Intrinsic value of Coach Inc. - COH

Previous Close

$40.72

  Intrinsic Value

$36.85

stock screener

  Rating & Target

hold

-9%

  Value-price divergence*

-30%

Previous close

$40.72

 
Intrinsic value

$36.85

 
Up/down potential

-9%

 
Rating

hold

 
Value-price divergence*

-30%

*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 11.2

 

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
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  4,492
  4,815
  5,152
  5,501
  5,864
  6,242
  6,635
  7,045
  7,471
  7,915
  8,378
  8,862
  9,366
  9,892
  10,442
  11,017
  11,618
  12,246
  12,903
  13,591
  14,311
  15,065
  15,854
  16,681
  17,548
  18,456
  19,408
  20,406
  21,452
  22,550
  23,701
Variable operating expenses, $m
 
  4,104
  4,387
  4,681
  4,987
  5,305
  5,636
  5,980
  6,339
  6,713
  7,103
  7,460
  7,884
  8,328
  8,791
  9,274
  9,780
  10,309
  10,862
  11,441
  12,047
  12,682
  13,347
  14,043
  14,772
  15,537
  16,338
  17,178
  18,059
  18,983
  19,952
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
  4,104
  4,387
  4,681
  4,987
  5,305
  5,636
  5,980
  6,339
  6,713
  7,103
  7,460
  7,884
  8,328
  8,791
  9,274
  9,780
  10,309
  10,862
  11,441
  12,047
  12,682
  13,347
  14,043
  14,772
  15,537
  16,338
  17,178
  18,059
  18,983
  19,952
Operating income, $m
  654
  711
  765
  820
  877
  937
  999
  1,064
  1,132
  1,202
  1,275
  1,402
  1,481
  1,565
  1,652
  1,743
  1,838
  1,937
  2,041
  2,150
  2,264
  2,383
  2,508
  2,639
  2,776
  2,919
  3,070
  3,228
  3,393
  3,567
  3,749
EBITDA, $m
  865
  888
  950
  1,015
  1,082
  1,152
  1,224
  1,300
  1,378
  1,460
  1,546
  1,635
  1,728
  1,825
  1,926
  2,032
  2,143
  2,259
  2,380
  2,507
  2,640
  2,779
  2,925
  3,077
  3,237
  3,405
  3,580
  3,764
  3,957
  4,160
  4,372
Interest expense (income), $m
  34
  34
  40
  46
  53
  60
  67
  74
  82
  90
  99
  108
  117
  126
  136
  147
  158
  169
  181
  194
  207
  221
  235
  250
  266
  282
  300
  318
  337
  357
  378
Earnings before tax, $m
  627
  678
  725
  774
  825
  877
  932
  990
  1,049
  1,111
  1,176
  1,294
  1,365
  1,438
  1,515
  1,596
  1,680
  1,768
  1,860
  1,956
  2,057
  2,162
  2,273
  2,389
  2,510
  2,637
  2,770
  2,910
  3,057
  3,210
  3,371
Tax expense, $m
  166
  183
  196
  209
  223
  237
  252
  267
  283
  300
  318
  349
  368
  388
  409
  431
  454
  477
  502
  528
  555
  584
  614
  645
  678
  712
  748
  786
  825
  867
  910
Net income, $m
  461
  495
  529
  565
  602
  641
  681
  722
  766
  811
  859
  945
  996
  1,050
  1,106
  1,165
  1,226
  1,290
  1,358
  1,428
  1,501
  1,578
  1,659
  1,744
  1,832
  1,925
  2,022
  2,124
  2,231
  2,343
  2,461

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
  3,831
  4,098
  4,376
  4,665
  4,966
  5,279
  5,604
  5,943
  6,297
  6,665
  7,050
  7,451
  7,870
  8,307
  8,765
  9,242
  9,742
  10,265
  10,812
  11,385
  11,985
  12,613
  13,271
  13,960
  14,683
  15,440
  16,234
  17,066
  17,939
  18,855
Adjusted assets (=assets-cash), $m
  3,574
  3,831
  4,098
  4,376
  4,665
  4,966
  5,279
  5,604
  5,943
  6,297
  6,665
  7,050
  7,451
  7,870
  8,307
  8,765
  9,242
  9,742
  10,265
  10,812
  11,385
  11,985
  12,613
  13,271
  13,960
  14,683
  15,440
  16,234
  17,066
  17,939
  18,855
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
  1,266
  1,355
  1,447
  1,542
  1,642
  1,745
  1,853
  1,965
  2,082
  2,204
  2,331
  2,463
  2,602
  2,746
  2,897
  3,055
  3,221
  3,394
  3,574
  3,764
  3,962
  4,170
  4,387
  4,615
  4,854
  5,104
  5,367
  5,642
  5,931
  6,233
Working capital, $m
  1,346
  43
  46
  50
  53
  56
  60
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  122
  129
  136
  143
  150
  158
  166
  175
  184
  193
  203
  213
Total debt, $m
  876
  1,018
  1,182
  1,353
  1,530
  1,715
  1,907
  2,107
  2,315
  2,532
  2,759
  2,995
  3,241
  3,498
  3,767
  4,047
  4,341
  4,648
  4,969
  5,305
  5,656
  6,025
  6,410
  6,814
  7,238
  7,681
  8,146
  8,634
  9,145
  9,681
  10,243
Total liabilities, $m
  2,210
  2,352
  2,516
  2,687
  2,864
  3,049
  3,241
  3,441
  3,649
  3,866
  4,093
  4,329
  4,575
  4,832
  5,101
  5,381
  5,675
  5,982
  6,303
  6,639
  6,990
  7,359
  7,744
  8,148
  8,572
  9,015
  9,480
  9,968
  10,479
  11,015
  11,577
Total equity, $m
  2,683
  1,479
  1,582
  1,689
  1,801
  1,917
  2,038
  2,163
  2,294
  2,431
  2,573
  2,721
  2,876
  3,038
  3,207
  3,383
  3,568
  3,761
  3,962
  4,174
  4,395
  4,626
  4,869
  5,123
  5,389
  5,668
  5,960
  6,266
  6,588
  6,925
  7,278
Total liabilities and equity, $m
  4,893
  3,831
  4,098
  4,376
  4,665
  4,966
  5,279
  5,604
  5,943
  6,297
  6,666
  7,050
  7,451
  7,870
  8,308
  8,764
  9,243
  9,743
  10,265
  10,813
  11,385
  11,985
  12,613
  13,271
  13,961
  14,683
  15,440
  16,234
  17,067
  17,940
  18,855
Debt-to-equity ratio
  0.327
  0.690
  0.750
  0.800
  0.850
  0.890
  0.940
  0.970
  1.010
  1.040
  1.070
  1.100
  1.130
  1.150
  1.170
  1.200
  1.220
  1.240
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.340
  1.360
  1.370
  1.380
  1.390
  1.400
  1.410
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
  495
  529
  565
  602
  641
  681
  722
  766
  811
  859
  945
  996
  1,050
  1,106
  1,165
  1,226
  1,290
  1,358
  1,428
  1,501
  1,578
  1,659
  1,744
  1,832
  1,925
  2,022
  2,124
  2,231
  2,343
  2,461
Depreciation, amort., depletion, $m
  211
  177
  186
  195
  204
  214
  225
  235
  247
  258
  271
  233
  246
  260
  275
  290
  306
  322
  339
  357
  376
  396
  417
  439
  462
  485
  510
  537
  564
  593
  623
Funds from operations, $m
  796
  672
  715
  760
  806
  855
  905
  958
  1,013
  1,070
  1,129
  1,178
  1,243
  1,310
  1,381
  1,455
  1,532
  1,613
  1,697
  1,785
  1,878
  1,975
  2,076
  2,182
  2,294
  2,410
  2,533
  2,661
  2,795
  2,936
  3,084
Change in working capital, $m
  37
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
Cash from operations, $m
  759
  669
  712
  757
  803
  852
  902
  954
  1,009
  1,066
  1,125
  1,173
  1,238
  1,305
  1,376
  1,449
  1,526
  1,607
  1,691
  1,779
  1,871
  1,968
  2,069
  2,175
  2,286
  2,402
  2,524
  2,652
  2,786
  2,927
  3,074
Maintenance CAPEX, $m
  0
  -118
  -127
  -135
  -145
  -154
  -164
  -175
  -185
  -196
  -208
  -220
  -233
  -246
  -260
  -275
  -290
  -306
  -322
  -339
  -357
  -376
  -396
  -417
  -439
  -462
  -485
  -510
  -537
  -564
  -593
New CAPEX, $m
  -405
  -87
  -88
  -92
  -96
  -99
  -103
  -108
  -112
  -117
  -122
  -127
  -133
  -138
  -145
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -289
  -303
Cash from investing activities, $m
  -810
  -205
  -215
  -227
  -241
  -253
  -267
  -283
  -297
  -313
  -330
  -347
  -366
  -384
  -405
  -426
  -448
  -471
  -495
  -520
  -546
  -574
  -604
  -635
  -667
  -701
  -735
  -772
  -812
  -853
  -896
Free cash flow, $m
  -51
  464
  497
  529
  563
  598
  634
  672
  711
  752
  795
  826
  872
  921
  971
  1,024
  1,079
  1,136
  1,196
  1,259
  1,325
  1,393
  1,465
  1,540
  1,619
  1,702
  1,788
  1,879
  1,974
  2,074
  2,178
Issuance/(repayment) of debt, $m
  -15
  157
  164
  171
  177
  185
  192
  200
  208
  217
  226
  236
  246
  257
  269
  281
  293
  307
  321
  336
  352
  368
  386
  404
  423
  444
  465
  487
  511
  536
  562
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
  157
  164
  171
  177
  185
  192
  200
  208
  217
  226
  236
  246
  257
  269
  281
  293
  307
  321
  336
  352
  368
  386
  404
  423
  444
  465
  487
  511
  536
  562
Total cash flow (excl. dividends), $m
  -58
  621
  661
  700
  740
  782
  826
  872
  920
  969
  1,021
  1,062
  1,119
  1,178
  1,240
  1,304
  1,372
  1,443
  1,517
  1,595
  1,676
  1,761
  1,851
  1,944
  2,043
  2,146
  2,253
  2,367
  2,485
  2,610
  2,740
Retained Cash Flow (-), $m
  -193
  -100
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -176
  -184
  -193
  -202
  -211
  -221
  -231
  -242
  -254
  -266
  -279
  -292
  -306
  -321
  -337
  -353
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
 
  1,825
  558
  593
  629
  666
  706
  746
  789
  833
  879
  914
  964
  1,016
  1,071
  1,128
  1,188
  1,250
  1,315
  1,384
  1,455
  1,530
  1,608
  1,690
  1,776
  1,867
  1,961
  2,060
  2,164
  2,273
  2,387
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
 
  1,750
  511
  516
  518
  517
  512
  504
  493
  479
  461
  434
  411
  386
  359
  331
  302
  272
  242
  213
  185
  158
  133
  111
  90
  73
  57
  44
  33
  25
  18
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 24.6
Price to Sales 2.5
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 14.9
Price to Free Cash Flow 32
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 7.2% 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 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 10 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 $11.2 billion.

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COMPANY NEWS

▶ Coach, Inc. Value Analysis (NYSE:COH) : August 17, 2017   [Aug-16-17 08:22PM  Capital Cube]
▶ Company News For August 16, 2017   [10:21AM  Zacks]
▶ Coach beats 4Q profit forecasts   [Aug-15-17 09:57PM  Associated Press]
▶ [$$] Are Retail Sales Dead? Depends Where You Look   [04:31PM  The Wall Street Journal]
▶ Why Coach Inc. Stock Plunged Today   [02:30PM  Motley Fool]
▶ Coach Shares Fall After Weak Annual Forecast   [01:28PM  Bloomberg Video]
▶ Stocks Seek Direction: Apple Up As Retailers Routed   [10:19AM  Investor's Business Daily]
▶ Give Coach a Little Credit   [08:42AM  Bloomberg]
▶ This Week's Must-See Retail Earnings Charts   [Aug-14-17 07:42PM  Zacks]
▶ Macys, Kohls beat on earnings but shares tank   [Aug-10-17 01:34PM  Yahoo Finance Video]
▶ Heres how dead malls across America could be saved   [02:02PM  Yahoo Finance Video]
▶ The 3 Best Dividend Stocks in Specialty Retail   [Aug-01-17 10:26AM  Motley Fool]
▶ Can a Shopping Spree Fix Coach and Kors?   [Jul-31-17 05:23PM  Barrons.com]
▶ Cars, cameras & commerce in the blitz   [01:55PM  CNBC Videos]
▶ The Market In 5 Minutes   [09:03AM  Benzinga]
▶ Why Michael Kors Is Paying $1.2 billion for Jimmy Choo   [Jul-26-17 07:11PM  Motley Fool]
▶ S&P 500 Stealth Outperformers: Consumer   [06:00AM  Investopedia]
▶ "Fast Money" final trades: FCAU, GM and more   [Jul-13-17 05:59PM  CNBC Videos]
▶ Sale in retail stocks? 4 trades   [05:00PM  CNBC Videos]
▶ In a fast-fashion world, Michael Kors is too slow   [Jul-12-17 03:05PM  MarketWatch]
▶ How WeChat is saving Burberry   [01:51PM  Yahoo Finance Video]
▶ Coach, Inc. Completes Acquisition of Kate Spade & Company   [Jul-11-17 04:15PM  Business Wire]
▶ Michael Kors Slumps as MKM Says Sell   [10:59AM  Barrons.com]
▶ MKM Partners Is Bullish on Coach   [10:09AM  TheStreet.com]
▶ Why Coach Inc. Stock Has Gained 36.2% So Far in 2017   [Jul-08-17 08:00AM  Motley Fool]
▶ Coach Stock Gains 2% on Oppenheimer Optimism   [Jul-07-17 04:01PM  TheStreet.com]
▶ ETFs with exposure to Coach, Inc. : July 4, 2017   [Jul-04-17 02:47PM  Capital Cube]
▶ M&A Roundup: 7 Deals Expected To Close Mid-2017   [Jul-02-17 05:14PM  Benzinga]
▶ 3 Dividend Stocks for Those Moving Up in the World   [Jul-01-17 11:11AM  Motley Fool]
▶ Big movers and two bonus stocks in the Blitz   [Jun-30-17 01:57PM  CNBC Videos]
Stock chart of COH Financial statements 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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