Intrinsic value of J.M. Smucker - SJM

Previous Close

$103.80

  Intrinsic Value

$136.13

stock screener

  Rating & Target

buy

+31%

Previous close

$103.80

 
Intrinsic value

$136.13

 
Up/down potential

+31%

 
Rating

buy

We calculate the intrinsic value of SJM 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 11.8

 

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
  7,504
  7,677
  7,874
  8,096
  8,341
  8,610
  8,904
  9,221
  9,563
  9,930
  10,323
  10,742
  11,188
  11,662
  12,165
  12,698
  13,262
  13,859
  14,489
  15,155
  15,858
  16,599
  17,379
  18,202
  19,069
  19,981
  20,941
  21,952
  23,015
  24,133
Variable operating expenses, $m
  6,295
  6,412
  6,547
  6,697
  6,865
  7,048
  7,248
  7,464
  7,696
  7,946
  7,028
  7,313
  7,617
  7,939
  8,282
  8,645
  9,029
  9,435
  9,865
  10,318
  10,796
  11,301
  11,832
  12,392
  12,982
  13,603
  14,257
  14,945
  15,669
  16,430
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
  6,295
  6,412
  6,547
  6,697
  6,865
  7,048
  7,248
  7,464
  7,696
  7,946
  7,028
  7,313
  7,617
  7,939
  8,282
  8,645
  9,029
  9,435
  9,865
  10,318
  10,796
  11,301
  11,832
  12,392
  12,982
  13,603
  14,257
  14,945
  15,669
  16,430
Operating income, $m
  1,209
  1,264
  1,327
  1,398
  1,476
  1,562
  1,656
  1,757
  1,867
  1,984
  3,295
  3,429
  3,571
  3,722
  3,883
  4,053
  4,233
  4,424
  4,625
  4,837
  5,062
  5,298
  5,547
  5,810
  6,086
  6,378
  6,684
  7,007
  7,346
  7,703
EBITDA, $m
  2,657
  2,718
  2,788
  2,866
  2,953
  3,049
  3,152
  3,265
  3,386
  3,516
  3,655
  3,803
  3,961
  4,129
  4,307
  4,496
  4,696
  4,907
  5,130
  5,366
  5,614
  5,877
  6,153
  6,445
  6,751
  7,074
  7,414
  7,772
  8,149
  8,545
Interest expense (income), $m
  0
  261
  269
  278
  289
  301
  314
  329
  345
  362
  380
  400
  422
  444
  469
  494
  522
  551
  581
  614
  648
  684
  722
  763
  805
  850
  897
  946
  999
  1,054
  1,111
Earnings before tax, $m
  948
  996
  1,050
  1,110
  1,176
  1,248
  1,327
  1,413
  1,505
  1,603
  2,895
  3,007
  3,127
  3,254
  3,388
  3,531
  3,682
  3,842
  4,011
  4,189
  4,377
  4,576
  4,785
  5,005
  5,237
  5,481
  5,738
  6,008
  6,293
  6,592
Tax expense, $m
  256
  269
  283
  300
  317
  337
  358
  381
  406
  433
  782
  812
  844
  878
  915
  953
  994
  1,037
  1,083
  1,131
  1,182
  1,235
  1,292
  1,351
  1,414
  1,480
  1,549
  1,622
  1,699
  1,780
Net income, $m
  692
  727
  766
  810
  858
  911
  969
  1,031
  1,098
  1,170
  2,113
  2,195
  2,282
  2,375
  2,474
  2,578
  2,688
  2,805
  2,928
  3,058
  3,195
  3,340
  3,493
  3,653
  3,823
  4,001
  4,189
  4,386
  4,594
  4,812

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
  15,601
  15,960
  16,370
  16,831
  17,341
  17,901
  18,511
  19,171
  19,881
  20,644
  21,461
  22,332
  23,259
  24,245
  25,291
  26,399
  27,572
  28,813
  30,124
  31,508
  32,968
  34,508
  36,132
  37,842
  39,644
  41,541
  43,537
  45,638
  47,848
  50,173
Adjusted assets (=assets-cash), $m
  15,601
  15,960
  16,370
  16,831
  17,341
  17,901
  18,511
  19,171
  19,881
  20,644
  21,461
  22,332
  23,259
  24,245
  25,291
  26,399
  27,572
  28,813
  30,124
  31,508
  32,968
  34,508
  36,132
  37,842
  39,644
  41,541
  43,537
  45,638
  47,848
  50,173
Revenue / Adjusted assets
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
Average production assets, $m
  7,849
  8,030
  8,236
  8,468
  8,725
  9,006
  9,313
  9,645
  10,003
  10,387
  10,797
  11,236
  11,702
  12,198
  12,724
  13,282
  13,872
  14,496
  15,156
  15,852
  16,587
  17,362
  18,179
  19,039
  19,946
  20,900
  21,905
  22,962
  24,074
  25,243
Working capital, $m
  480
  491
  504
  518
  534
  551
  570
  590
  612
  636
  661
  687
  716
  746
  779
  813
  849
  887
  927
  970
  1,015
  1,062
  1,112
  1,165
  1,220
  1,279
  1,340
  1,405
  1,473
  1,545
Total debt, $m
  4,973
  5,147
  5,345
  5,568
  5,815
  6,086
  6,381
  6,700
  7,045
  7,414
  7,809
  8,230
  8,679
  9,156
  9,663
  10,199
  10,767
  11,367
  12,002
  12,672
  13,379
  14,124
  14,910
  15,738
  16,610
  17,528
  18,494
  19,511
  20,581
  21,706
Total liabilities, $m
  7,551
  7,725
  7,923
  8,146
  8,393
  8,664
  8,959
  9,279
  9,623
  9,992
  10,387
  10,809
  11,257
  11,734
  12,241
  12,777
  13,345
  13,945
  14,580
  15,250
  15,957
  16,702
  17,488
  18,316
  19,188
  20,106
  21,072
  22,089
  23,159
  24,284
Total equity, $m
  8,050
  8,235
  8,447
  8,685
  8,948
  9,237
  9,551
  9,892
  10,259
  10,653
  11,074
  11,523
  12,002
  12,510
  13,050
  13,622
  14,227
  14,867
  15,544
  16,258
  17,012
  17,806
  18,644
  19,527
  20,456
  21,435
  22,465
  23,549
  24,690
  25,889
Total liabilities and equity, $m
  15,601
  15,960
  16,370
  16,831
  17,341
  17,901
  18,510
  19,171
  19,882
  20,645
  21,461
  22,332
  23,259
  24,244
  25,291
  26,399
  27,572
  28,812
  30,124
  31,508
  32,969
  34,508
  36,132
  37,843
  39,644
  41,541
  43,537
  45,638
  47,849
  50,173
Debt-to-equity ratio
  0.620
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
Adjusted equity ratio
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  692
  727
  766
  810
  858
  911
  969
  1,031
  1,098
  1,170
  2,113
  2,195
  2,282
  2,375
  2,474
  2,578
  2,688
  2,805
  2,928
  3,058
  3,195
  3,340
  3,493
  3,653
  3,823
  4,001
  4,189
  4,386
  4,594
  4,812
Depreciation, amort., depletion, $m
  1,448
  1,454
  1,460
  1,468
  1,477
  1,486
  1,496
  1,507
  1,519
  1,532
  360
  375
  390
  407
  424
  443
  462
  483
  505
  528
  553
  579
  606
  635
  665
  697
  730
  765
  802
  841
Funds from operations, $m
  2,140
  2,181
  2,227
  2,278
  2,335
  2,397
  2,465
  2,539
  2,618
  2,702
  2,473
  2,570
  2,672
  2,782
  2,898
  3,021
  3,151
  3,288
  3,433
  3,587
  3,748
  3,919
  4,099
  4,288
  4,488
  4,698
  4,919
  5,151
  5,396
  5,653
Change in working capital, $m
  9
  11
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
Cash from operations, $m
  2,130
  2,170
  2,214
  2,264
  2,319
  2,380
  2,447
  2,518
  2,596
  2,679
  2,448
  2,543
  2,644
  2,751
  2,865
  2,986
  3,114
  3,250
  3,393
  3,544
  3,703
  3,872
  4,049
  4,235
  4,432
  4,639
  4,857
  5,087
  5,328
  5,582
Maintenance CAPEX, $m
  -256
  -262
  -268
  -275
  -282
  -291
  -300
  -310
  -322
  -333
  -346
  -360
  -375
  -390
  -407
  -424
  -443
  -462
  -483
  -505
  -528
  -553
  -579
  -606
  -635
  -665
  -697
  -730
  -765
  -802
New CAPEX, $m
  -155
  -181
  -206
  -232
  -257
  -282
  -307
  -332
  -358
  -384
  -411
  -438
  -467
  -496
  -526
  -558
  -590
  -624
  -660
  -696
  -735
  -775
  -817
  -861
  -906
  -954
  -1,005
  -1,057
  -1,112
  -1,170
Cash from investing activities, $m
  -411
  -443
  -474
  -507
  -539
  -573
  -607
  -642
  -680
  -717
  -757
  -798
  -842
  -886
  -933
  -982
  -1,033
  -1,086
  -1,143
  -1,201
  -1,263
  -1,328
  -1,396
  -1,467
  -1,541
  -1,619
  -1,702
  -1,787
  -1,877
  -1,972
Free cash flow, $m
  1,719
  1,727
  1,740
  1,758
  1,780
  1,808
  1,840
  1,876
  1,917
  1,962
  1,691
  1,745
  1,803
  1,865
  1,933
  2,005
  2,081
  2,163
  2,250
  2,342
  2,440
  2,544
  2,653
  2,769
  2,891
  3,020
  3,156
  3,299
  3,451
  3,610
Issuance/(repayment) of debt, $m
  141
  174
  199
  223
  247
  271
  295
  319
  344
  369
  395
  422
  449
  477
  506
  536
  568
  600
  634
  670
  707
  745
  786
  828
  872
  918
  966
  1,017
  1,070
  1,125
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  
  141
  174
  199
  223
  247
  271
  295
  319
  344
  369
  395
  422
  449
  477
  506
  536
  568
  600
  634
  670
  707
  745
  786
  828
  872
  918
  966
  1,017
  1,070
  1,125
Total cash flow (excl. dividends), $m
  1,860
  1,901
  1,938
  1,981
  2,027
  2,079
  2,135
  2,195
  2,261
  2,331
  2,086
  2,166
  2,252
  2,342
  2,439
  2,541
  2,649
  2,764
  2,885
  3,012
  3,147
  3,289
  3,439
  3,597
  3,763
  3,938
  4,122
  4,316
  4,520
  4,735
Retained Cash Flow (-), $m
  -159
  -185
  -212
  -238
  -263
  -289
  -315
  -341
  -367
  -394
  -421
  -449
  -479
  -509
  -540
  -572
  -605
  -640
  -676
  -714
  -754
  -795
  -838
  -883
  -930
  -979
  -1,030
  -1,084
  -1,140
  -1,200
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
  1,701
  1,716
  1,727
  1,743
  1,764
  1,790
  1,820
  1,855
  1,894
  1,937
  1,665
  1,717
  1,773
  1,834
  1,899
  1,969
  2,044
  2,124
  2,208
  2,298
  2,393
  2,494
  2,601
  2,714
  2,833
  2,959
  3,092
  3,232
  3,380
  3,535
Discount rate, %
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
  1,602
  1,513
  1,416
  1,321
  1,227
  1,133
  1,041
  950
  861
  773
  578
  512
  449
  390
  334
  283
  236
  194
  157
  125
  98
  75
  56
  41
  30
  21
  14
  9
  6
  4
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

The J. M. Smucker Company is a manufacturer and marketer of branded food and beverage products and pet food and pet snacks in North America. The Company's segments include U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International and Foodservice. The Company's U.S. retail market segments consist of the sale of branded food products to consumers through retail outlets in North America. In the U.S. retail market segments, the Company's products are sold to food retailers, food wholesalers, drug stores, club stores, mass merchandisers, discount and dollar stores, military commissaries, natural foods stores and distributors, and pet specialty stores. In International and Foodservice, the Company's products are distributed domestically and in foreign countries through retail channels and foodservice distributors and operators, such as restaurants, lodging, schools and universities, healthcare operators.

FINANCIAL RATIOS  of  J.M. Smucker (SJM)

Valuation Ratios
P/E Ratio 19.9
Price to Sales 1.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 13.6
Growth Rates
Sales Growth Rate -5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.5%
Cap. Spend. - 3 Yr. Gr. Rate -7.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 64.9%
Total Debt to Equity 78.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 38.4%
Gross Margin - 3 Yr. Avg. 37.1%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 8%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.1%
Payout Ratio 57.3%

SJM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SJM stock intrinsic value calculation we used $7357.1 million for the last fiscal year's total revenue generated by J.M. Smucker. The default revenue input number comes from 0001 income statement of J.M. Smucker. 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 SJM 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 6.2%, whose default value for SJM is calculated based on our internal credit rating of J.M. Smucker, 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 J.M. Smucker.
    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 SJM stock the variable cost ratio is equal to 84.2%.

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 SJM 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 J.M. Smucker.

Corporate tax rate of 27% is the nominal tax rate for J.M. Smucker. 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 SJM 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 SJM are equal to 104.6%.

Life of production assets of 33.2 years is the average useful life of capital assets used in J.M. Smucker 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 SJM is equal to 6.4%. 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 - $7891.1 million for J.M. Smucker - 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 113.535 million for J.M. Smucker 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 J.M. Smucker at the current share price and the inputted number of shares is $11.8 billion.

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▶ J.M. Smucker: New Revenue, Old Problems   [11:41AM  Motley Fool]
▶ Company News For Aug 22, 2018   [Aug-22-18 10:16AM  Zacks]
▶ [$$] Smucker Needs to Fix Peanut Butter and Jelly   [Aug-21-18 08:01PM  The Wall Street Journal]
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▶ Smucker: Fiscal 1Q Earnings Snapshot   [07:15AM  Associated Press]
▶ Smucker to close San Francisco office, lay off as many as 100   [Jul-30-18 05:27PM  American City Business Journals]
▶ Can Starbucks and Nestle Grind Out a Win in Coffee?   [Jul-25-18 05:04PM  Barrons.com]
▶ J. M. Smucker hikes dividend by 9%   [Jul-13-18 05:42PM  MarketWatch]
▶ Company News For Jul 11, 2018   [Jul-11-18 10:04AM  Zacks]
▶ JM Smucker's search for balance, growth goes on   [05:36PM  Associated Press]
▶ PepsiCo and Chevron climb while Smucker stumbles   [04:30PM  Associated Press]
▶ The Late Morning Rundown: July 10, 2018   [11:50AM  CNBC Videos]
▶ [$$] Smucker Dumps Pillsbury Doughboy   [Jul-09-18 07:43PM  The Wall Street Journal]
▶ [$$] JM Smucker slices off US baking business   [05:18AM  Financial Times]
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▶ Asian shares fall ahead of G7 summit, central bank meetings   [Jun-07-18 10:43PM  Associated Press]
▶ 5 Top Stock Trades for Friday Morning   [04:02PM  InvestorPlace]
▶ The Afternoon Rundown: June 7, 2018   [02:58PM  CNBC Videos]

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