Intrinsic value of Office Depot - ODP

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$5.51

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of ODP 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 2.7

 

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, %
  -6.02
  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
  11,021
  14,775
  15,115
  15,503
  15,939
  16,422
  16,952
  17,530
  18,155
  18,828
  19,551
  20,324
  21,149
  22,027
  22,960
  23,951
  25,000
  26,111
  27,286
  28,528
  29,838
  31,221
  32,680
  34,217
  35,837
  37,543
  39,340
  41,230
  43,220
  45,313
  47,515
Variable operating expenses, $m
 
  15,025
  15,370
  15,764
  16,206
  16,697
  17,234
  17,820
  18,454
  19,137
  19,870
  20,618
  21,455
  22,346
  23,293
  24,298
  25,363
  26,490
  27,682
  28,941
  30,271
  31,674
  33,154
  34,713
  36,357
  38,088
  39,910
  41,828
  43,847
  45,970
  48,204
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
  10,505
  15,025
  15,370
  15,764
  16,206
  16,697
  17,234
  17,820
  18,454
  19,137
  19,870
  20,618
  21,455
  22,346
  23,293
  24,298
  25,363
  26,490
  27,682
  28,941
  30,271
  31,674
  33,154
  34,713
  36,357
  38,088
  39,910
  41,828
  43,847
  45,970
  48,204
Operating income, $m
  516
  -250
  -255
  -261
  -267
  -274
  -282
  -290
  -299
  -309
  -320
  -295
  -307
  -319
  -333
  -347
  -362
  -378
  -395
  -413
  -432
  -453
  -474
  -496
  -519
  -544
  -570
  -598
  -626
  -657
  -689
EBITDA, $m
  697
  -102
  -104
  -107
  -110
  -113
  -117
  -121
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
  -312
  -328
Interest expense (income), $m
  63
  64
  68
  73
  79
  85
  92
  100
  108
  117
  127
  137
  149
  161
  173
  187
  201
  217
  233
  250
  268
  287
  307
  328
  351
  374
  399
  425
  453
  482
  512
Earnings before tax, $m
  459
  -314
  -323
  -334
  -346
  -359
  -374
  -390
  -407
  -426
  -447
  -432
  -455
  -480
  -506
  -534
  -564
  -595
  -628
  -663
  -700
  -740
  -781
  -824
  -870
  -919
  -969
  -1,023
  -1,079
  -1,139
  -1,201
Tax expense, $m
  -220
  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
Net income, $m
  529
  -314
  -323
  -334
  -346
  -359
  -374
  -390
  -407
  -426
  -447
  -432
  -455
  -480
  -506
  -534
  -564
  -595
  -628
  -663
  -700
  -740
  -781
  -824
  -870
  -919
  -969
  -1,023
  -1,079
  -1,139
  -1,201

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  763
  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
  5,540
  5,694
  5,824
  5,974
  6,142
  6,328
  6,533
  6,755
  6,996
  7,256
  7,534
  7,832
  8,150
  8,488
  8,848
  9,230
  9,634
  10,062
  10,515
  10,993
  11,498
  12,031
  12,593
  13,186
  13,810
  14,468
  15,160
  15,888
  16,655
  17,462
  18,310
Adjusted assets (=assets-cash), $m
  4,777
  5,694
  5,824
  5,974
  6,142
  6,328
  6,533
  6,755
  6,996
  7,256
  7,534
  7,832
  8,150
  8,488
  8,848
  9,230
  9,634
  10,062
  10,515
  10,993
  11,498
  12,031
  12,593
  13,186
  13,810
  14,468
  15,160
  15,888
  16,655
  17,462
  18,310
Revenue / Adjusted assets
  2.307
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
  2.595
Average production assets, $m
  344
  561
  574
  589
  606
  624
  644
  666
  690
  715
  743
  772
  804
  837
  872
  910
  950
  992
  1,037
  1,084
  1,134
  1,186
  1,242
  1,300
  1,362
  1,427
  1,495
  1,567
  1,642
  1,722
  1,806
Working capital, $m
  942
  517
  529
  543
  558
  575
  593
  614
  635
  659
  684
  711
  740
  771
  804
  838
  875
  914
  955
  998
  1,044
  1,093
  1,144
  1,198
  1,254
  1,314
  1,377
  1,443
  1,513
  1,586
  1,663
Total debt, $m
  1,185
  1,544
  1,656
  1,785
  1,929
  2,089
  2,264
  2,455
  2,662
  2,884
  3,123
  3,379
  3,651
  3,942
  4,250
  4,578
  4,925
  5,292
  5,681
  6,091
  6,525
  6,982
  7,464
  7,973
  8,508
  9,072
  9,666
  10,291
  10,949
  11,641
  12,369
Total liabilities, $m
  3,688
  4,885
  4,997
  5,126
  5,270
  5,430
  5,605
  5,796
  6,003
  6,225
  6,464
  6,720
  6,992
  7,283
  7,591
  7,919
  8,266
  8,633
  9,022
  9,432
  9,866
  10,323
  10,805
  11,314
  11,849
  12,413
  13,007
  13,632
  14,290
  14,982
  15,710
Total equity, $m
  1,852
  808
  827
  848
  872
  899
  928
  959
  993
  1,030
  1,070
  1,112
  1,157
  1,205
  1,256
  1,311
  1,368
  1,429
  1,493
  1,561
  1,633
  1,708
  1,788
  1,872
  1,961
  2,054
  2,153
  2,256
  2,365
  2,480
  2,600
Total liabilities and equity, $m
  5,540
  5,693
  5,824
  5,974
  6,142
  6,329
  6,533
  6,755
  6,996
  7,255
  7,534
  7,832
  8,149
  8,488
  8,847
  9,230
  9,634
  10,062
  10,515
  10,993
  11,499
  12,031
  12,593
  13,186
  13,810
  14,467
  15,160
  15,888
  16,655
  17,462
  18,310
Debt-to-equity ratio
  0.640
  1.910
  2.000
  2.100
  2.210
  2.320
  2.440
  2.560
  2.680
  2.800
  2.920
  3.040
  3.160
  3.270
  3.380
  3.490
  3.600
  3.700
  3.800
  3.900
  4.000
  4.090
  4.170
  4.260
  4.340
  4.420
  4.490
  4.560
  4.630
  4.690
  4.760
Adjusted equity ratio
  0.228
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  529
  -314
  -323
  -334
  -346
  -359
  -374
  -390
  -407
  -426
  -447
  -432
  -455
  -480
  -506
  -534
  -564
  -595
  -628
  -663
  -700
  -740
  -781
  -824
  -870
  -919
  -969
  -1,023
  -1,079
  -1,139
  -1,201
Depreciation, amort., depletion, $m
  181
  149
  151
  154
  157
  161
  165
  170
  174
  179
  185
  154
  161
  167
  174
  182
  190
  198
  207
  217
  227
  237
  248
  260
  272
  285
  299
  313
  328
  344
  361
Funds from operations, $m
  82
  -166
  -172
  -180
  -188
  -198
  -209
  -220
  -233
  -247
  -262
  -278
  -294
  -313
  -332
  -352
  -374
  -397
  -421
  -447
  -474
  -502
  -532
  -564
  -598
  -633
  -670
  -710
  -751
  -794
  -840
Change in working capital, $m
  -288
  10
  12
  14
  15
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
Cash from operations, $m
  370
  -667
  -184
  -193
  -204
  -215
  -227
  -241
  -255
  -270
  -287
  -305
  -323
  -343
  -364
  -387
  -411
  -436
  -462
  -490
  -520
  -551
  -584
  -618
  -655
  -693
  -733
  -776
  -820
  -867
  -917
Maintenance CAPEX, $m
  0
  -109
  -112
  -115
  -118
  -121
  -125
  -129
  -133
  -138
  -143
  -149
  -154
  -161
  -167
  -174
  -182
  -190
  -198
  -207
  -217
  -227
  -237
  -248
  -260
  -272
  -285
  -299
  -313
  -328
  -344
New CAPEX, $m
  -111
  -17
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
Cash from investing activities, $m
  -154
  -126
  -125
  -130
  -135
  -139
  -145
  -151
  -157
  -164
  -170
  -178
  -185
  -194
  -202
  -212
  -222
  -232
  -243
  -254
  -267
  -280
  -292
  -306
  -322
  -337
  -353
  -371
  -389
  -408
  -428
Free cash flow, $m
  216
  -793
  -309
  -323
  -338
  -355
  -372
  -391
  -412
  -434
  -458
  -483
  -509
  -537
  -567
  -599
  -632
  -668
  -705
  -745
  -786
  -830
  -876
  -925
  -976
  -1,030
  -1,087
  -1,147
  -1,209
  -1,275
  -1,345
Issuance/(repayment) of debt, $m
  -299
  97
  112
  128
  144
  160
  175
  191
  207
  223
  239
  256
  273
  290
  309
  327
  347
  367
  388
  410
  433
  457
  482
  508
  536
  564
  594
  625
  658
  692
  728
Issuance/(repurchase) of shares, $m
  -132
  0
  215
  216
  218
  221
  226
  232
  240
  248
  258
  269
  282
  295
  310
  326
  343
  361
  381
  402
  425
  448
  474
  501
  529
  559
  591
  625
  660
  698
  737
Cash from financing (excl. dividends), $m  
  -444
  97
  327
  344
  362
  381
  401
  423
  447
  471
  497
  525
  555
  585
  619
  653
  690
  728
  769
  812
  858
  905
  956
  1,009
  1,065
  1,123
  1,185
  1,250
  1,318
  1,390
  1,465
Total cash flow (excl. dividends), $m
  -236
  -696
  -197
  -195
  -194
  -195
  -197
  -201
  -205
  -211
  -219
  -227
  -236
  -247
  -259
  -271
  -285
  -300
  -317
  -334
  -353
  -373
  -394
  -417
  -441
  -466
  -493
  -521
  -552
  -583
  -617
Retained Cash Flow (-), $m
  -249
  -14
  -19
  -21
  -24
  -26
  -29
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -115
  -120
Prev. year cash balance distribution, $m
 
  809
  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
 
  99
  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
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
 
  95
  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
Current shareholders' claim on cash, %
  100
  100.0
  86.5
  75.0
  65.1
  56.7
  49.4
  43.0
  37.5
  32.7
  28.5
  24.8
  21.6
  18.8
  16.3
  14.2
  12.3
  10.6
  9.2
  7.9
  6.8
  5.9
  5.1
  4.4
  3.7
  3.2
  2.7
  2.3
  2.0
  1.7
  1.4

Office Depot, Inc., together with its subsidiaries, supplies office products and services. It operates in three segments: North American Retail, North American Business Solutions, and International. The company sells office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture. It also offers copy and print services. The company sells its products and services to consumers and businesses through office supply stores, a contract sales force, Internet sites, an outbound telephone account management sales force, direct marketing catalogs, and call centers, as well as participates under licensing and merchandise arrangements in Latin America, Europe, Israel, and Japan. As of December 26, 2015, it operated 1,564 stores in the United States, including Puerto Rico and the U.S. Virgin Islands; and 147 stores in France, South Korea, Sweden, New Zealand, and Australia. The company offers its products under various labels, including Office Depot, OfficeMax, Foray, Ativa, TUL, Realspace, WorkPro, Brenton Studio, Highmark, Grand & Toy, and Viking Office Products. Office Depot, Inc. was founded in 1986 and is headquartered in Boca Raton, Florida.

FINANCIAL RATIOS  of  Office Depot (ODP)

Valuation Ratios
P/E Ratio 5.4
Price to Sales 0.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 11
Growth Rates
Sales Growth Rate -6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.9%
Cap. Spend. - 3 Yr. Gr. Rate -4.1%
Financial Strength
Quick Ratio 26
Current Ratio 0.1
LT Debt to Equity 62.4%
Total Debt to Equity 64%
Interest Coverage 8
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital 17.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 30.6%
Return On Equity - 3 Yr. Avg. 4%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 24.6%
Gross Margin - 3 Yr. Avg. 24.1%
EBITDA Margin 6.4%
EBITDA Margin - 3 Yr. Avg. 3.5%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 1.5%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate -47.9%
Eff/ Tax Rate - 3 Yr. Avg. -9.8%
Payout Ratio 4.9%

ODP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ODP stock intrinsic value calculation we used $14485 million for the last fiscal year's total revenue generated by Office Depot. The default revenue input number comes from 2016 income statement of Office Depot. 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 ODP 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 ODP is calculated based on our internal credit rating of Office Depot, 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 Office Depot.
    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 ODP stock the variable cost ratio is equal to 101.7%.

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 ODP 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 4.4% for Office Depot.

Corporate tax rate of 27% is the nominal tax rate for Office Depot. 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 ODP 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 ODP are equal to 3.8%.

Life of production assets of 3.3 years is the average useful life of capital assets used in Office Depot 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 ODP is equal to 3.5%. 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 - $1603 million for Office Depot - 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 494.824 million for Office Depot 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 Office Depot at the current share price and the inputted number of shares is $2.7 billion.


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COMPANY NEWS

▶ ETFs with exposure to Office Depot, Inc. : June 22, 2017   [Jun-22-17 04:08PM  Capital Cube]
▶ Penny Stocks to Watch for June 2017   [May-31-17 09:46AM  Investopedia]
▶ Office Depot announces leadership changes   [08:20AM  American City Business Journals]
▶ Staples' Mediocre-At-Best Q1   [May-19-17 08:32AM  Benzinga]
▶ Top Ranked Value Stocks to Buy for May 17th   [May-17-17 10:17AM  Zacks]
▶ Office Depot sold more glue in Q1 than all of 2016   [May-15-17 04:25PM  CNBC Videos]
▶ Company News for May 10, 2017   [May-10-17 09:45AM  Zacks]
▶ Why Office Depot Earnings Are On Point   [08:45AM  24/7 Wall St.]
▶ Office Depot still expects sales to fall, but slower   [07:50AM  American City Business Journals]
▶ Office Depot sells off international business   [Apr-27-17 01:55PM  American City Business Journals]
▶ Office Depot Completes Sale of Business in South Korea   [Apr-26-17 08:45AM  Business Wire]
▶ [$$] Platinum Buying OfficeMax Business in Australia and New Zealand   [Apr-19-17 11:17AM  The Wall Street Journal]
▶ Could Staples Hit the 'Easy Button' With a Sale?   [Apr-05-17 03:48PM  TheStreet.com]
▶ Investors Put Retail Stocks on Sale   [01:24PM  The Wall Street Journal]
▶ [$$] Tillerson Isn't the Only CEO With an Extra Email Address   [Mar-15-17 05:56PM  at The Wall Street Journal]
▶ Five Stocks Under $5 to Buy Now   [01:48PM  at Insider Monkey]
▶ Office Supply Retailers See Soft Demand   [Mar-09-17 12:03PM  at Investopedia]
▶ Some Retail Companies May Present a Good Buy   [Mar-08-17 01:00PM  at Investopedia]
▶ Office Depot stock soars nearly 16%   [06:06AM  at bizjournals.com]
▶ What Happened in the Stock Market Today   [05:06PM  at Motley Fool]
Stock chart of ODP Financial statements of ODP Annual reports of ODP
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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