Intrinsic value of Caleres - CAL

Previous Close

$30.41

  Intrinsic Value

$22.01

stock screener

  Rating & Target

sell

-28%

Previous close

$30.41

 
Intrinsic value

$22.01

 
Up/down potential

-28%

 
Rating

sell

We calculate the intrinsic value of CAL 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 1.3

 

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, %
  0.08
  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
  2,579
  2,631
  2,691
  2,760
  2,838
  2,924
  3,018
  3,121
  3,232
  3,352
  3,481
  3,619
  3,765
  3,922
  4,088
  4,264
  4,451
  4,649
  4,858
  5,079
  5,313
  5,559
  5,819
  6,092
  6,381
  6,684
  7,004
  7,341
  7,695
  8,068
  8,460
Variable operating expenses, $m
 
  2,504
  2,561
  2,627
  2,700
  2,782
  2,871
  2,969
  3,074
  3,188
  3,309
  3,427
  3,566
  3,714
  3,872
  4,039
  4,216
  4,403
  4,601
  4,810
  5,031
  5,265
  5,511
  5,770
  6,043
  6,331
  6,634
  6,952
  7,288
  7,641
  8,012
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
  2,468
  2,504
  2,561
  2,627
  2,700
  2,782
  2,871
  2,969
  3,074
  3,188
  3,309
  3,427
  3,566
  3,714
  3,872
  4,039
  4,216
  4,403
  4,601
  4,810
  5,031
  5,265
  5,511
  5,770
  6,043
  6,331
  6,634
  6,952
  7,288
  7,641
  8,012
Operating income, $m
  111
  127
  130
  133
  137
  142
  147
  152
  158
  165
  172
  192
  199
  208
  216
  226
  236
  246
  257
  269
  281
  294
  308
  322
  338
  354
  371
  389
  407
  427
  448
EBITDA, $m
  167
  187
  191
  196
  202
  208
  215
  222
  230
  238
  248
  257
  268
  279
  291
  303
  317
  331
  346
  361
  378
  395
  414
  433
  454
  475
  498
  522
  547
  574
  602
Interest expense (income), $m
  15
  15
  16
  17
  19
  20
  22
  23
  25
  27
  30
  32
  35
  37
  40
  43
  47
  50
  54
  58
  62
  66
  71
  76
  81
  86
  92
  98
  104
  111
  118
Earnings before tax, $m
  97
  111
  114
  116
  119
  122
  125
  129
  133
  137
  142
  159
  165
  170
  176
  182
  189
  196
  203
  211
  219
  228
  237
  247
  257
  267
  279
  290
  303
  316
  330
Tax expense, $m
  31
  30
  31
  31
  32
  33
  34
  35
  36
  37
  38
  43
  44
  46
  48
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
Net income, $m
  66
  81
  83
  85
  87
  89
  92
  94
  97
  100
  104
  116
  120
  124
  129
  133
  138
  143
  148
  154
  160
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  55
  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
  1,475
  1,449
  1,482
  1,520
  1,563
  1,610
  1,662
  1,719
  1,780
  1,846
  1,917
  1,993
  2,073
  2,160
  2,251
  2,348
  2,451
  2,560
  2,675
  2,797
  2,925
  3,061
  3,204
  3,355
  3,514
  3,681
  3,857
  4,042
  4,237
  4,443
  4,659
Adjusted assets (=assets-cash), $m
  1,420
  1,449
  1,482
  1,520
  1,563
  1,610
  1,662
  1,719
  1,780
  1,846
  1,917
  1,993
  2,073
  2,160
  2,251
  2,348
  2,451
  2,560
  2,675
  2,797
  2,925
  3,061
  3,204
  3,355
  3,514
  3,681
  3,857
  4,042
  4,237
  4,443
  4,659
Revenue / Adjusted assets
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
  1.816
Average production assets, $m
  366
  374
  382
  392
  403
  415
  429
  443
  459
  476
  494
  514
  535
  557
  580
  606
  632
  660
  690
  721
  754
  789
  826
  865
  906
  949
  995
  1,042
  1,093
  1,146
  1,201
Working capital, $m
  316
  379
  388
  397
  409
  421
  435
  449
  465
  483
  501
  521
  542
  565
  589
  614
  641
  669
  700
  731
  765
  800
  838
  877
  919
  963
  1,009
  1,057
  1,108
  1,162
  1,218
Total debt, $m
  307
  268
  287
  308
  333
  360
  389
  421
  456
  494
  534
  577
  623
  672
  724
  779
  837
  899
  965
  1,034
  1,107
  1,184
  1,265
  1,351
  1,441
  1,536
  1,636
  1,741
  1,852
  1,968
  2,091
Total liabilities, $m
  862
  823
  842
  863
  888
  915
  944
  976
  1,011
  1,049
  1,089
  1,132
  1,178
  1,227
  1,279
  1,334
  1,392
  1,454
  1,520
  1,589
  1,662
  1,739
  1,820
  1,906
  1,996
  2,091
  2,191
  2,296
  2,407
  2,523
  2,646
Total equity, $m
  613
  626
  640
  657
  675
  696
  718
  742
  769
  797
  828
  861
  896
  933
  972
  1,014
  1,059
  1,106
  1,156
  1,208
  1,264
  1,322
  1,384
  1,449
  1,518
  1,590
  1,666
  1,746
  1,831
  1,919
  2,012
Total liabilities and equity, $m
  1,475
  1,449
  1,482
  1,520
  1,563
  1,611
  1,662
  1,718
  1,780
  1,846
  1,917
  1,993
  2,074
  2,160
  2,251
  2,348
  2,451
  2,560
  2,676
  2,797
  2,926
  3,061
  3,204
  3,355
  3,514
  3,681
  3,857
  4,042
  4,238
  4,442
  4,658
Debt-to-equity ratio
  0.501
  0.430
  0.450
  0.470
  0.490
  0.520
  0.540
  0.570
  0.590
  0.620
  0.640
  0.670
  0.700
  0.720
  0.740
  0.770
  0.790
  0.810
  0.830
  0.860
  0.880
  0.900
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.030
  1.040
Adjusted equity ratio
  0.393
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  66
  81
  83
  85
  87
  89
  92
  94
  97
  100
  104
  116
  120
  124
  129
  133
  138
  143
  148
  154
  160
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241
Depreciation, amort., depletion, $m
  56
  61
  62
  63
  64
  66
  68
  70
  72
  74
  76
  66
  69
  71
  74
  78
  81
  85
  88
  92
  97
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
Funds from operations, $m
  221
  142
  145
  148
  151
  155
  159
  164
  169
  174
  180
  182
  189
  196
  203
  211
  219
  228
  237
  246
  257
  267
  279
  291
  304
  317
  331
  346
  361
  377
  395
Change in working capital, $m
  37
  7
  9
  10
  11
  12
  14
  15
  16
  17
  19
  20
  21
  23
  24
  25
  27
  28
  30
  32
  34
  35
  37
  39
  42
  44
  46
  48
  51
  54
  56
Cash from operations, $m
  184
  134
  136
  138
  140
  143
  146
  149
  153
  157
  161
  162
  168
  173
  179
  185
  192
  199
  207
  215
  223
  232
  241
  251
  262
  273
  285
  297
  310
  324
  338
Maintenance CAPEX, $m
  0
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -78
  -81
  -85
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
New CAPEX, $m
  -60
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
Cash from investing activities, $m
  -319
  -55
  -57
  -59
  -61
  -64
  -66
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -105
  -109
  -115
  -119
  -125
  -132
  -138
  -145
  -152
  -159
  -167
  -176
  -184
  -193
  -203
Free cash flow, $m
  -135
  80
  79
  79
  79
  79
  79
  79
  80
  81
  82
  80
  81
  82
  84
  86
  88
  90
  92
  95
  97
  100
  103
  107
  110
  114
  118
  122
  126
  131
  136
Issuance/(repayment) of debt, $m
  110
  16
  19
  22
  24
  27
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  117
  123
Issuance/(repurchase) of shares, $m
  -27
  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  
  85
  16
  19
  22
  24
  27
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  117
  123
Total cash flow (excl. dividends), $m
  -51
  96
  98
  101
  103
  106
  109
  112
  115
  118
  122
  123
  127
  131
  136
  141
  146
  152
  158
  164
  170
  177
  185
  192
  200
  209
  218
  227
  237
  247
  258
Retained Cash Flow (-), $m
  -12
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -89
  -93
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
 
  83
  84
  84
  85
  85
  86
  87
  88
  90
  91
  90
  92
  94
  96
  99
  102
  105
  108
  111
  115
  119
  123
  127
  132
  137
  142
  147
  153
  159
  165
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  79
  77
  73
  69
  65
  62
  58
  54
  50
  47
  41
  38
  34
  31
  28
  24
  21
  18
  16
  13
  11
  9
  7
  6
  5
  4
  3
  2
  1
  1
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

Caleres, Inc. is a global footwear retailer and wholesaler. The Company is engaged in the operation of retail shoe stores and e-commerce Websites, as well as the design, sourcing and marketing of footwear for women and men. The Company operates through two segments: Famous Footwear and Brand Portfolio. The Company's Famous Footwear segment includes its Famous Footwear stores and Famous.com. Its Famous Footwear stores offer a range of athletic, casual and dress shoes for the entire family. The Company's Brand Portfolio segment offers retailers and consumers a portfolio of brands from its Healthy Living and Contemporary Fashion platforms by designing, sourcing and marketing branded footwear for women and men at a range of price points. Its Brand Portfolio segment sells footwear on a wholesale basis to retailers. The Brand Portfolio segment also sells footwear through its branded retail stores and e-commerce businesses.

FINANCIAL RATIOS  of  Caleres (CAL)

Valuation Ratios
P/E Ratio 19.8
Price to Sales 0.5
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 10.5
Growth Rates
Sales Growth Rate 0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25.9%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 32.1%
Total Debt to Equity 50.1%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 10.9%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 41.2%
Gross Margin - 3 Yr. Avg. 40.8%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin 4.3%
Oper. Margin - 3 Yr. Avg. 4.7%
Pre-Tax Margin 3.8%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 3%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. 27.1%
Payout Ratio 18.2%

CAL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAL stock intrinsic value calculation we used $2579 million for the last fiscal year's total revenue generated by Caleres. The default revenue input number comes from 2017 income statement of Caleres. 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 CAL 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 4.5%, whose default value for CAL is calculated based on our internal credit rating of Caleres, 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 Caleres.
    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 CAL stock the variable cost ratio is equal to 95.2%.

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 CAL 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% for Caleres.

Corporate tax rate of 27% is the nominal tax rate for Caleres. 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 CAL 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 CAL are equal to 14.2%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Caleres 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 CAL is equal to 14.4%. 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 - $613 million for Caleres - 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 43.124 million for Caleres 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 Caleres at the current share price and the inputted number of shares is $1.3 billion.

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BOOT Boot Barn Hold 13.49 18.94  str.buy
FINL Finish Line Cl 9.94 14.86  buy
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WWW Wolverine Worl 28.14 18.20  sell
SKX Skechers USA C 33.67 39.40  hold

COMPANY NEWS

▶ Caleres Inc. misses 3Q profit forecasts   [Nov-21-17 04:30PM  Associated Press]
▶ Caleres Reports Third Quarter 2017 Results   [04:15PM  Business Wire]
▶ Why Caleres Inc (CAL) May Not Be As Efficient As Its Industry   [Nov-17-17 06:04PM  Simply Wall St.]
▶ Caleres Announces Time for Third Quarter 2017 Earnings Call   [Nov-08-17 04:15PM  Business Wire]
▶ ETFs with exposure to Caleres, Inc. : October 17, 2017   [Oct-17-17 09:37AM  Capital Cube]
▶ ETFs with exposure to Caleres, Inc. : September 14, 2017   [Sep-14-17 06:01PM  Capital Cube]
▶ Analog Devices and Caleres climb while H&R Block slips   [Aug-30-17 04:23PM  Associated Press]
▶ Caleres Inc. tops Street 2Q forecasts   [Aug-29-17 09:22PM  Associated Press]
▶ Caleres Reports Second Quarter 2017 Results   [04:15PM  Business Wire]
▶ Caleres Regular Quarterly Dividend   [Aug-24-17 04:15PM  Business Wire]
▶ Top Ranked Growth Stocks to Buy for August 23rd   [Aug-23-17 10:31AM  Zacks]
▶ An Analyst's First Impression Of DSW's Big Q2 Beat   [Aug-22-17 09:33AM  Benzinga]
▶ 5 Price-to-Book Value Picks to Buy in August   [Aug-21-17 08:09AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for August 14th   [Aug-14-17 08:22AM  Zacks]
▶ Lighting should have alerted pilots of potential disaster   [Jul-15-17 12:26PM  Associated Press]
▶ Caleres names head of new men's division that includes Allen Edmonds   [Jul-14-17 03:55PM  American City Business Journals]
▶ Top components of the XRT   [Jul-12-17 10:01AM  CNBC Videos]
▶ Caleres, Inc. Value Analysis (NYSE:CAL) : July 11, 2017   [Jul-11-17 03:22PM  Capital Cube]
▶ ETFs with exposure to Caleres, Inc. : June 12, 2017   [Jun-12-17 01:53PM  Capital Cube]
▶ Caleres Regular Quarterly Dividend   [Jun-07-17 04:15PM  Business Wire]
▶ GameStop and Zoe's fall; Deckers and Costco climb   [May-26-17 05:19PM  Associated Press]
▶ Caleres Inc. beats Street 1Q forecasts   [May-25-17 04:16PM  Associated Press]
▶ Caleres Reports First Quarter 2017 Results   [04:10PM  Business Wire]
▶ Caleres, Inc. Value Analysis (NYSE:CAL) : May 11, 2017   [May-11-17 06:21PM  Capital Cube]
▶ Dr. Scholls Shoes for Anthropologie   [Apr-26-17 04:15PM  Business Wire]
▶ Women make up over half of Caleres board with latest election   [Apr-11-17 05:00PM  American City Business Journals]
▶ New Strong Sell Stocks for April 10th   [Apr-10-17 09:55AM  Zacks]
▶ ETFs with exposure to Caleres, Inc. : April 5, 2017   [Apr-05-17 04:27PM  Capital Cube]
Financial statements of CAL
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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