Intrinsic value of Finish Line Cl A - FINL

Previous Close

$10.49

  Intrinsic Value

$14.34

stock screener

  Rating & Target

buy

+37%

  Value-price divergence*

+7%

Previous close

$10.49

 
Intrinsic value

$14.34

 
Up/down potential

+37%

 
Rating

buy

 
Value-price divergence*

+7%

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

We calculate the intrinsic value of FINL 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 0.4

 

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, %
  2.50
  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
  1,844
  1,881
  1,924
  1,974
  2,029
  2,091
  2,158
  2,232
  2,311
  2,397
  2,489
  2,587
  2,692
  2,804
  2,923
  3,049
  3,183
  3,324
  3,474
  3,632
  3,799
  3,975
  4,160
  4,356
  4,562
  4,779
  5,008
  5,249
  5,502
  5,769
  6,049
Variable operating expenses, $m
 
  1,420
  1,453
  1,490
  1,532
  1,578
  1,629
  1,685
  1,745
  1,810
  1,879
  1,953
  2,033
  2,117
  2,207
  2,302
  2,403
  2,510
  2,623
  2,742
  2,868
  3,001
  3,141
  3,289
  3,444
  3,608
  3,781
  3,963
  4,154
  4,355
  4,567
Fixed operating expenses, $m
 
  417
  428
  438
  449
  460
  472
  484
  496
  508
  521
  534
  547
  561
  575
  589
  604
  619
  635
  651
  667
  684
  701
  718
  736
  755
  773
  793
  813
  833
  854
Total operating expenses, $m
  1,790
  1,837
  1,881
  1,928
  1,981
  2,038
  2,101
  2,169
  2,241
  2,318
  2,400
  2,487
  2,580
  2,678
  2,782
  2,891
  3,007
  3,129
  3,258
  3,393
  3,535
  3,685
  3,842
  4,007
  4,180
  4,363
  4,554
  4,756
  4,967
  5,188
  5,421
Operating income, $m
  54
  44
  44
  45
  48
  52
  57
  63
  70
  79
  89
  100
  112
  126
  141
  158
  176
  195
  216
  239
  264
  290
  319
  349
  382
  416
  454
  493
  535
  580
  628
EBITDA, $m
  103
  93
  95
  97
  101
  107
  114
  122
  131
  142
  154
  168
  183
  200
  218
  238
  260
  283
  308
  335
  364
  395
  428
  464
  502
  543
  586
  632
  681
  733
  788
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
Earnings before tax, $m
  54
  44
  44
  45
  47
  51
  55
  61
  68
  76
  86
  96
  108
  121
  136
  152
  169
  188
  208
  230
  254
  279
  307
  336
  368
  401
  437
  476
  516
  560
  606
Tax expense, $m
  19
  12
  12
  12
  13
  14
  15
  17
  18
  21
  23
  26
  29
  33
  37
  41
  46
  51
  56
  62
  69
  75
  83
  91
  99
  108
  118
  128
  139
  151
  164
Net income, $m
  -18
  32
  32
  33
  34
  37
  40
  45
  50
  56
  63
  70
  79
  88
  99
  111
  123
  137
  152
  168
  185
  204
  224
  245
  268
  293
  319
  347
  377
  409
  443

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  91
  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
  746
  668
  684
  701
  721
  743
  767
  793
  821
  851
  884
  919
  956
  996
  1,038
  1,083
  1,131
  1,181
  1,234
  1,290
  1,349
  1,412
  1,478
  1,547
  1,621
  1,698
  1,779
  1,865
  1,955
  2,049
  2,149
Adjusted assets (=assets-cash), $m
  655
  668
  684
  701
  721
  743
  767
  793
  821
  851
  884
  919
  956
  996
  1,038
  1,083
  1,131
  1,181
  1,234
  1,290
  1,349
  1,412
  1,478
  1,547
  1,621
  1,698
  1,779
  1,865
  1,955
  2,049
  2,149
Revenue / Adjusted assets
  2.815
  2.816
  2.813
  2.816
  2.814
  2.814
  2.814
  2.815
  2.815
  2.817
  2.816
  2.815
  2.816
  2.815
  2.816
  2.815
  2.814
  2.815
  2.815
  2.816
  2.816
  2.815
  2.815
  2.816
  2.814
  2.814
  2.815
  2.814
  2.814
  2.816
  2.815
Average production assets, $m
  243
  248
  254
  261
  268
  276
  285
  295
  305
  316
  329
  342
  355
  370
  386
  402
  420
  439
  459
  479
  501
  525
  549
  575
  602
  631
  661
  693
  726
  761
  798
Working capital, $m
  269
  182
  187
  191
  197
  203
  209
  216
  224
  232
  241
  251
  261
  272
  284
  296
  309
  322
  337
  352
  368
  386
  404
  423
  443
  464
  486
  509
  534
  560
  587
Total debt, $m
  0
  6
  13
  21
  30
  39
  50
  62
  75
  88
  103
  119
  135
  153
  172
  192
  214
  236
  260
  285
  312
  340
  370
  401
  434
  468
  505
  543
  584
  626
  671
Total liabilities, $m
  295
  300
  307
  315
  324
  333
  344
  356
  369
  382
  397
  413
  429
  447
  466
  486
  508
  530
  554
  579
  606
  634
  664
  695
  728
  762
  799
  837
  878
  920
  965
Total equity, $m
  452
  368
  377
  386
  397
  409
  422
  437
  452
  469
  487
  506
  527
  549
  572
  597
  623
  651
  680
  711
  744
  778
  814
  853
  893
  936
  980
  1,027
  1,077
  1,129
  1,184
Total liabilities and equity, $m
  747
  668
  684
  701
  721
  742
  766
  793
  821
  851
  884
  919
  956
  996
  1,038
  1,083
  1,131
  1,181
  1,234
  1,290
  1,350
  1,412
  1,478
  1,548
  1,621
  1,698
  1,779
  1,864
  1,955
  2,049
  2,149
Debt-to-equity ratio
  0.000
  0.020
  0.030
  0.050
  0.070
  0.100
  0.120
  0.140
  0.160
  0.190
  0.210
  0.230
  0.260
  0.280
  0.300
  0.320
  0.340
  0.360
  0.380
  0.400
  0.420
  0.440
  0.450
  0.470
  0.490
  0.500
  0.510
  0.530
  0.540
  0.550
  0.570
Adjusted equity ratio
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -18
  32
  32
  33
  34
  37
  40
  45
  50
  56
  63
  70
  79
  88
  99
  111
  123
  137
  152
  168
  185
  204
  224
  245
  268
  293
  319
  347
  377
  409
  443
Depreciation, amort., depletion, $m
  49
  50
  51
  52
  54
  55
  57
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  139
  145
  152
  160
Funds from operations, $m
  216
  82
  83
  85
  88
  92
  97
  104
  111
  119
  128
  139
  150
  163
  176
  191
  207
  225
  244
  264
  286
  309
  334
  360
  389
  419
  451
  486
  522
  561
  602
Change in working capital, $m
  51
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
Cash from operations, $m
  165
  78
  78
  80
  83
  86
  91
  96
  103
  111
  119
  129
  140
  152
  165
  179
  194
  211
  229
  248
  269
  292
  316
  341
  369
  398
  429
  462
  498
  535
  575
Maintenance CAPEX, $m
  0
  -49
  -50
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -145
  -152
New CAPEX, $m
  -75
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
Cash from investing activities, $m
  -84
  -54
  -56
  -58
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -123
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -189
Free cash flow, $m
  81
  24
  23
  23
  23
  25
  27
  30
  34
  38
  44
  50
  58
  66
  75
  85
  96
  108
  122
  136
  151
  168
  186
  206
  227
  249
  273
  298
  326
  355
  386
Issuance/(repayment) of debt, $m
  0
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  43
  45
Issuance/(repurchase) of shares, $m
  -53
  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  
  -52
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  43
  45
Total cash flow (excl. dividends), $m
  28
  30
  30
  31
  32
  34
  38
  42
  46
  52
  59
  66
  74
  84
  94
  105
  117
  131
  145
  161
  178
  196
  216
  237
  259
  284
  309
  337
  366
  397
  431
Retained Cash Flow (-), $m
  76
  -7
  -8
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
Prev. year cash balance distribution, $m
 
  91
  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
 
  114
  21
  21
  21
  22
  24
  27
  31
  35
  41
  47
  54
  62
  71
  80
  91
  103
  116
  130
  145
  162
  180
  199
  219
  241
  265
  290
  316
  345
  376
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
 
  109
  20
  18
  17
  17
  18
  18
  19
  20
  21
  22
  23
  23
  24
  24
  23
  22
  21
  20
  18
  17
  15
  13
  11
  9
  8
  6
  5
  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

The Finish Line, Inc. is a specialty retailer. The Company is a retailer of athletic shoes, apparel and accessories for men, women and kids, throughout the United States and Puerto Rico. The Company operates through the Finish Line brand. Finish Line is a retailer of athletic shoes, apparel and accessories. The Company has approximately 970 Finish Line branded locations primarily in the United States malls and shops inside Macy’s department stores. In addition, Finish Line operates an e-commerce site, www.finishline.com, as well as mobile commerce through m.finishline.com. Finish Line carries a selection of men’s, women’s and kids’ athletic shoes (footwear), as well as an assortment of apparel and accessories (softgoods). Brand names offered by Finish Line include Nike, Brand Jordan, adidas, Under Armour and Puma.

FINANCIAL RATIOS  of  Finish Line Cl A (FINL)

Valuation Ratios
P/E Ratio -23.5
Price to Sales 0.2
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 2.6
Price to Free Cash Flow 4.7
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
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 -2.3%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital -3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity -3.7%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 29.7%
Gross Margin - 3 Yr. Avg. 31%
EBITDA Margin 5.6%
EBITDA Margin - 3 Yr. Avg. 6.7%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 4.3%
Net Profit Margin -1%
Net Profit Margin - 3 Yr. Avg. 1.6%
Effective Tax Rate 35.2%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio -94.4%

FINL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FINL stock intrinsic value calculation we used $1844 million for the last fiscal year's total revenue generated by Finish Line Cl A. The default revenue input number comes from 2017 income statement of Finish Line 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 FINL 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 FINL is calculated based on our internal credit rating of Finish Line 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 Finish Line 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 FINL stock the variable cost ratio is equal to 75.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $407 million in the base year in the intrinsic value calculation for FINL 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 Finish Line Cl A.

Corporate tax rate of 27% is the nominal tax rate for Finish Line 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 FINL 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 FINL are equal to 13.2%.

Life of production assets of 5 years is the average useful life of capital assets used in Finish Line 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 FINL is equal to 9.7%. 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 - $452 million for Finish Line 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 41.63 million for Finish Line 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 Finish Line Cl A at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ [$$] Best Buy declines after earnings outlook underwhelms   [Sep-19-17 04:29PM  Financial Times]
▶ Do any shoes fit investors?   [Sep-18-17 01:40PM  CNBC Videos]
▶ Cramer's lightning round: Don't run for Finish Line   [Sep-14-17 07:07PM  CNBC Videos]
▶ Finish Line Stock Jumps on Takeover Chatter   [09:25AM  TheStreet.com]
▶ The Market In 5 Minutes   [09:03AM  Benzinga]
▶ Why Nike Inc. Stock Fell 10.6% in August   [06:00AM  Motley Fool]
▶ Indexes Reverse Higher, Shrug Off North Korea; Gold Fades   [04:05PM  Investor's Business Daily]
▶ Why Finish Line, Inc. Stock Plunged Today   [03:43PM  Motley Fool]
▶ Stocks Reverse Higher, But Is It Time To Sell Amazon.com?   [01:29PM  Investor's Business Daily]
▶ Shares Of Recent IPO End Hot Streak On Weak Guidance   [09:25AM  Investor's Business Daily]
▶ Best Buy beats Street, raises outlook   [09:19AM  CNBC Videos]
▶ [$$] Finish Line Cuts Projections Amid Disappointing Sales   [05:47PM  The Wall Street Journal]
▶ Finish Line Adopts Shareholder Rights Plan   [04:34PM  Business Wire]
▶ Finish Line and Migos Join Forces for Creative Partnership   [Aug-24-17 01:17PM  Business Wire]
▶ [$$] Foot Locker Sales Miss Weighs on Sector   [12:02PM  The Wall Street Journal]
▶ On the new playing field in retail, Under Armour takes a hit   [Aug-01-17 10:17AM  Associated Press]
▶ Why Nike Inc (NKE) Stock Deserves Your Attention Again   [Jul-21-17 10:55AM  InvestorPlace]
▶ Finish Line Declares Quarterly Cash Dividend   [Jul-13-17 03:31PM  Business Wire]
▶ Nike: Stay Off The Court   [Jun-28-17 02:53PM  TheStreet.com]
▶ Finish Line meets 1Q profit forecasts   [Jun-23-17 08:14PM  Associated Press]
▶ Story Stocks from Briefing.com   [09:44AM  Briefing.com]
▶ [$$] Nike to Sell Some Items Directly to Amazon   [12:34AM  The Wall Street Journal]
▶ [$$] Nike to Sell Some Items Directly to Amazon   [Jun-21-17 06:17PM  The Wall Street Journal]
▶ 3 Things to Watch in the Stock Market This Week   [Jun-18-17 03:41PM  Motley Fool]
▶ Finish Line's Top Shareholder Sports Direct Adds to Stake   [Jun-05-17 02:06PM  TheStreet.com]
▶ Zoe's Kitchen sinks, Amgen plunges, and Blackstone's boost   [May-22-17 02:29PM  Yahoo Finance Video]
▶ Defense in the Trader Blitz   [01:26PM  CNBC Videos]
▶ Biggest Loser: Foot Locker Falters   [May-19-17 04:35PM  Barrons.com]
Financial statements of FINL
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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