Intrinsic value of J.M. Smucker - SJM

Previous Close

$109.47

  Intrinsic Value

$108.84

stock screener

  Rating & Target

hold

-1%

Previous close

$109.47

 
Intrinsic value

$108.84

 
Up/down potential

-1%

 
Rating

hold

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 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 12.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  7,540
  7,713
  7,911
  8,134
  8,381
  8,651
  8,946
  9,265
  9,608
  9,977
  10,372
  10,793
  11,241
  11,717
  12,222
  12,758
  13,325
  13,925
  14,558
  15,227
  15,933
  16,677
  17,462
  18,289
  19,159
  20,076
  21,041
  22,056
  23,124
  24,248
Variable operating expenses, $m
  5,472
  5,570
  5,682
  5,807
  5,946
  6,098
  6,264
  6,444
  6,638
  6,846
  5,845
  6,083
  6,335
  6,604
  6,888
  7,190
  7,510
  7,848
  8,205
  8,582
  8,980
  9,399
  9,841
  10,307
  10,798
  11,315
  11,858
  12,431
  13,033
  13,666
Fixed operating expenses, $m
  1,017
  1,039
  1,062
  1,085
  1,109
  1,134
  1,159
  1,184
  1,210
  1,237
  1,264
  1,292
  1,320
  1,349
  1,379
  1,409
  1,440
  1,472
  1,504
  1,538
  1,571
  1,606
  1,641
  1,677
  1,714
  1,752
  1,791
  1,830
  1,870
  1,911
Total operating expenses, $m
  6,489
  6,609
  6,744
  6,892
  7,055
  7,232
  7,423
  7,628
  7,848
  8,083
  7,109
  7,375
  7,655
  7,953
  8,267
  8,599
  8,950
  9,320
  9,709
  10,120
  10,551
  11,005
  11,482
  11,984
  12,512
  13,067
  13,649
  14,261
  14,903
  15,577
Operating income, $m
  1,051
  1,104
  1,168
  1,242
  1,325
  1,419
  1,523
  1,636
  1,760
  1,895
  3,262
  3,418
  3,585
  3,764
  3,955
  4,158
  4,375
  4,605
  4,849
  5,108
  5,382
  5,672
  5,979
  6,304
  6,647
  7,009
  7,392
  7,795
  8,221
  8,671
EBITDA, $m
  3,705
  3,791
  3,892
  4,008
  4,139
  4,284
  4,443
  4,617
  4,807
  5,011
  5,231
  5,466
  5,719
  5,988
  6,275
  6,580
  6,904
  7,248
  7,612
  7,998
  8,406
  8,837
  9,293
  9,775
  10,283
  10,820
  11,385
  11,982
  12,610
  13,273
Interest expense (income), $m
  0
  292
  301
  312
  324
  339
  355
  372
  391
  411
  433
  457
  482
  509
  538
  569
  601
  635
  672
  710
  751
  794
  839
  887
  937
  990
  1,046
  1,105
  1,167
  1,232
  1,301
Earnings before tax, $m
  759
  804
  856
  917
  987
  1,064
  1,151
  1,245
  1,349
  1,461
  2,805
  2,936
  3,076
  3,226
  3,386
  3,557
  3,739
  3,933
  4,139
  4,357
  4,588
  4,833
  5,092
  5,367
  5,657
  5,963
  6,287
  6,629
  6,989
  7,370
Tax expense, $m
  205
  217
  231
  248
  266
  287
  311
  336
  364
  395
  757
  793
  830
  871
  914
  960
  1,010
  1,062
  1,117
  1,176
  1,239
  1,305
  1,375
  1,449
  1,527
  1,610
  1,697
  1,790
  1,887
  1,990
Net income, $m
  554
  587
  625
  669
  720
  777
  840
  909
  985
  1,067
  2,048
  2,143
  2,245
  2,355
  2,472
  2,597
  2,730
  2,871
  3,021
  3,180
  3,349
  3,528
  3,717
  3,918
  4,129
  4,353
  4,589
  4,839
  5,102
  5,380

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
  15,940
  16,307
  16,726
  17,197
  17,718
  18,290
  18,913
  19,587
  20,314
  21,093
  21,927
  22,817
  23,765
  24,772
  25,840
  26,973
  28,171
  29,439
  30,778
  32,193
  33,685
  35,259
  36,917
  38,665
  40,506
  42,444
  44,484
  46,630
  48,889
  51,264
Adjusted assets (=assets-cash), $m
  15,940
  16,307
  16,726
  17,197
  17,718
  18,290
  18,913
  19,587
  20,314
  21,093
  21,927
  22,817
  23,765
  24,772
  25,840
  26,973
  28,171
  29,439
  30,778
  32,193
  33,685
  35,259
  36,917
  38,665
  40,506
  42,444
  44,484
  46,630
  48,889
  51,264
Revenue / Adjusted assets
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
Average production assets, $m
  14,311
  14,640
  15,016
  15,438
  15,906
  16,420
  16,979
  17,585
  18,237
  18,937
  19,685
  20,484
  21,335
  22,239
  23,198
  24,215
  25,291
  26,429
  27,631
  28,901
  30,241
  31,653
  33,143
  34,712
  36,364
  38,104
  39,935
  41,863
  43,890
  46,022
Working capital, $m
  437
  447
  459
  472
  486
  502
  519
  537
  557
  579
  602
  626
  652
  680
  709
  740
  773
  808
  844
  883
  924
  967
  1,013
  1,061
  1,111
  1,164
  1,220
  1,279
  1,341
  1,406
Total debt, $m
  5,567
  5,773
  6,009
  6,273
  6,566
  6,888
  7,238
  7,617
  8,025
  8,463
  8,932
  9,432
  9,965
  10,531
  11,131
  11,767
  12,441
  13,154
  13,906
  14,701
  15,540
  16,424
  17,356
  18,339
  19,373
  20,462
  21,609
  22,815
  24,084
  25,419
Total liabilities, $m
  8,959
  9,165
  9,400
  9,665
  9,958
  10,279
  10,629
  11,008
  11,416
  11,854
  12,323
  12,823
  13,356
  13,922
  14,522
  15,159
  15,832
  16,545
  17,297
  18,092
  18,931
  19,815
  20,748
  21,730
  22,764
  23,853
  25,000
  26,206
  27,475
  28,810
Total equity, $m
  6,982
  7,143
  7,326
  7,532
  7,761
  8,011
  8,284
  8,579
  8,897
  9,239
  9,604
  9,994
  10,409
  10,850
  11,318
  11,814
  12,339
  12,894
  13,481
  14,100
  14,754
  15,443
  16,170
  16,935
  17,742
  18,590
  19,484
  20,424
  21,413
  22,454
Total liabilities and equity, $m
  15,941
  16,308
  16,726
  17,197
  17,719
  18,290
  18,913
  19,587
  20,313
  21,093
  21,927
  22,817
  23,765
  24,772
  25,840
  26,973
  28,171
  29,439
  30,778
  32,192
  33,685
  35,258
  36,918
  38,665
  40,506
  42,443
  44,484
  46,630
  48,888
  51,264
Debt-to-equity ratio
  0.800
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.890
  0.900
  0.920
  0.930
  0.940
  0.960
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.120
  1.130
Adjusted equity ratio
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  554
  587
  625
  669
  720
  777
  840
  909
  985
  1,067
  2,048
  2,143
  2,245
  2,355
  2,472
  2,597
  2,730
  2,871
  3,021
  3,180
  3,349
  3,528
  3,717
  3,918
  4,129
  4,353
  4,589
  4,839
  5,102
  5,380
Depreciation, amort., depletion, $m
  2,654
  2,687
  2,724
  2,767
  2,813
  2,865
  2,921
  2,981
  3,046
  3,116
  1,969
  2,048
  2,133
  2,224
  2,320
  2,421
  2,529
  2,643
  2,763
  2,890
  3,024
  3,165
  3,314
  3,471
  3,636
  3,810
  3,994
  4,186
  4,389
  4,602
Funds from operations, $m
  3,208
  3,273
  3,349
  3,436
  3,534
  3,642
  3,761
  3,890
  4,031
  4,183
  4,016
  4,191
  4,379
  4,579
  4,792
  5,018
  5,259
  5,514
  5,784
  6,071
  6,373
  6,693
  7,032
  7,389
  7,766
  8,163
  8,583
  9,025
  9,491
  9,982
Change in working capital, $m
  9
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  50
  53
  56
  59
  62
  65
Cash from operations, $m
  3,200
  3,263
  3,338
  3,423
  3,519
  3,626
  3,744
  3,872
  4,011
  4,162
  3,993
  4,167
  4,353
  4,551
  4,762
  4,987
  5,226
  5,479
  5,748
  6,032
  6,332
  6,650
  6,986
  7,341
  7,715
  8,110
  8,527
  8,966
  9,429
  9,917
Maintenance CAPEX, $m
  -1,403
  -1,431
  -1,464
  -1,502
  -1,544
  -1,591
  -1,642
  -1,698
  -1,758
  -1,824
  -1,894
  -1,969
  -2,048
  -2,133
  -2,224
  -2,320
  -2,421
  -2,529
  -2,643
  -2,763
  -2,890
  -3,024
  -3,165
  -3,314
  -3,471
  -3,636
  -3,810
  -3,994
  -4,186
  -4,389
New CAPEX, $m
  -282
  -329
  -376
  -422
  -468
  -514
  -559
  -605
  -652
  -700
  -749
  -799
  -851
  -904
  -959
  -1,017
  -1,076
  -1,138
  -1,202
  -1,270
  -1,340
  -1,413
  -1,489
  -1,569
  -1,653
  -1,740
  -1,831
  -1,927
  -2,027
  -2,132
Cash from investing activities, $m
  -1,685
  -1,760
  -1,840
  -1,924
  -2,012
  -2,105
  -2,201
  -2,303
  -2,410
  -2,524
  -2,643
  -2,768
  -2,899
  -3,037
  -3,183
  -3,337
  -3,497
  -3,667
  -3,845
  -4,033
  -4,230
  -4,437
  -4,654
  -4,883
  -5,124
  -5,376
  -5,641
  -5,921
  -6,213
  -6,521
Free cash flow, $m
  1,515
  1,503
  1,498
  1,499
  1,507
  1,522
  1,542
  1,569
  1,601
  1,638
  1,351
  1,400
  1,454
  1,514
  1,579
  1,651
  1,728
  1,812
  1,902
  1,999
  2,103
  2,213
  2,332
  2,458
  2,592
  2,734
  2,885
  3,046
  3,216
  3,396
Issuance/(repayment) of debt, $m
  169
  206
  236
  264
  293
  321
  350
  379
  408
  438
  469
  500
  533
  566
  601
  636
  674
  712
  753
  795
  839
  884
  932
  982
  1,034
  1,089
  1,146
  1,206
  1,269
  1,335
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  
  169
  206
  236
  264
  293
  321
  350
  379
  408
  438
  469
  500
  533
  566
  601
  636
  674
  712
  753
  795
  839
  884
  932
  982
  1,034
  1,089
  1,146
  1,206
  1,269
  1,335
Total cash flow (excl. dividends), $m
  1,684
  1,709
  1,733
  1,764
  1,800
  1,843
  1,892
  1,948
  2,009
  2,076
  1,820
  1,900
  1,986
  2,080
  2,180
  2,287
  2,402
  2,524
  2,655
  2,794
  2,941
  3,098
  3,264
  3,440
  3,626
  3,823
  4,032
  4,252
  4,485
  4,731
Retained Cash Flow (-), $m
  -132
  -161
  -184
  -206
  -228
  -251
  -273
  -295
  -318
  -341
  -365
  -390
  -415
  -441
  -468
  -496
  -525
  -555
  -587
  -619
  -654
  -689
  -727
  -765
  -806
  -849
  -893
  -940
  -989
  -1,040
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
  22
  23
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
Cash available for distribution, $m
  1,552
  1,548
  1,549
  1,557
  1,572
  1,593
  1,620
  1,652
  1,691
  1,735
  1,454
  1,510
  1,571
  1,639
  1,712
  1,791
  1,877
  1,969
  2,068
  2,174
  2,288
  2,409
  2,537
  2,674
  2,820
  2,974
  3,138
  3,312
  3,496
  3,690
Discount rate, %
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
  1,449
  1,341
  1,236
  1,136
  1,039
  946
  857
  771
  689
  610
  436
  382
  330
  282
  238
  198
  162
  131
  103
  80
  61
  45
  33
  23
  16
  11
  7
  5
  3
  2
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 21
Price to Sales 1.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 14.3
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 $7392 million for the last fiscal year's total revenue generated by J.M. Smucker. The default revenue input number comes from 2017 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 7.1%, 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 72.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $995 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 0.3%.

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 189.8%.

Life of production assets of 10 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 5.8%. 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 - $6850 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 116 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 $12.7 billion.

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COMPANY NEWS

▶ 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]
▶ Five Below 22% Up   [Jun-08-18 08:07PM  Motley Fool]
▶ Company News For Jun 8, 2017   [09:58AM  Zacks]
▶ Yahoo Finance Live: Market Movers - Jun 8th, 2018   [07:20AM  Yahoo Finance Video]
▶ 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]
▶ Why J.M. Smucker Stock Dropped Today   [12:58PM  Motley Fool]
▶ [$$] Smucker Forced to Raise Some Retail Prices   [12:33PM  The Wall Street Journal]
▶ The Late Morning Rundown: June 07, 2018   [12:00PM  CNBC Videos]
▶ Smucker: Fiscal 4Q Earnings Snapshot   [07:30AM  Associated Press]
▶ 3 Best Coffee Stocks for 2018   [06:00AM  Investopedia]
▶ Quiet Week Ahead for Earnings, Data Reports   [Jun-02-18 06:33AM  Morningstar]
▶ The future of food stocks   [May-21-18 04:15PM  CNBC Videos]
▶ [$$] Deal Close Announcements: May 14-18   [May-18-18 06:03PM  The Wall Street Journal]
▶ 7 Consumer Goods Stocks That Will Rise Again   [May-11-18 01:03PM  InvestorPlace]
▶ Cupcake entrepreneur shares her secrets for success   [May-02-18 10:47AM  Yahoo Finance Video]
▶ April Top Cheap Stock To Invest In   [Apr-18-18 10:02AM  Simply Wall St.]
▶ Credit Suisse Finds Fault In Smucker's Key Brands   [Apr-16-18 02:05PM  Benzinga]
▶ [$$] Takeover defences will not stop short-termism   [Apr-10-18 01:33AM  Financial Times]
▶ Smucker's $1.9 Billion Buy   [Apr-07-18 04:07PM  Motley Fool]
▶ [$$] Smuckers Bite-Sized Pet-Food Deal Goes Down Easy   [Apr-06-18 12:01AM  The Wall Street Journal]
▶ JM Smucker to Acquire Ainsworth for $1.7B   [Apr-05-18 05:14PM  Investopedia]
▶ The Late Morning Rundown: April 05, 2018   [12:13PM  CNBC Videos]
▶ [$$] Smucker's Bite-Sized Pet-Food Deal Goes Down Easy   [11:20AM  The Wall Street Journal]
▶ J.M. Smucker Buys Ainsworth Pet Nutrition   [09:42AM  Investopedia]
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