Intrinsic value of Columbia Sportswear - COLM

Previous Close

$56.45

  Intrinsic Value

$19.83

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

-27%

Previous close

$56.45

 
Intrinsic value

$19.83

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

-27%

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

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 3.8

 

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
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  2,377
  2,463
  2,555
  2,653
  2,759
  2,872
  2,991
  3,119
  3,254
  3,397
  3,548
  3,708
  3,878
  4,056
  4,245
  4,443
  4,652
  4,873
  5,105
  5,350
  5,607
  5,878
  6,163
  6,463
  6,778
  7,109
  7,457
  7,823
  8,208
  8,613
  9,038
Variable operating expenses, $m
 
  2,172
  2,253
  2,340
  2,432
  2,531
  2,637
  2,749
  2,867
  2,993
  3,126
  3,260
  3,409
  3,566
  3,731
  3,906
  4,090
  4,284
  4,488
  4,703
  4,929
  5,167
  5,418
  5,681
  5,958
  6,250
  6,556
  6,878
  7,216
  7,571
  7,945
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
  2,198
  2,279
  2,367
  2,460
  2,559
  2,666
  2,779
  2,897
  3,024
  3,158
  3,293
  3,443
  3,600
  3,766
  3,942
  4,127
  4,322
  4,527
  4,743
  4,970
  5,209
  5,461
  5,725
  6,003
  6,296
  6,604
  6,927
  7,266
  7,622
  7,997
Operating income, $m
  257
  265
  276
  287
  299
  312
  326
  340
  356
  373
  390
  416
  435
  456
  478
  501
  525
  551
  578
  607
  637
  669
  702
  737
  774
  813
  854
  897
  942
  990
  1,040
EBITDA, $m
  317
  316
  328
  341
  355
  370
  386
  403
  421
  440
  460
  481
  504
  528
  553
  580
  608
  637
  669
  702
  736
  773
  811
  852
  894
  939
  986
  1,036
  1,088
  1,143
  1,200
Interest expense (income), $m
  1
  0
  16
  34
  53
  73
  94
  117
  142
  167
  195
  224
  254
  286
  320
  356
  394
  434
  476
  520
  567
  616
  668
  722
  779
  839
  902
  969
  1,039
  1,112
  1,189
Earnings before tax, $m
  257
  265
  259
  253
  246
  239
  231
  223
  214
  205
  195
  192
  181
  170
  158
  145
  131
  117
  102
  87
  70
  53
  34
  15
  -5
  -26
  -48
  -72
  -96
  -122
  -149
Tax expense, $m
  59
  72
  70
  68
  66
  65
  62
  60
  58
  55
  53
  52
  49
  46
  43
  39
  35
  32
  28
  23
  19
  14
  9
  4
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  192
  194
  189
  185
  180
  174
  169
  163
  157
  150
  143
  140
  132
  124
  115
  106
  96
  85
  75
  63
  51
  38
  25
  11
  -5
  -26
  -48
  -72
  -96
  -122
  -149

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
  1,514
  1,571
  1,632
  1,697
  1,766
  1,840
  1,918
  2,001
  2,089
  2,182
  2,281
  2,385
  2,495
  2,610
  2,733
  2,861
  2,997
  3,140
  3,290
  3,448
  3,615
  3,790
  3,975
  4,168
  4,372
  4,586
  4,811
  5,048
  5,297
  5,558
Adjusted assets (=assets-cash), $m
  1,462
  1,514
  1,571
  1,632
  1,697
  1,766
  1,840
  1,918
  2,001
  2,089
  2,182
  2,281
  2,385
  2,495
  2,610
  2,733
  2,861
  2,997
  3,140
  3,290
  3,448
  3,615
  3,790
  3,975
  4,168
  4,372
  4,586
  4,811
  5,048
  5,297
  5,558
Revenue / Adjusted assets
  1.626
  1.627
  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
  1.626
  1.626
  1.626
  1.626
Average production assets, $m
  422
  436
  452
  470
  488
  508
  529
  552
  576
  601
  628
  656
  686
  718
  751
  786
  823
  863
  904
  947
  992
  1,040
  1,091
  1,144
  1,200
  1,258
  1,320
  1,385
  1,453
  1,524
  1,600
Working capital, $m
  1,049
  515
  534
  555
  577
  600
  625
  652
  680
  710
  742
  775
  810
  848
  887
  929
  972
  1,018
  1,067
  1,118
  1,172
  1,229
  1,288
  1,351
  1,417
  1,486
  1,559
  1,635
  1,716
  1,800
  1,889
Total debt, $m
  0
  16
  34
  53
  73
  94
  117
  142
  167
  195
  224
  254
  286
  320
  356
  394
  434
  476
  520
  567
  616
  668
  722
  779
  839
  902
  969
  1,039
  1,112
  1,189
  1,270
Total liabilities, $m
  453
  469
  487
  506
  526
  547
  570
  595
  620
  648
  677
  707
  739
  773
  809
  847
  887
  929
  973
  1,020
  1,069
  1,121
  1,175
  1,232
  1,292
  1,355
  1,422
  1,492
  1,565
  1,642
  1,723
Total equity, $m
  1,561
  1,045
  1,084
  1,126
  1,171
  1,219
  1,269
  1,323
  1,381
  1,442
  1,506
  1,574
  1,645
  1,721
  1,801
  1,885
  1,974
  2,068
  2,166
  2,270
  2,379
  2,494
  2,615
  2,742
  2,876
  3,017
  3,165
  3,320
  3,483
  3,655
  3,835
Total liabilities and equity, $m
  2,014
  1,514
  1,571
  1,632
  1,697
  1,766
  1,839
  1,918
  2,001
  2,090
  2,183
  2,281
  2,384
  2,494
  2,610
  2,732
  2,861
  2,997
  3,139
  3,290
  3,448
  3,615
  3,790
  3,974
  4,168
  4,372
  4,587
  4,812
  5,048
  5,297
  5,558
Debt-to-equity ratio
  0.000
  0.020
  0.030
  0.050
  0.060
  0.080
  0.090
  0.110
  0.120
  0.140
  0.150
  0.160
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.330
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
  194
  189
  185
  180
  174
  169
  163
  157
  150
  143
  140
  132
  124
  115
  106
  96
  85
  75
  63
  51
  38
  25
  11
  -5
  -26
  -48
  -72
  -96
  -122
  -149
Depreciation, amort., depletion, $m
  60
  50
  52
  54
  56
  58
  60
  62
  64
  67
  70
  66
  69
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
  114
  120
  126
  132
  138
  145
  152
  160
Funds from operations, $m
  295
  244
  241
  239
  235
  232
  229
  225
  221
  217
  212
  206
  201
  196
  190
  184
  178
  172
  165
  158
  150
  142
  134
  126
  115
  100
  84
  67
  49
  31
  11
Change in working capital, $m
  20
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
  73
  77
  80
  85
  89
Cash from operations, $m
  275
  226
  222
  218
  213
  209
  204
  198
  193
  187
  181
  172
  166
  158
  151
  143
  134
  126
  116
  107
  97
  86
  75
  63
  49
  31
  11
  -10
  -31
  -54
  -78
Maintenance CAPEX, $m
  0
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
New CAPEX, $m
  -50
  -14
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
Cash from investing activities, $m
  -50
  -56
  -60
  -62
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -141
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -206
  -217
  -227
Free cash flow, $m
  225
  170
  162
  155
  148
  140
  132
  123
  114
  104
  94
  81
  70
  58
  46
  33
  19
  4
  -11
  -27
  -44
  -61
  -80
  -99
  -121
  -148
  -177
  -206
  -238
  -271
  -305
Issuance/(repayment) of debt, $m
  -2
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
  81
Issuance/(repurchase) of shares, $m
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  8
  24
  41
  58
  76
  96
  116
  139
  167
  196
  227
  259
  293
  329
Cash from financing (excl. dividends), $m  
  6
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  50
  68
  88
  107
  128
  150
  173
  199
  230
  262
  297
  332
  370
  410
Total cash flow (excl. dividends), $m
  230
  186
  180
  174
  168
  161
  154
  147
  139
  131
  123
  112
  102
  92
  82
  70
  59
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  90
  95
  100
  105
Retained Cash Flow (-), $m
  -161
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -139
  -167
  -196
  -227
  -259
  -293
  -329
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
 
  702
  141
  132
  123
  114
  104
  93
  82
  71
  58
  44
  30
  16
  2
  -14
  -30
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -61
  -85
  -110
  -137
  -164
  -194
  -224
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
 
  673
  129
  115
  101
  88
  75
  63
  51
  41
  31
  21
  13
  6
  1
  -4
  -8
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -3
  -3
  -3
  -3
  -2
  -2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.8
  99.4
  98.6
  97.6
  96.3
  94.8
  93.1
  91.2
  89.1
  86.8
  84.3
  81.7
  79.0
  76.2

Columbia Sportswear Company designs, sources, markets, and distributes outdoor and active lifestyle apparel, footwear, accessories, and equipment in the United States, Latin America, the Asia Pacific, Europe, the Middle East, Africa, and Canada. The company provides apparel, accessories, and equipment for men, women, and youth under the Columbia, Mountain Hardwear, Sorel, and prAna brands. Its products are used during various outdoor activities, such as skiing, snowboarding, hiking, climbing, mountaineering, camping, hunting, fishing, trail running, water sports, and adventure travel. The company also offers footwear products, including hiking boots, trail running shoes, rugged cold weather boots, sandals, and casual shoes for men, women, and youth under the Columbia and Sorel brands. Columbia Sportswear Company sells its products through wholesale distribution channels, direct-to-consumer channels, independent distributors, and licensees, as well as directly to consumers through its network of branded and outlet retail stores, and e-commerce sites. As of December 31, 2016, it operated 91 outlet retail stores, 25 branded retail stores, 2 employee retail stores, and 5 brand-specific e-commerce Websites in the United States; 20 outlet and shop-in-shop locations and 1 branded retail store in various locations in Western Europe; and 4 outlet retail stores and 1 employee retail store in Canada, as well as 118 and 205 concession-based, branded, outlet, and shop-in-shop locations in Japan and Korea, respectively. Columbia Sportswear Company was founded in 1938 and is headquartered in Portland, Oregon.

FINANCIAL RATIOS  of  Columbia Sportswear (COLM)

Valuation Ratios
P/E Ratio 20.5
Price to Sales 1.7
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 17.5
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 3.6% 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 10 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 67.398 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 $3.8 billion.

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COMPANY NEWS

▶ 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]
▶ Columbia Sportswear announces management shuffle   [Jun-06-17 06:00PM  American City Business Journals]
▶ Shakeup at the top: Columbia's president and COO leaves   [12:45PM  American City Business Journals]
▶ Columbia Sportswear tops Street 1Q forecasts   [Apr-27-17 04:11PM  Associated Press]
▶ Under Armour on the Street: What the Analysts Suggest Now   [Apr-21-17 10:36AM  Market Realist]
▶ Under Armour on the Street: What the Analysts Recommend Now   [Apr-04-17 05:36PM  Market Realist]
▶ Why LULU Is Trading at 3-Year Low Multiples   [09:06AM  Market Realist]
▶ Why Nike Is Still Wall Streets Sportswear Favorite   [Mar-23-17 05:35PM  Market Realist]
▶ Lululemon Stock: Gauging Performance ahead of Q4 Earnings   [Mar-21-17 07:36AM  Market Realist]
Stock chart of COLM 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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