Intrinsic value of Duluth Holdings Cl B - DLTH

Previous Close

$19.57

  Intrinsic Value

$19.78

stock screener

  Rating & Target

hold

+1%

  Value-price divergence*

-4%

Previous close

$19.57

 
Intrinsic value

$19.78

 
Up/down potential

+1%

 
Rating

hold

 
Value-price divergence*

-4%

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

We calculate the intrinsic value of DLTH 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 0.6

 

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, %
  23.68
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
Revenue, $m
  376
  465
  567
  681
  808
  947
  1,099
  1,263
  1,439
  1,627
  1,826
  2,037
  2,258
  2,490
  2,733
  2,987
  3,251
  3,527
  3,813
  4,111
  4,420
  4,741
  5,075
  5,423
  5,784
  6,159
  6,550
  6,956
  7,380
  7,821
  8,281
Variable operating expenses, $m
 
  420
  512
  615
  730
  856
  994
  1,142
  1,301
  1,471
  1,651
  1,841
  2,041
  2,251
  2,471
  2,700
  2,939
  3,188
  3,447
  3,716
  3,996
  4,286
  4,588
  4,902
  5,228
  5,568
  5,921
  6,289
  6,671
  7,070
  7,486
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
  341
  420
  512
  615
  730
  856
  994
  1,142
  1,301
  1,471
  1,651
  1,841
  2,041
  2,251
  2,471
  2,700
  2,939
  3,188
  3,447
  3,716
  3,996
  4,286
  4,588
  4,902
  5,228
  5,568
  5,921
  6,289
  6,671
  7,070
  7,486
Operating income, $m
  35
  45
  54
  65
  78
  91
  106
  121
  138
  156
  175
  196
  217
  239
  262
  287
  312
  339
  366
  395
  424
  455
  487
  521
  555
  591
  629
  668
  708
  751
  795
EBITDA, $m
  40
  51
  62
  74
  88
  104
  120
  138
  157
  178
  200
  223
  247
  272
  299
  326
  355
  385
  417
  449
  483
  518
  555
  593
  632
  673
  716
  760
  807
  855
  905
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  29
  31
Earnings before tax, $m
  35
  45
  54
  64
  76
  89
  103
  118
  134
  152
  170
  190
  210
  231
  254
  277
  301
  327
  353
  380
  409
  439
  469
  501
  534
  569
  605
  642
  681
  722
  764
Tax expense, $m
  13
  12
  15
  17
  21
  24
  28
  32
  36
  41
  46
  51
  57
  62
  68
  75
  81
  88
  95
  103
  110
  118
  127
  135
  144
  154
  163
  173
  184
  195
  206
Net income, $m
  21
  33
  39
  47
  56
  65
  75
  86
  98
  111
  124
  138
  153
  169
  185
  202
  220
  238
  258
  278
  299
  320
  343
  366
  390
  415
  442
  469
  497
  527
  558

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  24
  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
  156
  163
  199
  239
  284
  333
  386
  444
  505
  571
  641
  715
  793
  874
  960
  1,049
  1,142
  1,238
  1,339
  1,443
  1,552
  1,665
  1,782
  1,904
  2,031
  2,163
  2,300
  2,443
  2,591
  2,746
  2,908
Adjusted assets (=assets-cash), $m
  132
  163
  199
  239
  284
  333
  386
  444
  505
  571
  641
  715
  793
  874
  960
  1,049
  1,142
  1,238
  1,339
  1,443
  1,552
  1,665
  1,782
  1,904
  2,031
  2,163
  2,300
  2,443
  2,591
  2,746
  2,908
Revenue / Adjusted assets
  2.848
  2.853
  2.849
  2.849
  2.845
  2.844
  2.847
  2.845
  2.850
  2.849
  2.849
  2.849
  2.847
  2.849
  2.847
  2.847
  2.847
  2.849
  2.848
  2.849
  2.848
  2.847
  2.848
  2.848
  2.848
  2.847
  2.848
  2.847
  2.848
  2.848
  2.848
Average production assets, $m
  37
  45
  55
  66
  78
  92
  107
  123
  140
  158
  177
  198
  219
  242
  265
  290
  315
  342
  370
  399
  429
  460
  492
  526
  561
  597
  635
  675
  716
  759
  803
Working capital, $m
  66
  53
  65
  78
  92
  108
  125
  144
  164
  186
  208
  232
  257
  284
  312
  341
  371
  402
  435
  469
  504
  541
  579
  618
  659
  702
  747
  793
  841
  892
  944
Total debt, $m
  4
  13
  25
  39
  53
  70
  88
  107
  127
  149
  173
  197
  223
  250
  279
  308
  339
  371
  405
  440
  476
  513
  552
  593
  635
  679
  725
  772
  822
  873
  927
Total liabilities, $m
  45
  54
  66
  80
  94
  111
  129
  148
  168
  190
  214
  238
  264
  291
  320
  349
  380
  412
  446
  481
  517
  554
  593
  634
  676
  720
  766
  813
  863
  914
  968
Total equity, $m
  111
  109
  133
  159
  189
  222
  257
  296
  337
  381
  428
  477
  529
  583
  640
  700
  761
  826
  893
  963
  1,035
  1,110
  1,189
  1,270
  1,355
  1,442
  1,534
  1,629
  1,728
  1,832
  1,939
Total liabilities and equity, $m
  156
  163
  199
  239
  283
  333
  386
  444
  505
  571
  642
  715
  793
  874
  960
  1,049
  1,141
  1,238
  1,339
  1,444
  1,552
  1,664
  1,782
  1,904
  2,031
  2,162
  2,300
  2,442
  2,591
  2,746
  2,907
Debt-to-equity ratio
  0.036
  0.120
  0.190
  0.240
  0.280
  0.310
  0.340
  0.360
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
Adjusted equity ratio
  0.659
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667
  0.667

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  33
  39
  47
  56
  65
  75
  86
  98
  111
  124
  138
  153
  169
  185
  202
  220
  238
  258
  278
  299
  320
  343
  366
  390
  415
  442
  469
  497
  527
  558
Depreciation, amort., depletion, $m
  5
  6
  8
  9
  11
  13
  15
  17
  19
  22
  24
  27
  30
  33
  36
  40
  43
  47
  51
  55
  59
  63
  67
  72
  77
  82
  87
  92
  98
  104
  110
Funds from operations, $m
  11
  39
  47
  56
  66
  78
  90
  103
  117
  132
  148
  165
  183
  202
  221
  242
  263
  285
  308
  332
  357
  383
  410
  438
  467
  497
  529
  561
  596
  631
  668
Change in working capital, $m
  -9
  10
  12
  13
  14
  16
  17
  19
  20
  21
  23
  24
  25
  26
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
Cash from operations, $m
  20
  29
  35
  43
  52
  62
  73
  84
  97
  111
  126
  141
  158
  175
  194
  213
  233
  254
  276
  298
  322
  346
  372
  398
  426
  454
  484
  515
  547
  581
  616
Maintenance CAPEX, $m
  0
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
New CAPEX, $m
  -29
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
Cash from investing activities, $m
  -30
  -14
  -16
  -19
  -21
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -149
Free cash flow, $m
  -10
  15
  19
  24
  31
  37
  45
  54
  63
  74
  85
  97
  109
  123
  137
  152
  168
  184
  201
  219
  237
  257
  277
  297
  319
  341
  364
  389
  414
  440
  467
Issuance/(repayment) of debt, $m
  -4
  10
  12
  13
  15
  16
  18
  19
  21
  22
  23
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -4
  10
  12
  13
  15
  16
  18
  19
  21
  22
  23
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
Total cash flow (excl. dividends), $m
  -14
  25
  31
  38
  45
  54
  63
  73
  84
  96
  108
  121
  135
  150
  166
  182
  199
  216
  235
  254
  274
  294
  316
  338
  361
  385
  410
  436
  463
  491
  521
Retained Cash Flow (-), $m
  -22
  -21
  -24
  -27
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -108
Prev. year cash balance distribution, $m
 
  23
  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
 
  27
  7
  11
  16
  21
  27
  35
  43
  52
  61
  72
  83
  96
  109
  122
  137
  152
  168
  184
  201
  219
  237
  257
  276
  297
  319
  341
  364
  388
  413
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
 
  26
  7
  10
  13
  16
  20
  23
  27
  30
  32
  34
  36
  36
  36
  36
  35
  33
  31
  28
  26
  23
  20
  17
  14
  12
  9
  7
  6
  4
  3
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

Duluth Holdings Inc. is a lifestyle brand of men's and women's casual wear, workwear and accessories. The Company offers a line of functional products, such as its Longtail T shirts, Buck Naked underwear and Fire Hose work pants. The Company's segments include direct and retail. The direct segment includes revenues from the Company's Website and catalogs. The retail segment includes revenues from the Company's retail and outlet stores. The Company offers its products under the Duluth Trading brand. The Company's Website, www.duluthtrading.com, serves as a storefront for its product assortment. As of January 29, 2017, the Company operated 14 retail stores and two outlet stores. The Company's stores range in size from approximately 6,000 to 14,000 selling square feet. The Company's products also include Ballroom jeans, Duluthflex clothing, Armachillo shirts, Dry on the Fly pants, Armachillo underwear and No-Yank Tank.

FINANCIAL RATIOS  of  Duluth Holdings Cl B (DLTH)

Valuation Ratios
P/E Ratio 30.2
Price to Sales 1.7
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 31.7
Price to Free Cash Flow -70.4
Growth Rates
Sales Growth Rate 23.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 314.3%
Cap. Spend. - 3 Yr. Gr. Rate 48.6%
Financial Strength
Quick Ratio 24
Current Ratio 0.1
LT Debt to Equity 2.7%
Total Debt to Equity 3.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 15.2%
Ret/ On Assets - 3 Yr. Avg. 27.1%
Return On Total Capital 20.1%
Ret/ On T. Cap. - 3 Yr. Avg. 40.4%
Return On Equity 21%
Return On Equity - 3 Yr. Avg. 45.2%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 56.9%
Gross Margin - 3 Yr. Avg. 56.9%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 9.3%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 9.7%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 37.1%
Eff/ Tax Rate - 3 Yr. Avg. 13.5%
Payout Ratio 0%

DLTH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DLTH stock intrinsic value calculation we used $376 million for the last fiscal year's total revenue generated by Duluth Holdings Cl B. The default revenue input number comes from 2017 income statement of Duluth Holdings Cl B. 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 DLTH stock valuation model: a) initial revenue growth rate of 23.7% 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 DLTH is calculated based on our internal credit rating of Duluth Holdings Cl B, 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 Duluth Holdings Cl B.
    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 DLTH stock the variable cost ratio is equal to 90.4%.

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 DLTH 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 3.5% for Duluth Holdings Cl B.

Corporate tax rate of 27% is the nominal tax rate for Duluth Holdings Cl B. 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 DLTH 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 DLTH are equal to 9.7%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Duluth Holdings Cl B 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 DLTH is equal to 11.4%. 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 - $111 million for Duluth Holdings Cl B - 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 33.147 million for Duluth Holdings Cl B 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 Duluth Holdings Cl B at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ New Strong Buy Stocks for October 19th   [Oct-19-17 09:19AM  Zacks]
▶ New Strong Buy Stocks for October 17th   [Oct-17-17 09:38AM  Zacks]
▶ Duluth Holdings' Remarkable Retail Success in 4 Charts   [Oct-08-17 08:17AM  Motley Fool]
▶ Duluth Holdings Proves Retail Growth Isn't Dead   [Sep-25-17 08:47PM  Motley Fool]
▶ What Investors Might Have Missed in the Market Last Week   [Sep-11-17 01:58PM  Motley Fool]
▶ Here's when Duluth Trading Co. will open in downtown Louisville   [Sep-08-17 02:20PM  American City Business Journals]
▶ Duluth Holdings Up on Earnings Beat   [Sep-06-17 07:25PM  GuruFocus.com]
▶ Why Duluth Holdings Jumped Today   [11:23AM  Motley Fool]
▶ Duluth Holdings beats Street 2Q forecasts   [Sep-05-17 09:18PM  Associated Press]
▶ Duluth Trading Co. completes renovation of flagship store near future HQ   [Aug-25-17 03:30PM  American City Business Journals]
▶ 5 Top Stocks for July   [Jul-11-17 06:00AM  Motley Fool]
▶ 3 Stocks That Have Lost Over 30% So Far in 2017   [Jun-20-17 12:43PM  Motley Fool]
▶ 2 Top Stocks to Buy Before They Rebound   [Jun-14-17 01:02PM  Motley Fool]
▶ Why Are Duluth Holdings Investors Throwing in the Towel?   [Jun-13-17 11:12AM  Motley Fool]
▶ Story Stocks from Briefing.com   [10:10AM  Briefing.com]
▶ Duluth Holdings misses 1Q profit forecasts   [Jun-06-17 04:47PM  Associated Press]
▶ Get a sneak peek inside Cincinnatis first Duluth Trading Co. store: PHOTOS (Video)   [May-18-17 03:20PM  American City Business Journals]
▶ Duluth Holdings' Winning Retail Story in 4 Charts   [Apr-05-17 08:05PM  Motley Fool]
▶ Story Stocks from Briefing.com   [Apr-03-17 12:22PM  Briefing.com]
▶ 2 Phenomenal Stocks You've Never Heard Of   [10:16AM  Motley Fool]
▶ Company News for March 23, 2017   [10:10AM  Zacks]
▶ Here's Why Duluth Holdings Inc Is Soaring   [11:43AM  at Motley Fool]
▶ 3 Things to Watch When Duluth Holdings Inc Reports Earnings   [Mar-18-17 11:00AM  at Motley Fool]
Financial statements of DLTH
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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