Intrinsic value of Abercrombie&Fitch - ANF

Previous Close

$9.66

  Intrinsic Value

$8.10

stock screener

  Rating & Target

hold

-16%

  Value-price divergence*

+253%

Previous close

$9.66

 
Intrinsic value

$8.10

 
Up/down potential

-16%

 
Rating

hold

 
Value-price divergence*

+253%

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

We calculate the intrinsic value of ANF 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 0.6

 

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, %
  -5.46
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,327
  3,394
  3,472
  3,561
  3,661
  3,772
  3,894
  4,026
  4,170
  4,325
  4,491
  4,668
  4,858
  5,059
  5,274
  5,501
  5,742
  5,997
  6,267
  6,552
  6,853
  7,171
  7,506
  7,859
  8,231
  8,623
  9,036
  9,470
  9,927
  10,408
  10,913
Variable operating expenses, $m
 
  2,369
  2,423
  2,485
  2,555
  2,633
  2,718
  2,810
  2,911
  3,019
  3,134
  3,258
  3,391
  3,531
  3,681
  3,840
  4,008
  4,186
  4,375
  4,574
  4,784
  5,005
  5,239
  5,486
  5,745
  6,019
  6,307
  6,610
  6,929
  7,265
  7,618
Fixed operating expenses, $m
 
  1,040
  1,066
  1,093
  1,120
  1,148
  1,177
  1,207
  1,237
  1,268
  1,299
  1,332
  1,365
  1,399
  1,434
  1,470
  1,507
  1,544
  1,583
  1,623
  1,663
  1,705
  1,747
  1,791
  1,836
  1,882
  1,929
  1,977
  2,026
  2,077
  2,129
Total operating expenses, $m
  3,312
  3,409
  3,489
  3,578
  3,675
  3,781
  3,895
  4,017
  4,148
  4,287
  4,433
  4,590
  4,756
  4,930
  5,115
  5,310
  5,515
  5,730
  5,958
  6,197
  6,447
  6,710
  6,986
  7,277
  7,581
  7,901
  8,236
  8,587
  8,955
  9,342
  9,747
Operating income, $m
  15
  -16
  -18
  -18
  -15
  -9
  -1
  9
  23
  38
  57
  78
  102
  129
  158
  191
  227
  267
  310
  356
  407
  461
  519
  582
  650
  722
  800
  883
  972
  1,066
  1,167
EBITDA, $m
  210
  75
  75
  77
  83
  91
  103
  117
  134
  154
  177
  203
  232
  264
  299
  338
  381
  427
  477
  531
  590
  652
  720
  792
  870
  953
  1,041
  1,136
  1,237
  1,344
  1,458
Interest expense (income), $m
  15
  14
  16
  17
  19
  20
  22
  24
  27
  29
  32
  35
  38
  41
  45
  48
  52
  57
  61
  66
  71
  76
  81
  87
  93
  100
  107
  114
  121
  129
  138
Earnings before tax, $m
  -3
  -30
  -34
  -35
  -33
  -30
  -23
  -15
  -4
  9
  25
  43
  64
  88
  114
  143
  175
  210
  249
  291
  336
  385
  438
  495
  557
  623
  693
  769
  850
  937
  1,029
Tax expense, $m
  -11
  0
  0
  0
  0
  0
  0
  0
  0
  3
  7
  12
  17
  24
  31
  39
  47
  57
  67
  78
  91
  104
  118
  134
  150
  168
  187
  208
  230
  253
  278
Net income, $m
  4
  -30
  -34
  -35
  -33
  -30
  -23
  -15
  -4
  7
  18
  32
  47
  64
  83
  104
  128
  153
  182
  212
  245
  281
  320
  361
  406
  455
  506
  561
  621
  684
  751

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  547
  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
  2,296
  1,784
  1,825
  1,872
  1,925
  1,983
  2,047
  2,117
  2,192
  2,274
  2,361
  2,454
  2,554
  2,660
  2,773
  2,892
  3,019
  3,153
  3,295
  3,445
  3,603
  3,770
  3,946
  4,132
  4,328
  4,534
  4,751
  4,979
  5,219
  5,472
  5,738
Adjusted assets (=assets-cash), $m
  1,749
  1,784
  1,825
  1,872
  1,925
  1,983
  2,047
  2,117
  2,192
  2,274
  2,361
  2,454
  2,554
  2,660
  2,773
  2,892
  3,019
  3,153
  3,295
  3,445
  3,603
  3,770
  3,946
  4,132
  4,328
  4,534
  4,751
  4,979
  5,219
  5,472
  5,738
Revenue / Adjusted assets
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
  1.902
Average production assets, $m
  887
  906
  927
  951
  977
  1,007
  1,040
  1,075
  1,113
  1,155
  1,199
  1,246
  1,297
  1,351
  1,408
  1,469
  1,533
  1,601
  1,673
  1,749
  1,830
  1,915
  2,004
  2,098
  2,198
  2,302
  2,413
  2,529
  2,651
  2,779
  2,914
Working capital, $m
  653
  109
  111
  114
  117
  121
  125
  129
  133
  138
  144
  149
  155
  162
  169
  176
  184
  192
  201
  210
  219
  229
  240
  251
  263
  276
  289
  303
  318
  333
  349
Total debt, $m
  263
  284
  309
  337
  369
  404
  442
  484
  530
  579
  631
  687
  747
  811
  879
  951
  1,027
  1,108
  1,194
  1,284
  1,379
  1,480
  1,586
  1,698
  1,815
  1,939
  2,070
  2,207
  2,352
  2,504
  2,664
Total liabilities, $m
  1,052
  1,074
  1,099
  1,127
  1,159
  1,194
  1,232
  1,274
  1,320
  1,369
  1,421
  1,477
  1,537
  1,601
  1,669
  1,741
  1,817
  1,898
  1,984
  2,074
  2,169
  2,270
  2,376
  2,488
  2,605
  2,729
  2,860
  2,997
  3,142
  3,294
  3,454
Total equity, $m
  1,243
  710
  726
  745
  766
  789
  815
  843
  873
  905
  940
  977
  1,016
  1,059
  1,104
  1,151
  1,202
  1,255
  1,311
  1,371
  1,434
  1,501
  1,571
  1,645
  1,722
  1,804
  1,891
  1,982
  2,077
  2,178
  2,284
Total liabilities and equity, $m
  2,295
  1,784
  1,825
  1,872
  1,925
  1,983
  2,047
  2,117
  2,193
  2,274
  2,361
  2,454
  2,553
  2,660
  2,773
  2,892
  3,019
  3,153
  3,295
  3,445
  3,603
  3,771
  3,947
  4,133
  4,327
  4,533
  4,751
  4,979
  5,219
  5,472
  5,738
Debt-to-equity ratio
  0.212
  0.400
  0.430
  0.450
  0.480
  0.510
  0.540
  0.570
  0.610
  0.640
  0.670
  0.700
  0.740
  0.770
  0.800
  0.830
  0.860
  0.880
  0.910
  0.940
  0.960
  0.990
  1.010
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.170
Adjusted equity ratio
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  -30
  -34
  -35
  -33
  -30
  -23
  -15
  -4
  7
  18
  32
  47
  64
  83
  104
  128
  153
  182
  212
  245
  281
  320
  361
  406
  455
  506
  561
  621
  684
  751
Depreciation, amort., depletion, $m
  195
  91
  93
  95
  98
  101
  104
  108
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  210
  220
  230
  241
  253
  265
  278
  291
Funds from operations, $m
  155
  61
  59
  60
  64
  71
  81
  93
  107
  122
  138
  156
  176
  199
  224
  251
  281
  314
  349
  387
  428
  473
  520
  571
  626
  685
  747
  814
  886
  962
  1,043
Change in working capital, $m
  -30
  2
  2
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
Cash from operations, $m
  185
  58
  57
  58
  61
  68
  77
  88
  103
  117
  133
  151
  170
  193
  217
  244
  273
  305
  340
  378
  419
  462
  509
  560
  614
  672
  734
  800
  871
  946
  1,026
Maintenance CAPEX, $m
  0
  -89
  -91
  -93
  -95
  -98
  -101
  -104
  -108
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -210
  -220
  -230
  -241
  -253
  -265
  -278
New CAPEX, $m
  -141
  -19
  -21
  -24
  -27
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -128
  -135
Cash from investing activities, $m
  -137
  -108
  -112
  -117
  -122
  -128
  -134
  -139
  -146
  -152
  -159
  -167
  -176
  -184
  -192
  -202
  -211
  -221
  -232
  -243
  -255
  -268
  -280
  -294
  -309
  -325
  -340
  -357
  -375
  -393
  -413
Free cash flow, $m
  48
  -49
  -55
  -59
  -61
  -60
  -57
  -51
  -43
  -35
  -27
  -17
  -5
  9
  25
  42
  62
  84
  108
  134
  163
  195
  229
  265
  305
  348
  394
  443
  496
  553
  614
Issuance/(repayment) of debt, $m
  -25
  21
  25
  28
  32
  35
  39
  42
  45
  49
  53
  56
  60
  64
  68
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  124
  131
  137
  145
  152
  160
Issuance/(repurchase) of shares, $m
  0
  44
  50
  53
  54
  53
  49
  43
  34
  26
  16
  6
  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  
  -30
  65
  75
  81
  86
  88
  88
  85
  79
  75
  69
  62
  60
  64
  68
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  124
  131
  137
  145
  152
  160
Total cash flow (excl. dividends), $m
  13
  16
  20
  23
  25
  28
  31
  34
  36
  39
  42
  45
  55
  73
  93
  114
  138
  165
  193
  225
  259
  295
  335
  377
  423
  472
  524
  581
  641
  705
  774
Retained Cash Flow (-), $m
  48
  -44
  -50
  -53
  -54
  -53
  -49
  -43
  -34
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
Prev. year cash balance distribution, $m
 
  547
  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
 
  519
  -30
  -31
  -29
  -25
  -18
  -9
  2
  7
  7
  8
  16
  31
  48
  67
  88
  111
  137
  165
  196
  229
  264
  303
  345
  390
  438
  490
  545
  604
  668
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
 
  497
  -28
  -27
  -24
  -19
  -13
  -6
  1
  4
  4
  4
  7
  12
  16
  20
  22
  24
  25
  25
  25
  24
  22
  20
  18
  15
  13
  11
  8
  7
  5
Current shareholders' claim on cash, %
  100
  91.7
  83.3
  75.4
  68.3
  62.2
  57.1
  53.2
  50.3
  48.2
  47.0
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6
  46.6

Abercrombie & Fitch Co., through its subsidiaries, operates as a specialty retailer of casual apparel. The company sells knit and woven shirts, graphic T-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women, and kids under the Abercrombie & Fitch, abercrombie kids, and Hollister brand names. As of March 2, 2016, it operated through 754 stores in the United States; and 178 stores in Canada, Europe, Asia, and the Middle East. The company sells its products through its stores and direct-to-consumer sales. Abercrombie & Fitch Co. was founded in 1892 and is headquartered in New Albany, Ohio.

FINANCIAL RATIOS  of  Abercrombie&Fitch (ANF)

Valuation Ratios
P/E Ratio 163.6
Price to Sales 0.2
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 3.5
Price to Free Cash Flow 14.9
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.4%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 21.2%
Total Debt to Equity 21.2%
Interest Coverage 1
Management Effectiveness
Return On Assets -1.5%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 0.3%
Return On Equity - 3 Yr. Avg. 2.1%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 61%
Gross Margin - 3 Yr. Avg. 61.4%
EBITDA Margin 6.2%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 0.5%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 0.1%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 366.7%
Eff/ Tax Rate - 3 Yr. Avg. 147.7%
Payout Ratio 1350%

ANF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANF stock intrinsic value calculation we used $3327 million for the last fiscal year's total revenue generated by Abercrombie&Fitch. The default revenue input number comes from 2017 income statement of Abercrombie&Fitch. 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 ANF stock valuation model: a) initial revenue growth rate of 2% 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 ANF is calculated based on our internal credit rating of Abercrombie&Fitch, 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 Abercrombie&Fitch.
    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 ANF stock the variable cost ratio is equal to 69.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1015 million in the base year in the intrinsic value calculation for ANF 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 5.5% for Abercrombie&Fitch.

Corporate tax rate of 27% is the nominal tax rate for Abercrombie&Fitch. 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 ANF 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 ANF are equal to 26.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Abercrombie&Fitch 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 ANF is equal to 3.2%. 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 - $1243 million for Abercrombie&Fitch - 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 65.912 million for Abercrombie&Fitch 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 Abercrombie&Fitch at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Why Abercrombie & Fitch Co. Stock Plunged 20.9% in July   [Aug-12-17 10:00AM  Motley Fool]
▶ Yahoo Finance Live: Market Movers - Jul 20th, 2017   [07:20AM  Yahoo Finance Video]
▶ What Investors Missed in the Market This Week   [Jul-15-17 09:12PM  Motley Fool]
▶ U.S. retail sales fall for second straight month   [Jul-14-17 08:34AM  Reuters]
▶ 3 Retail Stocks I Never Plan to Buy   [Jul-13-17 11:11AM  Motley Fool]
▶ How WeChat is saving Burberry   [01:51PM  Yahoo Finance Video]
▶ [$$] Abercrombie Loses Its Last Best Hope   [12:28AM  The Wall Street Journal]
▶ [$$] Talks Stall Between Abercrombie, Potential Buyers   [Jul-10-17 11:07PM  The Wall Street Journal]
▶ This Is Abercrombie's Problem   [08:21PM  Forbes]
▶ What Happened in the Stock Market Today   [05:04PM  Motley Fool]
▶ STOCKS GO NOWHERE: Here's what you need to know   [04:00PM  Business Insider]
▶ Retail: The Bad News Keeps Coming   [02:47PM  Barrons.com]
▶ [$$] Abercrombie Loses Its Last Best Hope   [01:14PM  The Wall Street Journal]
▶ Abercrombie ends talks on sale   [11:02AM  Reuters Videos]
▶ No deal: Abercrombie & Fitch calls off sale talks   [09:20AM  American City Business Journals]
▶ Abercrombie & Fitch taking new store prototype overseas   [Jun-29-17 11:10AM  American City Business Journals]
Stock chart of ANF Financial statements of ANF
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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