Intrinsic value of Barnes&Noble Education - BNED

Previous Close

$8.28

  Intrinsic Value

$77.80

stock screener

  Rating & Target

str. buy

+840%

Previous close

$8.28

 
Intrinsic value

$77.80

 
Up/down potential

+840%

 
Rating

str. buy

We calculate the intrinsic value of BNED 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 0.4

 

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, %
  3.65
  49.00
  44.60
  40.64
  37.08
  33.87
  30.98
  28.38
  26.05
  23.94
  22.05
  20.34
  18.81
  17.43
  16.18
  15.07
  14.06
  13.15
  12.34
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
Revenue, $m
  1,874
  2,792
  4,038
  5,678
  7,784
  10,420
  13,648
  17,522
  22,086
  27,374
  33,408
  40,204
  47,766
  56,090
  65,168
  74,986
  85,528
  96,778
  108,718
  121,334
  134,613
  148,544
  163,123
  178,347
  194,219
  210,747
  227,941
  245,818
  264,399
  283,707
  303,772
Variable operating expenses, $m
 
  2,438
  3,511
  4,925
  6,738
  9,009
  11,790
  15,127
  19,059
  23,614
  28,812
  34,634
  41,148
  48,318
  56,138
  64,596
  73,678
  83,369
  93,655
  104,522
  115,961
  127,962
  140,521
  153,636
  167,309
  181,547
  196,359
  211,759
  227,765
  244,398
  261,683
Fixed operating expenses, $m
 
  224
  230
  236
  242
  248
  254
  260
  267
  274
  280
  287
  295
  302
  309
  317
  325
  333
  342
  350
  359
  368
  377
  386
  396
  406
  416
  427
  437
  448
  459
Total operating expenses, $m
  1,861
  2,662
  3,741
  5,161
  6,980
  9,257
  12,044
  15,387
  19,326
  23,888
  29,092
  34,921
  41,443
  48,620
  56,447
  64,913
  74,003
  83,702
  93,997
  104,872
  116,320
  128,330
  140,898
  154,022
  167,705
  181,953
  196,775
  212,186
  228,202
  244,846
  262,142
Operating income, $m
  14
  130
  296
  518
  804
  1,163
  1,604
  2,135
  2,760
  3,486
  4,316
  5,283
  6,324
  7,470
  8,720
  10,073
  11,525
  13,076
  14,722
  16,461
  18,293
  20,214
  22,225
  24,325
  26,514
  28,794
  31,166
  33,633
  36,197
  38,861
  41,630
EBITDA, $m
  67
  203
  388
  633
  949
  1,346
  1,834
  2,420
  3,112
  3,914
  4,830
  5,862
  7,012
  8,278
  9,659
  11,153
  12,758
  14,470
  16,288
  18,209
  20,232
  22,354
  24,575
  26,894
  29,312
  31,830
  34,450
  37,175
  40,006
  42,948
  46,006
Interest expense (income), $m
  2
  5
  15
  28
  45
  68
  96
  130
  171
  219
  275
  339
  411
  491
  580
  676
  780
  892
  1,011
  1,137
  1,271
  1,412
  1,559
  1,714
  1,875
  2,043
  2,219
  2,401
  2,590
  2,787
  2,992
Earnings before tax, $m
  10
  125
  282
  490
  759
  1,096
  1,509
  2,005
  2,590
  3,267
  4,041
  4,944
  5,913
  6,978
  8,140
  9,397
  10,746
  12,184
  13,711
  15,324
  17,022
  18,802
  20,665
  22,611
  24,639
  26,751
  28,948
  31,232
  33,607
  36,074
  38,638
Tax expense, $m
  5
  34
  76
  132
  205
  296
  407
  541
  699
  882
  1,091
  1,335
  1,596
  1,884
  2,198
  2,537
  2,901
  3,290
  3,702
  4,138
  4,596
  5,077
  5,580
  6,105
  6,653
  7,223
  7,816
  8,433
  9,074
  9,740
  10,432
Net income, $m
  5
  91
  206
  358
  554
  800
  1,101
  1,464
  1,890
  2,385
  2,950
  3,609
  4,316
  5,094
  5,942
  6,860
  7,844
  8,895
  10,009
  11,187
  12,426
  13,726
  15,086
  16,506
  17,986
  19,528
  21,132
  22,800
  24,533
  26,334
  28,206

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  1,300
  1,909
  2,760
  3,881
  5,320
  7,122
  9,329
  11,977
  15,096
  18,711
  22,836
  27,481
  32,649
  38,339
  44,544
  51,255
  58,461
  66,150
  74,312
  82,935
  92,011
  101,534
  111,499
  121,905
  132,754
  144,051
  155,804
  168,024
  180,724
  193,922
  207,637
Adjusted assets (=assets-cash), $m
  1,281
  1,909
  2,760
  3,881
  5,320
  7,122
  9,329
  11,977
  15,096
  18,711
  22,836
  27,481
  32,649
  38,339
  44,544
  51,255
  58,461
  66,150
  74,312
  82,935
  92,011
  101,534
  111,499
  121,905
  132,754
  144,051
  155,804
  168,024
  180,724
  193,922
  207,637
Revenue / Adjusted assets
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
Average production assets, $m
  319
  475
  686
  965
  1,323
  1,771
  2,320
  2,979
  3,755
  4,654
  5,679
  6,835
  8,120
  9,535
  11,078
  12,748
  14,540
  16,452
  18,482
  20,627
  22,884
  25,252
  27,731
  30,319
  33,017
  35,827
  38,750
  41,789
  44,948
  48,230
  51,641
Working capital, $m
  190
  405
  585
  823
  1,129
  1,511
  1,979
  2,541
  3,202
  3,969
  4,844
  5,830
  6,926
  8,133
  9,449
  10,873
  12,402
  14,033
  15,764
  17,593
  19,519
  21,539
  23,653
  25,860
  28,162
  30,558
  33,051
  35,644
  38,338
  41,138
  44,047
Total debt, $m
  160
  420
  797
  1,293
  1,931
  2,729
  3,707
  4,880
  6,262
  7,863
  9,690
  11,748
  14,038
  16,558
  19,307
  22,280
  25,472
  28,879
  32,494
  36,314
  40,335
  44,554
  48,968
  53,578
  58,384
  63,389
  68,595
  74,008
  79,635
  85,481
  91,557
Total liabilities, $m
  586
  846
  1,223
  1,719
  2,357
  3,155
  4,133
  5,306
  6,688
  8,289
  10,116
  12,174
  14,464
  16,984
  19,733
  22,706
  25,898
  29,305
  32,920
  36,740
  40,761
  44,980
  49,394
  54,004
  58,810
  63,815
  69,021
  74,434
  80,061
  85,907
  91,983
Total equity, $m
  714
  1,063
  1,537
  2,162
  2,964
  3,967
  5,196
  6,671
  8,409
  10,422
  12,719
  15,307
  18,186
  21,355
  24,811
  28,549
  32,563
  36,846
  41,392
  46,195
  51,250
  56,554
  62,105
  67,901
  73,944
  80,237
  86,783
  93,589
  100,663
  108,014
  115,654
Total liabilities and equity, $m
  1,300
  1,909
  2,760
  3,881
  5,321
  7,122
  9,329
  11,977
  15,097
  18,711
  22,835
  27,481
  32,650
  38,339
  44,544
  51,255
  58,461
  66,151
  74,312
  82,935
  92,011
  101,534
  111,499
  121,905
  132,754
  144,052
  155,804
  168,023
  180,724
  193,921
  207,637
Debt-to-equity ratio
  0.224
  0.390
  0.520
  0.600
  0.650
  0.690
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
Adjusted equity ratio
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  91
  206
  358
  554
  800
  1,101
  1,464
  1,890
  2,385
  2,950
  3,609
  4,316
  5,094
  5,942
  6,860
  7,844
  8,895
  10,009
  11,187
  12,426
  13,726
  15,086
  16,506
  17,986
  19,528
  21,132
  22,800
  24,533
  26,334
  28,206
Depreciation, amort., depletion, $m
  53
  73
  91
  115
  145
  183
  230
  285
  351
  427
  514
  579
  688
  808
  939
  1,080
  1,232
  1,394
  1,566
  1,748
  1,939
  2,140
  2,350
  2,569
  2,798
  3,036
  3,284
  3,541
  3,809
  4,087
  4,376
Funds from operations, $m
  79
  164
  297
  473
  699
  983
  1,331
  1,749
  2,242
  2,812
  3,464
  4,188
  5,004
  5,902
  6,881
  7,940
  9,076
  10,289
  11,575
  12,935
  14,365
  15,866
  17,436
  19,075
  20,785
  22,564
  24,416
  26,341
  28,342
  30,421
  32,582
Change in working capital, $m
  11
  133
  181
  238
  305
  382
  468
  562
  662
  767
  875
  985
  1,096
  1,207
  1,316
  1,424
  1,529
  1,631
  1,731
  1,829
  1,925
  2,020
  2,114
  2,208
  2,301
  2,396
  2,493
  2,592
  2,694
  2,800
  2,909
Cash from operations, $m
  68
  31
  116
  235
  394
  600
  863
  1,187
  1,580
  2,046
  2,589
  3,203
  3,908
  4,695
  5,565
  6,516
  7,548
  8,658
  9,844
  11,105
  12,440
  13,846
  15,322
  16,868
  18,483
  20,168
  21,923
  23,749
  25,648
  27,622
  29,673
Maintenance CAPEX, $m
  0
  -27
  -40
  -58
  -82
  -112
  -150
  -197
  -252
  -318
  -394
  -481
  -579
  -688
  -808
  -939
  -1,080
  -1,232
  -1,394
  -1,566
  -1,748
  -1,939
  -2,140
  -2,350
  -2,569
  -2,798
  -3,036
  -3,284
  -3,541
  -3,809
  -4,087
New CAPEX, $m
  -35
  -156
  -212
  -279
  -358
  -448
  -549
  -659
  -776
  -899
  -1,026
  -1,155
  -1,285
  -1,415
  -1,543
  -1,669
  -1,792
  -1,912
  -2,030
  -2,145
  -2,257
  -2,368
  -2,478
  -2,588
  -2,698
  -2,810
  -2,923
  -3,039
  -3,159
  -3,282
  -3,411
Cash from investing activities, $m
  -224
  -183
  -252
  -337
  -440
  -560
  -699
  -856
  -1,028
  -1,217
  -1,420
  -1,636
  -1,864
  -2,103
  -2,351
  -2,608
  -2,872
  -3,144
  -3,424
  -3,711
  -4,005
  -4,307
  -4,618
  -4,938
  -5,267
  -5,608
  -5,959
  -6,323
  -6,700
  -7,091
  -7,498
Free cash flow, $m
  -156
  -152
  -136
  -103
  -46
  40
  164
  332
  552
  829
  1,168
  1,566
  2,043
  2,592
  3,214
  3,908
  4,675
  5,513
  6,420
  7,394
  8,434
  9,538
  10,703
  11,930
  13,215
  14,560
  15,963
  17,426
  18,948
  20,530
  22,175
Issuance/(repayment) of debt, $m
  160
  279
  377
  497
  638
  798
  978
  1,173
  1,382
  1,601
  1,827
  2,058
  2,290
  2,521
  2,749
  2,973
  3,192
  3,406
  3,616
  3,820
  4,021
  4,219
  4,414
  4,610
  4,806
  5,005
  5,206
  5,413
  5,626
  5,847
  6,076
Issuance/(repurchase) of shares, $m
  -9
  258
  268
  267
  248
  204
  128
  11
  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  
  147
  537
  645
  764
  886
  1,002
  1,106
  1,184
  1,382
  1,601
  1,827
  2,058
  2,290
  2,521
  2,749
  2,973
  3,192
  3,406
  3,616
  3,820
  4,021
  4,219
  4,414
  4,610
  4,806
  5,005
  5,206
  5,413
  5,626
  5,847
  6,076
Total cash flow (excl. dividends), $m
  -9
  385
  510
  661
  839
  1,042
  1,269
  1,516
  1,933
  2,430
  2,996
  3,624
  4,333
  5,113
  5,963
  6,881
  7,868
  8,919
  10,036
  11,215
  12,455
  13,756
  15,118
  16,539
  18,021
  19,565
  21,170
  22,839
  24,574
  26,377
  28,250
Retained Cash Flow (-), $m
  -6
  -349
  -474
  -625
  -802
  -1,004
  -1,229
  -1,475
  -1,738
  -2,013
  -2,298
  -2,587
  -2,879
  -3,169
  -3,456
  -3,738
  -4,014
  -4,283
  -4,546
  -4,803
  -5,055
  -5,304
  -5,550
  -5,796
  -6,043
  -6,292
  -6,546
  -6,806
  -7,074
  -7,351
  -7,639
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
 
  36
  36
  37
  38
  39
  40
  41
  196
  417
  698
  1,037
  1,454
  1,943
  2,506
  3,143
  3,854
  4,636
  5,490
  6,411
  7,400
  8,452
  9,567
  10,743
  11,978
  13,272
  14,624
  16,033
  17,500
  19,025
  20,611
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  34
  32
  31
  30
  29
  28
  27
  117
  228
  345
  461
  575
  678
  763
  827
  867
  881
  870
  837
  784
  716
  638
  555
  471
  390
  314
  247
  189
  141
  102
Current shareholders' claim on cash, %
  100
  65.9
  48.5
  38.8
  33.4
  30.4
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0
  29.0

Barnes & Noble Education, Inc. is a contract operator of bookstores on college and university campuses across the United States and a provider of digital education services. The Company offers a support system, and a retail and digital learning experience for students. Through its subsidiary, Barnes & Noble College Booksellers, LLC, the Company operates approximately 750 campus bookstores and the school-branded e-commerce sites for each store, serving over five million college students and their faculty. The Company offers a set of products and services to help students, faculty and administrators achieve their shared educational and social goals. Its suite of product offerings includes Textbook and Course Material Sales, Textbook and Course Material Rentals, General Merchandise, Trade, Digital Education and Brand Partnerships. The Company also offers other merchandise, such as laptops and other technology products, notebooks, backpacks, school and dormitory supplies and related items.

FINANCIAL RATIOS  of  Barnes&Noble Education (BNED)

Valuation Ratios
P/E Ratio 77
Price to Sales 0.2
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 11.7
Growth Rates
Sales Growth Rate 3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 8.4%
Total Debt to Equity 22.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. 1.3%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 24.4%
Gross Margin - 3 Yr. Avg. 24.8%
EBITDA Margin 3.5%
EBITDA Margin - 3 Yr. Avg. 3.8%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 64.1%
Payout Ratio 0%

BNED stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BNED stock intrinsic value calculation we used $1874 million for the last fiscal year's total revenue generated by Barnes&Noble Education. The default revenue input number comes from 2017 income statement of Barnes&Noble Education. 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 BNED stock valuation model: a) initial revenue growth rate of 49% 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 4.7%, whose default value for BNED is calculated based on our internal credit rating of Barnes&Noble Education, 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 Education.
    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 BNED stock the variable cost ratio is equal to 87.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $219 million in the base year in the intrinsic value calculation for BNED 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 Barnes&Noble Education.

Corporate tax rate of 27% is the nominal tax rate for Barnes&Noble Education. 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 BNED 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 BNED are equal to 17%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Barnes&Noble Education 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 BNED is equal to 14.5%. 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 - $714 million for Barnes&Noble Education - 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 46.518 million for Barnes&Noble Education 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 Education at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
BKS Barnes&Noble 6.85 5.32  sell
CHGG Chegg 15.69 0.25  str.sell
TWMC Trans World En 1.80 1.10  sell
AMZN Amazon.com 1,179.14 534.47  sell

COMPANY NEWS

▶ [$$] Charting the Market   [Sep-01-17 11:40PM  Barrons.com]
▶ Barnes & Noble Education posts 1Q loss   [Aug-31-17 08:03PM  Associated Press]
▶ Company News For August 31, 2017   [10:07AM  Zacks]
▶ A Gray Afternoon for 3 Stocks   [Aug-30-17 05:32PM  GuruFocus.com]
▶ A Battle is Brewing in the New World of Homework Help   [Aug-04-17 03:23PM  Barrons.com]
▶ [$$] Barnes & Noble Education Names New CEO   [Jul-20-17 09:45AM  The Wall Street Journal]
▶ [$$] Charting the Market   [Jul-14-17 11:25PM  Barrons.com]
▶ Barnes & Noble Education posts 4Q profit   [Jul-12-17 11:51PM  Associated Press]
▶ 3 Stocks That Have Lost Over 30% So Far in 2017   [Jul-08-17 07:46AM  Motley Fool]
▶ Cashing In On Textbook Rentals   [Mar-01-17 06:23PM  Barrons.com]
▶ Cashing In On Textbook Rentals   [06:23PM  at Barrons.com]
▶ [$$] Barnes & Noble Education Sales Weaken Amid Lower Enrollment   [Feb-28-17 10:56AM  The Wall Street Journal]
▶ Barnes & Noble Education posts 3Q profit   [08:09AM  Associated Press]
▶ Why Barnes & Noble Education, Inc. Dropped 12% in January   [Feb-15-17 10:33AM  at Motley Fool]
▶ Investors Dump Textbooks, as Students Get Savvy   [Jan-19-17 05:26PM  at Barrons.com]
▶ [$$] Barnes & Noble and Rutgers to Open Bookstore in Downtown Newark   [Dec-20-16 12:21AM  at The Wall Street Journal]
▶ [$$] Barnes & Noble Moves to Downtown Newark   [Dec-19-16 03:31PM  at The Wall Street Journal]
▶ [$$] Barnes & Noble Education's Sales Slow; Shares Fall   [01:08PM  at The Wall Street Journal]
Financial statements of BNED
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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