Intrinsic value of United Natural Foods - UNFI

Previous Close

$40.57

  Intrinsic Value

$21.91

stock screener

  Rating & Target

sell

-46%

  Value-price divergence*

+11%

Previous close

$40.57

 
Intrinsic value

$21.91

 
Up/down potential

-46%

 
Rating

sell

 
Value-price divergence*

+11%

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

We calculate the intrinsic value of UNFI 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 2016), $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 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.48
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  8,470
  9,419
  10,415
  11,459
  12,550
  13,688
  14,873
  16,107
  17,390
  18,724
  20,110
  21,550
  23,047
  24,602
  26,220
  27,903
  29,655
  31,478
  33,377
  35,357
  37,421
  39,574
  41,821
  44,167
  46,619
  49,180
  51,858
  54,659
  57,589
  60,655
  63,865
Variable operating expenses, $m
 
  9,132
  10,094
  11,102
  12,156
  13,255
  14,399
  15,591
  16,830
  18,118
  19,456
  20,810
  22,256
  23,758
  25,320
  26,946
  28,637
  30,398
  32,232
  34,143
  36,136
  38,216
  40,386
  42,652
  45,019
  47,492
  50,078
  52,783
  55,612
  58,573
  61,673
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
  8,246
  9,132
  10,094
  11,102
  12,156
  13,255
  14,399
  15,591
  16,830
  18,118
  19,456
  20,810
  22,256
  23,758
  25,320
  26,946
  28,637
  30,398
  32,232
  34,143
  36,136
  38,216
  40,386
  42,652
  45,019
  47,492
  50,078
  52,783
  55,612
  58,573
  61,673
Operating income, $m
  224
  287
  321
  357
  394
  433
  474
  516
  560
  606
  654
  740
  791
  844
  900
  958
  1,018
  1,080
  1,146
  1,213
  1,284
  1,358
  1,435
  1,516
  1,600
  1,688
  1,780
  1,876
  1,977
  2,082
  2,192
EBITDA, $m
  295
  379
  419
  461
  505
  551
  599
  649
  700
  754
  810
  868
  928
  991
  1,056
  1,124
  1,194
  1,268
  1,344
  1,424
  1,507
  1,594
  1,684
  1,779
  1,877
  1,980
  2,088
  2,201
  2,319
  2,442
  2,572
Interest expense (income), $m
  17
  21
  26
  31
  37
  43
  49
  56
  62
  69
  77
  84
  92
  100
  109
  117
  127
  136
  146
  156
  167
  179
  190
  203
  215
  229
  243
  257
  273
  289
  305
Earnings before tax, $m
  208
  266
  295
  325
  357
  390
  425
  461
  498
  537
  577
  656
  699
  744
  791
  840
  891
  944
  999
  1,057
  1,117
  1,180
  1,245
  1,313
  1,385
  1,459
  1,537
  1,619
  1,704
  1,793
  1,887
Tax expense, $m
  82
  72
  80
  88
  96
  105
  115
  124
  134
  145
  156
  177
  189
  201
  214
  227
  241
  255
  270
  285
  302
  319
  336
  355
  374
  394
  415
  437
  460
  484
  509
Net income, $m
  126
  194
  215
  238
  261
  285
  310
  336
  364
  392
  421
  479
  510
  543
  578
  613
  651
  689
  730
  772
  815
  861
  909
  959
  1,011
  1,065
  1,122
  1,182
  1,244
  1,309
  1,377

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  2,852
  3,150
  3,483
  3,832
  4,197
  4,578
  4,974
  5,387
  5,816
  6,262
  6,726
  7,207
  7,708
  8,228
  8,769
  9,332
  9,918
  10,528
  11,163
  11,825
  12,515
  13,235
  13,987
  14,772
  15,591
  16,448
  17,344
  18,280
  19,260
  20,286
  21,359
Adjusted assets (=assets-cash), $m
  2,833
  3,150
  3,483
  3,832
  4,197
  4,578
  4,974
  5,387
  5,816
  6,262
  6,726
  7,207
  7,708
  8,228
  8,769
  9,332
  9,918
  10,528
  11,163
  11,825
  12,515
  13,235
  13,987
  14,772
  15,591
  16,448
  17,344
  18,280
  19,260
  20,286
  21,359
Revenue / Adjusted assets
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
  2.990
Average production assets, $m
  769
  857
  948
  1,043
  1,142
  1,246
  1,353
  1,466
  1,582
  1,704
  1,830
  1,961
  2,097
  2,239
  2,386
  2,539
  2,699
  2,864
  3,037
  3,217
  3,405
  3,601
  3,806
  4,019
  4,242
  4,475
  4,719
  4,974
  5,241
  5,520
  5,812
Working capital, $m
  991
  1,093
  1,208
  1,329
  1,456
  1,588
  1,725
  1,868
  2,017
  2,172
  2,333
  2,500
  2,673
  2,854
  3,042
  3,237
  3,440
  3,651
  3,872
  4,101
  4,341
  4,591
  4,851
  5,123
  5,408
  5,705
  6,016
  6,340
  6,680
  7,036
  7,408
Total debt, $m
  600
  736
  891
  1,054
  1,224
  1,401
  1,586
  1,778
  1,978
  2,186
  2,402
  2,627
  2,860
  3,102
  3,355
  3,617
  3,890
  4,174
  4,470
  4,778
  5,100
  5,436
  5,786
  6,152
  6,534
  6,933
  7,350
  7,787
  8,243
  8,721
  9,221
Total liabilities, $m
  1,333
  1,468
  1,623
  1,786
  1,956
  2,133
  2,318
  2,510
  2,710
  2,918
  3,134
  3,359
  3,592
  3,834
  4,087
  4,349
  4,622
  4,906
  5,202
  5,510
  5,832
  6,168
  6,518
  6,884
  7,266
  7,665
  8,082
  8,519
  8,975
  9,453
  9,953
Total equity, $m
  1,520
  1,682
  1,860
  2,047
  2,241
  2,445
  2,656
  2,877
  3,106
  3,344
  3,591
  3,849
  4,116
  4,394
  4,683
  4,983
  5,296
  5,622
  5,961
  6,315
  6,683
  7,068
  7,469
  7,888
  8,326
  8,783
  9,262
  9,762
  10,285
  10,833
  11,406
Total liabilities and equity, $m
  2,853
  3,150
  3,483
  3,833
  4,197
  4,578
  4,974
  5,387
  5,816
  6,262
  6,725
  7,208
  7,708
  8,228
  8,770
  9,332
  9,918
  10,528
  11,163
  11,825
  12,515
  13,236
  13,987
  14,772
  15,592
  16,448
  17,344
  18,281
  19,260
  20,286
  21,359
Debt-to-equity ratio
  0.395
  0.440
  0.480
  0.510
  0.550
  0.570
  0.600
  0.620
  0.640
  0.650
  0.670
  0.680
  0.690
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.810
  0.810
Adjusted equity ratio
  0.530
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  194
  215
  238
  261
  285
  310
  336
  364
  392
  421
  479
  510
  543
  578
  613
  651
  689
  730
  772
  815
  861
  909
  959
  1,011
  1,065
  1,122
  1,182
  1,244
  1,309
  1,377
Depreciation, amort., depletion, $m
  71
  93
  99
  105
  111
  118
  125
  132
  140
  148
  156
  128
  137
  146
  156
  166
  176
  187
  199
  210
  223
  235
  249
  263
  277
  293
  308
  325
  343
  361
  380
Funds from operations, $m
  361
  287
  314
  342
  372
  403
  435
  469
  504
  540
  577
  607
  647
  690
  734
  779
  827
  877
  928
  982
  1,038
  1,097
  1,158
  1,221
  1,288
  1,358
  1,431
  1,507
  1,586
  1,670
  1,757
Change in working capital, $m
  64
  110
  116
  121
  127
  132
  138
  143
  149
  155
  161
  167
  174
  180
  188
  195
  203
  212
  220
  230
  239
  250
  261
  272
  284
  297
  311
  325
  340
  356
  372
Cash from operations, $m
  297
  177
  198
  221
  245
  271
  298
  326
  355
  385
  417
  440
  474
  509
  546
  584
  624
  665
  708
  752
  799
  847
  897
  949
  1,004
  1,061
  1,120
  1,182
  1,247
  1,314
  1,385
Maintenance CAPEX, $m
  0
  -50
  -56
  -62
  -68
  -75
  -81
  -88
  -96
  -103
  -111
  -120
  -128
  -137
  -146
  -156
  -166
  -176
  -187
  -199
  -210
  -223
  -235
  -249
  -263
  -277
  -293
  -308
  -325
  -343
  -361
New CAPEX, $m
  -41
  -88
  -91
  -95
  -99
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -204
  -214
  -223
  -233
  -244
  -255
  -267
  -279
  -292
Cash from investing activities, $m
  -351
  -138
  -147
  -157
  -167
  -179
  -189
  -200
  -213
  -224
  -237
  -251
  -264
  -279
  -293
  -309
  -325
  -342
  -360
  -379
  -398
  -419
  -439
  -463
  -486
  -510
  -537
  -563
  -592
  -622
  -653
Free cash flow, $m
  -54
  38
  52
  64
  78
  93
  108
  125
  142
  160
  179
  189
  209
  231
  252
  275
  298
  323
  348
  374
  401
  428
  457
  487
  518
  550
  584
  619
  655
  693
  732
Issuance/(repayment) of debt, $m
  58
  148
  155
  163
  170
  177
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  336
  350
  366
  382
  399
  417
  436
  457
  478
  500
Issuance/(repurchase) of shares, $m
  2
  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  
  56
  148
  155
  163
  170
  177
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  336
  350
  366
  382
  399
  417
  436
  457
  478
  500
Total cash flow (excl. dividends), $m
  1
  186
  207
  227
  248
  270
  293
  317
  342
  368
  395
  413
  443
  473
  505
  537
  571
  607
  644
  682
  722
  764
  807
  853
  900
  949
  1,001
  1,055
  1,111
  1,170
  1,232
Retained Cash Flow (-), $m
  -139
  -169
  -178
  -186
  -195
  -203
  -212
  -220
  -229
  -238
  -248
  -257
  -267
  -278
  -289
  -301
  -313
  -326
  -339
  -354
  -369
  -385
  -401
  -419
  -438
  -457
  -478
  -500
  -523
  -548
  -573
Prev. year cash balance distribution, $m
 
  7
  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
 
  24
  29
  41
  53
  67
  81
  97
  113
  130
  148
  156
  175
  195
  216
  237
  259
  281
  305
  329
  354
  379
  406
  434
  462
  492
  523
  555
  588
  623
  659
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  23
  26
  34
  42
  49
  55
  60
  64
  67
  68
  64
  63
  61
  58
  54
  50
  45
  40
  35
  30
  25
  21
  17
  13
  10
  8
  6
  4
  3
  2
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

United Natural Foods, Inc. is a distributor and retailer of natural, organic and specialty products. The Company's segments include Wholesale and Other. The Wholesale segment is engaged in the national distribution of natural, organic and specialty foods, produce and related products in the United States and Canada. The Other segment includes a retail division, which engages in the sale of natural foods and related products to the general public through retail storefronts on the east coast of the United States; a manufacturing division, which engages in importing, roasting and packaging of nuts, seeds, dried fruit and snack items, and its branded product lines. Its operations consist of three operating divisions: Wholesale Division, Retail Division, and Manufacturing and Branded Products divisions. As of July 30, 2016, the Company had offered 100,000 natural, organic and specialty foods, and non-food products, consisting of national, regional and private-label brands.

FINANCIAL RATIOS  of  United Natural Foods (UNFI)

Valuation Ratios
P/E Ratio 16.2
Price to Sales 0.2
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 8
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -68.2%
Cap. Spend. - 3 Yr. Gr. Rate -9.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 38.7%
Total Debt to Equity 39.5%
Interest Coverage 13
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity 8.7%
Return On Equity - 3 Yr. Avg. 10%
Asset Turnover 3.1
Profitability Ratios
Gross Margin 15.1%
Gross Margin - 3 Yr. Avg. 15.7%
EBITDA Margin 3.5%
EBITDA Margin - 3 Yr. Avg. 3.7%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 39.4%
Eff/ Tax Rate - 3 Yr. Avg. 39.5%
Payout Ratio 0%

UNFI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UNFI stock intrinsic value calculation we used $8470 million for the last fiscal year's total revenue generated by United Natural Foods. The default revenue input number comes from 2016 income statement of United Natural Foods. 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 UNFI stock valuation model: a) initial revenue growth rate of 11.2% 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 5.2%, whose default value for UNFI is calculated based on our internal credit rating of United Natural Foods, 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 United Natural Foods.
    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 UNFI stock the variable cost ratio is equal to 97%.

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 UNFI 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 3.5% for United Natural Foods.

Corporate tax rate of 27% is the nominal tax rate for United Natural Foods. 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 UNFI 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 UNFI are equal to 9.1%.

Life of production assets of 15.3 years is the average useful life of capital assets used in United Natural Foods 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 UNFI is equal to 11.6%. 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 - $1520 million for United Natural Foods - 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 50.313 million for United Natural Foods 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 United Natural Foods at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ United Natural Foods Gets Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Company News For Sep 15, 2017   [Sep-15-17 10:15AM  Zacks]
▶ What Happened in the Stock Market Today   [Sep-14-17 05:09PM  Motley Fool]
▶ United Natural beats 4Q profit forecasts   [Sep-13-17 11:31PM  Associated Press]
▶ United Natural beats 4Q profit forecasts   [04:22PM  Associated Press]
▶ Don't Miss These 5 Top Stocks Near Buy Points: Investing Action Plan   [Sep-12-17 04:06PM  Investor's Business Daily]
▶ UNFI to Open Shared Services Center in Lincoln, RI   [Aug-01-17 09:24AM  Business Wire]
▶ 3 Stocks on the Motley Fool Money Radar This Week   [Jun-22-17 02:23PM  Motley Fool]
▶ Company News for June 08, 2017   [Jun-08-17 09:31AM  Zacks]
▶ Story Stocks from Briefing.com   [12:23PM  Briefing.com]
▶ After-hours buzz: PLAY, KEYS & more   [Jun-06-17 05:14PM  CNBC]
▶ United Natural tops 3Q profit forecasts   [04:25PM  Associated Press]
▶ Whole Foods: Priced for a Sale?   [May-22-17 11:34AM  Barrons.com]
▶ What Wall Street Recommends for SuperValu   [10:37AM  Market Realist]
▶ How Has Supervalus Stock Performed?   [Apr-24-17 10:38AM  Market Realist]
▶ United Natural (UNFI) Downgraded to Sell on Dismal Trends   [Mar-29-17 05:12PM  Investopedia]
▶ United Natural meets 2Q profit forecasts   [Mar-08-17 04:26PM  Associated Press]
Financial statements of UNFI
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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