Intrinsic value of American Eagle Outfitters - AEO

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$11.53

  Intrinsic Value

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  Value-price divergence*

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*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 2.1

 

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
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  3,610
  3,607
  3,702
  3,810
  3,928
  4,057
  4,198
  4,350
  4,513
  4,688
  4,875
  5,075
  5,287
  5,513
  5,752
  6,006
  6,274
  6,557
  6,857
  7,173
  7,506
  7,858
  8,228
  8,618
  9,030
  9,462
  9,918
  10,397
  10,901
  11,431
  11,989
Variable operating expenses, $m
 
  1,132
  1,162
  1,196
  1,233
  1,274
  1,318
  1,365
  1,417
  1,472
  1,530
  1,591
  1,658
  1,728
  1,803
  1,883
  1,967
  2,056
  2,150
  2,249
  2,353
  2,464
  2,580
  2,702
  2,831
  2,967
  3,109
  3,260
  3,418
  3,584
  3,759
Fixed operating expenses, $m
 
  2,203
  2,258
  2,314
  2,372
  2,431
  2,492
  2,554
  2,618
  2,684
  2,751
  2,820
  2,890
  2,962
  3,036
  3,112
  3,190
  3,270
  3,352
  3,435
  3,521
  3,609
  3,700
  3,792
  3,887
  3,984
  4,084
  4,186
  4,290
  4,398
  4,508
Total operating expenses, $m
  3,278
  3,335
  3,420
  3,510
  3,605
  3,705
  3,810
  3,919
  4,035
  4,156
  4,281
  4,411
  4,548
  4,690
  4,839
  4,995
  5,157
  5,326
  5,502
  5,684
  5,874
  6,073
  6,280
  6,494
  6,718
  6,951
  7,193
  7,446
  7,708
  7,982
  8,267
Operating income, $m
  331
  271
  282
  299
  323
  352
  388
  430
  478
  533
  594
  664
  740
  822
  912
  1,010
  1,117
  1,231
  1,355
  1,488
  1,631
  1,785
  1,949
  2,124
  2,312
  2,512
  2,725
  2,952
  3,193
  3,450
  3,723
EBITDA, $m
  489
  424
  439
  460
  488
  523
  565
  613
  668
  730
  800
  876
  960
  1,052
  1,152
  1,261
  1,379
  1,505
  1,642
  1,788
  1,945
  2,113
  2,292
  2,484
  2,689
  2,907
  3,139
  3,386
  3,648
  3,927
  4,223
Interest expense (income), $m
  1
  0
  0
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  14
  15
  17
  19
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
Earnings before tax, $m
  335
  271
  282
  298
  321
  350
  385
  426
  474
  527
  588
  657
  731
  812
  901
  998
  1,103
  1,216
  1,338
  1,470
  1,611
  1,762
  1,925
  2,098
  2,283
  2,481
  2,692
  2,916
  3,155
  3,409
  3,678
Tax expense, $m
  123
  73
  76
  81
  87
  94
  104
  115
  128
  142
  159
  177
  197
  219
  243
  269
  298
  328
  361
  397
  435
  476
  520
  566
  616
  670
  727
  787
  852
  920
  993
Net income, $m
  212
  198
  206
  218
  234
  255
  281
  311
  346
  385
  429
  479
  534
  593
  658
  728
  805
  888
  977
  1,073
  1,176
  1,287
  1,405
  1,532
  1,667
  1,811
  1,965
  2,129
  2,303
  2,488
  2,685

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
  1,384
  1,421
  1,462
  1,508
  1,557
  1,611
  1,670
  1,732
  1,800
  1,872
  1,948
  2,030
  2,116
  2,208
  2,305
  2,408
  2,517
  2,632
  2,753
  2,881
  3,016
  3,159
  3,308
  3,466
  3,632
  3,807
  3,991
  4,185
  4,388
  4,602
Adjusted assets (=assets-cash), $m
  1,404
  1,384
  1,421
  1,462
  1,508
  1,557
  1,611
  1,670
  1,732
  1,800
  1,872
  1,948
  2,030
  2,116
  2,208
  2,305
  2,408
  2,517
  2,632
  2,753
  2,881
  3,016
  3,159
  3,308
  3,466
  3,632
  3,807
  3,991
  4,185
  4,388
  4,602
Revenue / Adjusted assets
  2.571
  2.606
  2.605
  2.606
  2.605
  2.606
  2.606
  2.605
  2.606
  2.604
  2.604
  2.605
  2.604
  2.605
  2.605
  2.606
  2.605
  2.605
  2.605
  2.606
  2.605
  2.605
  2.605
  2.605
  2.605
  2.605
  2.605
  2.605
  2.605
  2.605
  2.605
Average production assets, $m
  756
  768
  789
  811
  837
  864
  894
  926
  961
  999
  1,038
  1,081
  1,126
  1,174
  1,225
  1,279
  1,336
  1,397
  1,460
  1,528
  1,599
  1,674
  1,753
  1,836
  1,923
  2,015
  2,112
  2,215
  2,322
  2,435
  2,554
Working capital, $m
  407
  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 debt, $m
  0
  14
  29
  46
  65
  85
  108
  132
  158
  186
  216
  247
  281
  317
  355
  396
  438
  484
  531
  582
  635
  691
  750
  812
  877
  946
  1,019
  1,095
  1,176
  1,260
  1,349
Total liabilities, $m
  578
  575
  590
  607
  626
  646
  669
  693
  719
  747
  777
  808
  842
  878
  916
  957
  999
  1,045
  1,092
  1,143
  1,196
  1,252
  1,311
  1,373
  1,438
  1,507
  1,580
  1,656
  1,737
  1,821
  1,910
Total equity, $m
  1,205
  810
  831
  856
  882
  911
  943
  977
  1,014
  1,053
  1,095
  1,140
  1,187
  1,238
  1,292
  1,349
  1,409
  1,473
  1,540
  1,611
  1,686
  1,765
  1,848
  1,935
  2,028
  2,125
  2,227
  2,335
  2,448
  2,567
  2,692
Total liabilities and equity, $m
  1,783
  1,385
  1,421
  1,463
  1,508
  1,557
  1,612
  1,670
  1,733
  1,800
  1,872
  1,948
  2,029
  2,116
  2,208
  2,306
  2,408
  2,518
  2,632
  2,754
  2,882
  3,017
  3,159
  3,308
  3,466
  3,632
  3,807
  3,991
  4,185
  4,388
  4,602
Debt-to-equity ratio
  0.000
  0.020
  0.030
  0.050
  0.070
  0.090
  0.110
  0.140
  0.160
  0.180
  0.200
  0.220
  0.240
  0.260
  0.280
  0.290
  0.310
  0.330
  0.350
  0.360
  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
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  212
  198
  206
  218
  234
  255
  281
  311
  346
  385
  429
  479
  534
  593
  658
  728
  805
  888
  977
  1,073
  1,176
  1,287
  1,405
  1,532
  1,667
  1,811
  1,965
  2,129
  2,303
  2,488
  2,685
Depreciation, amort., depletion, $m
  158
  152
  156
  161
  166
  171
  177
  183
  190
  198
  205
  212
  221
  230
  240
  251
  262
  274
  286
  300
  313
  328
  344
  360
  377
  395
  414
  434
  455
  477
  501
Funds from operations, $m
  297
  350
  362
  379
  400
  427
  458
  494
  536
  582
  634
  691
  754
  823
  898
  979
  1,067
  1,162
  1,263
  1,372
  1,490
  1,615
  1,749
  1,892
  2,044
  2,206
  2,379
  2,563
  2,758
  2,966
  3,186
Change in working capital, $m
  -69
  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 operations, $m
  366
  355
  362
  379
  400
  427
  458
  494
  536
  582
  634
  691
  754
  823
  898
  979
  1,067
  1,162
  1,263
  1,372
  1,490
  1,615
  1,749
  1,892
  2,044
  2,206
  2,379
  2,563
  2,758
  2,966
  3,186
Maintenance CAPEX, $m
  0
  -147
  -151
  -155
  -159
  -164
  -169
  -175
  -182
  -188
  -196
  -204
  -212
  -221
  -230
  -240
  -251
  -262
  -274
  -286
  -300
  -313
  -328
  -344
  -360
  -377
  -395
  -414
  -434
  -455
  -477
New CAPEX, $m
  -163
  -18
  -20
  -23
  -25
  -28
  -30
  -32
  -35
  -37
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -119
Cash from investing activities, $m
  -163
  -165
  -171
  -178
  -184
  -192
  -199
  -207
  -217
  -225
  -236
  -247
  -257
  -269
  -281
  -294
  -308
  -322
  -338
  -353
  -371
  -388
  -407
  -427
  -448
  -469
  -492
  -516
  -541
  -568
  -596
Free cash flow, $m
  203
  190
  191
  201
  216
  235
  259
  287
  319
  357
  399
  445
  497
  554
  617
  685
  759
  839
  926
  1,019
  1,119
  1,226
  1,342
  1,465
  1,596
  1,737
  1,887
  2,047
  2,217
  2,397
  2,590
Issuance/(repayment) of debt, $m
  -4
  14
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  73
  76
  80
  84
  89
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
  14
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  73
  76
  80
  84
  89
Total cash flow (excl. dividends), $m
  210
  204
  206
  218
  235
  256
  281
  311
  345
  385
  429
  477
  531
  590
  655
  725
  802
  884
  973
  1,069
  1,172
  1,282
  1,401
  1,527
  1,662
  1,806
  1,959
  2,123
  2,297
  2,482
  2,679
Retained Cash Flow (-), $m
  -154
  -19
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -113
  -119
  -125
Prev. year cash balance distribution, $m
 
  260
  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
 
  445
  185
  194
  208
  227
  249
  277
  309
  345
  387
  432
  483
  540
  601
  669
  742
  821
  906
  998
  1,097
  1,203
  1,317
  1,439
  1,570
  1,709
  1,857
  2,015
  2,184
  2,363
  2,553
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
 
  426
  169
  169
  171
  176
  181
  187
  193
  198
  203
  205
  206
  205
  202
  196
  188
  179
  167
  154
  139
  124
  109
  94
  80
  66
  54
  43
  34
  26
  19
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. operates as a specialty retailer offering on-trend clothing, accessories, and personal care products under the American Eagle Outfitters and Aerie brands. The company provides denim, bottoms, and other apparel, as well as footwear and accessories for men and women; and intimates, including bras, undies, swim, and other products, as well as apparel and personal care products for women. In addition, it offers sports apparel under the Tailgate brand; and menswear products under the Todd Snyder New York brand name. The company operates approximately 1,000 stores in the United States, Canada, Mexico, China, Hong Kong, and the United Kingdom, and ships to 81 countries through its websites. It also offers its merchandise at 151 stores operated by licensees in 22 countries, as well as through its Websites at ae.com, aerie.com, TailgateClothing.com, and ToddSnyder.com. American Eagle Outfitters, Inc. was founded in 1977 and is headquartered in Pittsburgh, Pennsylvania.

FINANCIAL RATIOS  of  American Eagle Outfitters (AEO)

Valuation Ratios
P/E Ratio 9.9
Price to Sales 0.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 10.3
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 $3522 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 2.4% 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 31.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2149 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 21.3%.

Life of production assets of 5.1 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%. 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 - $1051 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 182.706 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 $2.1 billion.


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COMPANY NEWS

▶ Why American Eagle Outfitters Stock Plunged 18% in May   [Jun-17-17 06:28AM  Motley Fool]
▶ Why Abercrombie & Fitch Stock Jumped 10% in May   [Jun-14-17 07:32PM  Motley Fool]
▶ Is American Eagle Now Too Cheap to Ignore?   [Jun-09-17 04:42PM  Investopedia]
▶ Abercrombie Spikes On Buzz Of American Eagle, Cerberus Bid   [May-24-17 04:22PM  Investor's Business Daily]
▶ Report: American Eagle, Cerberus weighing Abercrombie & Fitch bid   [03:20PM  American City Business Journals]
▶ Retail And E-Commerce News And Stocks To Watch   [02:39PM  Investor's Business Daily]
▶ [$$] Cerberus, American Eagle Work on Abercrombie Bid   [01:40PM  The Wall Street Journal]
▶ Why Abercrombie & Fitch is Flying   [01:18PM  Barrons.com]
▶ Good News For GapSo Why Is The Stock Falling?   [May-19-17 09:51AM  Barrons.com]
▶ Stock Market News for May 18, 2017   [May-18-17 09:43AM  Zacks]
▶ American Eagle plans to be more aggressive in store closings   [12:27PM  American City Business Journals]
▶ Story Stocks from Briefing.com   [10:04AM  Briefing.com]
▶ American Eagle misses 1Q profit forecasts   [08:10AM  Associated Press]
▶ [$$] Abercrombie & Fitch in Merger Talks With Suitors   [May-10-17 07:35PM  The Wall Street Journal]
▶ Abercrombie & Fitch Confirms It's In Buyout Talks   [04:58PM  Investor's Business Daily]
▶ American Eagle Outfitters: Bears Need a Reality Check   [May-04-17 07:49PM  Motley Fool]
▶ American Eagle plane makes emergency landing near Chicago   [May-01-17 12:01PM  Associated Press]
▶ Why the 'bralette' is a problem for Victoria's Secret   [Apr-08-17 03:34PM  Yahoo Finance]
▶ Taking Sides On The Retail Debate   [11:32AM  at Forbes]
▶ The 4 Best Dividend Stocks in Apparel   [Mar-23-17 05:17PM  Motley Fool]
▶ The 4 Best Dividend Stocks in Apparel   [05:17PM  at Motley Fool]
▶ RLHC Appoints Two New Independent Board Members   [Mar-22-17 04:15PM  GlobeNewswire]
Stock chart of AEO Financial statements of AEO Annual reports 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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