Intrinsic value of Bon-Ton Stores - BONT

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$0.48

  Intrinsic Value

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  Value-price divergence*

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

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
  2,846
  2,911
  2,986
  3,070
  3,163
  3,265
  3,376
  3,497
  3,627
  3,766
  3,915
  4,073
  4,243
  4,422
  4,613
  4,815
  5,029
  5,256
  5,495
  5,747
  6,014
  6,295
  6,591
  6,903
  7,231
  7,577
  7,942
  8,325
  8,728
  9,152
Variable operating expenses, $m
 
  2,789
  2,853
  2,926
  3,009
  3,100
  3,200
  3,309
  3,427
  3,554
  3,690
  3,836
  3,992
  4,158
  4,334
  4,521
  4,719
  4,929
  5,151
  5,385
  5,632
  5,893
  6,169
  6,459
  6,765
  7,087
  7,426
  7,783
  8,158
  8,553
  8,969
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
  2,673
  2,789
  2,853
  2,926
  3,009
  3,100
  3,200
  3,309
  3,427
  3,554
  3,690
  3,836
  3,992
  4,158
  4,334
  4,521
  4,719
  4,929
  5,151
  5,385
  5,632
  5,893
  6,169
  6,459
  6,765
  7,087
  7,426
  7,783
  8,158
  8,553
  8,969
Operating income, $m
  2
  57
  58
  60
  61
  63
  65
  68
  70
  73
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  166
  175
  183
EBITDA, $m
  94
  151
  154
  158
  162
  167
  173
  179
  185
  192
  199
  207
  216
  224
  234
  244
  255
  266
  278
  291
  304
  318
  333
  349
  365
  383
  401
  420
  440
  462
  484
Interest expense (income), $m
  61
  62
  56
  58
  60
  63
  66
  69
  73
  76
  81
  85
  90
  95
  100
  106
  111
  118
  125
  132
  139
  147
  155
  164
  174
  183
  194
  204
  216
  228
  241
Earnings before tax, $m
  -65
  -5
  2
  2
  1
  0
  -1
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -58
Tax expense, $m
  -2
  0
  1
  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
  -5
  2
  1
  1
  0
  -1
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -58

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
  1,575
  1,611
  1,653
  1,699
  1,750
  1,807
  1,869
  1,935
  2,007
  2,084
  2,166
  2,254
  2,348
  2,447
  2,553
  2,665
  2,783
  2,909
  3,041
  3,181
  3,328
  3,483
  3,647
  3,820
  4,002
  4,193
  4,395
  4,607
  4,830
  5,065
Adjusted assets (=assets-cash), $m
  1,498
  1,575
  1,611
  1,653
  1,699
  1,750
  1,807
  1,869
  1,935
  2,007
  2,084
  2,166
  2,254
  2,348
  2,447
  2,553
  2,665
  2,783
  2,909
  3,041
  3,181
  3,328
  3,483
  3,647
  3,820
  4,002
  4,193
  4,395
  4,607
  4,830
  5,065
Revenue / Adjusted assets
  1.785
  1.807
  1.807
  1.806
  1.807
  1.807
  1.807
  1.806
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
  1.807
Average production assets, $m
  688
  740
  757
  776
  798
  822
  849
  878
  909
  943
  979
  1,018
  1,059
  1,103
  1,150
  1,199
  1,252
  1,308
  1,366
  1,429
  1,494
  1,564
  1,637
  1,714
  1,795
  1,880
  1,970
  2,065
  2,164
  2,269
  2,380
Working capital, $m
  461
  478
  489
  502
  516
  531
  549
  567
  587
  609
  633
  658
  684
  713
  743
  775
  809
  845
  883
  923
  966
  1,010
  1,057
  1,107
  1,160
  1,215
  1,273
  1,334
  1,399
  1,466
  1,538
Total debt, $m
  989
  889
  922
  959
  1,001
  1,047
  1,098
  1,154
  1,214
  1,278
  1,348
  1,422
  1,501
  1,585
  1,675
  1,770
  1,870
  1,977
  2,090
  2,209
  2,334
  2,467
  2,607
  2,755
  2,910
  3,074
  3,246
  3,427
  3,618
  3,819
  4,030
Total liabilities, $m
  1,528
  1,417
  1,450
  1,487
  1,529
  1,575
  1,626
  1,682
  1,742
  1,806
  1,876
  1,950
  2,029
  2,113
  2,203
  2,298
  2,398
  2,505
  2,618
  2,737
  2,862
  2,995
  3,135
  3,283
  3,438
  3,602
  3,774
  3,955
  4,146
  4,347
  4,558
Total equity, $m
  -23
  157
  161
  165
  170
  175
  181
  187
  194
  201
  208
  217
  225
  235
  245
  255
  266
  278
  291
  304
  318
  333
  348
  365
  382
  400
  419
  439
  461
  483
  506
Total liabilities and equity, $m
  1,505
  1,574
  1,611
  1,652
  1,699
  1,750
  1,807
  1,869
  1,936
  2,007
  2,084
  2,167
  2,254
  2,348
  2,448
  2,553
  2,664
  2,783
  2,909
  3,041
  3,180
  3,328
  3,483
  3,648
  3,820
  4,002
  4,193
  4,394
  4,607
  4,830
  5,064
Debt-to-equity ratio
  -43.000
  5.650
  5.720
  5.800
  5.890
  5.980
  6.080
  6.170
  6.270
  6.370
  6.470
  6.560
  6.660
  6.750
  6.840
  6.930
  7.020
  7.100
  7.180
  7.260
  7.340
  7.410
  7.480
  7.550
  7.620
  7.680
  7.740
  7.800
  7.850
  7.910
  7.960
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
  -5
  2
  1
  1
  0
  -1
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -58
Depreciation, amort., depletion, $m
  92
  94
  96
  98
  101
  104
  107
  111
  115
  119
  124
  129
  134
  140
  146
  152
  158
  166
  173
  181
  189
  198
  207
  217
  227
  238
  249
  261
  274
  287
  301
Funds from operations, $m
  55
  89
  97
  99
  102
  104
  107
  109
  112
  115
  119
  122
  126
  130
  134
  139
  143
  148
  154
  159
  165
  171
  178
  184
  192
  199
  207
  216
  225
  234
  244
Change in working capital, $m
  -4
  9
  11
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
Cash from operations, $m
  59
  72
  86
  87
  88
  89
  90
  91
  92
  94
  95
  97
  99
  102
  104
  107
  109
  112
  116
  119
  123
  126
  130
  135
  139
  144
  149
  155
  160
  166
  172
Maintenance CAPEX, $m
  0
  -92
  -94
  -96
  -98
  -101
  -104
  -107
  -111
  -115
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -158
  -166
  -173
  -181
  -189
  -198
  -207
  -217
  -227
  -238
  -249
  -261
  -274
  -287
New CAPEX, $m
  -55
  -15
  -17
  -19
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
Cash from investing activities, $m
  -55
  -107
  -111
  -115
  -120
  -125
  -131
  -136
  -142
  -149
  -155
  -163
  -170
  -178
  -187
  -196
  -205
  -214
  -225
  -235
  -247
  -258
  -271
  -284
  -298
  -312
  -328
  -344
  -361
  -379
  -397
Free cash flow, $m
  4
  -35
  -24
  -28
  -32
  -37
  -41
  -46
  -50
  -55
  -60
  -65
  -71
  -77
  -82
  -89
  -95
  -102
  -109
  -116
  -124
  -132
  -141
  -149
  -159
  -169
  -179
  -190
  -201
  -213
  -225
Issuance/(repayment) of debt, $m
  1
  -94
  33
  37
  42
  46
  51
  55
  60
  65
  69
  74
  79
  84
  90
  95
  101
  107
  113
  119
  126
  133
  140
  147
  155
  164
  172
  181
  191
  201
  211
Issuance/(repurchase) of shares, $m
  0
  251
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  4
  6
  7
  9
  10
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  37
Cash from financing (excl. dividends), $m  
  -5
  157
  33
  37
  42
  46
  51
  55
  60
  65
  69
  74
  80
  86
  93
  99
  107
  114
  122
  129
  138
  147
  156
  165
  176
  187
  198
  209
  222
  235
  248
Total cash flow (excl. dividends), $m
  0
  -129
  8
  9
  9
  10
  10
  10
  10
  9
  9
  9
  8
  8
  7
  6
  6
  5
  4
  3
  2
  1
  -1
  -2
  -3
  -5
  -6
  -8
  -10
  -12
  -14
Retained Cash Flow (-), $m
  58
  -124
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Prev. year cash balance distribution, $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
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
 
  0
  5
  5
  5
  5
  4
  4
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
  60.51
PV of cash for distribution, $m
 
  0
  4
  3
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.4
  8.3
  8.2
  8.0
  7.7
  7.4
  7.1
  6.8
  6.4
  6.0
  5.6
  5.2
  4.9
  4.5
  4.1
  3.7
  3.4
  3.1
  2.8

The Bon-Ton Stores, Inc., through its subsidiaries, operates department stores in the United States. The company’s stores offer brand-name fashion apparel and accessories for women, men, and children, as well as cosmetics, home furnishings, and other goods. As of January 18, 2017, it operated 266 stores, including 9 furniture galleries and 4 clearance centers in 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. The Bon-Ton Stores, Inc. was founded in 1898 and is headquartered in York, Pennsylvania.

FINANCIAL RATIOS  of  Bon-Ton Stores (BONT)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 0
Price to Book -0.5
Price to Tangible Book
Price to Cash Flow 0.2
Price to Free Cash Flow 2.6
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 $2790 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 14.7%, 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 98%.

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 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 6.3% 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 26%.

Life of production assets of 7.9 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 16.8%. 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 - $35 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 21.067 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.


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COMPANY NEWS

▶ 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]
▶ Bon-Ton posts 4Q profit   [07:00AM  Associated Press]
▶ Bon-Ton Stores Unveil Spring New & Now Fashion Trends   [Mar-13-17 09:42AM  PR Newswire]
▶ Deckers: Fixing the Wrong Problem?   [Feb-14-17 11:00AM  at Barrons.com]
▶ Bon-Ton expands in-store Close to Home concept   [Feb-07-17 04:33PM  at bizjournals.com]
▶ Bon-Ton subsidy to keep HQ downtown clears first city hurdle   [Jan-20-17 06:35PM  at bizjournals.com]
▶ Boston Store parent Bon-Ton sees holiday sales decline   [Jan-11-17 01:06PM  at bizjournals.com]
▶ Bon-Ton Stores Unveil Black Friday Deals   [Nov-10-16 08:00AM  GlobeNewswire]
Stock chart of BONT Financial statements of BONT Annual reports 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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