Intrinsic value of Five Below - FIVE

Previous Close

$49.59

  Intrinsic Value

$52.59

stock screener

  Rating & Target

hold

+6%

  Value-price divergence*

+43%

Previous close

$49.59

 
Intrinsic value

$52.59

 
Up/down potential

+6%

 
Rating

hold

 
Value-price divergence*

+43%

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

We calculate the intrinsic value of FIVE 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 2.7

 

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, %
  20.19
  20.70
  19.13
  17.72
  16.45
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
Revenue, $m
  1,000
  1,207
  1,438
  1,693
  1,971
  2,273
  2,597
  2,943
  3,312
  3,701
  4,111
  4,542
  4,993
  5,464
  5,955
  6,467
  6,999
  7,552
  8,128
  8,726
  9,347
  9,993
  10,664
  11,362
  12,088
  12,844
  13,631
  14,451
  15,306
  16,197
  17,126
Variable operating expenses, $m
 
  1,056
  1,258
  1,481
  1,725
  1,989
  2,272
  2,576
  2,898
  3,238
  3,597
  3,974
  4,369
  4,781
  5,211
  5,658
  6,124
  6,608
  7,112
  7,635
  8,179
  8,744
  9,331
  9,942
  10,577
  11,239
  11,927
  12,645
  13,392
  14,172
  14,985
Fixed operating expenses, $m
 
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Total operating expenses, $m
  886
  1,067
  1,270
  1,493
  1,737
  2,001
  2,285
  2,589
  2,911
  3,252
  3,611
  3,988
  4,384
  4,796
  5,227
  5,674
  6,140
  6,625
  7,129
  7,653
  8,197
  8,762
  9,350
  9,961
  10,597
  11,259
  11,948
  12,666
  13,414
  14,195
  15,008
Operating income, $m
  114
  140
  168
  200
  234
  272
  312
  355
  401
  449
  500
  553
  609
  668
  729
  792
  859
  927
  999
  1,073
  1,150
  1,231
  1,314
  1,401
  1,491
  1,585
  1,683
  1,785
  1,891
  2,002
  2,118
EBITDA, $m
  141
  171
  206
  244
  285
  331
  379
  431
  487
  545
  607
  671
  739
  810
  884
  961
  1,041
  1,124
  1,210
  1,300
  1,393
  1,490
  1,591
  1,696
  1,805
  1,919
  2,037
  2,161
  2,289
  2,423
  2,563
Interest expense (income), $m
  0
  0
  1
  3
  4
  6
  8
  10
  12
  14
  16
  19
  21
  24
  27
  29
  33
  36
  39
  42
  46
  50
  54
  58
  62
  66
  70
  75
  80
  85
  90
Earnings before tax, $m
  114
  140
  167
  197
  230
  266
  304
  345
  389
  435
  484
  535
  588
  644
  702
  763
  826
  892
  960
  1,031
  1,104
  1,181
  1,261
  1,343
  1,429
  1,519
  1,613
  1,710
  1,811
  1,917
  2,027
Tax expense, $m
  42
  38
  45
  53
  62
  72
  82
  93
  105
  117
  131
  144
  159
  174
  190
  206
  223
  241
  259
  278
  298
  319
  340
  363
  386
  410
  435
  462
  489
  518
  547
Net income, $m
  72
  102
  122
  144
  168
  194
  222
  252
  284
  318
  353
  390
  429
  470
  513
  557
  603
  651
  701
  752
  806
  862
  920
  981
  1,044
  1,109
  1,177
  1,248
  1,322
  1,399
  1,480

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  154
  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
  501
  419
  499
  587
  684
  789
  901
  1,021
  1,149
  1,284
  1,427
  1,576
  1,732
  1,896
  2,066
  2,244
  2,428
  2,621
  2,820
  3,028
  3,243
  3,467
  3,700
  3,942
  4,194
  4,457
  4,730
  5,014
  5,311
  5,620
  5,942
Adjusted assets (=assets-cash), $m
  347
  419
  499
  587
  684
  789
  901
  1,021
  1,149
  1,284
  1,427
  1,576
  1,732
  1,896
  2,066
  2,244
  2,428
  2,621
  2,820
  3,028
  3,243
  3,467
  3,700
  3,942
  4,194
  4,457
  4,730
  5,014
  5,311
  5,620
  5,942
Revenue / Adjusted assets
  2.882
  2.881
  2.882
  2.884
  2.882
  2.881
  2.882
  2.882
  2.883
  2.882
  2.881
  2.882
  2.883
  2.882
  2.882
  2.882
  2.883
  2.881
  2.882
  2.882
  2.882
  2.882
  2.882
  2.882
  2.882
  2.882
  2.882
  2.882
  2.882
  2.882
  2.882
Average production assets, $m
  130
  157
  187
  220
  256
  295
  338
  383
  431
  481
  534
  590
  649
  710
  774
  841
  910
  982
  1,057
  1,134
  1,215
  1,299
  1,386
  1,477
  1,571
  1,670
  1,772
  1,879
  1,990
  2,106
  2,226
Working capital, $m
  223
  83
  99
  117
  136
  157
  179
  203
  229
  255
  284
  313
  344
  377
  411
  446
  483
  521
  561
  602
  645
  690
  736
  784
  834
  886
  941
  997
  1,056
  1,118
  1,182
Total debt, $m
  0
  35
  74
  118
  165
  216
  272
  330
  393
  459
  529
  602
  679
  759
  842
  929
  1,020
  1,114
  1,212
  1,314
  1,419
  1,529
  1,643
  1,762
  1,885
  2,014
  2,148
  2,287
  2,432
  2,584
  2,742
Total liabilities, $m
  169
  205
  244
  288
  335
  386
  442
  500
  563
  629
  699
  772
  849
  929
  1,012
  1,099
  1,190
  1,284
  1,382
  1,484
  1,589
  1,699
  1,813
  1,932
  2,055
  2,184
  2,318
  2,457
  2,602
  2,754
  2,912
Total equity, $m
  331
  214
  254
  300
  349
  402
  460
  521
  586
  655
  728
  804
  884
  967
  1,054
  1,144
  1,239
  1,336
  1,438
  1,544
  1,654
  1,768
  1,887
  2,011
  2,139
  2,273
  2,412
  2,557
  2,708
  2,866
  3,031
Total liabilities and equity, $m
  500
  419
  498
  588
  684
  788
  902
  1,021
  1,149
  1,284
  1,427
  1,576
  1,733
  1,896
  2,066
  2,243
  2,429
  2,620
  2,820
  3,028
  3,243
  3,467
  3,700
  3,943
  4,194
  4,457
  4,730
  5,014
  5,310
  5,620
  5,943
Debt-to-equity ratio
  0.000
  0.160
  0.290
  0.390
  0.470
  0.540
  0.590
  0.630
  0.670
  0.700
  0.730
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.860
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
Adjusted equity ratio
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  72
  102
  122
  144
  168
  194
  222
  252
  284
  318
  353
  390
  429
  470
  513
  557
  603
  651
  701
  752
  806
  862
  920
  981
  1,044
  1,109
  1,177
  1,248
  1,322
  1,399
  1,480
Depreciation, amort., depletion, $m
  27
  31
  37
  44
  51
  59
  68
  77
  86
  96
  107
  118
  130
  142
  155
  168
  182
  196
  211
  227
  243
  260
  277
  295
  314
  334
  354
  376
  398
  421
  445
Funds from operations, $m
  106
  133
  159
  188
  219
  253
  290
  329
  370
  414
  460
  508
  559
  612
  667
  725
  785
  847
  912
  979
  1,049
  1,122
  1,197
  1,276
  1,358
  1,443
  1,532
  1,624
  1,720
  1,820
  1,925
Change in working capital, $m
  -1
  14
  16
  18
  19
  21
  22
  24
  25
  27
  28
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  61
  64
Cash from operations, $m
  107
  119
  143
  170
  200
  232
  267
  305
  345
  387
  432
  479
  528
  580
  634
  690
  748
  809
  872
  938
  1,006
  1,077
  1,151
  1,228
  1,308
  1,391
  1,477
  1,567
  1,661
  1,759
  1,861
Maintenance CAPEX, $m
  0
  -26
  -31
  -37
  -44
  -51
  -59
  -68
  -77
  -86
  -96
  -107
  -118
  -130
  -142
  -155
  -168
  -182
  -196
  -211
  -227
  -243
  -260
  -277
  -295
  -314
  -334
  -354
  -376
  -398
  -421
New CAPEX, $m
  -45
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
Cash from investing activities, $m
  -87
  -53
  -61
  -70
  -80
  -90
  -101
  -113
  -125
  -137
  -149
  -163
  -177
  -191
  -206
  -222
  -237
  -254
  -271
  -289
  -308
  -327
  -347
  -368
  -389
  -412
  -436
  -461
  -487
  -514
  -542
Free cash flow, $m
  20
  66
  82
  100
  120
  142
  166
  192
  220
  250
  282
  316
  351
  389
  428
  468
  511
  555
  601
  649
  699
  750
  804
  860
  918
  978
  1,041
  1,106
  1,174
  1,245
  1,319
Issuance/(repayment) of debt, $m
  0
  35
  39
  43
  47
  51
  55
  59
  63
  66
  70
  73
  77
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  123
  129
  134
  139
  145
  151
  158
Issuance/(repurchase) of shares, $m
  3
  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  
  3
  35
  39
  43
  47
  51
  55
  59
  63
  66
  70
  73
  77
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  123
  129
  134
  139
  145
  151
  158
Total cash flow (excl. dividends), $m
  23
  101
  121
  143
  167
  193
  221
  251
  283
  316
  352
  389
  428
  469
  511
  555
  601
  649
  699
  751
  804
  860
  918
  979
  1,041
  1,107
  1,175
  1,246
  1,320
  1,397
  1,477
Retained Cash Flow (-), $m
  -87
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -76
  -80
  -83
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -165
Prev. year cash balance distribution, $m
 
  154
  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
 
  218
  80
  98
  118
  140
  164
  190
  218
  248
  279
  313
  348
  385
  424
  465
  507
  551
  597
  645
  694
  746
  799
  855
  913
  973
  1,036
  1,101
  1,168
  1,239
  1,313
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
 
  209
  74
  85
  97
  108
  119
  128
  136
  142
  146
  149
  149
  147
  142
  136
  129
  120
  110
  99
  88
  77
  66
  56
  46
  38
  30
  24
  18
  14
  10
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

Five Below, Inc. is a specialty retailer offering a range of merchandise for teen and pre-teen customer. The Company offers an assortment of products, including select brands and licensed merchandise across a range of categories, including Style, Room, Sports, Tech, Crafts, Party, Candy and Now. Its product groups include leisure, fashion and home, and party and snack. Its Leisure includes items, such as sporting goods, games, toys, tech, books, electronic accessories, and arts and crafts. Its Fashion and home includes items, such as personal accessories, attitude t-shirts, beauty offerings, home goods and storage options. Its Party and snack includes items, such as party and seasonal goods, greeting cards, candy and other snacks, and beverages. The Company operated 522 locations across over 31 states throughout the Northeast, South and Midwest regions of the United States, as of January 29, 2017. Its typical store featured 4,000 stock-keeping units (SKUs), as of January 29, 2017.

FINANCIAL RATIOS  of  Five Below (FIVE)

Valuation Ratios
P/E Ratio 37.8
Price to Sales 2.7
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow 25.4
Price to Free Cash Flow 43.9
Growth Rates
Sales Growth Rate 20.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.1%
Cap. Spend. - 3 Yr. Gr. Rate 11.6%
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 16.1%
Ret/ On Assets - 3 Yr. Avg. 17.1%
Return On Total Capital 25%
Ret/ On T. Cap. - 3 Yr. Avg. 27.9%
Return On Equity 25%
Return On Equity - 3 Yr. Avg. 28.6%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 35.3%
EBITDA Margin 14.1%
EBITDA Margin - 3 Yr. Avg. 13.9%
Operating Margin 11.4%
Oper. Margin - 3 Yr. Avg. 11.3%
Pre-Tax Margin 11.4%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.4%
Payout Ratio 0%

FIVE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FIVE stock intrinsic value calculation we used $1000 million for the last fiscal year's total revenue generated by Five Below. The default revenue input number comes from 2017 income statement of Five Below. 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 FIVE stock valuation model: a) initial revenue growth rate of 20.7% 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 FIVE is calculated based on our internal credit rating of Five Below, 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 Five Below.
    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 FIVE stock the variable cost ratio is equal to 87.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for FIVE 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 Five Below.

Corporate tax rate of 27% is the nominal tax rate for Five Below. 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 FIVE 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 FIVE are equal to 13%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Five Below 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 FIVE is equal to 6.9%. 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 - $331 million for Five Below - 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 55.423 million for Five Below 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 Five Below at the current share price and the inputted number of shares is $2.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Teen-Focused Discount Retailer Keeps Growing, Nears Buy Zone   [Sep-11-17 10:40AM  Investor's Business Daily]
▶ You Reached Retirement: 3 Stocks to Consider Today   [Sep-01-17 05:00PM  Motley Fool]
▶ Five Below beats Street 2Q forecasts   [Aug-31-17 08:03PM  Associated Press]
▶ Five Below Beats Q2 Views On Fidget Spinner Fad, Lifts Outlook   [04:31PM  Investor's Business Daily]
▶ Will Future Sales Of The Fidget Spinner Impact Five Below?   [Aug-29-17 11:15AM  Investor's Business Daily]
▶ 3 Things to Watch in the Stock Market This Week   [Aug-27-17 06:29PM  Motley Fool]
▶ 3 Stocks That Look Just Like eBay in 1998   [Aug-16-17 09:35PM  Motley Fool]
▶ Why Five Below Inc. Stock Gained 22% in 2017 So Far   [Jul-16-17 02:30PM  Motley Fool]
▶ Is Five Below (FIVE) a Great Growth Stock?   [Jun-21-17 08:39AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for June 19th   [Jun-19-17 10:39AM  Zacks]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-14-17 04:13PM  Investor's Business Daily]
▶ Have We Reached Peak Fidget Spinner?   [10:38AM  Barrons.com]
▶ Weakening trend toward outlets and off-price retail   [Jun-12-17 10:50AM  CNBC Videos]
▶ ETFs with exposure to Five Below, Inc. : June 8, 2017   [Jun-08-17 01:36PM  Capital Cube]
▶ Retail And E-Commerce News And Stocks To Watch   [Jun-06-17 05:22PM  Investor's Business Daily]
▶ Industry News And Stocks To Watch   [03:57PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [Jun-02-17 04:43PM  Investor's Business Daily]
▶ Five Below Posts Solid Results, Sees Better Times Ahead   [Jun-01-17 06:53PM  Motley Fool]
▶ Five Below tops Street 1Q forecasts   [04:06PM  Associated Press]
▶ Stocks Off, Banks Sink; Will These 4 Leaders Offer New Entries?   [May-31-17 03:00PM  Investor's Business Daily]
▶ 3 Things to Watch in the Stock Market This Week   [May-30-17 07:00AM  Motley Fool]
▶ How Investors Can Play the Fidget Spinner Craze   [May-19-17 04:39PM  Barrons.com]
▶ ETFs with exposure to Five Below, Inc. : April 24, 2017   [Apr-24-17 02:29PM  Capital Cube]
▶ Teen retailer Five Below opens 9 stores in L.A. area   [Apr-21-17 03:40PM  American City Business Journals]
▶ Five Below Names George Hill EVP of Retail Operations   [Apr-20-17 04:01PM  GlobeNewswire]
▶ Five Below: Cramer's Top Takeaways   [Apr-14-17 07:13AM  TheStreet.com]
▶ ETFs with exposure to Five Below, Inc. : April 10, 2017   [Apr-10-17 01:46PM  Capital Cube]
▶ ETFs with exposure to Five Below, Inc. : March 30, 2017   [Mar-29-17 08:31PM  Capital Cube]
▶ Bullish and Bearish Reversals for This Week   [Mar-27-17 12:30PM  TheStreet.com]
Financial statements of FIVE
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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