Intrinsic value of Express - EXPR

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$6.42

  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 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
  2,397
  2,452
  2,515
  2,586
  2,664
  2,750
  2,844
  2,945
  3,055
  3,172
  3,297
  3,431
  3,574
  3,725
  3,886
  4,056
  4,236
  4,427
  4,628
  4,841
  5,065
  5,302
  5,551
  5,814
  6,091
  6,382
  6,689
  7,012
  7,351
  7,709
Variable operating expenses, $m
 
  1,477
  1,511
  1,549
  1,593
  1,641
  1,694
  1,752
  1,814
  1,882
  1,954
  2,031
  2,114
  2,201
  2,295
  2,394
  2,498
  2,609
  2,727
  2,851
  2,982
  3,120
  3,266
  3,420
  3,582
  3,752
  3,932
  4,120
  4,319
  4,529
  4,749
Fixed operating expenses, $m
 
  730
  748
  767
  786
  806
  826
  846
  868
  889
  911
  934
  958
  981
  1,006
  1,031
  1,057
  1,083
  1,110
  1,138
  1,167
  1,196
  1,226
  1,256
  1,288
  1,320
  1,353
  1,387
  1,422
  1,457
  1,493
Total operating expenses, $m
  2,089
  2,207
  2,259
  2,316
  2,379
  2,447
  2,520
  2,598
  2,682
  2,771
  2,865
  2,965
  3,072
  3,182
  3,301
  3,425
  3,555
  3,692
  3,837
  3,989
  4,149
  4,316
  4,492
  4,676
  4,870
  5,072
  5,285
  5,507
  5,741
  5,986
  6,242
Operating income, $m
  104
  191
  194
  199
  207
  218
  230
  246
  264
  284
  307
  332
  360
  391
  424
  461
  501
  543
  589
  639
  692
  749
  810
  875
  945
  1,019
  1,098
  1,182
  1,271
  1,366
  1,467
EBITDA, $m
  186
  267
  272
  280
  290
  303
  319
  337
  358
  382
  408
  438
  470
  505
  544
  585
  631
  679
  731
  787
  847
  912
  980
  1,053
  1,131
  1,214
  1,302
  1,396
  1,496
  1,602
  1,714
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  9
  11
  13
  15
  18
  20
  23
  26
  30
  33
  37
  41
  45
  49
  54
  58
  64
  69
  75
  80
  87
  93
  100
  108
Earnings before tax, $m
  91
  191
  193
  197
  203
  212
  224
  237
  253
  271
  291
  314
  340
  367
  398
  431
  467
  507
  549
  594
  643
  696
  752
  812
  876
  944
  1,017
  1,095
  1,178
  1,266
  1,359
Tax expense, $m
  34
  51
  52
  53
  55
  57
  60
  64
  68
  73
  79
  85
  92
  99
  107
  116
  126
  137
  148
  160
  174
  188
  203
  219
  237
  255
  275
  296
  318
  342
  367
Net income, $m
  57
  139
  141
  144
  149
  155
  163
  173
  185
  198
  213
  229
  248
  268
  291
  315
  341
  370
  401
  434
  470
  508
  549
  593
  639
  689
  743
  799
  860
  924
  992

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
  1,012
  1,035
  1,062
  1,092
  1,125
  1,161
  1,200
  1,243
  1,289
  1,339
  1,392
  1,448
  1,508
  1,572
  1,640
  1,712
  1,788
  1,869
  1,954
  2,043
  2,138
  2,238
  2,343
  2,454
  2,571
  2,694
  2,824
  2,960
  3,103
  3,254
Adjusted assets (=assets-cash), $m
  978
  1,012
  1,035
  1,062
  1,092
  1,125
  1,161
  1,200
  1,243
  1,289
  1,339
  1,392
  1,448
  1,508
  1,572
  1,640
  1,712
  1,788
  1,869
  1,954
  2,043
  2,138
  2,238
  2,343
  2,454
  2,571
  2,694
  2,824
  2,960
  3,103
  3,254
Revenue / Adjusted assets
  2.242
  2.369
  2.369
  2.368
  2.368
  2.368
  2.369
  2.370
  2.369
  2.370
  2.369
  2.369
  2.369
  2.370
  2.370
  2.370
  2.369
  2.369
  2.369
  2.368
  2.370
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
Average production assets, $m
  646
  638
  652
  669
  688
  709
  732
  756
  783
  813
  844
  877
  913
  951
  991
  1,034
  1,079
  1,127
  1,178
  1,231
  1,288
  1,347
  1,410
  1,477
  1,547
  1,620
  1,698
  1,779
  1,865
  1,955
  2,051
Working capital, $m
  232
  19
  20
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  42
  44
  47
  49
  51
  54
  56
  59
  62
Total debt, $m
  0
  12
  25
  40
  57
  76
  96
  118
  143
  169
  197
  227
  259
  293
  329
  367
  408
  451
  497
  545
  596
  649
  706
  765
  828
  894
  964
  1,037
  1,114
  1,195
  1,281
Total liabilities, $m
  550
  573
  586
  601
  618
  637
  657
  679
  704
  730
  758
  788
  820
  854
  890
  928
  969
  1,012
  1,058
  1,106
  1,157
  1,210
  1,267
  1,326
  1,389
  1,455
  1,525
  1,598
  1,675
  1,756
  1,842
Total equity, $m
  636
  439
  449
  461
  474
  488
  504
  521
  540
  560
  581
  604
  629
  655
  682
  712
  743
  776
  811
  848
  887
  928
  971
  1,017
  1,065
  1,116
  1,169
  1,225
  1,285
  1,347
  1,412
Total liabilities and equity, $m
  1,186
  1,012
  1,035
  1,062
  1,092
  1,125
  1,161
  1,200
  1,244
  1,290
  1,339
  1,392
  1,449
  1,509
  1,572
  1,640
  1,712
  1,788
  1,869
  1,954
  2,044
  2,138
  2,238
  2,343
  2,454
  2,571
  2,694
  2,823
  2,960
  3,103
  3,254
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.090
  0.120
  0.150
  0.190
  0.230
  0.260
  0.300
  0.340
  0.380
  0.410
  0.450
  0.480
  0.520
  0.550
  0.580
  0.610
  0.640
  0.670
  0.700
  0.730
  0.750
  0.780
  0.800
  0.820
  0.850
  0.870
  0.890
  0.910
Adjusted equity ratio
  0.439
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  139
  141
  144
  149
  155
  163
  173
  185
  198
  213
  229
  248
  268
  291
  315
  341
  370
  401
  434
  470
  508
  549
  593
  639
  689
  743
  799
  860
  924
  992
Depreciation, amort., depletion, $m
  82
  77
  79
  81
  83
  85
  88
  91
  94
  98
  102
  106
  110
  115
  119
  125
  130
  136
  142
  148
  155
  162
  170
  178
  186
  195
  205
  214
  225
  236
  247
Funds from operations, $m
  195
  216
  219
  224
  231
  240
  251
  264
  279
  296
  314
  335
  358
  383
  410
  439
  471
  506
  543
  582
  625
  670
  719
  771
  826
  885
  947
  1,014
  1,084
  1,160
  1,239
Change in working capital, $m
  8
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
Cash from operations, $m
  187
  234
  219
  224
  231
  240
  251
  263
  278
  295
  313
  334
  357
  382
  409
  438
  470
  504
  541
  581
  623
  668
  717
  769
  824
  882
  945
  1,011
  1,082
  1,157
  1,236
Maintenance CAPEX, $m
  0
  -75
  -77
  -79
  -81
  -83
  -85
  -88
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -205
  -214
  -225
  -236
New CAPEX, $m
  -99
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -90
  -95
Cash from investing activities, $m
  -109
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -142
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -225
  -236
  -248
  -260
  -273
  -287
  -300
  -315
  -331
Free cash flow, $m
  78
  146
  127
  128
  131
  136
  142
  150
  160
  171
  184
  199
  216
  234
  254
  276
  300
  326
  355
  385
  418
  453
  492
  532
  576
  622
  672
  725
  782
  842
  906
Issuance/(repayment) of debt, $m
  -2
  12
  13
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
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
  12
  13
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
Total cash flow (excl. dividends), $m
  20
  157
  140
  143
  148
  155
  163
  173
  184
  197
  212
  229
  247
  268
  290
  314
  341
  369
  400
  433
  469
  507
  548
  592
  639
  689
  742
  798
  859
  923
  991
Retained Cash Flow (-), $m
  -18
  -8
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -21
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
Prev. year cash balance distribution, $m
 
  187
  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
 
  336
  130
  132
  135
  140
  147
  156
  166
  177
  191
  206
  223
  242
  262
  285
  310
  336
  365
  396
  430
  466
  505
  546
  590
  638
  688
  742
  800
  861
  926
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
 
  322
  119
  115
  111
  109
  107
  105
  104
  102
  100
  98
  95
  92
  88
  84
  79
  73
  67
  61
  55
  48
  42
  36
  30
  25
  20
  16
  12
  9
  7
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. operates as a specialty apparel and accessories retailer. It offers apparel and accessories for women and men between 20 and 30 years across various aspects of lifestyles, including work, casual, jeanswear, and going-out occasions. The company sells its products through its e-commerce Website, express.com; mobile app; and franchisees Express locations in Latin America, the Middle East, and South Africa. As of January 30, 2016, it operated 653 stores in the United States, Canada, and Puerto Rico. The company was formerly known as Express Parent LLC and changed its name to Express, Inc. in May 2010. Express, Inc. was founded in 1980 and is based in Columbus, Ohio.

FINANCIAL RATIOS  of  Express (EXPR)

Valuation Ratios
P/E Ratio 8.8
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 5.7
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 $2350 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 61.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $712 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 9% 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 26.6%.

Life of production assets of 8.3 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 0.8%. 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 - $618 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 77.244 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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COMPANY NEWS

▶ 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]
▶ ETFs with exposure to Express, Inc. : March 30, 2017   [Mar-29-17 08:30PM  Capital Cube]
▶ Bear of the Day: Express (EXPR)   [07:01AM  Zacks]
▶ 5 More Retail Stocks Not To Buy   [Mar-09-17 02:06PM  Barrons.com]
▶ 5 More Retail Stocks Not To Buy   [02:06PM  at Barrons.com]
▶ [$$] Express Inc.'s Store Traffic Dwindles   [08:13AM  at The Wall Street Journal]
▶ Express Launches "Your Life, Your Dress Code"   [Feb-28-17 10:05AM  PR Newswire]
▶ [$$] Abercrombie & Fitch Names Fran Horowitz CEO   [Feb-01-17 07:47PM  at The Wall Street Journal]
▶ Life for The Limited? Private equity firm may keep website alive   [Jan-18-17 08:17AM  at bizjournals.com]
Stock chart of EXPR Financial statements of EXPR Annual reports 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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