Intrinsic value of Cato Cl A - CATO

Previous Close

$13.60

  Intrinsic Value

$40.71

stock screener

  Rating & Target

str. buy

+199%

  Value-price divergence*

+65%

Previous close

$13.60

 
Intrinsic value

$40.71

 
Up/down potential

+199%

 
Rating

str. buy

 
Value-price divergence*

+65%

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

We calculate the intrinsic value of CATO 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 0.4

 

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, %
  -5.34
  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
  957
  976
  999
  1,024
  1,053
  1,085
  1,120
  1,158
  1,199
  1,244
  1,292
  1,343
  1,397
  1,455
  1,517
  1,582
  1,652
  1,725
  1,803
  1,885
  1,971
  2,063
  2,159
  2,261
  2,368
  2,480
  2,599
  2,724
  2,855
  2,994
  3,139
Variable operating expenses, $m
 
  177
  181
  185
  191
  196
  203
  210
  217
  225
  234
  243
  253
  263
  275
  286
  299
  312
  326
  341
  357
  373
  391
  409
  429
  449
  470
  493
  517
  542
  568
Fixed operating expenses, $m
 
  769
  788
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
  1,060
  1,086
  1,113
  1,141
  1,170
  1,199
  1,229
  1,260
  1,291
  1,323
  1,357
  1,390
  1,425
  1,461
  1,497
  1,535
  1,573
Total operating expenses, $m
  914
  946
  969
  993
  1,019
  1,045
  1,073
  1,102
  1,131
  1,162
  1,194
  1,227
  1,262
  1,297
  1,335
  1,372
  1,412
  1,453
  1,496
  1,540
  1,586
  1,633
  1,682
  1,732
  1,786
  1,839
  1,895
  1,954
  2,014
  2,077
  2,141
Operating income, $m
  42
  31
  30
  31
  35
  40
  48
  57
  69
  82
  98
  116
  136
  158
  183
  210
  239
  272
  307
  345
  386
  430
  477
  528
  583
  641
  703
  770
  841
  917
  998
EBITDA, $m
  65
  44
  44
  45
  49
  55
  63
  73
  85
  99
  116
  134
  155
  178
  204
  232
  262
  295
  332
  371
  413
  458
  507
  559
  615
  675
  739
  808
  881
  958
  1,041
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  17
Earnings before tax, $m
  49
  31
  30
  31
  34
  39
  46
  56
  67
  80
  95
  113
  133
  154
  179
  205
  234
  266
  300
  338
  378
  421
  468
  518
  572
  630
  691
  757
  827
  902
  981
Tax expense, $m
  2
  8
  8
  8
  9
  11
  13
  15
  18
  22
  26
  30
  36
  42
  48
  55
  63
  72
  81
  91
  102
  114
  126
  140
  154
  170
  187
  204
  223
  243
  265
Net income, $m
  47
  22
  22
  23
  25
  29
  34
  41
  49
  59
  70
  82
  97
  113
  130
  150
  171
  194
  219
  247
  276
  308
  342
  378
  418
  460
  504
  552
  604
  658
  716

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  248
  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
  606
  365
  374
  383
  394
  406
  419
  433
  449
  465
  483
  502
  523
  544
  568
  592
  618
  645
  674
  705
  738
  772
  808
  846
  886
  928
  972
  1,019
  1,068
  1,120
  1,174
Adjusted assets (=assets-cash), $m
  358
  365
  374
  383
  394
  406
  419
  433
  449
  465
  483
  502
  523
  544
  568
  592
  618
  645
  674
  705
  738
  772
  808
  846
  886
  928
  972
  1,019
  1,068
  1,120
  1,174
Revenue / Adjusted assets
  2.673
  2.674
  2.671
  2.674
  2.673
  2.672
  2.673
  2.674
  2.670
  2.675
  2.675
  2.675
  2.671
  2.675
  2.671
  2.672
  2.673
  2.674
  2.675
  2.674
  2.671
  2.672
  2.672
  2.673
  2.673
  2.672
  2.674
  2.673
  2.673
  2.673
  2.674
Average production assets, $m
  132
  135
  138
  141
  145
  150
  155
  160
  166
  172
  178
  185
  193
  201
  209
  218
  228
  238
  249
  260
  272
  285
  298
  312
  327
  342
  359
  376
  394
  413
  433
Working capital, $m
  272
  24
  25
  26
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
Total debt, $m
  0
  4
  10
  16
  22
  30
  38
  47
  56
  67
  78
  89
  102
  116
  130
  145
  161
  178
  196
  215
  235
  256
  279
  302
  327
  353
  381
  410
  440
  472
  506
Total liabilities, $m
  222
  226
  232
  238
  244
  252
  260
  269
  278
  289
  300
  311
  324
  338
  352
  367
  383
  400
  418
  437
  457
  478
  501
  524
  549
  575
  603
  632
  662
  694
  728
Total equity, $m
  384
  139
  142
  146
  150
  154
  159
  165
  171
  177
  184
  191
  199
  207
  216
  225
  235
  245
  256
  268
  280
  293
  307
  321
  337
  353
  369
  387
  406
  426
  446
Total liabilities and equity, $m
  606
  365
  374
  384
  394
  406
  419
  434
  449
  466
  484
  502
  523
  545
  568
  592
  618
  645
  674
  705
  737
  771
  808
  845
  886
  928
  972
  1,019
  1,068
  1,120
  1,174
Debt-to-equity ratio
  0.000
  0.030
  0.070
  0.110
  0.150
  0.190
  0.240
  0.280
  0.330
  0.380
  0.420
  0.470
  0.510
  0.560
  0.600
  0.640
  0.690
  0.730
  0.770
  0.800
  0.840
  0.870
  0.910
  0.940
  0.970
  1.000
  1.030
  1.060
  1.080
  1.110
  1.130
Adjusted equity ratio
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  22
  22
  23
  25
  29
  34
  41
  49
  59
  70
  82
  97
  113
  130
  150
  171
  194
  219
  247
  276
  308
  342
  378
  418
  460
  504
  552
  604
  658
  716
Depreciation, amort., depletion, $m
  23
  13
  14
  14
  15
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
  43
Funds from operations, $m
  56
  36
  35
  37
  39
  44
  49
  57
  65
  76
  88
  101
  116
  133
  151
  172
  194
  218
  244
  273
  303
  336
  372
  410
  450
  494
  540
  590
  643
  700
  760
Change in working capital, $m
  -16
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
Cash from operations, $m
  72
  35
  35
  36
  39
  43
  49
  56
  64
  75
  86
  100
  115
  131
  150
  170
  192
  216
  242
  271
  301
  334
  369
  407
  448
  491
  537
  587
  640
  696
  756
Maintenance CAPEX, $m
  0
  -13
  -13
  -14
  -14
  -15
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
New CAPEX, $m
  -28
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
Cash from investing activities, $m
  -15
  -16
  -16
  -18
  -18
  -19
  -20
  -20
  -22
  -23
  -24
  -25
  -27
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -44
  -46
  -49
  -50
  -53
  -56
  -58
  -61
Free cash flow, $m
  57
  20
  18
  19
  21
  24
  29
  35
  43
  52
  63
  75
  89
  104
  121
  140
  161
  183
  208
  234
  263
  294
  327
  363
  402
  443
  487
  534
  584
  638
  695
Issuance/(repayment) of debt, $m
  0
  4
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  30
  32
  34
Issuance/(repurchase) of shares, $m
  -42
  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  
  -42
  4
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  30
  32
  34
Total cash flow (excl. dividends), $m
  15
  24
  24
  25
  27
  31
  37
  44
  52
  62
  74
  87
  101
  118
  135
  155
  177
  200
  226
  253
  283
  315
  350
  387
  426
  469
  514
  563
  615
  670
  728
Retained Cash Flow (-), $m
  29
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Prev. year cash balance distribution, $m
 
  248
  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
 
  269
  20
  21
  23
  27
  32
  38
  46
  56
  67
  79
  94
  109
  127
  146
  167
  190
  215
  242
  271
  302
  336
  372
  411
  453
  497
  545
  596
  650
  708
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  258
  19
  18
  19
  21
  23
  26
  29
  32
  35
  38
  40
  42
  43
  43
  42
  41
  40
  37
  34
  31
  28
  24
  21
  18
  15
  12
  9
  7
  5
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

The Cato Corporation, together with its subsidiaries, operates as a specialty retailer of fashion apparel and accessories in the Southeastern United States. It operates through two segments, Retail and Credit. The company’s stores and e-commerce Website offer a range of apparel and accessories, including dressy, career, and casual sportswear; and dresses, coats, shoes, lingerie, costume jewelry, and handbags for women. It also offers men’s wear, as well as lines for kids and newborns. The company operates its stores primarily under the Cato, Cato Fashions, Cato Plus, It’s Fashion, It’s Fashion Metro, and Versona names. As of January 30, 2016, it operated 1,372 stores in 32 states. The company also provides credit cards to its customers. The Cato Corporation was founded in 1946 and is headquartered in Charlotte, North Carolina.

FINANCIAL RATIOS  of  Cato Cl A (CATO)

Valuation Ratios
P/E Ratio 7.7
Price to Sales 0.4
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 5
Price to Free Cash Flow 8.2
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 9.5%
Return On Total Capital 11.8%
Ret/ On T. Cap. - 3 Yr. Avg. 14.8%
Return On Equity 11.8%
Return On Equity - 3 Yr. Avg. 14.8%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 37.1%
Gross Margin - 3 Yr. Avg. 38.4%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 10.3%
Operating Margin 4.5%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 5.1%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 4.1%
Eff/ Tax Rate - 3 Yr. Avg. 23.1%
Payout Ratio 74.5%

CATO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CATO stock intrinsic value calculation we used $957 million for the last fiscal year's total revenue generated by Cato Cl A. The default revenue input number comes from 2017 income statement of Cato Cl A. 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 CATO 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 4.3%, whose default value for CATO is calculated based on our internal credit rating of Cato Cl A, 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 Cato Cl A.
    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 CATO stock the variable cost ratio is equal to 18.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $750 million in the base year in the intrinsic value calculation for CATO 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 3.5% for Cato Cl A.

Corporate tax rate of 27% is the nominal tax rate for Cato Cl A. 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 CATO 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 CATO are equal to 13.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Cato Cl A 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 CATO is equal to 2.5%. 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 - $384 million for Cato Cl A - 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 26.072 million for Cato Cl A 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 Cato Cl A at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Cato reports 2Q loss   [Aug-17-17 08:56PM  Associated Press]
▶ Cato Reports 2Q EPS Loss Of $0.03   [07:00AM  PR Newswire]
▶ ETFs with exposure to The Cato Corp. : August 8, 2017   [Aug-08-17 04:11PM  Capital Cube]
▶ Cato Reports July Same-Store Sales Down 9%   [Aug-03-17 07:00AM  PR Newswire]
▶ Cato's Dividend Yield Is the Cat's Meow, but for How Long?   [Jul-12-17 11:00AM  TheStreet.com]
▶ Top components of the XRT   [10:01AM  CNBC Videos]
▶ BB&T CEO expresses regulation frustrations ahead of House vote on Choice Act   [Jun-07-17 04:35PM  American City Business Journals]
▶ Cato Reports May Same-Store Sales Down 16%   [Jun-01-17 07:00AM  PR Newswire]
▶ ETFs with exposure to The Cato Corp. : May 30, 2017   [May-30-17 12:20PM  Capital Cube]
▶ Cato 2017 Annual Meeting Highlights   [02:50PM  PR Newswire]
▶ Cato posts 1Q profit   [May-18-17 07:10AM  Associated Press]
▶ Cato Reports Decline In 1Q EPS   [07:00AM  PR Newswire]
▶ The Cato Corp. Value Analysis (NYSE:CATO) : May 8, 2017   [May-08-17 05:45PM  Capital Cube]
▶ Cato Reports April Same-Store Sales Down 2%   [May-04-17 07:00AM  PR Newswire]
▶ Cato Reports March Same-Store Sales Down 21%   [Apr-06-17 07:00AM  PR Newswire]
▶ ETFs with exposure to The Cato Corp. : March 30, 2017   [Mar-29-17 08:28PM  Capital Cube]
▶ Cato Reports 4Q And Full Year Earnings   [07:00AM  PR Newswire]
▶ Charlotte fashion retailer Cato sees sales slide 25% in February   [Mar-02-17 02:05PM  at bizjournals.com]
▶ Charlotte fashion retailer Cato sees sales slide 25% in February   [02:05PM  American City Business Journals]
▶ Cato Reports January Same-Store Sales Down 15%   [Feb-02-17 07:00AM  PR Newswire]
▶ Hedge Funds Arent Crazy About Cato Corp (CATO) Anymore   [Dec-18-16 10:35AM  at Insider Monkey]
▶ Cato Reports 3Q Flat To Last Year   [07:00AM  PR Newswire]
▶ New name for UNC Charlottes College of Ed after $5M gift   [Nov-11-16 12:05PM  at bizjournals.com]
▶ Cato Reports August Same-Store Sales Down 8%   [Sep-01-16 07:00AM  PR Newswire]
▶ Cato Reports 2Q EPS Up 2%   [07:00AM  PR Newswire]
▶ Cato Reports July Same-Store Sales Down 10%   [Aug-04-16 07:00AM  PR Newswire]
▶ Why Humana, Cato, and First Solar Slumped Today   [Jul-07-16 06:06PM  at Motley Fool]
▶ Cato Reports May Same-Store Sales Down 2%   [07:00AM  PR Newswire]
Stock chart of CATO Financial statements of CATO
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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