This case concerns an analyst’s task to value Cal-Maine Foods, Inc., the largest and only publicly traded U.S. egg production firm. The case takes place in 2020, at the time of the Covid-19 pandemic. Historically volatile egg prices were even more volatile in April 2020, with a large spike in prices that led the state of Texas to sue the firm for price gouging. Added to this, Cal-Maine had an unexpectedly bad earnings report a few months earlier, and prior to that, the firm cut its dividend. How should the analyst incorporate these shocks – or should they be included at all? How can the analyst assess the risk of a company that has volatile revenues and costs and a widely varying beta? Which factors is the analysis most sensitive to? Was the market overvaluing Cal-Maine? Or, was there potential for investors to profit from investing in the firm?

中文翻译：

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Cal-Maine Foods，Inc .：大流行期间的股价估算

该案涉及分析师评估美国最大，唯一公开上市的鸡蛋生产公司Cal-Maine Foods，Inc.的任务。此案发生在2020年Covid-19大流行期间。历史上动荡的鸡蛋价格在2020年4月更加动荡，价格大幅上涨，导致德克萨斯州起诉该公司进行价格欺诈。除此之外，Cal-Maine几个月前的业绩报告出乎意料地糟糕，在此之前，该公司削减了股息。分析人员应如何将这些冲击纳入其中？或者应将其完全包括在内？分析师如何评估收入和成本波动且Beta差异很大的公司的风险？分析对哪些因素最敏感？市场是否高估了Cal-Maine？或者，投资者是否有潜力从投资公司中获利？