Intrinsic value of Fred's - FRED

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$13.28

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$13.28

 
Intrinsic value

$2.51

 
Up/down potential

-81%

 
Rating

str. sell

 
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 FRED 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, %
  9.19
  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
  2,151
  2,194
  2,244
  2,302
  2,367
  2,439
  2,517
  2,603
  2,696
  2,796
  2,903
  3,018
  3,141
  3,271
  3,410
  3,557
  3,712
  3,877
  4,052
  4,236
  4,431
  4,636
  4,853
  5,081
  5,322
  5,575
  5,842
  6,123
  6,418
  6,729
  7,056
Variable operating expenses, $m
 
  1,733
  1,773
  1,818
  1,869
  1,926
  1,988
  2,056
  2,129
  2,208
  2,292
  2,378
  2,475
  2,578
  2,687
  2,803
  2,926
  3,056
  3,193
  3,339
  3,492
  3,654
  3,825
  4,004
  4,194
  4,394
  4,604
  4,825
  5,058
  5,303
  5,561
Fixed operating expenses, $m
 
  486
  498
  510
  523
  536
  550
  563
  578
  592
  607
  622
  637
  653
  670
  686
  704
  721
  739
  758
  777
  796
  816
  836
  857
  879
  901
  923
  946
  970
  994
Total operating expenses, $m
  2,161
  2,219
  2,271
  2,328
  2,392
  2,462
  2,538
  2,619
  2,707
  2,800
  2,899
  3,000
  3,112
  3,231
  3,357
  3,489
  3,630
  3,777
  3,932
  4,097
  4,269
  4,450
  4,641
  4,840
  5,051
  5,273
  5,505
  5,748
  6,004
  6,273
  6,555
Operating income, $m
  -10
  -25
  -26
  -27
  -26
  -24
  -20
  -16
  -10
  -4
  4
  18
  28
  40
  53
  67
  83
  100
  119
  140
  162
  186
  212
  240
  270
  303
  337
  374
  414
  456
  501
EBITDA, $m
  36
  23
  22
  23
  25
  29
  34
  40
  47
  56
  66
  77
  90
  105
  120
  138
  157
  177
  200
  224
  250
  278
  308
  341
  376
  413
  453
  495
  541
  589
  641
Interest expense (income), $m
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
Earnings before tax, $m
  -12
  -27
  -29
  -29
  -28
  -27
  -24
  -20
  -15
  -8
  -1
  12
  22
  33
  45
  59
  74
  90
  108
  128
  149
  172
  197
  224
  253
  284
  317
  353
  391
  431
  475
Tax expense, $m
  -5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  6
  9
  12
  16
  20
  24
  29
  35
  40
  47
  53
  61
  68
  77
  86
  95
  106
  116
  128
Net income, $m
  -7
  -27
  -29
  -29
  -28
  -27
  -24
  -20
  -15
  -8
  -1
  9
  16
  24
  33
  43
  54
  66
  79
  93
  109
  126
  144
  164
  185
  207
  232
  258
  285
  315
  347

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  731
  739
  756
  776
  798
  822
  848
  877
  909
  942
  979
  1,017
  1,058
  1,102
  1,149
  1,199
  1,251
  1,307
  1,366
  1,428
  1,493
  1,563
  1,636
  1,713
  1,794
  1,879
  1,969
  2,064
  2,163
  2,268
  2,378
Adjusted assets (=assets-cash), $m
  725
  739
  756
  776
  798
  822
  848
  877
  909
  942
  979
  1,017
  1,058
  1,102
  1,149
  1,199
  1,251
  1,307
  1,366
  1,428
  1,493
  1,563
  1,636
  1,713
  1,794
  1,879
  1,969
  2,064
  2,163
  2,268
  2,378
Revenue / Adjusted assets
  2.967
  2.969
  2.968
  2.966
  2.966
  2.967
  2.968
  2.968
  2.966
  2.968
  2.965
  2.968
  2.969
  2.968
  2.968
  2.967
  2.967
  2.966
  2.966
  2.966
  2.968
  2.966
  2.966
  2.966
  2.967
  2.967
  2.967
  2.967
  2.967
  2.967
  2.967
Average production assets, $m
  230
  235
  240
  246
  253
  261
  269
  279
  288
  299
  311
  323
  336
  350
  365
  381
  397
  415
  434
  453
  474
  496
  519
  544
  569
  597
  625
  655
  687
  720
  755
Working capital, $m
  210
  208
  213
  219
  225
  232
  239
  247
  256
  266
  276
  287
  298
  311
  324
  338
  353
  368
  385
  402
  421
  440
  461
  483
  506
  530
  555
  582
  610
  639
  670
Total debt, $m
  53
  59
  66
  75
  85
  96
  108
  121
  135
  150
  166
  184
  202
  222
  243
  265
  289
  314
  341
  369
  398
  429
  462
  497
  533
  572
  612
  655
  699
  747
  796
Total liabilities, $m
  326
  333
  340
  349
  359
  370
  382
  395
  409
  424
  440
  458
  476
  496
  517
  539
  563
  588
  615
  643
  672
  703
  736
  771
  807
  846
  886
  929
  973
  1,021
  1,070
Total equity, $m
  404
  407
  416
  427
  439
  452
  467
  483
  500
  518
  538
  559
  582
  606
  632
  659
  688
  719
  751
  785
  821
  859
  900
  942
  987
  1,033
  1,083
  1,135
  1,190
  1,247
  1,308
Total liabilities and equity, $m
  730
  740
  756
  776
  798
  822
  849
  878
  909
  942
  978
  1,017
  1,058
  1,102
  1,149
  1,198
  1,251
  1,307
  1,366
  1,428
  1,493
  1,562
  1,636
  1,713
  1,794
  1,879
  1,969
  2,064
  2,163
  2,268
  2,378
Debt-to-equity ratio
  0.131
  0.140
  0.160
  0.180
  0.190
  0.210
  0.230
  0.250
  0.270
  0.290
  0.310
  0.330
  0.350
  0.370
  0.380
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.500
  0.510
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
Adjusted equity ratio
  0.549
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  -27
  -29
  -29
  -28
  -27
  -24
  -20
  -15
  -8
  -1
  9
  16
  24
  33
  43
  54
  66
  79
  93
  109
  126
  144
  164
  185
  207
  232
  258
  285
  315
  347
Depreciation, amort., depletion, $m
  46
  48
  49
  50
  51
  52
  54
  56
  58
  60
  62
  60
  62
  65
  68
  70
  74
  77
  80
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  140
Funds from operations, $m
  56
  21
  20
  21
  23
  26
  30
  36
  43
  51
  61
  68
  78
  89
  100
  113
  127
  143
  159
  177
  197
  218
  240
  264
  290
  318
  347
  379
  412
  448
  486
Change in working capital, $m
  5
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  18
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
Cash from operations, $m
  51
  23
  15
  15
  16
  19
  23
  28
  34
  42
  51
  58
  66
  76
  87
  99
  113
  127
  143
  160
  178
  198
  220
  243
  267
  294
  322
  352
  384
  419
  455
Maintenance CAPEX, $m
  0
  -43
  -43
  -44
  -46
  -47
  -48
  -50
  -52
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -70
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
New CAPEX, $m
  -40
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
Cash from investing activities, $m
  -79
  -48
  -48
  -50
  -53
  -55
  -56
  -59
  -62
  -64
  -66
  -70
  -73
  -76
  -80
  -84
  -87
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -127
  -132
  -139
  -146
  -153
  -160
  -168
Free cash flow, $m
  -28
  -25
  -34
  -35
  -36
  -36
  -34
  -31
  -27
  -22
  -16
  -12
  -7
  0
  8
  16
  25
  36
  47
  60
  74
  88
  105
  122
  141
  161
  183
  206
  231
  258
  287
Issuance/(repayment) of debt, $m
  34
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  36
  38
  40
  43
  45
  47
  50
Issuance/(repurchase) of shares, $m
  2
  21
  35
  37
  38
  38
  37
  34
  30
  26
  20
  16
  11
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  36
  28
  43
  46
  48
  49
  49
  47
  44
  41
  36
  33
  30
  24
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  36
  38
  40
  43
  45
  47
  50
Total cash flow (excl. dividends), $m
  8
  -18
  -26
  -27
  -26
  -25
  -22
  -18
  -13
  -7
  0
  5
  12
  20
  29
  38
  49
  61
  74
  88
  103
  120
  137
  157
  177
  200
  223
  249
  276
  305
  337
Retained Cash Flow (-), $m
  12
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
Prev. year cash balance distribution, $m
 
  5
  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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  11
  20
  30
  41
  54
  67
  82
  97
  114
  133
  153
  174
  197
  221
  248
  276
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  5
  7
  8
  8
  9
  8
  8
  7
  7
  6
  5
  4
  3
  3
  2
Current shareholders' claim on cash, %
  100
  95.8
  89.3
  83.0
  77.2
  71.9
  67.3
  63.4
  60.2
  57.7
  55.9
  54.5
  53.7
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3

Fred's, Inc., together with its subsidiaries, sells general merchandise through its retail discount stores and full service pharmacies. The company, through its stores, offers household cleaning supplies, health and beauty aids, disposable diapers, pet foods, paper products, various food and beverage products, and pharmaceuticals to low, middle, and fixed income families in small- to medium- sized towns. It also sells general merchandise to franchised Fred's stores. As of January 30, 2016, the company operated 641 company-owned stores, which included 60 express stores in 15 states and 18 franchised stores under the Fred's name, as well as 372 pharmacies and 3 specialty pharmacy facilities primarily in the southeastern United States. It also operates 18 franchised stores under the Fred's name. Fred's, Inc. was founded in 1947 and is headquartered in Memphis, Tennessee.

FINANCIAL RATIOS  of  Fred's (FRED)

Valuation Ratios
P/E Ratio -70.6
Price to Sales 0.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 44.9
Growth Rates
Sales Growth Rate 9.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34.4%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 12.9%
Total Debt to Equity 13.1%
Interest Coverage -11
Management Effectiveness
Return On Assets -0.9%
Ret/ On Assets - 3 Yr. Avg. -0.4%
Return On Total Capital -1.6%
Ret/ On T. Cap. - 3 Yr. Avg. -0.8%
Return On Equity -1.7%
Return On Equity - 3 Yr. Avg. -0.8%
Asset Turnover 3.1
Profitability Ratios
Gross Margin 25.3%
Gross Margin - 3 Yr. Avg. 26.6%
EBITDA Margin 1.6%
EBITDA Margin - 3 Yr. Avg. 1.8%
Operating Margin -0.5%
Oper. Margin - 3 Yr. Avg. -0.3%
Pre-Tax Margin -0.6%
Pre-Tax Margin - 3 Yr. Avg. -0.3%
Net Profit Margin -0.3%
Net Profit Margin - 3 Yr. Avg. -0.2%
Effective Tax Rate 41.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.6%
Payout Ratio -128.6%

FRED stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRED stock intrinsic value calculation we used $2151 million for the last fiscal year's total revenue generated by Fred's. The default revenue input number comes from 2016 income statement of Fred's. 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 FRED 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 FRED is calculated based on our internal credit rating of Fred's, 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 Fred's.
    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 FRED stock the variable cost ratio is equal to 79%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $474 million in the base year in the intrinsic value calculation for FRED 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 Fred's.

Corporate tax rate of 27% is the nominal tax rate for Fred's. 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 FRED 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 FRED are equal to 10.7%.

Life of production assets of 5.4 years is the average useful life of capital assets used in Fred's 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 FRED is equal to 9.5%. 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 - $404 million for Fred's - 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 36.124 million for Fred's 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 Fred's at the current share price and the inputted number of shares is $0.5 billion.


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COMPANY NEWS

▶ Freds, Inc. Value Analysis (NASDAQ:FRED) : April 12, 2017   [Apr-12-17 01:24PM  Capital Cube]
▶ Walgreens, Rite Aid, and Freds: The Shifting Landscape   [Apr-10-17 09:06AM  Market Realist]
▶ Can Rite Aid Stock Keep Going After Last Week's 9% Pop?   [Apr-09-17 09:13AM  Motley Fool]
▶ Fred's names former Keurig exec to board   [01:30PM  American City Business Journals]
▶ Fred's boasts pharmacy, remains committed to Rite Aid stores purchase   [12:10PM  American City Business Journals]
▶ Story Stocks from Briefing.com   [09:25AM  Briefing.com]
▶ Freds commits to buying up to 1,200 Rite Aids pharmacy stores   [02:40PM  American City Business Journals]
▶ Why Fred's, Inc. Shares Soared Today   [01:38PM  Motley Fool]
▶ Freds Inc. Q3 Loss Better Than Expected   [11:49AM  Investopedia]
▶ Fred's reports 4Q loss   [06:51AM  Associated Press]
▶ [$$] Walgreens CEO Says Rite Aid Deal Closing Soon   [Apr-05-17 09:45PM  The Wall Street Journal]
▶ Fred's Pharmacy set to release full year earnings   [03:55PM  American City Business Journals]
▶ Here's Why Fred's, Inc. Shares Lost 27% in March   [Apr-04-17 06:10PM  Motley Fool]
▶ Walgreens Gives FTC Deadline on Rite Aid Merger   [Mar-31-17 01:51PM  Investopedia]
▶ [$$] As Retailers Go Silent, Big Data Fills the Void   [12:08AM  at The Wall Street Journal]
▶ [$$] As Retailers Go Silent, Big Data Fills the Void   [Mar-15-17 04:24PM  at The Wall Street Journal]
▶ Walgreens to Sell Assets to Acquire Rite Aid   [11:16AM  at Investopedia]
▶ Can Rite Aid Stock Bounce Back After Last Week's 11% Drop?   [Mar-12-17 09:10AM  at Motley Fool]
▶ Freds Pharmacy Announces Appointment of New Directors   [Mar-07-17 07:00AM  Business Wire]
▶ Fred's Pharmacy Reports February Sales   [Mar-02-17 07:45AM  Business Wire]
▶ Freds Pharmacy Announces Senior Management Appointments   [Feb-13-17 04:15PM  Business Wire]
▶ Can Rite Aid Stock Bounce Back After Last Week's 24% Drop?   [Feb-05-17 10:45AM  at Motley Fool]
▶ Fred's Pharmacy Reports January Sales   [07:45AM  Business Wire]
▶ Freds Pharmacy Comments on Extension to Merger Agreement   [Jan-30-17 05:00PM  Business Wire]
▶ [$$] The Grinch Stole Christmas   [Jan-09-17 06:56AM  at The Wall Street Journal]
▶ Fred's Pharmacy Reports December Sales   [07:45AM  Business Wire]
Stock chart of FRED Financial statements of FRED
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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