Intrinsic value of Avon Products - AVP

Previous Close

$3.65

  Intrinsic Value

$0.28

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

+740%

Previous close

$3.65

 
Intrinsic value

$0.28

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

+740%

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

We calculate the intrinsic value of AVP 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 2016), $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 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -7.19
  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
  5,718
  5,832
  5,967
  6,120
  6,292
  6,483
  6,692
  6,920
  7,167
  7,432
  7,718
  8,023
  8,348
  8,695
  9,064
  9,455
  9,869
  10,307
  10,771
  11,261
  11,779
  12,325
  12,901
  13,507
  14,147
  14,820
  15,529
  16,276
  17,061
  17,888
  18,757
Variable operating expenses, $m
 
  5,681
  5,811
  5,960
  6,127
  6,313
  6,516
  6,738
  6,978
  7,236
  7,514
  7,801
  8,118
  8,455
  8,813
  9,193
  9,596
  10,023
  10,474
  10,950
  11,453
  11,984
  12,544
  13,134
  13,756
  14,411
  15,100
  15,826
  16,590
  17,393
  18,238
Fixed operating expenses, $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
Total operating expenses, $m
  5,395
  5,681
  5,811
  5,960
  6,127
  6,313
  6,516
  6,738
  6,978
  7,236
  7,514
  7,801
  8,118
  8,455
  8,813
  9,193
  9,596
  10,023
  10,474
  10,950
  11,453
  11,984
  12,544
  13,134
  13,756
  14,411
  15,100
  15,826
  16,590
  17,393
  18,238
Operating income, $m
  323
  152
  156
  160
  165
  170
  176
  182
  189
  196
  204
  222
  231
  240
  251
  261
  273
  285
  298
  311
  326
  341
  357
  373
  391
  410
  429
  450
  472
  494
  519
EBITDA, $m
  437
  245
  251
  257
  265
  273
  281
  291
  301
  312
  324
  337
  351
  366
  381
  398
  415
  433
  453
  473
  495
  518
  542
  568
  595
  623
  653
  684
  717
  752
  789
Interest expense (income), $m
  87
  80
  51
  54
  57
  61
  66
  70
  75
  81
  87
  94
  100
  108
  116
  124
  133
  142
  152
  163
  174
  185
  198
  211
  224
  239
  254
  270
  287
  305
  323
Earnings before tax, $m
  31
  72
  105
  106
  107
  109
  110
  112
  113
  115
  117
  128
  130
  133
  135
  137
  140
  143
  146
  149
  152
  155
  159
  163
  167
  171
  175
  180
  185
  190
  195
Tax expense, $m
  124
  20
  28
  29
  29
  29
  30
  30
  31
  31
  32
  35
  35
  36
  36
  37
  38
  39
  39
  40
  41
  42
  43
  44
  45
  46
  47
  49
  50
  51
  53
Net income, $m
  -108
  53
  76
  77
  78
  79
  80
  81
  83
  84
  85
  94
  95
  97
  99
  100
  102
  104
  106
  109
  111
  113
  116
  119
  122
  125
  128
  131
  135
  139
  142

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  654
  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
  3,419
  3,488
  3,568
  3,660
  3,763
  3,877
  4,002
  4,139
  4,286
  4,445
  4,616
  4,798
  4,993
  5,200
  5,421
  5,655
  5,902
  6,165
  6,442
  6,735
  7,045
  7,371
  7,716
  8,079
  8,461
  8,864
  9,288
  9,734
  10,204
  10,698
  11,218
Adjusted assets (=assets-cash), $m
  2,765
  3,488
  3,568
  3,660
  3,763
  3,877
  4,002
  4,139
  4,286
  4,445
  4,616
  4,798
  4,993
  5,200
  5,421
  5,655
  5,902
  6,165
  6,442
  6,735
  7,045
  7,371
  7,716
  8,079
  8,461
  8,864
  9,288
  9,734
  10,204
  10,698
  11,218
Revenue / Adjusted assets
  2.068
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
Average production assets, $m
  822
  840
  859
  881
  906
  934
  964
  996
  1,032
  1,070
  1,111
  1,155
  1,202
  1,252
  1,305
  1,361
  1,421
  1,484
  1,551
  1,622
  1,696
  1,775
  1,858
  1,945
  2,037
  2,134
  2,236
  2,344
  2,457
  2,576
  2,701
Working capital, $m
  506
  -134
  -137
  -141
  -145
  -149
  -154
  -159
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -217
  -227
  -237
  -248
  -259
  -271
  -283
  -297
  -311
  -325
  -341
  -357
  -374
  -392
  -411
  -431
Total debt, $m
  1,894
  1,211
  1,284
  1,366
  1,459
  1,562
  1,674
  1,797
  1,930
  2,073
  2,226
  2,391
  2,566
  2,752
  2,951
  3,161
  3,384
  3,620
  3,870
  4,134
  4,412
  4,706
  5,016
  5,343
  5,687
  6,049
  6,431
  6,833
  7,256
  7,700
  8,168
Total liabilities, $m
  3,822
  3,139
  3,212
  3,294
  3,387
  3,490
  3,602
  3,725
  3,858
  4,001
  4,154
  4,319
  4,494
  4,680
  4,879
  5,089
  5,312
  5,548
  5,798
  6,062
  6,340
  6,634
  6,944
  7,271
  7,615
  7,977
  8,359
  8,761
  9,184
  9,628
  10,096
Total equity, $m
  -403
  349
  357
  366
  376
  388
  400
  414
  429
  445
  462
  480
  499
  520
  542
  565
  590
  616
  644
  674
  704
  737
  772
  808
  846
  886
  929
  973
  1,020
  1,070
  1,122
Total liabilities and equity, $m
  3,419
  3,488
  3,569
  3,660
  3,763
  3,878
  4,002
  4,139
  4,287
  4,446
  4,616
  4,799
  4,993
  5,200
  5,421
  5,654
  5,902
  6,164
  6,442
  6,736
  7,044
  7,371
  7,716
  8,079
  8,461
  8,863
  9,288
  9,734
  10,204
  10,698
  11,218
Debt-to-equity ratio
  -4.700
  3.470
  3.600
  3.730
  3.880
  4.030
  4.180
  4.340
  4.500
  4.660
  4.820
  4.980
  5.140
  5.290
  5.440
  5.590
  5.730
  5.870
  6.010
  6.140
  6.260
  6.380
  6.500
  6.610
  6.720
  6.820
  6.920
  7.020
  7.110
  7.200
  7.280
Adjusted equity ratio
  -0.382
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -108
  53
  76
  77
  78
  79
  80
  81
  83
  84
  85
  94
  95
  97
  99
  100
  102
  104
  106
  109
  111
  113
  116
  119
  122
  125
  128
  131
  135
  139
  142
Depreciation, amort., depletion, $m
  114
  93
  95
  98
  100
  103
  106
  109
  113
  116
  121
  116
  120
  125
  131
  136
  142
  148
  155
  162
  170
  177
  186
  195
  204
  213
  224
  234
  246
  258
  270
Funds from operations, $m
  -198
  146
  172
  175
  178
  182
  186
  191
  195
  200
  206
  209
  215
  222
  229
  236
  244
  253
  261
  271
  281
  291
  302
  313
  325
  338
  352
  366
  380
  396
  413
Change in working capital, $m
  -258
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  60
  149
  175
  178
  182
  186
  191
  196
  201
  207
  212
  216
  223
  230
  238
  245
  254
  263
  272
  282
  292
  303
  315
  327
  340
  354
  368
  383
  399
  415
  432
Maintenance CAPEX, $m
  0
  -82
  -84
  -86
  -88
  -91
  -93
  -96
  -100
  -103
  -107
  -111
  -116
  -120
  -125
  -131
  -136
  -142
  -148
  -155
  -162
  -170
  -177
  -186
  -195
  -204
  -213
  -224
  -234
  -246
  -258
New CAPEX, $m
  -93
  -18
  -19
  -22
  -25
  -27
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
Cash from investing activities, $m
  -177
  -100
  -103
  -108
  -113
  -118
  -123
  -129
  -136
  -141
  -148
  -155
  -163
  -170
  -178
  -187
  -196
  -205
  -215
  -226
  -237
  -249
  -260
  -273
  -287
  -301
  -315
  -331
  -347
  -365
  -383
Free cash flow, $m
  -117
  49
  72
  70
  69
  68
  67
  67
  66
  65
  64
  61
  60
  60
  59
  59
  58
  57
  57
  56
  56
  55
  55
  54
  54
  53
  52
  52
  51
  50
  50
Issuance/(repayment) of debt, $m
  -261
  -683
  72
  83
  93
  103
  113
  123
  133
  143
  154
  164
  175
  187
  198
  210
  223
  236
  250
  264
  279
  294
  310
  327
  344
  363
  382
  402
  423
  445
  468
Issuance/(repurchase) of shares, $m
  421
  699
  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  
  137
  16
  72
  83
  93
  103
  113
  123
  133
  143
  154
  164
  175
  187
  198
  210
  223
  236
  250
  264
  279
  294
  310
  327
  344
  363
  382
  402
  423
  445
  468
Total cash flow (excl. dividends), $m
  -30
  65
  144
  153
  162
  171
  180
  189
  199
  208
  218
  225
  236
  246
  258
  269
  281
  294
  307
  320
  334
  349
  365
  381
  398
  415
  434
  453
  474
  495
  518
Retained Cash Flow (-), $m
  -667
  -752
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
Prev. year cash balance distribution, $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 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
 
  -687
  136
  144
  152
  160
  168
  176
  184
  192
  201
  207
  216
  226
  236
  246
  256
  267
  279
  291
  303
  316
  330
  344
  359
  375
  392
  409
  427
  446
  466
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  -621
  110
  103
  95
  87
  78
  69
  60
  52
  44
  36
  29
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Avon Products, Inc. manufactures and markets beauty and related products in Europe, the Middle East, Africa, South Latin America, North Latin America, and the Asia Pacific. The company offers beauty products, including skincare products that include personal care products, as well as fragrances and color cosmetics; and fashion and home products, such as fashion jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, childrenÂ’s products, and nutritional products. It sells its products through direct selling by representatives. The company was founded in 1886 and is headquartered in London, the United Kingdom.

FINANCIAL RATIOS  of  Avon Products (AVP)

Valuation Ratios
P/E Ratio -14.8
Price to Sales 0.3
Price to Book -4
Price to Tangible Book
Price to Cash Flow 26.6
Price to Free Cash Flow -48.4
Growth Rates
Sales Growth Rate -7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.1%
Cap. Spend. - 3 Yr. Gr. Rate -13.9%
Financial Strength
Quick Ratio 36
Current Ratio 0
LT Debt to Equity -465.5%
Total Debt to Equity -470%
Interest Coverage 1
Management Effectiveness
Return On Assets -10.1%
Ret/ On Assets - 3 Yr. Avg. -46.7%
Return On Total Capital -8.2%
Ret/ On T. Cap. - 3 Yr. Avg. -25.9%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 84.6%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 60.5%
Gross Margin - 3 Yr. Avg. 60.4%
EBITDA Margin 4.1%
EBITDA Margin - 3 Yr. Avg. 4.6%
Operating Margin 5.6%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin -1.9%
Net Profit Margin - 3 Yr. Avg. -8.3%
Effective Tax Rate 400%
Eff/ Tax Rate - 3 Yr. Avg. 1433.3%
Payout Ratio 0%

AVP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVP stock intrinsic value calculation we used $5718 million for the last fiscal year's total revenue generated by Avon Products. The default revenue input number comes from 2016 income statement of Avon Products. 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 AVP 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 10.6%, whose default value for AVP is calculated based on our internal credit rating of Avon Products, 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 Avon Products.
    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 AVP stock the variable cost ratio is equal to 97.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AVP 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 4.2% for Avon Products.

Corporate tax rate of 27% is the nominal tax rate for Avon Products. 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 AVP 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 AVP are equal to 14.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Avon Products 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 AVP is equal to -2.3%. 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 - $-403 million for Avon Products - 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 423.077 million for Avon Products 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 Avon Products at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
EL Estee Lauder C 97.11 69.75  sell
REV Revlon Cl A 21.60 69.70  str.buy
CL Colgate-Palmol 72.09 19.12  str.sell
COTY Coty Cl A 18.89 100.68  str.buy
IPAR Inter Parfums 37.50 68.65  str.buy
FOSL Fossil Group 10.87 55.49  str.buy
PG Procter&Gamble 88.60 51.93  sell
NUS Nu Skin Enterp 64.24 85.70  buy
ICON Iconix Brand G 6.78 0.96  str.sell

COMPANY NEWS

▶ New Strong Sell Stocks for July 11th   [Jul-11-17 09:44AM  Zacks]
▶ Avon Down 30% as CEO Steps Down: A Buy?   [Jun-16-17 06:45PM  Investopedia]
▶ Avon Stock Falls as CEO McCoy Expected to Step Down   [Jun-15-17 11:38AM  TheStreet.com]
▶ Avon CEO expected to step down: WSJ   [Jun-14-17 04:30PM  Reuters]
▶ Why Avon Products, Inc. Stock Fell 28% in May   [Jun-12-17 06:26PM  Motley Fool]
▶ [$$] Body Shop: full Brazilian   [Jun-09-17 08:03AM  Financial Times]
▶ ETFs with exposure to Avon Products, Inc. : May 30, 2017   [May-30-17 12:17PM  Capital Cube]
▶ 3 Top Stocks Under $5   [May-20-17 09:11AM  Motley Fool]
▶ U.S. charges Virginia man in Fitbit stock hoax   [May-19-17 06:35PM  Reuters]
▶ [$$] Activist Investors Have a New Bloodlust: CEOs   [May-17-17 12:21AM  The Wall Street Journal]
▶ [$$] Activist Investors Have a New Bloodlust: CEOs   [May-16-17 08:00AM  The Wall Street Journal]
▶ ETFs with exposure to Avon Products, Inc. : May 11, 2017   [May-11-17 04:12PM  Capital Cube]
▶ Beauty Companies Eye Millennial Customer Base   [May-10-17 05:11PM  Investopedia]
▶ Avon Announces Results Of Annual Meeting Of Shareholders   [May-09-17 05:53PM  PR Newswire]
▶ Avon Falling   [May-05-17 01:27PM  Bloomberg]
▶ Activist fund Barington calls for Avon CEO search   [May-04-17 06:31PM  Reuters]
▶ Avon Sinks Following Q1 Loss   [10:40AM  24/7 Wall St.]
▶ Avon reports 1Q loss   [06:57AM  Associated Press]
▶ Avon Reports First-Quarter 2017 Results   [06:45AM  PR Newswire]
▶ New Strong Sell Stocks for March 31st   [Mar-31-17 10:37AM  Zacks]
▶ Jeff Benjamin to retire as Avon's General Counsel   [Mar-20-17 02:30PM  PR Newswire]
▶ Five Stocks Under $5 to Buy Now   [Mar-15-17 01:48PM  Insider Monkey]
▶ Beauty Products Leaders Sink on Q4 Earnings   [Mar-06-17 04:13PM  Investopedia]
▶ Avon: Still Attractive After Selloff, Says Jefferies   [Feb-17-17 10:13AM  at Barrons.com]
▶ Why Avon Products, Inc. Stock Plummeted Today   [01:10PM  at Motley Fool]
▶ [$$] Avon Revenue Slides Amid Fewer Sales Reps   [07:53AM  at The Wall Street Journal]
▶ Avon Products profit falls short of estimates   [06:59AM  at MarketWatch]
Stock chart of AVP Financial statements of AVP Annual reports of AVP
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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