Intrinsic value of Bon-Ton Stores - BONT

Previous Close

$0.60

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$0.60

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of BONT 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 0.0

 

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, %
  -4.16
  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
  2,674
  2,727
  2,790
  2,862
  2,942
  3,032
  3,130
  3,236
  3,351
  3,476
  3,609
  3,752
  3,904
  4,066
  4,239
  4,421
  4,615
  4,820
  5,037
  5,266
  5,508
  5,764
  6,033
  6,317
  6,616
  6,931
  7,262
  7,611
  7,979
  8,365
  8,771
Variable operating expenses, $m
 
  2,657
  2,718
  2,788
  2,866
  2,953
  3,048
  3,152
  3,264
  3,385
  3,515
  3,654
  3,803
  3,961
  4,128
  4,306
  4,495
  4,695
  4,906
  5,129
  5,365
  5,614
  5,876
  6,152
  6,444
  6,750
  7,073
  7,413
  7,771
  8,148
  8,543
Fixed operating expenses, $m
 
  72
  74
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
  140
  143
  147
Total operating expenses, $m
  2,673
  2,729
  2,792
  2,863
  2,943
  3,032
  3,129
  3,235
  3,349
  3,472
  3,605
  3,746
  3,897
  4,057
  4,227
  4,407
  4,599
  4,802
  5,015
  5,241
  5,480
  5,732
  5,997
  6,276
  6,571
  6,880
  7,206
  7,549
  7,911
  8,291
  8,690
Operating income, $m
  2
  -1
  -1
  -1
  -1
  0
  0
  1
  2
  3
  4
  6
  7
  9
  11
  14
  16
  19
  22
  25
  29
  32
  36
  41
  45
  50
  56
  62
  68
  74
  81
EBITDA, $m
  94
  93
  95
  97
  100
  104
  107
  112
  117
  122
  128
  134
  141
  149
  157
  165
  174
  184
  194
  205
  217
  230
  243
  257
  272
  288
  305
  322
  341
  361
  382
Interest expense (income), $m
  61
  61
  52
  54
  56
  59
  61
  64
  68
  71
  75
  79
  84
  89
  94
  99
  105
  111
  117
  124
  131
  139
  147
  155
  164
  173
  183
  194
  205
  216
  228
Earnings before tax, $m
  -65
  -62
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -79
  -82
  -86
  -89
  -92
  -95
  -99
  -103
  -106
  -110
  -114
  -119
  -123
  -127
  -132
  -137
  -142
  -147
Tax expense, $m
  -2
  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
Net income, $m
  -63
  -62
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -79
  -82
  -86
  -89
  -92
  -95
  -99
  -103
  -106
  -110
  -114
  -119
  -123
  -127
  -132
  -137
  -142
  -147

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7
  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
  1,505
  1,528
  1,563
  1,603
  1,648
  1,698
  1,753
  1,813
  1,878
  1,947
  2,022
  2,102
  2,187
  2,278
  2,375
  2,477
  2,586
  2,700
  2,822
  2,950
  3,086
  3,229
  3,380
  3,539
  3,706
  3,883
  4,069
  4,264
  4,470
  4,686
  4,914
Adjusted assets (=assets-cash), $m
  1,498
  1,528
  1,563
  1,603
  1,648
  1,698
  1,753
  1,813
  1,878
  1,947
  2,022
  2,102
  2,187
  2,278
  2,375
  2,477
  2,586
  2,700
  2,822
  2,950
  3,086
  3,229
  3,380
  3,539
  3,706
  3,883
  4,069
  4,264
  4,470
  4,686
  4,914
Revenue / Adjusted assets
  1.785
  1.785
  1.785
  1.785
  1.785
  1.786
  1.786
  1.785
  1.784
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
  1.785
Average production assets, $m
  688
  701
  717
  736
  756
  779
  804
  832
  861
  893
  928
  964
  1,003
  1,045
  1,089
  1,136
  1,186
  1,239
  1,295
  1,353
  1,416
  1,481
  1,550
  1,623
  1,700
  1,781
  1,866
  1,956
  2,051
  2,150
  2,254
Working capital, $m
  461
  469
  480
  492
  506
  521
  538
  557
  576
  598
  621
  645
  672
  699
  729
  760
  794
  829
  866
  906
  947
  991
  1,038
  1,086
  1,138
  1,192
  1,249
  1,309
  1,372
  1,439
  1,509
Total debt, $m
  989
  836
  868
  904
  945
  990
  1,039
  1,093
  1,151
  1,213
  1,281
  1,353
  1,429
  1,511
  1,598
  1,690
  1,788
  1,891
  2,001
  2,116
  2,238
  2,367
  2,503
  2,646
  2,797
  2,955
  3,123
  3,299
  3,484
  3,679
  3,884
Total liabilities, $m
  1,528
  1,375
  1,407
  1,443
  1,484
  1,529
  1,578
  1,632
  1,690
  1,752
  1,820
  1,892
  1,968
  2,050
  2,137
  2,229
  2,327
  2,430
  2,540
  2,655
  2,777
  2,906
  3,042
  3,185
  3,336
  3,494
  3,662
  3,838
  4,023
  4,218
  4,423
Total equity, $m
  -23
  153
  156
  160
  165
  170
  175
  181
  188
  195
  202
  210
  219
  228
  237
  248
  259
  270
  282
  295
  309
  323
  338
  354
  371
  388
  407
  426
  447
  469
  491
Total liabilities and equity, $m
  1,505
  1,528
  1,563
  1,603
  1,649
  1,699
  1,753
  1,813
  1,878
  1,947
  2,022
  2,102
  2,187
  2,278
  2,374
  2,477
  2,586
  2,700
  2,822
  2,950
  3,086
  3,229
  3,380
  3,539
  3,707
  3,882
  4,069
  4,264
  4,470
  4,687
  4,914
Debt-to-equity ratio
  -43.000
  5.470
  5.550
  5.640
  5.730
  5.830
  5.930
  6.030
  6.130
  6.230
  6.330
  6.440
  6.540
  6.630
  6.730
  6.820
  6.920
  7.000
  7.090
  7.170
  7.250
  7.330
  7.410
  7.480
  7.550
  7.610
  7.680
  7.740
  7.790
  7.850
  7.900
Adjusted equity ratio
  -0.020
  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
  -63
  -62
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -79
  -82
  -86
  -89
  -92
  -95
  -99
  -103
  -106
  -110
  -114
  -119
  -123
  -127
  -132
  -137
  -142
  -147
Depreciation, amort., depletion, $m
  92
  93
  96
  98
  101
  104
  107
  111
  115
  119
  124
  129
  134
  139
  145
  152
  158
  165
  173
  180
  189
  198
  207
  216
  227
  237
  249
  261
  273
  287
  301
Funds from operations, $m
  55
  32
  43
  43
  44
  45
  46
  47
  49
  51
  53
  55
  57
  60
  63
  66
  69
  73
  77
  81
  86
  91
  96
  102
  108
  115
  121
  129
  137
  145
  154
Change in working capital, $m
  -4
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
Cash from operations, $m
  59
  23
  32
  31
  30
  30
  29
  29
  29
  29
  30
  30
  31
  32
  33
  35
  36
  38
  40
  42
  44
  47
  50
  53
  57
  60
  64
  69
  73
  78
  84
Maintenance CAPEX, $m
  0
  -92
  -93
  -96
  -98
  -101
  -104
  -107
  -111
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -152
  -158
  -165
  -173
  -180
  -189
  -198
  -207
  -216
  -227
  -237
  -249
  -261
  -273
  -287
New CAPEX, $m
  -55
  -13
  -16
  -18
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
Cash from investing activities, $m
  -55
  -105
  -109
  -114
  -119
  -124
  -129
  -134
  -141
  -147
  -153
  -161
  -168
  -176
  -183
  -192
  -202
  -211
  -221
  -232
  -242
  -255
  -267
  -280
  -293
  -308
  -322
  -339
  -355
  -372
  -391
Free cash flow, $m
  4
  -83
  -78
  -83
  -89
  -94
  -100
  -106
  -111
  -117
  -124
  -130
  -137
  -143
  -150
  -158
  -165
  -173
  -181
  -189
  -198
  -207
  -217
  -226
  -237
  -247
  -258
  -270
  -282
  -294
  -307
Issuance/(repayment) of debt, $m
  1
  -146
  32
  36
  41
  45
  49
  54
  58
  63
  67
  72
  77
  82
  87
  92
  98
  103
  109
  116
  122
  129
  136
  143
  151
  159
  167
  176
  185
  195
  205
Issuance/(repurchase) of shares, $m
  0
  238
  56
  59
  61
  64
  67
  69
  72
  75
  78
  82
  85
  88
  92
  96
  100
  104
  108
  112
  116
  121
  125
  130
  135
  141
  146
  152
  157
  163
  170
Cash from financing (excl. dividends), $m  
  -5
  92
  88
  95
  102
  109
  116
  123
  130
  138
  145
  154
  162
  170
  179
  188
  198
  207
  217
  228
  238
  250
  261
  273
  286
  300
  313
  328
  342
  358
  375
Total cash flow (excl. dividends), $m
  0
  9
  10
  12
  13
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
  58
  61
  64
  67
Retained Cash Flow (-), $m
  58
  -238
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -125
  -130
  -135
  -141
  -146
  -152
  -157
  -163
  -170
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
 
  -228
  -46
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -56
  -58
  -60
  -62
  -64
  -65
  -68
  -70
  -72
  -74
  -76
  -79
  -81
  -83
  -86
  -88
  -91
  -94
  -97
  -99
  -102
Discount rate, %
 
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.66
  30.09
  31.60
  33.18
  34.84
  36.58
  38.41
  40.33
  42.35
  44.46
  46.69
  49.02
  51.47
  54.05
  56.75
  59.59
  62.57
PV of cash for distribution, $m
 
  -198
  -34
  -29
  -25
  -21
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  36.5
  26.5
  19.2
  13.8
  9.9
  7.1
  5.1
  3.6
  2.6
  1.8
  1.3
  0.9
  0.7
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

The Bon-Ton Stores, Inc. is a department store operator. The Company operates through two segments: stores and eCommerce (its Internet Websites). The Company offers a range of brand-name fashion apparel and accessories for women, men and children. It operates approximately 270 stores in over 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates, encompassing a total of approximately 25 million square feet. Its nationally distributed brand assortment includes a range of labels in the apparel, accessories, footwear, cosmetics and home furnishings industries, such as Anne Klein, Calvin Klein, Carters, Chaps, Clarks, Clinique, Coach, Estee Lauder, Fossil, Free People, Frye, Jessica Simpson and Vince Camuto. Its private brand portfolio includes Laura Ashley, Ruff Hewn, Relativity and Casa by Victor Alfaro.

FINANCIAL RATIOS  of  Bon-Ton Stores (BONT)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 0
Price to Book -0.6
Price to Tangible Book
Price to Cash Flow 0.2
Price to Free Cash Flow 3.2
Growth Rates
Sales Growth Rate -4.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.3%
Cap. Spend. - 3 Yr. Gr. Rate -6.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -4269.6%
Total Debt to Equity -4300%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.3%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital -6.3%
Ret/ On T. Cap. - 3 Yr. Avg. -4.2%
Return On Equity -1050%
Return On Equity - 3 Yr. Avg. -383.1%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 37.3%
Gross Margin - 3 Yr. Avg. 36.9%
EBITDA Margin 3.3%
EBITDA Margin - 3 Yr. Avg. 3.9%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin -2.4%
Pre-Tax Margin - 3 Yr. Avg. -1.6%
Net Profit Margin -2.4%
Net Profit Margin - 3 Yr. Avg. -1.5%
Effective Tax Rate 3.1%
Eff/ Tax Rate - 3 Yr. Avg. -11.2%
Payout Ratio 0%

BONT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BONT stock intrinsic value calculation we used $2674 million for the last fiscal year's total revenue generated by Bon-Ton Stores. The default revenue input number comes from 2017 income statement of Bon-Ton Stores. 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 BONT 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 15.2%, whose default value for BONT is calculated based on our internal credit rating of Bon-Ton Stores, 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 Bon-Ton Stores.
    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 BONT 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 $70 million in the base year in the intrinsic value calculation for BONT 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 6.2% for Bon-Ton Stores.

Corporate tax rate of 27% is the nominal tax rate for Bon-Ton Stores. 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 BONT 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 BONT are equal to 25.7%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Bon-Ton Stores 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 BONT is equal to 17.2%. 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 - $-23 million for Bon-Ton Stores - 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 21.515 million for Bon-Ton Stores 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 Bon-Ton Stores at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
DDS Dillard's 57.98 103.13  str.buy
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SSI Stage Stores 1.90 49.44  str.buy
JCP J.C. Penney 3.20 1.09  str.sell
KSS Kohl's 50.46 48.03  hold
TGT Target 61.76 62.76  hold
JWN Nordstrom 45.84 35.40  hold
WMT Wal-Mart Store 96.93 73.54  hold

COMPANY NEWS

▶ Bon-Ton Stores shares spike after November sales rise   [Nov-28-17 01:19PM  MarketWatch]
▶ [$$] Biswas's Take: Bon-Ton Closing 40 Stores As It Scours for Cash   [Nov-16-17 04:34PM  The Wall Street Journal]
▶ Bon-Ton reports 3Q loss   [06:39AM  Associated Press]
▶ Bon-Ton Gets a Tiny Boost From Lenders Ahead of Holidays   [Oct-30-17 09:15AM  TheStreet.com]
▶ [$$] Bon-Ton Lenders Provide Access to More Cash for Holiday Season   [Oct-25-17 11:27AM  The Wall Street Journal]
▶ Boston Store parent Bon-Ton to sell Minnesota store in $18.9M sale-leaseback deal   [Sep-14-17 01:20PM  American City Business Journals]
▶ Bon-Ton hires firm to explore possible bankruptcy filing: WSJ   [Sep-08-17 12:05PM  American City Business Journals]
▶ [$$] Bon-Ton Stores Hires Restructuring Adviser to Explore Turnaround   [Sep-07-17 02:46PM  The Wall Street Journal]
▶ Boston Store parent Bon-Ton hires firm to advise on turnaround strategy: Reuters   [Sep-05-17 11:55AM  American City Business Journals]
▶ New Bon-Ton CEO William Tracy officially begins his role   [Aug-25-17 12:45PM  American City Business Journals]
▶ Bon-Ton reports 2Q loss   [Aug-17-17 08:56PM  Associated Press]
▶ Bon-Ton expands 'Close to Home' concept to 40 more stores   [Aug-03-17 03:22PM  American City Business Journals]
▶ [$$] Bon-Ton Stores, Sears, J. Crew Lead List of Retailers in Default Risk   [Jul-07-17 11:28AM  The Wall Street Journal]
▶ Same-store sales plunge 8.8% at Boston Store parent Bon-Ton   [10:35AM  American City Business Journals]
▶ Bon-Ton reports 1Q loss   [06:34AM  Associated Press]
▶ Bon-Ton CEO Kathryn Bufano to resign after three years   [May-09-17 01:36PM  American City Business Journals]
▶ Bon-Ton chairman Tim Grumbacher retires, wife succeeds him   [12:24PM  American City Business Journals]
▶ Boston Store parent Bon-Ton taps Nine West exec as new CIO   [May-02-17 10:25AM  American City Business Journals]
▶ Is Bon-Ton Stores Headed for Bankruptcy?   [Apr-01-17 11:55AM  Motley Fool]
▶ Is Bon-Ton Stores Headed for Bankruptcy?   [11:55AM  at Motley Fool]
▶ TPG's J. Crew Is Part of Bad Retail LBO Pattern   [Mar-30-17 03:51PM  Investopedia]
▶ Boston Store parent Bon-Ton risks delisting from Nasdaq   [Mar-16-17 11:30AM  at bizjournals.com]
▶ Boston Store parent Bon-Ton risks delisting from Nasdaq   [11:30AM  American City Business Journals]
Financial statements of BONT
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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