Intrinsic value of Caleres - CAL

Previous Close

$28.82

  Intrinsic Value

$21.79

stock screener

  Rating & Target

sell

-24%

  Value-price divergence*

-13%

Previous close

$28.82

 
Intrinsic value

$21.79

 
Up/down potential

-24%

 
Rating

sell

 
Value-price divergence*

-13%

*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 1.3

 

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
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  2,579
  2,785
  3,000
  3,223
  3,454
  3,695
  3,945
  4,205
  4,476
  4,758
  5,051
  5,356
  5,674
  6,006
  6,352
  6,713
  7,091
  7,485
  7,896
  8,327
  8,777
  9,247
  9,740
  10,256
  10,796
  11,362
  11,954
  12,575
  13,226
  13,908
  14,623
Variable operating expenses, $m
 
  2,651
  2,854
  3,065
  3,284
  3,512
  3,749
  3,995
  4,252
  4,518
  4,796
  5,073
  5,374
  5,688
  6,016
  6,358
  6,715
  7,088
  7,478
  7,886
  8,312
  8,758
  9,225
  9,713
  10,225
  10,760
  11,322
  11,910
  12,526
  13,172
  13,849
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
  2,651
  2,854
  3,065
  3,284
  3,512
  3,749
  3,995
  4,252
  4,518
  4,796
  5,073
  5,374
  5,688
  6,016
  6,358
  6,715
  7,088
  7,478
  7,886
  8,312
  8,758
  9,225
  9,713
  10,225
  10,760
  11,322
  11,910
  12,526
  13,172
  13,849
Operating income, $m
  111
  135
  146
  158
  170
  183
  196
  210
  224
  239
  255
  283
  300
  318
  336
  355
  375
  396
  418
  441
  464
  489
  515
  543
  571
  601
  633
  666
  700
  736
  774
EBITDA, $m
  167
  198
  213
  229
  246
  263
  281
  299
  318
  338
  359
  381
  404
  427
  452
  478
  504
  532
  562
  592
  624
  658
  693
  730
  768
  808
  850
  894
  941
  989
  1,040
Interest expense (income), $m
  15
  15
  19
  23
  27
  32
  36
  41
  46
  51
  56
  61
  67
  73
  79
  86
  93
  100
  107
  115
  123
  131
  140
  149
  159
  169
  180
  191
  203
  215
  228
Earnings before tax, $m
  97
  120
  127
  135
  143
  151
  160
  169
  179
  188
  199
  222
  233
  245
  257
  269
  283
  296
  311
  326
  342
  358
  375
  393
  412
  432
  453
  474
  497
  521
  546
Tax expense, $m
  31
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
  134
  141
  147
Net income, $m
  66
  87
  93
  98
  104
  110
  117
  123
  130
  138
  145
  162
  170
  179
  187
  197
  206
  216
  227
  238
  249
  261
  274
  287
  301
  315
  331
  346
  363
  380
  399

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
  1,534
  1,652
  1,775
  1,902
  2,035
  2,172
  2,316
  2,465
  2,620
  2,781
  2,949
  3,125
  3,307
  3,498
  3,697
  3,905
  4,121
  4,348
  4,585
  4,833
  5,092
  5,364
  5,648
  5,945
  6,256
  6,583
  6,925
  7,283
  7,659
  8,052
Adjusted assets (=assets-cash), $m
  1,420
  1,534
  1,652
  1,775
  1,902
  2,035
  2,172
  2,316
  2,465
  2,620
  2,781
  2,949
  3,125
  3,307
  3,498
  3,697
  3,905
  4,121
  4,348
  4,585
  4,833
  5,092
  5,364
  5,648
  5,945
  6,256
  6,583
  6,925
  7,283
  7,659
  8,052
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
  396
  426
  458
  491
  525
  560
  597
  636
  676
  717
  761
  806
  853
  902
  953
  1,007
  1,063
  1,121
  1,182
  1,246
  1,313
  1,383
  1,456
  1,533
  1,613
  1,698
  1,786
  1,878
  1,975
  2,076
Working capital, $m
  316
  401
  432
  464
  497
  532
  568
  606
  645
  685
  727
  771
  817
  865
  915
  967
  1,021
  1,078
  1,137
  1,199
  1,264
  1,332
  1,403
  1,477
  1,555
  1,636
  1,721
  1,811
  1,905
  2,003
  2,106
Total debt, $m
  307
  316
  383
  453
  525
  601
  679
  760
  845
  933
  1,025
  1,120
  1,220
  1,324
  1,432
  1,545
  1,663
  1,786
  1,915
  2,049
  2,190
  2,337
  2,492
  2,653
  2,822
  2,999
  3,184
  3,378
  3,582
  3,795
  4,019
Total liabilities, $m
  862
  871
  938
  1,008
  1,080
  1,156
  1,234
  1,315
  1,400
  1,488
  1,580
  1,675
  1,775
  1,879
  1,987
  2,100
  2,218
  2,341
  2,470
  2,604
  2,745
  2,892
  3,047
  3,208
  3,377
  3,554
  3,739
  3,933
  4,137
  4,350
  4,574
Total equity, $m
  613
  663
  714
  767
  822
  879
  939
  1,000
  1,065
  1,132
  1,201
  1,274
  1,350
  1,429
  1,511
  1,597
  1,687
  1,780
  1,878
  1,981
  2,088
  2,200
  2,317
  2,440
  2,568
  2,703
  2,844
  2,991
  3,146
  3,308
  3,479
Total liabilities and equity, $m
  1,475
  1,534
  1,652
  1,775
  1,902
  2,035
  2,173
  2,315
  2,465
  2,620
  2,781
  2,949
  3,125
  3,308
  3,498
  3,697
  3,905
  4,121
  4,348
  4,585
  4,833
  5,092
  5,364
  5,648
  5,945
  6,257
  6,583
  6,924
  7,283
  7,658
  8,053
Debt-to-equity ratio
  0.501
  0.480
  0.540
  0.590
  0.640
  0.680
  0.720
  0.760
  0.790
  0.820
  0.850
  0.880
  0.900
  0.930
  0.950
  0.970
  0.990
  1.000
  1.020
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
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
  87
  93
  98
  104
  110
  117
  123
  130
  138
  145
  162
  170
  179
  187
  197
  206
  216
  227
  238
  249
  261
  274
  287
  301
  315
  331
  346
  363
  380
  399
Depreciation, amort., depletion, $m
  56
  63
  67
  71
  76
  80
  85
  89
  94
  99
  105
  98
  103
  109
  116
  122
  129
  136
  144
  152
  160
  168
  177
  187
  197
  207
  218
  229
  241
  253
  266
Funds from operations, $m
  221
  151
  160
  170
  180
  190
  201
  213
  225
  237
  250
  260
  273
  288
  303
  319
  335
  353
  371
  389
  409
  430
  451
  474
  497
  522
  548
  575
  604
  634
  665
Change in working capital, $m
  37
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  94
  98
  103
Cash from operations, $m
  184
  121
  129
  138
  147
  156
  165
  175
  186
  196
  207
  216
  228
  240
  253
  267
  281
  296
  311
  327
  344
  362
  380
  400
  420
  441
  463
  486
  510
  535
  562
Maintenance CAPEX, $m
  0
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -77
  -81
  -87
  -92
  -98
  -103
  -109
  -116
  -122
  -129
  -136
  -144
  -152
  -160
  -168
  -177
  -187
  -197
  -207
  -218
  -229
  -241
  -253
New CAPEX, $m
  -60
  -30
  -30
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -102
Cash from investing activities, $m
  -319
  -77
  -81
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -129
  -135
  -143
  -150
  -158
  -167
  -176
  -185
  -194
  -205
  -216
  -227
  -238
  -250
  -264
  -277
  -291
  -306
  -321
  -338
  -355
Free cash flow, $m
  -135
  45
  48
  51
  55
  59
  63
  66
  71
  75
  79
  80
  85
  90
  95
  100
  105
  111
  117
  123
  129
  135
  142
  149
  156
  164
  172
  180
  189
  198
  207
Issuance/(repayment) of debt, $m
  110
  64
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  204
  213
  224
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
  64
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  204
  213
  224
Total cash flow (excl. dividends), $m
  -51
  109
  115
  121
  127
  134
  141
  148
  155
  163
  171
  176
  184
  194
  203
  213
  223
  234
  245
  257
  270
  283
  296
  310
  325
  341
  357
  374
  392
  411
  431
Retained Cash Flow (-), $m
  -12
  -50
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -128
  -135
  -141
  -148
  -155
  -162
  -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
 
  59
  64
  68
  72
  77
  81
  86
  91
  96
  101
  103
  109
  115
  121
  127
  134
  140
  147
  155
  163
  171
  179
  188
  197
  206
  216
  227
  237
  249
  261
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
 
  57
  58
  59
  59
  59
  58
  57
  56
  54
  52
  47
  45
  42
  39
  35
  32
  29
  25
  22
  19
  16
  13
  11
  9
  7
  5
  4
  3
  2
  2
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 18.8
Price to Sales 0.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 10
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 8% 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 44.867 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.

RELATED COMPANIES Price Int.Val. Rating
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BOOT Boot Barn Hold 8.59 18.34  str.buy
WWW Wolverine Worl 26.85 18.07  sell
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COMPANY NEWS

▶ 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]
▶ 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]
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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