Intrinsic value of Caleres - CAL

Previous Close

$26.66

  Intrinsic Value

$22.82

stock screener

  Rating & Target

hold

-14%

  Value-price divergence*

-62%

Previous close

$26.66

 
Intrinsic value

$22.82

 
Up/down potential

-14%

 
Rating

hold

 
Value-price divergence*

-62%

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

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 1.1

 

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
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  2,579
  2,705
  2,838
  2,978
  3,125
  3,279
  3,441
  3,611
  3,790
  3,978
  4,175
  4,382
  4,600
  4,829
  5,069
  5,321
  5,586
  5,864
  6,157
  6,464
  6,786
  7,124
  7,480
  7,853
  8,245
  8,657
  9,089
  9,543
  10,019
  10,520
  11,045
Variable operating expenses, $m
 
  2,575
  2,701
  2,833
  2,972
  3,118
  3,271
  3,433
  3,602
  3,780
  3,967
  4,150
  4,357
  4,573
  4,801
  5,040
  5,290
  5,554
  5,831
  6,121
  6,427
  6,747
  7,084
  7,437
  7,809
  8,198
  8,608
  9,038
  9,489
  9,963
  10,461
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
  2,575
  2,701
  2,833
  2,972
  3,118
  3,271
  3,433
  3,602
  3,780
  3,967
  4,150
  4,357
  4,573
  4,801
  5,040
  5,290
  5,554
  5,831
  6,121
  6,427
  6,747
  7,084
  7,437
  7,809
  8,198
  8,608
  9,038
  9,489
  9,963
  10,461
Operating income, $m
  111
  130
  138
  145
  153
  161
  169
  178
  188
  198
  208
  232
  243
  256
  268
  282
  296
  310
  326
  342
  359
  377
  396
  416
  436
  458
  481
  505
  530
  557
  585
EBITDA, $m
  167
  182
  191
  200
  210
  220
  231
  242
  254
  267
  280
  294
  309
  324
  340
  357
  375
  394
  413
  434
  455
  478
  502
  527
  553
  581
  610
  641
  673
  706
  741
Interest expense (income), $m
  15
  15
  17
  20
  23
  25
  28
  31
  34
  38
  41
  45
  49
  53
  57
  62
  67
  72
  77
  82
  88
  94
  100
  107
  114
  121
  129
  137
  146
  155
  164
Earnings before tax, $m
  97
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  187
  195
  203
  211
  220
  229
  239
  249
  260
  271
  283
  295
  309
  322
  337
  352
  368
  384
  402
  420
Tax expense, $m
  31
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  50
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
Net income, $m
  66
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
  136
  142
  148
  154
  160
  167
  174
  182
  190
  198
  207
  216
  225
  235
  246
  257
  268
  281
  293
  307

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
  1,490
  1,563
  1,640
  1,721
  1,805
  1,895
  1,988
  2,087
  2,190
  2,299
  2,413
  2,533
  2,659
  2,791
  2,930
  3,076
  3,229
  3,390
  3,559
  3,737
  3,923
  4,119
  4,324
  4,540
  4,767
  5,005
  5,255
  5,517
  5,793
  6,082
Adjusted assets (=assets-cash), $m
  1,420
  1,490
  1,563
  1,640
  1,721
  1,805
  1,895
  1,988
  2,087
  2,190
  2,299
  2,413
  2,533
  2,659
  2,791
  2,930
  3,076
  3,229
  3,390
  3,559
  3,737
  3,923
  4,119
  4,324
  4,540
  4,767
  5,005
  5,255
  5,517
  5,793
  6,082
Revenue / Adjusted assets
  1.816
  1.815
  1.816
  1.816
  1.816
  1.817
  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
  384
  403
  423
  444
  466
  489
  513
  538
  565
  593
  622
  653
  686
  720
  756
  793
  833
  874
  918
  964
  1,012
  1,062
  1,115
  1,171
  1,229
  1,291
  1,355
  1,423
  1,494
  1,568
Working capital, $m
  316
  390
  409
  429
  450
  472
  495
  520
  546
  573
  601
  631
  662
  695
  730
  766
  804
  844
  887
  931
  977
  1,026
  1,077
  1,131
  1,187
  1,247
  1,309
  1,374
  1,443
  1,515
  1,590
Total debt, $m
  307
  291
  333
  376
  422
  471
  521
  574
  630
  689
  751
  816
  884
  955
  1,030
  1,109
  1,192
  1,279
  1,371
  1,467
  1,567
  1,673
  1,784
  1,901
  2,024
  2,153
  2,288
  2,430
  2,579
  2,735
  2,900
Total liabilities, $m
  862
  846
  888
  931
  977
  1,026
  1,076
  1,129
  1,185
  1,244
  1,306
  1,371
  1,439
  1,510
  1,585
  1,664
  1,747
  1,834
  1,926
  2,022
  2,122
  2,228
  2,339
  2,456
  2,579
  2,708
  2,843
  2,985
  3,134
  3,290
  3,455
Total equity, $m
  613
  644
  675
  708
  743
  780
  818
  859
  902
  946
  993
  1,042
  1,094
  1,149
  1,206
  1,266
  1,329
  1,395
  1,465
  1,538
  1,614
  1,695
  1,779
  1,868
  1,961
  2,059
  2,162
  2,270
  2,383
  2,502
  2,627
Total liabilities and equity, $m
  1,475
  1,490
  1,563
  1,639
  1,720
  1,806
  1,894
  1,988
  2,087
  2,190
  2,299
  2,413
  2,533
  2,659
  2,791
  2,930
  3,076
  3,229
  3,391
  3,560
  3,736
  3,923
  4,118
  4,324
  4,540
  4,767
  5,005
  5,255
  5,517
  5,792
  6,082
Debt-to-equity ratio
  0.501
  0.450
  0.490
  0.530
  0.570
  0.600
  0.640
  0.670
  0.700
  0.730
  0.760
  0.780
  0.810
  0.830
  0.850
  0.880
  0.900
  0.920
  0.940
  0.950
  0.970
  0.990
  1.000
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
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
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
  136
  142
  148
  154
  160
  167
  174
  182
  190
  198
  207
  216
  225
  235
  246
  257
  268
  281
  293
  307
Depreciation, amort., depletion, $m
  56
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  62
  65
  69
  72
  76
  79
  83
  87
  92
  96
  101
  106
  112
  117
  123
  129
  136
  142
  149
  157
Funds from operations, $m
  221
  135
  141
  146
  152
  158
  165
  171
  179
  186
  194
  199
  207
  216
  226
  236
  247
  258
  269
  281
  294
  308
  322
  337
  352
  369
  386
  404
  423
  443
  464
Change in working capital, $m
  37
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
  69
  72
  76
Cash from operations, $m
  184
  117
  122
  126
  131
  136
  141
  147
  153
  159
  165
  169
  176
  183
  191
  200
  208
  218
  227
  237
  248
  259
  271
  283
  296
  309
  324
  339
  354
  371
  388
Maintenance CAPEX, $m
  0
  -37
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -136
  -142
  -149
New CAPEX, $m
  -60
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -41
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -68
  -71
  -75
Cash from investing activities, $m
  -319
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -76
  -81
  -84
  -88
  -93
  -97
  -103
  -108
  -114
  -119
  -124
  -131
  -138
  -144
  -151
  -159
  -168
  -175
  -184
  -193
  -204
  -213
  -224
Free cash flow, $m
  -135
  62
  64
  66
  68
  70
  72
  74
  76
  78
  81
  80
  83
  86
  89
  92
  95
  99
  102
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  164
Issuance/(repayment) of debt, $m
  110
  39
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  157
  164
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
  39
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  157
  164
Total cash flow (excl. dividends), $m
  -51
  102
  106
  110
  114
  118
  122
  127
  132
  137
  143
  145
  151
  157
  164
  171
  178
  186
  194
  202
  211
  220
  230
  241
  251
  263
  275
  287
  300
  314
  328
Retained Cash Flow (-), $m
  -12
  -31
  -32
  -33
  -35
  -37
  -39
  -40
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
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
 
  71
  74
  76
  79
  81
  84
  87
  89
  93
  96
  96
  99
  103
  107
  111
  115
  120
  124
  129
  134
  140
  146
  152
  158
  165
  172
  179
  187
  195
  203
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
 
  68
  68
  66
  64
  62
  60
  57
  55
  52
  49
  44
  41
  37
  34
  31
  28
  24
  21
  18
  16
  13
  11
  9
  7
  6
  4
  3
  2
  2
  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., a footwear company, retails and wholesales footwear in the United States, Canada, Guam, and internationally. It offers licensed, branded, and private-label casual, dress, and athletic footwear products to women, men, and children. The company operates retail shoe stores primarily under the Famous Footwear and Naturalizer names, which offer brand-name athletic, casual, and dress shoes, including company-owned and licensed brands, such as Naturalizer, Sam Edelman, Dr. Scholl's, Franco Sarto, LifeStride, Vince, Via Spiga, Ryka, Fergie, Carlos, Bzees, Diane von Furstenberg, and George Brown. It also sells its products through e-commerce Websites that include Famous.com, Naturalizer.com, Naturalizer.ca, Ryka.com, DrSchollsShoes.com, LifeStride.com, ViaSpiga.com, SamEdelman.com, CarlosShoes.com, Bzees.com, and FergieShoes.com, as well as through Vince.com and DVF.com. In addition, the company designs, sources, and markets footwear to retail stores, such as national chains, department stores, mass merchandisers, independent retailers, online retailers, and catalogs. Further, it retails men’s apparel, leather goods, and accessories. The company was formerly known as Brown Shoe Company, Inc. and changed its name to Caleres, Inc. in May 2015. Caleres, Inc. was founded in 1878 and is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  Caleres (CAL)

Valuation Ratios
P/E Ratio 17.4
Price to Sales 0.4
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 9.2
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 4.9% 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 10 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 41.876 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 $1.1 billion.

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BOOT Boot Barn Hold 6.68 13.77  str.buy
FINL Finish Line Cl 14.06 15.17  hold
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COMPANY NEWS

▶ 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]
▶ What Happened in the Stock Market Today   [Mar-17-17 05:04PM  Motley Fool]
▶ Caleres Inc. reports 4Q loss   [04:44PM  Associated Press]
▶ Caleres Declares Regular Quarterly Dividend   [Mar-09-17 04:15PM  Business Wire]
▶ Caleres Declares Regular Quarterly Dividend   [Dec-15-16 05:55PM  Business Wire]
▶ Caleres buys Allen Edmonds for $255 million   [12:25PM  at bizjournals.com]
▶ [$$] Brentwood Slips Off Allen Edmonds   [05:51PM  at The Wall Street Journal]
Stock chart of CAL Financial statements of CAL Annual reports 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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