Intrinsic value of American Eagle Outfitters - AEO

Previous Close

$12.97

  Intrinsic Value

$19.30

stock screener

  Rating & Target

buy

+49%

  Value-price divergence*

-4%

Previous close

$12.97

 
Intrinsic value

$19.30

 
Up/down potential

+49%

 
Rating

buy

 
Value-price divergence*

-4%

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

We calculate the intrinsic value of AEO 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 2017), $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 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.50
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  3,610
  3,707
  3,816
  3,936
  4,067
  4,209
  4,362
  4,527
  4,703
  4,892
  5,093
  5,307
  5,534
  5,774
  6,029
  6,299
  6,584
  6,885
  7,203
  7,538
  7,892
  8,264
  8,657
  9,070
  9,505
  9,963
  10,445
  10,951
  11,484
  12,045
  12,634
Variable operating expenses, $m
 
  3,203
  3,297
  3,400
  3,513
  3,636
  3,768
  3,911
  4,063
  4,226
  4,400
  4,583
  4,779
  4,987
  5,207
  5,440
  5,686
  5,946
  6,220
  6,510
  6,815
  7,137
  7,476
  7,833
  8,208
  8,604
  9,020
  9,457
  9,918
  10,402
  10,910
Fixed operating expenses, $m
 
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  243
  250
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  336
  344
Total operating expenses, $m
  3,278
  3,371
  3,469
  3,577
  3,694
  3,822
  3,958
  4,106
  4,263
  4,431
  4,610
  4,798
  5,000
  5,213
  5,439
  5,678
  5,929
  6,196
  6,476
  6,772
  7,084
  7,412
  7,758
  8,122
  8,505
  8,908
  9,332
  9,776
  10,245
  10,738
  11,254
Operating income, $m
  331
  336
  347
  359
  372
  387
  403
  421
  440
  461
  483
  509
  534
  562
  591
  622
  655
  690
  727
  766
  808
  852
  899
  948
  1,000
  1,055
  1,113
  1,174
  1,239
  1,307
  1,379
EBITDA, $m
  489
  493
  508
  525
  544
  564
  587
  612
  638
  667
  698
  731
  766
  803
  843
  885
  930
  978
  1,028
  1,081
  1,138
  1,197
  1,260
  1,327
  1,397
  1,472
  1,550
  1,632
  1,719
  1,811
  1,908
Interest expense (income), $m
  1
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
Earnings before tax, $m
  335
  336
  346
  358
  370
  384
  400
  417
  435
  455
  476
  500
  525
  551
  579
  608
  640
  673
  708
  746
  786
  828
  872
  920
  969
  1,022
  1,078
  1,136
  1,198
  1,263
  1,332
Tax expense, $m
  123
  91
  93
  97
  100
  104
  108
  113
  117
  123
  129
  135
  142
  149
  156
  164
  173
  182
  191
  201
  212
  224
  236
  248
  262
  276
  291
  307
  323
  341
  360
Net income, $m
  212
  245
  253
  261
  270
  281
  292
  304
  318
  332
  348
  365
  383
  402
  422
  444
  467
  491
  517
  545
  574
  604
  637
  671
  708
  746
  787
  829
  875
  922
  972

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  379
  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
  1,783
  1,442
  1,484
  1,531
  1,582
  1,637
  1,697
  1,761
  1,829
  1,903
  1,981
  2,064
  2,152
  2,246
  2,345
  2,450
  2,561
  2,678
  2,802
  2,932
  3,070
  3,214
  3,367
  3,528
  3,697
  3,875
  4,062
  4,260
  4,467
  4,685
  4,914
Adjusted assets (=assets-cash), $m
  1,404
  1,442
  1,484
  1,531
  1,582
  1,637
  1,697
  1,761
  1,829
  1,903
  1,981
  2,064
  2,152
  2,246
  2,345
  2,450
  2,561
  2,678
  2,802
  2,932
  3,070
  3,214
  3,367
  3,528
  3,697
  3,875
  4,062
  4,260
  4,467
  4,685
  4,914
Revenue / Adjusted assets
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.570
  2.571
  2.571
  2.571
  2.571
  2.571
  2.572
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
  2.571
Average production assets, $m
  756
  775
  798
  823
  850
  880
  912
  946
  983
  1,022
  1,064
  1,109
  1,157
  1,207
  1,260
  1,316
  1,376
  1,439
  1,505
  1,576
  1,649
  1,727
  1,809
  1,896
  1,987
  2,082
  2,183
  2,289
  2,400
  2,517
  2,640
Working capital, $m
  407
  30
  31
  31
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  96
  101
Total debt, $m
  0
  16
  34
  53
  74
  96
  121
  147
  176
  206
  238
  272
  309
  347
  388
  431
  477
  525
  576
  630
  687
  746
  809
  875
  945
  1,019
  1,096
  1,177
  1,262
  1,352
  1,447
Total liabilities, $m
  578
  594
  612
  631
  652
  674
  699
  725
  754
  784
  816
  850
  887
  925
  966
  1,009
  1,055
  1,103
  1,154
  1,208
  1,265
  1,324
  1,387
  1,453
  1,523
  1,597
  1,674
  1,755
  1,840
  1,930
  2,025
Total equity, $m
  1,205
  848
  873
  900
  930
  963
  998
  1,035
  1,076
  1,119
  1,165
  1,214
  1,266
  1,321
  1,379
  1,441
  1,506
  1,575
  1,647
  1,724
  1,805
  1,890
  1,980
  2,074
  2,174
  2,279
  2,389
  2,505
  2,627
  2,755
  2,889
Total liabilities and equity, $m
  1,783
  1,442
  1,485
  1,531
  1,582
  1,637
  1,697
  1,760
  1,830
  1,903
  1,981
  2,064
  2,153
  2,246
  2,345
  2,450
  2,561
  2,678
  2,801
  2,932
  3,070
  3,214
  3,367
  3,527
  3,697
  3,876
  4,063
  4,260
  4,467
  4,685
  4,914
Debt-to-equity ratio
  0.000
  0.020
  0.040
  0.060
  0.080
  0.100
  0.120
  0.140
  0.160
  0.180
  0.200
  0.220
  0.240
  0.260
  0.280
  0.300
  0.320
  0.330
  0.350
  0.370
  0.380
  0.390
  0.410
  0.420
  0.430
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
Adjusted equity ratio
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  212
  245
  253
  261
  270
  281
  292
  304
  318
  332
  348
  365
  383
  402
  422
  444
  467
  491
  517
  545
  574
  604
  637
  671
  708
  746
  787
  829
  875
  922
  972
Depreciation, amort., depletion, $m
  158
  156
  161
  166
  171
  177
  184
  191
  198
  206
  214
  222
  231
  241
  252
  263
  275
  288
  301
  315
  330
  345
  362
  379
  397
  416
  437
  458
  480
  503
  528
Funds from operations, $m
  297
  402
  414
  427
  442
  458
  476
  495
  516
  538
  562
  587
  614
  643
  674
  707
  742
  779
  818
  860
  904
  950
  999
  1,050
  1,105
  1,162
  1,223
  1,287
  1,355
  1,426
  1,501
Change in working capital, $m
  -69
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
Cash from operations, $m
  366
  401
  413
  426
  441
  457
  475
  494
  514
  537
  560
  585
  613
  642
  672
  705
  740
  777
  816
  857
  901
  947
  996
  1,047
  1,101
  1,159
  1,219
  1,283
  1,350
  1,421
  1,496
Maintenance CAPEX, $m
  0
  -151
  -155
  -160
  -165
  -170
  -176
  -182
  -189
  -197
  -204
  -213
  -222
  -231
  -241
  -252
  -263
  -275
  -288
  -301
  -315
  -330
  -345
  -362
  -379
  -397
  -416
  -437
  -458
  -480
  -503
New CAPEX, $m
  -163
  -19
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
  -117
  -123
Cash from investing activities, $m
  -163
  -170
  -178
  -185
  -192
  -200
  -208
  -216
  -226
  -236
  -246
  -258
  -269
  -281
  -294
  -308
  -323
  -338
  -354
  -371
  -389
  -408
  -427
  -448
  -470
  -493
  -517
  -543
  -569
  -597
  -626
Free cash flow, $m
  203
  231
  235
  242
  249
  257
  267
  277
  288
  300
  314
  328
  343
  360
  378
  397
  417
  439
  461
  486
  512
  539
  568
  599
  631
  666
  702
  741
  781
  824
  869
Issuance/(repayment) of debt, $m
  -4
  16
  17
  19
  21
  23
  25
  26
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  90
  94
Issuance/(repurchase) of shares, $m
  9
  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  
  6
  16
  17
  19
  21
  23
  25
  26
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  90
  94
Total cash flow (excl. dividends), $m
  210
  247
  253
  261
  270
  280
  291
  303
  316
  331
  346
  362
  380
  399
  419
  440
  463
  487
  512
  540
  568
  599
  631
  665
  701
  739
  779
  822
  867
  914
  964
Retained Cash Flow (-), $m
  -154
  -22
  -25
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -99
  -105
  -110
  -116
  -122
  -128
  -135
Prev. year cash balance distribution, $m
 
  379
  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
 
  604
  228
  233
  240
  248
  256
  266
  276
  288
  300
  313
  328
  343
  360
  378
  397
  418
  440
  463
  487
  514
  541
  571
  602
  634
  669
  706
  745
  786
  829
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  579
  209
  203
  198
  192
  186
  179
  173
  165
  157
  149
  140
  131
  121
  111
  101
  91
  81
  71
  62
  53
  45
  37
  31
  25
  20
  15
  12
  9
  6
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

American Eagle Outfitters, Inc. (AEO Inc.) is a multi-brand specialty retailer. The Company offers a range of apparel and accessories for men and women under the American Eagle Outfitters Brand (AEO Brand), and intimates, apparel and personal care products for women under the Aerie brand. AEO Inc. operates stores in the United States, Canada, Mexico, Hong Kong, China and the United Kingdom. As of January 28, 2017, the Company operated over 1,000 retail stores and online at ae.com and aerie.com in the United States and internationally. Its company-owned retail stores are located in shopping malls, lifestyle centers and street locations in the United States, Canada, Mexico, China, Hong Kong and the United Kingdom. Its other brands include Tailgate and Todd Snyder New York. Tailgate is an apparel brand with a college town store concept. Todd Snyder New York is a menswear brand. As of January 28, 2017, the AEO brand operated 943 stores and online at www.ae.com.

FINANCIAL RATIOS  of  American Eagle Outfitters (AEO)

Valuation Ratios
P/E Ratio 11.1
Price to Sales 0.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 11.6
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.5%
Cap. Spend. - 3 Yr. Gr. Rate -11.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 336
Management Effectiveness
Return On Assets 12.5%
Ret/ On Assets - 3 Yr. Avg. 10.2%
Return On Total Capital 18.8%
Ret/ On T. Cap. - 3 Yr. Avg. 15.2%
Return On Equity 18.8%
Return On Equity - 3 Yr. Avg. 15.2%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 37.9%
Gross Margin - 3 Yr. Avg. 36.7%
EBITDA Margin 13.7%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 9.2%
Oper. Margin - 3 Yr. Avg. 7.7%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 42.9%

AEO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEO stock intrinsic value calculation we used $3610 million for the last fiscal year's total revenue generated by American Eagle Outfitters. The default revenue input number comes from 2017 income statement of American Eagle Outfitters. 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 AEO stock valuation model: a) initial revenue growth rate of 2.7% 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 4.3%, whose default value for AEO is calculated based on our internal credit rating of American Eagle Outfitters, 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 American Eagle Outfitters.
    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 AEO stock the variable cost ratio is equal to 86.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $164 million in the base year in the intrinsic value calculation for AEO 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 American Eagle Outfitters.

Corporate tax rate of 27% is the nominal tax rate for American Eagle Outfitters. 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 AEO 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 AEO are equal to 20.9%.

Life of production assets of 4.9 years is the average useful life of capital assets used in American Eagle Outfitters 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 AEO is equal to 0.8%. 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 - $1205 million for American Eagle Outfitters - 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 184.603 million for American Eagle Outfitters 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 American Eagle Outfitters at the current share price and the inputted number of shares is $2.4 billion.

RELATED COMPANIES Price Int.Val. Rating
BKE Buckle 16.05 37.15  str.buy
TLYS Tilly's 12.43 9.88  hold
JWN Nordstrom 42.01 34.27  sell
GPS Gap 26.66 41.46  str.buy
ANF Abercrombie&Fi 13.24 7.58  sell
URBN Urban Outfitte 23.77 27.54  buy
EXPR Express 6.34 19.68  str.buy
GES Guess? 16.31 15.31  hold

COMPANY NEWS

▶ Is It Time To Buy American Eagle Outfitters Inc (AEO)?   [Oct-19-17 01:57PM  Simply Wall St.]
▶ American Eagle Outfitters Is Trying to Fly Higher   [Sep-27-17 02:02PM  TheStreet.com]
▶ After-hours buzz: EFX, KR & more   [Sep-11-17 06:20PM  CNBC]
▶ Yahoo Finance Live: Market Movers - Sep 11th, 2017   [07:20AM  Yahoo Finance Video]
▶ Is It Too Late To Buy American Eagle Outfitters Inc (AEO)?   [Sep-08-17 10:26AM  Simply Wall St.]
▶ Jackson Hole and a Solar Eclipse -- Week in Review   [Aug-25-17 07:00PM  TheStreet.com]
▶ [$$] Apparel Retailers Pushing Discounts to Win Customers   [12:22AM  The Wall Street Journal]
▶ [$$] The Problem With Dissing Teen Retailers   [12:21AM  The Wall Street Journal]
▶ American Eagle tops Street 2Q forecasts   [Aug-23-17 10:03PM  Associated Press]
▶ [$$] Apparel Retailers Pushing Discounts to Win Customers   [06:58PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [04:46PM  Motley Fool]
▶ [$$] The Problem With Dissing Teen Retailers   [02:13PM  The Wall Street Journal]
▶ Retail and Mexican in the Blitz   [01:20PM  CNBC Videos]
▶ Stocks Retreat After New Home Sales Slump   [10:43AM  TheStreet.com]
▶ American Eagle's shares pop ahead of earnings   [Aug-22-17 06:21PM  Investing.com]
▶ 3 Top Dividend Stocks on Sale   [06:20PM  Motley Fool]
▶ This Week's Must-See Retail Earnings Charts   [Aug-21-17 07:01PM  Zacks]
▶ Advantage, American Eagle   [02:00PM  Bloomberg]
▶ 3 Stocks That Could Soar More Than McDonald's   [Aug-17-17 09:15AM  Motley Fool]
▶ Retail: American Eagle Could Fly Higher, But Beware Gap   [Aug-10-17 09:29AM  Barrons.com]
▶ Benzinga's Option Alert Recap From August 1   [Aug-01-17 04:00PM  Benzinga]
▶ 3 Retail Stocks Everyone is Wrong About   [Jul-31-17 10:16AM  Motley Fool]
▶ Teavana Closing: Starbucks Shutting Down All Locations   [Jul-28-17 11:01AM  InvestorPlace]
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▶ How WeChat is saving Burberry   [Jul-12-17 01:51PM  Yahoo Finance Video]
Financial statements of AEO
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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