Intrinsic value of DSW Cl A - DSW

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$17.76

  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 DSW 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 1.4

 

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, %
  3.47
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  2,711
  2,743
  2,873
  3,010
  3,153
  3,305
  3,464
  3,632
  3,808
  3,994
  4,189
  4,394
  4,610
  4,836
  5,074
  5,324
  5,587
  5,864
  6,154
  6,459
  6,779
  7,116
  7,469
  7,840
  8,230
  8,640
  9,070
  9,522
  9,996
  10,494
  11,018
Variable operating expenses, $m
 
  2,477
  2,594
  2,717
  2,847
  2,984
  3,127
  3,279
  3,438
  3,605
  3,781
  3,963
  4,158
  4,362
  4,577
  4,803
  5,040
  5,289
  5,551
  5,826
  6,115
  6,418
  6,737
  7,072
  7,424
  7,793
  8,181
  8,589
  9,017
  9,466
  9,938
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
  2,511
  2,477
  2,594
  2,717
  2,847
  2,984
  3,127
  3,279
  3,438
  3,605
  3,781
  3,963
  4,158
  4,362
  4,577
  4,803
  5,040
  5,289
  5,551
  5,826
  6,115
  6,418
  6,737
  7,072
  7,424
  7,793
  8,181
  8,589
  9,017
  9,466
  9,938
Operating income, $m
  200
  266
  279
  292
  306
  321
  337
  353
  371
  389
  408
  431
  452
  474
  497
  522
  548
  575
  603
  633
  664
  697
  732
  768
  807
  847
  889
  933
  980
  1,028
  1,080
EBITDA, $m
  282
  341
  357
  374
  391
  410
  430
  451
  473
  496
  520
  545
  572
  600
  630
  661
  694
  728
  764
  802
  842
  883
  927
  973
  1,022
  1,073
  1,126
  1,182
  1,241
  1,303
  1,368
Interest expense (income), $m
  0
  0
  1
  2
  2
  3
  4
  5
  6
  7
  9
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  43
  46
  49
Earnings before tax, $m
  203
  266
  278
  291
  304
  318
  333
  348
  364
  381
  399
  421
  441
  462
  483
  507
  531
  556
  583
  611
  641
  671
  704
  738
  774
  812
  851
  893
  937
  983
  1,031
Tax expense, $m
  79
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  114
  119
  125
  131
  137
  143
  150
  157
  165
  173
  181
  190
  199
  209
  219
  230
  241
  253
  265
  278
Net income, $m
  125
  194
  203
  212
  222
  232
  243
  254
  266
  278
  292
  307
  322
  337
  353
  370
  387
  406
  426
  446
  468
  490
  514
  539
  565
  593
  622
  652
  684
  717
  753

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  209
  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
  1,428
  1,162
  1,217
  1,275
  1,336
  1,400
  1,468
  1,539
  1,614
  1,692
  1,775
  1,862
  1,953
  2,049
  2,150
  2,256
  2,368
  2,485
  2,608
  2,737
  2,873
  3,015
  3,165
  3,322
  3,487
  3,661
  3,843
  4,035
  4,236
  4,447
  4,668
Adjusted assets (=assets-cash), $m
  1,219
  1,162
  1,217
  1,275
  1,336
  1,400
  1,468
  1,539
  1,614
  1,692
  1,775
  1,862
  1,953
  2,049
  2,150
  2,256
  2,368
  2,485
  2,608
  2,737
  2,873
  3,015
  3,165
  3,322
  3,487
  3,661
  3,843
  4,035
  4,236
  4,447
  4,668
Revenue / Adjusted assets
  2.224
  2.361
  2.361
  2.361
  2.360
  2.361
  2.360
  2.360
  2.359
  2.361
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.359
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
Average production assets, $m
  393
  373
  391
  409
  429
  449
  471
  494
  518
  543
  570
  598
  627
  658
  690
  724
  760
  797
  837
  878
  922
  968
  1,016
  1,066
  1,119
  1,175
  1,234
  1,295
  1,359
  1,427
  1,498
Working capital, $m
  442
  225
  236
  247
  259
  271
  284
  298
  312
  327
  343
  360
  378
  397
  416
  437
  458
  481
  505
  530
  556
  583
  612
  643
  675
  708
  744
  781
  820
  861
  903
Total debt, $m
  0
  22
  45
  69
  95
  121
  150
  179
  211
  243
  278
  314
  352
  393
  435
  479
  526
  575
  626
  680
  737
  796
  859
  925
  994
  1,066
  1,142
  1,222
  1,307
  1,395
  1,487
Total liabilities, $m
  491
  486
  509
  533
  559
  585
  614
  643
  675
  707
  742
  778
  816
  857
  899
  943
  990
  1,039
  1,090
  1,144
  1,201
  1,260
  1,323
  1,389
  1,458
  1,530
  1,606
  1,686
  1,771
  1,859
  1,951
Total equity, $m
  937
  676
  708
  742
  778
  815
  854
  896
  939
  985
  1,033
  1,084
  1,137
  1,193
  1,251
  1,313
  1,378
  1,446
  1,518
  1,593
  1,672
  1,755
  1,842
  1,934
  2,030
  2,131
  2,237
  2,348
  2,465
  2,588
  2,717
Total liabilities and equity, $m
  1,428
  1,162
  1,217
  1,275
  1,337
  1,400
  1,468
  1,539
  1,614
  1,692
  1,775
  1,862
  1,953
  2,050
  2,150
  2,256
  2,368
  2,485
  2,608
  2,737
  2,873
  3,015
  3,165
  3,323
  3,488
  3,661
  3,843
  4,034
  4,236
  4,447
  4,668
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.090
  0.120
  0.150
  0.180
  0.200
  0.220
  0.250
  0.270
  0.290
  0.310
  0.330
  0.350
  0.360
  0.380
  0.400
  0.410
  0.430
  0.440
  0.450
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
Adjusted equity ratio
  0.597
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  125
  194
  203
  212
  222
  232
  243
  254
  266
  278
  292
  307
  322
  337
  353
  370
  387
  406
  426
  446
  468
  490
  514
  539
  565
  593
  622
  652
  684
  717
  753
Depreciation, amort., depletion, $m
  82
  74
  78
  81
  85
  89
  93
  98
  102
  107
  112
  115
  121
  126
  133
  139
  146
  153
  161
  169
  177
  186
  195
  205
  215
  226
  237
  249
  261
  274
  288
Funds from operations, $m
  219
  269
  281
  294
  307
  321
  336
  352
  368
  385
  404
  422
  442
  463
  486
  509
  534
  559
  586
  615
  645
  676
  709
  744
  780
  819
  859
  901
  945
  992
  1,041
Change in working capital, $m
  6
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
Cash from operations, $m
  213
  277
  270
  282
  295
  309
  323
  338
  354
  370
  388
  405
  425
  445
  466
  489
  512
  537
  563
  590
  619
  649
  680
  714
  748
  785
  824
  864
  906
  951
  998
Maintenance CAPEX, $m
  0
  -68
  -72
  -75
  -79
  -82
  -86
  -91
  -95
  -100
  -104
  -110
  -115
  -121
  -126
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -261
  -274
New CAPEX, $m
  -88
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -39
  -41
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -65
  -68
  -71
Cash from investing activities, $m
  -24
  -85
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
  -131
  -138
  -144
  -152
  -158
  -167
  -175
  -184
  -192
  -202
  -213
  -223
  -234
  -245
  -258
  -271
  -284
  -298
  -314
  -329
  -345
Free cash flow, $m
  189
  191
  181
  189
  197
  206
  215
  225
  235
  245
  257
  268
  280
  293
  307
  322
  337
  353
  370
  388
  406
  426
  446
  468
  490
  514
  539
  565
  593
  622
  652
Issuance/(repayment) of debt, $m
  0
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
Issuance/(repurchase) of shares, $m
  -44
  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  
  -45
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
Total cash flow (excl. dividends), $m
  143
  213
  204
  213
  222
  232
  243
  254
  266
  278
  291
  304
  319
  334
  349
  366
  384
  402
  421
  442
  463
  485
  509
  533
  559
  587
  615
  645
  677
  710
  745
Retained Cash Flow (-), $m
  -32
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
Prev. year cash balance distribution, $m
 
  259
  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
 
  441
  172
  179
  187
  195
  204
  213
  222
  233
  243
  254
  265
  278
  291
  304
  319
  334
  350
  366
  384
  402
  422
  442
  463
  486
  509
  534
  560
  587
  616
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
 
  423
  157
  156
  154
  151
  148
  144
  139
  134
  127
  120
  113
  106
  98
  89
  81
  73
  64
  56
  49
  42
  35
  29
  24
  19
  15
  11
  9
  6
  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

DSW Inc., together with its subsidiaries, operates as a branded footwear and accessories retailer in the United States. The company operates through two segments, DSW and Affiliated Business Group. It offers dresses, casual and athletic footwear, and accessories under various brands for women, men, and kids. It also provides handbags, hosiery, jewelry, and other accessories. As of November 3, 2016, the company operated 500 stores in 43 states; dsw.com, an e-commerce site; and m.dsw.com, a mobile site, as well as supplied footwear to 396 leased locations in the United States. DSW Inc. was founded in 1917 and is headquartered in Columbus, Ohio.

FINANCIAL RATIOS  of  DSW Cl A (DSW)

Valuation Ratios
P/E Ratio 11.4
Price to Sales 0.5
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 11.4
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.4%
Cap. Spend. - 3 Yr. Gr. Rate 0.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 13.6%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 13.6%
Return On Equity - 3 Yr. Avg. 14.3%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 28.5%
Gross Margin - 3 Yr. Avg. 29.3%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 11.4%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 7.5%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 38.9%
Eff/ Tax Rate - 3 Yr. Avg. 38.8%
Payout Ratio 52%

DSW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DSW stock intrinsic value calculation we used $2620 million for the last fiscal year's total revenue generated by DSW Cl A. The default revenue input number comes from 2017 income statement of DSW Cl A. 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 DSW stock valuation model: a) initial revenue growth rate of 4.7% 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 DSW is calculated based on our internal credit rating of DSW Cl A, 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 DSW Cl A.
    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 DSW stock the variable cost ratio is equal to 90.3%.

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 DSW 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 DSW Cl A.

Corporate tax rate of 27% is the nominal tax rate for DSW Cl A. 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 DSW 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 DSW are equal to 13.6%.

Life of production assets of 5.2 years is the average useful life of capital assets used in DSW Cl A 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 DSW is equal to 8.2%. 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 - $905 million for DSW Cl A - 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 79.151 million for DSW Cl A 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 DSW Cl A at the current share price and the inputted number of shares is $1.4 billion.


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COMPANY NEWS

▶ ETFs with exposure to DSW, Inc. : June 19, 2017   [Jun-19-17 03:13PM  Capital Cube]
▶ Under Armour: Good But Not Good Enough?   [01:11PM  Barrons.com]
▶ Why DSW Inc. Stock Dropped 18.4% in May   [07:16AM  Motley Fool]
▶ ETFs with exposure to DSW, Inc. : June 9, 2017   [Jun-09-17 01:27PM  Capital Cube]
▶ Under Armour: A Compelling Opportunity?   [May-31-17 09:40AM  Barrons.com]
▶ ETFs with exposure to DSW, Inc. : May 30, 2017   [May-30-17 12:25PM  Capital Cube]
▶ DSW Inc. Approves Quarterly Dividend   [May-24-17 05:35PM  PR Newswire]
▶ 3 Great Stocks for Retirees   [07:09AM  Motley Fool]
▶ Designer Shoe Warehouse Opens in Tucker, GA   [May-23-17 05:30PM  PR Newswire]
▶ DSW Sees a Mixed Start to 2017   [10:38AM  Motley Fool]
▶ Story Stocks from Briefing.com   [09:07AM  Briefing.com]
▶ How Did Foot Locker Fare in 1Q17?   [08:28AM  Market Realist]
▶ DSW misses 1Q profit forecasts   [07:14AM  Associated Press]
▶ DSW, Inc. Value Analysis (NYSE:DSW) : May 3, 2017   [May-03-17 04:40PM  Capital Cube]
▶ DSW Announces New Executive Appointments   [Apr-27-17 05:11PM  PR Newswire]
▶ Under Armour: CautionDisappointment Ahead?   [Apr-26-17 03:24PM  Barrons.com]
▶ ETFs with exposure to DSW, Inc. : April 21, 2017   [Apr-21-17 02:53PM  Capital Cube]
▶ Designer Shoe Warehouse Opens in Spring, TX   [Apr-20-17 04:30PM  PR Newswire]
▶ Designer Shoe Warehouse Opens in Kildeer, IL   [Apr-06-17 09:30AM  PR Newswire]
▶ 5 Top Dividend Stocks in the Footwear Industry   [Apr-01-17 11:46AM  Motley Fool]
▶ ETFs with exposure to DSW, Inc. : March 30, 2017   [Mar-29-17 08:30PM  Capital Cube]
▶ The 4 Best Dividend Stocks in Apparel   [Mar-23-17 05:17PM  at Motley Fool]
▶ Under Armour enters deal to sell its shoes at DSW   [Mar-20-17 03:25PM  at bizjournals.com]
▶ Designer Shoe Warehouse Opens in Everett, MA   [Mar-16-17 05:30PM  PR Newswire]
▶ DSW Announces New Shopping Location in Brick, NJ   [Mar-15-17 06:00PM  PR Newswire]
▶ DSW Inc. Stock Has a Lot to Prove on Tuesday   [09:04AM  at Motley Fool]
▶ Earnings Preview: What To Expect From DSW On Tuesday   [Mar-12-17 03:35PM  at Forbes]
▶ We may soon know why the Fed has changed its tune   [Mar-10-17 05:59PM  at CNBC]
▶ DSW Announces Exclusive Launch with TREND:BAR   [Mar-09-17 07:30PM  PR Newswire]
▶ 5 More Retail Stocks Not To Buy   [02:06PM  at Barrons.com]
▶ DSW Announces New Store in Eagan, MN   [05:30PM  PR Newswire]
▶ Foot Locker Sets Confident Tone for Shoe Retailers   [Feb-24-17 05:35PM  at Investopedia]
▶ Amazon's Next Big Innovation -- Brick and Mortar Shopping   [Jan-12-17 03:56PM  at Barrons.com]
Stock chart of DSW Financial statements of DSW Annual reports of DSW
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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