Cal-Maine Foods: M&A Plans, Hard-Cooked Eggs, And Quite Cheap

Cal-Maine Foods (NASDAQ:CALM) reports a significant amount of cash, and recently announced two acquisitions. It also plans to acquire more targets. CALM also noted organic growth driven by valued-added products like hard-cooked eggs and potential opportunities in restaurant, institutional, and industrial food products arenas. Given previous FCF growth, net income growth, and the number of years in the industry, I assumed free cash flow growth from 2025 to 2029, and obtained an implied fair price of close to ...