Intrinsic value of Big Lots - BIG

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  Intrinsic Value

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

We calculate the intrinsic value of BIG 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 2.0

 

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, %
  0.17
  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
  5,200
  5,295
  5,417
  5,556
  5,712
  5,885
  6,075
  6,282
  6,506
  6,747
  7,006
  7,283
  7,579
  7,894
  8,228
  8,583
  8,959
  9,357
  9,779
  10,223
  10,693
  11,189
  11,712
  12,263
  12,843
  13,454
  14,098
  14,776
  15,489
  16,239
  17,028
Variable operating expenses, $m
 
  1,011
  1,035
  1,061
  1,091
  1,124
  1,160
  1,200
  1,243
  1,289
  1,338
  1,391
  1,448
  1,508
  1,572
  1,639
  1,711
  1,787
  1,868
  1,953
  2,042
  2,137
  2,237
  2,342
  2,453
  2,570
  2,693
  2,822
  2,958
  3,102
  3,252
Fixed operating expenses, $m
 
  4,163
  4,267
  4,373
  4,483
  4,595
  4,710
  4,827
  4,948
  5,072
  5,198
  5,328
  5,462
  5,598
  5,738
  5,882
  6,029
  6,179
  6,334
  6,492
  6,654
  6,821
  6,991
  7,166
  7,345
  7,529
  7,717
  7,910
  8,108
  8,310
  8,518
Total operating expenses, $m
  4,952
  5,174
  5,302
  5,434
  5,574
  5,719
  5,870
  6,027
  6,191
  6,361
  6,536
  6,719
  6,910
  7,106
  7,310
  7,521
  7,740
  7,966
  8,202
  8,445
  8,696
  8,958
  9,228
  9,508
  9,798
  10,099
  10,410
  10,732
  11,066
  11,412
  11,770
Operating income, $m
  248
  121
  115
  121
  138
  167
  205
  255
  316
  387
  470
  564
  670
  788
  919
  1,062
  1,220
  1,391
  1,577
  1,779
  1,996
  2,231
  2,483
  2,754
  3,045
  3,356
  3,688
  4,044
  4,423
  4,827
  5,257
EBITDA, $m
  356
  232
  229
  238
  258
  290
  333
  387
  452
  529
  617
  717
  829
  954
  1,091
  1,242
  1,407
  1,587
  1,782
  1,993
  2,221
  2,466
  2,729
  3,012
  3,314
  3,638
  3,984
  4,354
  4,748
  5,168
  5,615
Interest expense (income), $m
  4
  3
  4
  5
  6
  7
  9
  10
  12
  14
  16
  18
  21
  23
  26
  29
  32
  35
  38
  42
  46
  50
  54
  58
  63
  68
  73
  79
  84
  91
  97
Earnings before tax, $m
  244
  118
  112
  117
  132
  159
  197
  245
  303
  373
  454
  545
  649
  765
  893
  1,033
  1,188
  1,356
  1,539
  1,737
  1,951
  2,181
  2,429
  2,696
  2,982
  3,288
  3,615
  3,965
  4,338
  4,736
  5,160
Tax expense, $m
  91
  32
  30
  31
  36
  43
  53
  66
  82
  101
  122
  147
  175
  206
  241
  279
  321
  366
  415
  469
  527
  589
  656
  728
  805
  888
  976
  1,071
  1,171
  1,279
  1,393
Net income, $m
  153
  86
  81
  85
  97
  116
  143
  179
  221
  272
  331
  398
  474
  558
  652
  754
  867
  990
  1,123
  1,268
  1,424
  1,592
  1,773
  1,968
  2,177
  2,400
  2,639
  2,894
  3,167
  3,457
  3,767

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  51
  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
  1,608
  1,618
  1,655
  1,697
  1,745
  1,798
  1,856
  1,919
  1,988
  2,062
  2,141
  2,225
  2,316
  2,412
  2,514
  2,622
  2,737
  2,859
  2,988
  3,124
  3,267
  3,419
  3,578
  3,747
  3,924
  4,111
  4,307
  4,514
  4,732
  4,961
  5,203
Adjusted assets (=assets-cash), $m
  1,557
  1,618
  1,655
  1,697
  1,745
  1,798
  1,856
  1,919
  1,988
  2,062
  2,141
  2,225
  2,316
  2,412
  2,514
  2,622
  2,737
  2,859
  2,988
  3,124
  3,267
  3,419
  3,578
  3,747
  3,924
  4,111
  4,307
  4,514
  4,732
  4,961
  5,203
Revenue / Adjusted assets
  3.340
  3.273
  3.273
  3.274
  3.273
  3.273
  3.273
  3.274
  3.273
  3.272
  3.272
  3.273
  3.272
  3.273
  3.273
  3.273
  3.273
  3.273
  3.273
  3.272
  3.273
  3.273
  3.273
  3.273
  3.273
  3.273
  3.273
  3.273
  3.273
  3.273
  3.273
Average production assets, $m
  543
  567
  580
  594
  611
  630
  650
  672
  696
  722
  750
  779
  811
  845
  880
  918
  959
  1,001
  1,046
  1,094
  1,144
  1,197
  1,253
  1,312
  1,374
  1,440
  1,509
  1,581
  1,657
  1,738
  1,822
Working capital, $m
  315
  265
  271
  278
  286
  294
  304
  314
  325
  337
  350
  364
  379
  395
  411
  429
  448
  468
  489
  511
  535
  559
  586
  613
  642
  673
  705
  739
  774
  812
  851
Total debt, $m
  106
  80
  102
  127
  154
  185
  219
  255
  295
  338
  384
  433
  485
  541
  600
  663
  730
  800
  875
  954
  1,037
  1,125
  1,217
  1,315
  1,418
  1,526
  1,640
  1,760
  1,887
  2,020
  2,159
Total liabilities, $m
  957
  938
  960
  985
  1,012
  1,043
  1,077
  1,113
  1,153
  1,196
  1,242
  1,291
  1,343
  1,399
  1,458
  1,521
  1,588
  1,658
  1,733
  1,812
  1,895
  1,983
  2,075
  2,173
  2,276
  2,384
  2,498
  2,618
  2,745
  2,878
  3,017
Total equity, $m
  651
  679
  695
  713
  733
  755
  780
  806
  835
  866
  899
  935
  973
  1,013
  1,056
  1,101
  1,150
  1,201
  1,255
  1,312
  1,372
  1,436
  1,503
  1,574
  1,648
  1,727
  1,809
  1,896
  1,988
  2,084
  2,185
Total liabilities and equity, $m
  1,608
  1,617
  1,655
  1,698
  1,745
  1,798
  1,857
  1,919
  1,988
  2,062
  2,141
  2,226
  2,316
  2,412
  2,514
  2,622
  2,738
  2,859
  2,988
  3,124
  3,267
  3,419
  3,578
  3,747
  3,924
  4,111
  4,307
  4,514
  4,733
  4,962
  5,202
Debt-to-equity ratio
  0.163
  0.120
  0.150
  0.180
  0.210
  0.240
  0.280
  0.320
  0.350
  0.390
  0.430
  0.460
  0.500
  0.530
  0.570
  0.600
  0.630
  0.670
  0.700
  0.730
  0.760
  0.780
  0.810
  0.840
  0.860
  0.880
  0.910
  0.930
  0.950
  0.970
  0.990
Adjusted equity ratio
  0.385
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  153
  86
  81
  85
  97
  116
  143
  179
  221
  272
  331
  398
  474
  558
  652
  754
  867
  990
  1,123
  1,268
  1,424
  1,592
  1,773
  1,968
  2,177
  2,400
  2,639
  2,894
  3,167
  3,457
  3,767
Depreciation, amort., depletion, $m
  108
  111
  114
  117
  120
  123
  127
  132
  137
  142
  147
  153
  159
  166
  173
  180
  188
  196
  205
  214
  224
  235
  246
  257
  269
  282
  296
  310
  325
  341
  357
Funds from operations, $m
  340
  197
  195
  202
  217
  240
  271
  310
  358
  414
  478
  551
  633
  724
  824
  934
  1,055
  1,186
  1,328
  1,482
  1,648
  1,827
  2,019
  2,225
  2,446
  2,682
  2,935
  3,204
  3,492
  3,798
  4,124
Change in working capital, $m
  28
  5
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  39
Cash from operations, $m
  312
  197
  189
  195
  209
  231
  261
  300
  347
  402
  465
  537
  618
  708
  808
  917
  1,036
  1,166
  1,307
  1,460
  1,625
  1,802
  1,993
  2,198
  2,417
  2,652
  2,903
  3,170
  3,456
  3,761
  4,085
Maintenance CAPEX, $m
  0
  -109
  -111
  -114
  -117
  -120
  -123
  -127
  -132
  -137
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -224
  -235
  -246
  -257
  -269
  -282
  -296
  -310
  -325
  -341
New CAPEX, $m
  -90
  -12
  -13
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -76
  -80
  -84
Cash from investing activities, $m
  -85
  -121
  -124
  -129
  -134
  -139
  -143
  -149
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -220
  -231
  -241
  -253
  -264
  -277
  -291
  -305
  -319
  -334
  -351
  -369
  -386
  -405
  -425
Free cash flow, $m
  227
  77
  65
  66
  75
  93
  118
  150
  191
  239
  296
  361
  434
  515
  606
  706
  816
  936
  1,066
  1,207
  1,360
  1,525
  1,702
  1,893
  2,098
  2,317
  2,551
  2,802
  3,070
  3,355
  3,660
Issuance/(repayment) of debt, $m
  40
  18
  22
  25
  28
  31
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  79
  83
  88
  93
  98
  103
  108
  114
  120
  126
  133
  140
Issuance/(repurchase) of shares, $m
  -233
  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  
  -192
  18
  22
  25
  28
  31
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  79
  83
  88
  93
  98
  103
  108
  114
  120
  126
  133
  140
Total cash flow (excl. dividends), $m
  35
  95
  86
  91
  103
  123
  151
  187
  231
  282
  342
  410
  486
  571
  665
  769
  883
  1,006
  1,141
  1,286
  1,443
  1,613
  1,795
  1,991
  2,201
  2,425
  2,666
  2,922
  3,196
  3,488
  3,800
Retained Cash Flow (-), $m
  69
  -13
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -83
  -87
  -91
  -96
  -101
Prev. year cash balance distribution, $m
 
  54
  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
 
  136
  71
  73
  83
  101
  127
  160
  202
  251
  309
  374
  448
  531
  622
  723
  834
  955
  1,087
  1,229
  1,383
  1,549
  1,728
  1,920
  2,126
  2,347
  2,583
  2,835
  3,105
  3,392
  3,698
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
 
  130
  65
  63
  68
  78
  92
  108
  126
  144
  162
  178
  191
  202
  209
  212
  212
  208
  200
  189
  176
  160
  143
  126
  108
  91
  75
  61
  48
  37
  28
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

Big Lots, Inc., through its subsidiaries, operates as a non-traditional, discount retailer in the United States. The company offers products under various merchandising categories, such as food category that includes beverage and grocery, candy and snacks, and specialty foods departments; consumables category, which comprises health and beauty, plastics, paper, chemical, and pet departments; soft home category that consists of home d├ęcor, frames, fashion bedding, utility bedding, bath, window, decorative textile, and area rugs departments; hard home category, including small appliances, table top, food preparation, stationery, greeting cards, and home maintenance departments; and furniture category consisting of upholstery, mattress, ready-to-assemble, and case goods departments. It also provides merchandise under the seasonal category that includes lawn and garden, summer, Christmas, toys, and other holiday departments; and electronics and accessories category, including electronics, jewelry, hosiery, and infant accessories departments. As of January 30, 2016, it operated 1,449 stores in 47 states. Big Lots, Inc. was founded in 1967 and is headquartered in Columbus, Ohio.

FINANCIAL RATIOS  of  Big Lots (BIG)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 0.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 9.4
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 16.3%
Total Debt to Equity 16.3%
Interest Coverage 62
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 19.9%
Ret/ On T. Cap. - 3 Yr. Avg. 16.6%
Return On Equity 22.3%
Return On Equity - 3 Yr. Avg. 18.2%
Asset Turnover 3.2
Profitability Ratios
Gross Margin 40.4%
Gross Margin - 3 Yr. Avg. 39.9%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. 4.5%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 24.8%

BIG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BIG stock intrinsic value calculation we used $5191 million for the last fiscal year's total revenue generated by Big Lots. The default revenue input number comes from 2017 income statement of Big Lots. 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 BIG 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 BIG is calculated based on our internal credit rating of Big Lots, 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 Big Lots.
    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 BIG stock the variable cost ratio is equal to 19.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4061 million in the base year in the intrinsic value calculation for BIG 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 4.8% for Big Lots.

Corporate tax rate of 27% is the nominal tax rate for Big Lots. 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 BIG 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 BIG are equal to 10.7%.

Life of production assets of 5.1 years is the average useful life of capital assets used in Big Lots 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 BIG is equal to 5%. 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 - $720 million for Big Lots - 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 42.901 million for Big Lots 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 Big Lots at the current share price and the inputted number of shares is $2.0 billion.


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COMPANY NEWS

▶ ETFs with exposure to Big Lots, Inc. : June 9, 2017   [Jun-09-17 01:18PM  Capital Cube]
▶ Company News for May 30, 2017   [10:15AM  Zacks]
▶ Big Lots Inc. Posts a Rare Sales Drop in Q1   [May-26-17 02:43PM  Motley Fool]
▶ Big Lots beats 1Q profit forecasts   [06:08AM  Associated Press]
▶ Jim Cramer Prefers TJX, Burlington Over Big Lots   [May-25-17 12:54PM  TheStreet.com]
▶ 3 Top Home Goods Stocks to Buy in 2017   [May-23-17 11:10AM  Motley Fool]
▶ Big Lots To Broadcast First Quarter 2017 Conference Call   [May-18-17 04:05PM  PR Newswire]
▶ Big Lots, Inc. Value Analysis (NYSE:BIG) : May 11, 2017   [May-11-17 06:15PM  Capital Cube]
▶ Big Lots Stock Gaining on Raymond James Upgrade   [Apr-26-17 11:44AM  TheStreet.com]
▶ ETFs with exposure to Big Lots, Inc. : April 20, 2017   [Apr-20-17 02:13PM  Capital Cube]
▶ ETFs with exposure to Big Lots, Inc. : April 7, 2017   [Apr-07-17 03:59PM  Capital Cube]
▶ Company News for March 06, 2017   [10:10AM  Zacks]
▶ Stocks to Watch: Big Lots, Snap, Revlon   [09:28AM  at The Wall Street Journal]
▶ [$$] Big Lots Same-Store Sales Rise But Revenue Falls   [08:41AM  at The Wall Street Journal]
▶ Why Big Lots Inc. Soared 32% in 2016   [Jan-09-17 03:02PM  at Motley Fool]
▶ 5 Top Stock Picks You Can Buy Now   [08:03AM  at Motley Fool]
▶ Big Lots Plans to Test 'Fun' New Store Models   [Dec-28-16 04:12PM  at Investopedia]
▶ Is Big Lots Relevant in a Digital World?   [08:22AM  at Motley Fool]
▶ Do Hedge Funds Love Simpson Manufacturing Co, Inc. (SSD)?   [Dec-15-16 10:25AM  at Insider Monkey]
Stock chart of BIG Financial statements of BIG Annual reports of BIG
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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