Intrinsic value of Crocs - CROX

Previous Close

$8.88

  Intrinsic Value

$1.37

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-42%

Previous close

$8.88

 
Intrinsic value

$1.37

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-42%

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

We calculate the intrinsic value of CROX 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 0.6

 

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, %
  -5.04
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,036
  1,057
  1,081
  1,109
  1,140
  1,175
  1,212
  1,254
  1,298
  1,347
  1,398
  1,454
  1,513
  1,575
  1,642
  1,713
  1,788
  1,868
  1,952
  2,040
  2,134
  2,233
  2,337
  2,447
  2,563
  2,685
  2,814
  2,949
  3,091
  3,241
  3,398
Variable operating expenses, $m
 
  1,126
  1,152
  1,182
  1,215
  1,252
  1,292
  1,337
  1,384
  1,435
  1,491
  1,549
  1,612
  1,679
  1,750
  1,826
  1,906
  1,991
  2,080
  2,175
  2,275
  2,380
  2,491
  2,609
  2,732
  2,862
  2,999
  3,143
  3,295
  3,454
  3,622
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
  1,042
  1,126
  1,152
  1,182
  1,215
  1,252
  1,292
  1,337
  1,384
  1,435
  1,491
  1,549
  1,612
  1,679
  1,750
  1,826
  1,906
  1,991
  2,080
  2,175
  2,275
  2,380
  2,491
  2,609
  2,732
  2,862
  2,999
  3,143
  3,295
  3,454
  3,622
Operating income, $m
  -6
  -70
  -71
  -73
  -75
  -78
  -80
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -134
  -141
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
  -214
  -224
EBITDA, $m
  28
  -57
  -58
  -60
  -62
  -63
  -65
  -68
  -70
  -73
  -76
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -184
Interest expense (income), $m
  1
  0
  1
  2
  3
  4
  6
  7
  9
  10
  12
  14
  17
  19
  22
  24
  27
  30
  33
  37
  40
  44
  48
  52
  56
  61
  66
  71
  76
  82
  88
Earnings before tax, $m
  -7
  -70
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -105
  -110
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -238
  -251
  -265
  -280
  -296
  -312
Tax expense, $m
  9
  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
Net income, $m
  -16
  -70
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -105
  -110
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -238
  -251
  -265
  -280
  -296
  -312

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  148
  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
  566
  426
  436
  447
  460
  474
  489
  506
  524
  543
  564
  587
  610
  636
  663
  691
  722
  754
  788
  823
  861
  901
  943
  988
  1,034
  1,084
  1,135
  1,190
  1,247
  1,308
  1,371
Adjusted assets (=assets-cash), $m
  418
  426
  436
  447
  460
  474
  489
  506
  524
  543
  564
  587
  610
  636
  663
  691
  722
  754
  788
  823
  861
  901
  943
  988
  1,034
  1,084
  1,135
  1,190
  1,247
  1,308
  1,371
Revenue / Adjusted assets
  2.478
  2.481
  2.479
  2.481
  2.478
  2.479
  2.479
  2.478
  2.477
  2.481
  2.479
  2.477
  2.480
  2.476
  2.477
  2.479
  2.476
  2.477
  2.477
  2.479
  2.479
  2.478
  2.478
  2.477
  2.479
  2.477
  2.479
  2.478
  2.479
  2.478
  2.478
Average production assets, $m
  124
  126
  129
  132
  136
  140
  144
  149
  155
  160
  166
  173
  180
  187
  195
  204
  213
  222
  232
  243
  254
  266
  278
  291
  305
  320
  335
  351
  368
  386
  404
Working capital, $m
  276
  132
  135
  139
  142
  147
  152
  157
  162
  168
  175
  182
  189
  197
  205
  214
  224
  233
  244
  255
  267
  279
  292
  306
  320
  336
  352
  369
  386
  405
  425
Total debt, $m
  2
  3
  7
  12
  17
  22
  28
  35
  42
  50
  58
  67
  76
  86
  97
  108
  120
  133
  146
  160
  175
  191
  208
  225
  244
  263
  284
  305
  328
  352
  377
Total liabilities, $m
  167
  168
  172
  177
  182
  187
  193
  200
  207
  215
  223
  232
  241
  251
  262
  273
  285
  298
  311
  325
  340
  356
  373
  390
  409
  428
  449
  470
  493
  517
  542
Total equity, $m
  399
  258
  264
  271
  278
  287
  296
  306
  317
  329
  341
  355
  369
  385
  401
  418
  437
  456
  476
  498
  521
  545
  571
  598
  626
  656
  687
  720
  755
  791
  830
Total liabilities and equity, $m
  566
  426
  436
  448
  460
  474
  489
  506
  524
  544
  564
  587
  610
  636
  663
  691
  722
  754
  787
  823
  861
  901
  944
  988
  1,035
  1,084
  1,136
  1,190
  1,248
  1,308
  1,372
Debt-to-equity ratio
  0.005
  0.010
  0.030
  0.040
  0.060
  0.080
  0.100
  0.110
  0.130
  0.150
  0.170
  0.190
  0.210
  0.220
  0.240
  0.260
  0.270
  0.290
  0.310
  0.320
  0.340
  0.350
  0.360
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
Adjusted equity ratio
  0.600
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  -70
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -105
  -110
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -238
  -251
  -265
  -280
  -296
  -312
Depreciation, amort., depletion, $m
  34
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  33
  35
  37
  39
  40
Funds from operations, $m
  54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -174
  -184
  -195
  -206
  -218
  -230
  -243
  -257
  -271
Change in working capital, $m
  14
  3
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
Cash from operations, $m
  40
  -60
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -100
  -106
  -112
  -119
  -126
  -133
  -141
  -149
  -158
  -167
  -177
  -187
  -198
  -209
  -221
  -234
  -247
  -261
  -276
  -291
Maintenance CAPEX, $m
  0
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -39
New CAPEX, $m
  -22
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
Cash from investing activities, $m
  -19
  -14
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -24
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -47
  -49
  -52
  -55
  -58
Free cash flow, $m
  21
  -74
  -78
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -117
  -123
  -130
  -137
  -145
  -154
  -162
  -172
  -181
  -192
  -202
  -214
  -226
  -239
  -252
  -266
  -281
  -297
  -313
  -330
  -348
Issuance/(repayment) of debt, $m
  -4
  3
  4
  4
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  18
  19
  20
  22
  23
  24
  25
Issuance/(repurchase) of shares, $m
  0
  75
  78
  82
  86
  90
  95
  100
  105
  111
  117
  124
  131
  138
  146
  154
  163
  172
  182
  193
  204
  215
  227
  240
  253
  268
  283
  298
  315
  332
  350
Cash from financing (excl. dividends), $m  
  -4
  78
  82
  86
  91
  96
  101
  107
  112
  119
  125
  133
  140
  148
  157
  165
  175
  185
  195
  207
  219
  231
  244
  258
  271
  287
  303
  320
  338
  356
  375
Total cash flow (excl. dividends), $m
  16
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
Retained Cash Flow (-), $m
  23
  -75
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -124
  -131
  -138
  -146
  -154
  -163
  -172
  -182
  -193
  -204
  -215
  -227
  -240
  -253
  -268
  -283
  -298
  -315
  -332
  -350
Prev. year cash balance distribution, $m
 
  146
  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
 
  75
  -74
  -77
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -121
  -127
  -135
  -142
  -150
  -159
  -168
  -177
  -188
  -198
  -209
  -221
  -234
  -247
  -261
  -275
  -290
  -306
  -323
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
 
  72
  -68
  -67
  -66
  -65
  -64
  -63
  -61
  -59
  -57
  -54
  -51
  -48
  -45
  -42
  -38
  -35
  -31
  -27
  -24
  -20
  -17
  -14
  -12
  -10
  -8
  -6
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  84.6
  71.3
  59.9
  50.1
  41.7
  34.7
  28.7
  23.7
  19.5
  16.0
  13.0
  10.6
  8.6
  7.0
  5.7
  4.6
  3.7
  2.9
  2.4
  1.9
  1.5
  1.2
  0.9
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2

Crocs, Inc., together with its subsidiaries, designs, develops, manufactures, markets, and distributes casual lifestyle footwear and accessories for men, women, and children worldwide. It offers various footwear products, including clogs, sandals, wedges, flats, sneakers, and boots. The company’s primary trademarks include the Crocs logo and the Crocs word mark. It sells its products in approximately 65 countries through domestic and international retailers and distributors, as well as directly to end-user consumers through company-operated retail stores, outlets, Webstores, and kiosks. As of December 31, 2015, Crocs, Inc. operated 275 retail stores; 98 kiosks and store-in-stores; 186 outlet stores; and 12 company-operated e-commerce Web stores. The company was founded in 1999 and is headquartered in Niwot, Colorado.

FINANCIAL RATIOS  of  Crocs (CROX)

Valuation Ratios
P/E Ratio -40.8
Price to Sales 0.6
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 36.3
Growth Rates
Sales Growth Rate -5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.2%
Cap. Spend. - 3 Yr. Gr. Rate -20.4%
Financial Strength
Quick Ratio 74
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0.5%
Interest Coverage -6
Management Effectiveness
Return On Assets -2.3%
Ret/ On Assets - 3 Yr. Avg. -4.8%
Return On Total Capital -3.9%
Ret/ On T. Cap. - 3 Yr. Avg. -6.7%
Return On Equity -3.9%
Return On Equity - 3 Yr. Avg. -6.9%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 48.3%
Gross Margin - 3 Yr. Avg. 48.2%
EBITDA Margin 2.7%
EBITDA Margin - 3 Yr. Avg. 0.5%
Operating Margin -0.6%
Oper. Margin - 3 Yr. Avg. -2.5%
Pre-Tax Margin -0.7%
Pre-Tax Margin - 3 Yr. Avg. -2.8%
Net Profit Margin -1.5%
Net Profit Margin - 3 Yr. Avg. -3.2%
Effective Tax Rate -128.6%
Eff/ Tax Rate - 3 Yr. Avg. -31.6%
Payout Ratio -75%

CROX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CROX stock intrinsic value calculation we used $1036 million for the last fiscal year's total revenue generated by Crocs. The default revenue input number comes from 2016 income statement of Crocs. 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 CROX stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CROX is calculated based on our internal credit rating of Crocs, 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 Crocs.
    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 CROX stock the variable cost ratio is equal to 106.6%.

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 CROX 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 25% for Crocs.

Corporate tax rate of 27% is the nominal tax rate for Crocs. 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 CROX 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 CROX are equal to 11.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Crocs 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 CROX is equal to 12.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $399 million for Crocs - 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 72.89 million for Crocs 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 Crocs at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Crocs on stunning patent office loss: Impact was 'greatly exaggerated'   [Aug-16-17 08:55AM  American City Business Journals]
▶ Crocs Could Be on the Brink of Extinction   [09:19AM  TheStreet.com]
▶ Crocs beats 2Q profit forecasts   [Aug-09-17 10:21PM  Associated Press]
▶ Crocs beats 2nd-quarter projections; it's still closing stores   [12:04PM  American City Business Journals]
▶ Crocs shares slide after weak guidance   [07:16AM  MarketWatch]
▶ Crocs doubles down on Drew Barrymore deal; now she'll design shoes   [Aug-02-17 09:50AM  American City Business Journals]
▶ ETFs with exposure to Crocs, Inc. : June 27, 2017   [Jun-27-17 03:04PM  Capital Cube]
▶ 4 Undervalued Stocks in a Frothy Market   [Jun-26-17 06:00AM  Investopedia]
▶ ETFs with exposure to Crocs, Inc. : June 12, 2017   [Jun-12-17 01:56PM  Capital Cube]
▶ Why TiVo, Xactly, and Crocs Jumped Today   [May-30-17 04:31PM  Motley Fool]
▶ [$$] Believe in Crocs   [May-27-17 12:33AM  Barrons.com]
▶ ETFs with exposure to Crocs, Inc. : May 22, 2017   [May-22-17 01:30PM  Capital Cube]
▶ Consumer Cos. Soar on Positive Earnings Surprise   [May-10-17 06:29PM  Investopedia]
▶ Why Crocs, Inc. Just Got a Huge Lift   [05:21PM  Motley Fool]
▶ Crocs Stock Soars on Earnings Beat   [02:35PM  TheStreet.com]
▶ Crocs tops Street 1Q forecasts   [07:12AM  Associated Press]
▶ Bear of the Day: Crocs (CROX)   [07:00AM  Zacks]
▶ ETFs with exposure to Crocs, Inc. : April 24, 2017   [Apr-24-17 02:22PM  Capital Cube]
▶ ETFs with exposure to Crocs, Inc. : April 5, 2017   [Apr-05-17 04:35PM  Capital Cube]
▶ Crocs launches new global campaign with star power on heels of losses   [12:05PM  American City Business Journals]
▶ 19 Retailers Are Shedding Stores So Far in 2017   [Mar-24-17 12:47PM  Investopedia]
▶ After Jobs Report, Financials Could Lead Markets Higher   [Mar-10-17 09:20AM  TheStreet.com]
▶ [$$] Crocs to Close Stores, Names New CEO Amid Sales Rout   [11:17AM  at The Wall Street Journal]
▶ Crocs CEO to leave post, will shutter 160 stores   [09:50AM  at bizjournals.com]
▶ [$$] Would Jamie Dimon Wear Orange Crocs?   [Jan-20-17 09:27AM  at Barrons.com]
▶ Crocs, Inc. Stock Was Hammered in 2016 -- Here's Why   [Jan-05-17 08:20AM  at Motley Fool]
▶ Does Crocs, Inc. (CROX) Represent a Good Investment?   [Dec-10-16 06:49PM  at Insider Monkey]
▶ Another Steep Sales Decline for Crocs   [02:22PM  at Motley Fool]
Stock chart of CROX Financial statements of CROX
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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