Intrinsic value of Foot Locker - FL

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$48.03

  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 FL 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 6.3

 

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, %
  4.78
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  7,766
  8,178
  8,609
  9,060
  9,533
  10,028
  10,547
  11,091
  11,662
  12,260
  12,887
  13,545
  14,235
  14,959
  15,718
  16,515
  17,351
  18,228
  19,149
  20,115
  21,129
  22,193
  23,310
  24,482
  25,713
  27,005
  28,361
  29,784
  31,279
  32,847
  34,494
Variable operating expenses, $m
 
  4,367
  4,597
  4,838
  5,090
  5,355
  5,632
  5,923
  6,227
  6,547
  6,882
  7,233
  7,602
  7,988
  8,394
  8,819
  9,265
  9,734
  10,225
  10,741
  11,283
  11,851
  12,447
  13,074
  13,731
  14,420
  15,145
  15,905
  16,703
  17,541
  18,420
Fixed operating expenses, $m
 
  2,746
  2,815
  2,885
  2,957
  3,031
  3,107
  3,184
  3,264
  3,346
  3,429
  3,515
  3,603
  3,693
  3,785
  3,880
  3,977
  4,076
  4,178
  4,283
  4,390
  4,500
  4,612
  4,727
  4,846
  4,967
  5,091
  5,218
  5,349
  5,482
  5,619
Total operating expenses, $m
  6,760
  7,113
  7,412
  7,723
  8,047
  8,386
  8,739
  9,107
  9,491
  9,893
  10,311
  10,748
  11,205
  11,681
  12,179
  12,699
  13,242
  13,810
  14,403
  15,024
  15,673
  16,351
  17,059
  17,801
  18,577
  19,387
  20,236
  21,123
  22,052
  23,023
  24,039
Operating income, $m
  1,006
  1,065
  1,197
  1,337
  1,485
  1,642
  1,808
  1,984
  2,170
  2,368
  2,576
  2,797
  3,031
  3,278
  3,539
  3,816
  4,109
  4,418
  4,745
  5,091
  5,456
  5,842
  6,250
  6,681
  7,137
  7,617
  8,125
  8,661
  9,227
  9,825
  10,455
EBITDA, $m
  1,164
  1,138
  1,274
  1,418
  1,571
  1,732
  1,903
  2,084
  2,275
  2,478
  2,692
  2,919
  3,159
  3,413
  3,681
  3,965
  4,265
  4,582
  4,917
  5,272
  5,646
  6,042
  6,460
  6,902
  7,368
  7,860
  8,380
  8,929
  9,509
  10,120
  10,765
Interest expense (income), $m
  11
  11
  16
  21
  27
  33
  39
  46
  52
  59
  67
  75
  83
  92
  101
  110
  120
  131
  142
  153
  165
  178
  191
  205
  220
  235
  251
  268
  286
  305
  324
Earnings before tax, $m
  1,004
  1,054
  1,181
  1,316
  1,458
  1,609
  1,769
  1,939
  2,118
  2,308
  2,509
  2,722
  2,948
  3,186
  3,439
  3,706
  3,988
  4,287
  4,603
  4,938
  5,291
  5,664
  6,059
  6,476
  6,917
  7,382
  7,874
  8,393
  8,941
  9,520
  10,131
Tax expense, $m
  340
  285
  319
  355
  394
  434
  478
  523
  572
  623
  677
  735
  796
  860
  928
  1,001
  1,077
  1,158
  1,243
  1,333
  1,429
  1,529
  1,636
  1,749
  1,868
  1,993
  2,126
  2,266
  2,414
  2,570
  2,735
Net income, $m
  664
  769
  862
  960
  1,064
  1,175
  1,291
  1,415
  1,546
  1,685
  1,832
  1,987
  2,152
  2,326
  2,510
  2,705
  2,912
  3,130
  3,361
  3,605
  3,862
  4,135
  4,423
  4,728
  5,049
  5,389
  5,748
  6,127
  6,527
  6,950
  7,395

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,046
  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
  3,840
  2,942
  3,097
  3,259
  3,429
  3,607
  3,794
  3,990
  4,195
  4,410
  4,636
  4,872
  5,121
  5,381
  5,654
  5,941
  6,241
  6,557
  6,888
  7,236
  7,600
  7,983
  8,385
  8,807
  9,249
  9,714
  10,202
  10,714
  11,251
  11,816
  12,408
Adjusted assets (=assets-cash), $m
  2,794
  2,942
  3,097
  3,259
  3,429
  3,607
  3,794
  3,990
  4,195
  4,410
  4,636
  4,872
  5,121
  5,381
  5,654
  5,941
  6,241
  6,557
  6,888
  7,236
  7,600
  7,983
  8,385
  8,807
  9,249
  9,714
  10,202
  10,714
  11,251
  11,816
  12,408
Revenue / Adjusted assets
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
  2.780
Average production assets, $m
  757
  368
  387
  408
  429
  451
  475
  499
  525
  552
  580
  610
  641
  673
  707
  743
  781
  820
  862
  905
  951
  999
  1,049
  1,102
  1,157
  1,215
  1,276
  1,340
  1,408
  1,478
  1,552
Working capital, $m
  2,021
  1,030
  1,085
  1,142
  1,201
  1,264
  1,329
  1,398
  1,469
  1,545
  1,624
  1,707
  1,794
  1,885
  1,981
  2,081
  2,186
  2,297
  2,413
  2,534
  2,662
  2,796
  2,937
  3,085
  3,240
  3,403
  3,573
  3,753
  3,941
  4,139
  4,346
Total debt, $m
  127
  185
  248
  314
  382
  454
  530
  609
  692
  779
  870
  965
  1,066
  1,171
  1,281
  1,397
  1,519
  1,646
  1,780
  1,920
  2,068
  2,222
  2,384
  2,555
  2,734
  2,921
  3,118
  3,325
  3,543
  3,771
  4,010
Total liabilities, $m
  1,130
  1,188
  1,251
  1,317
  1,385
  1,457
  1,533
  1,612
  1,695
  1,782
  1,873
  1,968
  2,069
  2,174
  2,284
  2,400
  2,522
  2,649
  2,783
  2,923
  3,071
  3,225
  3,387
  3,558
  3,737
  3,924
  4,121
  4,328
  4,546
  4,774
  5,013
Total equity, $m
  2,710
  1,753
  1,846
  1,942
  2,044
  2,150
  2,261
  2,378
  2,500
  2,628
  2,763
  2,904
  3,052
  3,207
  3,370
  3,541
  3,720
  3,908
  4,105
  4,312
  4,530
  4,758
  4,997
  5,249
  5,513
  5,789
  6,080
  6,385
  6,706
  7,042
  7,395
Total liabilities and equity, $m
  3,840
  2,941
  3,097
  3,259
  3,429
  3,607
  3,794
  3,990
  4,195
  4,410
  4,636
  4,872
  5,121
  5,381
  5,654
  5,941
  6,242
  6,557
  6,888
  7,235
  7,601
  7,983
  8,384
  8,807
  9,250
  9,713
  10,201
  10,713
  11,252
  11,816
  12,408
Debt-to-equity ratio
  0.047
  0.110
  0.130
  0.160
  0.190
  0.210
  0.230
  0.260
  0.280
  0.300
  0.310
  0.330
  0.350
  0.370
  0.380
  0.390
  0.410
  0.420
  0.430
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.530
  0.540
  0.540
Adjusted equity ratio
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  664
  769
  862
  960
  1,064
  1,175
  1,291
  1,415
  1,546
  1,685
  1,832
  1,987
  2,152
  2,326
  2,510
  2,705
  2,912
  3,130
  3,361
  3,605
  3,862
  4,135
  4,423
  4,728
  5,049
  5,389
  5,748
  6,127
  6,527
  6,950
  7,395
Depreciation, amort., depletion, $m
  158
  74
  77
  82
  86
  90
  95
  100
  105
  110
  116
  122
  128
  135
  141
  149
  156
  164
  172
  181
  190
  200
  210
  220
  231
  243
  255
  268
  282
  296
  310
Funds from operations, $m
  839
  843
  940
  1,042
  1,150
  1,265
  1,386
  1,515
  1,651
  1,795
  1,948
  2,109
  2,280
  2,461
  2,652
  2,854
  3,068
  3,294
  3,533
  3,786
  4,053
  4,335
  4,633
  4,948
  5,281
  5,632
  6,003
  6,395
  6,809
  7,245
  7,706
Change in working capital, $m
  23
  52
  54
  57
  60
  62
  65
  69
  72
  75
  79
  83
  87
  91
  96
  100
  105
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
  179
  188
  198
  208
Cash from operations, $m
  816
  438
  885
  985
  1,091
  1,203
  1,321
  1,446
  1,579
  1,720
  1,869
  2,026
  2,193
  2,369
  2,556
  2,754
  2,962
  3,183
  3,417
  3,664
  3,925
  4,201
  4,492
  4,800
  5,126
  5,469
  5,832
  6,216
  6,620
  7,048
  7,498
Maintenance CAPEX, $m
  0
  -71
  -74
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -141
  -149
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -220
  -231
  -243
  -255
  -268
  -282
  -296
New CAPEX, $m
  -266
  -15
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
Cash from investing activities, $m
  -266
  -86
  -93
  -97
  -103
  -108
  -113
  -119
  -126
  -132
  -138
  -146
  -153
  -161
  -169
  -177
  -187
  -195
  -205
  -215
  -227
  -238
  -250
  -263
  -275
  -289
  -304
  -319
  -335
  -353
  -370
Free cash flow, $m
  550
  352
  792
  887
  988
  1,094
  1,207
  1,327
  1,454
  1,588
  1,730
  1,881
  2,040
  2,209
  2,387
  2,576
  2,776
  2,988
  3,211
  3,448
  3,698
  3,963
  4,242
  4,538
  4,850
  5,180
  5,528
  5,896
  6,285
  6,695
  7,129
Issuance/(repayment) of debt, $m
  -3
  58
  63
  66
  69
  72
  75
  79
  83
  87
  91
  96
  100
  105
  110
  116
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
  217
  228
  239
Issuance/(repurchase) of shares, $m
  -399
  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  
  -382
  58
  63
  66
  69
  72
  75
  79
  83
  87
  91
  96
  100
  105
  110
  116
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
  217
  228
  239
Total cash flow (excl. dividends), $m
  172
  411
  855
  953
  1,057
  1,166
  1,283
  1,406
  1,537
  1,675
  1,821
  1,976
  2,140
  2,314
  2,498
  2,692
  2,898
  3,115
  3,345
  3,588
  3,846
  4,117
  4,405
  4,708
  5,029
  5,368
  5,725
  6,103
  6,502
  6,923
  7,368
Retained Cash Flow (-), $m
  -157
  -89
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -277
  -291
  -305
  -320
  -336
  -353
Prev. year cash balance distribution, $m
 
  1,046
  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
 
  1,368
  763
  856
  955
  1,060
  1,172
  1,289
  1,414
  1,547
  1,687
  1,835
  1,992
  2,159
  2,335
  2,521
  2,718
  2,927
  3,148
  3,381
  3,628
  3,889
  4,165
  4,457
  4,765
  5,091
  5,435
  5,798
  6,182
  6,587
  7,015
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
 
  1,311
  698
  745
  787
  822
  850
  871
  884
  888
  884
  872
  850
  821
  784
  740
  691
  637
  580
  521
  461
  402
  346
  292
  243
  198
  159
  124
  96
  72
  53
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

Foot Locker, Inc. operates as an athletic shoes and apparel retailer. The company operates in two segments, Athletic Stores and Direct-to-Customers. The Athletic Stores segment retails athletic footwear, apparel, accessories, and equipment under various formats, including Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Footaction, and SIX:02, as well as Runners Point, and Sidestep. As of August 30, 2016, it operated approximately 3,400 stores in North America, Europe, Australia, and New Zealand. The Direct-to-Customers segment sell athletic footwear, apparel, equipment, team licensed products, and private-label merchandise through Internet Websites, mobile sites, and catalogs. This segment operates sites for eastbay.com, final-score.com, eastbayteamsales.com, and sp24.com, as well as footlocker.com, ladyfootlocker.com, six02.com, kidsfootlocker.com, champssports.com, footaction.com, footlocker.ca, footlocker.eu, runnerspoint.com, and sidestep-shoes.com. The company also provides franchise licenses to operate its Foot Locker stores in the Middle East and the Republic of Korea; and Runners Point Germany. It operates 64 franchised stores. The company was founded in 1879 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  Foot Locker (FL)

Valuation Ratios
P/E Ratio 9.5
Price to Sales 0.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 4.7%
Total Debt to Equity 4.7%
Interest Coverage 92
Management Effectiveness
Return On Assets 17.6%
Ret/ On Assets - 3 Yr. Avg. 15.8%
Return On Total Capital 24.1%
Ret/ On T. Cap. - 3 Yr. Avg. 21.4%
Return On Equity 25.2%
Return On Equity - 3 Yr. Avg. 22.5%
Asset Turnover 2
Profitability Ratios
Gross Margin 33.9%
Gross Margin - 3 Yr. Avg. 33.6%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 13%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 33.9%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 22.1%

FL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FL stock intrinsic value calculation we used $7766 million for the last fiscal year's total revenue generated by Foot Locker. The default revenue input number comes from 2017 income statement of Foot Locker. 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 FL stock valuation model: a) initial revenue growth rate of 5.3% 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 FL is calculated based on our internal credit rating of Foot Locker, 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 Foot Locker.
    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 FL stock the variable cost ratio is equal to 53.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2679 million in the base year in the intrinsic value calculation for FL 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 8.6% for Foot Locker.

Corporate tax rate of 27% is the nominal tax rate for Foot Locker. 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 FL 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 FL are equal to 4.5%.

Life of production assets of 2.9 years is the average useful life of capital assets used in Foot Locker 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 FL is equal to 12.6%. 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 - $2710 million for Foot Locker - 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 131.728 million for Foot Locker 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 Foot Locker at the current share price and the inputted number of shares is $6.3 billion.


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COMPANY NEWS

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▶ This Is Why Nike Just Decided to Lay Off a Ton of People   [Jun-15-17 08:20PM  TheStreet.com]
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▶ Baird: Foot Locker a Buying Opportunity   [03:01PM  TheStreet.com]
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▶ Retail And E-Commerce News And Stocks To Watch   [11:02AM  Investor's Business Daily]
▶ Company News for May 22, 2017   [10:31AM  Zacks]
▶ [$$] Foot Locker May Have Overstepped   [07:43AM  Barrons.com]
▶ [$$] Is the Retro White-Sneaker Craze Over? Foot Locker Says So   [May-19-17 10:57PM  The Wall Street Journal]
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▶ Biggest Loser: Foot Locker Falters   [04:35PM  Barrons.com]
▶ Why This Retail Stock Is Up Over 50% Friday   [04:04PM  Investor's Business Daily]
▶ Foot Locker Stock Plunges As Q1 Earnings, Sales Fall Short   [04:01PM  Investor's Business Daily]
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Stock chart of FL Financial statements of FL Annual reports of FL
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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