Intrinsic value of Guess? - GES

Previous Close

$16.26

  Intrinsic Value

$15.31

stock screener

  Rating & Target

hold

-6%

  Value-price divergence*

+29%

Previous close

$16.26

 
Intrinsic value

$15.31

 
Up/down potential

-6%

 
Rating

hold

 
Value-price divergence*

+29%

*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 1.4

 

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
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  2,209
  2,258
  2,314
  2,377
  2,447
  2,525
  2,609
  2,701
  2,799
  2,906
  3,019
  3,141
  3,270
  3,408
  3,554
  3,709
  3,873
  4,047
  4,230
  4,424
  4,628
  4,844
  5,072
  5,311
  5,563
  5,829
  6,109
  6,403
  6,713
  7,039
  7,382
Variable operating expenses, $m
 
  2,133
  2,186
  2,246
  2,312
  2,385
  2,465
  2,551
  2,645
  2,745
  2,852
  2,963
  3,086
  3,215
  3,353
  3,499
  3,654
  3,818
  3,991
  4,174
  4,367
  4,570
  4,785
  5,011
  5,249
  5,500
  5,764
  6,041
  6,334
  6,641
  6,964
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
  2,133
  2,186
  2,246
  2,312
  2,385
  2,465
  2,551
  2,645
  2,745
  2,852
  2,963
  3,086
  3,215
  3,353
  3,499
  3,654
  3,818
  3,991
  4,174
  4,367
  4,570
  4,785
  5,011
  5,249
  5,500
  5,764
  6,041
  6,334
  6,641
  6,964
Operating income, $m
  23
  124
  127
  131
  135
  139
  144
  149
  155
  161
  167
  178
  185
  193
  201
  210
  219
  229
  239
  250
  262
  274
  287
  300
  315
  330
  345
  362
  380
  398
  417
EBITDA, $m
  92
  180
  184
  190
  195
  201
  208
  215
  223
  232
  241
  250
  261
  272
  283
  296
  309
  323
  337
  353
  369
  386
  404
  424
  444
  465
  487
  511
  535
  561
  589
Interest expense (income), $m
  1
  2
  2
  3
  4
  6
  7
  8
  10
  12
  14
  15
  18
  20
  22
  25
  27
  30
  33
  36
  39
  43
  47
  51
  55
  59
  64
  68
  73
  79
  84
Earnings before tax, $m
  54
  123
  125
  128
  131
  134
  137
  141
  145
  149
  154
  162
  167
  173
  179
  185
  192
  199
  206
  214
  222
  231
  240
  250
  260
  271
  282
  294
  306
  319
  333
Tax expense, $m
  29
  33
  34
  34
  35
  36
  37
  38
  39
  40
  42
  44
  45
  47
  48
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
  90
Net income, $m
  23
  90
  91
  93
  95
  98
  100
  103
  106
  109
  112
  118
  122
  126
  131
  135
  140
  145
  150
  156
  162
  169
  175
  182
  190
  198
  206
  214
  224
  233
  243

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
  1,163
  1,192
  1,225
  1,261
  1,301
  1,344
  1,391
  1,442
  1,497
  1,556
  1,618
  1,685
  1,756
  1,831
  1,911
  1,996
  2,085
  2,179
  2,279
  2,385
  2,496
  2,613
  2,736
  2,866
  3,003
  3,147
  3,299
  3,459
  3,626
  3,803
Adjusted assets (=assets-cash), $m
  1,138
  1,163
  1,192
  1,225
  1,261
  1,301
  1,344
  1,391
  1,442
  1,497
  1,556
  1,618
  1,685
  1,756
  1,831
  1,911
  1,996
  2,085
  2,179
  2,279
  2,385
  2,496
  2,613
  2,736
  2,866
  3,003
  3,147
  3,299
  3,459
  3,626
  3,803
Revenue / Adjusted assets
  1.941
  1.942
  1.941
  1.940
  1.941
  1.941
  1.941
  1.942
  1.941
  1.941
  1.940
  1.941
  1.941
  1.941
  1.941
  1.941
  1.940
  1.941
  1.941
  1.941
  1.940
  1.941
  1.941
  1.941
  1.941
  1.941
  1.941
  1.941
  1.941
  1.941
  1.941
Average production assets, $m
  256
  262
  268
  276
  284
  293
  303
  313
  325
  337
  350
  364
  379
  395
  412
  430
  449
  469
  491
  513
  537
  562
  588
  616
  645
  676
  709
  743
  779
  817
  856
Working capital, $m
  699
  312
  319
  328
  338
  348
  360
  373
  386
  401
  417
  433
  451
  470
  490
  512
  535
  558
  584
  611
  639
  668
  700
  733
  768
  804
  843
  884
  926
  971
  1,019
Total debt, $m
  24
  36
  50
  66
  84
  104
  126
  149
  174
  202
  231
  262
  295
  330
  367
  407
  449
  493
  540
  590
  642
  697
  755
  816
  881
  949
  1,020
  1,095
  1,174
  1,258
  1,345
Total liabilities, $m
  565
  577
  591
  607
  625
  645
  667
  690
  715
  743
  772
  803
  836
  871
  908
  948
  990
  1,034
  1,081
  1,131
  1,183
  1,238
  1,296
  1,357
  1,422
  1,490
  1,561
  1,636
  1,715
  1,799
  1,886
Total equity, $m
  969
  586
  601
  617
  635
  656
  677
  701
  727
  755
  784
  816
  849
  885
  923
  963
  1,006
  1,051
  1,098
  1,149
  1,202
  1,258
  1,317
  1,379
  1,445
  1,514
  1,586
  1,663
  1,743
  1,828
  1,917
Total liabilities and equity, $m
  1,534
  1,163
  1,192
  1,224
  1,260
  1,301
  1,344
  1,391
  1,442
  1,498
  1,556
  1,619
  1,685
  1,756
  1,831
  1,911
  1,996
  2,085
  2,179
  2,280
  2,385
  2,496
  2,613
  2,736
  2,867
  3,004
  3,147
  3,299
  3,458
  3,627
  3,803
Debt-to-equity ratio
  0.025
  0.060
  0.080
  0.110
  0.130
  0.160
  0.190
  0.210
  0.240
  0.270
  0.290
  0.320
  0.350
  0.370
  0.400
  0.420
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.630
  0.640
  0.660
  0.670
  0.690
  0.700
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  23
  90
  91
  93
  95
  98
  100
  103
  106
  109
  112
  118
  122
  126
  131
  135
  140
  145
  150
  156
  162
  169
  175
  182
  190
  198
  206
  214
  224
  233
  243
Depreciation, amort., depletion, $m
  69
  56
  57
  59
  60
  62
  64
  66
  68
  71
  73
  73
  76
  79
  82
  86
  90
  94
  98
  103
  107
  112
  118
  123
  129
  135
  142
  149
  156
  163
  171
Funds from operations, $m
  18
  145
  148
  152
  155
  160
  164
  169
  174
  180
  186
  191
  198
  205
  213
  221
  230
  239
  249
  259
  270
  281
  293
  306
  319
  333
  347
  363
  379
  396
  414
Change in working capital, $m
  -53
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
Cash from operations, $m
  71
  139
  141
  143
  146
  149
  152
  156
  160
  165
  170
  174
  180
  186
  193
  200
  207
  215
  223
  232
  241
  251
  262
  272
  284
  296
  309
  322
  337
  351
  367
Maintenance CAPEX, $m
  0
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -63
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -163
New CAPEX, $m
  -91
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
Cash from investing activities, $m
  -50
  -57
  -58
  -61
  -63
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -127
  -132
  -138
  -146
  -152
  -160
  -167
  -176
  -185
  -194
  -203
Free cash flow, $m
  21
  82
  82
  82
  82
  83
  84
  85
  86
  88
  89
  90
  92
  94
  97
  99
  102
  105
  108
  111
  115
  119
  123
  127
  131
  136
  141
  146
  152
  158
  164
Issuance/(repayment) of debt, $m
  17
  13
  14
  16
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
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
  13
  14
  16
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
Total cash flow (excl. dividends), $m
  28
  94
  96
  98
  100
  103
  106
  109
  112
  115
  119
  121
  125
  130
  134
  139
  144
  149
  155
  161
  167
  174
  181
  188
  196
  204
  213
  222
  231
  241
  252
Retained Cash Flow (-), $m
  49
  -12
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -85
  -89
Prev. year cash balance distribution, $m
 
  395
  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
 
  477
  81
  82
  82
  83
  84
  85
  86
  87
  89
  90
  92
  94
  96
  99
  101
  104
  107
  111
  114
  118
  122
  126
  130
  135
  140
  145
  151
  157
  163
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
 
  458
  75
  71
  68
  64
  61
  57
  54
  50
  47
  43
  39
  36
  32
  29
  26
  23
  20
  17
  15
  12
  10
  8
  7
  5
  4
  3
  2
  2
  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 a lifestyle collections of apparel and accessories for men, women and children. The Company operates through five segments: Americas Retail, Europe, Asia, Americas Wholesale and Licensing. The Americas Retail segment includes the Company's retail and e-commerce operations in North and Central America and its retail operations in South America. The Europe segment includes the Company's retail, e-commerce and wholesale operations in Europe and the Middle East. The Asia segment includes the Company's retail, e-commerce and wholesale operations in Asia. The Asia segment includes the Company's retail, e-commerce and wholesale operations in Asia. The Licensing segment includes the around the world licensing operations of the Company. Its apparel is marketed under various names, including GUESS, GUESS?, GUESS U.S.A., GUESS Jeans, MARCIANO, Question Mark and Triangle Design, GUESS Kids, Baby GUESS, YES, G by GUESS and GUESS by MARCIANO.

FINANCIAL RATIOS  of  Guess? (GES)

Valuation Ratios
P/E Ratio 59.4
Price to Sales 0.6
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 19.3
Price to Free Cash Flow -68.3
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 $2209 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 2.2% 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 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 94.5%.

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 6.7% 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 11.6%.

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 13.8%. 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 - $969 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 87.484 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 $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
PVH PVH Corp. 125.74 142.39  hold
URBN Urban Outfitte 23.72 27.54  buy
GPS Gap 26.61 41.46  str.buy
RL Ralph Lauren C 86.38 30.66  str.sell
ANF Abercrombie&Fi 13.40 7.58  sell
AEO American Eagle 12.97 19.30  str.buy
JWN Nordstrom 41.73 34.27  sell
TJX TJX 71.41 87.67  buy
ROST Ross Stores 63.39 70.66  hold

COMPANY NEWS

▶ Should You Buy Guess Inc (GES) Now?   [Sep-28-17 08:30AM  Simply Wall St.]
▶ Childrens Place Shows Rising Price Performance With Jump To 81 RS Rating   [Sep-25-17 03:00AM  Investor's Business Daily]
▶ 3 Dividend Stocks That Are Too Unsafe   [Sep-15-17 08:02PM  Motley Fool]
▶ ETFs with exposure to Guess?, Inc. : September 12, 2017   [Sep-11-17 10:58PM  Capital Cube]
▶ Guess Joins Rank Of Stocks With RS Ratings Over 90   [03:00AM  Investor's Business Daily]
▶ Childrens Place Sees Relative Strength Rating Rise To 75   [03:00AM  Investor's Business Daily]
▶ Guess?, Inc. Value Analysis (NYSE:GES) : August 30, 2017   [Aug-29-17 10:09PM  Capital Cube]
▶ Guess Which Retailer Is Popping On Q2 Earnings Rebound   [Aug-28-17 10:43AM  Investor's Business Daily]
▶ What Happened in the Stock Market Today   [Aug-24-17 05:02PM  Motley Fool]
▶ Why Guess?, Inc. Is Soaring Today   [01:18PM  Motley Fool]
▶ Guess?, Inc. Reports Second Quarter Results   [04:15PM  Business Wire]
▶ Guess beats on top and bottom line   [04:15PM  CNBC Videos]
▶ 4 Stocks That Are In Dividend Danger   [Aug-19-17 09:12AM  Forbes]
▶ Under Armour Is Turning to a Rapper to Make It Cool   [Jul-20-17 07:30PM  Motley Fool]
▶ For This Stock, More Sideways Action Would Be a Good Guess   [Jul-18-17 11:14AM  TheStreet.com]
▶ Top Ranked Income Stocks to Buy for July 14th   [Jul-14-17 09:03AM  Zacks]
▶ 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]
Financial statements 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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