Intrinsic value of Coach Inc. - COH

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$46.71

  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 COH 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 2016), $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 12.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.16
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  4,492
  4,663
  4,845
  5,041
  5,249
  5,470
  5,704
  5,953
  6,217
  6,495
  6,790
  7,101
  7,429
  7,776
  8,141
  8,526
  8,931
  9,357
  9,807
  10,279
  10,777
  11,300
  11,850
  12,428
  13,036
  13,676
  14,348
  15,054
  15,796
  16,576
  17,396
Variable operating expenses, $m
 
  3,975
  4,129
  4,294
  4,469
  4,655
  4,852
  5,062
  5,284
  5,518
  5,766
  5,978
  6,254
  6,546
  6,853
  7,177
  7,518
  7,877
  8,255
  8,653
  9,072
  9,512
  9,975
  10,462
  10,974
  11,513
  12,078
  12,673
  13,298
  13,954
  14,644
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
  3,838
  3,975
  4,129
  4,294
  4,469
  4,655
  4,852
  5,062
  5,284
  5,518
  5,766
  5,978
  6,254
  6,546
  6,853
  7,177
  7,518
  7,877
  8,255
  8,653
  9,072
  9,512
  9,975
  10,462
  10,974
  11,513
  12,078
  12,673
  13,298
  13,954
  14,644
Operating income, $m
  654
  687
  716
  747
  780
  815
  852
  891
  933
  977
  1,024
  1,123
  1,175
  1,230
  1,288
  1,349
  1,413
  1,480
  1,551
  1,626
  1,705
  1,787
  1,874
  1,966
  2,062
  2,163
  2,269
  2,381
  2,499
  2,622
  2,752
EBITDA, $m
  865
  895
  930
  967
  1,007
  1,050
  1,095
  1,142
  1,193
  1,246
  1,303
  1,363
  1,426
  1,492
  1,562
  1,636
  1,714
  1,796
  1,882
  1,973
  2,068
  2,168
  2,274
  2,385
  2,502
  2,624
  2,753
  2,889
  3,031
  3,181
  3,338
Interest expense (income), $m
  34
  34
  37
  40
  44
  48
  52
  57
  61
  66
  72
  77
  83
  90
  96
  103
  110
  118
  126
  135
  144
  153
  163
  174
  185
  196
  208
  221
  235
  249
  264
Earnings before tax, $m
  627
  654
  679
  707
  736
  767
  800
  835
  872
  911
  952
  1,046
  1,092
  1,140
  1,192
  1,245
  1,302
  1,362
  1,425
  1,491
  1,561
  1,634
  1,711
  1,792
  1,877
  1,967
  2,061
  2,160
  2,264
  2,373
  2,488
Tax expense, $m
  166
  177
  183
  191
  199
  207
  216
  225
  235
  246
  257
  282
  295
  308
  322
  336
  352
  368
  385
  403
  421
  441
  462
  484
  507
  531
  556
  583
  611
  641
  672
Net income, $m
  461
  477
  496
  516
  537
  560
  584
  609
  636
  665
  695
  764
  797
  833
  870
  909
  951
  994
  1,040
  1,089
  1,139
  1,193
  1,249
  1,308
  1,370
  1,436
  1,505
  1,577
  1,653
  1,732
  1,816

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,319
  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
  4,893
  3,709
  3,855
  4,010
  4,175
  4,351
  4,538
  4,736
  4,946
  5,167
  5,402
  5,649
  5,910
  6,186
  6,476
  6,782
  7,105
  7,444
  7,802
  8,178
  8,573
  8,989
  9,427
  9,887
  10,371
  10,880
  11,414
  11,976
  12,567
  13,187
  13,839
Adjusted assets (=assets-cash), $m
  3,574
  3,709
  3,855
  4,010
  4,175
  4,351
  4,538
  4,736
  4,946
  5,167
  5,402
  5,649
  5,910
  6,186
  6,476
  6,782
  7,105
  7,444
  7,802
  8,178
  8,573
  8,989
  9,427
  9,887
  10,371
  10,880
  11,414
  11,976
  12,567
  13,187
  13,839
Revenue / Adjusted assets
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
Average production assets, $m
  1,180
  1,226
  1,274
  1,326
  1,380
  1,439
  1,500
  1,566
  1,635
  1,708
  1,786
  1,868
  1,954
  2,045
  2,141
  2,242
  2,349
  2,461
  2,579
  2,703
  2,834
  2,972
  3,116
  3,269
  3,429
  3,597
  3,773
  3,959
  4,154
  4,360
  4,575
Working capital, $m
  1,346
  42
  44
  45
  47
  49
  51
  54
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  93
  97
  102
  107
  112
  117
  123
  129
  135
  142
  149
  157
Total debt, $m
  876
  944
  1,033
  1,128
  1,230
  1,338
  1,452
  1,574
  1,703
  1,839
  1,983
  2,135
  2,295
  2,464
  2,643
  2,830
  3,028
  3,237
  3,456
  3,687
  3,930
  4,185
  4,454
  4,737
  5,034
  5,346
  5,674
  6,019
  6,382
  6,763
  7,163
Total liabilities, $m
  2,210
  2,278
  2,367
  2,462
  2,564
  2,672
  2,786
  2,908
  3,037
  3,173
  3,317
  3,469
  3,629
  3,798
  3,977
  4,164
  4,362
  4,571
  4,790
  5,021
  5,264
  5,519
  5,788
  6,071
  6,368
  6,680
  7,008
  7,353
  7,716
  8,097
  8,497
Total equity, $m
  2,683
  1,432
  1,488
  1,548
  1,612
  1,680
  1,752
  1,828
  1,909
  1,995
  2,085
  2,181
  2,281
  2,388
  2,500
  2,618
  2,742
  2,873
  3,011
  3,157
  3,309
  3,470
  3,639
  3,816
  4,003
  4,200
  4,406
  4,623
  4,851
  5,090
  5,342
Total liabilities and equity, $m
  4,893
  3,710
  3,855
  4,010
  4,176
  4,352
  4,538
  4,736
  4,946
  5,168
  5,402
  5,650
  5,910
  6,186
  6,477
  6,782
  7,104
  7,444
  7,801
  8,178
  8,573
  8,989
  9,427
  9,887
  10,371
  10,880
  11,414
  11,976
  12,567
  13,187
  13,839
Debt-to-equity ratio
  0.327
  0.660
  0.690
  0.730
  0.760
  0.800
  0.830
  0.860
  0.890
  0.920
  0.950
  0.980
  1.010
  1.030
  1.060
  1.080
  1.100
  1.130
  1.150
  1.170
  1.190
  1.210
  1.220
  1.240
  1.260
  1.270
  1.290
  1.300
  1.320
  1.330
  1.340
Adjusted equity ratio
  0.382
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  461
  477
  496
  516
  537
  560
  584
  609
  636
  665
  695
  764
  797
  833
  870
  909
  951
  994
  1,040
  1,089
  1,139
  1,193
  1,249
  1,308
  1,370
  1,436
  1,505
  1,577
  1,653
  1,732
  1,816
Depreciation, amort., depletion, $m
  211
  207
  214
  220
  227
  235
  243
  251
  260
  269
  279
  239
  251
  262
  274
  287
  301
  316
  331
  347
  363
  381
  400
  419
  440
  461
  484
  508
  533
  559
  587
Funds from operations, $m
  796
  685
  710
  736
  764
  795
  826
  860
  896
  934
  974
  1,003
  1,048
  1,095
  1,144
  1,197
  1,252
  1,310
  1,371
  1,435
  1,503
  1,574
  1,649
  1,727
  1,810
  1,897
  1,988
  2,084
  2,185
  2,291
  2,403
Change in working capital, $m
  37
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Cash from operations, $m
  759
  770
  708
  734
  763
  793
  824
  858
  894
  932
  972
  1,000
  1,045
  1,092
  1,141
  1,193
  1,248
  1,306
  1,367
  1,431
  1,498
  1,569
  1,644
  1,722
  1,805
  1,891
  1,982
  2,078
  2,179
  2,284
  2,395
Maintenance CAPEX, $m
  0
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -201
  -210
  -219
  -229
  -239
  -251
  -262
  -274
  -287
  -301
  -316
  -331
  -347
  -363
  -381
  -400
  -419
  -440
  -461
  -484
  -508
  -533
  -559
New CAPEX, $m
  -405
  -47
  -48
  -51
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -168
  -177
  -186
  -195
  -205
  -216
Cash from investing activities, $m
  -810
  -198
  -205
  -214
  -225
  -235
  -246
  -257
  -270
  -283
  -296
  -311
  -325
  -342
  -358
  -375
  -394
  -413
  -434
  -455
  -478
  -501
  -526
  -552
  -579
  -608
  -638
  -670
  -703
  -738
  -775
Free cash flow, $m
  -51
  572
  503
  520
  538
  557
  578
  600
  624
  649
  675
  689
  719
  750
  783
  818
  854
  893
  933
  976
  1,021
  1,068
  1,118
  1,170
  1,226
  1,283
  1,344
  1,408
  1,476
  1,546
  1,621
Issuance/(repayment) of debt, $m
  -15
  83
  89
  95
  102
  108
  115
  122
  129
  136
  144
  152
  160
  169
  178
  188
  198
  208
  219
  231
  243
  256
  269
  283
  297
  312
  328
  345
  363
  381
  400
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -10
  83
  89
  95
  102
  108
  115
  122
  129
  136
  144
  152
  160
  169
  178
  188
  198
  208
  219
  231
  243
  256
  269
  283
  297
  312
  328
  345
  363
  381
  400
Total cash flow (excl. dividends), $m
  -58
  654
  592
  615
  640
  665
  693
  722
  753
  785
  819
  841
  879
  919
  961
  1,005
  1,052
  1,101
  1,153
  1,207
  1,264
  1,324
  1,387
  1,453
  1,523
  1,596
  1,673
  1,753
  1,838
  1,927
  2,021
Retained Cash Flow (-), $m
  -193
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -86
  -90
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -217
  -228
  -239
  -252
Prev. year cash balance distribution, $m
 
  1,304
  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
 
  1,905
  536
  555
  576
  598
  621
  645
  672
  699
  728
  746
  778
  813
  849
  887
  928
  970
  1,015
  1,062
  1,111
  1,163
  1,218
  1,275
  1,336
  1,399
  1,466
  1,537
  1,610
  1,688
  1,769
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
 
  1,827
  490
  483
  474
  463
  451
  436
  420
  402
  382
  354
  332
  309
  285
  260
  236
  211
  187
  163
  141
  120
  101
  84
  68
  54
  43
  33
  25
  18
  13
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

Coach, Inc. provides luxury accessories and lifestyle brands. It offers handbags, money pieces, wristlets and cosmetic cases, key rings, and charms for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, time management, electronic accessories, and ready-to-wear for men. The company also provides footwear; seasonal lifestyle apparel collections, including outerwear and ready-to-wear, and cold weather accessories, such as gloves, scarves, and hats; jewelry consisting of bracelets, necklaces, rings, and earrings made with sterling silver, leather, and non-precious metals; sunglasses; watches; and fragrances comprising eau de perfume sprays, eau de toilette sprays, purse sprays, and body lotions. In addition, it offers weekend and travel accessories, travel bags, and other lifestyle products. Further, the company holds licensing rights to market and distribute footwear, eyewear, watches, and fragrances under the Coach brand name. It markets its products to consumers through a network of company-operated stores, including Internet in North America; and Coach-operated stores and concession shop-in-shops in Japan, Mainland China, Hong Kong, Macau, Singapore, Taiwan, Malaysia, South Korea, the United Kingdom, France, Ireland, Spain, Portugal, Germany, Italy, Austria, Belgium, the Netherlands, and Switzerland. The company also sells its products to wholesale customers and distributors in approximately 55 countries. As of July 2, 2016, it operated 228 Coach retail stores and 204 Coach outlet leased stores; and 522 Coach-operated concession shop-in-shops within department stores, retail, and outlet stores, as well as 75 Stuart Weitzman stores. Coach, Inc. was founded in 1941 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  Coach Inc. (COH)

Valuation Ratios
P/E Ratio 28.2
Price to Sales 2.9
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 36.7
Growth Rates
Sales Growth Rate 7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 92.9%
Cap. Spend. - 3 Yr. Gr. Rate 10.9%
Financial Strength
Quick Ratio 88
Current Ratio 0.1
LT Debt to Equity 32.1%
Total Debt to Equity 32.7%
Interest Coverage 19
Management Effectiveness
Return On Assets 10.2%
Ret/ On Assets - 3 Yr. Avg. 13.9%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 19.4%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 22.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 67.9%
Gross Margin - 3 Yr. Avg. 69.3%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 17.5%
Pre-Tax Margin 14%
Pre-Tax Margin - 3 Yr. Avg. 17.3%
Net Profit Margin 10.3%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 26.5%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 81.3%

COH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COH stock intrinsic value calculation we used $4492 million for the last fiscal year's total revenue generated by Coach Inc.. The default revenue input number comes from 2016 income statement of Coach Inc.. 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 COH stock valuation model: a) initial revenue growth rate of 3.8% 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 4.3%, whose default value for COH is calculated based on our internal credit rating of Coach Inc., 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 Coach Inc..
    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 COH stock the variable cost ratio is equal to 85.3%.

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 COH 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 3.9% for Coach Inc..

Corporate tax rate of 27% is the nominal tax rate for Coach Inc.. 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 COH 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 COH are equal to 26.3%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Coach Inc. 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 COH is equal to 0.9%. 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 - $2683 million for Coach Inc. - 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 276.114 million for Coach Inc. 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 Coach Inc. at the current share price and the inputted number of shares is $12.9 billion.


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COMPANY NEWS

▶ ETFs with exposure to Coach, Inc. : June 22, 2017   [Jun-22-17 03:33PM  Capital Cube]
▶ Coach: Cramer's Top Takeaways   [Jun-17-17 06:37AM  TheStreet.com]
▶ Coach Could Become A 'House Of Modern Luxury'   [Jun-15-17 11:36AM  Benzinga]
▶ Why Coach, Inc. Stock Popped 17.3% in May   [07:41AM  Motley Fool]
▶ Coach, Inc. Prices $1 Billion of Senior Unsecured Notes   [Jun-06-17 05:42PM  Business Wire]
▶ Michael Kors to close up to 125 stores   [Jun-05-17 03:54PM  American City Business Journals]
▶ Michael Kors to close up to 125 stores   [Jun-02-17 11:16AM  American City Business Journals]
▶ 2 Top Luxury Stocks to Buy in 2017   [08:10AM  Motley Fool]
▶ Say Goodbye to Discounted Handbags   [04:28PM  Barrons.com]
▶ Michael Kors to close up to 125 stores   [03:45PM  American City Business Journals]
▶ Retail And E-Commerce News And Stocks To Watch   [08:38AM  Investor's Business Daily]
▶ Gap Stock Offers Solid Dividend Yields   [07:36AM  Market Realist]
▶ What happens to Tiffany's after it drops 5% in one day   [May-24-17 04:44PM  CNBC Videos]
▶ 3 Dividend Stocks for Astute Investors   [07:00AM  Motley Fool]
▶ The 3 Best Dividend Stocks in Luxury Goods   [May-23-17 03:42PM  Motley Fool]
▶ Coach Is Buying Kate Spade in Latest Bid for Growth   [May-22-17 10:58AM  Motley Fool]
▶ [$$] 5 Retailers That Can Survive Amazon   [12:01AM  Barrons.com]
▶ Ralph Lauren: Rough Times Ahead?   [11:31AM  Barrons.com]
▶ Coach, Inc. Declares Quarterly Cash Dividend   [06:45AM  Business Wire]
▶ Deutsche Bank: New Multibrand Coach Is a Buy   [May-16-17 05:24PM  Investopedia]
▶ Farewell, Once Prolific Logo Brands   [12:09PM  TheStreet.com]
▶ Did Coach Inc Get a Good Deal for Kate Spade?   [May-15-17 05:20PM  Motley Fool]
▶ Coach: Triple Threat?   [01:01PM  Barrons.com]
▶ Kate Spade Edges Out Jimmy Choo for Coach's Affections   [May-11-17 04:06PM  Motley Fool]
▶ Coach Shares Up on Goldman Sachs Upgrade   [03:46PM  Investopedia]
▶ Company News for May 09, 2017   [10:06AM  Zacks]
▶ Coach's Win Will Be Michael Kors' Gain   [09:06AM  Motley Fool]
▶ [$$] Coach to Buy Kate Spade in $2.4 Billion Deal   [May-08-17 11:53PM  The Wall Street Journal]
▶ Cramer: What 2 Deals Say About Valuation   [07:01PM  TheStreet.com]
▶ [$$] Coach to Buy Rival Kate Spade for $2.4 Billion   [07:00PM  The Wall Street Journal]
▶ Business Highlights   [05:45PM  Associated Press]
Stock chart of COH Financial statements of COH Annual reports of COH
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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