Intrinsic value of Guess? - GES

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$12.10

  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 GES 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 1.0

 

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, %
  0.23
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  2,209
  2,268
  2,338
  2,416
  2,499
  2,590
  2,687
  2,792
  2,903
  3,022
  3,149
  3,283
  3,426
  3,577
  3,736
  3,905
  4,083
  4,272
  4,470
  4,680
  4,901
  5,133
  5,378
  5,636
  5,907
  6,192
  6,493
  6,809
  7,141
  7,490
  7,857
Variable operating expenses, $m
 
  2,150
  2,217
  2,290
  2,369
  2,455
  2,547
  2,646
  2,751
  2,864
  2,984
  3,107
  3,242
  3,385
  3,536
  3,696
  3,865
  4,043
  4,231
  4,429
  4,638
  4,858
  5,090
  5,334
  5,591
  5,861
  6,145
  6,444
  6,759
  7,089
  7,437
Fixed operating expenses, $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
Total operating expenses, $m
  2,187
  2,150
  2,217
  2,290
  2,369
  2,455
  2,547
  2,646
  2,751
  2,864
  2,984
  3,107
  3,242
  3,385
  3,536
  3,696
  3,865
  4,043
  4,231
  4,429
  4,638
  4,858
  5,090
  5,334
  5,591
  5,861
  6,145
  6,444
  6,759
  7,089
  7,437
Operating income, $m
  23
  118
  122
  126
  130
  135
  140
  146
  152
  158
  165
  176
  183
  191
  200
  209
  218
  229
  239
  250
  262
  275
  288
  301
  316
  331
  347
  364
  382
  401
  420
EBITDA, $m
  92
  176
  181
  187
  194
  201
  208
  216
  225
  234
  244
  254
  265
  277
  290
  303
  316
  331
  346
  363
  380
  398
  417
  437
  458
  480
  503
  528
  553
  580
  609
Interest expense (income), $m
  1
  0
  2
  5
  7
  10
  13
  17
  20
  24
  28
  32
  37
  41
  46
  52
  57
  63
  70
  76
  83
  91
  99
  107
  116
  125
  134
  144
  155
  166
  178
Earnings before tax, $m
  54
  118
  119
  121
  123
  125
  127
  129
  132
  135
  137
  144
  147
  150
  153
  157
  161
  165
  169
  174
  179
  184
  189
  195
  200
  207
  213
  220
  227
  235
  243
Tax expense, $m
  29
  32
  32
  33
  33
  34
  34
  35
  36
  36
  37
  39
  40
  40
  41
  42
  43
  45
  46
  47
  48
  50
  51
  53
  54
  56
  58
  59
  61
  63
  65
Net income, $m
  23
  86
  87
  88
  90
  91
  93
  95
  96
  98
  100
  105
  107
  109
  112
  115
  118
  121
  124
  127
  130
  134
  138
  142
  146
  151
  156
  161
  166
  171
  177

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  396
  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
  1,534
  1,126
  1,161
  1,199
  1,240
  1,285
  1,334
  1,385
  1,441
  1,500
  1,563
  1,629
  1,700
  1,775
  1,854
  1,938
  2,027
  2,120
  2,219
  2,322
  2,432
  2,547
  2,669
  2,797
  2,932
  3,073
  3,222
  3,379
  3,544
  3,717
  3,899
Adjusted assets (=assets-cash), $m
  1,138
  1,126
  1,161
  1,199
  1,240
  1,285
  1,334
  1,385
  1,441
  1,500
  1,563
  1,629
  1,700
  1,775
  1,854
  1,938
  2,027
  2,120
  2,219
  2,322
  2,432
  2,547
  2,669
  2,797
  2,932
  3,073
  3,222
  3,379
  3,544
  3,717
  3,899
Revenue / Adjusted assets
  1.941
  2.014
  2.014
  2.015
  2.015
  2.016
  2.014
  2.016
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
  2.014
  2.015
  2.014
  2.016
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
  2.015
Average production assets, $m
  256
  272
  281
  290
  300
  311
  322
  335
  348
  363
  378
  394
  411
  429
  448
  469
  490
  513
  536
  562
  588
  616
  645
  676
  709
  743
  779
  817
  857
  899
  943
Working capital, $m
  699
  277
  285
  295
  305
  316
  328
  341
  354
  369
  384
  401
  418
  436
  456
  476
  498
  521
  545
  571
  598
  626
  656
  688
  721
  755
  792
  831
  871
  914
  959
Total debt, $m
  24
  17
  34
  52
  72
  93
  116
  140
  167
  194
  224
  256
  289
  325
  362
  402
  444
  488
  534
  584
  635
  690
  747
  808
  872
  939
  1,009
  1,083
  1,161
  1,243
  1,329
Total liabilities, $m
  565
  532
  549
  567
  587
  608
  631
  655
  682
  709
  739
  771
  804
  840
  877
  917
  959
  1,003
  1,049
  1,099
  1,150
  1,205
  1,262
  1,323
  1,387
  1,454
  1,524
  1,598
  1,676
  1,758
  1,844
Total equity, $m
  969
  593
  612
  632
  654
  677
  703
  730
  759
  790
  823
  859
  896
  935
  977
  1,021
  1,068
  1,117
  1,169
  1,224
  1,282
  1,342
  1,407
  1,474
  1,545
  1,620
  1,698
  1,781
  1,868
  1,959
  2,055
Total liabilities and equity, $m
  1,534
  1,125
  1,161
  1,199
  1,241
  1,285
  1,334
  1,385
  1,441
  1,499
  1,562
  1,630
  1,700
  1,775
  1,854
  1,938
  2,027
  2,120
  2,218
  2,323
  2,432
  2,547
  2,669
  2,797
  2,932
  3,074
  3,222
  3,379
  3,544
  3,717
  3,899
Debt-to-equity ratio
  0.025
  0.030
  0.060
  0.080
  0.110
  0.140
  0.160
  0.190
  0.220
  0.250
  0.270
  0.300
  0.320
  0.350
  0.370
  0.390
  0.420
  0.440
  0.460
  0.480
  0.500
  0.510
  0.530
  0.550
  0.560
  0.580
  0.590
  0.610
  0.620
  0.630
  0.650
Adjusted equity ratio
  0.504
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  23
  86
  87
  88
  90
  91
  93
  95
  96
  98
  100
  105
  107
  109
  112
  115
  118
  121
  124
  127
  130
  134
  138
  142
  146
  151
  156
  161
  166
  171
  177
Depreciation, amort., depletion, $m
  69
  58
  59
  61
  63
  65
  68
  70
  73
  76
  79
  79
  82
  86
  90
  94
  98
  103
  107
  112
  118
  123
  129
  135
  142
  149
  156
  163
  171
  180
  189
Funds from operations, $m
  18
  144
  147
  150
  153
  157
  161
  165
  169
  174
  179
  184
  189
  195
  202
  208
  216
  223
  231
  239
  248
  257
  267
  277
  288
  299
  311
  324
  337
  351
  366
Change in working capital, $m
  -53
  8
  9
  9
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
Cash from operations, $m
  71
  132
  138
  140
  143
  146
  149
  152
  156
  160
  164
  167
  172
  177
  182
  188
  194
  200
  207
  214
  221
  229
  237
  246
  255
  265
  275
  285
  297
  308
  321
Maintenance CAPEX, $m
  0
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -163
  -171
  -180
New CAPEX, $m
  -91
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -50
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -132
  -138
  -146
  -152
  -160
  -168
  -176
  -185
  -194
  -203
  -213
  -224
Free cash flow, $m
  21
  73
  75
  75
  75
  75
  75
  75
  75
  76
  76
  76
  76
  77
  77
  78
  79
  79
  80
  81
  82
  83
  85
  86
  87
  89
  90
  92
  93
  95
  97
Issuance/(repayment) of debt, $m
  17
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  32
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  57
  61
  64
  67
  70
  74
  78
  82
  86
Issuance/(repurchase) of shares, $m
  -4
  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  
  8
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  32
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  57
  61
  64
  67
  70
  74
  78
  82
  86
Total cash flow (excl. dividends), $m
  28
  88
  92
  93
  94
  96
  98
  100
  101
  104
  106
  107
  109
  112
  115
  118
  121
  124
  127
  130
  134
  138
  142
  146
  151
  156
  161
  166
  171
  177
  183
Retained Cash Flow (-), $m
  49
  -16
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -96
Prev. year cash balance distribution, $m
 
  441
  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
 
  513
  73
  73
  73
  72
  72
  72
  72
  72
  73
  72
  72
  73
  73
  73
  74
  74
  75
  76
  76
  77
  78
  79
  80
  81
  82
  83
  84
  86
  87
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
 
  492
  67
  63
  60
  56
  52
  49
  45
  42
  38
  34
  31
  28
  24
  22
  19
  16
  14
  12
  10
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
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

Guess?, Inc. designs, markets, distributes, and licenses lifestyle collections of contemporary apparel and accessories for men, women, and children that reflect the American lifestyle and European fashion sensibilities. It operates through Americas Retail, Europe, Asia, Americas Wholesale, and Licensing segments. The company’s clothing collection includes jeans, pants, skirts, dresses, shorts, blouses, shirts, jackets, knitwear, and intimate apparel. It also grants licenses to manufacture and distribute various products that complement its apparel lines, such as eyewear, watches, handbags, footwear, kids’ and infants’ apparel, outerwear, swimwear, fragrance, jewelry, and other fashion accessories. The company markets its products under the brands of GUESS, GUESS?, GUESS U.S.A., GUESS Jeans, GUESS? and Triangle Design, MARCIANO, Question Mark and Triangle Design, a stylized G and a stylized M, GUESS Kids, Baby GUESS, YES, G by GUESS, GUESS by MARCIANO, and Gc. It sells its products through direct-to-consumer, wholesale, and licensing distribution channels. As of October 29, 2016, the company directly operated 915 retail stores in the Americas, Europe, and Asia. The company's licensees and distributors operated an additional 740 retail stores worldwide. Guess?, Inc. was founded in 1981 and is headquartered in Los Angeles, California.

FINANCIAL RATIOS  of  Guess? (GES)

Valuation Ratios
P/E Ratio 44.2
Price to Sales 0.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow -50.9
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.3%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 396
Current Ratio 0.2
LT Debt to Equity 2.4%
Total Debt to Equity 2.5%
Interest Coverage 55
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 2.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 2.3%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 33.7%
Gross Margin - 3 Yr. Avg. 35.1%
EBITDA Margin 5.6%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 1%
Oper. Margin - 3 Yr. Avg. 3.9%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 2.9%
Effective Tax Rate 53.7%
Eff/ Tax Rate - 3 Yr. Avg. 39.6%
Payout Ratio 334.8%

GES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GES stock intrinsic value calculation we used $2204 million for the last fiscal year's total revenue generated by Guess?. The default revenue input number comes from 2017 income statement of Guess?. 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 GES stock valuation model: a) initial revenue growth rate of 2.9% 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 GES is calculated based on our internal credit rating of Guess?, 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 Guess?.
    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 GES stock the variable cost ratio is equal to 94.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GES 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 14.3% for Guess?.

Corporate tax rate of 27% is the nominal tax rate for Guess?. 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 GES 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 GES are equal to 12%.

Life of production assets of 4.2 years is the average useful life of capital assets used in Guess? 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 GES is equal to 12.2%. 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 - $1018 million for Guess? - 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 83.065 million for Guess? 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 Guess? at the current share price and the inputted number of shares is $1.0 billion.


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COMPANY NEWS

▶ 5 High-Yield Dividend Stocks to Avoid   [Jun-23-17 12:42PM  GuruFocus.com]
▶ ETFs with exposure to Guess?, Inc. : June 8, 2017   [Jun-08-17 01:37PM  Capital Cube]
▶ Why Guess?, Inc. Stock Popped Today   [02:36PM  Motley Fool]
▶ Story Stocks from Briefing.com   [12:09PM  Briefing.com]
▶ Guess? Sees Signs of a Retail Recovery   [10:36AM  Motley Fool]
▶ After-hours buzz: SNAP, HPQ, PVH & more   [May-24-17 04:53PM  CNBC]
▶ Guess beats on top line   [04:24PM  CNBC Videos]
▶ ETFs with exposure to Guess?, Inc. : May 18, 2017   [May-18-17 01:44PM  Capital Cube]
▶ Guess?, Inc. Value Analysis (NYSE:GES) : May 11, 2017   [May-11-17 06:47PM  Capital Cube]
▶ 3 Dividend Stocks I'd Never Buy   [12:00PM  Motley Fool]
▶ ETFs with exposure to Guess?, Inc. : April 27, 2017   [Apr-27-17 04:01PM  Capital Cube]
▶ ETFs with exposure to Guess?, Inc. : April 17, 2017   [Apr-17-17 12:54PM  Capital Cube]
▶ ETFs with exposure to Guess?, Inc. : April 5, 2017   [Apr-05-17 04:48PM  Capital Cube]
▶ 3 Dividend Stocks I'd Never Buy   [Apr-02-17 02:13PM  Motley Fool]
▶ Why Shares of Guess?, Inc. Got Cut Today   [Mar-16-17 05:36PM  Motley Fool]
▶ What Happened in the Stock Market Today   [05:07PM  Motley Fool]
▶ Zara Combats Retail Slump with Mega-Stores   [02:08PM  Investopedia]
▶ Guess Drops to a Multi-Year Low on Downgrade   [Mar-10-17 01:47PM  at Investopedia]
Stock chart of GES Financial statements of GES Annual reports of GES
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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