Intrinsic value of Columbia Sportswear - COLM

Previous Close

$70.11

  Intrinsic Value

$21.88

stock screener

  Rating & Target

str. sell

-69%

Previous close

$70.11

 
Intrinsic value

$21.88

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of COLM 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 4.9

 

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, %
  2.19
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  2,377
  2,439
  2,508
  2,585
  2,669
  2,760
  2,859
  2,966
  3,080
  3,202
  3,332
  3,471
  3,618
  3,775
  3,940
  4,116
  4,301
  4,497
  4,704
  4,922
  5,153
  5,395
  5,651
  5,920
  6,203
  6,502
  6,815
  7,146
  7,493
  7,858
  8,242
Variable operating expenses, $m
 
  2,151
  2,212
  2,279
  2,353
  2,433
  2,520
  2,614
  2,714
  2,822
  2,936
  3,051
  3,181
  3,318
  3,464
  3,618
  3,781
  3,954
  4,135
  4,327
  4,530
  4,743
  4,968
  5,204
  5,453
  5,716
  5,991
  6,282
  6,587
  6,908
  7,246
Fixed operating expenses, $m
 
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
Total operating expenses, $m
  2,121
  2,177
  2,238
  2,306
  2,381
  2,461
  2,549
  2,644
  2,744
  2,853
  2,968
  3,084
  3,215
  3,352
  3,499
  3,654
  3,818
  3,992
  4,174
  4,367
  4,571
  4,785
  5,011
  5,248
  5,498
  5,762
  6,039
  6,331
  6,637
  6,959
  7,298
Operating income, $m
  257
  262
  270
  279
  288
  299
  310
  322
  335
  349
  364
  387
  404
  422
  441
  461
  483
  506
  530
  555
  582
  610
  640
  672
  705
  740
  777
  815
  856
  899
  944
EBITDA, $m
  317
  322
  331
  341
  353
  365
  378
  393
  408
  425
  443
  462
  482
  503
  526
  550
  576
  603
  631
  661
  693
  727
  762
  799
  839
  880
  924
  969
  1,018
  1,069
  1,122
Interest expense (income), $m
  1
  0
  12
  25
  40
  56
  73
  92
  112
  134
  157
  182
  209
  237
  267
  298
  332
  367
  404
  444
  485
  529
  576
  624
  676
  730
  787
  846
  909
  976
  1,045
Earnings before tax, $m
  257
  262
  258
  254
  248
  243
  237
  230
  223
  215
  207
  205
  195
  185
  174
  163
  151
  139
  125
  111
  97
  81
  65
  47
  29
  10
  -10
  -31
  -53
  -77
  -101
Tax expense, $m
  59
  71
  70
  68
  67
  66
  64
  62
  60
  58
  56
  55
  53
  50
  47
  44
  41
  37
  34
  30
  26
  22
  17
  13
  8
  3
  0
  0
  0
  0
  0
Net income, $m
  192
  192
  188
  185
  181
  177
  173
  168
  163
  157
  151
  149
  142
  135
  127
  119
  110
  101
  91
  81
  70
  59
  47
  35
  21
  7
  -10
  -31
  -53
  -77
  -101

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  552
  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
  2,014
  1,500
  1,542
  1,590
  1,641
  1,698
  1,758
  1,824
  1,894
  1,969
  2,049
  2,135
  2,225
  2,322
  2,423
  2,531
  2,645
  2,766
  2,893
  3,027
  3,169
  3,318
  3,475
  3,641
  3,815
  3,999
  4,192
  4,395
  4,608
  4,833
  5,069
Adjusted assets (=assets-cash), $m
  1,462
  1,500
  1,542
  1,590
  1,641
  1,698
  1,758
  1,824
  1,894
  1,969
  2,049
  2,135
  2,225
  2,322
  2,423
  2,531
  2,645
  2,766
  2,893
  3,027
  3,169
  3,318
  3,475
  3,641
  3,815
  3,999
  4,192
  4,395
  4,608
  4,833
  5,069
Revenue / Adjusted assets
  1.626
  1.626
  1.626
  1.626
  1.626
  1.625
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
  1.626
Average production assets, $m
  422
  432
  444
  457
  472
  489
  506
  525
  545
  567
  590
  614
  640
  668
  697
  729
  761
  796
  833
  871
  912
  955
  1,000
  1,048
  1,098
  1,151
  1,206
  1,265
  1,326
  1,391
  1,459
Working capital, $m
  1,049
  510
  524
  540
  558
  577
  598
  620
  644
  669
  696
  725
  756
  789
  824
  860
  899
  940
  983
  1,029
  1,077
  1,128
  1,181
  1,237
  1,296
  1,359
  1,424
  1,493
  1,566
  1,642
  1,723
Total debt, $m
  0
  12
  25
  40
  56
  73
  92
  112
  134
  157
  182
  209
  237
  267
  298
  332
  367
  404
  444
  485
  529
  576
  624
  676
  730
  787
  846
  909
  976
  1,045
  1,118
Total liabilities, $m
  453
  465
  478
  493
  509
  526
  545
  565
  587
  610
  635
  662
  690
  720
  751
  785
  820
  857
  897
  938
  982
  1,029
  1,077
  1,129
  1,183
  1,240
  1,299
  1,362
  1,429
  1,498
  1,571
Total equity, $m
  1,561
  1,035
  1,064
  1,097
  1,132
  1,171
  1,213
  1,258
  1,307
  1,359
  1,414
  1,473
  1,535
  1,602
  1,672
  1,747
  1,825
  1,908
  1,996
  2,089
  2,187
  2,289
  2,398
  2,512
  2,632
  2,759
  2,892
  3,032
  3,180
  3,335
  3,498
Total liabilities and equity, $m
  2,014
  1,500
  1,542
  1,590
  1,641
  1,697
  1,758
  1,823
  1,894
  1,969
  2,049
  2,135
  2,225
  2,322
  2,423
  2,532
  2,645
  2,765
  2,893
  3,027
  3,169
  3,318
  3,475
  3,641
  3,815
  3,999
  4,191
  4,394
  4,609
  4,833
  5,069
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.040
  0.050
  0.060
  0.080
  0.090
  0.100
  0.120
  0.130
  0.140
  0.150
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
  0.310
  0.320
Adjusted equity ratio
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  192
  192
  188
  185
  181
  177
  173
  168
  163
  157
  151
  149
  142
  135
  127
  119
  110
  101
  91
  81
  70
  59
  47
  35
  21
  7
  -10
  -31
  -53
  -77
  -101
Depreciation, amort., depletion, $m
  60
  60
  61
  63
  65
  66
  69
  71
  73
  76
  79
  75
  78
  81
  85
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  162
  170
  178
Funds from operations, $m
  295
  251
  249
  248
  246
  244
  241
  239
  236
  233
  230
  224
  221
  217
  212
  208
  203
  198
  193
  188
  182
  176
  169
  162
  155
  148
  137
  123
  108
  93
  77
Change in working capital, $m
  20
  13
  14
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
  73
  76
  80
Cash from operations, $m
  275
  238
  235
  232
  228
  225
  221
  216
  212
  207
  202
  195
  190
  184
  178
  171
  164
  157
  150
  142
  134
  125
  116
  106
  96
  85
  71
  54
  36
  17
  -3
Maintenance CAPEX, $m
  0
  -51
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
New CAPEX, $m
  -50
  -10
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -58
  -61
  -65
  -68
Cash from investing activities, $m
  -50
  -61
  -65
  -68
  -71
  -74
  -78
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -110
  -116
  -122
  -128
  -134
  -141
  -147
  -154
  -161
  -170
  -178
  -187
  -196
  -205
  -215
  -227
  -238
Free cash flow, $m
  225
  177
  170
  164
  158
  151
  144
  136
  128
  119
  110
  99
  89
  78
  67
  55
  43
  30
  16
  2
  -13
  -29
  -46
  -64
  -82
  -101
  -124
  -151
  -180
  -210
  -241
Issuance/(repayment) of debt, $m
  -2
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
Issuance/(repurchase) of shares, $m
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  11
  27
  44
  61
  80
  99
  119
  143
  171
  201
  232
  264
Cash from financing (excl. dividends), $m  
  6
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  33
  35
  37
  39
  53
  71
  90
  110
  131
  153
  176
  203
  234
  267
  302
  337
Total cash flow (excl. dividends), $m
  230
  189
  183
  179
  174
  168
  162
  156
  150
  143
  135
  125
  117
  108
  99
  89
  78
  67
  56
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  96
Retained Cash Flow (-), $m
  -161
  -26
  -29
  -33
  -36
  -39
  -42
  -45
  -48
  -52
  -55
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -127
  -143
  -171
  -201
  -232
  -264
Prev. year cash balance distribution, $m
 
  552
  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
 
  715
  154
  146
  138
  129
  120
  111
  101
  91
  80
  66
  54
  42
  28
  14
  -1
  -16
  -32
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -65
  -89
  -114
  -140
  -168
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
 
  685
  141
  127
  114
  100
  87
  75
  63
  52
  42
  32
  23
  16
  9
  4
  0
  -3
  -6
  -6
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.8
  99.4
  98.8
  97.9
  96.9
  95.7
  94.3
  92.8
  91.1
  89.2
  87.2
  85.0

Columbia Sportswear Company is an apparel and footwear company. The Company designs, sources, markets and distributes outdoor lifestyle apparel, footwear, accessories and equipment under the Columbia, Mountain Hardwear, Sorel, prAna and other brands. Its geographic segments are the United States, Latin America and Asia Pacific (LAAP), Europe, Middle East and Africa (EMEA), and Canada. The Company develops and manages its merchandise in categories, including apparel, accessories and equipment, and footwear. It distributes its products through a mix of wholesale distribution channels, its own direct-to-consumer channels (retail stores and e-commerce), independent distributors and licensees. As of December 31, 2016, its products were sold in approximately 90 countries. In 59 of those countries, it sells to independent distributors to whom it has granted distribution rights. Contract manufacturers located outside the United States manufacture all of its products.

FINANCIAL RATIOS  of  Columbia Sportswear (COLM)

Valuation Ratios
P/E Ratio 25.5
Price to Sales 2.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 17.8
Price to Free Cash Flow 21.8
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate -6.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 258
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 9.2%
Return On Total Capital 13%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 12.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 46.7%
Gross Margin - 3 Yr. Avg. 46.1%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 12.8%
Operating Margin 10.8%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 10.8%
Pre-Tax Margin - 3 Yr. Avg. 10.3%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 23%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 25%

COLM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COLM stock intrinsic value calculation we used $2377 million for the last fiscal year's total revenue generated by Columbia Sportswear. The default revenue input number comes from 2016 income statement of Columbia Sportswear. 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 COLM stock valuation model: a) initial revenue growth rate of 2.6% 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 COLM is calculated based on our internal credit rating of Columbia Sportswear, 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 Columbia Sportswear.
    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 COLM stock the variable cost ratio is equal to 88.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $25 million in the base year in the intrinsic value calculation for COLM 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 100% for Columbia Sportswear.

Corporate tax rate of 27% is the nominal tax rate for Columbia Sportswear. 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 COLM 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 COLM are equal to 17.7%.

Life of production assets of 8.2 years is the average useful life of capital assets used in Columbia Sportswear 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 COLM is equal to 20.9%. 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 - $1561 million for Columbia Sportswear - 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 69.707 million for Columbia Sportswear 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 Columbia Sportswear at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ How Lululemons Valuation Compares to Competitors   [Dec-14-17 12:29PM  Market Realist]
▶ Why Under Armour Could Fall 65%   [Dec-01-17 06:00AM  Investopedia]
▶ Should You Buy Columbia Sportswear Company (COLM) At $68.4?   [Nov-28-17 04:56PM  Simply Wall St.]
▶ Under Armours Gross Margin Contracts for a 10th Quarter   [Nov-06-17 07:31AM  Market Realist]
▶ Discussing Columbia Sportswears 3Q17 Bottom Line   [Oct-31-17 05:20PM  Market Realist]
▶ Columbia Sportswear: Cramer's Top Takeaways   [06:43AM  TheStreet.com]
▶ Columbia Sportswear Co.'s Q3 earnings beat Wall St. expectations   [Oct-26-17 06:00PM  American City Business Journals]
▶ Columbia Sportswear tops Street 3Q forecasts   [04:53PM  Associated Press]
▶ Why Skechers Stock Has a Better Upside than Peers   [Oct-17-17 09:10AM  Market Realist]
▶ Columbia Sportswear awarded $3M in patent infringement lawsuit   [Oct-04-17 05:40PM  American City Business Journals]
▶ Why Wall Street Remains Neutral on Lululemon   [Sep-05-17 12:20PM  Market Realist]
▶ Lululemon Has Better Near-Term Earnings Potential   [Aug-24-17 02:05PM  Market Realist]
▶ No Ratings Changes after Columbia Sportswears 2Q17 Results   [Aug-01-17 07:41AM  Market Realist]
▶ Columbia Sportswear Stock Rises after 2Q17 Beat   [Jul-31-17 05:35PM  Market Realist]
▶ Columbia Sportswear reports 2Q loss   [Jul-27-17 09:33PM  Associated Press]
▶ Is Skechers Correctly Valued? Lets Discuss   [Jul-26-17 07:38AM  Market Realist]
▶ Discussing Wall Streets View on Skechers   [Jul-25-17 10:41AM  Market Realist]
▶ Under Armour Trading 40% Lower Than a Year Ago   [Jun-28-17 11:35AM  Market Realist]
▶ Columbia Sportswear names CFO, transformation chief as management reorg continues   [Jun-14-17 10:30PM  American City Business Journals]
Financial statements of COLM
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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