Intrinsic value of lululemon athletica - LULU

Previous Close

$58.13

  Intrinsic Value

$50.23

stock screener

  Rating & Target

hold

-14%

  Value-price divergence*

+24%

Previous close

$58.13

 
Intrinsic value

$50.23

 
Up/down potential

-14%

 
Rating

hold

 
Value-price divergence*

+24%

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

We calculate the intrinsic value of LULU 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 7.8

 

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, %
  13.73
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  2,344
  2,630
  2,932
  3,249
  3,583
  3,931
  4,295
  4,674
  5,068
  5,479
  5,905
  6,349
  6,810
  7,289
  7,787
  8,304
  8,843
  9,403
  9,986
  10,593
  11,226
  11,885
  12,573
  13,291
  14,040
  14,823
  15,641
  16,495
  17,389
  18,324
  19,303
Variable operating expenses, $m
 
  2,156
  2,404
  2,664
  2,936
  3,222
  3,520
  3,830
  4,153
  4,489
  4,839
  5,200
  5,577
  5,969
  6,377
  6,801
  7,242
  7,701
  8,178
  8,675
  9,194
  9,734
  10,297
  10,885
  11,499
  12,140
  12,809
  13,509
  14,241
  15,007
  15,808
Fixed operating expenses, $m
 
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total operating expenses, $m
  1,923
  2,157
  2,405
  2,665
  2,937
  3,223
  3,521
  3,831
  4,154
  4,490
  4,840
  5,201
  5,578
  5,970
  6,378
  6,802
  7,243
  7,703
  8,180
  8,677
  9,196
  9,736
  10,299
  10,887
  11,501
  12,142
  12,811
  13,511
  14,243
  15,009
  15,810
Operating income, $m
  421
  473
  527
  585
  645
  708
  774
  842
  914
  988
  1,065
  1,148
  1,231
  1,318
  1,408
  1,502
  1,599
  1,701
  1,806
  1,916
  2,030
  2,150
  2,274
  2,404
  2,540
  2,681
  2,829
  2,984
  3,146
  3,315
  3,492
EBITDA, $m
  509
  518
  578
  641
  707
  775
  847
  922
  1,000
  1,081
  1,165
  1,253
  1,344
  1,438
  1,537
  1,639
  1,745
  1,856
  1,971
  2,091
  2,216
  2,346
  2,482
  2,623
  2,771
  2,926
  3,087
  3,256
  3,433
  3,617
  3,811
Interest expense (income), $m
  0
  0
  1
  3
  4
  6
  7
  9
  10
  12
  14
  16
  18
  20
  22
  24
  27
  29
  31
  34
  37
  40
  42
  46
  49
  52
  56
  59
  63
  67
  71
Earnings before tax, $m
  423
  473
  526
  582
  641
  703
  767
  834
  903
  976
  1,051
  1,132
  1,214
  1,298
  1,386
  1,478
  1,573
  1,672
  1,775
  1,882
  1,994
  2,110
  2,232
  2,359
  2,491
  2,629
  2,774
  2,925
  3,083
  3,248
  3,421
Tax expense, $m
  120
  128
  142
  157
  173
  190
  207
  225
  244
  264
  284
  306
  328
  351
  374
  399
  425
  451
  479
  508
  538
  570
  603
  637
  673
  710
  749
  790
  832
  877
  924
Net income, $m
  303
  345
  384
  425
  468
  513
  560
  609
  660
  712
  768
  826
  886
  948
  1,012
  1,079
  1,148
  1,220
  1,296
  1,374
  1,455
  1,541
  1,629
  1,722
  1,818
  1,919
  2,025
  2,135
  2,251
  2,371
  2,497

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  735
  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
  1,658
  1,035
  1,154
  1,279
  1,410
  1,548
  1,691
  1,840
  1,995
  2,157
  2,325
  2,500
  2,681
  2,870
  3,066
  3,269
  3,481
  3,702
  3,931
  4,170
  4,420
  4,679
  4,950
  5,233
  5,528
  5,836
  6,158
  6,494
  6,846
  7,214
  7,599
Adjusted assets (=assets-cash), $m
  923
  1,035
  1,154
  1,279
  1,410
  1,548
  1,691
  1,840
  1,995
  2,157
  2,325
  2,500
  2,681
  2,870
  3,066
  3,269
  3,481
  3,702
  3,931
  4,170
  4,420
  4,679
  4,950
  5,233
  5,528
  5,836
  6,158
  6,494
  6,846
  7,214
  7,599
Revenue / Adjusted assets
  2.540
  2.541
  2.541
  2.540
  2.541
  2.539
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
Average production assets, $m
  387
  434
  484
  536
  591
  649
  709
  771
  836
  904
  974
  1,048
  1,124
  1,203
  1,285
  1,370
  1,459
  1,551
  1,648
  1,748
  1,852
  1,961
  2,075
  2,193
  2,317
  2,446
  2,581
  2,722
  2,869
  3,023
  3,185
Working capital, $m
  922
  210
  235
  260
  287
  314
  344
  374
  405
  438
  472
  508
  545
  583
  623
  664
  707
  752
  799
  847
  898
  951
  1,006
  1,063
  1,123
  1,186
  1,251
  1,320
  1,391
  1,466
  1,544
Total debt, $m
  0
  36
  75
  115
  158
  202
  248
  296
  346
  399
  453
  509
  568
  629
  692
  758
  826
  898
  972
  1,049
  1,130
  1,213
  1,301
  1,392
  1,487
  1,587
  1,691
  1,800
  1,913
  2,032
  2,157
Total liabilities, $m
  298
  334
  373
  413
  456
  500
  546
  594
  644
  697
  751
  807
  866
  927
  990
  1,056
  1,124
  1,196
  1,270
  1,347
  1,428
  1,511
  1,599
  1,690
  1,785
  1,885
  1,989
  2,098
  2,211
  2,330
  2,455
Total equity, $m
  1,360
  701
  781
  866
  955
  1,048
  1,145
  1,246
  1,351
  1,460
  1,574
  1,692
  1,815
  1,943
  2,075
  2,213
  2,357
  2,506
  2,662
  2,823
  2,992
  3,168
  3,351
  3,542
  3,742
  3,951
  4,169
  4,397
  4,635
  4,884
  5,145
Total liabilities and equity, $m
  1,658
  1,035
  1,154
  1,279
  1,411
  1,548
  1,691
  1,840
  1,995
  2,157
  2,325
  2,499
  2,681
  2,870
  3,065
  3,269
  3,481
  3,702
  3,932
  4,170
  4,420
  4,679
  4,950
  5,232
  5,527
  5,836
  6,158
  6,495
  6,846
  7,214
  7,600
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.130
  0.170
  0.190
  0.220
  0.240
  0.260
  0.270
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.410
  0.410
  0.410
  0.420
  0.420
Adjusted equity ratio
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  303
  345
  384
  425
  468
  513
  560
  609
  660
  712
  768
  826
  886
  948
  1,012
  1,079
  1,148
  1,220
  1,296
  1,374
  1,455
  1,541
  1,629
  1,722
  1,818
  1,919
  2,025
  2,135
  2,251
  2,371
  2,497
Depreciation, amort., depletion, $m
  88
  46
  51
  56
  62
  67
  73
  80
  86
  93
  100
  105
  112
  120
  128
  137
  146
  155
  165
  175
  185
  196
  207
  219
  232
  245
  258
  272
  287
  302
  318
Funds from operations, $m
  386
  391
  435
  481
  529
  580
  633
  688
  746
  805
  867
  931
  998
  1,068
  1,140
  1,216
  1,294
  1,375
  1,460
  1,549
  1,641
  1,737
  1,837
  1,941
  2,050
  2,164
  2,283
  2,407
  2,537
  2,673
  2,816
Change in working capital, $m
  1
  23
  24
  25
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  57
  60
  63
  65
  68
  72
  75
  78
Cash from operations, $m
  385
  368
  411
  456
  503
  552
  604
  658
  714
  772
  833
  896
  961
  1,030
  1,101
  1,174
  1,251
  1,331
  1,414
  1,500
  1,590
  1,684
  1,782
  1,884
  1,990
  2,101
  2,218
  2,339
  2,466
  2,599
  2,738
Maintenance CAPEX, $m
  0
  -39
  -43
  -48
  -54
  -59
  -65
  -71
  -77
  -84
  -90
  -97
  -105
  -112
  -120
  -128
  -137
  -146
  -155
  -165
  -175
  -185
  -196
  -207
  -219
  -232
  -245
  -258
  -272
  -287
  -302
New CAPEX, $m
  -150
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -109
  -114
  -118
  -124
  -129
  -135
  -141
  -147
  -154
  -161
Cash from investing activities, $m
  -150
  -86
  -93
  -100
  -109
  -116
  -125
  -134
  -142
  -152
  -160
  -170
  -181
  -191
  -202
  -213
  -226
  -238
  -251
  -265
  -279
  -294
  -310
  -325
  -343
  -361
  -380
  -399
  -419
  -441
  -463
Free cash flow, $m
  235
  282
  317
  355
  394
  436
  479
  524
  572
  621
  672
  725
  781
  838
  898
  960
  1,025
  1,092
  1,162
  1,235
  1,311
  1,390
  1,472
  1,558
  1,647
  1,741
  1,838
  1,940
  2,046
  2,157
  2,274
Issuance/(repayment) of debt, $m
  0
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  124
Issuance/(repurchase) of shares, $m
  -22
  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  
  -25
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  124
Total cash flow (excl. dividends), $m
  233
  319
  356
  395
  437
  480
  525
  573
  622
  673
  727
  782
  839
  899
  961
  1,026
  1,094
  1,164
  1,236
  1,312
  1,391
  1,474
  1,560
  1,649
  1,743
  1,840
  1,942
  2,049
  2,160
  2,276
  2,398
Retained Cash Flow (-), $m
  -333
  -76
  -80
  -85
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -162
  -169
  -176
  -183
  -191
  -200
  -209
  -218
  -228
  -238
  -249
  -261
Prev. year cash balance distribution, $m
 
  735
  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
 
  978
  275
  311
  348
  387
  428
  472
  517
  564
  613
  663
  716
  771
  829
  888
  950
  1,014
  1,081
  1,150
  1,223
  1,298
  1,376
  1,458
  1,543
  1,632
  1,724
  1,821
  1,922
  2,027
  2,137
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
 
  937
  252
  270
  286
  300
  311
  319
  323
  324
  321
  315
  306
  293
  278
  261
  241
  221
  199
  177
  155
  134
  114
  96
  79
  63
  50
  39
  30
  22
  16
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

lululemon athletica inc., an athletic apparel company, together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women, men, and female youth. It operates through two segments, Company-Operated Stores and Direct To Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga and running; other sweaty pursuits; and athletic wear for female youth. It also provides fitness-related accessories, including bags, socks, underwear, yoga mats, and water bottles. The company sells its products through a chain of company-operated stores; outlets and warehouse sales; a network of wholesale channel, such as yoga studios, health clubs, and fitness centers; license and supply arrangements; and showrooms, as well as directly to consumer through lululemon.com and ivivva.com e-commerce sites. As of January 31, 2016, it operated 363 company-operated stores under the lululemon athletica and ivivva athletica brand names in the United States, Canada, Australia, New Zealand, the United Kingdom, Singapore, Hong Kong, Germany, and Puerto Rico. lululemon athletica inc. was founded in 1998 and is based in Vancouver, Canada.

FINANCIAL RATIOS  of  lululemon athletica (LULU)

Valuation Ratios
P/E Ratio 28.2
Price to Sales 3.6
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 22.2
Price to Free Cash Flow 36.3
Growth Rates
Sales Growth Rate 13.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 20.4%
Ret/ On Assets - 3 Yr. Avg. 19.8%
Return On Total Capital 25.4%
Ret/ On T. Cap. - 3 Yr. Avg. 24.1%
Return On Equity 25.4%
Return On Equity - 3 Yr. Avg. 24.1%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 51.2%
Gross Margin - 3 Yr. Avg. 50.1%
EBITDA Margin 21.8%
EBITDA Margin - 3 Yr. Avg. 22.6%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 18.9%
Pre-Tax Margin 18%
Pre-Tax Margin - 3 Yr. Avg. 19.1%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 13%
Effective Tax Rate 28.4%
Eff/ Tax Rate - 3 Yr. Avg. 31.3%
Payout Ratio 0%

LULU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LULU stock intrinsic value calculation we used $2344 million for the last fiscal year's total revenue generated by lululemon athletica. The default revenue input number comes from 2017 income statement of lululemon athletica. 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 LULU stock valuation model: a) initial revenue growth rate of 12.2% 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 LULU is calculated based on our internal credit rating of lululemon athletica, 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 lululemon athletica.
    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 LULU stock the variable cost ratio is equal to 82%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1 million in the base year in the intrinsic value calculation for LULU 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 lululemon athletica.

Corporate tax rate of 27% is the nominal tax rate for lululemon athletica. 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 LULU 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 LULU are equal to 16.5%.

Life of production assets of 10 years is the average useful life of capital assets used in lululemon athletica 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 LULU is equal to 8%. 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 - $1360 million for lululemon athletica - 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 134.73 million for lululemon athletica 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 lululemon athletica at the current share price and the inputted number of shares is $7.8 billion.

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▶ Lululemon Athletica and Toms outlet stores coming to Houston   [Jul-18-17 04:55PM  American City Business Journals]
▶ Smart Moves Could Stretch Lululemon Stock   [Jul-14-17 04:56PM  Barrons.com]
▶ [$$] Lululemon's Large Insider Buy Poses Questions   [Jul-07-17 09:27AM  Barrons.com]
▶ Coach, Lululemon May Stumble as Under Armour Rises   [Jul-06-17 06:00AM  Investopedia]
▶ No Rating Changes after Nikes Fiscal 4Q17 Results   [Jul-05-17 10:37AM  Market Realist]
▶ [$$] Marked-Down Apparel Stocks Break Out   [12:01AM  Barrons.com]
▶ Why lululemon athletica inc. Stock Rose 23.6% in June   [Jul-04-17 10:00AM  Motley Fool]
▶ Weekly Top Insider Buys Highlight for the Week of June 30   [Jul-02-17 11:43AM  GuruFocus.com]
▶ Bulls run to buy this stock   [Jun-30-17 02:05PM  CNBC Videos]
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▶ "Fast Money" final trades: LULU, THC and more   [Jun-26-17 05:59PM  CNBC Videos]
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▶ Amazon Could Buy Lululemon Next, Analyst Pontificates   [Jun-16-17 07:06PM  TheStreet.com]
▶ Nike To Cut About 1,400 Jobs Globally   [Jun-15-17 11:16AM  Fortune]
▶ Lululemon's Surprising Staying Power   [Jun-14-17 05:26PM  Barrons.com]
▶ Lululemon Stock Down 19% YTD: Time to Buy?   [Jun-13-17 02:15PM  Investopedia]
▶ [$$] Kang's Take: Cautious Optimism Around Denim   [07:30AM  The Wall Street Journal]
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Stock chart of LULU Financial statements of LULU
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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