Intrinsic value of J.C. Penney - JCP

Previous Close

$3.60

  Intrinsic Value

$1.15

stock screener

  Rating & Target

str. sell

-68%

  Value-price divergence*

+8%

Previous close

$3.60

 
Intrinsic value

$1.15

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence*

+8%

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

We calculate the intrinsic value of JCP 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 1.1

 

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, %
  -0.62
  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
  12,547
  12,798
  13,092
  13,429
  13,807
  14,225
  14,684
  15,184
  15,726
  16,309
  16,935
  17,604
  18,319
  19,080
  19,888
  20,746
  21,655
  22,618
  23,635
  24,711
  25,846
  27,044
  28,308
  29,639
  31,043
  32,520
  34,076
  35,714
  37,438
  39,251
  41,158
Variable operating expenses, $m
 
  12,900
  13,197
  13,536
  13,917
  14,339
  14,802
  15,306
  15,852
  16,439
  17,070
  17,745
  18,466
  19,232
  20,047
  20,912
  21,829
  22,799
  23,824
  24,908
  26,053
  27,261
  28,534
  29,876
  31,291
  32,781
  34,349
  36,000
  37,737
  39,565
  41,487
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
  12,182
  12,900
  13,197
  13,536
  13,917
  14,339
  14,802
  15,306
  15,852
  16,439
  17,070
  17,745
  18,466
  19,232
  20,047
  20,912
  21,829
  22,799
  23,824
  24,908
  26,053
  27,261
  28,534
  29,876
  31,291
  32,781
  34,349
  36,000
  37,737
  39,565
  41,487
Operating income, $m
  365
  -102
  -105
  -107
  -110
  -114
  -117
  -121
  -126
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -189
  -198
  -207
  -216
  -226
  -237
  -248
  -260
  -273
  -286
  -300
  -314
  -329
EBITDA, $m
  974
  431
  441
  453
  465
  479
  495
  512
  530
  550
  571
  593
  617
  643
  670
  699
  730
  762
  797
  833
  871
  911
  954
  999
  1,046
  1,096
  1,148
  1,204
  1,262
  1,323
  1,387
Interest expense (income), $m
  0
  164
  170
  176
  183
  192
  201
  211
  222
  233
  246
  260
  274
  290
  307
  324
  343
  363
  384
  406
  429
  454
  480
  508
  537
  567
  600
  633
  669
  707
  746
Earnings before tax, $m
  2
  -267
  -274
  -283
  -294
  -305
  -318
  -332
  -347
  -364
  -382
  -401
  -421
  -443
  -466
  -490
  -516
  -544
  -573
  -604
  -636
  -670
  -707
  -745
  -785
  -827
  -872
  -919
  -969
  -1,021
  -1,076
Tax expense, $m
  1
  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
Net income, $m
  1
  -267
  -274
  -283
  -294
  -305
  -318
  -332
  -347
  -364
  -382
  -401
  -421
  -443
  -466
  -490
  -516
  -544
  -573
  -604
  -636
  -670
  -707
  -745
  -785
  -827
  -872
  -919
  -969
  -1,021
  -1,076

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  887
  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
  9,314
  9,355
  9,570
  9,816
  10,092
  10,398
  10,734
  11,100
  11,495
  11,922
  12,379
  12,869
  13,391
  13,947
  14,538
  15,165
  15,830
  16,533
  17,277
  18,063
  18,893
  19,769
  20,693
  21,666
  22,692
  23,772
  24,910
  26,107
  27,367
  28,692
  30,086
Adjusted assets (=assets-cash), $m
  8,427
  9,355
  9,570
  9,816
  10,092
  10,398
  10,734
  11,100
  11,495
  11,922
  12,379
  12,869
  13,391
  13,947
  14,538
  15,165
  15,830
  16,533
  17,277
  18,063
  18,893
  19,769
  20,693
  21,666
  22,692
  23,772
  24,910
  26,107
  27,367
  28,692
  30,086
Revenue / Adjusted assets
  1.489
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
  1.368
Average production assets, $m
  5,228
  5,337
  5,459
  5,600
  5,757
  5,932
  6,123
  6,332
  6,558
  6,801
  7,062
  7,341
  7,639
  7,956
  8,293
  8,651
  9,030
  9,432
  9,856
  10,304
  10,778
  11,277
  11,804
  12,360
  12,945
  13,561
  14,210
  14,893
  15,611
  16,368
  17,163
Working capital, $m
  1,678
  1,088
  1,113
  1,141
  1,174
  1,209
  1,248
  1,291
  1,337
  1,386
  1,439
  1,496
  1,557
  1,622
  1,690
  1,763
  1,841
  1,923
  2,009
  2,100
  2,197
  2,299
  2,406
  2,519
  2,639
  2,764
  2,896
  3,036
  3,182
  3,336
  3,498
Total debt, $m
  4,836
  4,847
  5,030
  5,240
  5,475
  5,735
  6,022
  6,333
  6,670
  7,033
  7,423
  7,840
  8,285
  8,759
  9,263
  9,797
  10,363
  10,962
  11,596
  12,266
  12,973
  13,719
  14,506
  15,336
  16,210
  17,130
  18,099
  19,119
  20,192
  21,322
  22,509
Total liabilities, $m
  7,960
  7,971
  8,154
  8,364
  8,599
  8,859
  9,146
  9,457
  9,794
  10,157
  10,547
  10,964
  11,409
  11,883
  12,387
  12,921
  13,487
  14,086
  14,720
  15,390
  16,097
  16,843
  17,630
  18,460
  19,334
  20,254
  21,223
  22,243
  23,316
  24,446
  25,633
Total equity, $m
  1,354
  1,385
  1,416
  1,453
  1,494
  1,539
  1,589
  1,643
  1,701
  1,764
  1,832
  1,905
  1,982
  2,064
  2,152
  2,244
  2,343
  2,447
  2,557
  2,673
  2,796
  2,926
  3,063
  3,207
  3,358
  3,518
  3,687
  3,864
  4,050
  4,246
  4,453
Total liabilities and equity, $m
  9,314
  9,356
  9,570
  9,817
  10,093
  10,398
  10,735
  11,100
  11,495
  11,921
  12,379
  12,869
  13,391
  13,947
  14,539
  15,165
  15,830
  16,533
  17,277
  18,063
  18,893
  19,769
  20,693
  21,667
  22,692
  23,772
  24,910
  26,107
  27,366
  28,692
  30,086
Debt-to-equity ratio
  3.572
  3.500
  3.550
  3.610
  3.670
  3.730
  3.790
  3.860
  3.920
  3.990
  4.050
  4.120
  4.180
  4.240
  4.300
  4.360
  4.420
  4.480
  4.540
  4.590
  4.640
  4.690
  4.740
  4.780
  4.830
  4.870
  4.910
  4.950
  4.990
  5.020
  5.060
Adjusted equity ratio
  0.055
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  -267
  -274
  -283
  -294
  -305
  -318
  -332
  -347
  -364
  -382
  -401
  -421
  -443
  -466
  -490
  -516
  -544
  -573
  -604
  -636
  -670
  -707
  -745
  -785
  -827
  -872
  -919
  -969
  -1,021
  -1,076
Depreciation, amort., depletion, $m
  609
  534
  546
  560
  576
  593
  612
  633
  656
  680
  706
  734
  764
  796
  829
  865
  903
  943
  986
  1,030
  1,078
  1,128
  1,180
  1,236
  1,294
  1,356
  1,421
  1,489
  1,561
  1,637
  1,716
Funds from operations, $m
  111
  267
  272
  277
  282
  288
  294
  301
  308
  316
  325
  333
  343
  353
  364
  375
  387
  400
  413
  427
  442
  457
  474
  491
  509
  529
  549
  570
  592
  616
  641
Change in working capital, $m
  -223
  21
  25
  29
  32
  36
  39
  43
  46
  50
  53
  57
  61
  65
  69
  73
  77
  82
  87
  91
  97
  102
  107
  113
  119
  126
  132
  139
  146
  154
  162
Cash from operations, $m
  334
  246
  247
  248
  250
  252
  255
  258
  262
  267
  271
  277
  282
  288
  295
  302
  310
  318
  326
  335
  345
  355
  366
  378
  390
  403
  417
  431
  446
  462
  479
Maintenance CAPEX, $m
  0
  -523
  -534
  -546
  -560
  -576
  -593
  -612
  -633
  -656
  -680
  -706
  -734
  -764
  -796
  -829
  -865
  -903
  -943
  -986
  -1,030
  -1,078
  -1,128
  -1,180
  -1,236
  -1,294
  -1,356
  -1,421
  -1,489
  -1,561
  -1,637
New CAPEX, $m
  -427
  -109
  -123
  -140
  -158
  -175
  -192
  -209
  -226
  -243
  -261
  -279
  -298
  -317
  -337
  -358
  -379
  -401
  -424
  -448
  -473
  -500
  -527
  -555
  -585
  -616
  -649
  -683
  -719
  -756
  -795
Cash from investing activities, $m
  -316
  -632
  -657
  -686
  -718
  -751
  -785
  -821
  -859
  -899
  -941
  -985
  -1,032
  -1,081
  -1,133
  -1,187
  -1,244
  -1,304
  -1,367
  -1,434
  -1,503
  -1,578
  -1,655
  -1,735
  -1,821
  -1,910
  -2,005
  -2,104
  -2,208
  -2,317
  -2,432
Free cash flow, $m
  18
  -386
  -410
  -438
  -468
  -498
  -530
  -562
  -597
  -632
  -670
  -709
  -750
  -793
  -838
  -885
  -935
  -987
  -1,041
  -1,099
  -1,159
  -1,222
  -1,288
  -1,358
  -1,431
  -1,508
  -1,588
  -1,673
  -1,762
  -1,855
  -1,953
Issuance/(repayment) of debt, $m
  26
  156
  183
  210
  235
  261
  286
  311
  337
  363
  390
  417
  445
  474
  504
  534
  566
  599
  634
  670
  707
  746
  787
  829
  874
  920
  969
  1,020
  1,073
  1,129
  1,188
Issuance/(repurchase) of shares, $m
  2
  297
  306
  320
  335
  351
  368
  386
  406
  427
  449
  473
  498
  525
  553
  583
  614
  648
  683
  720
  759
  800
  843
  889
  937
  987
  1,040
  1,096
  1,155
  1,217
  1,282
Cash from financing (excl. dividends), $m  
  -31
  453
  489
  530
  570
  612
  654
  697
  743
  790
  839
  890
  943
  999
  1,057
  1,117
  1,180
  1,247
  1,317
  1,390
  1,466
  1,546
  1,630
  1,718
  1,811
  1,907
  2,009
  2,116
  2,228
  2,346
  2,470
Total cash flow (excl. dividends), $m
  -13
  67
  80
  91
  102
  113
  124
  135
  147
  158
  169
  181
  193
  206
  219
  232
  246
  261
  275
  291
  307
  324
  342
  360
  380
  400
  421
  443
  467
  491
  516
Retained Cash Flow (-), $m
  -45
  -297
  -306
  -320
  -335
  -351
  -368
  -386
  -406
  -427
  -449
  -473
  -498
  -525
  -553
  -583
  -614
  -648
  -683
  -720
  -759
  -800
  -843
  -889
  -937
  -987
  -1,040
  -1,096
  -1,155
  -1,217
  -1,282
Prev. year cash balance distribution, $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 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
 
  -231
  -227
  -229
  -232
  -237
  -244
  -251
  -259
  -269
  -280
  -292
  -305
  -319
  -334
  -351
  -368
  -387
  -407
  -429
  -452
  -476
  -501
  -528
  -557
  -587
  -619
  -653
  -689
  -726
  -766
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  -210
  -186
  -168
  -151
  -135
  -120
  -106
  -92
  -80
  -68
  -57
  -47
  -39
  -31
  -25
  -19
  -14
  -11
  -8
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.1
  60.9
  47.3
  36.6
  28.1
  21.6
  16.5
  12.5
  9.5
  7.2
  5.4
  4.0
  3.0
  2.2
  1.7
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, as well as provides various services, including styling salon, optical, portrait photography, and custom decorating. As of February 24, 2017, it operated approximately 1,000 department stores in the United States and Puerto Rico. The company also sells its products through its Website, jcpenney.com. J. C. Penney Company, Inc. was founded in 1902 and is based in Plano, Texas.

FINANCIAL RATIOS  of  J.C. Penney (JCP)

Valuation Ratios
P/E Ratio 1109.9
Price to Sales 0.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow -11.9
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.4%
Cap. Spend. - 3 Yr. Gr. Rate -14.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 336.6%
Total Debt to Equity 357.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. -3.9%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. -5.6%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. -20.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 35.5%
EBITDA Margin 4.9%
EBITDA Margin - 3 Yr. Avg. 1.7%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. -0.1%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -3.2%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -3.3%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 15%
Payout Ratio 0%

JCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JCP stock intrinsic value calculation we used $12547 million for the last fiscal year's total revenue generated by J.C. Penney. The default revenue input number comes from 2017 income statement of J.C. Penney. 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 JCP 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 9.8%, whose default value for JCP is calculated based on our internal credit rating of J.C. Penney, 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 J.C. Penney.
    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 JCP stock the variable cost ratio is equal to 100.8%.

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 JCP 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 J.C. Penney.

Corporate tax rate of 27% is the nominal tax rate for J.C. Penney. 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 JCP 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 JCP are equal to 41.7%.

Life of production assets of 10 years is the average useful life of capital assets used in J.C. Penney 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 JCP is equal to 8.5%. 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 - $1354 million for J.C. Penney - 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 294.872 million for J.C. Penney 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 J.C. Penney at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
KSS Kohl's 37.89 46.86  buy
M Macy's 20.14 44.67  str.buy
JWN Nordstrom 44.58 68.92  buy
DDS Dillard's 55.93 91.06  str.buy
EBAY eBay 35.36 36.96  hold
SSI Stage Stores 1.51 3.75  str.buy

COMPANY NEWS

▶ Do Analysts Expect JCPenney Stock to Recover?   [Aug-17-17 09:06AM  Market Realist]
▶ Analyzing JCPenneys Margins in Fiscal 2Q17   [07:36AM  Market Realist]
▶ J.C. Penney Shares Soon Cheaper Than a Pair of Underwear?   [Aug-14-17 08:50PM  TheStreet.com]
▶ JC Penney: Keep It Like a Secret?   [12:36PM  Barrons.com]
▶ Company News For August 14, 2017   [10:08AM  Zacks]
▶ [$$] Store Closings Weigh on J.C. Penney   [Aug-11-17 11:26PM  The Wall Street Journal]
▶ [$$] Whats News: Business & Finance   [11:25PM  The Wall Street Journal]
▶ Penney reports 2Q loss   [10:40PM  Associated Press]
▶ [$$] Whats News: Business & Finance   [09:11PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [04:56PM  Motley Fool]
▶ J.C. Penney profit down; CFO says he's working on balance sheet   [03:05PM  American City Business Journals]
▶ [$$] Store Closings Weigh on J.C. Penney   [01:03PM  The Wall Street Journal]
▶ J.C. Penney Shares Headed to $1?   [11:27AM  TheStreet.com]
▶ JC Penney's loss widens   [10:52AM  Reuters Videos]
▶ Is J.C. Penney Going the Way of Dying Sears?   [10:17AM  TheStreet.com]
▶ Stocks to Watch: Snap, Nvidia, J.C. Penney, Nordstrom   [09:18AM  The Wall Street Journal]
▶ J.C. Penney Plummets as Same-Store Sales Suffer   [09:01AM  Bloomberg Video]
▶ JC Penney reports wider 2Q loss   [08:48AM  Fox Business Videos]
▶ J.C. Penney Delivers Disappointing Earnings   [08:10AM  Bloomberg Video]
▶ The pulse of retail   [06:47AM  CNBC Videos]
▶ [$$] Traders Bet on Big Swings for Retailers   [12:19AM  The Wall Street Journal]
▶ Beware of the retail 'value trap'   [Aug-09-17 05:38PM  CNBC]
▶ How J.C. Penney could benefit, struggle from Sears' Amazon partnership   [02:25PM  American City Business Journals]
Stock chart of JCP Financial statements of JCP
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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