Intrinsic value of Duluth Holdings Cl B - DLTH

Previous Close

$15.73

  Intrinsic Value

$25.77

stock screener

  Rating & Target

str. buy

+64%

Previous close

$15.73

 
Intrinsic value

$25.77

 
Up/down potential

+64%

 
Rating

str. buy

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 0.5

 

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
  30.30
  27.77
  25.49
  23.44
  21.60
  19.94
  18.45
  17.10
  15.89
  14.80
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
Revenue, $m
  376
  490
  626
  786
  970
  1,179
  1,414
  1,675
  1,962
  2,273
  2,610
  2,971
  3,355
  3,762
  4,193
  4,645
  5,119
  5,615
  6,133
  6,672
  7,234
  7,818
  8,425
  9,056
  9,712
  10,394
  11,102
  11,839
  12,605
  13,402
  14,232
Variable operating expenses, $m
 
  443
  566
  710
  877
  1,066
  1,279
  1,514
  1,773
  2,055
  2,359
  2,685
  3,033
  3,401
  3,790
  4,199
  4,628
  5,076
  5,544
  6,032
  6,539
  7,067
  7,616
  8,187
  8,780
  9,396
  10,037
  10,702
  11,395
  12,116
  12,866
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
  443
  566
  710
  877
  1,066
  1,279
  1,514
  1,773
  2,055
  2,359
  2,685
  3,033
  3,401
  3,790
  4,199
  4,628
  5,076
  5,544
  6,032
  6,539
  7,067
  7,616
  8,187
  8,780
  9,396
  10,037
  10,702
  11,395
  12,116
  12,866
Operating income, $m
  35
  47
  60
  75
  93
  113
  136
  161
  188
  218
  251
  285
  322
  361
  402
  446
  491
  539
  589
  641
  694
  751
  809
  869
  932
  998
  1,066
  1,137
  1,210
  1,287
  1,366
EBITDA, $m
  40
  54
  68
  86
  106
  129
  155
  183
  214
  248
  285
  325
  367
  411
  458
  508
  559
  614
  670
  729
  791
  854
  921
  990
  1,061
  1,136
  1,213
  1,294
  1,378
  1,465
  1,555
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  3
  4
  5
  7
  8
  9
  11
  12
  14
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
Earnings before tax, $m
  35
  47
  60
  74
  91
  111
  132
  156
  183
  212
  243
  276
  311
  349
  389
  430
  474
  520
  567
  617
  669
  722
  778
  836
  897
  960
  1,025
  1,093
  1,163
  1,236
  1,313
Tax expense, $m
  13
  13
  16
  20
  25
  30
  36
  42
  49
  57
  66
  75
  84
  94
  105
  116
  128
  140
  153
  167
  181
  195
  210
  226
  242
  259
  277
  295
  314
  334
  354
Net income, $m
  21
  34
  43
  54
  67
  81
  97
  114
  134
  155
  177
  201
  227
  255
  284
  314
  346
  379
  414
  450
  488
  527
  568
  611
  655
  700
  748
  798
  849
  903
  958

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
  172
  220
  276
  340
  414
  497
  588
  689
  798
  916
  1,043
  1,178
  1,321
  1,472
  1,631
  1,797
  1,972
  2,153
  2,343
  2,540
  2,745
  2,958
  3,180
  3,410
  3,650
  3,898
  4,157
  4,426
  4,706
  4,997
Adjusted assets (=assets-cash), $m
  132
  172
  220
  276
  340
  414
  497
  588
  689
  798
  916
  1,043
  1,178
  1,321
  1,472
  1,631
  1,797
  1,972
  2,153
  2,343
  2,540
  2,745
  2,958
  3,180
  3,410
  3,650
  3,898
  4,157
  4,426
  4,706
  4,997
Revenue / Adjusted assets
  2.848
  2.849
  2.845
  2.848
  2.853
  2.848
  2.845
  2.849
  2.848
  2.848
  2.849
  2.849
  2.848
  2.848
  2.849
  2.848
  2.849
  2.847
  2.849
  2.848
  2.848
  2.848
  2.848
  2.848
  2.848
  2.848
  2.848
  2.848
  2.848
  2.848
  2.848
Average production assets, $m
  37
  48
  61
  76
  94
  114
  137
  162
  190
  221
  253
  288
  325
  365
  407
  451
  497
  545
  595
  647
  702
  758
  817
  878
  942
  1,008
  1,077
  1,148
  1,223
  1,300
  1,381
Working capital, $m
  66
  56
  71
  90
  111
  134
  161
  191
  224
  259
  298
  339
  382
  429
  478
  530
  584
  640
  699
  761
  825
  891
  960
  1,032
  1,107
  1,185
  1,266
  1,350
  1,437
  1,528
  1,622
Total debt, $m
  4
  16
  32
  51
  72
  97
  124
  155
  188
  225
  264
  306
  351
  399
  449
  502
  558
  616
  676
  739
  805
  873
  944
  1,018
  1,095
  1,174
  1,257
  1,343
  1,433
  1,526
  1,623
Total liabilities, $m
  45
  57
  73
  92
  113
  138
  165
  196
  229
  266
  305
  347
  392
  440
  490
  543
  599
  657
  717
  780
  846
  914
  985
  1,059
  1,136
  1,215
  1,298
  1,384
  1,474
  1,567
  1,664
Total equity, $m
  111
  115
  147
  184
  227
  276
  331
  392
  459
  532
  611
  696
  786
  881
  982
  1,088
  1,199
  1,315
  1,436
  1,563
  1,694
  1,831
  1,973
  2,121
  2,275
  2,434
  2,600
  2,773
  2,952
  3,139
  3,333
Total liabilities and equity, $m
  156
  172
  220
  276
  340
  414
  496
  588
  688
  798
  916
  1,043
  1,178
  1,321
  1,472
  1,631
  1,798
  1,972
  2,153
  2,343
  2,540
  2,745
  2,958
  3,180
  3,411
  3,649
  3,898
  4,157
  4,426
  4,706
  4,997
Debt-to-equity ratio
  0.036
  0.140
  0.220
  0.280
  0.320
  0.350
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.450
  0.450
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
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
  34
  43
  54
  67
  81
  97
  114
  134
  155
  177
  201
  227
  255
  284
  314
  346
  379
  414
  450
  488
  527
  568
  611
  655
  700
  748
  798
  849
  903
  958
Depreciation, amort., depletion, $m
  5
  7
  8
  10
  13
  16
  19
  22
  26
  30
  35
  39
  45
  50
  56
  62
  68
  75
  81
  89
  96
  104
  112
  120
  129
  138
  148
  157
  167
  178
  189
Funds from operations, $m
  11
  41
  52
  65
  80
  96
  115
  136
  160
  185
  212
  241
  272
  305
  339
  376
  414
  454
  496
  539
  584
  631
  680
  731
  784
  839
  896
  955
  1,017
  1,081
  1,148
Change in working capital, $m
  -9
  13
  16
  18
  21
  24
  27
  30
  33
  36
  38
  41
  44
  46
  49
  52
  54
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
Cash from operations, $m
  20
  28
  36
  46
  59
  73
  89
  107
  127
  149
  173
  200
  228
  258
  290
  324
  360
  397
  437
  477
  520
  565
  611
  659
  709
  761
  815
  871
  929
  990
  1,053
Maintenance CAPEX, $m
  0
  -5
  -7
  -8
  -10
  -13
  -16
  -19
  -22
  -26
  -30
  -35
  -39
  -45
  -50
  -56
  -62
  -68
  -75
  -81
  -89
  -96
  -104
  -112
  -120
  -129
  -138
  -148
  -157
  -167
  -178
New CAPEX, $m
  -29
  -11
  -13
  -15
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -77
  -80
Cash from investing activities, $m
  -30
  -16
  -20
  -23
  -28
  -33
  -39
  -44
  -50
  -56
  -63
  -70
  -76
  -85
  -92
  -100
  -108
  -116
  -125
  -133
  -143
  -153
  -163
  -173
  -184
  -195
  -207
  -219
  -231
  -244
  -258
Free cash flow, $m
  -10
  12
  17
  23
  30
  39
  50
  63
  77
  93
  111
  130
  151
  174
  199
  225
  252
  281
  312
  344
  377
  412
  448
  486
  525
  566
  608
  652
  698
  745
  794
Issuance/(repayment) of debt, $m
  -4
  13
  16
  19
  22
  24
  27
  31
  33
  36
  39
  42
  45
  48
  50
  53
  55
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
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
  13
  16
  19
  22
  24
  27
  31
  33
  36
  39
  42
  45
  48
  50
  53
  55
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
Total cash flow (excl. dividends), $m
  -14
  25
  32
  41
  52
  64
  78
  93
  110
  129
  150
  172
  196
  222
  249
  277
  308
  339
  372
  407
  443
  480
  519
  560
  602
  645
  691
  738
  787
  838
  891
Retained Cash Flow (-), $m
  -22
  -27
  -32
  -37
  -43
  -49
  -55
  -61
  -67
  -73
  -79
  -84
  -90
  -95
  -101
  -106
  -111
  -116
  -121
  -126
  -132
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -179
  -187
  -194
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
 
  21
  1
  4
  9
  15
  23
  32
  43
  56
  71
  88
  106
  126
  148
  172
  197
  223
  251
  280
  311
  343
  377
  412
  448
  486
  525
  566
  608
  652
  697
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
 
  20
  1
  3
  7
  11
  16
  22
  27
  32
  37
  42
  45
  48
  50
  50
  50
  49
  46
  43
  40
  36
  31
  27
  23
  19
  15
  12
  9
  7
  5
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 24.3
Price to Sales 1.4
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 25.5
Price to Free Cash Flow -56.6
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 30.3% 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 32.459 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 $0.5 billion.

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COMPANY NEWS

▶ Why Duluth Holdings' Quarter Was Better Than It Appeared   [Dec-08-17 08:05PM  Motley Fool]
▶ Duluth Holdings Keeps Moving Forward   [10:13AM  Motley Fool]
▶ Duluth Trading swings to loss as sales climb 25% in Q3   [01:35PM  American City Business Journals]
▶ Duluth Holdings reports 3Q loss   [09:15AM  Associated Press]
▶ Has Duluth Holdings' Growth Just Begun?   [Nov-30-17 08:16PM  Motley Fool]
▶ 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]
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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