Intrinsic value of Crocs - CROX

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$7.42

  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 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 0.5

 

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
  1,113
  1,138
  1,168
  1,201
  1,237
  1,277
  1,320
  1,367
  1,418
  1,473
  1,531
  1,593
  1,659
  1,729
  1,804
  1,883
  1,967
  2,055
  2,149
  2,247
  2,352
  2,461
  2,577
  2,699
  2,828
  2,963
  3,105
  3,255
  3,413
  3,579
Variable operating expenses, $m
 
  416
  426
  437
  449
  463
  478
  494
  511
  530
  551
  572
  595
  620
  646
  674
  704
  735
  768
  803
  840
  879
  920
  963
  1,009
  1,057
  1,108
  1,161
  1,217
  1,276
  1,338
Fixed operating expenses, $m
 
  793
  813
  834
  854
  876
  898
  920
  943
  967
  991
  1,016
  1,041
  1,067
  1,094
  1,121
  1,149
  1,178
  1,207
  1,237
  1,268
  1,300
  1,332
  1,366
  1,400
  1,435
  1,471
  1,508
  1,545
  1,584
  1,624
Total operating expenses, $m
  1,042
  1,209
  1,239
  1,271
  1,303
  1,339
  1,376
  1,414
  1,454
  1,497
  1,542
  1,588
  1,636
  1,687
  1,740
  1,795
  1,853
  1,913
  1,975
  2,040
  2,108
  2,179
  2,252
  2,329
  2,409
  2,492
  2,579
  2,669
  2,762
  2,860
  2,962
Operating income, $m
  -6
  -97
  -101
  -103
  -103
  -101
  -98
  -93
  -87
  -79
  -69
  -57
  -44
  -28
  -11
  9
  30
  54
  80
  108
  139
  173
  209
  248
  290
  336
  385
  437
  493
  553
  617
EBITDA, $m
  28
  -66
  -70
  -71
  -70
  -68
  -64
  -58
  -50
  -40
  -29
  -16
  0
  17
  36
  57
  81
  107
  135
  166
  200
  236
  275
  318
  363
  412
  465
  521
  581
  645
  714
Interest expense (income), $m
  1
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  16
  18
  20
  21
  23
  25
  27
  30
  32
  35
  37
  40
  43
Earnings before tax, $m
  -7
  -97
  -101
  -104
  -104
  -103
  -101
  -97
  -91
  -84
  -75
  -64
  -52
  -37
  -21
  -3
  17
  39
  64
  90
  119
  151
  186
  223
  263
  306
  353
  402
  456
  513
  575
Tax expense, $m
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  5
  11
  17
  24
  32
  41
  50
  60
  71
  83
  95
  109
  123
  139
  155
Net income, $m
  -16
  -97
  -101
  -104
  -104
  -103
  -101
  -97
  -91
  -84
  -75
  -64
  -52
  -37
  -21
  -3
  12
  29
  46
  66
  87
  110
  135
  163
  192
  223
  257
  294
  333
  375
  419

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
  474
  485
  498
  512
  527
  544
  563
  583
  604
  628
  652
  679
  707
  737
  769
  803
  838
  876
  916
  958
  1,002
  1,049
  1,099
  1,151
  1,205
  1,263
  1,324
  1,388
  1,455
  1,525
Adjusted assets (=assets-cash), $m
  418
  474
  485
  498
  512
  527
  544
  563
  583
  604
  628
  652
  679
  707
  737
  769
  803
  838
  876
  916
  958
  1,002
  1,049
  1,099
  1,151
  1,205
  1,263
  1,324
  1,388
  1,455
  1,525
Revenue / Adjusted assets
  2.478
  2.348
  2.346
  2.345
  2.346
  2.347
  2.347
  2.345
  2.345
  2.348
  2.346
  2.348
  2.346
  2.347
  2.346
  2.346
  2.345
  2.347
  2.346
  2.346
  2.346
  2.347
  2.346
  2.345
  2.345
  2.347
  2.346
  2.345
  2.345
  2.346
  2.347
Average production assets, $m
  124
  150
  154
  158
  162
  167
  172
  178
  185
  191
  199
  207
  215
  224
  233
  244
  254
  266
  277
  290
  303
  317
  332
  348
  364
  382
  400
  419
  439
  461
  483
Working capital, $m
  276
  144
  147
  151
  155
  160
  165
  170
  176
  183
  190
  197
  205
  214
  223
  233
  243
  254
  265
  277
  290
  303
  318
  332
  348
  365
  382
  401
  420
  440
  462
Total debt, $m
  2
  5
  9
  14
  19
  25
  32
  39
  47
  55
  64
  74
  84
  95
  107
  119
  132
  146
  161
  176
  193
  210
  228
  247
  268
  289
  311
  335
  360
  386
  413
Total liabilities, $m
  167
  185
  189
  194
  199
  205
  212
  219
  227
  235
  244
  254
  264
  275
  287
  299
  312
  326
  341
  356
  373
  390
  408
  427
  448
  469
  491
  515
  540
  566
  593
Total equity, $m
  399
  290
  296
  304
  313
  322
  333
  344
  356
  369
  384
  399
  415
  432
  450
  470
  490
  512
  535
  560
  585
  612
  641
  671
  703
  736
  772
  809
  848
  889
  932
Total liabilities and equity, $m
  566
  475
  485
  498
  512
  527
  545
  563
  583
  604
  628
  653
  679
  707
  737
  769
  802
  838
  876
  916
  958
  1,002
  1,049
  1,098
  1,151
  1,205
  1,263
  1,324
  1,388
  1,455
  1,525
Debt-to-equity ratio
  0.005
  0.020
  0.030
  0.040
  0.060
  0.080
  0.100
  0.110
  0.130
  0.150
  0.170
  0.190
  0.200
  0.220
  0.240
  0.250
  0.270
  0.290
  0.300
  0.320
  0.330
  0.340
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
Adjusted equity ratio
  0.600
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  -97
  -101
  -104
  -104
  -103
  -101
  -97
  -91
  -84
  -75
  -64
  -52
  -37
  -21
  -3
  12
  29
  46
  66
  87
  110
  135
  163
  192
  223
  257
  294
  333
  375
  419
Depreciation, amort., depletion, $m
  34
  30
  31
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  97
Funds from operations, $m
  54
  -67
  -70
  -72
  -72
  -70
  -66
  -61
  -54
  -46
  -35
  -23
  -9
  7
  25
  45
  63
  82
  102
  124
  148
  174
  202
  232
  265
  300
  337
  378
  421
  467
  516
Change in working capital, $m
  14
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
Cash from operations, $m
  40
  -87
  -73
  -76
  -76
  -75
  -72
  -67
  -60
  -52
  -42
  -30
  -17
  -1
  16
  36
  53
  71
  90
  112
  135
  160
  188
  217
  249
  283
  320
  359
  401
  447
  495
Maintenance CAPEX, $m
  0
  -30
  -30
  -31
  -32
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
New CAPEX, $m
  -22
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
Cash from investing activities, $m
  -19
  -33
  -33
  -35
  -36
  -37
  -38
  -40
  -42
  -44
  -45
  -48
  -49
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
Free cash flow, $m
  21
  -119
  -107
  -110
  -112
  -112
  -110
  -107
  -102
  -96
  -88
  -78
  -66
  -53
  -38
  -21
  -6
  9
  25
  44
  64
  86
  109
  135
  163
  193
  225
  260
  297
  337
  380
Issuance/(repayment) of debt, $m
  -4
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
Issuance/(repurchase) of shares, $m
  0
  0
  109
  113
  115
  115
  114
  111
  107
  101
  93
  83
  72
  59
  45
  28
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -4
  4
  113
  118
  120
  121
  121
  118
  115
  109
  102
  93
  82
  70
  57
  40
  27
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
Total cash flow (excl. dividends), $m
  16
  -116
  -103
  -105
  -106
  -106
  -104
  -100
  -94
  -87
  -79
  -68
  -56
  -42
  -26
  -9
  7
  23
  40
  59
  80
  103
  128
  154
  183
  214
  248
  284
  322
  363
  408
Retained Cash Flow (-), $m
  23
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
Prev. year cash balance distribution, $m
 
  138
  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
 
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  17
  35
  54
  76
  99
  124
  151
  181
  212
  247
  283
  322
  364
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
 
  16
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  5
  7
  8
  8
  8
  8
  7
  6
  5
  4
  4
  3
Current shareholders' claim on cash, %
  100
  100.0
  77.3
  59.6
  46.0
  35.7
  28.0
  22.2
  17.9
  14.6
  12.2
  10.5
  9.2
  8.2
  7.6
  7.3
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1
  7.1

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 -34.1
Price to Sales 0.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 30.3
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 $1091 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 37.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $774 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 11.1% 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 13.5%.

Life of production assets of 4.2 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 12.9%. 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 - $422 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 $0.5 billion.


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COMPANY NEWS

▶ 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]
▶ Why Crocs Inc. Stock Lost 24% Last Month   [Sep-03-16 08:03AM  at Motley Fool]
▶ 6 Companies That Destroyed Shareholders Last Week   [Aug-07-16 10:15AM  at 24/7 Wall St.]
▶ The Top 4 Stocks Getting Hammered by Earnings   [12:35PM  at 24/7 Wall St.]
Stock chart of CROX Financial statements of CROX Annual reports 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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