Intrinsic value of Barnes&Noble - BKS

Previous Close

$7.30

  Intrinsic Value

$5.28

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

-14%

Previous close

$7.30

 
Intrinsic value

$5.28

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

-14%

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

We calculate the intrinsic value of BKS 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 0.5

 

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, %
  -6.46
  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
  3,895
  3,973
  4,064
  4,169
  4,286
  4,416
  4,559
  4,714
  4,882
  5,063
  5,257
  5,465
  5,687
  5,923
  6,174
  6,440
  6,723
  7,021
  7,337
  7,671
  8,023
  8,395
  8,788
  9,201
  9,637
  10,095
  10,578
  11,087
  11,622
  12,185
  12,777
Variable operating expenses, $m
 
  3,957
  4,047
  4,151
  4,267
  4,396
  4,537
  4,691
  4,857
  5,036
  5,229
  5,414
  5,634
  5,868
  6,116
  6,380
  6,660
  6,956
  7,269
  7,600
  7,949
  8,317
  8,706
  9,115
  9,547
  10,001
  10,480
  10,984
  11,514
  12,071
  12,658
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
  3,840
  3,957
  4,047
  4,151
  4,267
  4,396
  4,537
  4,691
  4,857
  5,036
  5,229
  5,414
  5,634
  5,868
  6,116
  6,380
  6,660
  6,956
  7,269
  7,600
  7,949
  8,317
  8,706
  9,115
  9,547
  10,001
  10,480
  10,984
  11,514
  12,071
  12,658
Operating income, $m
  54
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  51
  53
  55
  58
  60
  63
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  103
  108
  113
  119
EBITDA, $m
  174
  128
  131
  135
  138
  143
  147
  152
  158
  164
  170
  177
  184
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  326
  342
  358
  375
  394
  413
Interest expense (income), $m
  5
  6
  8
  11
  14
  18
  22
  26
  31
  36
  42
  48
  54
  61
  69
  76
  85
  93
  103
  112
  123
  134
  145
  157
  170
  184
  198
  213
  229
  245
  263
Earnings before tax, $m
  47
  11
  9
  7
  5
  3
  0
  -3
  -6
  -10
  -14
  3
  -1
  -6
  -11
  -16
  -22
  -28
  -34
  -41
  -48
  -56
  -63
  -72
  -81
  -90
  -100
  -110
  -121
  -132
  -144
Tax expense, $m
  25
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  22
  8
  7
  5
  4
  2
  0
  -3
  -6
  -10
  -14
  2
  -1
  -6
  -11
  -16
  -22
  -28
  -34
  -41
  -48
  -56
  -63
  -72
  -81
  -90
  -100
  -110
  -121
  -132
  -144

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  1,933
  1,959
  2,004
  2,056
  2,113
  2,177
  2,248
  2,324
  2,407
  2,496
  2,592
  2,695
  2,804
  2,921
  3,044
  3,176
  3,315
  3,462
  3,618
  3,783
  3,956
  4,140
  4,333
  4,537
  4,752
  4,978
  5,216
  5,467
  5,731
  6,008
  6,300
Adjusted assets (=assets-cash), $m
  1,921
  1,959
  2,004
  2,056
  2,113
  2,177
  2,248
  2,324
  2,407
  2,496
  2,592
  2,695
  2,804
  2,921
  3,044
  3,176
  3,315
  3,462
  3,618
  3,783
  3,956
  4,140
  4,333
  4,537
  4,752
  4,978
  5,216
  5,467
  5,731
  6,008
  6,300
Revenue / Adjusted assets
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
  2.028
Average production assets, $m
  598
  612
  626
  642
  660
  680
  702
  726
  752
  780
  810
  842
  876
  912
  951
  992
  1,035
  1,081
  1,130
  1,181
  1,236
  1,293
  1,353
  1,417
  1,484
  1,555
  1,629
  1,707
  1,790
  1,876
  1,968
Working capital, $m
  20
  8
  8
  8
  9
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  26
Total debt, $m
  65
  91
  123
  159
  200
  245
  295
  349
  408
  471
  539
  611
  689
  771
  858
  951
  1,050
  1,154
  1,264
  1,380
  1,503
  1,633
  1,770
  1,914
  2,066
  2,225
  2,394
  2,571
  2,758
  2,954
  3,160
Total liabilities, $m
  1,359
  1,385
  1,417
  1,453
  1,494
  1,539
  1,589
  1,643
  1,702
  1,765
  1,833
  1,905
  1,983
  2,065
  2,152
  2,245
  2,344
  2,448
  2,558
  2,674
  2,797
  2,927
  3,064
  3,208
  3,360
  3,519
  3,688
  3,865
  4,052
  4,248
  4,454
Total equity, $m
  574
  574
  587
  602
  619
  638
  659
  681
  705
  731
  760
  790
  822
  856
  892
  930
  971
  1,014
  1,060
  1,108
  1,159
  1,213
  1,270
  1,329
  1,392
  1,459
  1,528
  1,602
  1,679
  1,760
  1,846
Total liabilities and equity, $m
  1,933
  1,959
  2,004
  2,055
  2,113
  2,177
  2,248
  2,324
  2,407
  2,496
  2,593
  2,695
  2,805
  2,921
  3,044
  3,175
  3,315
  3,462
  3,618
  3,782
  3,956
  4,140
  4,334
  4,537
  4,752
  4,978
  5,216
  5,467
  5,731
  6,008
  6,300
Debt-to-equity ratio
  0.113
  0.160
  0.210
  0.260
  0.320
  0.380
  0.450
  0.510
  0.580
  0.640
  0.710
  0.770
  0.840
  0.900
  0.960
  1.020
  1.080
  1.140
  1.190
  1.250
  1.300
  1.350
  1.390
  1.440
  1.480
  1.530
  1.570
  1.610
  1.640
  1.680
  1.710
Adjusted equity ratio
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  8
  7
  5
  4
  2
  0
  -3
  -6
  -10
  -14
  2
  -1
  -6
  -11
  -16
  -22
  -28
  -34
  -41
  -48
  -56
  -63
  -72
  -81
  -90
  -100
  -110
  -121
  -132
  -144
Depreciation, amort., depletion, $m
  120
  112
  114
  117
  119
  122
  125
  129
  133
  137
  142
  126
  131
  136
  142
  148
  155
  161
  169
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
  280
  294
Funds from operations, $m
  112
  120
  121
  122
  123
  124
  125
  126
  127
  127
  128
  128
  129
  130
  131
  132
  132
  133
  134
  135
  136
  137
  139
  140
  141
  142
  144
  145
  147
  148
  150
Change in working capital, $m
  -33
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  145
  120
  121
  122
  123
  124
  125
  126
  126
  127
  127
  127
  129
  130
  130
  131
  132
  133
  134
  135
  136
  137
  138
  139
  140
  141
  143
  144
  145
  147
  149
Maintenance CAPEX, $m
  0
  -89
  -91
  -93
  -96
  -99
  -102
  -105
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -155
  -161
  -169
  -176
  -184
  -193
  -202
  -211
  -221
  -232
  -243
  -255
  -267
  -280
New CAPEX, $m
  -96
  -14
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
Cash from investing activities, $m
  -96
  -103
  -105
  -109
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -191
  -201
  -210
  -220
  -230
  -241
  -253
  -266
  -278
  -292
  -306
  -321
  -337
  -354
  -371
Free cash flow, $m
  49
  16
  15
  12
  9
  5
  2
  -3
  -8
  -13
  -19
  -25
  -31
  -38
  -44
  -52
  -60
  -68
  -76
  -85
  -95
  -105
  -116
  -127
  -138
  -151
  -164
  -177
  -192
  -207
  -223
Issuance/(repayment) of debt, $m
  18
  26
  32
  36
  41
  45
  50
  54
  59
  63
  68
  72
  77
  82
  87
  93
  98
  104
  110
  116
  123
  130
  137
  144
  152
  160
  168
  177
  187
  196
  206
Issuance/(repurchase) of shares, $m
  -26
  4
  7
  10
  13
  17
  21
  25
  31
  36
  42
  28
  33
  40
  47
  55
  63
  71
  80
  89
  99
  109
  120
  132
  143
  156
  169
  183
  198
  213
  229
Cash from financing (excl. dividends), $m  
  -7
  30
  39
  46
  54
  62
  71
  79
  90
  99
  110
  100
  110
  122
  134
  148
  161
  175
  190
  205
  222
  239
  257
  276
  295
  316
  337
  360
  385
  409
  435
Total cash flow (excl. dividends), $m
  42
  47
  54
  58
  63
  67
  72
  77
  81
  86
  91
  75
  80
  85
  90
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157
  165
  174
  183
  193
  203
  213
Retained Cash Flow (-), $m
  30
  -12
  -13
  -15
  -17
  -19
  -21
  -25
  -31
  -36
  -42
  -30
  -33
  -40
  -47
  -55
  -63
  -71
  -80
  -89
  -99
  -109
  -120
  -132
  -143
  -156
  -169
  -183
  -198
  -213
  -229
Prev. year cash balance distribution, $m
 
  12
  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
 
  47
  40
  43
  46
  49
  51
  51
  51
  50
  49
  45
  46
  45
  43
  41
  39
  36
  34
  31
  28
  25
  21
  17
  13
  9
  5
  0
  -5
  -11
  -16
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
 
  45
  37
  38
  38
  38
  37
  35
  32
  29
  26
  21
  20
  17
  14
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.2
  98.0
  96.2
  94.0
  91.3
  88.3
  84.7
  80.8
  76.6
  72.2
  69.4
  66.4
  63.1
  59.5
  55.8
  52.1
  48.3
  44.5
  40.8
  37.2
  33.8
  30.5
  27.5
  24.6
  22.0
  19.5
  17.3
  15.3
  13.4
  11.8

Barnes & Noble, Inc. is a bookseller. The Company is a content and commerce company, which provides access to trade books and other content across its multi-channel distribution platform. It operates in two segments: Barnes & Noble Retail (B&N Retail) and NOOK. The Company is engaged in the sale of trade books (generally hardcover and paperback consumer titles), mass market paperbacks (such as mystery, romance, science fiction and other fiction), children's books, eBooks and other digital content, textbooks and course-related materials, NOOK and related accessories, bargain books, magazines, gifts, cafe products and services, educational toys and games, music and movies direct to customers through its bookstores or on www.barnesandnoble.com. The Company also offers a textbook rental option to its customers through barnesandnoble.com. The Company offers its customers a suite of textbook options-new, used, digital and rental.

FINANCIAL RATIOS  of  Barnes&Noble (BKS)

Valuation Ratios
P/E Ratio 24
Price to Sales 0.1
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 3.6
Price to Free Cash Flow 10.8
Growth Rates
Sales Growth Rate -6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.1%
Cap. Spend. - 3 Yr. Gr. Rate -0.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 11.3%
Total Debt to Equity 11.3%
Interest Coverage 10
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.2%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. 1.4%
Asset Turnover 2
Profitability Ratios
Gross Margin 31.1%
Gross Margin - 3 Yr. Avg. 32.1%
EBITDA Margin 4.4%
EBITDA Margin - 3 Yr. Avg. 4.6%
Operating Margin 1.4%
Oper. Margin - 3 Yr. Avg. 1.3%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 53.2%
Eff/ Tax Rate - 3 Yr. Avg. -14%
Payout Ratio 200%

BKS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKS stock intrinsic value calculation we used $3895 million for the last fiscal year's total revenue generated by Barnes&Noble. The default revenue input number comes from 2017 income statement of Barnes&Noble. 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 BKS 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 BKS is calculated based on our internal credit rating of Barnes&Noble, 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 Barnes&Noble.
    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 BKS stock the variable cost ratio is equal to 99.6%.

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 BKS 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 8.9% for Barnes&Noble.

Corporate tax rate of 27% is the nominal tax rate for Barnes&Noble. 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 BKS 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 BKS are equal to 15.4%.

Life of production assets of 6.7 years is the average useful life of capital assets used in Barnes&Noble 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 BKS is equal to 0.2%. 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 - $574 million for Barnes&Noble - 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 73.084 million for Barnes&Noble 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 Barnes&Noble at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
BNED Barnes&Noble E 6.68 24.46  str.buy
CHGG Chegg 15.81 0.26  str.sell
AMZN Amazon.com 997.00 538.53  sell
CBS CBS Cl B 56.96 67.95  hold

COMPANY NEWS

▶ Don't Gamble On These 7%+ Dividends   [Oct-14-17 09:15AM  Forbes]
▶ Barnes & Noble Declares Quarterly Dividend   [Sep-19-17 04:15PM  Business Wire]
▶ Barnes & Noble Announces Two Major Events on September 23   [Sep-12-17 08:30AM  Business Wire]
▶ Closing the Books on Barnes & Noble   [Sep-08-17 02:00PM  Bloomberg]
▶ Barnes & Noble reports 1Q loss   [Sep-07-17 11:46PM  Associated Press]
▶ Why Barnes & Noble, Inc. Stock Sank Today   [12:49PM  Motley Fool]
▶ Barnes & Noble Tumbles on Earnings Miss   [12:34PM  GuruFocus.com]
▶ Middle East: What You Need to Know for Sept. 7   [03:16AM  Bloomberg Video]
▶ A pumpkin spice trader blitz   [Sep-01-17 01:00PM  CNBC Videos]
▶ 3 Dates to Circle in September   [10:05AM  Motley Fool]
▶ Barnes & Noble Education posts 1Q loss   [Aug-31-17 08:03PM  Associated Press]
▶ 3 Dividend Stocks I'd Never Buy   [10:14AM  Motley Fool]
▶ Why Is Amazon Opening Physical Bookstores?   [10:35AM  Market Realist]
▶ Barnes & Noble Launches The B&N Podcast   [08:30AM  Business Wire]
▶ A Battle is Brewing in the New World of Homework Help   [Aug-04-17 03:23PM  Barrons.com]
▶ Top Ranked Value Stocks to Buy for August 2nd   [Aug-02-17 09:45AM  Zacks]
▶ How Starbucks Makes Money (SBUX)   [Jul-28-17 09:36AM  Investopedia]
▶ Why Barnes & Noble still has value for the right buyer   [Jul-26-17 09:00AM  Yahoo Finance]
▶ [$$] Activist to Barnes & Noble: put yourself up for sale   [Jul-25-17 06:19PM  Financial Times]
▶ Barnes & Noble on the block?   [04:51PM  Yahoo Finance Video]
▶ [$$] Barnes & Noble: Lost the plot   [02:03PM  Financial Times]
▶ [$$] Barnes & Noble Open to Discussing Call for Sale   [01:51PM  The Wall Street Journal]
▶ [$$] Barnes & Noble Investor Presses for Booksellers Sale   [12:56AM  The Wall Street Journal]
▶ [$$] Barnes & Noble Is Urged to Sell Itself   [10:30PM  The Wall Street Journal]
▶ [$$] Barnes & Noble Education Names New CEO   [Jul-20-17 09:45AM  The Wall Street Journal]
▶ Top Ranked Income Stocks to Buy for July 19th   [Jul-19-17 09:59AM  Zacks]
Financial statements of BKS
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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