Intrinsic value of DSW Cl A - DSW

Previous Close

$16.37

  Intrinsic Value

$27.15

stock screener

  Rating & Target

str. buy

+66%

  Value-price divergence*

+51%

Previous close

$16.37

 
Intrinsic value

$27.15

 
Up/down potential

+66%

 
Rating

str. buy

 
Value-price divergence*

+51%

*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 1.3

 

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
  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
  2,711
  2,765
  2,829
  2,902
  2,983
  3,074
  3,173
  3,281
  3,398
  3,524
  3,659
  3,804
  3,958
  4,123
  4,297
  4,483
  4,679
  4,887
  5,107
  5,339
  5,585
  5,843
  6,116
  6,404
  6,707
  7,027
  7,363
  7,717
  8,089
  8,481
  8,893
Variable operating expenses, $m
 
  2,541
  2,599
  2,666
  2,741
  2,824
  2,914
  3,013
  3,121
  3,236
  3,360
  3,484
  3,626
  3,776
  3,936
  4,106
  4,286
  4,477
  4,678
  4,891
  5,116
  5,353
  5,603
  5,866
  6,144
  6,437
  6,745
  7,069
  7,410
  7,769
  8,146
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
  2,541
  2,599
  2,666
  2,741
  2,824
  2,914
  3,013
  3,121
  3,236
  3,360
  3,484
  3,626
  3,776
  3,936
  4,106
  4,286
  4,477
  4,678
  4,891
  5,116
  5,353
  5,603
  5,866
  6,144
  6,437
  6,745
  7,069
  7,410
  7,769
  8,146
Operating income, $m
  200
  224
  229
  236
  242
  250
  258
  267
  277
  288
  299
  319
  332
  346
  361
  376
  393
  410
  429
  448
  469
  491
  513
  538
  563
  590
  618
  648
  679
  712
  747
EBITDA, $m
  282
  272
  278
  286
  294
  303
  312
  323
  335
  347
  360
  374
  390
  406
  423
  441
  461
  481
  503
  526
  550
  575
  602
  630
  660
  692
  725
  760
  796
  835
  876
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  30
  32
  34
  37
Earnings before tax, $m
  203
  224
  229
  235
  241
  248
  256
  264
  274
  283
  294
  313
  325
  338
  352
  366
  382
  398
  415
  433
  452
  472
  494
  516
  540
  565
  591
  618
  647
  678
  710
Tax expense, $m
  79
  61
  62
  63
  65
  67
  69
  71
  74
  77
  79
  85
  88
  91
  95
  99
  103
  107
  112
  117
  122
  128
  133
  139
  146
  152
  159
  167
  175
  183
  192
Net income, $m
  125
  164
  167
  171
  176
  181
  187
  193
  200
  207
  215
  229
  238
  247
  257
  267
  279
  290
  303
  316
  330
  345
  360
  377
  394
  412
  431
  451
  473
  495
  518

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
  1,243
  1,272
  1,305
  1,341
  1,382
  1,427
  1,475
  1,528
  1,584
  1,645
  1,710
  1,780
  1,854
  1,932
  2,016
  2,104
  2,197
  2,296
  2,401
  2,511
  2,627
  2,750
  2,880
  3,016
  3,159
  3,311
  3,470
  3,637
  3,813
  3,999
Adjusted assets (=assets-cash), $m
  1,219
  1,243
  1,272
  1,305
  1,341
  1,382
  1,427
  1,475
  1,528
  1,584
  1,645
  1,710
  1,780
  1,854
  1,932
  2,016
  2,104
  2,197
  2,296
  2,401
  2,511
  2,627
  2,750
  2,880
  3,016
  3,159
  3,311
  3,470
  3,637
  3,813
  3,999
Revenue / Adjusted assets
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.225
  2.224
  2.225
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
  2.224
Average production assets, $m
  393
  401
  410
  421
  433
  446
  460
  476
  493
  511
  531
  552
  574
  598
  623
  650
  678
  709
  740
  774
  810
  847
  887
  929
  973
  1,019
  1,068
  1,119
  1,173
  1,230
  1,289
Working capital, $m
  442
  238
  243
  250
  257
  264
  273
  282
  292
  303
  315
  327
  340
  355
  370
  386
  402
  420
  439
  459
  480
  503
  526
  551
  577
  604
  633
  664
  696
  729
  765
Total debt, $m
  0
  10
  22
  35
  50
  66
  84
  104
  125
  148
  172
  198
  226
  256
  288
  321
  357
  395
  434
  476
  521
  568
  617
  669
  724
  782
  843
  907
  975
  1,046
  1,120
Total liabilities, $m
  491
  501
  513
  526
  541
  557
  575
  595
  616
  639
  663
  689
  717
  747
  779
  812
  848
  886
  925
  967
  1,012
  1,059
  1,108
  1,160
  1,215
  1,273
  1,334
  1,398
  1,466
  1,537
  1,611
Total equity, $m
  937
  742
  759
  779
  801
  825
  852
  881
  912
  946
  982
  1,021
  1,063
  1,107
  1,154
  1,203
  1,256
  1,312
  1,371
  1,433
  1,499
  1,569
  1,642
  1,719
  1,800
  1,886
  1,976
  2,071
  2,171
  2,277
  2,387
Total liabilities and equity, $m
  1,428
  1,243
  1,272
  1,305
  1,342
  1,382
  1,427
  1,476
  1,528
  1,585
  1,645
  1,710
  1,780
  1,854
  1,933
  2,015
  2,104
  2,198
  2,296
  2,400
  2,511
  2,628
  2,750
  2,879
  3,015
  3,159
  3,310
  3,469
  3,637
  3,814
  3,998
Debt-to-equity ratio
  0.000
  0.010
  0.030
  0.040
  0.060
  0.080
  0.100
  0.120
  0.140
  0.160
  0.180
  0.190
  0.210
  0.230
  0.250
  0.270
  0.280
  0.300
  0.320
  0.330
  0.350
  0.360
  0.380
  0.390
  0.400
  0.410
  0.430
  0.440
  0.450
  0.460
  0.470
Adjusted equity ratio
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  125
  164
  167
  171
  176
  181
  187
  193
  200
  207
  215
  229
  238
  247
  257
  267
  279
  290
  303
  316
  330
  345
  360
  377
  394
  412
  431
  451
  473
  495
  518
Depreciation, amort., depletion, $m
  82
  48
  49
  50
  51
  53
  54
  56
  57
  59
  61
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
Funds from operations, $m
  219
  212
  216
  221
  227
  234
  241
  249
  257
  266
  276
  284
  295
  307
  319
  332
  346
  361
  377
  394
  411
  430
  449
  470
  491
  514
  538
  563
  590
  618
  647
Change in working capital, $m
  6
  5
  5
  6
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
Cash from operations, $m
  213
  207
  211
  215
  220
  226
  232
  239
  247
  255
  264
  271
  282
  293
  304
  316
  329
  343
  358
  374
  390
  407
  426
  445
  465
  487
  509
  533
  558
  584
  612
Maintenance CAPEX, $m
  0
  -39
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
New CAPEX, $m
  -88
  -8
  -9
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
Cash from investing activities, $m
  -24
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -65
  -67
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -143
  -151
  -158
  -166
  -174
  -183
Free cash flow, $m
  189
  159
  161
  164
  166
  170
  173
  178
  182
  188
  193
  197
  204
  211
  219
  227
  236
  245
  255
  266
  277
  289
  301
  314
  328
  343
  358
  375
  392
  410
  429
Issuance/(repayment) of debt, $m
  0
  10
  12
  13
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
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
  10
  12
  13
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
Total cash flow (excl. dividends), $m
  143
  169
  173
  177
  181
  186
  191
  197
  204
  210
  218
  224
  232
  241
  251
  261
  272
  283
  295
  308
  321
  336
  351
  367
  383
  401
  419
  439
  459
  481
  504
Retained Cash Flow (-), $m
  -32
  -14
  -17
  -20
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
Prev. year cash balance distribution, $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
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
 
  364
  156
  157
  159
  162
  165
  168
  172
  177
  182
  185
  191
  197
  204
  211
  219
  227
  236
  246
  256
  266
  277
  289
  302
  315
  329
  344
  359
  376
  393
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
 
  349
  143
  137
  131
  125
  120
  114
  108
  101
  95
  88
  81
  75
  68
  62
  56
  49
  43
  38
  32
  28
  23
  19
  15
  12
  10
  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

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 10.5
Price to Sales 0.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 10.5
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 $2711 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 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 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 91.9%.

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 14.5%.

Life of production assets of 10 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 8.6%. 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 - $937 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 $1.3 billion.

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COMPANY NEWS

▶ Shoe rentals, storage and resale all on the table for DSW   [10:11AM  American City Business Journals]
▶ Designer Shoe Warehouse Gives Back to the Community   [Aug-03-17 05:26PM  PR Newswire]
▶ DSW Inc. Appoints Peter Cobb as New Independent Director   [Aug-02-17 05:30PM  PR Newswire]
▶ New Strong Sell Stocks for July 13th   [Jul-13-17 11:39AM  Zacks]
▶ Why DSW Inc. Stock is Down 16% in 2017   [Jul-12-17 12:44PM  Motley Fool]
▶ DSW, Inc. Value Analysis (NYSE:DSW) : July 7, 2017   [Jul-07-17 03:56PM  Capital Cube]
▶ New Strong Sell Stocks for June 30th   [Jun-30-17 09:26AM  Zacks]
▶ DSW Designer Shoe Warehouse Expands Overseas   [Jun-29-17 07:00AM  PR Newswire]
▶ 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]
Stock chart of DSW Financial statements 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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