Intrinsic value of G-III Apparel Group - GIII

Previous Close

$25.74

  Intrinsic Value

$15.46

stock screener

  Rating & Target

sell

-40%

  Value-price divergence*

-17%

Previous close

$25.74

 
Intrinsic value

$15.46

 
Up/down potential

-40%

 
Rating

sell

 
Value-price divergence*

-17%

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

We calculate the intrinsic value of GIII 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 1.3

 

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, %
  1.79
  15.80
  14.72
  13.75
  12.87
  12.09
  11.38
  10.74
  10.17
  9.65
  9.18
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
Revenue, $m
  2,386
  2,763
  3,170
  3,605
  4,070
  4,561
  5,080
  5,626
  6,198
  6,796
  7,420
  8,071
  8,748
  9,452
  10,184
  10,945
  11,735
  12,557
  13,411
  14,299
  15,222
  16,183
  17,184
  18,226
  19,312
  20,444
  21,624
  22,856
  24,143
  25,486
  26,890
Variable operating expenses, $m
 
  2,543
  2,914
  3,310
  3,733
  4,181
  4,654
  5,151
  5,672
  6,216
  6,785
  7,350
  7,967
  8,608
  9,275
  9,968
  10,688
  11,436
  12,214
  13,022
  13,864
  14,739
  15,650
  16,599
  17,588
  18,618
  19,694
  20,816
  21,987
  23,211
  24,490
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
  2,293
  2,543
  2,914
  3,310
  3,733
  4,181
  4,654
  5,151
  5,672
  6,216
  6,785
  7,350
  7,967
  8,608
  9,275
  9,968
  10,688
  11,436
  12,214
  13,022
  13,864
  14,739
  15,650
  16,599
  17,588
  18,618
  19,694
  20,816
  21,987
  23,211
  24,490
Operating income, $m
  93
  220
  256
  295
  336
  380
  427
  475
  526
  580
  636
  720
  781
  844
  909
  977
  1,048
  1,121
  1,197
  1,277
  1,359
  1,445
  1,534
  1,627
  1,724
  1,825
  1,930
  2,040
  2,155
  2,275
  2,401
EBITDA, $m
  125
  273
  313
  356
  402
  450
  502
  556
  612
  671
  733
  797
  864
  933
  1,006
  1,081
  1,159
  1,240
  1,324
  1,412
  1,503
  1,598
  1,697
  1,800
  1,907
  2,019
  2,135
  2,257
  2,384
  2,517
  2,655
Interest expense (income), $m
  22
  44
  56
  70
  84
  100
  116
  133
  151
  170
  190
  210
  232
  254
  278
  302
  327
  353
  380
  409
  438
  468
  500
  533
  568
  604
  641
  680
  721
  764
  808
Earnings before tax, $m
  78
  176
  200
  225
  252
  281
  311
  342
  375
  410
  446
  510
  549
  590
  632
  675
  721
  768
  817
  868
  921
  976
  1,034
  1,094
  1,156
  1,221
  1,289
  1,360
  1,434
  1,512
  1,593
Tax expense, $m
  26
  47
  54
  61
  68
  76
  84
  92
  101
  111
  120
  138
  148
  159
  171
  182
  195
  207
  221
  234
  249
  264
  279
  295
  312
  330
  348
  367
  387
  408
  430
Net income, $m
  52
  128
  146
  164
  184
  205
  227
  250
  274
  299
  325
  372
  401
  430
  461
  493
  526
  561
  596
  634
  672
  713
  755
  798
  844
  892
  941
  993
  1,047
  1,104
  1,163

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  80
  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
  1,852
  2,051
  2,353
  2,677
  3,021
  3,386
  3,772
  4,177
  4,601
  5,045
  5,509
  5,992
  6,494
  7,017
  7,560
  8,125
  8,712
  9,322
  9,956
  10,615
  11,301
  12,014
  12,757
  13,531
  14,337
  15,177
  16,054
  16,968
  17,923
  18,921
  19,963
Adjusted assets (=assets-cash), $m
  1,772
  2,051
  2,353
  2,677
  3,021
  3,386
  3,772
  4,177
  4,601
  5,045
  5,509
  5,992
  6,494
  7,017
  7,560
  8,125
  8,712
  9,322
  9,956
  10,615
  11,301
  12,014
  12,757
  13,531
  14,337
  15,177
  16,054
  16,968
  17,923
  18,921
  19,963
Revenue / Adjusted assets
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
  1.347
Average production assets, $m
  384
  445
  510
  580
  655
  734
  818
  906
  998
  1,094
  1,195
  1,299
  1,408
  1,522
  1,640
  1,762
  1,889
  2,022
  2,159
  2,302
  2,451
  2,606
  2,767
  2,934
  3,109
  3,291
  3,482
  3,680
  3,887
  4,103
  4,329
Working capital, $m
  568
  566
  650
  739
  834
  935
  1,041
  1,153
  1,271
  1,393
  1,521
  1,654
  1,793
  1,938
  2,088
  2,244
  2,406
  2,574
  2,749
  2,931
  3,121
  3,318
  3,523
  3,736
  3,959
  4,191
  4,433
  4,686
  4,949
  5,225
  5,513
Total debt, $m
  462
  593
  735
  886
  1,048
  1,219
  1,400
  1,590
  1,789
  1,997
  2,215
  2,441
  2,677
  2,922
  3,177
  3,442
  3,717
  4,003
  4,300
  4,610
  4,931
  5,266
  5,614
  5,977
  6,355
  6,749
  7,160
  7,589
  8,037
  8,505
  8,994
Total liabilities, $m
  831
  962
  1,104
  1,255
  1,417
  1,588
  1,769
  1,959
  2,158
  2,366
  2,584
  2,810
  3,046
  3,291
  3,546
  3,811
  4,086
  4,372
  4,669
  4,979
  5,300
  5,635
  5,983
  6,346
  6,724
  7,118
  7,529
  7,958
  8,406
  8,874
  9,363
Total equity, $m
  1,021
  1,089
  1,250
  1,421
  1,604
  1,798
  2,003
  2,218
  2,443
  2,679
  2,925
  3,182
  3,448
  3,726
  4,015
  4,315
  4,626
  4,950
  5,287
  5,637
  6,001
  6,380
  6,774
  7,185
  7,613
  8,059
  8,524
  9,010
  9,517
  10,047
  10,600
Total liabilities and equity, $m
  1,852
  2,051
  2,354
  2,676
  3,021
  3,386
  3,772
  4,177
  4,601
  5,045
  5,509
  5,992
  6,494
  7,017
  7,561
  8,126
  8,712
  9,322
  9,956
  10,616
  11,301
  12,015
  12,757
  13,531
  14,337
  15,177
  16,053
  16,968
  17,923
  18,921
  19,963
Debt-to-equity ratio
  0.452
  0.540
  0.590
  0.620
  0.650
  0.680
  0.700
  0.720
  0.730
  0.750
  0.760
  0.770
  0.780
  0.780
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
Adjusted equity ratio
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  128
  146
  164
  184
  205
  227
  250
  274
  299
  325
  372
  401
  430
  461
  493
  526
  561
  596
  634
  672
  713
  755
  798
  844
  892
  941
  993
  1,047
  1,104
  1,163
Depreciation, amort., depletion, $m
  32
  53
  57
  61
  65
  70
  75
  80
  86
  91
  97
  76
  83
  90
  96
  104
  111
  119
  127
  135
  144
  153
  163
  173
  183
  194
  205
  216
  229
  241
  255
Funds from operations, $m
  99
  181
  203
  225
  250
  275
  302
  330
  360
  390
  423
  449
  484
  520
  557
  597
  637
  679
  723
  769
  817
  866
  917
  971
  1,027
  1,085
  1,146
  1,209
  1,276
  1,345
  1,417
Change in working capital, $m
  -7
  77
  83
  89
  95
  101
  106
  112
  117
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  189
  197
  205
  214
  223
  232
  242
  253
  264
  275
  288
Cash from operations, $m
  106
  104
  119
  136
  154
  174
  196
  218
  242
  268
  295
  315
  345
  375
  407
  441
  475
  511
  548
  587
  627
  669
  712
  757
  804
  853
  904
  957
  1,012
  1,070
  1,129
Maintenance CAPEX, $m
  0
  -23
  -26
  -30
  -34
  -39
  -43
  -48
  -53
  -59
  -64
  -70
  -76
  -83
  -90
  -96
  -104
  -111
  -119
  -127
  -135
  -144
  -153
  -163
  -173
  -183
  -194
  -205
  -216
  -229
  -241
New CAPEX, $m
  -25
  -61
  -65
  -70
  -75
  -79
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -226
Cash from investing activities, $m
  -526
  -84
  -91
  -100
  -109
  -118
  -127
  -136
  -145
  -155
  -164
  -175
  -185
  -196
  -208
  -218
  -231
  -243
  -256
  -270
  -284
  -299
  -314
  -331
  -348
  -365
  -384
  -403
  -423
  -445
  -467
Free cash flow, $m
  -420
  21
  28
  36
  46
  56
  69
  82
  97
  113
  130
  140
  159
  179
  200
  222
  244
  268
  292
  317
  343
  370
  398
  427
  457
  488
  520
  554
  588
  625
  662
Issuance/(repayment) of debt, $m
  374
  131
  142
  152
  162
  171
  181
  190
  199
  208
  217
  226
  236
  245
  255
  265
  275
  286
  297
  309
  322
  335
  348
  363
  378
  394
  411
  429
  448
  468
  489
Issuance/(repurchase) of shares, $m
  0
  20
  15
  7
  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  
  368
  151
  157
  159
  162
  171
  181
  190
  199
  208
  217
  226
  236
  245
  255
  265
  275
  286
  297
  309
  322
  335
  348
  363
  378
  394
  411
  429
  448
  468
  489
Total cash flow (excl. dividends), $m
  -53
  172
  184
  195
  207
  228
  249
  272
  296
  321
  347
  367
  395
  424
  455
  487
  520
  554
  589
  626
  665
  705
  746
  790
  835
  882
  931
  983
  1,036
  1,092
  1,151
Retained Cash Flow (-), $m
  -133
  -148
  -160
  -172
  -183
  -194
  -205
  -215
  -225
  -236
  -246
  -256
  -267
  -278
  -289
  -300
  -312
  -324
  -337
  -350
  -364
  -379
  -394
  -411
  -428
  -446
  -465
  -486
  -507
  -530
  -553
Prev. year cash balance distribution, $m
 
  80
  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
 
  103
  24
  23
  24
  34
  45
  57
  71
  85
  101
  111
  128
  147
  166
  187
  208
  230
  253
  276
  301
  326
  352
  379
  407
  436
  466
  497
  529
  563
  597
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  98
  21
  19
  19
  24
  29
  34
  38
  41
  43
  42
  42
  41
  40
  38
  35
  31
  28
  24
  20
  17
  14
  11
  8
  6
  5
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  98.3
  97.3
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8

G-III Apparel Group, Ltd. designs, manufactures and markets a range of apparel products. The Company operates through two segments: wholesale operations and retail operations. Its apparel products include outerwear, dresses, sportswear, swimwear, women's suits and women's performance wear, as well as women's handbags, footwear, small leather goods, cold weather accessories and luggage. The Company's owned brands include Donna Karan, DKNY, DKNY Jeans, Vilebrequin, G-III Sports by Carl Banks, Eliza J, Black Rivet and Jessica Howard. It has fashion licenses under the Calvin Klein, Tommy Hilfiger, Karl Lagerfeld, Kenneth Cole, Cole Haan and Dockers brands. Through its team sports business, it has licenses with the National Football League, National Basketball Association, Major League Baseball and National Hockey League. It also operates retail stores under the Donna Karan, Wilsons Leather, Bass, G.H. Bass & Co., Vilebrequin and Calvin Klein Performance names.

FINANCIAL RATIOS  of  G-III Apparel Group (GIII)

Valuation Ratios
P/E Ratio 24.1
Price to Sales 0.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 15.5
Growth Rates
Sales Growth Rate 1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 45.2%
Total Debt to Equity 45.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.5%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 12.1%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 35.2%
Gross Margin - 3 Yr. Avg. 35.6%
EBITDA Margin 5.5%
EBITDA Margin - 3 Yr. Avg. 7.9%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 6.5%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. 6.3%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 0%

GIII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GIII stock intrinsic value calculation we used $2386 million for the last fiscal year's total revenue generated by G-III Apparel Group. The default revenue input number comes from 2017 income statement of G-III Apparel 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 GIII stock valuation model: a) initial revenue growth rate of 15.8% 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 5.7%, whose default value for GIII is calculated based on our internal credit rating of G-III Apparel 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 G-III Apparel 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 GIII stock the variable cost ratio is equal to 92.2%.

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 GIII 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 9.5% for G-III Apparel Group.

Corporate tax rate of 27% is the nominal tax rate for G-III Apparel 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 GIII 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 GIII are equal to 16.1%.

Life of production assets of 17 years is the average useful life of capital assets used in G-III Apparel 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 GIII is equal to 20.5%. 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 - $1021 million for G-III Apparel 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 48.897 million for G-III Apparel 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 G-III Apparel Group at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ G-III Apparel Trying To Close In On Key Technical Measure   [Oct-06-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: G-III Apparel   [03:00AM  Investor's Business Daily]
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▶ Coach Stock Down 15% in a Month: What Gives?   [Sep-11-17 04:05PM  Zacks]
▶ Company News For Sep 7, 2017   [Sep-07-17 10:23AM  Zacks]
▶ G-III Apparel Sees RS Rating Climb To 77   [03:00AM  Investor's Business Daily]
▶ G-III Apparel reports 2Q loss   [Sep-06-17 11:57PM  Associated Press]
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▶ Company News for June 07, 2017   [Jun-07-17 10:34AM  Zacks]
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▶ What you need to know in markets on Wednesday   [Jun-06-17 06:11PM  Yahoo Finance]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [05:23PM  Investor's Business Daily]
▶ G-III Apparel Shares Jump On Beat-And-Raise Quarter   [04:01PM  Investor's Business Daily]
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Financial statements of GIII
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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