Intrinsic value of Gildan Activewear - GIL

Previous Close

$31.09

  Intrinsic Value

$5.96

stock screener

  Rating & Target

str. sell

-81%

Previous close

$31.09

 
Intrinsic value

$5.96

 
Up/down potential

-81%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  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
  2,585
  2,637
  2,697
  2,767
  2,844
  2,931
  3,025
  3,128
  3,240
  3,360
  3,489
  3,627
  3,774
  3,931
  4,097
  4,274
  4,462
  4,660
  4,869
  5,091
  5,325
  5,572
  5,832
  6,106
  6,396
  6,700
  7,021
  7,358
  7,713
  8,087
  8,480
Variable operating expenses, $m
 
  2,344
  2,397
  2,458
  2,527
  2,603
  2,686
  2,777
  2,875
  2,981
  3,095
  3,196
  3,326
  3,464
  3,611
  3,766
  3,931
  4,106
  4,291
  4,486
  4,692
  4,910
  5,139
  5,381
  5,636
  5,904
  6,186
  6,484
  6,797
  7,126
  7,472
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
  2,344
  2,397
  2,458
  2,527
  2,603
  2,686
  2,777
  2,875
  2,981
  3,095
  3,196
  3,326
  3,464
  3,611
  3,766
  3,931
  4,106
  4,291
  4,486
  4,692
  4,910
  5,139
  5,381
  5,636
  5,904
  6,186
  6,484
  6,797
  7,126
  7,472
Operating income, $m
  372
  293
  300
  309
  318
  328
  339
  351
  365
  379
  394
  431
  448
  467
  487
  508
  530
  554
  579
  605
  633
  662
  693
  726
  760
  796
  834
  874
  916
  961
  1,007
EBITDA, $m
  513
  439
  449
  461
  474
  488
  504
  521
  540
  560
  581
  604
  629
  655
  682
  712
  743
  776
  811
  848
  887
  928
  971
  1,017
  1,065
  1,116
  1,169
  1,225
  1,284
  1,347
  1,412
Interest expense (income), $m
  11
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  48
  51
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
Earnings before tax, $m
  352
  272
  279
  286
  295
  304
  314
  325
  337
  350
  364
  399
  415
  432
  450
  469
  489
  511
  533
  557
  582
  609
  637
  666
  697
  730
  765
  801
  839
  879
  922
Tax expense, $m
  5
  73
  75
  77
  80
  82
  85
  88
  91
  95
  98
  108
  112
  117
  121
  127
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  206
  216
  227
  237
  249
Net income, $m
  347
  199
  203
  209
  215
  222
  229
  237
  246
  256
  266
  291
  303
  315
  328
  342
  357
  373
  389
  407
  425
  444
  465
  486
  509
  533
  558
  585
  613
  642
  673

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
  3,010
  3,079
  3,158
  3,247
  3,346
  3,454
  3,571
  3,699
  3,836
  3,983
  4,140
  4,308
  4,487
  4,677
  4,879
  5,093
  5,319
  5,559
  5,812
  6,079
  6,360
  6,658
  6,971
  7,301
  7,648
  8,014
  8,400
  8,805
  9,231
  9,680
Adjusted assets (=assets-cash), $m
  2,952
  3,010
  3,079
  3,158
  3,247
  3,346
  3,454
  3,571
  3,699
  3,836
  3,983
  4,140
  4,308
  4,487
  4,677
  4,879
  5,093
  5,319
  5,559
  5,812
  6,079
  6,360
  6,658
  6,971
  7,301
  7,648
  8,014
  8,400
  8,805
  9,231
  9,680
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
  1,434
  1,467
  1,505
  1,547
  1,594
  1,646
  1,702
  1,763
  1,828
  1,898
  1,973
  2,053
  2,138
  2,229
  2,325
  2,427
  2,535
  2,649
  2,770
  2,897
  3,031
  3,173
  3,322
  3,479
  3,645
  3,819
  4,003
  4,196
  4,399
  4,613
Working capital, $m
  1,105
  1,089
  1,114
  1,143
  1,175
  1,210
  1,249
  1,292
  1,338
  1,388
  1,441
  1,498
  1,559
  1,623
  1,692
  1,765
  1,843
  1,925
  2,011
  2,103
  2,199
  2,301
  2,409
  2,522
  2,641
  2,767
  2,900
  3,039
  3,186
  3,340
  3,502
Total debt, $m
  600
  618
  638
  662
  688
  717
  749
  784
  821
  862
  905
  951
  1,001
  1,054
  1,110
  1,169
  1,232
  1,299
  1,370
  1,444
  1,523
  1,606
  1,694
  1,786
  1,884
  1,986
  2,094
  2,208
  2,327
  2,453
  2,586
Total liabilities, $m
  871
  888
  908
  932
  958
  987
  1,019
  1,054
  1,091
  1,132
  1,175
  1,221
  1,271
  1,324
  1,380
  1,439
  1,502
  1,569
  1,640
  1,714
  1,793
  1,876
  1,964
  2,056
  2,154
  2,256
  2,364
  2,478
  2,597
  2,723
  2,856
Total equity, $m
  2,120
  2,122
  2,171
  2,227
  2,289
  2,359
  2,435
  2,518
  2,607
  2,704
  2,808
  2,919
  3,037
  3,164
  3,298
  3,440
  3,591
  3,750
  3,919
  4,097
  4,285
  4,484
  4,694
  4,914
  5,147
  5,392
  5,650
  5,922
  6,207
  6,508
  6,824
Total liabilities and equity, $m
  2,991
  3,010
  3,079
  3,159
  3,247
  3,346
  3,454
  3,572
  3,698
  3,836
  3,983
  4,140
  4,308
  4,488
  4,678
  4,879
  5,093
  5,319
  5,559
  5,811
  6,078
  6,360
  6,658
  6,970
  7,301
  7,648
  8,014
  8,400
  8,804
  9,231
  9,680
Debt-to-equity ratio
  0.283
  0.290
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.320
  0.320
  0.330
  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
  0.370
  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
  199
  203
  209
  215
  222
  229
  237
  246
  256
  266
  291
  303
  315
  328
  342
  357
  373
  389
  407
  425
  444
  465
  486
  509
  533
  558
  585
  613
  642
  673
Depreciation, amort., depletion, $m
  141
  146
  149
  152
  156
  160
  165
  169
  175
  181
  187
  173
  180
  188
  196
  204
  213
  222
  232
  243
  254
  266
  278
  291
  305
  320
  335
  351
  368
  386
  405
Funds from operations, $m
  571
  345
  352
  361
  371
  382
  394
  407
  421
  436
  453
  465
  483
  503
  524
  546
  570
  595
  622
  650
  679
  710
  743
  778
  814
  853
  893
  936
  981
  1,028
  1,077
Change in working capital, $m
  33
  21
  25
  29
  32
  36
  39
  43
  46
  50
  53
  57
  61
  65
  69
  73
  77
  82
  87
  91
  97
  102
  108
  113
  119
  126
  132
  139
  147
  154
  162
Cash from operations, $m
  538
  323
  327
  333
  339
  346
  355
  364
  375
  387
  399
  408
  422
  438
  455
  473
  493
  513
  535
  558
  582
  608
  636
  664
  695
  727
  761
  796
  834
  874
  915
Maintenance CAPEX, $m
  0
  -123
  -126
  -129
  -132
  -136
  -140
  -144
  -149
  -155
  -160
  -166
  -173
  -180
  -188
  -196
  -204
  -213
  -222
  -232
  -243
  -254
  -266
  -278
  -291
  -305
  -320
  -335
  -351
  -368
  -386
New CAPEX, $m
  -140
  -28
  -33
  -38
  -42
  -47
  -51
  -56
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -121
  -127
  -134
  -142
  -149
  -157
  -166
  -174
  -184
  -193
  -203
  -214
Cash from investing activities, $m
  -303
  -151
  -159
  -167
  -174
  -183
  -191
  -200
  -210
  -220
  -230
  -241
  -253
  -265
  -279
  -292
  -306
  -321
  -336
  -353
  -370
  -388
  -408
  -427
  -448
  -471
  -494
  -519
  -544
  -571
  -600
Free cash flow, $m
  235
  172
  168
  166
  164
  164
  164
  164
  165
  167
  169
  166
  169
  173
  177
  182
  187
  192
  199
  205
  212
  220
  228
  237
  246
  256
  267
  278
  290
  302
  316
Issuance/(repayment) of debt, $m
  -75
  18
  20
  23
  26
  29
  32
  35
  38
  40
  43
  46
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  103
  108
  114
  120
  126
  132
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
  18
  20
  23
  26
  29
  32
  35
  38
  40
  43
  46
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  103
  108
  114
  120
  126
  132
Total cash flow (excl. dividends), $m
  62
  190
  189
  189
  191
  193
  195
  199
  203
  207
  212
  212
  219
  226
  233
  241
  250
  259
  269
  280
  291
  303
  316
  329
  344
  359
  375
  392
  409
  428
  448
Retained Cash Flow (-), $m
  68
  -40
  -49
  -56
  -63
  -69
  -76
  -83
  -90
  -97
  -104
  -111
  -118
  -126
  -134
  -142
  -151
  -160
  -169
  -178
  -188
  -199
  -209
  -221
  -233
  -245
  -258
  -272
  -286
  -301
  -316
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
 
  188
  140
  134
  128
  123
  119
  116
  113
  110
  108
  101
  100
  100
  99
  99
  99
  100
  100
  101
  103
  104
  106
  108
  111
  114
  117
  120
  124
  127
  132
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
 
  180
  128
  116
  105
  96
  87
  78
  71
  63
  57
  48
  43
  38
  33
  29
  25
  22
  18
  16
  13
  11
  9
  7
  6
  4
  3
  3
  2
  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

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 20.6
Price to Sales 2.8
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 18
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 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 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 220.743 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 $6.9 billion.

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COMPANY NEWS

▶ Gildans Full Collection of Men's Underwear Now on Amazon!   [Feb-13-18 12:39PM  GlobeNewswire]
▶ Gildan Activewear Inc (TSE:GIL): Financial Strength Analysis   [Jan-22-18 05:54PM  Simply Wall St.]
▶ What Is Gildan Activewear Incs (TSE:GIL) Share Price Doing?   [Jan-15-18 07:47AM  Simply Wall St.]
▶ 6 Stocks Trading Below Peter Lynch Value   [Jan-11-18 03:50PM  GuruFocus.com]
▶ Women lead American Apparels rebrand   [Dec-28-17 10:20AM  American City Business Journals]
▶ Gildan Activewear Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Gildan Activewear Sees Relative Strength Rating Improve To 71   [Dec-26-17 03:00AM  Investor's Business Daily]
▶ What You Must Know About Gildan Activewear Incs (TSE:GIL) ROE   [Dec-25-17 02:15PM  Simply Wall St.]
▶ NAFTA: Trump's Next Target After Tax Reform?   [Dec-19-17 03:30PM  Benzinga]
▶ Gildan Activewear Earns RS Rating Upgrade   [Dec-15-17 03:00AM  Investor's Business Daily]
▶ Gildan tops 3Q profit forecasts   [Nov-02-17 08:17AM  Associated Press]
▶ 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]
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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