Intrinsic value of Dillard's - DDS

Previous Close

$59.41

  Intrinsic Value

$99.83

stock screener

  Rating & Target

str. buy

+68%

  Value-price divergence*

-27%

Previous close

$59.41

 
Intrinsic value

$99.83

 
Up/down potential

+68%

 
Rating

str. buy

 
Value-price divergence*

-27%

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

We calculate the intrinsic value of DDS 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 2017), $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 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.99
  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
  6,418
  6,546
  6,697
  6,869
  7,062
  7,276
  7,511
  7,767
  8,044
  8,342
  8,662
  9,005
  9,370
  9,760
  10,173
  10,612
  11,077
  11,569
  12,090
  12,640
  13,221
  13,834
  14,480
  15,161
  15,879
  16,635
  17,431
  18,268
  19,150
  20,077
  21,053
Variable operating expenses, $m
 
  3,869
  3,958
  4,060
  4,174
  4,300
  4,439
  4,590
  4,754
  4,930
  5,120
  5,322
  5,538
  5,768
  6,012
  6,272
  6,547
  6,837
  7,145
  7,470
  7,813
  8,176
  8,558
  8,960
  9,384
  9,831
  10,301
  10,797
  11,318
  11,866
  12,442
Fixed operating expenses, $m
 
  2,428
  2,489
  2,551
  2,615
  2,680
  2,747
  2,816
  2,886
  2,959
  3,033
  3,108
  3,186
  3,266
  3,347
  3,431
  3,517
  3,605
  3,695
  3,787
  3,882
  3,979
  4,078
  4,180
  4,285
  4,392
  4,502
  4,614
  4,730
  4,848
  4,969
Total operating expenses, $m
  6,101
  6,297
  6,447
  6,611
  6,789
  6,980
  7,186
  7,406
  7,640
  7,889
  8,153
  8,430
  8,724
  9,034
  9,359
  9,703
  10,064
  10,442
  10,840
  11,257
  11,695
  12,155
  12,636
  13,140
  13,669
  14,223
  14,803
  15,411
  16,048
  16,714
  17,411
Operating income, $m
  317
  249
  250
  258
  274
  296
  325
  361
  404
  453
  510
  575
  646
  726
  813
  909
  1,014
  1,127
  1,250
  1,383
  1,525
  1,679
  1,844
  2,020
  2,210
  2,412
  2,627
  2,857
  3,103
  3,364
  3,641
EBITDA, $m
  563
  500
  507
  521
  544
  574
  612
  658
  712
  773
  842
  920
  1,005
  1,100
  1,203
  1,316
  1,438
  1,570
  1,713
  1,867
  2,032
  2,209
  2,398
  2,601
  2,818
  3,049
  3,295
  3,557
  3,836
  4,132
  4,448
Interest expense (income), $m
  62
  55
  58
  62
  66
  71
  76
  82
  88
  95
  102
  110
  118
  127
  136
  146
  157
  168
  180
  193
  206
  221
  235
  251
  268
  285
  304
  323
  343
  365
  387
Earnings before tax, $m
  258
  194
  192
  197
  208
  225
  249
  279
  316
  359
  409
  465
  529
  599
  677
  763
  857
  959
  1,070
  1,190
  1,319
  1,458
  1,608
  1,769
  1,942
  2,126
  2,324
  2,534
  2,759
  2,999
  3,254
Tax expense, $m
  89
  52
  52
  53
  56
  61
  67
  75
  85
  97
  110
  126
  143
  162
  183
  206
  231
  259
  289
  321
  356
  394
  434
  478
  524
  574
  627
  684
  745
  810
  879
Net income, $m
  169
  142
  140
  143
  152
  164
  182
  204
  231
  262
  298
  340
  386
  437
  494
  557
  625
  700
  781
  868
  963
  1,065
  1,174
  1,292
  1,418
  1,552
  1,696
  1,850
  2,014
  2,189
  2,375

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  347
  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
  3,888
  3,613
  3,696
  3,791
  3,897
  4,016
  4,145
  4,286
  4,439
  4,604
  4,781
  4,970
  5,171
  5,386
  5,614
  5,857
  6,113
  6,385
  6,672
  6,976
  7,296
  7,634
  7,991
  8,367
  8,763
  9,180
  9,620
  10,082
  10,568
  11,080
  11,619
Adjusted assets (=assets-cash), $m
  3,541
  3,613
  3,696
  3,791
  3,897
  4,016
  4,145
  4,286
  4,439
  4,604
  4,781
  4,970
  5,171
  5,386
  5,614
  5,857
  6,113
  6,385
  6,672
  6,976
  7,296
  7,634
  7,991
  8,367
  8,763
  9,180
  9,620
  10,082
  10,568
  11,080
  11,619
Revenue / Adjusted assets
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
  1.812
Average production assets, $m
  1,866
  1,905
  1,949
  1,999
  2,055
  2,117
  2,186
  2,260
  2,341
  2,428
  2,521
  2,620
  2,727
  2,840
  2,960
  3,088
  3,223
  3,367
  3,518
  3,678
  3,847
  4,026
  4,214
  4,412
  4,621
  4,841
  5,072
  5,316
  5,573
  5,843
  6,126
Working capital, $m
  861
  615
  630
  646
  664
  684
  706
  730
  756
  784
  814
  846
  881
  917
  956
  998
  1,041
  1,088
  1,136
  1,188
  1,243
  1,300
  1,361
  1,425
  1,493
  1,564
  1,638
  1,717
  1,800
  1,887
  1,979
Total debt, $m
  821
  774
  823
  879
  942
  1,011
  1,087
  1,170
  1,260
  1,357
  1,461
  1,572
  1,691
  1,817
  1,951
  2,094
  2,245
  2,404
  2,573
  2,752
  2,940
  3,139
  3,349
  3,570
  3,803
  4,048
  4,306
  4,578
  4,864
  5,165
  5,482
Total liabilities, $m
  2,171
  2,124
  2,173
  2,229
  2,292
  2,361
  2,437
  2,520
  2,610
  2,707
  2,811
  2,922
  3,041
  3,167
  3,301
  3,444
  3,595
  3,754
  3,923
  4,102
  4,290
  4,489
  4,699
  4,920
  5,153
  5,398
  5,656
  5,928
  6,214
  6,515
  6,832
Total equity, $m
  1,717
  1,488
  1,523
  1,562
  1,606
  1,654
  1,708
  1,766
  1,829
  1,897
  1,970
  2,047
  2,131
  2,219
  2,313
  2,413
  2,519
  2,631
  2,749
  2,874
  3,006
  3,145
  3,292
  3,447
  3,610
  3,782
  3,963
  4,154
  4,354
  4,565
  4,787
Total liabilities and equity, $m
  3,888
  3,612
  3,696
  3,791
  3,898
  4,015
  4,145
  4,286
  4,439
  4,604
  4,781
  4,969
  5,172
  5,386
  5,614
  5,857
  6,114
  6,385
  6,672
  6,976
  7,296
  7,634
  7,991
  8,367
  8,763
  9,180
  9,619
  10,082
  10,568
  11,080
  11,619
Debt-to-equity ratio
  0.478
  0.520
  0.540
  0.560
  0.590
  0.610
  0.640
  0.660
  0.690
  0.720
  0.740
  0.770
  0.790
  0.820
  0.840
  0.870
  0.890
  0.910
  0.940
  0.960
  0.980
  1.000
  1.020
  1.040
  1.050
  1.070
  1.090
  1.100
  1.120
  1.130
  1.150
Adjusted equity ratio
  0.387
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  169
  142
  140
  143
  152
  164
  182
  204
  231
  262
  298
  340
  386
  437
  494
  557
  625
  700
  781
  868
  963
  1,065
  1,174
  1,292
  1,418
  1,552
  1,696
  1,850
  2,014
  2,189
  2,375
Depreciation, amort., depletion, $m
  246
  251
  256
  263
  270
  279
  288
  297
  308
  319
  332
  345
  359
  374
  390
  406
  424
  443
  463
  484
  506
  530
  554
  581
  608
  637
  667
  699
  733
  769
  806
Funds from operations, $m
  647
  393
  397
  406
  422
  443
  469
  501
  539
  581
  630
  684
  745
  811
  884
  963
  1,050
  1,143
  1,244
  1,352
  1,469
  1,594
  1,729
  1,872
  2,026
  2,189
  2,364
  2,550
  2,747
  2,958
  3,182
Change in working capital, $m
  130
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
Cash from operations, $m
  517
  381
  382
  390
  404
  423
  447
  477
  513
  553
  600
  652
  710
  775
  845
  922
  1,006
  1,097
  1,195
  1,301
  1,415
  1,537
  1,668
  1,808
  1,958
  2,118
  2,289
  2,471
  2,665
  2,871
  3,090
Maintenance CAPEX, $m
  0
  -245
  -251
  -256
  -263
  -270
  -279
  -288
  -297
  -308
  -319
  -332
  -345
  -359
  -374
  -390
  -406
  -424
  -443
  -463
  -484
  -506
  -530
  -554
  -581
  -608
  -637
  -667
  -699
  -733
  -769
New CAPEX, $m
  -105
  -39
  -44
  -50
  -56
  -62
  -68
  -74
  -81
  -87
  -93
  -100
  -106
  -113
  -120
  -128
  -135
  -143
  -151
  -160
  -169
  -178
  -188
  -198
  -209
  -220
  -232
  -244
  -257
  -270
  -284
Cash from investing activities, $m
  -120
  -284
  -295
  -306
  -319
  -332
  -347
  -362
  -378
  -395
  -412
  -432
  -451
  -472
  -494
  -518
  -541
  -567
  -594
  -623
  -653
  -684
  -718
  -752
  -790
  -828
  -869
  -911
  -956
  -1,003
  -1,053
Free cash flow, $m
  397
  96
  88
  84
  85
  90
  100
  115
  135
  159
  187
  221
  259
  302
  351
  405
  464
  529
  600
  678
  762
  852
  950
  1,055
  1,169
  1,290
  1,420
  1,560
  1,709
  1,868
  2,037
Issuance/(repayment) of debt, $m
  -3
  43
  49
  56
  63
  69
  76
  83
  90
  97
  104
  111
  119
  126
  134
  142
  151
  160
  169
  178
  188
  199
  210
  221
  233
  245
  258
  272
  286
  301
  317
Issuance/(repurchase) of shares, $m
  -240
  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  
  -243
  43
  49
  56
  63
  69
  76
  83
  90
  97
  104
  111
  119
  126
  134
  142
  151
  160
  169
  178
  188
  199
  210
  221
  233
  245
  258
  272
  286
  301
  317
Total cash flow (excl. dividends), $m
  154
  139
  137
  140
  147
  160
  177
  198
  224
  255
  291
  332
  378
  429
  485
  547
  615
  689
  769
  856
  950
  1,051
  1,160
  1,276
  1,402
  1,535
  1,679
  1,832
  1,995
  2,169
  2,354
Retained Cash Flow (-), $m
  78
  -28
  -34
  -39
  -44
  -49
  -53
  -58
  -63
  -68
  -73
  -78
  -83
  -88
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -211
  -222
Prev. year cash balance distribution, $m
 
  257
  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
 
  367
  103
  101
  103
  111
  123
  140
  161
  188
  218
  254
  295
  340
  391
  447
  509
  577
  651
  731
  818
  912
  1,013
  1,122
  1,238
  1,364
  1,498
  1,641
  1,794
  1,958
  2,132
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
 
  352
  94
  87
  85
  86
  89
  95
  101
  108
  115
  121
  126
  129
  131
  131
  129
  126
  120
  113
  104
  94
  84
  74
  63
  53
  44
  35
  28
  21
  16
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

Dillard's, Inc. is a retailer of fashion apparel, cosmetics and home furnishing. As of January 28, 2017, the Company operated 293 Dillard's stores, including 25 clearance centers, and an Internet store offering a selection of merchandise, including fashion apparel for women, men and children, accessories, cosmetics, home furnishings and other consumer goods. The Company's segments include the Retail operations segment and the Construction segment. The Retail operations segment includes the operation of the Company's retail department stores. The Construction segment includes the operations of CDI Contractors, LLC (CDI), a general contracting construction company. CDI's business includes constructing and remodeling stores for the Company. As of January 28, 2017, the Company operated retail department stores in 29 states, primarily in the southwest, southeast and midwest regions of the United States.

FINANCIAL RATIOS  of  Dillard's (DDS)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 0.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow 4.6
Growth Rates
Sales Growth Rate -5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.7%
Cap. Spend. - 3 Yr. Gr. Rate 2%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 42.6%
Total Debt to Equity 47.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.4%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 35.9%
EBITDA Margin 8.8%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 34.5%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 5.9%

DDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DDS stock intrinsic value calculation we used $6418 million for the last fiscal year's total revenue generated by Dillard's. The default revenue input number comes from 2017 income statement of Dillard's. 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 DDS 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 DDS is calculated based on our internal credit rating of Dillard's, 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 Dillard's.
    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 DDS stock the variable cost ratio is equal to 59.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2369 million in the base year in the intrinsic value calculation for DDS 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 7.5% for Dillard's.

Corporate tax rate of 27% is the nominal tax rate for Dillard's. 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 DDS 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 DDS are equal to 29.1%.

Life of production assets of 7.6 years is the average useful life of capital assets used in Dillard's 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 DDS is equal to 9.4%. 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 - $1717 million for Dillard's - 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 29.952 million for Dillard's 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 Dillard's at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
M Macy's 22.58 43.50  str.buy
SSI Stage Stores 1.90 49.62  str.buy
JWN Nordstrom 46.74 34.27  sell
JCP J.C. Penney 4.21 1.07  str.sell
KSS Kohl's 45.13 46.56  hold

COMPANY NEWS

▶ ETFs with exposure to Dillards, Inc. : September 18, 2017   [Sep-18-17 05:42PM  Capital Cube]
▶ After-hours buzz: JWN, M, HD & more   [Sep-12-17 05:16PM  CNBC]
▶ ETFs with exposure to Dillards, Inc. : September 7, 2017   [Sep-07-17 12:57PM  Capital Cube]
▶ Usual Suspects Among Hottest Stocks To Short   [Aug-22-17 02:05PM  Benzinga]
▶ Dillard's raises dividend to 10 cents a share   [Aug-17-17 05:08PM  MarketWatch]
▶ Dillard's Rally Didn't Last Long   [Aug-15-17 11:10AM  TheStreet.com]
▶ Why NVIDIA, Dillard's, and Fossil Group Slumped Today   [Aug-11-17 04:40PM  Motley Fool]
▶ [$$] Why Department Stores Remain on the Down Escalator   [12:46AM  The Wall Street Journal]
▶ Dillard's reports 2Q loss   [Aug-10-17 11:51PM  Associated Press]
▶ Macy's tops Street 2Q forecasts   [11:51PM  Associated Press]
▶ Macy's tops Street 2Q forecasts   [06:51PM  Associated Press]
▶ What Happened in the Stock Market Today   [04:59PM  Motley Fool]
▶ [$$] Why Department Stores Remain on the Down Escalator   [04:34PM  The Wall Street Journal]
▶ Why Department Store Stocks Tumbled Today   [03:36PM  Motley Fool]
▶ Macys vs. Dillards: Who did worse?   [12:15PM  American City Business Journals]
▶ Dillard's shares fall after earnings miss   [07:48AM  MarketWatch]
▶ Dillard's reports 2Q loss   [07:37AM  Associated Press]
▶ Dillards, Inc. to Report Second Quarter Results   [Aug-09-17 05:19PM  Business Wire]
▶ Activist Investors Are Now Shopping at Department Stores   [Aug-05-17 03:16PM  Motley Fool]
▶ As Buyout Looks Less Likely, Nordstrom Shares Stumble   [Aug-02-17 04:06PM  Investor's Business Daily]
▶ Why Dillard's Is Being Targeted by Snow Park   [Jul-31-17 03:13PM  Bloomberg Video]
▶ Dillard's Stock Is Soaring: Stay Far Away   [07:10AM  Motley Fool]
▶ ETFs with exposure to Dillards, Inc. : July 28, 2017   [Jul-28-17 04:27PM  Capital Cube]
▶ ETFs with exposure to Dillards, Inc. : July 18, 2017   [Jul-18-17 01:51PM  Capital Cube]
▶ ETFs with exposure to Dillards, Inc. : July 7, 2017   [Jul-07-17 02:49PM  Capital Cube]
▶ Department Store Stocks Arent Dead Yet   [08:26AM  Motley Fool]
▶ Mall Anchors Headed Back to Downtrend Lows   [Jun-07-17 11:48AM  Investopedia]
▶ Retail ice age: See where Michael Kors could be closing stores   [May-31-17 02:25PM  American City Business Journals]
▶ Dillards, Inc. Announces $0.07 Cash Dividend   [May-22-17 04:15PM  Business Wire]
▶ Dillards, Inc. Hosts Annual Meeting of Shareholders   [May-20-17 02:00PM  Business Wire]
▶ Why Is J.C. Penney Up Today?   [May-16-17 02:50PM  Barrons.com]
▶ The Day Retail Died: Contagion   [May-15-17 06:00AM  Investopedia]
▶ Nasdaq Ends Record-Breaking Streak; Snap Sinks Wall Street   [May-11-17 04:14PM  TheStreet.com]
▶ Dillard's beats 1Q profit forecasts   [07:34AM  Associated Press]
▶ Dillards, Inc. Reports First Quarter Results   [07:30AM  Business Wire]
▶ Dillards, Inc. to Report First Quarter Results   [May-10-17 04:15PM  Business Wire]
▶ Brick & Mortar Could Pummel Short Sellers   [May-08-17 12:47PM  Investopedia]
▶ Dillards, Inc. Value Analysis (NYSE:DDS) : April 21, 2017   [Apr-21-17 03:26PM  Capital Cube]
▶ ETFs with exposure to Dillards, Inc. : April 19, 2017   [Apr-19-17 02:18PM  Capital Cube]
Financial statements of DDS
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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