Intrinsic value of Michael Kors Holdings - KORS

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$35.45

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$35.45

 
Intrinsic value

$70.76

 
Up/down potential

+100%

 
Rating

str. buy

 
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 KORS 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 2016), $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 5.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.80
  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
  4,712
  4,806
  4,917
  5,043
  5,185
  5,342
  5,515
  5,702
  5,906
  6,125
  6,360
  6,611
  6,880
  7,165
  7,469
  7,791
  8,133
  8,494
  8,876
  9,280
  9,706
  10,156
  10,631
  11,131
  11,658
  12,213
  12,797
  13,412
  14,060
  14,740
  15,457
Variable operating expenses, $m
 
  3,422
  3,501
  3,591
  3,691
  3,803
  3,926
  4,060
  4,204
  4,360
  4,527
  4,704
  4,895
  5,098
  5,314
  5,544
  5,786
  6,044
  6,316
  6,603
  6,906
  7,226
  7,564
  7,920
  8,295
  8,690
  9,105
  9,543
  10,004
  10,488
  10,998
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
  3,537
  3,422
  3,501
  3,591
  3,691
  3,803
  3,926
  4,060
  4,204
  4,360
  4,527
  4,704
  4,895
  5,098
  5,314
  5,544
  5,786
  6,044
  6,316
  6,603
  6,906
  7,226
  7,564
  7,920
  8,295
  8,690
  9,105
  9,543
  10,004
  10,488
  10,998
Operating income, $m
  1,175
  1,384
  1,416
  1,453
  1,494
  1,539
  1,589
  1,643
  1,701
  1,765
  1,832
  1,907
  1,985
  2,067
  2,155
  2,248
  2,346
  2,450
  2,561
  2,677
  2,800
  2,930
  3,067
  3,211
  3,363
  3,523
  3,692
  3,869
  4,056
  4,252
  4,459
EBITDA, $m
  1,358
  1,535
  1,570
  1,610
  1,656
  1,706
  1,761
  1,821
  1,886
  1,956
  2,031
  2,111
  2,197
  2,288
  2,385
  2,488
  2,597
  2,712
  2,834
  2,963
  3,099
  3,243
  3,394
  3,554
  3,722
  3,899
  4,086
  4,282
  4,489
  4,706
  4,935
Interest expense (income), $m
  2
  4
  26
  53
  83
  118
  156
  198
  243
  292
  345
  402
  463
  528
  597
  671
  749
  832
  919
  1,012
  1,109
  1,213
  1,322
  1,437
  1,558
  1,685
  1,820
  1,961
  2,110
  2,267
  2,432
Earnings before tax, $m
  1,172
  1,380
  1,390
  1,400
  1,410
  1,421
  1,433
  1,445
  1,458
  1,472
  1,487
  1,505
  1,522
  1,539
  1,557
  1,577
  1,597
  1,619
  1,642
  1,666
  1,691
  1,717
  1,745
  1,775
  1,805
  1,838
  1,872
  1,908
  1,946
  1,985
  2,027
Tax expense, $m
  334
  373
  375
  378
  381
  384
  387
  390
  394
  398
  402
  406
  411
  416
  420
  426
  431
  437
  443
  450
  456
  464
  471
  479
  487
  496
  505
  515
  525
  536
  547
Net income, $m
  839
  1,008
  1,015
  1,022
  1,029
  1,037
  1,046
  1,055
  1,065
  1,075
  1,086
  1,099
  1,111
  1,123
  1,137
  1,151
  1,166
  1,182
  1,198
  1,216
  1,234
  1,254
  1,274
  1,295
  1,318
  1,342
  1,367
  1,393
  1,420
  1,449
  1,480

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  702
  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
  2,567
  1,902
  1,946
  1,996
  2,052
  2,114
  2,182
  2,257
  2,337
  2,424
  2,517
  2,616
  2,722
  2,836
  2,956
  3,083
  3,218
  3,361
  3,513
  3,672
  3,841
  4,019
  4,207
  4,405
  4,613
  4,833
  5,064
  5,308
  5,564
  5,833
  6,117
Adjusted assets (=assets-cash), $m
  1,865
  1,902
  1,946
  1,996
  2,052
  2,114
  2,182
  2,257
  2,337
  2,424
  2,517
  2,616
  2,722
  2,836
  2,956
  3,083
  3,218
  3,361
  3,513
  3,672
  3,841
  4,019
  4,207
  4,405
  4,613
  4,833
  5,064
  5,308
  5,564
  5,833
  6,117
Revenue / Adjusted assets
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.526
  2.527
  2.527
  2.527
  2.527
  2.528
  2.526
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
  2.527
Average production assets, $m
  725
  740
  757
  777
  798
  823
  849
  878
  909
  943
  979
  1,018
  1,059
  1,103
  1,150
  1,200
  1,252
  1,308
  1,367
  1,429
  1,495
  1,564
  1,637
  1,714
  1,795
  1,881
  1,971
  2,066
  2,165
  2,270
  2,380
Working capital, $m
  1,234
  543
  556
  570
  586
  604
  623
  644
  667
  692
  719
  747
  777
  810
  844
  880
  919
  960
  1,003
  1,049
  1,097
  1,148
  1,201
  1,258
  1,317
  1,380
  1,446
  1,516
  1,589
  1,666
  1,747
Total debt, $m
  2
  13
  26
  42
  59
  78
  99
  122
  146
  173
  201
  232
  264
  299
  335
  374
  416
  460
  506
  555
  606
  661
  718
  779
  843
  910
  981
  1,055
  1,134
  1,216
  1,303
Total liabilities, $m
  571
  582
  595
  611
  628
  647
  668
  691
  715
  742
  770
  801
  833
  868
  904
  943
  985
  1,029
  1,075
  1,124
  1,175
  1,230
  1,287
  1,348
  1,412
  1,479
  1,550
  1,624
  1,703
  1,785
  1,872
Total equity, $m
  1,996
  1,320
  1,350
  1,385
  1,424
  1,467
  1,515
  1,566
  1,622
  1,682
  1,747
  1,816
  1,889
  1,968
  2,051
  2,140
  2,233
  2,333
  2,438
  2,549
  2,666
  2,789
  2,920
  3,057
  3,202
  3,354
  3,515
  3,683
  3,861
  4,048
  4,245
Total liabilities and equity, $m
  2,567
  1,902
  1,945
  1,996
  2,052
  2,114
  2,183
  2,257
  2,337
  2,424
  2,517
  2,617
  2,722
  2,836
  2,955
  3,083
  3,218
  3,362
  3,513
  3,673
  3,841
  4,019
  4,207
  4,405
  4,614
  4,833
  5,065
  5,307
  5,564
  5,833
  6,117
Debt-to-equity ratio
  0.001
  0.010
  0.020
  0.030
  0.040
  0.050
  0.070
  0.080
  0.090
  0.100
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
Adjusted equity ratio
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  839
  1,008
  1,015
  1,022
  1,029
  1,037
  1,046
  1,055
  1,065
  1,075
  1,086
  1,099
  1,111
  1,123
  1,137
  1,151
  1,166
  1,182
  1,198
  1,216
  1,234
  1,254
  1,274
  1,295
  1,318
  1,342
  1,367
  1,393
  1,420
  1,449
  1,480
Depreciation, amort., depletion, $m
  183
  150
  154
  158
  162
  167
  172
  178
  184
  191
  198
  204
  212
  221
  230
  240
  250
  262
  273
  286
  299
  313
  327
  343
  359
  376
  394
  413
  433
  454
  476
Funds from operations, $m
  1,389
  1,158
  1,169
  1,179
  1,191
  1,204
  1,218
  1,233
  1,249
  1,266
  1,284
  1,302
  1,323
  1,344
  1,367
  1,391
  1,416
  1,443
  1,472
  1,502
  1,533
  1,566
  1,601
  1,638
  1,677
  1,718
  1,761
  1,806
  1,853
  1,903
  1,956
Change in working capital, $m
  161
  11
  12
  14
  16
  18
  19
  21
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
Cash from operations, $m
  1,228
  1,247
  1,156
  1,165
  1,175
  1,187
  1,199
  1,212
  1,226
  1,241
  1,257
  1,274
  1,292
  1,312
  1,333
  1,355
  1,378
  1,403
  1,429
  1,456
  1,485
  1,516
  1,548
  1,582
  1,617
  1,655
  1,695
  1,736
  1,780
  1,826
  1,875
Maintenance CAPEX, $m
  0
  -145
  -148
  -151
  -155
  -160
  -165
  -170
  -176
  -182
  -189
  -196
  -204
  -212
  -221
  -230
  -240
  -250
  -262
  -273
  -286
  -299
  -313
  -327
  -343
  -359
  -376
  -394
  -413
  -433
  -454
New CAPEX, $m
  -381
  -15
  -17
  -19
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
Cash from investing activities, $m
  -381
  -160
  -165
  -170
  -177
  -184
  -192
  -199
  -207
  -216
  -225
  -235
  -245
  -256
  -268
  -280
  -293
  -306
  -321
  -335
  -352
  -368
  -386
  -404
  -424
  -444
  -466
  -489
  -513
  -538
  -564
Free cash flow, $m
  847
  1,087
  991
  994
  998
  1,003
  1,008
  1,013
  1,019
  1,025
  1,032
  1,039
  1,047
  1,056
  1,065
  1,075
  1,085
  1,096
  1,108
  1,120
  1,134
  1,147
  1,162
  1,177
  1,193
  1,211
  1,229
  1,248
  1,268
  1,289
  1,311
Issuance/(repayment) of debt, $m
  -7
  11
  13
  15
  17
  19
  21
  23
  25
  27
  28
  30
  32
  35
  37
  39
  41
  44
  46
  49
  52
  54
  57
  61
  64
  67
  71
  74
  78
  82
  87
Issuance/(repurchase) of shares, $m
  -1,140
  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  
  -1,128
  11
  13
  15
  17
  19
  21
  23
  25
  27
  28
  30
  32
  35
  37
  39
  41
  44
  46
  49
  52
  54
  57
  61
  64
  67
  71
  74
  78
  82
  87
Total cash flow (excl. dividends), $m
  -277
  1,098
  1,004
  1,010
  1,015
  1,022
  1,028
  1,036
  1,044
  1,052
  1,061
  1,070
  1,080
  1,091
  1,102
  1,114
  1,127
  1,140
  1,154
  1,169
  1,185
  1,202
  1,219
  1,238
  1,257
  1,278
  1,299
  1,322
  1,346
  1,371
  1,397
Retained Cash Flow (-), $m
  245
  -26
  -30
  -35
  -39
  -43
  -47
  -52
  -56
  -60
  -65
  -69
  -74
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -124
  -130
  -137
  -145
  -152
  -160
  -169
  -178
  -187
  -197
Prev. year cash balance distribution, $m
 
  702
  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
 
  1,774
  974
  975
  976
  978
  981
  984
  988
  992
  996
  1,001
  1,006
  1,012
  1,019
  1,025
  1,033
  1,041
  1,049
  1,058
  1,068
  1,078
  1,089
  1,100
  1,113
  1,125
  1,139
  1,153
  1,168
  1,184
  1,201
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
 
  1,701
  892
  848
  804
  758
  712
  665
  617
  570
  522
  475
  429
  385
  342
  301
  262
  226
  193
  163
  136
  112
  90
  72
  57
  44
  33
  25
  18
  13
  9
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

Michael Kors Holdings Limited engages in the design, marketing, distribution, and retailing of branded women’s apparel and accessories, and men’s apparel. The company operates in three segments: Retail, Wholesale, and Licensing. The Retail segment is involved in the sale of women’s apparel; men's apparel; accessories, which include handbags and small leather goods, such as wallets; footwear; and licensed products comprising watches, jewelry, fragrances, beauty products, and eyewear. It operates collection stores and lifestyle stores, including concessions and outlet stores. As of April 2, 2016, this segment operated retail stores in the United States, Canada, and Latin America, including concessions, as well as e-commerce sites in the United States and Canada; and 278 international retail stores, including concessions in Europe and Asia. The Wholesale segment sells accessories, such as handbags and small leather goods, footwear, and women’s and men’s apparel to department stores and specialty shops in the Americas, Europe and Asia. The Licensing segment licenses its trademarks on products, such as fragrances, beauty, eyewear, leather goods, jewelry, watches, coats, men’s suits, swimwear, furs, and ties, as well as licenses rights to third parties to sell the company’s products in geographical regions, such as the Middle East, Eastern Europe, Asia (excluding Japan), and Australia. The company sells its products under the names of MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. Michael Kors Holdings Limited was founded in 1981 and is based in London, the United Kingdom.

FINANCIAL RATIOS  of  Michael Kors Holdings (KORS)

Valuation Ratios
P/E Ratio 7.5
Price to Sales 1.3
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 7.4
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1%
Cap. Spend. - 3 Yr. Gr. Rate 24%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.1%
Total Debt to Equity 0.1%
Interest Coverage 587
Management Effectiveness
Return On Assets 32%
Ret/ On Assets - 3 Yr. Avg. 35.2%
Return On Total Capital 39.6%
Ret/ On T. Cap. - 3 Yr. Avg. 43.2%
Return On Equity 39.6%
Return On Equity - 3 Yr. Avg. 43.2%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 59.4%
Gross Margin - 3 Yr. Avg. 60.3%
EBITDA Margin 28.8%
EBITDA Margin - 3 Yr. Avg. 31.2%
Operating Margin 24.9%
Oper. Margin - 3 Yr. Avg. 28%
Pre-Tax Margin 24.9%
Pre-Tax Margin - 3 Yr. Avg. 28%
Net Profit Margin 17.8%
Net Profit Margin - 3 Yr. Avg. 19.3%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 30.9%
Payout Ratio 0%

KORS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KORS stock intrinsic value calculation we used $4712 million for the last fiscal year's total revenue generated by Michael Kors Holdings. The default revenue input number comes from 2016 income statement of Michael Kors Holdings. 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 KORS 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 KORS is calculated based on our internal credit rating of Michael Kors Holdings, 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 Michael Kors Holdings.
    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 KORS stock the variable cost ratio is equal to 71.2%.

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 KORS 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 200% for Michael Kors Holdings.

Corporate tax rate of 27% is the nominal tax rate for Michael Kors Holdings. 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 KORS 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 KORS are equal to 15.4%.

Life of production assets of 4.1 years is the average useful life of capital assets used in Michael Kors Holdings 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 KORS is equal to 11.3%. 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 - $1996 million for Michael Kors Holdings - 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 162.425 million for Michael Kors Holdings 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 Michael Kors Holdings at the current share price and the inputted number of shares is $5.8 billion.


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Stock chart of KORS Financial statements of KORS Annual reports of KORS
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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