Intrinsic value of Office Depot - ODP

Previous Close

$3.78

  Intrinsic Value

$6.15

stock screener

  Rating & Target

str. buy

+63%

Previous close

$3.78

 
Intrinsic value

$6.15

 
Up/down potential

+63%

 
Rating

str. buy

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 2.0

 

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
  11,241
  11,500
  11,796
  12,127
  12,495
  12,898
  13,338
  13,813
  14,325
  14,875
  15,463
  16,091
  16,759
  17,469
  18,223
  19,022
  19,867
  20,761
  21,705
  22,703
  23,755
  24,865
  26,035
  27,267
  28,565
  29,932
  31,370
  32,884
  34,477
  36,152
Variable operating expenses, $m
 
  11,061
  11,314
  11,604
  11,930
  12,290
  12,686
  13,117
  13,583
  14,085
  14,625
  15,165
  15,781
  16,436
  17,132
  17,871
  18,655
  19,484
  20,360
  21,287
  22,265
  23,297
  24,385
  25,532
  26,741
  28,014
  29,354
  30,765
  32,250
  33,812
  35,454
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
  11,061
  11,314
  11,604
  11,930
  12,290
  12,686
  13,117
  13,583
  14,085
  14,625
  15,165
  15,781
  16,436
  17,132
  17,871
  18,655
  19,484
  20,360
  21,287
  22,265
  23,297
  24,385
  25,532
  26,741
  28,014
  29,354
  30,765
  32,250
  33,812
  35,454
Operating income, $m
  516
  181
  186
  191
  198
  205
  213
  221
  230
  240
  251
  298
  310
  323
  337
  352
  367
  383
  401
  419
  438
  458
  480
  502
  526
  551
  577
  605
  634
  665
  698
EBITDA, $m
  697
  287
  293
  301
  309
  319
  329
  340
  352
  365
  379
  394
  410
  427
  445
  465
  485
  506
  529
  553
  579
  606
  634
  664
  695
  728
  763
  800
  838
  879
  922
Interest expense (income), $m
  63
  54
  58
  62
  66
  72
  77
  84
  91
  98
  106
  114
  124
  133
  144
  155
  167
  179
  192
  206
  221
  237
  253
  270
  289
  308
  328
  349
  372
  396
  420
Earnings before tax, $m
  459
  126
  128
  129
  131
  133
  135
  137
  140
  142
  145
  184
  187
  190
  193
  197
  200
  204
  208
  212
  217
  222
  227
  232
  237
  243
  249
  256
  263
  270
  277
Tax expense, $m
  -220
  34
  35
  35
  35
  36
  37
  37
  38
  38
  39
  50
  50
  51
  52
  53
  54
  55
  56
  57
  59
  60
  61
  63
  64
  66
  67
  69
  71
  73
  75
Net income, $m
  529
  92
  93
  95
  96
  97
  99
  100
  102
  104
  106
  134
  136
  139
  141
  144
  146
  149
  152
  155
  158
  162
  165
  169
  173
  178
  182
  187
  192
  197
  202

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
  4,873
  4,985
  5,113
  5,257
  5,416
  5,591
  5,781
  5,988
  6,210
  6,448
  6,703
  6,975
  7,264
  7,572
  7,899
  8,245
  8,612
  8,999
  9,408
  9,841
  10,297
  10,778
  11,285
  11,819
  12,382
  12,974
  13,598
  14,254
  14,944
  15,671
Adjusted assets (=assets-cash), $m
  4,777
  4,873
  4,985
  5,113
  5,257
  5,416
  5,591
  5,781
  5,988
  6,210
  6,448
  6,703
  6,975
  7,264
  7,572
  7,899
  8,245
  8,612
  8,999
  9,408
  9,841
  10,297
  10,778
  11,285
  11,819
  12,382
  12,974
  13,598
  14,254
  14,944
  15,671
Revenue / Adjusted assets
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
  2.307
Average production assets, $m
  344
  348
  356
  366
  376
  387
  400
  413
  428
  444
  461
  479
  499
  520
  542
  565
  590
  616
  644
  673
  704
  736
  771
  807
  845
  886
  928
  972
  1,019
  1,069
  1,121
Working capital, $m
  942
  214
  218
  224
  230
  237
  245
  253
  262
  272
  283
  294
  306
  318
  332
  346
  361
  377
  394
  412
  431
  451
  472
  495
  518
  543
  569
  596
  625
  655
  687
Total debt, $m
  1,185
  1,230
  1,315
  1,414
  1,524
  1,646
  1,780
  1,926
  2,083
  2,254
  2,436
  2,631
  2,840
  3,062
  3,297
  3,548
  3,813
  4,093
  4,390
  4,704
  5,035
  5,384
  5,753
  6,141
  6,551
  6,982
  7,435
  7,913
  8,416
  8,944
  9,501
Total liabilities, $m
  3,688
  3,733
  3,818
  3,917
  4,027
  4,149
  4,283
  4,429
  4,586
  4,757
  4,939
  5,134
  5,343
  5,565
  5,800
  6,051
  6,316
  6,596
  6,893
  7,207
  7,538
  7,887
  8,256
  8,644
  9,054
  9,485
  9,938
  10,416
  10,919
  11,447
  12,004
Total equity, $m
  1,852
  1,140
  1,166
  1,196
  1,230
  1,267
  1,308
  1,353
  1,401
  1,453
  1,509
  1,568
  1,632
  1,700
  1,772
  1,848
  1,929
  2,015
  2,106
  2,202
  2,303
  2,409
  2,522
  2,641
  2,766
  2,897
  3,036
  3,182
  3,335
  3,497
  3,667
Total liabilities and equity, $m
  5,540
  4,873
  4,984
  5,113
  5,257
  5,416
  5,591
  5,782
  5,987
  6,210
  6,448
  6,702
  6,975
  7,265
  7,572
  7,899
  8,245
  8,611
  8,999
  9,409
  9,841
  10,296
  10,778
  11,285
  11,820
  12,382
  12,974
  13,598
  14,254
  14,944
  15,671
Debt-to-equity ratio
  0.640
  1.080
  1.130
  1.180
  1.240
  1.300
  1.360
  1.420
  1.490
  1.550
  1.610
  1.680
  1.740
  1.800
  1.860
  1.920
  1.980
  2.030
  2.080
  2.140
  2.190
  2.230
  2.280
  2.330
  2.370
  2.410
  2.450
  2.490
  2.520
  2.560
  2.590
Adjusted equity ratio
  0.228
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  529
  92
  93
  95
  96
  97
  99
  100
  102
  104
  106
  134
  136
  139
  141
  144
  146
  149
  152
  155
  158
  162
  165
  169
  173
  178
  182
  187
  192
  197
  202
Depreciation, amort., depletion, $m
  181
  106
  108
  109
  111
  114
  116
  119
  122
  125
  129
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  147
  154
  161
  169
  177
  186
  194
  204
  214
  224
Funds from operations, $m
  82
  198
  201
  204
  207
  211
  215
  219
  224
  229
  234
  230
  236
  243
  249
  257
  264
  272
  281
  290
  299
  309
  320
  331
  342
  355
  368
  381
  396
  411
  426
Change in working capital, $m
  -288
  4
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
Cash from operations, $m
  370
  194
  196
  198
  201
  204
  207
  211
  215
  219
  224
  219
  224
  230
  236
  242
  249
  256
  264
  272
  280
  289
  299
  308
  319
  330
  342
  354
  367
  380
  395
Maintenance CAPEX, $m
  0
  -69
  -70
  -71
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -147
  -154
  -161
  -169
  -177
  -186
  -194
  -204
  -214
New CAPEX, $m
  -111
  -5
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
Cash from investing activities, $m
  -154
  -74
  -78
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -121
  -126
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -181
  -190
  -199
  -209
  -219
  -231
  -241
  -253
  -266
Free cash flow, $m
  216
  120
  118
  118
  118
  117
  117
  117
  117
  118
  118
  108
  109
  109
  110
  111
  111
  112
  113
  114
  115
  116
  117
  118
  119
  121
  122
  124
  125
  127
  129
Issuance/(repayment) of debt, $m
  -299
  74
  86
  98
  110
  122
  134
  146
  158
  170
  183
  195
  208
  222
  236
  250
  265
  281
  297
  314
  331
  349
  368
  388
  409
  431
  454
  478
  503
  529
  556
Issuance/(repurchase) of shares, $m
  -132
  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  
  -444
  74
  86
  98
  110
  122
  134
  146
  158
  170
  183
  195
  208
  222
  236
  250
  265
  281
  297
  314
  331
  349
  368
  388
  409
  431
  454
  478
  503
  529
  556
Total cash flow (excl. dividends), $m
  -236
  194
  204
  216
  228
  239
  251
  263
  275
  288
  300
  304
  317
  331
  346
  361
  376
  393
  410
  427
  446
  465
  485
  506
  529
  552
  576
  601
  628
  656
  685
Retained Cash Flow (-), $m
  -249
  -22
  -26
  -30
  -34
  -37
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
Prev. year cash balance distribution, $m
 
  734
  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
 
  906
  178
  186
  194
  202
  210
  219
  227
  236
  245
  244
  254
  263
  274
  284
  295
  307
  319
  332
  345
  358
  373
  388
  404
  420
  437
  455
  474
  494
  515
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
 
  868
  163
  162
  160
  157
  153
  148
  142
  135
  128
  116
  108
  100
  92
  83
  75
  67
  59
  51
  44
  37
  31
  25
  21
  16
  13
  10
  7
  5
  4
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

Office Depot, Inc. provides a selection of products and services to consumers and businesses of various sizes. The Company's segments include North American Retail Division and North American Business Solutions Division. The North American Retail Division includes retail stores in the United States, including Puerto Rico and the United States Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products and office furniture. The North American Business Solutions Division sells office supply products and services throughout North America, including the United States, Puerto Rico, the United States Virgin Islands and Canada. It operates under the Office Depot and OfficeMax brands, and utilizes other Company and product brand names, including Grand & Toy in Canada. It offers its products under various labels, such as Foray, Ativa, TUL, Realspace, WorkPro, Brenton Studio, Highmark and Viking Office Products.

FINANCIAL RATIOS  of  Office Depot (ODP)

Valuation Ratios
P/E Ratio 3.7
Price to Sales 0.2
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 7.5
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 $11021 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 98.4%.

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 4.7% 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 3.1%.

Life of production assets of 3.9 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 1.9%. 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 - $1852 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 518.519 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 $2.0 billion.

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COMPANY NEWS

▶ Office Depot announces resignation of top executive   [Oct-19-17 06:45AM  American City Business Journals]
▶ New Strong Sell Stocks for October 13th   [Oct-13-17 07:24AM  Zacks]
▶ Office Depot Takes a Risky New Direction   [Oct-06-17 09:00AM  Motley Fool]
▶ Company News For Oct 5, 2017   [Oct-05-17 10:51AM  Zacks]
▶ [$$] Office Depot Buys CompuCom   [Oct-04-17 06:14PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:02PM  Motley Fool]
▶ Office Depot to acquire IT services firm for $1B   [02:05PM  American City Business Journals]
▶ Why Office Depot Inc. Stock Plunged Today   [12:12PM  Motley Fool]
▶ Office Depot hires another executive from ADT   [02:40PM  American City Business Journals]
▶ The Latest: Office Depot to stop selling Kaspersky software   [Sep-14-17 11:48AM  Associated Press]
▶ Office Depot hires CMO   [08:10AM  American City Business Journals]
▶ An inside look at Office Depot's 'Store of the Future' (Photos) (Video)   [Aug-25-17 05:01PM  American City Business Journals]
▶ Company News For August 10, 2017   [Aug-10-17 10:02AM  Zacks]
▶ Office Depot stock dives 23%   [08:10AM  American City Business Journals]
▶ Office Depot misses Street 2Q forecasts   [Aug-09-17 11:54PM  Associated Press]
▶ Big movers in the blitz   [01:49PM  CNBC Videos]
▶ What Happened in Office Depots Q2?   [09:50AM  24/7 Wall St.]
▶ Office Depot closed 31 stores in Q2   [08:30AM  American City Business Journals]
▶ Office Depot to launch same-day delivery in South Florida   [01:50PM  American City Business Journals]
▶ Office Depot launching same-day delivery   [09:38AM  MarketWatch]
▶ Staples looks to spin off 1,500 retail stores to longtime rival Office Depot   [Jul-31-17 04:15PM  American City Business Journals]
▶ Staples Is Going Private -- Good News for Office Depot?   [Jul-12-17 10:33AM  Motley Fool]
▶ ETFs with exposure to Office Depot, Inc. : July 3, 2017   [Jul-03-17 03:35PM  Capital Cube]
▶ Business Highlights   [Jun-30-17 05:36PM  Associated Press]
Financial statements 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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