Intrinsic value of Nordstrom - JWN

Previous Close

$51.22

  Intrinsic Value

$31.95

stock screener

  Rating & Target

sell

-38%

Previous close

$51.22

 
Intrinsic value

$31.95

 
Up/down potential

-38%

 
Rating

sell

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

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, %
  2.22
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  14,757
  15,126
  15,542
  16,004
  16,513
  17,068
  17,669
  18,318
  19,015
  19,761
  20,557
  21,406
  22,308
  23,266
  24,282
  25,357
  26,494
  27,696
  28,966
  30,305
  31,718
  33,208
  34,777
  36,430
  38,171
  40,004
  41,932
  43,961
  46,095
  48,339
  50,699
Variable operating expenses, $m
 
  13,976
  14,359
  14,786
  15,255
  15,767
  16,321
  16,920
  17,563
  18,251
  18,986
  19,745
  20,577
  21,460
  22,397
  23,389
  24,438
  25,547
  26,717
  27,953
  29,256
  30,630
  32,078
  33,603
  35,209
  36,899
  38,677
  40,549
  42,517
  44,588
  46,764
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
  13,976
  14,359
  14,786
  15,255
  15,767
  16,321
  16,920
  17,563
  18,251
  18,986
  19,745
  20,577
  21,460
  22,397
  23,389
  24,438
  25,547
  26,717
  27,953
  29,256
  30,630
  32,078
  33,603
  35,209
  36,899
  38,677
  40,549
  42,517
  44,588
  46,764
Operating income, $m
  805
  1,150
  1,182
  1,218
  1,258
  1,301
  1,348
  1,398
  1,452
  1,510
  1,572
  1,661
  1,731
  1,806
  1,885
  1,968
  2,056
  2,150
  2,248
  2,352
  2,462
  2,577
  2,699
  2,827
  2,963
  3,105
  3,254
  3,412
  3,578
  3,752
  3,935
EBITDA, $m
  1,450
  1,786
  1,835
  1,890
  1,950
  2,015
  2,086
  2,163
  2,245
  2,333
  2,427
  2,528
  2,634
  2,747
  2,867
  2,994
  3,128
  3,270
  3,420
  3,578
  3,745
  3,921
  4,107
  4,302
  4,507
  4,724
  4,951
  5,191
  5,443
  5,708
  5,987
Interest expense (income), $m
  134
  133
  101
  109
  119
  129
  140
  152
  165
  179
  194
  210
  227
  245
  264
  285
  306
  329
  353
  379
  406
  434
  464
  495
  528
  563
  600
  639
  679
  722
  767
Earnings before tax, $m
  684
  1,018
  1,081
  1,109
  1,139
  1,172
  1,208
  1,246
  1,287
  1,331
  1,378
  1,451
  1,504
  1,561
  1,620
  1,683
  1,750
  1,820
  1,895
  1,973
  2,056
  2,143
  2,235
  2,332
  2,434
  2,542
  2,654
  2,773
  2,898
  3,030
  3,168
Tax expense, $m
  330
  275
  292
  299
  308
  316
  326
  336
  347
  359
  372
  392
  406
  421
  437
  454
  473
  492
  512
  533
  555
  579
  604
  630
  657
  686
  717
  749
  783
  818
  855
Net income, $m
  354
  743
  789
  809
  832
  856
  881
  909
  939
  971
  1,006
  1,059
  1,098
  1,139
  1,183
  1,229
  1,278
  1,329
  1,383
  1,441
  1,501
  1,565
  1,632
  1,703
  1,777
  1,855
  1,938
  2,024
  2,116
  2,212
  2,312

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
  7,022
  7,215
  7,430
  7,666
  7,924
  8,203
  8,504
  8,828
  9,174
  9,544
  9,938
  10,357
  10,801
  11,273
  11,772
  12,300
  12,858
  13,447
  14,069
  14,725
  15,417
  16,145
  16,913
  17,721
  18,572
  19,467
  20,409
  21,400
  22,442
  23,537
Adjusted assets (=assets-cash), $m
  6,851
  7,022
  7,215
  7,430
  7,666
  7,924
  8,203
  8,504
  8,828
  9,174
  9,544
  9,938
  10,357
  10,801
  11,273
  11,772
  12,300
  12,858
  13,447
  14,069
  14,725
  15,417
  16,145
  16,913
  17,721
  18,572
  19,467
  20,409
  21,400
  22,442
  23,537
Revenue / Adjusted assets
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
Average production assets, $m
  3,816
  3,918
  4,025
  4,145
  4,277
  4,421
  4,576
  4,744
  4,925
  5,118
  5,324
  5,544
  5,778
  6,026
  6,289
  6,567
  6,862
  7,173
  7,502
  7,849
  8,215
  8,601
  9,007
  9,435
  9,886
  10,361
  10,860
  11,386
  11,939
  12,520
  13,131
Working capital, $m
  213
  -802
  -824
  -848
  -875
  -905
  -936
  -971
  -1,008
  -1,047
  -1,090
  -1,135
  -1,182
  -1,233
  -1,287
  -1,344
  -1,404
  -1,468
  -1,535
  -1,606
  -1,681
  -1,760
  -1,843
  -1,931
  -2,023
  -2,120
  -2,222
  -2,330
  -2,443
  -2,562
  -2,687
Total debt, $m
  2,774
  2,106
  2,280
  2,473
  2,685
  2,917
  3,169
  3,440
  3,731
  4,043
  4,375
  4,730
  5,107
  5,507
  5,932
  6,381
  6,856
  7,358
  7,889
  8,448
  9,039
  9,661
  10,317
  11,008
  11,735
  12,501
  13,306
  14,154
  15,046
  15,984
  16,970
Total liabilities, $m
  6,988
  6,320
  6,494
  6,687
  6,899
  7,131
  7,383
  7,654
  7,945
  8,257
  8,589
  8,944
  9,321
  9,721
  10,146
  10,595
  11,070
  11,572
  12,103
  12,662
  13,253
  13,875
  14,531
  15,222
  15,949
  16,715
  17,520
  18,368
  19,260
  20,198
  21,184
Total equity, $m
  870
  702
  722
  743
  767
  792
  820
  850
  883
  917
  954
  994
  1,036
  1,080
  1,127
  1,177
  1,230
  1,286
  1,345
  1,407
  1,473
  1,542
  1,615
  1,691
  1,772
  1,857
  1,947
  2,041
  2,140
  2,244
  2,354
Total liabilities and equity, $m
  7,858
  7,022
  7,216
  7,430
  7,666
  7,923
  8,203
  8,504
  8,828
  9,174
  9,543
  9,938
  10,357
  10,801
  11,273
  11,772
  12,300
  12,858
  13,448
  14,069
  14,726
  15,417
  16,146
  16,913
  17,721
  18,572
  19,467
  20,409
  21,400
  22,442
  23,538
Debt-to-equity ratio
  3.189
  3.000
  3.160
  3.330
  3.500
  3.680
  3.860
  4.040
  4.230
  4.410
  4.580
  4.760
  4.930
  5.100
  5.260
  5.420
  5.570
  5.720
  5.870
  6.000
  6.140
  6.270
  6.390
  6.510
  6.620
  6.730
  6.840
  6.940
  7.030
  7.120
  7.210
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
  743
  789
  809
  832
  856
  881
  909
  939
  971
  1,006
  1,059
  1,098
  1,139
  1,183
  1,229
  1,278
  1,329
  1,383
  1,441
  1,501
  1,565
  1,632
  1,703
  1,777
  1,855
  1,938
  2,024
  2,116
  2,212
  2,312
Depreciation, amort., depletion, $m
  645
  636
  653
  671
  692
  715
  739
  765
  793
  823
  856
  866
  903
  942
  983
  1,026
  1,072
  1,121
  1,172
  1,226
  1,284
  1,344
  1,407
  1,474
  1,545
  1,619
  1,697
  1,779
  1,865
  1,956
  2,052
Funds from operations, $m
  2,105
  1,379
  1,442
  1,481
  1,524
  1,570
  1,620
  1,675
  1,733
  1,795
  1,861
  1,926
  2,001
  2,081
  2,165
  2,255
  2,350
  2,450
  2,555
  2,667
  2,785
  2,909
  3,039
  3,177
  3,322
  3,474
  3,635
  3,803
  3,981
  4,168
  4,364
Change in working capital, $m
  457
  -20
  -22
  -25
  -27
  -29
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -113
  -119
  -125
Cash from operations, $m
  1,648
  1,398
  1,464
  1,505
  1,551
  1,599
  1,652
  1,709
  1,770
  1,835
  1,904
  1,971
  2,049
  2,132
  2,219
  2,312
  2,410
  2,513
  2,623
  2,738
  2,860
  2,988
  3,122
  3,264
  3,414
  3,571
  3,737
  3,911
  4,094
  4,287
  4,489
Maintenance CAPEX, $m
  0
  -596
  -612
  -629
  -648
  -668
  -691
  -715
  -741
  -769
  -800
  -832
  -866
  -903
  -942
  -983
  -1,026
  -1,072
  -1,121
  -1,172
  -1,226
  -1,284
  -1,344
  -1,407
  -1,474
  -1,545
  -1,619
  -1,697
  -1,779
  -1,865
  -1,956
New CAPEX, $m
  -846
  -102
  -108
  -120
  -132
  -144
  -156
  -168
  -180
  -193
  -206
  -220
  -234
  -248
  -263
  -278
  -295
  -311
  -329
  -347
  -366
  -386
  -407
  -428
  -451
  -475
  -499
  -525
  -553
  -581
  -611
Cash from investing activities, $m
  -791
  -698
  -720
  -749
  -780
  -812
  -847
  -883
  -921
  -962
  -1,006
  -1,052
  -1,100
  -1,151
  -1,205
  -1,261
  -1,321
  -1,383
  -1,450
  -1,519
  -1,592
  -1,670
  -1,751
  -1,835
  -1,925
  -2,020
  -2,118
  -2,222
  -2,332
  -2,446
  -2,567
Free cash flow, $m
  857
  700
  744
  757
  771
  787
  806
  826
  848
  872
  898
  919
  949
  981
  1,015
  1,051
  1,089
  1,130
  1,173
  1,219
  1,267
  1,318
  1,372
  1,429
  1,489
  1,552
  1,619
  1,689
  1,762
  1,840
  1,922
Issuance/(repayment) of debt, $m
  -6
  -657
  174
  193
  212
  232
  251
  271
  291
  312
  333
  355
  377
  400
  424
  449
  475
  502
  530
  560
  590
  622
  656
  691
  727
  766
  806
  848
  892
  938
  986
Issuance/(repurchase) of shares, $m
  -194
  85
  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
  -572
  174
  193
  212
  232
  251
  271
  291
  312
  333
  355
  377
  400
  424
  449
  475
  502
  530
  560
  590
  622
  656
  691
  727
  766
  806
  848
  892
  938
  986
Total cash flow (excl. dividends), $m
  668
  129
  918
  950
  984
  1,019
  1,057
  1,097
  1,139
  1,184
  1,230
  1,274
  1,326
  1,381
  1,439
  1,500
  1,564
  1,632
  1,704
  1,779
  1,858
  1,941
  2,028
  2,120
  2,216
  2,318
  2,424
  2,536
  2,654
  2,778
  2,908
Retained Cash Flow (-), $m
  1
  -828
  -19
  -21
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
Prev. year cash balance distribution, $m
 
  996
  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
 
  297
  899
  928
  960
  994
  1,029
  1,067
  1,107
  1,149
  1,194
  1,234
  1,284
  1,336
  1,392
  1,450
  1,512
  1,576
  1,645
  1,716
  1,792
  1,871
  1,955
  2,043
  2,135
  2,233
  2,335
  2,442
  2,555
  2,674
  2,798
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
 
  283
  813
  793
  770
  744
  715
  683
  649
  612
  574
  530
  489
  446
  404
  362
  320
  280
  242
  206
  174
  144
  117
  94
  74
  57
  43
  32
  23
  16
  11
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Nordstrom, Inc. is a fashion specialty retailer in the United States. The Company's segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards. As of March 20, 2017, the Retail segment included its 117 Nordstrom-branded full-line stores in the United States and Nordstrom.com, 216 off-price Nordstrom Rack stores, five Canada full-line stores, Nordstromrack.com/HauteLook, seven Trunk Club clubhouses and TrunkClub.com, two Jeffrey boutiques and two clearance stores that operate under the name Last Chance. The Company, through Credit segment, allows its customers to access a range of payment products and services, including a Nordstrom-branded private label card, approximately two Nordstrom-branded Visa credit cards and a debit card for Nordstrom purchases.

FINANCIAL RATIOS  of  Nordstrom (JWN)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 0.6
Price to Book 10
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 10.9
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 2.5% 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 6.4 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 167.792 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 $8.6 billion.

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COMPANY NEWS

▶ Nordstrom Stock: Assessing Recent Changes in Analysts Views   [Jan-18-18 10:31AM  Market Realist]
▶ A Look at Nordstroms Updated Earnings Outlook   [07:32AM  Market Realist]
▶ Unpacking Holiday Results for Major Retailers   [Jan-17-18 06:40PM  Motley Fool]
▶ How Is Nordstrom Rack Performing?   [10:40AM  Market Realist]
▶ Nordstrom Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ These Are The 7 Survivors Of Retail   [Jan-14-18 10:00AM  Forbes]
▶ Why the retail sector is back, per industry executives   [Jan-11-18 07:17PM  CNBC Videos]
▶ Nordstrom Is Poised for an Upside Breakout   [02:15PM  TheStreet.com]
▶ Trump's internet tax is a nonstarter for two reasons   [01:18PM  Yahoo Finance Video]
▶ Trade of the Day: Macys, Inc. (M)   [08:57AM  InvestorPlace]
▶ [$$] A Bright Christmas Reignites Nordstrom Buyout Hopes   [12:12AM  The Wall Street Journal]
▶ [$$] A Bright Christmas Reignites Nordstrom Buyout Hopes   [02:30PM  The Wall Street Journal]
▶ Kohls Stock Soars on Strong Holiday Sales   [08:40AM  Market Realist]
▶ JCPenney Stock: Increased Momentum in 2018?   [07:39AM  Market Realist]
▶ Nordstrom holiday season comps up 1.2%   [04:17PM  CNBC Videos]
▶ Nordstrom Rack President Karen McKibbin to Retire   [Jan-08-18 05:02PM  PR Newswire]
▶ A Look at Macys Current Valuation   [07:35AM  Market Realist]
▶ A Surprising Retail 'Must-Own' Stock for 2018   [Jan-07-18 10:00AM  TheStreet.com]
▶ What Analysts Expect from Macys Bottom Line   [12:35PM  Market Realist]
▶ Can Macys Stock Recover in 2018?   [09:35AM  Market Realist]
▶ Retail's never ending nightmare: 4 trades   [05:00PM  CNBC Videos]
▶ The Stage May Be Set for a Flash Crash   [07:18AM  InvestorPlace]
▶ Markets Right Now: Tech stocks gain on first day of 2018   [Jan-02-18 04:07PM  Associated Press]
▶ What's ahead for retailers in 2018   [01:20PM  Yahoo Finance Video]
▶ Digital Power High on Acquisition News   [11:11AM  GuruFocus.com]
▶ Retail Stocks That Could Burn Short Sellers   [Dec-21-17 12:26PM  Forbes]
▶ Stitch Fix Must Avoid the Pitfalls That Sank Trunk Club   [Dec-19-17 06:00PM  Motley Fool]
▶ Making Fashion Great Again   [Dec-15-17 03:40PM  The Wall Street Journal]
▶ Ivanka Trump store to open in Trump Tower lobby   [Dec-14-17 06:53PM  Associated Press]
▶ Ivanka Trump store to open in Trump Tower lobby   [04:33PM  Associated Press]
▶ Nordstrom plans pop-ups and pick-ups to woo holiday shoppers   [07:05PM  American City Business Journals]
▶ ETFs with exposure to Nordstrom, Inc. : December 12, 2017   [Dec-12-17 01:26PM  Capital Cube]
▶ Why Retail Stocks Are Loving the GOP Tax Plan   [Dec-07-17 07:32PM  Motley Fool]
Financial statements 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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