Intrinsic value of Fossil Group - FOSL

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$9.63

  Intrinsic Value

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  Value-price divergence*

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$9.63

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

We calculate the intrinsic value of FOSL 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 2016), $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
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.79
  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
  3,042
  3,103
  3,174
  3,256
  3,347
  3,449
  3,560
  3,681
  3,813
  3,954
  4,106
  4,268
  4,441
  4,626
  4,822
  5,030
  5,250
  5,484
  5,730
  5,991
  6,266
  6,557
  6,863
  7,186
  7,526
  7,885
  8,262
  8,659
  9,077
  9,516
  9,979
Variable operating expenses, $m
 
  564
  576
  590
  606
  623
  642
  663
  685
  709
  735
  727
  757
  788
  821
  857
  894
  934
  976
  1,020
  1,067
  1,117
  1,169
  1,224
  1,282
  1,343
  1,407
  1,475
  1,546
  1,621
  1,700
Fixed operating expenses, $m
 
  2,469
  2,531
  2,594
  2,659
  2,726
  2,794
  2,864
  2,935
  3,009
  3,084
  3,161
  3,240
  3,321
  3,404
  3,489
  3,576
  3,666
  3,757
  3,851
  3,947
  4,046
  4,147
  4,251
  4,357
  4,466
  4,578
  4,692
  4,810
  4,930
  5,053
Total operating expenses, $m
  2,915
  3,033
  3,107
  3,184
  3,265
  3,349
  3,436
  3,527
  3,620
  3,718
  3,819
  3,888
  3,997
  4,109
  4,225
  4,346
  4,470
  4,600
  4,733
  4,871
  5,014
  5,163
  5,316
  5,475
  5,639
  5,809
  5,985
  6,167
  6,356
  6,551
  6,753
Operating income, $m
  127
  70
  67
  71
  83
  100
  125
  155
  193
  237
  287
  380
  445
  517
  597
  684
  780
  884
  997
  1,119
  1,252
  1,394
  1,547
  1,711
  1,887
  2,075
  2,277
  2,492
  2,721
  2,966
  3,226
EBITDA, $m
  222
  150
  148
  154
  166
  185
  211
  244
  283
  329
  382
  442
  509
  584
  666
  756
  855
  963
  1,079
  1,206
  1,342
  1,488
  1,646
  1,814
  1,995
  2,189
  2,395
  2,616
  2,852
  3,102
  3,369
Interest expense (income), $m
  27
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  56
  60
  63
  67
  71
  75
  80
  85
  89
  95
  100
  106
Earnings before tax, $m
  114
  48
  45
  48
  58
  75
  98
  127
  163
  205
  254
  345
  408
  477
  555
  640
  733
  834
  944
  1,063
  1,192
  1,330
  1,480
  1,640
  1,812
  1,996
  2,192
  2,402
  2,626
  2,865
  3,120
Tax expense, $m
  28
  13
  12
  13
  16
  20
  26
  34
  44
  55
  69
  93
  110
  129
  150
  173
  198
  225
  255
  287
  322
  359
  400
  443
  489
  539
  592
  649
  709
  774
  842
Net income, $m
  79
  35
  33
  35
  43
  55
  71
  93
  119
  150
  185
  252
  298
  349
  405
  467
  535
  609
  689
  776
  870
  971
  1,080
  1,197
  1,322
  1,457
  1,600
  1,754
  1,917
  2,092
  2,278

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  300
  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
  2,187
  1,915
  1,959
  2,010
  2,066
  2,129
  2,198
  2,272
  2,354
  2,441
  2,534
  2,635
  2,742
  2,855
  2,976
  3,105
  3,241
  3,385
  3,537
  3,698
  3,868
  4,047
  4,237
  4,436
  4,646
  4,867
  5,100
  5,345
  5,603
  5,874
  6,160
Adjusted assets (=assets-cash), $m
  1,887
  1,915
  1,959
  2,010
  2,066
  2,129
  2,198
  2,272
  2,354
  2,441
  2,534
  2,635
  2,742
  2,855
  2,976
  3,105
  3,241
  3,385
  3,537
  3,698
  3,868
  4,047
  4,237
  4,436
  4,646
  4,867
  5,100
  5,345
  5,603
  5,874
  6,160
Revenue / Adjusted assets
  1.612
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
  1.620
Average production assets, $m
  455
  357
  365
  374
  385
  397
  409
  423
  438
  455
  472
  491
  511
  532
  555
  578
  604
  631
  659
  689
  721
  754
  789
  826
  866
  907
  950
  996
  1,044
  1,094
  1,148
Working capital, $m
  932
  676
  692
  710
  730
  752
  776
  803
  831
  862
  895
  930
  968
  1,008
  1,051
  1,097
  1,145
  1,195
  1,249
  1,306
  1,366
  1,429
  1,496
  1,567
  1,641
  1,719
  1,801
  1,888
  1,979
  2,075
  2,175
Total debt, $m
  636
  633
  659
  690
  724
  762
  803
  849
  898
  950
  1,007
  1,067
  1,132
  1,201
  1,274
  1,351
  1,434
  1,521
  1,613
  1,710
  1,812
  1,921
  2,035
  2,155
  2,282
  2,416
  2,556
  2,704
  2,860
  3,024
  3,196
Total liabilities, $m
  1,181
  1,157
  1,183
  1,214
  1,248
  1,286
  1,327
  1,373
  1,422
  1,474
  1,531
  1,591
  1,656
  1,725
  1,798
  1,875
  1,958
  2,045
  2,137
  2,234
  2,336
  2,445
  2,559
  2,679
  2,806
  2,940
  3,080
  3,228
  3,384
  3,548
  3,720
Total equity, $m
  1,006
  758
  776
  796
  818
  843
  870
  900
  932
  967
  1,004
  1,043
  1,086
  1,131
  1,179
  1,230
  1,283
  1,340
  1,401
  1,464
  1,532
  1,603
  1,678
  1,757
  1,840
  1,927
  2,020
  2,117
  2,219
  2,326
  2,439
Total liabilities and equity, $m
  2,187
  1,915
  1,959
  2,010
  2,066
  2,129
  2,197
  2,273
  2,354
  2,441
  2,535
  2,634
  2,742
  2,856
  2,977
  3,105
  3,241
  3,385
  3,538
  3,698
  3,868
  4,048
  4,237
  4,436
  4,646
  4,867
  5,100
  5,345
  5,603
  5,874
  6,159
Debt-to-equity ratio
  0.632
  0.830
  0.850
  0.870
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.130
  1.150
  1.170
  1.180
  1.200
  1.210
  1.230
  1.240
  1.250
  1.270
  1.280
  1.290
  1.300
  1.310
Adjusted equity ratio
  0.388
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  35
  33
  35
  43
  55
  71
  93
  119
  150
  185
  252
  298
  349
  405
  467
  535
  609
  689
  776
  870
  971
  1,080
  1,197
  1,322
  1,457
  1,600
  1,754
  1,917
  2,092
  2,278
Depreciation, amort., depletion, $m
  95
  80
  81
  82
  84
  85
  87
  88
  90
  92
  95
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  137
  143
Funds from operations, $m
  227
  115
  114
  118
  126
  140
  158
  181
  209
  242
  280
  313
  361
  415
  474
  539
  610
  688
  771
  862
  960
  1,065
  1,179
  1,300
  1,431
  1,570
  1,719
  1,878
  2,048
  2,229
  2,421
Change in working capital, $m
  17
  13
  16
  18
  20
  22
  24
  26
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
Cash from operations, $m
  210
  -36
  98
  100
  106
  118
  134
  155
  181
  211
  247
  278
  324
  375
  431
  494
  562
  637
  718
  805
  900
  1,002
  1,112
  1,230
  1,357
  1,492
  1,637
  1,792
  1,957
  2,133
  2,320
Maintenance CAPEX, $m
  0
  -44
  -45
  -46
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -124
  -130
  -137
New CAPEX, $m
  -66
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
Cash from investing activities, $m
  -12
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -136
  -142
  -149
  -156
  -165
  -172
  -181
  -190
Free cash flow, $m
  198
  -87
  46
  45
  49
  58
  72
  90
  113
  140
  173
  200
  242
  290
  342
  401
  465
  534
  610
  693
  782
  879
  983
  1,094
  1,214
  1,343
  1,480
  1,627
  1,784
  1,952
  2,130
Issuance/(repayment) of debt, $m
  -171
  23
  27
  30
  34
  38
  42
  45
  49
  53
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  103
  108
  114
  120
  127
  134
  141
  148
  156
  164
  172
Issuance/(repurchase) of shares, $m
  -16
  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  
  -198
  23
  27
  30
  34
  38
  42
  45
  49
  53
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  103
  108
  114
  120
  127
  134
  141
  148
  156
  164
  172
Total cash flow (excl. dividends), $m
  8
  -65
  72
  75
  83
  96
  113
  135
  162
  193
  229
  261
  307
  359
  416
  478
  547
  621
  702
  790
  885
  987
  1,097
  1,215
  1,341
  1,476
  1,621
  1,775
  1,940
  2,116
  2,303
Retained Cash Flow (-), $m
  -85
  -14
  -17
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
Prev. year cash balance distribution, $m
 
  271
  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
 
  192
  55
  55
  61
  71
  86
  105
  129
  158
  192
  221
  265
  313
  368
  427
  493
  564
  642
  726
  818
  916
  1,022
  1,136
  1,258
  1,389
  1,529
  1,678
  1,838
  2,008
  2,190
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
 
  184
  50
  48
  50
  55
  62
  71
  81
  91
  101
  105
  113
  119
  123
  125
  125
  123
  118
  112
  104
  95
  85
  74
  64
  54
  45
  36
  28
  22
  16
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

Fossil Group, Inc., together with its subsidiaries, designs, develops, markets, and distributes consumer fashion accessories. The company’s principal products include a line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts, sunglasses, and soft accessories. It offers its products under its proprietary brands, such as FOSSIL, MICHELE, RELIC, SKAGEN, and ZODIAC, as well as under the licensed brands, including ADIDAS, ARMANI EXCHANGE, BURBERRY, DIESEL, DKNY, EMPORIO ARMANI, KARL LAGERFELD, KATE SPADE NEW YORK, MARC BY MARC JACOBS, MICHAEL KORS, and TORY BURCH. The company sells its products through department stores, specialty retail stores, specialty watch and jewelry stores, company-owned retail and outlet stores, mass market stores, e-commerce sites, licensed and franchised FOSSIL retail stores, and retail concessions, as well as sells its products on airlines and cruise ships. As of January 2, 2016, it owned and operated 99 retail stores and 139 outlet stores located in the United States, as well as 250 retail stores and 131 outlet stores internationally. Fossil Group, Inc. was formerly known as Fossil, Inc. and changed its name to Fossil Group, Inc. in May 2013. Fossil Group, Inc. was founded in 1984 and is headquartered in Richardson, Texas.

FINANCIAL RATIOS  of  Fossil Group (FOSL)

Valuation Ratios
P/E Ratio 5.9
Price to Sales 0.2
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow 3.2
Growth Rates
Sales Growth Rate -5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.5%
Cap. Spend. - 3 Yr. Gr. Rate -7%
Financial Strength
Quick Ratio 12
Current Ratio 0.1
LT Debt to Equity 60.6%
Total Debt to Equity 63.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 13.9%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 22.8%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 51.9%
Gross Margin - 3 Yr. Avg. 54.4%
EBITDA Margin 7.8%
EBITDA Margin - 3 Yr. Avg. 13.3%
Operating Margin 4.2%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 9.8%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 24.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.2%
Payout Ratio 0%

FOSL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FOSL stock intrinsic value calculation we used $3042 million for the last fiscal year's total revenue generated by Fossil Group. The default revenue input number comes from 2016 income statement of Fossil Group. 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 FOSL 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 FOSL is calculated based on our internal credit rating of Fossil Group, 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 Fossil Group.
    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 FOSL stock the variable cost ratio is equal to 18.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2409 million in the base year in the intrinsic value calculation for FOSL 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 Fossil Group.

Corporate tax rate of 27% is the nominal tax rate for Fossil Group. 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 FOSL 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 FOSL are equal to 11.5%.

Life of production assets of 8 years is the average useful life of capital assets used in Fossil Group 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 FOSL is equal to 21.8%. 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 - $1015 million for Fossil Group - 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 46.99 million for Fossil Group 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 Fossil Group at the current share price and the inputted number of shares is $0.5 billion.


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COMPANY NEWS

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▶ ETFs with exposure to Fossil Group, Inc. : May 16, 2017   [May-16-17 12:52PM  Capital Cube]
▶ Can Smartwatches Rescue Fitbit and Fossil?   [08:04AM  Investopedia]
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▶ Fossil Group reports 1Q loss   [04:20PM  Associated Press]
▶ Coach-Kate Spade $2.4 Billion Merger Seen Weighing On Michael Kors   [May-08-17 04:09PM  Investor's Business Daily]
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▶ As Looks Matter More, Two Companies Fashion Moves Vs. Apple Watch, Fitbit   [Mar-23-17 04:19PM  Investor's Business Daily]
▶ Fossil Group Reimagines the Watch   [05:00AM  PR Newswire]
▶ Fossil: Wave of Analysts Offer Bearish Outlook   [Mar-15-17 06:09PM  Investopedia]
▶ Fossil: Wave of Analysts Offer Bearish Outlook   [06:09PM  at Investopedia]
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Stock chart of FOSL Financial statements of FOSL Annual reports of FOSL
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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