Intrinsic value of lululemon athletica - LULU

Previous Close

$74.19

  Intrinsic Value

$51.74

stock screener

  Rating & Target

sell

-30%

Previous close

$74.19

 
Intrinsic value

$51.74

 
Up/down potential

-30%

 
Rating

sell

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 10.0

 

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
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  2,344
  2,644
  2,962
  3,297
  3,649
  4,019
  4,405
  4,807
  5,227
  5,664
  6,118
  6,591
  7,082
  7,592
  8,122
  8,673
  9,246
  9,842
  10,462
  11,107
  11,780
  12,480
  13,211
  13,973
  14,768
  15,599
  16,466
  17,372
  18,319
  19,310
  20,347
Variable operating expenses, $m
 
  2,168
  2,428
  2,703
  2,991
  3,294
  3,610
  3,940
  4,283
  4,641
  5,013
  5,398
  5,800
  6,217
  6,652
  7,103
  7,572
  8,060
  8,568
  9,097
  9,647
  10,221
  10,819
  11,444
  12,095
  12,775
  13,485
  14,227
  15,003
  15,815
  16,663
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
  2,169
  2,429
  2,704
  2,992
  3,295
  3,611
  3,941
  4,284
  4,642
  5,014
  5,399
  5,801
  6,218
  6,653
  7,104
  7,573
  8,062
  8,570
  9,099
  9,649
  10,223
  10,821
  11,446
  12,097
  12,777
  13,487
  14,229
  15,005
  15,817
  16,665
Operating income, $m
  421
  475
  533
  593
  657
  724
  794
  867
  943
  1,022
  1,104
  1,192
  1,281
  1,373
  1,469
  1,569
  1,672
  1,780
  1,892
  2,009
  2,131
  2,258
  2,390
  2,528
  2,672
  2,822
  2,979
  3,143
  3,314
  3,494
  3,681
EBITDA, $m
  509
  565
  633
  705
  780
  859
  942
  1,028
  1,118
  1,211
  1,308
  1,409
  1,514
  1,623
  1,737
  1,855
  1,977
  2,105
  2,238
  2,376
  2,520
  2,669
  2,826
  2,989
  3,159
  3,337
  3,522
  3,716
  3,919
  4,131
  4,353
Interest expense (income), $m
  5
  0
  1
  3
  4
  6
  7
  9
  11
  13
  15
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  67
  71
  76
Earnings before tax, $m
  423
  475
  531
  591
  653
  718
  786
  858
  932
  1,009
  1,089
  1,175
  1,262
  1,352
  1,445
  1,543
  1,644
  1,749
  1,859
  1,973
  2,092
  2,216
  2,345
  2,479
  2,620
  2,767
  2,920
  3,080
  3,247
  3,422
  3,606
Tax expense, $m
  120
  128
  143
  159
  176
  194
  212
  232
  252
  272
  294
  317
  341
  365
  390
  417
  444
  472
  502
  533
  565
  598
  633
  669
  707
  747
  788
  832
  877
  924
  974
Net income, $m
  303
  347
  388
  431
  477
  524
  574
  626
  680
  736
  795
  858
  921
  987
  1,055
  1,126
  1,200
  1,277
  1,357
  1,440
  1,527
  1,617
  1,712
  1,810
  1,912
  2,020
  2,131
  2,248
  2,371
  2,498
  2,632

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
  1,041
  1,166
  1,298
  1,437
  1,582
  1,734
  1,893
  2,058
  2,230
  2,409
  2,595
  2,788
  2,989
  3,198
  3,414
  3,640
  3,875
  4,119
  4,373
  4,638
  4,914
  5,201
  5,501
  5,814
  6,141
  6,483
  6,839
  7,212
  7,602
  8,011
Adjusted assets (=assets-cash), $m
  923
  1,041
  1,166
  1,298
  1,437
  1,582
  1,734
  1,893
  2,058
  2,230
  2,409
  2,595
  2,788
  2,989
  3,198
  3,414
  3,640
  3,875
  4,119
  4,373
  4,638
  4,914
  5,201
  5,501
  5,814
  6,141
  6,483
  6,839
  7,212
  7,602
  8,011
Revenue / Adjusted assets
  2.540
  2.540
  2.540
  2.540
  2.539
  2.540
  2.540
  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
Average production assets, $m
  387
  436
  489
  544
  602
  663
  727
  793
  862
  935
  1,010
  1,087
  1,168
  1,253
  1,340
  1,431
  1,526
  1,624
  1,726
  1,833
  1,944
  2,059
  2,180
  2,306
  2,437
  2,574
  2,717
  2,866
  3,023
  3,186
  3,357
Working capital, $m
  922
  212
  237
  264
  292
  321
  352
  385
  418
  453
  489
  527
  567
  607
  650
  694
  740
  787
  837
  889
  942
  998
  1,057
  1,118
  1,181
  1,248
  1,317
  1,390
  1,466
  1,545
  1,628
Total debt, $m
  0
  38
  79
  121
  166
  213
  262
  313
  367
  422
  480
  540
  603
  667
  735
  805
  878
  954
  1,032
  1,114
  1,200
  1,289
  1,382
  1,479
  1,580
  1,686
  1,796
  1,911
  2,032
  2,158
  2,289
Total liabilities, $m
  298
  336
  377
  419
  464
  511
  560
  611
  665
  720
  778
  838
  901
  965
  1,033
  1,103
  1,176
  1,252
  1,330
  1,412
  1,498
  1,587
  1,680
  1,777
  1,878
  1,984
  2,094
  2,209
  2,330
  2,456
  2,587
Total equity, $m
  1,360
  705
  789
  879
  973
  1,071
  1,174
  1,281
  1,393
  1,510
  1,631
  1,757
  1,888
  2,023
  2,165
  2,312
  2,464
  2,623
  2,788
  2,960
  3,140
  3,326
  3,521
  3,724
  3,936
  4,158
  4,389
  4,630
  4,883
  5,147
  5,423
Total liabilities and equity, $m
  1,658
  1,041
  1,166
  1,298
  1,437
  1,582
  1,734
  1,892
  2,058
  2,230
  2,409
  2,595
  2,789
  2,988
  3,198
  3,415
  3,640
  3,875
  4,118
  4,372
  4,638
  4,913
  5,201
  5,501
  5,814
  6,142
  6,483
  6,839
  7,213
  7,603
  8,010
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.140
  0.170
  0.200
  0.220
  0.240
  0.260
  0.280
  0.290
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.410
  0.410
  0.410
  0.420
  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
  347
  388
  431
  477
  524
  574
  626
  680
  736
  795
  858
  921
  987
  1,055
  1,126
  1,200
  1,277
  1,357
  1,440
  1,527
  1,617
  1,712
  1,810
  1,912
  2,020
  2,131
  2,248
  2,371
  2,498
  2,632
Depreciation, amort., depletion, $m
  88
  90
  100
  111
  123
  135
  148
  161
  175
  189
  204
  217
  234
  251
  268
  286
  305
  325
  345
  367
  389
  412
  436
  461
  487
  515
  543
  573
  605
  637
  671
Funds from operations, $m
  386
  437
  488
  542
  599
  659
  722
  787
  855
  926
  999
  1,075
  1,155
  1,237
  1,323
  1,412
  1,505
  1,602
  1,702
  1,807
  1,916
  2,029
  2,148
  2,271
  2,400
  2,534
  2,675
  2,822
  2,975
  3,136
  3,304
Change in working capital, $m
  1
  24
  25
  27
  28
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  64
  66
  69
  73
  76
  79
  83
Cash from operations, $m
  385
  413
  463
  516
  571
  630
  691
  755
  821
  891
  963
  1,037
  1,115
  1,197
  1,281
  1,368
  1,459
  1,554
  1,653
  1,755
  1,862
  1,973
  2,089
  2,210
  2,336
  2,468
  2,605
  2,749
  2,899
  3,056
  3,221
Maintenance CAPEX, $m
  0
  -77
  -87
  -98
  -109
  -120
  -133
  -145
  -159
  -172
  -187
  -202
  -217
  -234
  -251
  -268
  -286
  -305
  -325
  -345
  -367
  -389
  -412
  -436
  -461
  -487
  -515
  -543
  -573
  -605
  -637
New CAPEX, $m
  -150
  -49
  -52
  -55
  -58
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -156
  -163
  -171
Cash from investing activities, $m
  -150
  -126
  -139
  -153
  -167
  -181
  -197
  -211
  -228
  -244
  -262
  -280
  -298
  -318
  -338
  -359
  -381
  -403
  -427
  -452
  -478
  -505
  -533
  -562
  -592
  -624
  -658
  -693
  -729
  -768
  -808
Free cash flow, $m
  235
  286
  323
  362
  404
  448
  495
  543
  594
  646
  701
  758
  817
  879
  943
  1,009
  1,079
  1,151
  1,226
  1,303
  1,384
  1,469
  1,557
  1,648
  1,744
  1,844
  1,948
  2,056
  2,170
  2,288
  2,412
Issuance/(repayment) of debt, $m
  0
  38
  40
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  106
  110
  115
  120
  126
  132
Issuance/(repurchase) of shares, $m
  -29
  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
  38
  40
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  106
  110
  115
  120
  126
  132
Total cash flow (excl. dividends), $m
  233
  324
  363
  405
  449
  495
  544
  594
  647
  702
  759
  818
  879
  944
  1,010
  1,080
  1,152
  1,226
  1,304
  1,385
  1,470
  1,558
  1,650
  1,745
  1,845
  1,949
  2,058
  2,171
  2,290
  2,414
  2,544
Retained Cash Flow (-), $m
  -333
  -80
  -85
  -89
  -94
  -98
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -179
  -187
  -195
  -203
  -212
  -221
  -231
  -242
  -253
  -264
  -276
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
 
  979
  279
  316
  355
  397
  441
  487
  535
  585
  638
  692
  749
  808
  869
  933
  999
  1,068
  1,139
  1,213
  1,291
  1,371
  1,455
  1,542
  1,633
  1,728
  1,827
  1,930
  2,038
  2,150
  2,268
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
 
  939
  255
  275
  292
  308
  320
  329
  334
  336
  334
  329
  319
  307
  292
  274
  254
  232
  210
  187
  164
  142
  121
  101
  83
  67
  53
  41
  32
  23
  17
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. is a designer, distributor and retailer of athletic apparel. The Company operates through two segments: Company-operated stores and Direct to consumer. It is also engaged in the sale from outlets, showrooms, sales from temporary locations, sales to wholesale accounts, warehouse sales, and license and supply arrangements. Its direct to consumer segment generates revenue from its lululemon and ivivva e-commerce Websites, www.lululemon.com and www.ivivva.com, and other country and region specific Websites. It offers a range of apparel and accessories for women, men and female youth. The Company's apparel assortment includes items, such as pants, shorts, tops, and jackets designed for healthy lifestyle and athletic activities, such as yoga, running, training, most other sweaty pursuits, and athletic wear for female youth. The Company also offers fitness-related accessories, including an array of items, such as bags, socks, underwear, yoga mats and water bottles.

FINANCIAL RATIOS  of  lululemon athletica (LULU)

Valuation Ratios
P/E Ratio 36
Price to Sales 4.6
Price to Book 8
Price to Tangible Book
Price to Cash Flow 28.3
Price to Free Cash Flow 46.4
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 86
Management Effectiveness
Return On Assets 20.6%
Ret/ On Assets - 3 Yr. Avg. 19.9%
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 22%
EBITDA Margin - 3 Yr. Avg. 22.7%
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 12.8% 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 4.7 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 135.408 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 $10.0 billion.

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COMPANY NEWS

▶ 3 Reasons Lululemon Athletica Inc. Will Stall Out   [Dec-14-17 01:08PM  InvestorPlace]
▶ Wall Street Is Turning Positive on Lululemon   [09:02AM  Market Realist]
▶ Analysts Upgrade Lululemon after 3Q17 Results   [07:32AM  Market Realist]
▶ Value-creating, investment-worthy CEOs   [07:31PM  CNBC Videos]
▶ What Drove Lululemons 3Q17 Margins?   [09:03AM  Market Realist]
▶ What Drove Lululemons 3Q17 Top-Line Growth?   [07:33AM  Market Realist]
▶ Lululemon Continues Its Solid Growth Spree in 3Q17   [Dec-11-17 04:50PM  Market Realist]
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▶ Tax reform a big gift to retail: Pro   [Dec-08-17 02:22PM  CNBC Videos]
▶ Company News For Dec 8, 2017   [10:14AM  Zacks]
▶ What Happened in the Stock Market Today   [05:05PM  Motley Fool]
▶ Lululemon's Q3 Wins Over This Bear   [11:49AM  Benzinga]
▶ Why Lululemon Earnings Are Zen   [08:50AM  24/7 Wall St.]
▶ Lululemon Stretches the Right Muscles   [08:00AM  Bloomberg]
▶ Lululemon Sees Strong Q4 Earnings After Q3 Beats; Ollie's Tops   [04:55PM  Investor's Business Daily]
▶ Lululemon: A Hot Stock in Yoga Pants   [08:35AM  Investopedia]
▶ What Denim Trends at 4 Retailers May Mean for Lululemon   [Dec-05-17 04:41PM  Barrons.com]
▶ What to Expect from Consumer Sector Earnings this Week   [Dec-04-17 04:24PM  Market Realist]
▶ What to Watch When Lululemon Athletica Reports Earnings   [Dec-03-17 11:11AM  Motley Fool]
▶ 3 Earnings Reports to Watch Next Week   [11:53AM  InvestorPlace]
▶ Why Under Armour Could Fall 65%   [06:00AM  Investopedia]
▶ Amazon Expands Its Branded Footprint: Davidson   [Nov-30-17 10:49AM  Investopedia]
▶ Top 4 Consumer Cyclical Stocks for 2017   [06:00AM  Investopedia]
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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