Intrinsic value of J.C. Penney - JCP

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$5.58

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$5.58

 
Intrinsic value

$1.10

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 1.7

 

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
  518
  530
  544
  559
  576
  595
  615
  637
  660
  686
  713
  742
  773
  805
  840
  877
  916
  957
  1,000
  1,046
  1,095
  1,146
  1,200
  1,257
  1,317
  1,380
  1,446
  1,516
  1,589
  1,666
Interest expense (income), $m
  0
  160
  161
  168
  175
  183
  192
  201
  212
  223
  236
  249
  263
  278
  294
  311
  330
  349
  369
  391
  413
  437
  463
  490
  518
  547
  579
  612
  646
  683
  721
Earnings before tax, $m
  2
  -262
  -266
  -275
  -285
  -297
  -309
  -323
  -338
  -354
  -371
  -390
  -410
  -431
  -453
  -477
  -503
  -530
  -558
  -588
  -620
  -654
  -689
  -727
  -766
  -808
  -851
  -897
  -946
  -997
  -1,050
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
  -262
  -266
  -275
  -285
  -297
  -309
  -323
  -338
  -354
  -371
  -390
  -410
  -431
  -453
  -477
  -503
  -530
  -558
  -588
  -620
  -654
  -689
  -727
  -766
  -808
  -851
  -897
  -946
  -997
  -1,050

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
  8,595
  8,793
  9,019
  9,272
  9,553
  9,862
  10,198
  10,561
  10,953
  11,373
  11,823
  12,303
  12,814
  13,357
  13,933
  14,544
  15,190
  15,873
  16,596
  17,358
  18,163
  19,011
  19,906
  20,848
  21,840
  22,885
  23,985
  25,143
  26,360
  27,641
Adjusted assets (=assets-cash), $m
  8,427
  8,595
  8,793
  9,019
  9,272
  9,553
  9,862
  10,198
  10,561
  10,953
  11,373
  11,823
  12,303
  12,814
  13,357
  13,933
  14,544
  15,190
  15,873
  16,596
  17,358
  18,163
  19,011
  19,906
  20,848
  21,840
  22,885
  23,985
  25,143
  26,360
  27,641
Revenue / Adjusted assets
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
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
  4,611
  4,789
  4,993
  5,221
  5,474
  5,752
  6,054
  6,381
  6,734
  7,112
  7,517
  7,949
  8,408
  8,897
  9,416
  9,965
  10,547
  11,162
  11,812
  12,498
  13,222
  13,986
  14,791
  15,639
  16,532
  17,473
  18,463
  19,504
  20,600
  21,753
Total liabilities, $m
  7,960
  7,735
  7,913
  8,117
  8,345
  8,598
  8,876
  9,178
  9,505
  9,858
  10,236
  10,641
  11,073
  11,532
  12,021
  12,540
  13,089
  13,671
  14,286
  14,936
  15,622
  16,346
  17,110
  17,915
  18,763
  19,656
  20,597
  21,587
  22,628
  23,724
  24,877
Total equity, $m
  1,354
  859
  879
  902
  927
  955
  986
  1,020
  1,056
  1,095
  1,137
  1,182
  1,230
  1,281
  1,336
  1,393
  1,454
  1,519
  1,587
  1,660
  1,736
  1,816
  1,901
  1,991
  2,085
  2,184
  2,289
  2,399
  2,514
  2,636
  2,764
Total liabilities and equity, $m
  9,314
  8,594
  8,792
  9,019
  9,272
  9,553
  9,862
  10,198
  10,561
  10,953
  11,373
  11,823
  12,303
  12,813
  13,357
  13,933
  14,543
  15,190
  15,873
  16,596
  17,358
  18,162
  19,011
  19,906
  20,848
  21,840
  22,886
  23,986
  25,142
  26,360
  27,641
Debt-to-equity ratio
  3.572
  5.370
  5.450
  5.540
  5.630
  5.730
  5.830
  5.940
  6.040
  6.150
  6.250
  6.360
  6.460
  6.560
  6.660
  6.760
  6.850
  6.940
  7.030
  7.120
  7.200
  7.280
  7.360
  7.430
  7.500
  7.570
  7.630
  7.700
  7.760
  7.810
  7.870
Adjusted equity ratio
  0.055
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  -262
  -266
  -275
  -285
  -297
  -309
  -323
  -338
  -354
  -371
  -390
  -410
  -431
  -453
  -477
  -503
  -530
  -558
  -588
  -620
  -654
  -689
  -727
  -766
  -808
  -851
  -897
  -946
  -997
  -1,050
Depreciation, amort., depletion, $m
  609
  621
  635
  651
  669
  690
  712
  736
  763
  791
  821
  854
  888
  925
  964
  1,006
  1,050
  1,097
  1,146
  1,198
  1,253
  1,311
  1,373
  1,437
  1,505
  1,577
  1,652
  1,732
  1,815
  1,903
  1,996
Funds from operations, $m
  111
  359
  369
  376
  384
  393
  403
  413
  425
  437
  450
  464
  479
  494
  511
  529
  547
  567
  588
  610
  633
  658
  683
  711
  739
  769
  801
  834
  870
  907
  945
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
  249
  344
  347
  352
  358
  364
  371
  379
  387
  397
  407
  418
  430
  442
  456
  470
  485
  501
  518
  537
  556
  576
  597
  620
  644
  669
  695
  723
  752
  783
Maintenance CAPEX, $m
  0
  -608
  -621
  -635
  -651
  -669
  -690
  -712
  -736
  -763
  -791
  -821
  -854
  -888
  -925
  -964
  -1,006
  -1,050
  -1,097
  -1,146
  -1,198
  -1,253
  -1,311
  -1,373
  -1,437
  -1,505
  -1,577
  -1,652
  -1,732
  -1,815
  -1,903
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
  -717
  -744
  -775
  -809
  -844
  -882
  -921
  -962
  -1,006
  -1,052
  -1,100
  -1,152
  -1,205
  -1,262
  -1,322
  -1,385
  -1,451
  -1,521
  -1,594
  -1,671
  -1,753
  -1,838
  -1,928
  -2,022
  -2,121
  -2,226
  -2,335
  -2,451
  -2,571
  -2,698
Free cash flow, $m
  18
  -468
  -400
  -428
  -457
  -486
  -517
  -550
  -583
  -618
  -655
  -693
  -734
  -776
  -820
  -866
  -915
  -966
  -1,020
  -1,076
  -1,135
  -1,197
  -1,262
  -1,331
  -1,402
  -1,478
  -1,557
  -1,640
  -1,727
  -1,819
  -1,915
Issuance/(repayment) of debt, $m
  26
  53
  178
  203
  228
  253
  278
  302
  327
  353
  378
  405
  432
  460
  489
  519
  550
  582
  615
  650
  686
  724
  764
  805
  848
  893
  940
  990
  1,042
  1,096
  1,153
Issuance/(repurchase) of shares, $m
  2
  0
  241
  247
  254
  261
  271
  281
  292
  305
  319
  334
  350
  367
  386
  406
  427
  449
  473
  498
  525
  553
  583
  615
  648
  684
  721
  760
  801
  845
  891
Cash from financing (excl. dividends), $m  
  -31
  53
  419
  450
  482
  514
  549
  583
  619
  658
  697
  739
  782
  827
  875
  925
  977
  1,031
  1,088
  1,148
  1,211
  1,277
  1,347
  1,420
  1,496
  1,577
  1,661
  1,750
  1,843
  1,941
  2,044
Total cash flow (excl. dividends), $m
  -13
  -415
  -222
  -224
  -228
  -233
  -240
  -247
  -256
  -266
  -277
  -289
  -302
  -316
  -331
  -348
  -366
  -384
  -405
  -426
  -449
  -473
  -499
  -526
  -554
  -584
  -616
  -650
  -686
  -723
  -762
Retained Cash Flow (-), $m
  -45
  -114
  -20
  -23
  -25
  -28
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
Prev. year cash balance distribution, $m
 
  609
  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
 
  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
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
 
  73
  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
Current shareholders' claim on cash, %
  100
  100.0
  81.9
  67.1
  54.9
  45.0
  36.8
  30.0
  24.5
  20.0
  16.3
  13.2
  10.7
  8.7
  7.0
  5.7
  4.6
  3.7
  2.9
  2.4
  1.9
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2

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 1720.3
Price to Sales 0.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow -18.5
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 8.6 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 308.442 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 $1.7 billion.


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COMPANY NEWS

▶ Q1 Retail Earnings Could Collapse 6.8 Percent   [Apr-17-17 11:40AM  Investopedia]
▶ Macy's Is Copying J.C. Penney As It Looks for Growth   [Apr-15-17 12:05PM  Motley Fool]
▶ J.C. Penney postponing store closures   [Apr-13-17 09:30PM  American City Business Journals]
▶ JC Penney to Put Off Closing Stores CNBC   [04:37PM  24/7 Wall St.]
▶ Pier 1 to Shutter Up to 25 Stores   [02:12PM  Investopedia]
▶ Better Buy: J. C. Penney Company, Inc. vs. Macy's   [Apr-10-17 02:24PM  Motley Fool]
▶ 7 Retailers in the U.S. Firing the Most People   [Apr-09-17 08:00AM  TheStreet.com]
▶ 4 Reasons To Buy Wal-Mart   [03:07PM  Barrons.com]
▶ Telsey: Buy Wal-Mart   [12:17PM  CNBC Videos]
▶ Investors Put Retail Stocks on Sale   [01:24PM  The Wall Street Journal]
▶ 100 years later, Texas is still a key market for J.C. Penney   [12:50PM  American City Business Journals]
▶ Billionaires Love These 3 Stocks -- but Should You?   [Apr-02-17 10:17AM  Motley Fool]
▶ J.C. Penney: Buy the Dip?   [11:36AM  at Motley Fool]
▶ JCPENNEY CELEBRATES A CENTURY OF SERVICE IN TEXAS   [Mar-30-17 06:40PM  GlobeNewswire]
▶ These 3 Retailers May Not Survive   [12:43PM  at Motley Fool]
▶ JC Penney: For Contrarian Investors Only!   [03:22PM  at Barrons.com]
▶ 3 Hated Stocks That Could Make You Rich   [12:24PM  at Motley Fool]
▶ 19 Retailers Are Shedding Stores So Far in 2017   [12:47PM  at Investopedia]
▶ [$$] Struggling Sears signals decline of US malls   [11:02AM  at Financial Times]
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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