Intrinsic value of Express - EXPR

Previous Close

$6.32

  Intrinsic Value

$19.68

stock screener

  Rating & Target

str. buy

+211%

  Value-price divergence*

+6%

Previous close

$6.32

 
Intrinsic value

$19.68

 
Up/down potential

+211%

 
Rating

str. buy

 
Value-price divergence*

+6%

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

We calculate the intrinsic value of EXPR 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, %
  -6.68
  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
  2,193
  2,237
  2,288
  2,347
  2,413
  2,486
  2,567
  2,654
  2,749
  2,851
  2,960
  3,077
  3,202
  3,335
  3,476
  3,626
  3,785
  3,953
  4,131
  4,319
  4,517
  4,727
  4,948
  5,180
  5,426
  5,684
  5,956
  6,242
  6,543
  6,860
  7,194
Variable operating expenses, $m
 
  769
  787
  807
  830
  855
  883
  913
  946
  981
  1,018
  1,058
  1,101
  1,147
  1,196
  1,247
  1,302
  1,360
  1,421
  1,486
  1,554
  1,626
  1,702
  1,782
  1,866
  1,955
  2,049
  2,147
  2,251
  2,360
  2,475
Fixed operating expenses, $m
 
  1,402
  1,437
  1,473
  1,510
  1,548
  1,586
  1,626
  1,667
  1,708
  1,751
  1,795
  1,840
  1,886
  1,933
  1,981
  2,031
  2,082
  2,134
  2,187
  2,242
  2,298
  2,355
  2,414
  2,474
  2,536
  2,600
  2,665
  2,731
  2,799
  2,869
Total operating expenses, $m
  2,089
  2,171
  2,224
  2,280
  2,340
  2,403
  2,469
  2,539
  2,613
  2,689
  2,769
  2,853
  2,941
  3,033
  3,129
  3,228
  3,333
  3,442
  3,555
  3,673
  3,796
  3,924
  4,057
  4,196
  4,340
  4,491
  4,649
  4,812
  4,982
  5,159
  5,344
Operating income, $m
  104
  65
  64
  67
  73
  83
  97
  115
  136
  162
  191
  224
  261
  302
  347
  397
  452
  512
  576
  646
  722
  803
  891
  984
  1,085
  1,193
  1,308
  1,430
  1,561
  1,701
  1,850
EBITDA, $m
  186
  149
  149
  154
  163
  176
  193
  214
  239
  268
  301
  338
  380
  426
  477
  533
  593
  659
  731
  808
  891
  980
  1,075
  1,178
  1,288
  1,405
  1,530
  1,663
  1,806
  1,957
  2,118
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  19
  20
  22
  24
  26
  28
  31
  33
  35
  38
  41
Earnings before tax, $m
  91
  65
  63
  66
  72
  81
  95
  112
  132
  157
  185
  217
  253
  293
  337
  386
  440
  498
  561
  629
  703
  783
  868
  960
  1,059
  1,164
  1,277
  1,397
  1,526
  1,663
  1,809
Tax expense, $m
  34
  18
  17
  18
  19
  22
  26
  30
  36
  42
  50
  59
  68
  79
  91
  104
  119
  134
  151
  170
  190
  211
  234
  259
  286
  314
  345
  377
  412
  449
  488
Net income, $m
  57
  48
  46
  48
  52
  59
  69
  81
  97
  114
  135
  158
  185
  214
  246
  282
  321
  363
  409
  459
  513
  571
  634
  701
  773
  850
  932
  1,020
  1,114
  1,214
  1,320

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  207
  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
  1,185
  998
  1,021
  1,047
  1,076
  1,109
  1,145
  1,184
  1,226
  1,271
  1,320
  1,372
  1,428
  1,487
  1,550
  1,617
  1,688
  1,763
  1,843
  1,926
  2,015
  2,108
  2,207
  2,311
  2,420
  2,535
  2,657
  2,784
  2,919
  3,060
  3,209
Adjusted assets (=assets-cash), $m
  978
  998
  1,021
  1,047
  1,076
  1,109
  1,145
  1,184
  1,226
  1,271
  1,320
  1,372
  1,428
  1,487
  1,550
  1,617
  1,688
  1,763
  1,843
  1,926
  2,015
  2,108
  2,207
  2,311
  2,420
  2,535
  2,657
  2,784
  2,919
  3,060
  3,209
Revenue / Adjusted assets
  2.242
  2.241
  2.241
  2.242
  2.243
  2.242
  2.242
  2.242
  2.242
  2.243
  2.242
  2.243
  2.242
  2.243
  2.243
  2.242
  2.242
  2.242
  2.241
  2.242
  2.242
  2.242
  2.242
  2.241
  2.242
  2.242
  2.242
  2.242
  2.242
  2.242
  2.242
Average production assets, $m
  646
  660
  675
  692
  712
  733
  757
  783
  811
  841
  873
  908
  945
  984
  1,025
  1,070
  1,117
  1,166
  1,219
  1,274
  1,333
  1,394
  1,460
  1,528
  1,601
  1,677
  1,757
  1,841
  1,930
  2,024
  2,122
Working capital, $m
  232
  25
  25
  26
  27
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
  43
  45
  48
  50
  52
  54
  57
  60
  63
  66
  69
  72
  75
  79
Total debt, $m
  0
  11
  24
  38
  55
  73
  93
  115
  139
  164
  192
  221
  252
  285
  321
  358
  398
  440
  485
  532
  581
  634
  689
  747
  809
  873
  941
  1,013
  1,088
  1,168
  1,251
Total liabilities, $m
  550
  560
  573
  587
  604
  622
  642
  664
  688
  713
  741
  770
  801
  834
  870
  907
  947
  989
  1,034
  1,081
  1,130
  1,183
  1,238
  1,296
  1,358
  1,422
  1,490
  1,562
  1,637
  1,717
  1,800
Total equity, $m
  636
  438
  448
  460
  473
  487
  503
  520
  538
  558
  580
  602
  627
  653
  681
  710
  741
  774
  809
  846
  885
  926
  969
  1,014
  1,062
  1,113
  1,166
  1,222
  1,281
  1,343
  1,409
Total liabilities and equity, $m
  1,186
  998
  1,021
  1,047
  1,077
  1,109
  1,145
  1,184
  1,226
  1,271
  1,321
  1,372
  1,428
  1,487
  1,551
  1,617
  1,688
  1,763
  1,843
  1,927
  2,015
  2,109
  2,207
  2,310
  2,420
  2,535
  2,656
  2,784
  2,918
  3,060
  3,209
Debt-to-equity ratio
  0.000
  0.020
  0.050
  0.080
  0.120
  0.150
  0.190
  0.220
  0.260
  0.290
  0.330
  0.370
  0.400
  0.440
  0.470
  0.500
  0.540
  0.570
  0.600
  0.630
  0.660
  0.680
  0.710
  0.740
  0.760
  0.780
  0.810
  0.830
  0.850
  0.870
  0.890
Adjusted equity ratio
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  48
  46
  48
  52
  59
  69
  81
  97
  114
  135
  158
  185
  214
  246
  282
  321
  363
  409
  459
  513
  571
  634
  701
  773
  850
  932
  1,020
  1,114
  1,214
  1,320
Depreciation, amort., depletion, $m
  82
  84
  85
  88
  90
  93
  96
  99
  103
  106
  111
  115
  120
  125
  130
  135
  141
  148
  154
  161
  169
  177
  185
  193
  203
  212
  222
  233
  244
  256
  269
Funds from operations, $m
  195
  131
  132
  136
  142
  152
  165
  181
  199
  221
  245
  273
  304
  338
  376
  417
  462
  511
  564
  621
  682
  748
  819
  894
  976
  1,062
  1,155
  1,253
  1,358
  1,470
  1,589
Change in working capital, $m
  8
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
Cash from operations, $m
  187
  131
  131
  135
  142
  151
  164
  180
  198
  220
  244
  272
  303
  337
  375
  416
  460
  509
  562
  619
  680
  746
  816
  892
  973
  1,059
  1,152
  1,250
  1,355
  1,467
  1,585
Maintenance CAPEX, $m
  0
  -82
  -84
  -85
  -88
  -90
  -93
  -96
  -99
  -103
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -148
  -154
  -161
  -169
  -177
  -185
  -193
  -203
  -212
  -222
  -233
  -244
  -256
New CAPEX, $m
  -99
  -14
  -15
  -17
  -19
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -52
  -55
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -89
  -93
  -98
Cash from investing activities, $m
  -109
  -96
  -99
  -102
  -107
  -112
  -117
  -122
  -127
  -133
  -138
  -146
  -152
  -159
  -167
  -174
  -182
  -191
  -200
  -209
  -220
  -231
  -242
  -254
  -265
  -279
  -292
  -306
  -322
  -337
  -354
Free cash flow, $m
  78
  35
  33
  32
  35
  40
  48
  58
  71
  87
  106
  127
  151
  178
  208
  242
  278
  318
  362
  409
  460
  515
  575
  638
  707
  780
  859
  943
  1,033
  1,129
  1,231
Issuance/(repayment) of debt, $m
  -2
  11
  13
  15
  17
  18
  20
  22
  24
  26
  27
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  65
  68
  72
  75
  79
  83
Issuance/(repurchase) of shares, $m
  -56
  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  
  -58
  11
  13
  15
  17
  18
  20
  22
  24
  26
  27
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  65
  68
  72
  75
  79
  83
Total cash flow (excl. dividends), $m
  20
  46
  45
  47
  51
  58
  68
  80
  95
  112
  133
  156
  182
  211
  244
  279
  318
  360
  406
  456
  510
  568
  630
  697
  768
  845
  927
  1,015
  1,108
  1,208
  1,314
Retained Cash Flow (-), $m
  -18
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
Prev. year cash balance distribution, $m
 
  207
  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
 
  244
  35
  35
  38
  44
  52
  63
  76
  93
  111
  133
  158
  185
  216
  250
  287
  327
  371
  419
  471
  527
  587
  651
  720
  795
  874
  959
  1,049
  1,146
  1,249
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
 
  234
  32
  31
  31
  34
  38
  42
  48
  53
  58
  63
  67
  70
  73
  73
  73
  71
  68
  65
  60
  54
  49
  43
  37
  31
  25
  21
  16
  13
  9
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

Express, Inc. is a specialty apparel and accessories retailer offering both women's and men's merchandise. The Company targets women and men between 20 and 30 years old. It offers an assortment of fashionable apparel and accessories to address fashion needs across multiple aspects of lifestyles, including work, casual, jeanswear and going-out occasions. It is engaged in the operation of its brick-and-mortar retail and outlet stores, e-commerce operations and franchise operations. It sells its products through its e-commerce Website, www.express.com and its mobile application, and has franchise agreements with franchisees that operate Express locations in Latin America. It operated 656 stores across the United States, in Canada and in Puerto Rico, including 104 factory outlet stores, as of January 28, 2017. Its products are created by its in-house design team. Its portfolio of apparel products includes brands, such as Portofino shirt, Editor pant and 1MX shirt.

FINANCIAL RATIOS  of  Express (EXPR)

Valuation Ratios
P/E Ratio 8.7
Price to Sales 0.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow 5.6
Growth Rates
Sales Growth Rate -6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 11.9%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 30.2%
Gross Margin - 3 Yr. Avg. 31.5%
EBITDA Margin 7.9%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 38.5%
Payout Ratio 0%

EXPR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXPR stock intrinsic value calculation we used $2193 million for the last fiscal year's total revenue generated by Express. The default revenue input number comes from 2017 income statement of Express. 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 EXPR 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 EXPR is calculated based on our internal credit rating of Express, 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 Express.
    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 EXPR stock the variable cost ratio is equal to 34.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1368 million in the base year in the intrinsic value calculation for EXPR 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 Express.

Corporate tax rate of 27% is the nominal tax rate for Express. 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 EXPR 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 EXPR are equal to 29.5%.

Life of production assets of 7.9 years is the average useful life of capital assets used in Express 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 EXPR is equal to 1.1%. 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 - $636 million for Express - 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 81.529 million for Express 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 Express at the current share price and the inputted number of shares is $0.5 billion.

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GPS Gap 26.61 41.46  str.buy
AEO American Eagle 12.97 19.30  str.buy
ANF Abercrombie&Fi 13.40 7.58  sell

COMPANY NEWS

▶ ETFs with exposure to Express, Inc. : October 9, 2017   [Oct-09-17 11:31AM  Capital Cube]
▶ ETFs with exposure to Express, Inc. : September 27, 2017   [Sep-27-17 10:28AM  Capital Cube]
▶ Rite Aid Stock Is One of the Worst Retail Investments   [Sep-14-17 06:25AM  InvestorPlace]
▶ ETFs with exposure to Express, Inc. : September 13, 2017   [Sep-13-17 06:08PM  Capital Cube]
▶ Amazon Can't Even Be Stopped By a Massive Hurricane   [Sep-11-17 04:08PM  TheStreet.com]
▶ What Investors Missed in the Market This Week   [Aug-26-17 08:35AM  Motley Fool]
▶ How we predicted Express's big earnings beat   [03:15PM  Yahoo Finance]
▶ 3 More Top Retail Stocks Under $10   [12:34PM  Motley Fool]
▶ [$$] Apparel Retailers Pushing Discounts to Win Customers   [12:22AM  The Wall Street Journal]
▶ Express reports 2Q loss   [Aug-23-17 10:00PM  Associated Press]
▶ [$$] Apparel Retailers Pushing Discounts to Win Customers   [06:58PM  The Wall Street Journal]
▶ Why Express, Inc. Stock Skyrocketed Today   [01:34PM  Motley Fool]
▶ Woe Canada: Express' exit leads to Q2 loss   [12:35PM  American City Business Journals]
▶ Express May Be Getting Back on Track   [09:23AM  Bloomberg]
▶ PetMed posts 1Q profit   [Jul-24-17 11:17PM  Associated Press]
▶ Downtown building brings 'a little dirt, a little grit' to Express creative space   [Jul-17-17 04:40PM  American City Business Journals]
▶ ETFs with exposure to Express, Inc. : June 28, 2017   [Jun-28-17 02:47PM  Capital Cube]
▶ What Makes Express, Inc. (EXPR) a Strong Sell?   [Jun-19-17 08:30AM  Zacks]
▶ Express Stock Down 36% YTD: Time to Buy?   [Jun-14-17 12:17PM  Investopedia]
▶ ETFs with exposure to Express, Inc. : June 12, 2017   [Jun-12-17 02:03PM  Capital Cube]
▶ Express is listening to its customers here's what they want   [02:20PM  American City Business Journals]
▶ Story Stocks from Briefing.com   [09:28AM  Briefing.com]
▶ Express reports 1Q loss   [06:54AM  Associated Press]
▶ Amid questions about its future, Abercrombie reports sales, earnings drops for 1Q   [May-25-17 11:05AM  American City Business Journals]
▶ Why Abercrombie & Fitch is Flying   [01:18PM  Barrons.com]
▶ [$$] Cerburus, American Eagle Work on Joint Abercrombie Bid   [01:01PM  The Wall Street Journal]
▶ Express, Inc. Value Analysis (NYSE:EXPR) : May 11, 2017   [May-11-17 06:44PM  Capital Cube]
▶ [$$] Abercrombie & Fitch in Merger Talks With Suitors   [May-10-17 07:35PM  The Wall Street Journal]
▶ Abercrombie & Fitch Confirms It's In Buyout Talks   [04:58PM  Investor's Business Daily]
▶ Tyson Foods and LyondellBassell slip; Kate Spade jumps   [May-08-17 04:29PM  Associated Press]
▶ PetMed beats Street 4Q forecasts   [08:14AM  Associated Press]
▶ ETFs with exposure to Express, Inc. : May 4, 2017   [May-04-17 03:56PM  Capital Cube]
▶ Express closing its Canadian stores   [09:07AM  MarketWatch]
▶ ETFs with exposure to Express, Inc. : April 21, 2017   [Apr-21-17 02:56PM  Capital Cube]
▶ Trust the retail bounce?   [Apr-20-17 05:18PM  CNBC Videos]
▶ ETFs with exposure to Express, Inc. : April 11, 2017   [Apr-11-17 02:17PM  Capital Cube]
Financial statements of EXPR
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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