Intrinsic value of Gildan Activewear - GIL

Previous Close

$31.39

  Intrinsic Value

$4.30

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

-67%

Previous close

$31.39

 
Intrinsic value

$4.30

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

-67%

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

We calculate the intrinsic value of GIL 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 7.1

 

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, %
  -12.64
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  2,585
  2,683
  2,788
  2,901
  3,020
  3,148
  3,283
  3,426
  3,578
  3,738
  3,907
  4,086
  4,275
  4,475
  4,685
  4,906
  5,139
  5,385
  5,643
  5,915
  6,202
  6,503
  6,819
  7,152
  7,502
  7,870
  8,257
  8,663
  9,090
  9,539
  10,011
Variable operating expenses, $m
 
  2,385
  2,477
  2,576
  2,682
  2,794
  2,913
  3,039
  3,173
  3,314
  3,463
  3,601
  3,767
  3,943
  4,128
  4,323
  4,529
  4,745
  4,973
  5,213
  5,465
  5,730
  6,009
  6,302
  6,611
  6,935
  7,276
  7,634
  8,010
  8,406
  8,821
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
  2,214
  2,385
  2,477
  2,576
  2,682
  2,794
  2,913
  3,039
  3,173
  3,314
  3,463
  3,601
  3,767
  3,943
  4,128
  4,323
  4,529
  4,745
  4,973
  5,213
  5,465
  5,730
  6,009
  6,302
  6,611
  6,935
  7,276
  7,634
  8,010
  8,406
  8,821
Operating income, $m
  372
  299
  311
  324
  339
  354
  370
  387
  405
  424
  444
  486
  508
  532
  557
  583
  611
  640
  671
  703
  737
  773
  810
  850
  891
  935
  981
  1,029
  1,080
  1,133
  1,189
EBITDA, $m
  513
  447
  464
  483
  503
  524
  547
  571
  596
  622
  651
  681
  712
  745
  780
  817
  856
  897
  940
  985
  1,033
  1,083
  1,136
  1,191
  1,249
  1,311
  1,375
  1,443
  1,514
  1,589
  1,667
Interest expense (income), $m
  11
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  88
  93
  98
  103
Earnings before tax, $m
  352
  278
  289
  301
  314
  328
  342
  358
  374
  391
  409
  449
  469
  491
  513
  537
  562
  589
  616
  646
  677
  709
  743
  779
  817
  856
  898
  941
  987
  1,036
  1,086
Tax expense, $m
  5
  75
  78
  81
  85
  88
  92
  97
  101
  106
  111
  121
  127
  132
  139
  145
  152
  159
  166
  174
  183
  191
  201
  210
  220
  231
  242
  254
  267
  280
  293
Net income, $m
  347
  203
  211
  220
  229
  239
  250
  261
  273
  286
  299
  328
  343
  358
  375
  392
  410
  430
  450
  471
  494
  518
  542
  569
  596
  625
  655
  687
  721
  756
  793

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  38
  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
  2,990
  3,063
  3,183
  3,311
  3,448
  3,593
  3,747
  3,911
  4,084
  4,267
  4,461
  4,665
  4,881
  5,108
  5,348
  5,601
  5,867
  6,147
  6,442
  6,753
  7,079
  7,423
  7,784
  8,164
  8,564
  8,984
  9,425
  9,889
  10,377
  10,889
  11,428
Adjusted assets (=assets-cash), $m
  2,952
  3,063
  3,183
  3,311
  3,448
  3,593
  3,747
  3,911
  4,084
  4,267
  4,461
  4,665
  4,881
  5,108
  5,348
  5,601
  5,867
  6,147
  6,442
  6,753
  7,079
  7,423
  7,784
  8,164
  8,564
  8,984
  9,425
  9,889
  10,377
  10,889
  11,428
Revenue / Adjusted assets
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
  0.876
Average production assets, $m
  1,407
  1,460
  1,517
  1,578
  1,643
  1,712
  1,786
  1,864
  1,946
  2,033
  2,126
  2,223
  2,326
  2,434
  2,549
  2,669
  2,796
  2,929
  3,070
  3,218
  3,374
  3,537
  3,710
  3,891
  4,081
  4,281
  4,492
  4,713
  4,945
  5,189
  5,446
Working capital, $m
  1,105
  1,108
  1,152
  1,198
  1,247
  1,300
  1,356
  1,415
  1,478
  1,544
  1,614
  1,688
  1,766
  1,848
  1,935
  2,026
  2,123
  2,224
  2,331
  2,443
  2,561
  2,686
  2,816
  2,954
  3,098
  3,250
  3,410
  3,578
  3,754
  3,940
  4,134
Total debt, $m
  600
  634
  669
  707
  747
  790
  835
  884
  935
  989
  1,046
  1,106
  1,170
  1,237
  1,308
  1,382
  1,461
  1,543
  1,630
  1,722
  1,818
  1,920
  2,026
  2,139
  2,256
  2,380
  2,511
  2,647
  2,791
  2,942
  3,101
Total liabilities, $m
  871
  904
  939
  977
  1,017
  1,060
  1,105
  1,154
  1,205
  1,259
  1,316
  1,376
  1,440
  1,507
  1,578
  1,652
  1,731
  1,813
  1,900
  1,992
  2,088
  2,190
  2,296
  2,409
  2,526
  2,650
  2,781
  2,917
  3,061
  3,212
  3,371
Total equity, $m
  2,120
  2,159
  2,244
  2,334
  2,431
  2,533
  2,642
  2,757
  2,879
  3,008
  3,145
  3,289
  3,441
  3,601
  3,770
  3,948
  4,136
  4,334
  4,542
  4,761
  4,991
  5,233
  5,488
  5,756
  6,038
  6,334
  6,645
  6,972
  7,316
  7,677
  8,056
Total liabilities and equity, $m
  2,991
  3,063
  3,183
  3,311
  3,448
  3,593
  3,747
  3,911
  4,084
  4,267
  4,461
  4,665
  4,881
  5,108
  5,348
  5,600
  5,867
  6,147
  6,442
  6,753
  7,079
  7,423
  7,784
  8,165
  8,564
  8,984
  9,426
  9,889
  10,377
  10,889
  11,427
Debt-to-equity ratio
  0.283
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
Adjusted equity ratio
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  347
  203
  211
  220
  229
  239
  250
  261
  273
  286
  299
  328
  343
  358
  375
  392
  410
  430
  450
  471
  494
  518
  542
  569
  596
  625
  655
  687
  721
  756
  793
Depreciation, amort., depletion, $m
  141
  148
  153
  159
  164
  170
  177
  184
  191
  199
  207
  195
  204
  214
  224
  234
  245
  257
  269
  282
  296
  310
  325
  341
  358
  376
  394
  413
  434
  455
  478
Funds from operations, $m
  571
  351
  364
  378
  393
  410
  427
  445
  464
  484
  506
  523
  547
  572
  598
  626
  656
  687
  719
  754
  790
  828
  868
  910
  954
  1,000
  1,049
  1,101
  1,155
  1,211
  1,271
Change in working capital, $m
  33
  41
  43
  46
  49
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  131
  137
  145
  152
  160
  168
  176
  185
  195
Cash from operations, $m
  538
  310
  321
  332
  344
  357
  371
  386
  401
  418
  436
  449
  469
  489
  512
  535
  559
  585
  613
  641
  672
  704
  737
  772
  809
  849
  890
  933
  978
  1,026
  1,076
Maintenance CAPEX, $m
  0
  -123
  -128
  -133
  -138
  -144
  -150
  -157
  -163
  -171
  -178
  -186
  -195
  -204
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -296
  -310
  -325
  -341
  -358
  -376
  -394
  -413
  -434
  -455
New CAPEX, $m
  -140
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -232
  -244
  -257
Cash from investing activities, $m
  -303
  -176
  -185
  -194
  -203
  -213
  -223
  -235
  -245
  -258
  -270
  -283
  -298
  -312
  -328
  -344
  -361
  -379
  -398
  -417
  -438
  -460
  -482
  -506
  -531
  -558
  -586
  -615
  -645
  -678
  -712
Free cash flow, $m
  235
  134
  135
  138
  141
  144
  147
  151
  155
  160
  165
  165
  171
  177
  184
  191
  198
  206
  215
  224
  234
  244
  255
  266
  278
  290
  304
  318
  332
  348
  364
Issuance/(repayment) of debt, $m
  -75
  34
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  87
  92
  96
  101
  107
  112
  118
  124
  130
  137
  144
  151
  159
Issuance/(repurchase) of shares, $m
  -392
  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  
  -172
  34
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  87
  92
  96
  101
  107
  112
  118
  124
  130
  137
  144
  151
  159
Total cash flow (excl. dividends), $m
  62
  167
  171
  176
  181
  187
  193
  199
  206
  214
  222
  225
  234
  244
  254
  265
  277
  289
  302
  316
  330
  345
  361
  378
  396
  414
  434
  455
  476
  499
  523
Retained Cash Flow (-), $m
  68
  -77
  -85
  -90
  -96
  -102
  -109
  -115
  -122
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -188
  -198
  -208
  -219
  -230
  -242
  -255
  -268
  -282
  -296
  -311
  -327
  -344
  -361
  -380
Prev. year cash balance distribution, $m
 
  38
  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
 
  128
  86
  85
  85
  84
  84
  84
  84
  85
  86
  81
  82
  84
  85
  87
  89
  92
  94
  97
  100
  103
  106
  110
  114
  118
  123
  127
  133
  138
  144
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
 
  123
  79
  74
  70
  65
  61
  57
  53
  49
  45
  39
  35
  32
  29
  26
  23
  20
  17
  15
  13
  11
  9
  7
  6
  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

Gildan Activewear Inc. is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products. The Branded Apparel segment designs, manufactures, sources, markets, and distributes branded family apparel, which includes athletic, casual and dress socks, underwear, activewear, sheer hosiery, legwear, and shapewear products, which are sold to retailers in the United States and Canada. The Company sells its products under various brands, including the Gildan, Gold Toe, Anvil, Comfort Colors, American Apparel, Alstyle, Secret, Silks, Kushyfoot, Secret Silky, Therapy Plus, Peds, and MediPeds brands. The Company distributes its products in printwear markets in the United States, Canada, Mexico, Europe, Asia-Pacific and Latin America.

FINANCIAL RATIOS  of  Gildan Activewear (GIL)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 2.8
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 18.2
Growth Rates
Sales Growth Rate -12.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.2%
Cap. Spend. - 3 Yr. Gr. Rate -3.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 28.3%
Total Debt to Equity 28.3%
Interest Coverage 33
Management Effectiveness
Return On Assets 12.3%
Ret/ On Assets - 3 Yr. Avg. 13.2%
Return On Total Capital 13.1%
Ret/ On T. Cap. - 3 Yr. Avg. 14.8%
Return On Equity 16.1%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 27.9%
Gross Margin - 3 Yr. Avg. 26.8%
EBITDA Margin 19.5%
EBITDA Margin - 3 Yr. Avg. 18.3%
Operating Margin 14.4%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 13.2%
Net Profit Margin 13.4%
Net Profit Margin - 3 Yr. Avg. 13%
Effective Tax Rate 1.4%
Eff/ Tax Rate - 3 Yr. Avg. 1.5%
Payout Ratio 21.3%

GIL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GIL stock intrinsic value calculation we used $2585 million for the last fiscal year's total revenue generated by Gildan Activewear. The default revenue input number comes from 2017 income statement of Gildan Activewear. 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 GIL stock valuation model: a) initial revenue growth rate of 3.8% 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 4.3%, whose default value for GIL is calculated based on our internal credit rating of Gildan Activewear, 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 Gildan Activewear.
    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 GIL stock the variable cost ratio is equal to 88.9%.

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 GIL 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 Gildan Activewear.

Corporate tax rate of 27% is the nominal tax rate for Gildan Activewear. 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 GIL 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 GIL are equal to 54.4%.

Life of production assets of 11.4 years is the average useful life of capital assets used in Gildan Activewear 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 GIL is equal to 41.3%. 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 - $2120 million for Gildan Activewear - 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 226.005 million for Gildan Activewear 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 Gildan Activewear at the current share price and the inputted number of shares is $7.1 billion.

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COMPANY NEWS

▶ Should You Buy Gildan Activewear Inc (TSX:GIL) At $38.74?   [Sep-29-17 11:04AM  Simply Wall St.]
▶ [$$] Beyond Bankruptcy: How Failed Stores Come Back Online   [Aug-04-17 11:45PM  The Wall Street Journal]
▶ [$$] Beyond Bankruptcy: How Failed Stores Come Back Online   [07:23AM  The Wall Street Journal]
▶ Gildan tops 2Q profit forecasts   [03:17AM  Associated Press]
▶ American Apparel Is Ready to Relaunch Its Website   [Aug-03-17 01:32PM  Bloomberg]
▶ Gildan releases its 2016 CSR report   [Jun-30-17 08:39AM  Marketwired]
▶ Top Ranked Momentum Stocks to Buy for June 29th   [Jun-29-17 09:56AM  Zacks]
▶ Gildan Announces Resignation of Director Patrik Frisk   [Jun-27-17 04:31PM  Marketwired]
▶ Gildan tops Street 1Q forecasts   [May-03-17 06:11PM  Associated Press]
▶ Gildan and OKRP invoke an epic ad failure in new underwear campaign   [Apr-25-17 05:35PM  American City Business Journals]
▶ American Apparel making clothes outside of U.S. for first time   [10:45AM  American City Business Journals]
▶ Causeway International Value Buys AstraZeneca, Gildan   [Mar-09-17 10:28AM  GuruFocus.com]
▶ [$$] American Apparel Manufacturing Plant Deal Collapses   [Feb-03-17 02:58PM  at The Wall Street Journal]
▶ American Apparel lays off 2,400 SoCal workers as it closes   [Jan-17-17 07:25PM  at bizjournals.com]
▶ American Apparel sold in bankruptcy auction   [Jan-11-17 10:53AM  at bizjournals.com]
▶ [$$] American Apparel Sells Brand to Gildan   [11:16AM  at The Wall Street Journal]
▶ [$$] Randles's Take: Sale of American Apparel Brand Draws Near   [Jan-06-17 05:20PM  at The Wall Street Journal]
▶ Is Atlassian Corporation PLC (TEAM) a Good Stock To Buy?   [Dec-09-16 10:59AM  at Insider Monkey]
Financial statements of GIL
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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