Intrinsic value of Tyson Foods Cl A - TSN

Previous Close

$60.96

  Intrinsic Value

$73.96

stock screener

  Rating & Target

buy

+21%

Previous close

$60.96

 
Intrinsic value

$73.96

 
Up/down potential

+21%

 
Rating

buy

We calculate the intrinsic value of TSN 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 22.3

 

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, %
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  39,676
  41,195
  42,821
  44,556
  46,404
  48,368
  50,452
  52,661
  55,000
  57,473
  60,086
  62,845
  65,757
  68,827
  72,064
  75,474
  79,066
  82,848
  86,829
  91,017
  95,424
  100,060
  104,935
  110,061
  115,450
  121,114
  127,068
  133,326
  139,901
  146,811
Variable operating expenses, $m
  36,563
  37,904
  39,338
  40,869
  42,500
  44,233
  46,072
  48,020
  50,084
  52,266
  53,014
  55,449
  58,018
  60,727
  63,583
  66,592
  69,761
  73,098
  76,610
  80,306
  84,194
  88,284
  92,585
  97,108
  101,863
  106,861
  112,114
  117,635
  123,437
  129,533
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
  36,563
  37,904
  39,338
  40,869
  42,500
  44,233
  46,072
  48,020
  50,084
  52,266
  53,014
  55,449
  58,018
  60,727
  63,583
  66,592
  69,761
  73,098
  76,610
  80,306
  84,194
  88,284
  92,585
  97,108
  101,863
  106,861
  112,114
  117,635
  123,437
  129,533
Operating income, $m
  3,113
  3,291
  3,483
  3,687
  3,904
  4,136
  4,381
  4,641
  4,916
  5,207
  7,071
  7,396
  7,739
  8,100
  8,481
  8,882
  9,305
  9,750
  10,219
  10,712
  11,230
  11,776
  12,350
  12,953
  13,587
  14,254
  14,954
  15,691
  16,465
  17,278
EBITDA, $m
  6,641
  6,896
  7,168
  7,458
  7,767
  8,096
  8,445
  8,815
  9,206
  9,620
  10,058
  10,519
  11,007
  11,521
  12,063
  12,633
  13,235
  13,868
  14,534
  15,235
  15,973
  16,749
  17,565
  18,423
  19,325
  20,273
  21,270
  22,317
  23,418
  24,574
Interest expense (income), $m
  249
  551
  586
  624
  664
  707
  753
  801
  853
  907
  965
  1,026
  1,091
  1,159
  1,231
  1,307
  1,387
  1,471
  1,560
  1,654
  1,752
  1,856
  1,965
  2,079
  2,200
  2,326
  2,460
  2,600
  2,747
  2,902
  3,064
Earnings before tax, $m
  2,562
  2,705
  2,859
  3,023
  3,197
  3,383
  3,580
  3,788
  4,009
  4,242
  6,045
  6,305
  6,579
  6,869
  7,174
  7,495
  7,834
  8,190
  8,565
  8,959
  9,375
  9,811
  10,270
  10,753
  11,260
  11,794
  12,355
  12,944
  13,563
  14,214
Tax expense, $m
  692
  730
  772
  816
  863
  913
  966
  1,023
  1,082
  1,145
  1,632
  1,702
  1,776
  1,855
  1,937
  2,024
  2,115
  2,211
  2,313
  2,419
  2,531
  2,649
  2,773
  2,903
  3,040
  3,184
  3,336
  3,495
  3,662
  3,838
Net income, $m
  1,870
  1,975
  2,087
  2,207
  2,334
  2,469
  2,613
  2,765
  2,926
  3,097
  4,413
  4,603
  4,803
  5,014
  5,237
  5,471
  5,719
  5,979
  6,252
  6,540
  6,843
  7,162
  7,497
  7,850
  8,220
  8,610
  9,019
  9,449
  9,901
  10,376

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
  29,109
  30,224
  31,417
  32,690
  34,046
  35,487
  37,016
  38,636
  40,352
  42,166
  44,084
  46,108
  48,244
  50,497
  52,871
  55,373
  58,009
  60,783
  63,704
  66,777
  70,011
  73,412
  76,988
  80,749
  84,703
  88,859
  93,227
  97,818
  102,642
  107,711
Adjusted assets (=assets-cash), $m
  29,109
  30,224
  31,417
  32,690
  34,046
  35,487
  37,016
  38,636
  40,352
  42,166
  44,084
  46,108
  48,244
  50,497
  52,871
  55,373
  58,009
  60,783
  63,704
  66,777
  70,011
  73,412
  76,988
  80,749
  84,703
  88,859
  93,227
  97,818
  102,642
  107,711
Revenue / Adjusted assets
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
Average production assets, $m
  19,719
  20,474
  21,282
  22,145
  23,063
  24,039
  25,075
  26,173
  27,335
  28,564
  29,863
  31,234
  32,681
  34,207
  35,816
  37,511
  39,296
  41,175
  43,154
  45,236
  47,426
  49,730
  52,153
  54,700
  57,378
  60,194
  63,153
  66,263
  69,531
  72,965
Working capital, $m
  1,587
  1,648
  1,713
  1,782
  1,856
  1,935
  2,018
  2,106
  2,200
  2,299
  2,403
  2,514
  2,630
  2,753
  2,883
  3,019
  3,163
  3,314
  3,473
  3,641
  3,817
  4,002
  4,197
  4,402
  4,618
  4,845
  5,083
  5,333
  5,596
  5,872
Total debt, $m
  10,860
  11,556
  12,300
  13,095
  13,940
  14,840
  15,794
  16,805
  17,876
  19,008
  20,204
  21,467
  22,800
  24,206
  25,688
  27,249
  28,893
  30,625
  32,447
  34,365
  36,383
  38,505
  40,737
  43,083
  45,550
  48,144
  50,870
  53,734
  56,745
  59,908
Total liabilities, $m
  18,164
  18,860
  19,604
  20,399
  21,244
  22,144
  23,098
  24,109
  25,180
  26,312
  27,508
  28,771
  30,104
  31,510
  32,992
  34,553
  36,197
  37,929
  39,751
  41,669
  43,687
  45,809
  48,041
  50,387
  52,854
  55,448
  58,174
  61,038
  64,049
  67,212
Total equity, $m
  10,945
  11,364
  11,813
  12,291
  12,801
  13,343
  13,918
  14,527
  15,172
  15,855
  16,575
  17,337
  18,140
  18,987
  19,880
  20,820
  21,811
  22,855
  23,953
  25,108
  26,324
  27,603
  28,948
  30,362
  31,848
  33,411
  35,053
  36,780
  38,593
  40,499
Total liabilities and equity, $m
  29,109
  30,224
  31,417
  32,690
  34,045
  35,487
  37,016
  38,636
  40,352
  42,167
  44,083
  46,108
  48,244
  50,497
  52,872
  55,373
  58,008
  60,784
  63,704
  66,777
  70,011
  73,412
  76,989
  80,749
  84,702
  88,859
  93,227
  97,818
  102,642
  107,711
Debt-to-equity ratio
  0.990
  1.020
  1.040
  1.070
  1.090
  1.110
  1.130
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.270
  1.290
  1.310
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
Adjusted equity ratio
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,870
  1,975
  2,087
  2,207
  2,334
  2,469
  2,613
  2,765
  2,926
  3,097
  4,413
  4,603
  4,803
  5,014
  5,237
  5,471
  5,719
  5,979
  6,252
  6,540
  6,843
  7,162
  7,497
  7,850
  8,220
  8,610
  9,019
  9,449
  9,901
  10,376
Depreciation, amort., depletion, $m
  3,529
  3,604
  3,685
  3,771
  3,863
  3,961
  4,064
  4,174
  4,290
  4,413
  2,986
  3,123
  3,268
  3,421
  3,582
  3,751
  3,930
  4,118
  4,315
  4,524
  4,743
  4,973
  5,215
  5,470
  5,738
  6,019
  6,315
  6,626
  6,953
  7,296
Funds from operations, $m
  5,399
  5,579
  5,772
  5,978
  6,197
  6,430
  6,677
  6,939
  7,216
  7,510
  7,399
  7,726
  8,071
  8,435
  8,818
  9,223
  9,648
  10,096
  10,568
  11,064
  11,586
  12,135
  12,713
  13,320
  13,958
  14,629
  15,334
  16,075
  16,854
  17,672
Change in working capital, $m
  57
  61
  65
  69
  74
  79
  83
  88
  94
  99
  105
  110
  116
  123
  129
  136
  144
  151
  159
  168
  176
  185
  195
  205
  216
  227
  238
  250
  263
  276
Cash from operations, $m
  5,342
  5,518
  5,707
  5,908
  6,123
  6,352
  6,594
  6,851
  7,123
  7,411
  7,295
  7,616
  7,955
  8,312
  8,689
  9,086
  9,504
  9,945
  10,409
  10,896
  11,410
  11,950
  12,518
  13,115
  13,742
  14,402
  15,096
  15,825
  16,591
  17,396
Maintenance CAPEX, $m
  -1,903
  -1,972
  -2,047
  -2,128
  -2,214
  -2,306
  -2,404
  -2,507
  -2,617
  -2,733
  -2,856
  -2,986
  -3,123
  -3,268
  -3,421
  -3,582
  -3,751
  -3,930
  -4,118
  -4,315
  -4,524
  -4,743
  -4,973
  -5,215
  -5,470
  -5,738
  -6,019
  -6,315
  -6,626
  -6,953
New CAPEX, $m
  -690
  -755
  -808
  -862
  -918
  -976
  -1,036
  -1,098
  -1,162
  -1,229
  -1,299
  -1,371
  -1,447
  -1,526
  -1,609
  -1,695
  -1,785
  -1,880
  -1,978
  -2,082
  -2,190
  -2,304
  -2,423
  -2,548
  -2,678
  -2,815
  -2,959
  -3,110
  -3,268
  -3,434
Cash from investing activities, $m
  -2,593
  -2,727
  -2,855
  -2,990
  -3,132
  -3,282
  -3,440
  -3,605
  -3,779
  -3,962
  -4,155
  -4,357
  -4,570
  -4,794
  -5,030
  -5,277
  -5,536
  -5,810
  -6,096
  -6,397
  -6,714
  -7,047
  -7,396
  -7,763
  -8,148
  -8,553
  -8,978
  -9,425
  -9,894
  -10,387
Free cash flow, $m
  2,749
  2,791
  2,851
  2,918
  2,990
  3,069
  3,154
  3,246
  3,343
  3,448
  3,139
  3,258
  3,384
  3,518
  3,660
  3,810
  3,968
  4,136
  4,313
  4,499
  4,696
  4,903
  5,122
  5,352
  5,594
  5,849
  6,117
  6,400
  6,697
  7,009
Issuance/(repayment) of debt, $m
  657
  696
  744
  794
  846
  899
  954
  1,011
  1,071
  1,132
  1,196
  1,263
  1,333
  1,406
  1,482
  1,561
  1,644
  1,731
  1,822
  1,918
  2,018
  2,122
  2,232
  2,347
  2,467
  2,593
  2,726
  2,865
  3,010
  3,163
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  
  657
  696
  744
  794
  846
  899
  954
  1,011
  1,071
  1,132
  1,196
  1,263
  1,333
  1,406
  1,482
  1,561
  1,644
  1,731
  1,822
  1,918
  2,018
  2,122
  2,232
  2,347
  2,467
  2,593
  2,726
  2,865
  3,010
  3,163
Total cash flow (excl. dividends), $m
  3,406
  3,487
  3,596
  3,712
  3,836
  3,968
  4,108
  4,257
  4,414
  4,580
  4,336
  4,521
  4,717
  4,924
  5,141
  5,371
  5,613
  5,867
  6,135
  6,417
  6,713
  7,025
  7,354
  7,699
  8,061
  8,443
  8,843
  9,264
  9,707
  10,172
Retained Cash Flow (-), $m
  -386
  -419
  -449
  -479
  -510
  -542
  -575
  -609
  -645
  -682
  -721
  -761
  -803
  -847
  -893
  -941
  -991
  -1,043
  -1,098
  -1,156
  -1,216
  -1,279
  -1,345
  -1,414
  -1,487
  -1,563
  -1,642
  -1,726
  -1,814
  -1,906
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
  77
  79
  82
  86
  89
  93
  97
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  242
  254
  267
  280
Cash available for distribution, $m
  3,020
  3,067
  3,147
  3,234
  3,327
  3,426
  3,533
  3,647
  3,769
  3,898
  3,615
  3,760
  3,914
  4,077
  4,249
  4,430
  4,622
  4,824
  5,037
  5,261
  5,498
  5,747
  6,009
  6,285
  6,575
  6,880
  7,201
  7,538
  7,893
  8,266
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  2,817
  2,651
  2,503
  2,347
  2,187
  2,022
  1,854
  1,685
  1,517
  1,352
  1,067
  933
  806
  686
  576
  476
  386
  309
  242
  186
  140
  103
  74
  52
  36
  24
  15
  10
  6
  3
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

Tyson Foods, Inc. is a food company, which is engaged in offering chicken, beef and pork, as well as prepared foods. The Company offers food products under Tyson, Jimmy Dean, Hillshire Farm, Sara Lee, Ball Park, Wright, Aidells and State Fair brands. The Company operates through four segments: Chicken, Beef, Pork and Prepared Foods. It operates a vertically integrated chicken production process, which consists of breeding stock, contract growers, feed production, processing, further-processing, marketing and transportation of chicken and related allied products, including animal and pet food ingredients. Through its subsidiary, Cobb-Vantress, Inc. (Cobb), the Company is engaged in supplying poultry breeding stock across the world. It produces a range of fresh, frozen and refrigerated food products. Its products are marketed and sold by its sales staff to grocery retailers, grocery wholesalers, meat distributors, warehouse club stores and military commissaries, among others.

FINANCIAL RATIOS  of  Tyson Foods Cl A (TSN)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 0.6
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 14.7
Growth Rates
Sales Growth Rate 3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 53.8%
Cap. Spend. - 3 Yr. Gr. Rate 11.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 88.2%
Total Debt to Equity 96.8%
Interest Coverage 12
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 17.6%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 13.3%
Gross Margin - 3 Yr. Avg. 11.8%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 32.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.5%
Payout Ratio 18%

TSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TSN stock intrinsic value calculation we used $38260 million for the last fiscal year's total revenue generated by Tyson Foods Cl A. The default revenue input number comes from 2017 income statement of Tyson Foods Cl A. 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 TSN stock valuation model: a) initial revenue growth rate of 3.7% 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 7.2%, whose default value for TSN is calculated based on our internal credit rating of Tyson Foods Cl A, 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 Tyson Foods Cl A.
    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 TSN stock the variable cost ratio is equal to 92.3%.

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 TSN 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 Tyson Foods Cl A.

Corporate tax rate of 27% is the nominal tax rate for Tyson Foods Cl A. 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 TSN stock is equal to 0.2%.

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 TSN are equal to 49.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Tyson Foods Cl A 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 TSN is equal to 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 - $10559 million for Tyson Foods Cl A - 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 366 million for Tyson Foods Cl A 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 Tyson Foods Cl A at the current share price and the inputted number of shares is $22.3 billion.

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COMPANY NEWS

▶ [$$] Tyson to Sell Pizza Crust Business to Peak Rock Capital   [Aug-09-18 06:05PM  The Wall Street Journal]
▶ Futures Rally Up On Tuesday   [Aug-07-18 10:19AM  Zacks]
▶ Global stocks follow Wall Street higher   [05:18AM  Associated Press]
▶ [$$] Tyson Foods Reports Higher Profit as Sales Tick Up   [06:18PM  The Wall Street Journal]
▶ Tyson Foods Shares Pop on Q3 Earnings Beat   [12:36PM  InvestorPlace]
▶ Lower cattle costs fatten Tyson Foods' profit   [10:21AM  Reuters Videos]
▶ Top 5 Things To Know In The Market On Monday   [08:25AM  Investing.com]
▶ Tyson: Fiscal 3Q Earnings Snapshot   [07:47AM  Associated Press]
▶ Yahoo Finance Live: Market Movers - Aug 6th, 2018   [07:20AM  Yahoo Finance Video]
▶ Economic Calendar - Top 5 Things To Watch This Week   [Aug-05-18 09:58AM  Investing.com]
▶ Why Tyson Foods Stock Lost 16% in July   [Aug-02-18 02:58PM  Motley Fool]
▶ Tyson Foods: Don't Play This Game of Chicken   [10:57AM  TheStreet.com]
▶ Company News For Jul 31, 2018   [09:14AM  Zacks]
▶ [$$] Tyson Cuts Outlook on Tariffs, Commodity Volatility   [05:44PM  The Wall Street Journal]
▶ US Foods, CBS fall; First Data, Chevron rise   [04:37PM  Associated Press]
▶ Tariffs Carve Up U.S. Meat Industry   [11:20AM  The Wall Street Journal]
▶ Tyson Foods Updates Outlook for Fiscal 2018   [07:30AM  GlobeNewswire]
▶ 3 Food Stocks With Fat Dividends to Chow Down On   [Jul-23-18 04:50PM  TheStreet.com]
▶ How Nestlé boosted Sweet Earth Foods   [Jul-13-18 08:57AM  American City Business Journals]
▶ 7 Stalwart Stocks That Benefit From Macro-Trends   [Jul-09-18 02:25PM  InvestorPlace]
▶ Chicken Price Wars May Have No Winners   [Jul-03-18 08:33PM  TheStreet.com]
▶ [$$] Chicken, Turkey and Tuna Have a Beef With Your Burger   [Jul-02-18 07:47PM  The Wall Street Journal]
▶ [$$] Chicken, Turkey and Tuna Have a Beef With Your Burger   [Jun-30-18 08:00AM  The Wall Street Journal]
▶ Exclusive: New Nestlé ownership has strapped a booster to this Bay Area food brand   [Jun-25-18 04:31PM  American City Business Journals]
▶ Would you pay $30 for bottled hot dog water?   [Jun-22-18 01:12PM  Yahoo Finance Video]
▶ Does Tyson Foods Incs (NYSE:TSN) Debt Level Pose A Problem?   [Jun-21-18 09:36AM  Simply Wall St.]
▶ Meat 2.0? Clean meat? Spat shows the power of food wording   [Jun-19-18 12:58PM  Associated Press]
▶ Tyson Foods CEO: We Aren't Done Making Deals   [Jun-18-18 04:20PM  TheStreet.com]
▶ [$$] China retaliates against US tariffs on $50bn of imports   [Jun-14-18 10:59PM  Financial Times]
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