Intrinsic value of Nordstrom - JWN

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$46.27

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of JWN 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 7.9

 

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, %
  2.22
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  14,757
  15,229
  15,744
  16,302
  16,903
  17,548
  18,239
  18,977
  19,762
  20,597
  21,483
  22,423
  23,417
  24,469
  25,580
  26,754
  27,993
  29,299
  30,676
  32,127
  33,655
  35,264
  36,958
  38,740
  40,616
  42,588
  44,662
  46,844
  49,137
  51,547
  54,081
Variable operating expenses, $m
 
  14,071
  14,546
  15,060
  15,615
  16,210
  16,847
  17,528
  18,252
  19,022
  19,840
  20,682
  21,600
  22,570
  23,595
  24,678
  25,820
  27,025
  28,295
  29,633
  31,043
  32,527
  34,090
  35,734
  37,463
  39,283
  41,196
  43,208
  45,323
  47,547
  49,884
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
  13,952
  14,071
  14,546
  15,060
  15,615
  16,210
  16,847
  17,528
  18,252
  19,022
  19,840
  20,682
  21,600
  22,570
  23,595
  24,678
  25,820
  27,025
  28,295
  29,633
  31,043
  32,527
  34,090
  35,734
  37,463
  39,283
  41,196
  43,208
  45,323
  47,547
  49,884
Operating income, $m
  805
  1,158
  1,198
  1,241
  1,288
  1,338
  1,392
  1,449
  1,510
  1,575
  1,644
  1,740
  1,817
  1,899
  1,985
  2,076
  2,173
  2,274
  2,381
  2,493
  2,612
  2,737
  2,868
  3,007
  3,152
  3,305
  3,466
  3,636
  3,814
  4,001
  4,197
EBITDA, $m
  1,450
  1,576
  1,630
  1,687
  1,750
  1,816
  1,888
  1,964
  2,046
  2,132
  2,224
  2,321
  2,424
  2,533
  2,648
  2,769
  2,898
  3,033
  3,175
  3,326
  3,484
  3,650
  3,826
  4,010
  4,204
  4,408
  4,623
  4,849
  5,086
  5,336
  5,598
Interest expense (income), $m
  134
  133
  140
  152
  164
  178
  192
  208
  224
  242
  261
  281
  302
  324
  348
  373
  399
  427
  457
  488
  520
  555
  591
  629
  669
  711
  755
  802
  851
  903
  957
Earnings before tax, $m
  684
  1,026
  1,058
  1,090
  1,124
  1,160
  1,199
  1,241
  1,286
  1,333
  1,383
  1,459
  1,515
  1,575
  1,637
  1,703
  1,773
  1,847
  1,924
  2,006
  2,092
  2,182
  2,278
  2,378
  2,483
  2,594
  2,711
  2,834
  2,962
  3,098
  3,240
Tax expense, $m
  330
  277
  286
  294
  303
  313
  324
  335
  347
  360
  373
  394
  409
  425
  442
  460
  479
  499
  520
  542
  565
  589
  615
  642
  671
  700
  732
  765
  800
  836
  875
Net income, $m
  354
  749
  772
  795
  820
  847
  876
  906
  938
  973
  1,009
  1,065
  1,106
  1,150
  1,195
  1,244
  1,294
  1,348
  1,405
  1,464
  1,527
  1,593
  1,663
  1,736
  1,813
  1,894
  1,979
  2,068
  2,163
  2,262
  2,366

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,007
  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
  7,858
  7,928
  8,196
  8,486
  8,799
  9,135
  9,495
  9,879
  10,287
  10,722
  11,183
  11,672
  12,190
  12,738
  13,316
  13,927
  14,572
  15,252
  15,969
  16,724
  17,520
  18,357
  19,239
  20,167
  21,143
  22,170
  23,250
  24,385
  25,579
  26,834
  28,153
Adjusted assets (=assets-cash), $m
  6,851
  7,928
  8,196
  8,486
  8,799
  9,135
  9,495
  9,879
  10,287
  10,722
  11,183
  11,672
  12,190
  12,738
  13,316
  13,927
  14,572
  15,252
  15,969
  16,724
  17,520
  18,357
  19,239
  20,167
  21,143
  22,170
  23,250
  24,385
  25,579
  26,834
  28,153
Revenue / Adjusted assets
  2.154
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
  1.921
Average production assets, $m
  3,816
  3,944
  4,078
  4,222
  4,378
  4,545
  4,724
  4,915
  5,118
  5,335
  5,564
  5,807
  6,065
  6,337
  6,625
  6,929
  7,250
  7,588
  7,945
  8,321
  8,717
  9,133
  9,572
  10,034
  10,519
  11,030
  11,568
  12,132
  12,726
  13,351
  14,007
Working capital, $m
  213
  -807
  -834
  -864
  -896
  -930
  -967
  -1,006
  -1,047
  -1,092
  -1,139
  -1,188
  -1,241
  -1,297
  -1,356
  -1,418
  -1,484
  -1,553
  -1,626
  -1,703
  -1,784
  -1,869
  -1,959
  -2,053
  -2,153
  -2,257
  -2,367
  -2,483
  -2,604
  -2,732
  -2,866
Total debt, $m
  2,774
  2,921
  3,162
  3,423
  3,705
  4,007
  4,331
  4,677
  5,045
  5,436
  5,851
  6,291
  6,757
  7,250
  7,771
  8,320
  8,901
  9,513
  10,158
  10,838
  11,554
  12,308
  13,101
  13,936
  14,815
  15,739
  16,711
  17,733
  18,807
  19,936
  21,123
Total liabilities, $m
  6,988
  7,135
  7,376
  7,637
  7,919
  8,221
  8,545
  8,891
  9,259
  9,650
  10,065
  10,505
  10,971
  11,464
  11,985
  12,534
  13,115
  13,727
  14,372
  15,052
  15,768
  16,522
  17,315
  18,150
  19,029
  19,953
  20,925
  21,947
  23,021
  24,150
  25,337
Total equity, $m
  870
  793
  820
  849
  880
  913
  949
  988
  1,029
  1,072
  1,118
  1,167
  1,219
  1,274
  1,332
  1,393
  1,457
  1,525
  1,597
  1,672
  1,752
  1,836
  1,924
  2,017
  2,114
  2,217
  2,325
  2,439
  2,558
  2,683
  2,815
Total liabilities and equity, $m
  7,858
  7,928
  8,196
  8,486
  8,799
  9,134
  9,494
  9,879
  10,288
  10,722
  11,183
  11,672
  12,190
  12,738
  13,317
  13,927
  14,572
  15,252
  15,969
  16,724
  17,520
  18,358
  19,239
  20,167
  21,143
  22,170
  23,250
  24,386
  25,579
  26,833
  28,152
Debt-to-equity ratio
  3.189
  3.680
  3.860
  4.030
  4.210
  4.390
  4.560
  4.730
  4.900
  5.070
  5.230
  5.390
  5.540
  5.690
  5.840
  5.970
  6.110
  6.240
  6.360
  6.480
  6.590
  6.700
  6.810
  6.910
  7.010
  7.100
  7.190
  7.270
  7.350
  7.430
  7.500
Adjusted equity ratio
  -0.020
  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
  354
  749
  772
  795
  820
  847
  876
  906
  938
  973
  1,009
  1,065
  1,106
  1,150
  1,195
  1,244
  1,294
  1,348
  1,405
  1,464
  1,527
  1,593
  1,663
  1,736
  1,813
  1,894
  1,979
  2,068
  2,163
  2,262
  2,366
Depreciation, amort., depletion, $m
  645
  418
  432
  446
  462
  478
  496
  515
  536
  557
  580
  581
  607
  634
  663
  693
  725
  759
  795
  832
  872
  913
  957
  1,003
  1,052
  1,103
  1,157
  1,213
  1,273
  1,335
  1,401
Funds from operations, $m
  2,105
  1,167
  1,204
  1,241
  1,282
  1,325
  1,372
  1,421
  1,474
  1,530
  1,590
  1,646
  1,713
  1,783
  1,858
  1,936
  2,019
  2,107
  2,199
  2,296
  2,399
  2,506
  2,620
  2,739
  2,865
  2,997
  3,136
  3,282
  3,435
  3,597
  3,766
Change in working capital, $m
  457
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
  -128
  -134
Cash from operations, $m
  1,648
  1,192
  1,231
  1,271
  1,314
  1,360
  1,408
  1,460
  1,516
  1,574
  1,637
  1,696
  1,766
  1,839
  1,917
  1,999
  2,085
  2,176
  2,272
  2,373
  2,480
  2,592
  2,710
  2,834
  2,964
  3,101
  3,246
  3,397
  3,557
  3,724
  3,901
Maintenance CAPEX, $m
  0
  -382
  -394
  -408
  -422
  -438
  -455
  -472
  -491
  -512
  -533
  -556
  -581
  -607
  -634
  -663
  -693
  -725
  -759
  -795
  -832
  -872
  -913
  -957
  -1,003
  -1,052
  -1,103
  -1,157
  -1,213
  -1,273
  -1,335
New CAPEX, $m
  -846
  -128
  -133
  -144
  -156
  -167
  -179
  -191
  -203
  -216
  -230
  -243
  -258
  -272
  -288
  -304
  -321
  -338
  -357
  -376
  -396
  -417
  -439
  -462
  -486
  -511
  -537
  -565
  -594
  -624
  -656
Cash from investing activities, $m
  -791
  -510
  -527
  -552
  -578
  -605
  -634
  -663
  -694
  -728
  -763
  -799
  -839
  -879
  -922
  -967
  -1,014
  -1,063
  -1,116
  -1,171
  -1,228
  -1,289
  -1,352
  -1,419
  -1,489
  -1,563
  -1,640
  -1,722
  -1,807
  -1,897
  -1,991
Free cash flow, $m
  857
  682
  703
  719
  736
  755
  775
  797
  821
  846
  874
  896
  927
  960
  995
  1,032
  1,071
  1,113
  1,157
  1,203
  1,252
  1,303
  1,358
  1,415
  1,475
  1,539
  1,605
  1,676
  1,750
  1,827
  1,909
Issuance/(repayment) of debt, $m
  -6
  158
  241
  261
  282
  302
  324
  346
  368
  391
  415
  440
  466
  493
  521
  550
  580
  612
  645
  680
  716
  754
  794
  835
  879
  924
  972
  1,022
  1,074
  1,129
  1,187
Issuance/(repurchase) of shares, $m
  -194
  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  
  -189
  158
  241
  261
  282
  302
  324
  346
  368
  391
  415
  440
  466
  493
  521
  550
  580
  612
  645
  680
  716
  754
  794
  835
  879
  924
  972
  1,022
  1,074
  1,129
  1,187
Total cash flow (excl. dividends), $m
  668
  840
  945
  980
  1,018
  1,057
  1,099
  1,143
  1,189
  1,237
  1,289
  1,336
  1,393
  1,453
  1,516
  1,582
  1,652
  1,725
  1,802
  1,883
  1,968
  2,057
  2,151
  2,250
  2,354
  2,463
  2,577
  2,698
  2,824
  2,957
  3,096
Retained Cash Flow (-), $m
  1
  -88
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -119
  -125
  -132
Prev. year cash balance distribution, $m
 
  166
  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
 
  917
  918
  951
  986
  1,023
  1,063
  1,104
  1,148
  1,194
  1,243
  1,287
  1,341
  1,398
  1,458
  1,521
  1,587
  1,657
  1,730
  1,807
  1,888
  1,973
  2,063
  2,157
  2,256
  2,360
  2,469
  2,584
  2,705
  2,831
  2,964
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  874
  830
  812
  791
  766
  738
  707
  673
  637
  597
  553
  511
  467
  423
  379
  336
  294
  255
  217
  183
  152
  124
  99
  78
  60
  46
  34
  24
  17
  12
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

Nordstrom, Inc., a fashion specialty retailer, offers apparel, shoes, cosmetics, and accessories for men, women, and children in the United States and Canada. It operates through two segments, Retail and Credit. The Retail segment offers a selection of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; and other retail channels, including Trunk Club showrooms and TrunkClub.com, Jeffrey boutiques, and clearance store that operates under the name Last Chance. The Credit segment operates Nordstrom fsb, a federal savings bank, which provides a private label credit card, two Nordstrom VISA credit cards, and a debit card. Its credit and debit cards feature a shopping-based loyalty program. As of February 15, 2017, the company operated 349 stores in 40 states, including 123 full-line stores in the United States, Canada, and Puerto Rico; 215 Nordstrom Rack stores; 2 Jeffrey boutiques; and 2 clearance stores. Nordstrom, Inc. also sells its products through catalogs. The company was founded in 1901 and is based in Seattle, Washington.

FINANCIAL RATIOS  of  Nordstrom (JWN)

Valuation Ratios
P/E Ratio 22.2
Price to Sales 0.5
Price to Book 9
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 9.8
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.8%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio 92
Current Ratio 0
LT Debt to Equity 317.6%
Total Debt to Equity 318.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 7.5%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 12%
Return On Equity 40.7%
Return On Equity - 3 Yr. Avg. 36.3%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 36%
Gross Margin - 3 Yr. Avg. 36.8%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 48.2%
Eff/ Tax Rate - 3 Yr. Avg. 42%
Payout Ratio 72.3%

JWN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JWN stock intrinsic value calculation we used $14757 million for the last fiscal year's total revenue generated by Nordstrom. The default revenue input number comes from 2017 income statement of Nordstrom. 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 JWN stock valuation model: a) initial revenue growth rate of 3.2% 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 4.9%, whose default value for JWN is calculated based on our internal credit rating of Nordstrom, 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 Nordstrom.
    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 JWN stock the variable cost ratio is equal to 92.4%.

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 JWN 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 4.8% for Nordstrom.

Corporate tax rate of 27% is the nominal tax rate for Nordstrom. 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 JWN 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 JWN are equal to 25.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Nordstrom 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 JWN is equal to -5.3%. 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 - $870 million for Nordstrom - 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 169.956 million for Nordstrom 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 Nordstrom at the current share price and the inputted number of shares is $7.9 billion.


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Stock chart of JWN Financial statements of JWN Annual reports of JWN
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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