Cal-Maine Foods (CALM) is an egg producer. CALM's relatively simple business can make it attractive to investors. After all, one would think that producing and selling eggs is as simple as it gets. For context, during CALM's last fiscal year, the company sold roughly 1 billion eggs to major retailers like Walmart (WMT). However, despite this, CALM's earnings are remarkably volatile due to a few key variables. Still, I believe my valuation model captures CALM's uncertainties quite well. Unfortunately, my model also suggests that there's not enough potential upside to justify an investment