Intrinsic value of Michaels Cos. - MIK

Previous Close

$20.15

  Intrinsic Value

$4.59

stock screener

  Rating & Target

str. sell

-77%

  Value-price divergence*

-52%

Previous close

$20.15

 
Intrinsic value

$4.59

 
Up/down potential

-77%

 
Rating

str. sell

 
Value-price divergence*

-52%

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

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

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 3.9

 

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
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  5,197
  5,498
  5,813
  6,141
  6,484
  6,842
  7,217
  7,608
  8,018
  8,446
  8,895
  9,364
  9,856
  10,371
  10,911
  11,476
  12,069
  12,690
  13,342
  14,025
  14,741
  15,493
  16,281
  17,108
  17,975
  18,886
  19,841
  20,843
  21,895
  22,999
  24,158
Variable operating expenses, $m
 
  4,700
  4,969
  5,249
  5,541
  5,846
  6,166
  6,500
  6,849
  7,214
  7,597
  7,985
  8,404
  8,844
  9,304
  9,786
  10,291
  10,821
  11,377
  11,959
  12,570
  13,211
  13,883
  14,588
  15,328
  16,104
  16,918
  17,773
  18,670
  19,611
  20,599
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
  4,700
  4,969
  5,249
  5,541
  5,846
  6,166
  6,500
  6,849
  7,214
  7,597
  7,985
  8,404
  8,844
  9,304
  9,786
  10,291
  10,821
  11,377
  11,959
  12,570
  13,211
  13,883
  14,588
  15,328
  16,104
  16,918
  17,773
  18,670
  19,611
  20,599
Operating income, $m
  708
  798
  844
  893
  943
  996
  1,051
  1,109
  1,169
  1,232
  1,298
  1,379
  1,452
  1,528
  1,607
  1,690
  1,778
  1,869
  1,965
  2,066
  2,171
  2,282
  2,398
  2,520
  2,648
  2,782
  2,922
  3,070
  3,225
  3,388
  3,558
EBITDA, $m
  824
  896
  947
  1,000
  1,056
  1,115
  1,176
  1,239
  1,306
  1,376
  1,449
  1,525
  1,605
  1,689
  1,777
  1,869
  1,966
  2,067
  2,173
  2,285
  2,401
  2,524
  2,652
  2,787
  2,928
  3,076
  3,232
  3,395
  3,566
  3,746
  3,935
Interest expense (income), $m
  113
  112
  27
  32
  36
  40
  45
  50
  55
  60
  66
  72
  78
  85
  91
  98
  106
  114
  122
  130
  139
  149
  159
  169
  180
  191
  203
  216
  229
  243
  257
Earnings before tax, $m
  582
  686
  817
  861
  907
  956
  1,006
  1,059
  1,114
  1,172
  1,232
  1,307
  1,374
  1,443
  1,516
  1,592
  1,672
  1,756
  1,843
  1,935
  2,032
  2,133
  2,239
  2,351
  2,468
  2,590
  2,719
  2,854
  2,996
  3,145
  3,301
Tax expense, $m
  204
  185
  221
  232
  245
  258
  272
  286
  301
  316
  333
  353
  371
  390
  409
  430
  451
  474
  498
  523
  549
  576
  605
  635
  666
  699
  734
  771
  809
  849
  891
Net income, $m
  378
  501
  596
  629
  662
  698
  734
  773
  813
  855
  899
  954
  1,003
  1,053
  1,106
  1,162
  1,220
  1,282
  1,346
  1,413
  1,483
  1,557
  1,635
  1,716
  1,801
  1,891
  1,985
  2,084
  2,187
  2,296
  2,410

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
  1,956
  2,068
  2,185
  2,307
  2,434
  2,567
  2,707
  2,852
  3,005
  3,164
  3,331
  3,506
  3,690
  3,881
  4,083
  4,294
  4,515
  4,746
  4,989
  5,244
  5,512
  5,792
  6,086
  6,395
  6,718
  7,058
  7,415
  7,789
  8,182
  8,594
Adjusted assets (=assets-cash), $m
  1,849
  1,956
  2,068
  2,185
  2,307
  2,434
  2,567
  2,707
  2,852
  3,005
  3,164
  3,331
  3,506
  3,690
  3,881
  4,083
  4,294
  4,515
  4,746
  4,989
  5,244
  5,512
  5,792
  6,086
  6,395
  6,718
  7,058
  7,415
  7,789
  8,182
  8,594
Revenue / Adjusted assets
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.810
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
  2.811
Average production assets, $m
  408
  429
  453
  479
  506
  534
  563
  593
  625
  659
  694
  730
  769
  809
  851
  895
  941
  990
  1,041
  1,094
  1,150
  1,208
  1,270
  1,334
  1,402
  1,473
  1,548
  1,626
  1,708
  1,794
  1,884
Working capital, $m
  519
  264
  279
  295
  311
  328
  346
  365
  385
  405
  427
  449
  473
  498
  524
  551
  579
  609
  640
  673
  708
  744
  781
  821
  863
  907
  952
  1,000
  1,051
  1,104
  1,160
Total debt, $m
  2,754
  668
  769
  874
  984
  1,099
  1,219
  1,344
  1,475
  1,612
  1,756
  1,906
  2,064
  2,229
  2,401
  2,582
  2,772
  2,971
  3,180
  3,398
  3,628
  3,868
  4,121
  4,385
  4,663
  4,955
  5,260
  5,581
  5,918
  6,272
  6,643
Total liabilities, $m
  3,846
  1,760
  1,861
  1,966
  2,076
  2,191
  2,311
  2,436
  2,567
  2,704
  2,848
  2,998
  3,156
  3,321
  3,493
  3,674
  3,864
  4,063
  4,272
  4,490
  4,720
  4,960
  5,213
  5,477
  5,755
  6,047
  6,352
  6,673
  7,010
  7,364
  7,735
Total equity, $m
  -1,698
  196
  207
  218
  231
  243
  257
  271
  285
  300
  316
  333
  351
  369
  388
  408
  429
  451
  475
  499
  524
  551
  579
  609
  639
  672
  706
  741
  779
  818
  859
Total liabilities and equity, $m
  2,148
  1,956
  2,068
  2,184
  2,307
  2,434
  2,568
  2,707
  2,852
  3,004
  3,164
  3,331
  3,507
  3,690
  3,881
  4,082
  4,293
  4,514
  4,747
  4,989
  5,244
  5,511
  5,792
  6,086
  6,394
  6,719
  7,058
  7,414
  7,789
  8,182
  8,594
Debt-to-equity ratio
  -1.622
  3.420
  3.720
  4.000
  4.270
  4.510
  4.750
  4.970
  5.170
  5.370
  5.550
  5.720
  5.890
  6.040
  6.190
  6.330
  6.460
  6.580
  6.700
  6.810
  6.920
  7.020
  7.110
  7.210
  7.290
  7.370
  7.450
  7.530
  7.600
  7.670
  7.730
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
  501
  596
  629
  662
  698
  734
  773
  813
  855
  899
  954
  1,003
  1,053
  1,106
  1,162
  1,220
  1,282
  1,346
  1,413
  1,483
  1,557
  1,635
  1,716
  1,801
  1,891
  1,985
  2,084
  2,187
  2,296
  2,410
Depreciation, amort., depletion, $m
  116
  98
  103
  108
  113
  119
  124
  131
  137
  144
  151
  146
  154
  162
  170
  179
  188
  198
  208
  219
  230
  242
  254
  267
  280
  295
  310
  325
  342
  359
  377
Funds from operations, $m
  610
  599
  699
  736
  775
  816
  859
  903
  950
  999
  1,050
  1,100
  1,156
  1,215
  1,277
  1,341
  1,409
  1,479
  1,554
  1,632
  1,713
  1,799
  1,889
  1,983
  2,082
  2,186
  2,295
  2,409
  2,529
  2,655
  2,787
Change in working capital, $m
  46
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
  53
  56
Cash from operations, $m
  564
  584
  684
  721
  759
  799
  841
  885
  931
  978
  1,029
  1,078
  1,133
  1,190
  1,251
  1,314
  1,380
  1,450
  1,522
  1,599
  1,679
  1,763
  1,851
  1,943
  2,040
  2,142
  2,249
  2,361
  2,478
  2,602
  2,731
Maintenance CAPEX, $m
  0
  -82
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -219
  -230
  -242
  -254
  -267
  -280
  -295
  -310
  -325
  -342
  -359
New CAPEX, $m
  -114
  -21
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -86
  -90
Cash from investing activities, $m
  -267
  -103
  -111
  -117
  -123
  -129
  -136
  -144
  -151
  -158
  -167
  -176
  -184
  -194
  -204
  -214
  -225
  -236
  -249
  -261
  -275
  -289
  -303
  -318
  -335
  -351
  -370
  -388
  -407
  -428
  -449
Free cash flow, $m
  297
  481
  574
  604
  636
  670
  705
  742
  780
  820
  862
  902
  948
  997
  1,047
  1,100
  1,155
  1,213
  1,274
  1,337
  1,404
  1,474
  1,548
  1,625
  1,706
  1,791
  1,880
  1,973
  2,071
  2,174
  2,282
Issuance/(repayment) of debt, $m
  -19
  -2,055
  101
  105
  110
  115
  120
  125
  131
  137
  144
  150
  157
  165
  173
  181
  190
  199
  209
  219
  229
  241
  252
  265
  278
  291
  306
  321
  337
  353
  371
Issuance/(repurchase) of shares, $m
  -388
  1,661
  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
  -394
  101
  105
  110
  115
  120
  125
  131
  137
  144
  150
  157
  165
  173
  181
  190
  199
  209
  219
  229
  241
  252
  265
  278
  291
  306
  321
  337
  353
  371
Total cash flow (excl. dividends), $m
  -111
  87
  674
  709
  746
  785
  825
  867
  911
  957
  1,005
  1,053
  1,106
  1,161
  1,220
  1,281
  1,345
  1,412
  1,482
  1,556
  1,634
  1,715
  1,800
  1,890
  1,983
  2,082
  2,185
  2,294
  2,408
  2,527
  2,653
Retained Cash Flow (-), $m
  -26
  -2,162
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
Prev. year cash balance distribution, $m
 
  268
  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
 
  -1,806
  663
  698
  734
  772
  812
  853
  896
  942
  989
  1,036
  1,088
  1,143
  1,200
  1,261
  1,324
  1,390
  1,459
  1,532
  1,608
  1,688
  1,772
  1,860
  1,953
  2,050
  2,151
  2,258
  2,370
  2,488
  2,612
Discount rate, %
 
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.71
  24.89
  26.14
  27.44
  28.81
  30.25
  31.77
  33.36
  35.02
  36.77
  38.61
  40.54
  42.57
  44.70
  46.93
  49.28
  51.75
  54.33
PV of cash for distribution, $m
 
  -1,596
  511
  464
  416
  367
  319
  273
  229
  189
  154
  122
  95
  72
  53
  39
  27
  19
  13
  8
  5
  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 10.3
Price to Sales 0.7
Price to Book -2.3
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 8.7
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 $5197 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 5.8% 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 13.2%, 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 85.5%.

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 4.1% 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%.

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 7.8%.

Life of production assets of 4.4 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 4.8%. 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 - $-1698 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 194.432 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 $3.9 billion.

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COMPANY NEWS

▶ 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]
▶ Michaels tops Street 2Q forecasts   [Aug-24-17 09:57PM  Associated Press]
▶ The 3 Secrets to Defeating Amazon, Revealed   [12:58PM  TheStreet.com]
▶ Story Stocks from Briefing.com   [09:25AM  Briefing.com]
▶ ETFs with exposure to Michaels Cos., Inc. : June 9, 2017   [Jun-09-17 01:45PM  Capital Cube]
▶ Company News for June 07, 2017   [10:34AM  Zacks]
▶ Stocks slip as investors weigh global risks   [09:19AM  Yahoo Finance]
▶ Michaels misses Street 1Q forecasts   [07:12AM  Associated Press]
▶ ETFs with exposure to Michaels Cos., Inc. : May 8, 2017   [May-08-17 04:56PM  Capital Cube]
▶ Top Ranked Growth Stocks to Buy for April 17th   [Apr-17-17 10:46AM  Zacks]
▶ U.S. Retail Sales Slid in March   [05:15AM  Investopedia]
▶ Top Ranked Growth Stocks to Buy for April 10th   [Apr-10-17 10:04AM  Zacks]
▶ ETFs with exposure to Michaels Cos., Inc. : April 5, 2017   [Apr-05-17 05:05PM  Capital Cube]
▶ Top Ranked Growth Stocks to Buy for March 29th   [Mar-29-17 10:05AM  Zacks]
▶ Stocks Fall for Day Two as Trump Targets Health Care Sector   [Mar-07-17 04:05PM  TheStreet.com]
▶ Stocks to Watch: Snap, Michaels, Dick's, Navistar   [09:31AM  at The Wall Street Journal]
▶ Etsy's New 'Studio' Could Pay Off   [Feb-15-17 12:41PM  at Barrons.com]
▶ Etsy CEO Dickerson Explains Hive of Hadoop, Machine Learning   [Feb-14-17 05:00PM  at Barrons.com]
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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