Intrinsic value of Foot Locker - FL

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$77.34

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$77.34

 
Intrinsic value

$139.16

 
Up/down potential

+80%

 
Rating

str. buy

 
Value-price divergence* premium content

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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 10.1

 

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
 
  4,366
  4,595
  4,835
  5,087
  5,350
  5,627
  5,916
  6,220
  6,538
  6,872
  7,206
  7,573
  7,958
  8,362
  8,786
  9,231
  9,698
  10,187
  10,701
  11,241
  11,807
  12,401
  13,025
  13,679
  14,367
  15,088
  15,845
  16,640
  17,475
  18,351
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
  7,112
  7,410
  7,720
  8,044
  8,381
  8,734
  9,100
  9,484
  9,884
  10,301
  10,721
  11,176
  11,651
  12,147
  12,666
  13,208
  13,774
  14,365
  14,984
  15,631
  16,307
  17,013
  17,752
  18,525
  19,334
  20,179
  21,063
  21,989
  22,957
  23,970
Operating income, $m
  1,006
  1,066
  1,199
  1,340
  1,489
  1,647
  1,814
  1,991
  2,178
  2,376
  2,586
  2,824
  3,059
  3,308
  3,571
  3,849
  4,143
  4,454
  4,783
  5,131
  5,498
  5,887
  6,297
  6,730
  7,188
  7,671
  8,182
  8,721
  9,290
  9,890
  10,524
EBITDA, $m
  1,164
  1,218
  1,358
  1,507
  1,664
  1,830
  2,006
  2,192
  2,389
  2,597
  2,817
  3,051
  3,297
  3,558
  3,834
  4,125
  4,433
  4,759
  5,103
  5,467
  5,852
  6,258
  6,687
  7,140
  7,618
  8,123
  8,656
  9,219
  9,813
  10,439
  11,101
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
  1,055
  1,183
  1,318
  1,462
  1,614
  1,775
  1,945
  2,126
  2,317
  2,519
  2,749
  2,976
  3,216
  3,470
  3,739
  4,023
  4,324
  4,642
  4,978
  5,333
  5,709
  6,106
  6,525
  6,968
  7,436
  7,931
  8,453
  9,004
  9,585
  10,200
Tax expense, $m
  340
  285
  319
  356
  395
  436
  479
  525
  574
  626
  680
  742
  804
  868
  937
  1,009
  1,086
  1,167
  1,253
  1,344
  1,440
  1,541
  1,649
  1,762
  1,881
  2,008
  2,141
  2,282
  2,431
  2,588
  2,754
Net income, $m
  664
  770
  863
  962
  1,067
  1,178
  1,296
  1,420
  1,552
  1,691
  1,839
  2,007
  2,173
  2,348
  2,533
  2,729
  2,937
  3,156
  3,388
  3,634
  3,893
  4,167
  4,457
  4,763
  5,087
  5,428
  5,789
  6,170
  6,573
  6,997
  7,446

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
  793
  835
  879
  925
  973
  1,023
  1,076
  1,131
  1,189
  1,250
  1,314
  1,381
  1,451
  1,525
  1,602
  1,683
  1,768
  1,857
  1,951
  2,049
  2,153
  2,261
  2,375
  2,494
  2,619
  2,751
  2,889
  3,034
  3,186
  3,346
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
  770
  863
  962
  1,067
  1,178
  1,296
  1,420
  1,552
  1,691
  1,839
  2,007
  2,173
  2,348
  2,533
  2,729
  2,937
  3,156
  3,388
  3,634
  3,893
  4,167
  4,457
  4,763
  5,087
  5,428
  5,789
  6,170
  6,573
  6,997
  7,446
Depreciation, amort., depletion, $m
  158
  152
  159
  167
  175
  183
  192
  201
  211
  221
  231
  227
  238
  250
  263
  276
  290
  305
  320
  336
  353
  371
  390
  409
  430
  452
  474
  498
  523
  549
  577
Funds from operations, $m
  839
  922
  1,023
  1,129
  1,242
  1,361
  1,487
  1,621
  1,762
  1,912
  2,070
  2,233
  2,411
  2,598
  2,796
  3,006
  3,227
  3,461
  3,709
  3,970
  4,247
  4,539
  4,847
  5,173
  5,517
  5,880
  6,264
  6,668
  7,096
  7,547
  8,023
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
  921
  969
  1,072
  1,182
  1,299
  1,422
  1,552
  1,690
  1,837
  1,991
  2,151
  2,324
  2,507
  2,700
  2,905
  3,122
  3,351
  3,593
  3,848
  4,119
  4,404
  4,706
  5,025
  5,362
  5,717
  6,093
  6,489
  6,907
  7,349
  7,815
Maintenance CAPEX, $m
  0
  -130
  -137
  -144
  -152
  -159
  -168
  -176
  -185
  -195
  -205
  -216
  -227
  -238
  -250
  -263
  -276
  -290
  -305
  -320
  -336
  -353
  -371
  -390
  -409
  -430
  -452
  -474
  -498
  -523
  -549
New CAPEX, $m
  -266
  -37
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -132
  -138
  -145
  -152
  -160
Cash from investing activities, $m
  -266
  -167
  -179
  -188
  -198
  -207
  -218
  -229
  -240
  -253
  -266
  -280
  -294
  -308
  -324
  -340
  -357
  -375
  -394
  -414
  -434
  -456
  -479
  -504
  -528
  -555
  -584
  -612
  -643
  -675
  -709
Free cash flow, $m
  550
  754
  790
  885
  985
  1,091
  1,204
  1,323
  1,450
  1,584
  1,725
  1,871
  2,030
  2,198
  2,377
  2,565
  2,764
  2,975
  3,199
  3,435
  3,684
  3,948
  4,227
  4,522
  4,833
  5,162
  5,510
  5,877
  6,264
  6,674
  7,106
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
  812
  853
  950
  1,054
  1,163
  1,279
  1,402
  1,533
  1,670
  1,816
  1,967
  2,130
  2,304
  2,487
  2,681
  2,886
  3,103
  3,332
  3,575
  3,831
  4,103
  4,389
  4,692
  5,012
  5,350
  5,707
  6,084
  6,482
  6,902
  7,345
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
 
  1,769
  760
  853
  952
  1,057
  1,168
  1,286
  1,410
  1,542
  1,682
  1,826
  1,983
  2,148
  2,324
  2,510
  2,707
  2,915
  3,135
  3,368
  3,614
  3,874
  4,150
  4,441
  4,748
  5,073
  5,416
  5,778
  6,161
  6,565
  6,992
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
 
  1,696
  696
  743
  784
  819
  848
  869
  881
  886
  882
  867
  846
  817
  780
  737
  688
  634
  577
  519
  459
  401
  344
  291
  242
  197
  158
  124
  95
  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 15.3
Price to Sales 1.3
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 18.5
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 9.7%.

Life of production assets of 5.8 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 130.196 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 $10.1 billion.


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COMPANY NEWS

▶ Under Armour: Keep On Waiting?   [Apr-21-17 12:54PM  Barrons.com]
▶ Investors Should Sidestep Foot Locker   [11:20AM  Barrons.com]
▶ Cramer: Earnings Season Is Better Than Many Believe   [Apr-20-17 07:01PM  TheStreet.com]
▶ Foot Locker Sees Weak Earnings: Here's Why The Stock Is Rising   [04:38PM  Investor's Business Daily]
▶ Foot Locker: So It Wasn't Bad News?   [09:52AM  Barrons.com]
▶ Retail And E-Commerce News And Stocks To Watch   [09:06AM  Investor's Business Daily]
▶ Foot Locker's Fade Could Continue   [Apr-05-17 04:52PM  TheStreet.com]
▶ The big battle in today's call of the day   [Apr-03-17 01:29PM  CNBC Videos]
▶ 5 Top Dividend Stocks in the Footwear Industry   [Apr-01-17 11:46AM  Motley Fool]
▶ Taking Sides On The Retail Debate   [Mar-27-17 11:32AM  at Forbes]
▶ Are CEOs Losing Faith in the Trump Rally?   [06:00AM  at Investopedia]
▶ Foot Locker, Inc. (FL) Is Running Away From The Competition   [Mar-01-17 09:48AM  at Insider Monkey]
▶ The Hot Stock: Foot Locker Rises 9.4%   [04:53PM  at Barrons.com]
▶ [$$] Foot Locker Posts Better-Than-Expected Earnings   [07:23AM  at The Wall Street Journal]
Stock chart of FL Financial statements 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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