Buffett Valuation Worksheet (January/February 1998, Computerized Investing, www.aaii.

com)
Enter values into shaded cells
Date of Analysis: 6/5/2017

Current Stock Data Seven Year Averages
Company: JBSS Return on Equity: 8.1% 1.989E+10 P/E 52.071429
Ticker: JBSS3 2,728,750,000 Payout Ratio: 11.2% 2.429E+10
Price: $7.29 P/E Ratio-High: 20.6 0.81910112
EPS: $0.14 P/E Ratio-Low: 13.8
DPS: $0.00 P/E Ratio: 17.2 total asset 102820000
BVPS: $8.90 Sustainable Growth 7.2% total debt 56260000
P/E: 52.1 (ROE * (1 - Payout Ratio)) net working 46560000 19892587500
Earnings Yield: 1.9%
Dividend Yield: 0.0%
P/BV: 0.8

Gv't Bond Yield: 10.3%

Historical Company Data
Price P/E Ratio BV/MC Payout
Year EPS DPS BVPS High Low High Low ROE Ratio 25 EPS P/E
Year 8 0.14 0.41 8.90 12.90 8.47 92.1 60.5 1.6% 292.9% 3.5 92.1428571
Year 7 1.60 0.17 8.90 17.56 9.99 11.0 6.2 18.0% 10.6% 40 10.975
Year 6 0.71 0.08 8.90 12.42 7.10 17.5 10.0 8.0% 11.3% 17.75 17.4929577
Year 5 0.32 0.06 8.90 8.98 5.66 28.1 17.7 3.6% 18.8% 8 28.0625
Year 4 0.25 0.01 8.90 6.44 5.36 25.8 21.4 2.8% 4.0% 6.25 25.76
Year 3
Year 2
Year 1

15.1
EPS DPS BVPS High Price Low Price
Annually Compounded Rates of Growth (7 year) [(Year 1 / Year 8) ^ (1/7)] - 1
8.6% -41.2% 0.0% -9.4% -6.3%
Annually Compounded Rates of Growth (3 year) [(Year 1 / Year 4) ^ (1/3)] - 1
-100.0% -100.0% -100.0% -100.0% -100.0%

Projected Company Data Using Historical Earnings Growth Rate

Year EPS DPS
Current $0.14 0.02 0.32 Earnings after 10 years
Year 1 0.15 0.02 0.27 Sum of dividends paid over 10 years
Year 2 0.17 0.02
Year 3 0.18 0.02 $5.52 Projected price (Average P/E * EPS)
Year 4 0.19 0.02 $5.78 Total gain (Projected Price + Dividends)
Year 5 0.21 0.02
Year 6 0.23 0.03 -2.3% Projected return using historical EPS growth rate
Year 7 0.25 0.03 [(Total Gain / Current Price) ^ (1/10)] - 1
Year 8 0.27 0.03
Year 9 0.30 0.03
Year 10 0.32 0.04

Projected Company Data Using Sustainable Growth Rate

Year BVPS EPS DPS
Current $8.90 0.72 0.08 1.44 Earnings after 10 years (BVPS * ROE)
Year 1 9.54 0.77 0.09 1.28 Sum of dividends paid over 10 years
Year 2 10.23 0.83 0.09
Year 3 10.96 0.89 0.10 $24.80 Projected price (Average P/E * EPS)
Year 4 11.75 0.95 0.11 $26.08 Total gain (Projected Price + Dividends)
Year 5 12.59 1.02 0.11
Year 6 13.50 1.09 0.12 13.6% Projected return using sustainable growth rate
Year 7 14.47 1.17 0.13 [(Total Gain / Current Price) ^ (1/10)] - 1
Year 8 15.51 1.25 0.14
Year 9 16.62 1.34 0.15
Year 10 17.82 1.44 0.16

P/E Ratio, Competitors
Ado 46.80 70.59 132.73 104.21 22.73
be
Syst
ems
Fac 37.05 84.21 74.26 106.361,336.24
ebo
ok
Inter – 9.65 13.55 11.58 13.37
nati
onal
Busi
nes
s
Mac
hine
sMicr 26.08 30.63 16.11 12.14 14.40
osof
tOra 18.53 17.92 16.33 12.78 13.61
cle
Cor
sale – – – – –
sfor
ce.c
om
Yah – – 5.51 28.57 6.12
oo!
Inc.
P/E Ratio, Sector
Soft – 31.00 19.87 19.22 16.66
war
e&
Co
mpu
ter
Ser
P/E Ratio, Industry
Tec – 19.55 17.83 16.18 16.61
hnol
ogy
P/BV Ratio, CompetitorsAdobe Systems Inc.7.376.355.264.492.84Facebook Inc.6.397.026.0510.316.02International Business Machines Corp.–8.9213.738.3711.77Microsoft Corp.6.084.663.963.363.68Oracle Corp.3.493.663.823.133.11salesforce.com inc.9.4510.5712.7911.7412.73Yahoo! Inc.–1.041.072.991.66 P/BV Ratio, SectorSoftware & Computer Services–4.534.124.614.19 P/BV Ratio, IndustryTechnology–4.094.023.733.65