Intrinsic value of Fossil Group - FOSL

Previous Close

$9.21

  Intrinsic Value

$53.81

stock screener

  Rating & Target

str. buy

+484%

Previous close

$9.21

 
Intrinsic value

$53.81

 
Up/down potential

+484%

 
Rating

str. buy

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 0.4

 

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
  159
  158
  164
  177
  196
  222
  255
  295
  341
  395
  455
  523
  598
  681
  772
  872
  980
  1,098
  1,224
  1,361
  1,509
  1,667
  1,837
  2,019
  2,214
  2,422
  2,644
  2,880
  3,132
  3,401
Interest expense (income), $m
  27
  23
  23
  24
  26
  27
  28
  30
  32
  33
  35
  38
  40
  42
  45
  48
  50
  54
  57
  60
  64
  68
  72
  76
  81
  86
  91
  96
  101
  107
  114
Earnings before tax, $m
  114
  47
  44
  47
  57
  73
  96
  125
  161
  203
  252
  343
  405
  475
  552
  637
  729
  830
  940
  1,059
  1,188
  1,326
  1,475
  1,635
  1,806
  1,990
  2,186
  2,396
  2,620
  2,858
  3,112
Tax expense, $m
  28
  13
  12
  13
  15
  20
  26
  34
  43
  55
  68
  93
  109
  128
  149
  172
  197
  224
  254
  286
  321
  358
  398
  441
  488
  537
  590
  647
  707
  772
  840
Net income, $m
  79
  34
  32
  34
  42
  54
  70
  92
  118
  148
  184
  250
  296
  347
  403
  465
  532
  606
  686
  773
  867
  968
  1,077
  1,193
  1,319
  1,453
  1,596
  1,749
  1,912
  2,086
  2,272

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
  1,925
  1,969
  2,020
  2,077
  2,139
  2,209
  2,284
  2,365
  2,453
  2,547
  2,648
  2,755
  2,870
  2,991
  3,120
  3,257
  3,402
  3,555
  3,717
  3,887
  4,068
  4,258
  4,458
  4,669
  4,891
  5,125
  5,371
  5,631
  5,903
  6,190
Adjusted assets (=assets-cash), $m
  1,887
  1,925
  1,969
  2,020
  2,077
  2,139
  2,209
  2,284
  2,365
  2,453
  2,547
  2,648
  2,755
  2,870
  2,991
  3,120
  3,257
  3,402
  3,555
  3,717
  3,887
  4,068
  4,258
  4,458
  4,669
  4,891
  5,125
  5,371
  5,631
  5,903
  6,190
Revenue / Adjusted assets
  1.612
  1.612
  1.612
  1.612
  1.611
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
  1.612
Average production assets, $m
  455
  462
  473
  485
  499
  514
  530
  549
  568
  589
  612
  636
  662
  689
  718
  749
  782
  817
  854
  893
  934
  977
  1,023
  1,071
  1,121
  1,175
  1,231
  1,290
  1,352
  1,418
  1,487
Working capital, $m
  932
  670
  686
  703
  723
  745
  769
  795
  824
  854
  887
  922
  959
  999
  1,042
  1,086
  1,134
  1,184
  1,238
  1,294
  1,354
  1,416
  1,482
  1,552
  1,626
  1,703
  1,785
  1,870
  1,961
  2,056
  2,155
Total debt, $m
  636
  633
  660
  691
  726
  764
  807
  853
  902
  956
  1,014
  1,075
  1,141
  1,211
  1,286
  1,365
  1,448
  1,537
  1,631
  1,730
  1,834
  1,944
  2,061
  2,183
  2,312
  2,448
  2,592
  2,742
  2,901
  3,068
  3,243
Total liabilities, $m
  1,181
  1,178
  1,205
  1,236
  1,271
  1,309
  1,352
  1,398
  1,447
  1,501
  1,559
  1,620
  1,686
  1,756
  1,831
  1,910
  1,993
  2,082
  2,176
  2,275
  2,379
  2,489
  2,606
  2,728
  2,857
  2,993
  3,137
  3,287
  3,446
  3,613
  3,788
Total equity, $m
  1,006
  747
  764
  784
  806
  830
  857
  886
  918
  952
  988
  1,027
  1,069
  1,113
  1,161
  1,211
  1,264
  1,320
  1,379
  1,442
  1,508
  1,578
  1,652
  1,730
  1,812
  1,898
  1,989
  2,084
  2,185
  2,291
  2,402
Total liabilities and equity, $m
  2,187
  1,925
  1,969
  2,020
  2,077
  2,139
  2,209
  2,284
  2,365
  2,453
  2,547
  2,647
  2,755
  2,869
  2,992
  3,121
  3,257
  3,402
  3,555
  3,717
  3,887
  4,067
  4,258
  4,458
  4,669
  4,891
  5,126
  5,371
  5,631
  5,904
  6,190
Debt-to-equity ratio
  0.632
  0.850
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.160
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.280
  1.290
  1.300
  1.320
  1.330
  1.340
  1.350
Adjusted equity ratio
  0.375
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  34
  32
  34
  42
  54
  70
  92
  118
  148
  184
  250
  296
  347
  403
  465
  532
  606
  686
  773
  867
  968
  1,077
  1,193
  1,319
  1,453
  1,596
  1,749
  1,912
  2,086
  2,272
Depreciation, amort., depletion, $m
  95
  90
  91
  93
  94
  96
  98
  100
  102
  105
  107
  75
  78
  81
  85
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
Funds from operations, $m
  227
  124
  123
  127
  136
  150
  168
  192
  220
  253
  291
  325
  374
  428
  487
  553
  624
  702
  787
  878
  977
  1,083
  1,197
  1,319
  1,451
  1,591
  1,741
  1,901
  2,071
  2,253
  2,447
Change in working capital, $m
  17
  13
  15
  18
  20
  22
  24
  26
  28
  31
  33
  35
  37
  40
  42
  45
  48
  50
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
Cash from operations, $m
  210
  111
  108
  109
  116
  128
  144
  165
  192
  223
  259
  290
  336
  388
  445
  508
  577
  652
  734
  822
  917
  1,020
  1,131
  1,250
  1,377
  1,513
  1,659
  1,815
  1,981
  2,158
  2,347
Maintenance CAPEX, $m
  0
  -53
  -54
  -56
  -57
  -59
  -60
  -62
  -65
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
New CAPEX, $m
  -66
  -8
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
Cash from investing activities, $m
  -12
  -61
  -65
  -68
  -71
  -74
  -77
  -80
  -85
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -168
  -177
  -185
  -194
  -204
  -214
  -224
  -236
Free cash flow, $m
  198
  50
  43
  42
  45
  54
  67
  85
  107
  135
  167
  194
  236
  283
  335
  392
  456
  525
  601
  683
  771
  867
  970
  1,081
  1,200
  1,328
  1,465
  1,611
  1,767
  1,934
  2,111
Issuance/(repayment) of debt, $m
  -171
  23
  27
  31
  35
  39
  42
  46
  50
  54
  58
  62
  66
  70
  74
  79
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  151
  159
  167
  176
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
  31
  35
  39
  42
  46
  50
  54
  58
  62
  66
  70
  74
  79
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  151
  159
  167
  176
Total cash flow (excl. dividends), $m
  8
  73
  70
  72
  80
  92
  109
  131
  157
  188
  224
  256
  301
  353
  409
  471
  540
  614
  694
  782
  876
  977
  1,087
  1,204
  1,330
  1,464
  1,608
  1,762
  1,926
  2,101
  2,287
Retained Cash Flow (-), $m
  -85
  -15
  -17
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
Prev. year cash balance distribution, $m
 
  274
  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
 
  332
  52
  53
  58
  68
  83
  102
  126
  154
  188
  216
  260
  308
  362
  421
  486
  558
  635
  719
  810
  907
  1,013
  1,126
  1,248
  1,378
  1,517
  1,666
  1,825
  1,995
  2,176
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
 
  318
  48
  46
  48
  53
  60
  69
  79
  89
  98
  103
  111
  117
  122
  124
  124
  121
  117
  111
  103
  94
  84
  74
  64
  54
  44
  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. is a design, marketing and distribution company that specializes in consumer fashion accessories. The Company's segments include Americas, Europe and Asia. Each segment includes sales to wholesale and distributor customers, and sales through the Company-owned retail stores and e-commerce activities based on the location of the selling entity. The Americas segment includes sales to customers based in Canada, Latin America and the United States. The Europe segment includes sales to customers based in European countries, the Middle East and Africa. The Asia segment includes sales to customers based in Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea, Taiwan and Thailand. The Company's principal offerings include a line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts, sunglasses and soft accessories.

FINANCIAL RATIOS  of  Fossil Group (FOSL)

Valuation Ratios
P/E Ratio 5.6
Price to Sales 0.1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2.1
Price to Free Cash Flow 3.1
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 3.7% 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 14.9%.

Life of production assets of 8.5 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 21.6%. 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 - $1006 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 48.522 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 $0.4 billion.

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COMPANY NEWS

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▶ Why Fossil Group Inc. Stock Fell 26.3% in August   [Sep-06-17 11:00AM  Motley Fool]
▶ 3 Stocks That Have Lost Over 30% So Far in 2017   [Aug-25-17 08:05AM  Motley Fool]
▶ Why the Bears Might Be Right About Fossil Group Stock   [Aug-21-17 09:33PM  Motley Fool]
▶ What Happened in the Stock Market Today   [Aug-09-17 04:47PM  Motley Fool]
▶ Fossil Shares Are Crashing, Hard   [11:55AM  TheStreet.com]
▶ Fossil: Watch Out? Watch Out!   [11:26AM  Barrons.com]
▶ Fossil Group reports 2Q loss   [Aug-08-17 11:59PM  Associated Press]
▶ Fossil misses on top line   [04:37PM  CNBC Videos]
▶ ETFs with exposure to Fossil Group, Inc. : July 11, 2017   [Jul-11-17 02:32PM  Capital Cube]
▶ 3 Stocks That Have Been Cut in Half in 2017   [Jul-07-17 09:09AM  Motley Fool]
▶ 5 Worst Investment Ideas Of 2017 Thus Far   [Jul-03-17 10:53AM  Benzinga]
▶ 3 Stocks That Have Lost More Than 50% So Far in 2017   [Jun-28-17 08:32AM  Motley Fool]
▶ Fossil Isn't Dead Just Yet, Analyst Contends   [Jun-20-17 12:22PM  TheStreet.com]
▶ Near a 15-Year Low, Is Fossil Group a Buy?   [Jun-15-17 05:34PM  Motley Fool]
▶ Story Stocks from Briefing.com   [Jun-14-17 12:09PM  Briefing.com]
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▶ 3 Stocks With Shopify-Like Return Potential   [May-30-17 09:07AM  Motley Fool]
▶ Bear of the Day: Fossil (FOSL)   [05:06AM  Zacks]
▶ ETFs with exposure to Fossil Group, Inc. : May 26, 2017   [May-26-17 01:09PM  Capital Cube]
▶ Watches Are Back in Style, but This Watchmaker Is Not   [May-25-17 05:35PM  Motley Fool]
▶ 3 Stocks That Have Been Cut in Half in the Last 6 Months   [May-23-17 02:21PM  Motley Fool]
▶ Gap CEO Peck: 'We Still Have a Lot of Work to Do'   [May-19-17 06:58AM  TheStreet.com]
▶ ETFs with exposure to Fossil Group, Inc. : May 16, 2017   [May-16-17 12:52PM  Capital Cube]
Financial statements 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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