256
  23,661
  25,123
  26,646
  28,232
  29,887
  31,612
  33,413
  35,293
  37,257
  39,309
  41,454
Variable operating expenses, $m
 
  4,348
  4,940
  5,570
  6,238
  6,942
  7,683
  8,460
  9,272
  10,119
  11,002
  11,884
  12,840
  13,834
  14,867
  15,940
  17,056
  18,215
  19,420
  20,674
  21,979
  23,337
  24,751
  26,225
  27,762
  29,365
  31,038
  32,784
  34,608
  36,514
  38,507
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
  3,833
  4,348
  4,940
  5,570
  6,238
  6,942
  7,683
  8,460
  9,272
  10,119
  11,002
  11,884
  12,840
  13,834
  14,867
  15,940
  17,056
  18,215
  19,420
  20,674
  21,979
  23,337
  24,751
  26,225
  27,762
  29,365
  31,038
  32,784
  34,608
  36,514
  38,507
Operating income, $m
  213
  293
  338
  387
  438
  492
  548
  608
  670
  735
  802
  910
  983
  1,059
  1,138
  1,220
  1,305
  1,394
  1,486
  1,582
  1,682
  1,786
  1,894
  2,007
  2,125
  2,247
  2,376
  2,509
  2,649
  2,795
  2,947
EBITDA, $m
  293
  391
  445
  502
  563
  627
  694
  764
  838
  915
  995
  1,079
  1,165
  1,256
  1,349
  1,447
  1,548
  1,653
  1,763
  1,876
  1,995
  2,118
  2,246
  2,380
  2,520
  2,665
  2,817
  2,976
  3,141
  3,314
  3,495
Interest expense (income), $m
  15
  16
  21
  27
  32
  38
  44
  51
  58
  65
  72
  80
  88
  97
  106
  115
  124
  134
  144
  155
  166
  178
  190
  202
  215
  229
  243
  258
  273
  289
  306
Earnings before tax, $m
  199
  277
  317
  360
  406
  454
  504
  557
  612
  670
  730
  829
  894
  962
  1,032
  1,105
  1,181
  1,260
  1,342
  1,427
  1,516
  1,609
  1,705
  1,805
  1,910
  2,019
  2,133
  2,251
  2,376
  2,505
  2,641
Tax expense, $m
  75
  75
  86
  97
  110
  122
  136
  150
  165
  181
  197
  224
  242
  260
  279
  298
  319
  340
  362
  385
  409
  434
  460
  487
  516
  545
  576
  608
  641
  676
  713
Net income, $m
  124
  202
  231
  263
  296
  331
  368
  407
  447
  489
  533
  605
  653
  702
  754
  807
  862
  920
  980
  1,042
  1,107
  1,174
  1,244
  1,318
  1,394
  1,474
  1,557
  1,644
  1,734
  1,829
  1,928

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  1,440
  1,638
  1,863
  2,103
  2,356
  2,624
  2,906
  3,201
  3,509
  3,831
  4,167
  4,516
  4,879
  5,257
  5,649
  6,057
  6,481
  6,922
  7,380
  7,856
  8,352
  8,868
  9,405
  9,966
  10,550
  11,159
  11,794
  12,458
  13,151
  13,875
  14,633
Adjusted assets (=assets-cash), $m
  1,428
  1,638
  1,863
  2,103
  2,356
  2,624
  2,906
  3,201
  3,509
  3,831
  4,167
  4,516
  4,879
  5,257
  5,649
  6,057
  6,481
  6,922
  7,380
  7,856
  8,352
  8,868
  9,405
  9,966
  10,550
  11,159
  11,794
  12,458
  13,151
  13,875
  14,633
Revenue / Adjusted assets
  2.833
  2.833
  2.833
  2.833
  2.834
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
  2.833
Average production assets, $m
  748
  859
  976
  1,102
  1,235
  1,375
  1,523
  1,678
  1,839
  2,008
  2,184
  2,367
  2,557
  2,755
  2,961
  3,175
  3,397
  3,628
  3,868
  4,117
  4,377
  4,648
  4,929
  5,223
  5,529
  5,848
  6,181
  6,529
  6,893
  7,272
  7,669
Working capital, $m
  5
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
Total debt, $m
  385
  485
  604
  730
  865
  1,006
  1,155
  1,311
  1,474
  1,645
  1,822
  2,007
  2,199
  2,399
  2,607
  2,822
  3,046
  3,280
  3,522
  3,774
  4,036
  4,309
  4,593
  4,890
  5,199
  5,521
  5,857
  6,208
  6,575
  6,958
  7,359
Total liabilities, $m
  767
  867
  986
  1,112
  1,247
  1,388
  1,537
  1,693
  1,856
  2,027
  2,204
  2,389
  2,581
  2,781
  2,989
  3,204
  3,428
  3,662
  3,904
  4,156
  4,418
  4,691
  4,975
  5,272
  5,581
  5,903
  6,239
  6,590
  6,957
  7,340
  7,741
Total equity, $m
  673
  772
  877
  990
  1,110
  1,236
  1,369
  1,508
  1,653
  1,805
  1,963
  2,127
  2,298
  2,476
  2,661
  2,853
  3,053
  3,260
  3,476
  3,700
  3,934
  4,177
  4,430
  4,694
  4,969
  5,256
  5,555
  5,868
  6,194
  6,535
  6,892
Total liabilities and equity, $m
  1,440
  1,639
  1,863
  2,102
  2,357
  2,624
  2,906
  3,201
  3,509
  3,832
  4,167
  4,516
  4,879
  5,257
  5,650
  6,057
  6,481
  6,922
  7,380
  7,856
  8,352
  8,868
  9,405
  9,966
  10,550
  11,159
  11,794
  12,458
  13,151
  13,875
  14,633
Debt-to-equity ratio
  0.572
  0.630
  0.690
  0.740
  0.780
  0.810
  0.840
  0.870
  0.890
  0.910
  0.930
  0.940
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.010
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.070
Adjusted equity ratio
  0.463
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  124
  202
  231
  263
  296
  331
  368
  407
  447
  489
  533
  605
  653
  702
  754
  807
  862
  920
  980
  1,042
  1,107
  1,174
  1,244
  1,318
  1,394
  1,474
  1,557
  1,644
  1,734
  1,829
  1,928
Depreciation, amort., depletion, $m
  80
  98
  107
  116
  125
  135
  146
  157
  168
  180
  193
  169
  183
  197
  211
  227
  243
  259
  276
  294
  313
  332
  352
  373
  395
  418
  442
  466
  492
  519
  548
Funds from operations, $m
  268
  300
  338
  378
  421
  466
  514
  563
  615
  669
  726
  775
  836
  899
  965
  1,034
  1,105
  1,179
  1,256
  1,336
  1,419
  1,506
  1,597
  1,691
  1,789
  1,891
  1,998
  2,110
  2,227
  2,348
  2,476
Change in working capital, $m
  14
  1
  1
  1
  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
Cash from operations, $m
  254
  300
  337
  378
  420
  465
  513
  562
  614
  668
  725
  774
  835
  898
  964
  1,032
  1,104
  1,178
  1,255
  1,335
  1,418
  1,505
  1,595
  1,689
  1,787
  1,890
  1,997
  2,108
  2,225
  2,346
  2,474
Maintenance CAPEX, $m
  0
  -53
  -61
  -70
  -79
  -88
  -98
  -109
  -120
  -131
  -143
  -156
  -169
  -183
  -197
  -211
  -227
  -243
  -259
  -276
  -294
  -313
  -332
  -352
  -373
  -395
  -418
  -442
  -466
  -492
  -519
New CAPEX, $m
  -182
  -111
  -118
  -126
  -133
  -140
  -148
  -155
  -162
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -240
  -250
  -260
  -270
  -282
  -294
  -306
  -319
  -333
  -348
  -363
  -380
  -397
Cash from investing activities, $m
  -181
  -164
  -179
  -196
  -212
  -228
  -246
  -264
  -282
  -300
  -319
  -339
  -359
  -381
  -403
  -425
  -449
  -474
  -499
  -526
  -554
  -583
  -614
  -646
  -679
  -714
  -751
  -790
  -829
  -872
  -916
Free cash flow, $m
  73
  136
  158
  182
  209
  237
  267
  299
  333
  368
  406
  435
  475
  517
  561
  607
  655
  704
  755
  809
  864
  922
  981
  1,044
  1,108
  1,176
  1,246
  1,319
  1,395
  1,474
  1,557
Issuance/(repayment) of debt, $m
  91
  112
  119
  127
  134
  142
  149
  156
  163
  170
  178
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  336
  351
  367
  383
  401
Issuance/(repurchase) of shares, $m
  -288
  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  
  -197
  112
  119
  127
  134
  142
  149
  156
  163
  170
  178
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  336
  351
  367
  383
  401
Total cash flow (excl. dividends), $m
  -124
  247
  277
  309
  343
  379
  416
  455
  496
  539
  583
  619
  667
  717
  769
  823
  879
  937
  998
  1,061
  1,126
  1,195
  1,266
  1,340
  1,417
  1,498
  1,582
  1,670
  1,762
  1,858
  1,958
Retained Cash Flow (-), $m
  150
  -99
  -106
  -113
  -120
  -126
  -133
  -139
  -145
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -207
  -216
  -224
  -233
  -243
  -253
  -264
  -275
  -287
  -299
  -313
  -326
  -341
  -357
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
 
  149
  171
  196
  223
  252
  283
  316
  351
  387
  425
  455
  496
  539
  584
  631
  679
  730
  782
  836
  893
  952
  1,013
  1,076
  1,142
  1,211
  1,283
  1,357
  1,435
  1,516
  1,601
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  142
  156
  170
  182
  193
  203
  210
  215
  217
  216
  209
  204
  196
  187
  175
  162
  148
  134
  119
  104
  89
  75
  63
  51
  41
  32
  25
  19
  14
  10
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

Sprouts Farmers Market, Inc. is a food retailer. The Company operates as a grocery store that offers fresh, natural and organic food that includes fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat and seafood, deli, baked goods, dairy products, frozen foods, body care and natural household items catering to consumers' interest in health and wellness. As of February 23, 2017, the Company operated 256 stores in 14 states. The Company categorizes the varieties of products it sells as perishable and non-perishable. The perishable product categories include produce, meat, seafood, deli and bakery. Its non-perishable product categories include grocery, vitamins and supplements, bulk items, dairy and dairy alternatives, frozen foods, beer and wine, and natural health and body care.

FINANCIAL RATIOS  of  Sprouts Farmers Market (SFM)

Valuation Ratios
P/E Ratio 21.2
Price to Sales 0.6
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 36.5
Growth Rates
Sales Growth Rate 12.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.9%
Cap. Spend. - 3 Yr. Gr. Rate 15.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 55.4%
Total Debt to Equity 57.2%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.3%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 11.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.2%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 17.2%
Asset Turnover 2.8
Profitability Ratios
Gross Margin 29.2%
Gross Margin - 3 Yr. Avg. 29.4%
EBITDA Margin 7.3%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin 4.9%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 37.7%
Payout Ratio 0%

SFM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFM stock intrinsic value calculation we used $4046 million for the last fiscal year's total revenue generated by Sprouts Farmers Market. The default revenue input number comes from 2017 income statement of Sprouts Farmers Market. 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 SFM stock valuation model: a) initial revenue growth rate of 14.7% 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 4.5%, whose default value for SFM is calculated based on our internal credit rating of Sprouts Farmers Market, 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 Sprouts Farmers Market.
    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 SFM stock the variable cost ratio is equal to 93.8%.

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 SFM 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 4.4% for Sprouts Farmers Market.

Corporate tax rate of 27% is the nominal tax rate for Sprouts Farmers Market. 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 SFM 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 SFM are equal to 18.5%.

Life of production assets of 14 years is the average useful life of capital assets used in Sprouts Farmers Market 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 SFM is equal to 0.1%. 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 - $673 million for Sprouts Farmers Market - 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 134.158 million for Sprouts Farmers Market 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 Sprouts Farmers Market at the current share price and the inputted number of shares is $2.5 billion.

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NGVC Natural Grocer 5.15 12.60  str.buy
IMKTA Ingles Markets 24.10 18.15  sell

COMPANY NEWS

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▶ Why Wall Street Thinks Kroger Stock Has Upside of 20%   [Aug-31-17 10:37AM  Market Realist]
▶ Despite Amazon's price cuts, Whole Foods is still expensive   [Aug-29-17 10:49AM  Yahoo Finance]
▶ What Happened in the Stock Market Today   [05:07PM  Motley Fool]
▶ Stocks Close Mixed As Texas Floods Influence Trading   [04:14PM  Investor's Business Daily]
▶ Still Reason To Tread Cautiously Among Grocers   [Aug-17-17 09:19AM  Barrons.com]
▶ More Consumer Sector Earnings Results from Last Week   [Aug-09-17 09:31AM  Market Realist]
▶ Sprouts Farmers Markets 2Q17 Earnings Rose 16%   [Aug-08-17 10:39AM  Market Realist]
▶ Sprouts Farmers beats Street 2Q forecasts   [Aug-03-17 09:27AM  Associated Press]
▶ No Rating Changes for Whole Foods after 3Q17 Results   [Aug-01-17 11:35AM  Market Realist]
▶ Amazon.com, Inc. (AMZN) Stock Is Bulletproof   [Jul-25-17 12:44PM  InvestorPlace]
▶ SFMs Sales Comps to Remain in Positive Territory in 2Q17   [Jul-21-17 10:41AM  Market Realist]
▶ Whole Foods Stock Bounces Back after a 2-Year Struggle   [Jul-20-17 09:08AM  Market Realist]
▶ First Look: Sprouts' new East Memphis location   [Jul-13-17 04:15PM  American City Business Journals]
▶ [$$] Amazon/Whole Foods: More Than an Aisle Threat   [Jul-11-17 03:02PM  Barrons.com]
▶ Whole Foods: As Good As It Gets   [Jun-29-17 12:59PM  Barrons.com]
▶ Walmart Could Pick Up Sprouts ... or Not   [Jun-27-17 03:42PM  TheStreet.com]
▶ The Best Food Stocks to Buy Now   [Jun-20-17 06:18PM  Zacks]
▶ Bulls bet on this grocery chain   [02:21PM  CNBC Videos]
▶ The Nasdaq Was Just Beat Up -- Here's What You Need to Know   [Jun-17-17 06:16AM  TheStreet.com]
Financial statements of SFM
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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