Intrinsic value of Michaels Cos. - MIK

Previous Close

$19.91

  Intrinsic Value

$3.69

stock screener

  Rating & Target

str. sell

-81%

Previous close

$19.91

 
Intrinsic value

$3.69

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of MIK 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, %
  5.78
  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
  5,197
  5,534
  5,721
  5,923
  6,142
  6,376
  6,627
  6,895
  7,181
  7,484
  7,806
  8,147
  8,509
  8,891
  9,295
  9,721
  10,171
  10,646
  11,146
  11,673
  12,229
  12,813
  13,429
  14,076
  14,758
  15,475
  16,228
  17,021
  17,854
  18,730
  19,650
Variable operating expenses, $m
 
  4,769
  4,930
  5,104
  5,292
  5,494
  5,709
  5,940
  6,185
  6,446
  6,722
  7,002
  7,312
  7,641
  7,988
  8,354
  8,741
  9,149
  9,579
  10,032
  10,509
  11,011
  11,540
  12,097
  12,682
  13,298
  13,946
  14,627
  15,343
  16,096
  16,887
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
  4,489
  4,769
  4,930
  5,104
  5,292
  5,494
  5,709
  5,940
  6,185
  6,446
  6,722
  7,002
  7,312
  7,641
  7,988
  8,354
  8,741
  9,149
  9,579
  10,032
  10,509
  11,011
  11,540
  12,097
  12,682
  13,298
  13,946
  14,627
  15,343
  16,096
  16,887
Operating income, $m
  708
  764
  790
  819
  850
  883
  918
  956
  996
  1,038
  1,084
  1,146
  1,197
  1,250
  1,307
  1,367
  1,430
  1,497
  1,567
  1,642
  1,720
  1,802
  1,888
  1,980
  2,075
  2,176
  2,282
  2,394
  2,511
  2,634
  2,763
EBITDA, $m
  824
  836
  864
  895
  928
  963
  1,001
  1,041
  1,084
  1,130
  1,179
  1,230
  1,285
  1,343
  1,404
  1,468
  1,536
  1,608
  1,683
  1,763
  1,847
  1,935
  2,028
  2,126
  2,229
  2,337
  2,451
  2,571
  2,696
  2,829
  2,968
Interest expense (income), $m
  113
  147
  57
  61
  65
  70
  74
  80
  85
  91
  98
  104
  111
  119
  127
  135
  144
  154
  164
  174
  185
  197
  209
  222
  235
  249
  264
  280
  296
  314
  332
Earnings before tax, $m
  582
  617
  733
  758
  785
  813
  843
  876
  910
  947
  986
  1,041
  1,085
  1,131
  1,180
  1,232
  1,286
  1,344
  1,404
  1,468
  1,535
  1,605
  1,680
  1,758
  1,840
  1,927
  2,018
  2,114
  2,214
  2,320
  2,431
Tax expense, $m
  204
  167
  198
  205
  212
  220
  228
  236
  246
  256
  266
  281
  293
  305
  319
  333
  347
  363
  379
  396
  414
  433
  454
  475
  497
  520
  545
  571
  598
  626
  656
Net income, $m
  378
  450
  535
  553
  573
  593
  616
  639
  665
  691
  720
  760
  792
  826
  862
  899
  939
  981
  1,025
  1,071
  1,120
  1,172
  1,226
  1,283
  1,343
  1,407
  1,473
  1,543
  1,617
  1,694
  1,775

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  299
  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
  2,148
  2,374
  2,454
  2,541
  2,635
  2,735
  2,843
  2,958
  3,080
  3,211
  3,349
  3,495
  3,650
  3,814
  3,987
  4,170
  4,363
  4,567
  4,782
  5,008
  5,246
  5,497
  5,761
  6,039
  6,331
  6,639
  6,962
  7,302
  7,659
  8,035
  8,430
Adjusted assets (=assets-cash), $m
  1,849
  2,374
  2,454
  2,541
  2,635
  2,735
  2,843
  2,958
  3,080
  3,211
  3,349
  3,495
  3,650
  3,814
  3,987
  4,170
  4,363
  4,567
  4,782
  5,008
  5,246
  5,497
  5,761
  6,039
  6,331
  6,639
  6,962
  7,302
  7,659
  8,035
  8,430
Revenue / Adjusted assets
  2.811
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
  2.331
Average production assets, $m
  408
  575
  595
  616
  639
  663
  689
  717
  747
  778
  812
  847
  885
  925
  967
  1,011
  1,058
  1,107
  1,159
  1,214
  1,272
  1,333
  1,397
  1,464
  1,535
  1,609
  1,688
  1,770
  1,857
  1,948
  2,044
Working capital, $m
  519
  658
  681
  705
  731
  759
  789
  821
  854
  891
  929
  970
  1,013
  1,058
  1,106
  1,157
  1,210
  1,267
  1,326
  1,389
  1,455
  1,525
  1,598
  1,675
  1,756
  1,841
  1,931
  2,025
  2,125
  2,229
  2,338
Total debt, $m
  2,754
  1,054
  1,126
  1,204
  1,289
  1,379
  1,476
  1,580
  1,690
  1,807
  1,931
  2,063
  2,203
  2,350
  2,506
  2,671
  2,845
  3,028
  3,221
  3,425
  3,639
  3,865
  4,102
  4,352
  4,615
  4,892
  5,183
  5,489
  5,811
  6,149
  6,505
Total liabilities, $m
  3,846
  2,137
  2,209
  2,287
  2,371
  2,462
  2,559
  2,662
  2,772
  2,890
  3,014
  3,146
  3,285
  3,433
  3,589
  3,753
  3,927
  4,110
  4,304
  4,507
  4,722
  4,947
  5,185
  5,435
  5,698
  5,975
  6,266
  6,572
  6,893
  7,232
  7,587
Total equity, $m
  -1,698
  237
  245
  254
  263
  274
  284
  296
  308
  321
  335
  350
  365
  381
  399
  417
  436
  457
  478
  501
  525
  550
  576
  604
  633
  664
  696
  730
  766
  804
  843
Total liabilities and equity, $m
  2,148
  2,374
  2,454
  2,541
  2,634
  2,736
  2,843
  2,958
  3,080
  3,211
  3,349
  3,496
  3,650
  3,814
  3,988
  4,170
  4,363
  4,567
  4,782
  5,008
  5,247
  5,497
  5,761
  6,039
  6,331
  6,639
  6,962
  7,302
  7,659
  8,036
  8,430
Debt-to-equity ratio
  -1.622
  4.440
  4.590
  4.740
  4.890
  5.040
  5.190
  5.340
  5.490
  5.630
  5.770
  5.900
  6.030
  6.160
  6.290
  6.400
  6.520
  6.630
  6.740
  6.840
  6.940
  7.030
  7.120
  7.210
  7.290
  7.370
  7.450
  7.520
  7.590
  7.650
  7.720
Adjusted equity ratio
  -1.080
  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
  378
  450
  535
  553
  573
  593
  616
  639
  665
  691
  720
  760
  792
  826
  862
  899
  939
  981
  1,025
  1,071
  1,120
  1,172
  1,226
  1,283
  1,343
  1,407
  1,473
  1,543
  1,617
  1,694
  1,775
Depreciation, amort., depletion, $m
  116
  72
  74
  76
  78
  80
  83
  86
  89
  92
  95
  85
  88
  92
  97
  101
  106
  111
  116
  121
  127
  133
  140
  146
  153
  161
  169
  177
  186
  195
  204
Funds from operations, $m
  610
  522
  609
  629
  651
  674
  699
  725
  753
  783
  815
  845
  881
  918
  958
  1,000
  1,045
  1,091
  1,141
  1,193
  1,248
  1,305
  1,366
  1,430
  1,497
  1,568
  1,642
  1,720
  1,802
  1,889
  1,979
Change in working capital, $m
  46
  20
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  54
  56
  60
  63
  66
  70
  73
  77
  81
  85
  90
  94
  99
  104
  110
Cash from operations, $m
  564
  502
  587
  605
  625
  646
  669
  693
  719
  747
  777
  804
  838
  873
  910
  950
  991
  1,035
  1,081
  1,130
  1,181
  1,236
  1,293
  1,353
  1,416
  1,482
  1,552
  1,626
  1,703
  1,784
  1,870
Maintenance CAPEX, $m
  0
  -56
  -58
  -59
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -186
  -195
New CAPEX, $m
  -114
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -33
  -35
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -78
  -82
  -87
  -91
  -96
Cash from investing activities, $m
  -267
  -73
  -77
  -80
  -85
  -88
  -92
  -97
  -102
  -107
  -111
  -116
  -123
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -277
  -291
Free cash flow, $m
  297
  429
  510
  524
  540
  558
  576
  597
  618
  641
  665
  688
  715
  745
  776
  809
  843
  880
  919
  959
  1,002
  1,048
  1,095
  1,146
  1,199
  1,254
  1,313
  1,375
  1,439
  1,508
  1,579
Issuance/(repayment) of debt, $m
  -19
  -1,673
  72
  78
  84
  91
  97
  103
  110
  117
  124
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
  250
  263
  277
  291
  306
  322
  338
  355
Issuance/(repurchase) of shares, $m
  -388
  1,296
  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  
  -408
  -377
  72
  78
  84
  91
  97
  103
  110
  117
  124
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
  250
  263
  277
  291
  306
  322
  338
  355
Total cash flow (excl. dividends), $m
  -111
  52
  582
  603
  625
  648
  673
  700
  728
  758
  790
  819
  855
  892
  932
  973
  1,017
  1,063
  1,112
  1,163
  1,217
  1,273
  1,333
  1,396
  1,462
  1,531
  1,604
  1,681
  1,761
  1,846
  1,935
Retained Cash Flow (-), $m
  -26
  -1,746
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -39
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
Cash available for distribution, $m
 
  -1,694
  574
  594
  615
  638
  663
  688
  716
  745
  776
  805
  839
  876
  914
  955
  998
  1,043
  1,090
  1,140
  1,193
  1,248
  1,307
  1,368
  1,432
  1,500
  1,572
  1,647
  1,725
  1,808
  1,895
Discount rate, %
 
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
 
  -1,502
  446
  400
  354
  310
  267
  227
  190
  157
  127
  100
  78
  59
  44
  32
  23
  16
  11
  7
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
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

The Michaels Companies, Inc. (Michaels) is an arts and crafts specialty retailer in North America. The Company's segments include Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan's and Darice. As of January 28, 2017, the Company operated 1,223 Michaels retail stores in 49 states and Canada, with approximately 18,000 average square feet of selling space per store. It operated 109 Aaron Brothers stores in nine states, with approximately 5,500 average square feet of selling space and 35 Pat Catan's stores in five states, with approximately 32,000 average square feet of selling space, as of January 28, 2017. The Company also operates an international wholesale business under the Darice brand name. The Company's stores purchase custom frames, framing supplies and mats from its framing operation and subsidiary, Artistree, Inc. (Artistree), which consists of a manufacturing facility and four regional processing centers.

FINANCIAL RATIOS  of  Michaels Cos. (MIK)

Valuation Ratios
P/E Ratio 10.2
Price to Sales 0.7
Price to Book -2.3
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 8.6
Growth Rates
Sales Growth Rate 5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.4%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity -160.4%
Total Debt to Equity -162.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 21.6%
Ret/ On Assets - 3 Yr. Avg. 17.1%
Return On Total Capital 36%
Ret/ On T. Cap. - 3 Yr. Avg. 31.4%
Return On Equity -22.1%
Return On Equity - 3 Yr. Avg. -16.6%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 39%
Gross Margin - 3 Yr. Avg. 39.7%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 13.6%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 36.6%
Payout Ratio 0%

MIK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MIK stock intrinsic value calculation we used $5362 million for the last fiscal year's total revenue generated by Michaels Cos.. The default revenue input number comes from 2017 income statement of Michaels Cos.. 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 MIK 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 12.8%, whose default value for MIK is calculated based on our internal credit rating of Michaels Cos., 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 Michaels Cos..
    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 MIK stock the variable cost ratio is equal to 86.2%.

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 MIK 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 5.4% for Michaels Cos..

Corporate tax rate of 27% is the nominal tax rate for Michaels Cos.. 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 MIK stock is equal to 0.5%.

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 MIK are equal to 10.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Michaels Cos. 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 MIK is equal to 11.9%. 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 - $-1509 million for Michaels Cos. - 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 184 million for Michaels Cos. 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 Michaels Cos. at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ You Might Want to Buy the Michaels Companies, Inc. Today   [Jun-14-18 08:37PM  Motley Fool]
▶ What Happened in the Stock Market Today   [05:07PM  Motley Fool]
▶ Michaels: Fiscal 1Q Earnings Snapshot   [07:15AM  Associated Press]
▶ GoPro Is Among Seven Stocks Poised for a Reversal   [Jun-11-18 01:00PM  TheStreet.com]
▶ Bulls bet on small caps, this retailer   [02:00PM  CNBC Videos]
▶ New Strong Sell Stocks for April 12nd   [Apr-12-18 09:21AM  Zacks]
▶ More big-box retailers open in development on former Camp Strake land   [Apr-05-18 08:52AM  American City Business Journals]
▶ Martha Stewart collection to expand at Michaels stores   [Apr-04-18 09:01AM  MarketWatch]
▶ 3 Top Retail Stocks to Buy in April   [Apr-03-18 09:41PM  Motley Fool]
▶ New Strong Sell Stocks for April 2nd   [Apr-02-18 04:33AM  Zacks]
▶ New Strong Sell Stocks for March 29th   [Mar-29-18 07:30AM  Zacks]
▶ Michaels to close 94 Aaron Brothers stores, including 5 in Sacramento area   [Mar-24-18 09:16PM  American City Business Journals]
▶ Retail woes return as JC Penney, Foot Locker slide on weak earnings   [Mar-02-18 01:39PM  Yahoo Finance Video]
▶ 3 Value Stocks for Conservative Investors   [Jan-29-18 11:01AM  Motley Fool]
▶ Retail's Holiday Season Is Happy So Far   [Dec-02-17 07:10PM  Motley Fool]
▶ What Happened in the Stock Market Today   [05:00PM  Motley Fool]
▶ Michaels tops 3Q profit forecasts   [07:15AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for October 18th   [Oct-18-17 10:50AM  Zacks]
▶ 4 things to know about retail, dining at Howe Bout Arden (PHOTOS)   [Sep-30-17 12:27AM  American City Business Journals]
▶ Michaels Names Cricut 2017 Partner of the Year   [Sep-25-17 09:00AM  Business Wire]
Financial statements of MIK
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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