Intrinsic value of Prestige Brands Holdings - PBH

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$49.97

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$49.97

 
Intrinsic value

$20.61

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of PBH 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 2.6

 

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, %
  12.73
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  806
  875
  946
  1,020
  1,097
  1,177
  1,260
  1,347
  1,436
  1,530
  1,627
  1,728
  1,834
  1,944
  2,058
  2,177
  2,302
  2,432
  2,568
  2,710
  2,858
  3,013
  3,175
  3,345
  3,523
  3,708
  3,903
  4,107
  4,321
  4,545
  4,780
Variable operating expenses, $m
 
  545
  587
  630
  675
  721
  770
  820
  872
  927
  984
  1,006
  1,068
  1,132
  1,198
  1,268
  1,341
  1,416
  1,495
  1,578
  1,664
  1,755
  1,849
  1,948
  2,051
  2,160
  2,273
  2,392
  2,516
  2,647
  2,783
Fixed operating expenses, $m
 
  62
  63
  65
  66
  68
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
Total operating expenses, $m
  564
  607
  650
  695
  741
  789
  840
  891
  945
  1,002
  1,061
  1,085
  1,149
  1,215
  1,283
  1,355
  1,430
  1,507
  1,589
  1,674
  1,762
  1,856
  1,952
  2,054
  2,160
  2,271
  2,387
  2,509
  2,636
  2,770
  2,909
Operating income, $m
  242
  268
  296
  325
  356
  388
  421
  455
  491
  528
  567
  643
  685
  729
  775
  823
  872
  924
  979
  1,036
  1,095
  1,158
  1,223
  1,291
  1,363
  1,438
  1,516
  1,599
  1,685
  1,775
  1,870
EBITDA, $m
  266
  385
  420
  456
  494
  533
  574
  616
  660
  706
  754
  803
  855
  909
  966
  1,025
  1,086
  1,150
  1,217
  1,287
  1,360
  1,437
  1,517
  1,601
  1,689
  1,782
  1,878
  1,980
  2,086
  2,197
  2,314
Interest expense (income), $m
  79
  81
  90
  100
  110
  120
  131
  142
  153
  165
  178
  191
  205
  219
  233
  249
  265
  282
  299
  317
  336
  356
  377
  399
  421
  445
  470
  496
  523
  552
  582
Earnings before tax, $m
  157
  187
  206
  226
  246
  268
  290
  313
  337
  363
  389
  452
  481
  510
  541
  574
  608
  643
  680
  719
  759
  802
  846
  893
  941
  993
  1,046
  1,102
  1,161
  1,223
  1,288
Tax expense, $m
  57
  50
  56
  61
  66
  72
  78
  85
  91
  98
  105
  122
  130
  138
  146
  155
  164
  174
  184
  194
  205
  216
  228
  241
  254
  268
  282
  298
  314
  330
  348
Net income, $m
  100
  136
  150
  165
  180
  195
  212
  229
  246
  265
  284
  330
  351
  373
  395
  419
  444
  469
  496
  525
  554
  585
  618
  652
  687
  725
  764
  805
  848
  893
  940

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  2,949
  3,169
  3,427
  3,695
  3,974
  4,264
  4,566
  4,879
  5,204
  5,543
  5,895
  6,262
  6,644
  7,042
  7,457
  7,889
  8,340
  8,812
  9,304
  9,818
  10,355
  10,917
  11,504
  12,119
  12,763
  13,437
  14,142
  14,881
  15,656
  16,467
  17,317
Adjusted assets (=assets-cash), $m
  2,922
  3,169
  3,427
  3,695
  3,974
  4,264
  4,566
  4,879
  5,204
  5,543
  5,895
  6,262
  6,644
  7,042
  7,457
  7,889
  8,340
  8,812
  9,304
  9,818
  10,355
  10,917
  11,504
  12,119
  12,763
  13,437
  14,142
  14,881
  15,656
  16,467
  17,317
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $m
  2,244
  2,434
  2,632
  2,838
  3,053
  3,275
  3,507
  3,747
  3,998
  4,258
  4,528
  4,810
  5,103
  5,409
  5,727
  6,060
  6,406
  6,768
  7,146
  7,541
  7,954
  8,385
  8,837
  9,309
  9,803
  10,321
  10,863
  11,430
  12,025
  12,648
  13,302
Working capital, $m
  142
  125
  135
  146
  157
  168
  180
  193
  205
  219
  233
  247
  262
  278
  294
  311
  329
  348
  367
  387
  409
  431
  454
  478
  504
  530
  558
  587
  618
  650
  683
Total debt, $m
  1,653
  1,840
  2,035
  2,238
  2,449
  2,668
  2,895
  3,131
  3,377
  3,633
  3,899
  4,176
  4,464
  4,765
  5,078
  5,404
  5,745
  6,101
  6,472
  6,860
  7,266
  7,690
  8,134
  8,598
  9,084
  9,593
  10,125
  10,683
  11,268
  11,881
  12,523
Total liabilities, $m
  2,204
  2,392
  2,587
  2,790
  3,001
  3,220
  3,447
  3,683
  3,929
  4,185
  4,451
  4,728
  5,016
  5,317
  5,630
  5,956
  6,297
  6,653
  7,024
  7,412
  7,818
  8,242
  8,686
  9,150
  9,636
  10,145
  10,677
  11,235
  11,820
  12,433
  13,075
Total equity, $m
  744
  776
  840
  905
  974
  1,045
  1,119
  1,195
  1,275
  1,358
  1,444
  1,534
  1,628
  1,725
  1,827
  1,933
  2,043
  2,159
  2,279
  2,405
  2,537
  2,675
  2,819
  2,969
  3,127
  3,292
  3,465
  3,646
  3,836
  4,034
  4,243
Total liabilities and equity, $m
  2,948
  3,168
  3,427
  3,695
  3,975
  4,265
  4,566
  4,878
  5,204
  5,543
  5,895
  6,262
  6,644
  7,042
  7,457
  7,889
  8,340
  8,812
  9,303
  9,817
  10,355
  10,917
  11,505
  12,119
  12,763
  13,437
  14,142
  14,881
  15,656
  16,467
  17,318
Debt-to-equity ratio
  2.222
  2.370
  2.420
  2.470
  2.510
  2.550
  2.590
  2.620
  2.650
  2.680
  2.700
  2.720
  2.740
  2.760
  2.780
  2.800
  2.810
  2.830
  2.840
  2.850
  2.860
  2.880
  2.890
  2.900
  2.910
  2.910
  2.920
  2.930
  2.940
  2.940
  2.950
Adjusted equity ratio
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  100
  136
  150
  165
  180
  195
  212
  229
  246
  265
  284
  330
  351
  373
  395
  419
  444
  469
  496
  525
  554
  585
  618
  652
  687
  725
  764
  805
  848
  893
  940
Depreciation, amort., depletion, $m
  24
  117
  124
  131
  138
  145
  153
  161
  169
  178
  187
  160
  170
  180
  191
  202
  214
  226
  238
  251
  265
  280
  295
  310
  327
  344
  362
  381
  401
  422
  443
Funds from operations, $m
  152
  253
  274
  295
  318
  341
  365
  390
  416
  443
  471
  490
  521
  553
  586
  621
  657
  695
  735
  776
  819
  865
  912
  962
  1,014
  1,069
  1,126
  1,186
  1,249
  1,315
  1,384
Change in working capital, $m
  -22
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
Cash from operations, $m
  174
  338
  264
  285
  307
  329
  353
  377
  403
  429
  457
  476
  506
  537
  570
  604
  639
  676
  715
  756
  798
  843
  889
  938
  989
  1,042
  1,098
  1,157
  1,218
  1,283
  1,350
Maintenance CAPEX, $m
  0
  -75
  -81
  -88
  -95
  -102
  -109
  -117
  -125
  -133
  -142
  -151
  -160
  -170
  -180
  -191
  -202
  -214
  -226
  -238
  -251
  -265
  -280
  -295
  -310
  -327
  -344
  -362
  -381
  -401
  -422
New CAPEX, $m
  -4
  -190
  -198
  -206
  -214
  -223
  -231
  -241
  -250
  -260
  -271
  -282
  -293
  -306
  -319
  -332
  -347
  -362
  -378
  -395
  -413
  -432
  -451
  -472
  -494
  -518
  -542
  -568
  -595
  -623
  -653
Cash from investing activities, $m
  -223
  -265
  -279
  -294
  -309
  -325
  -340
  -358
  -375
  -393
  -413
  -433
  -453
  -476
  -499
  -523
  -549
  -576
  -604
  -633
  -664
  -697
  -731
  -767
  -804
  -845
  -886
  -930
  -976
  -1,024
  -1,075
Free cash flow, $m
  -49
  73
  -16
  -9
  -2
  5
  12
  20
  28
  36
  44
  43
  52
  61
  71
  81
  91
  101
  112
  123
  134
  146
  158
  171
  184
  198
  212
  227
  242
  258
  275
Issuance/(repayment) of debt, $m
  59
  187
  195
  203
  211
  219
  228
  236
  246
  256
  266
  277
  288
  300
  313
  327
  341
  356
  371
  388
  406
  424
  444
  464
  486
  509
  533
  558
  585
  613
  642
Issuance/(repurchase) of shares, $m
  7
  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  
  54
  187
  195
  203
  211
  219
  228
  236
  246
  256
  266
  277
  288
  300
  313
  327
  341
  356
  371
  388
  406
  424
  444
  464
  486
  509
  533
  558
  585
  613
  642
Total cash flow (excl. dividends), $m
  6
  260
  179
  193
  208
  224
  240
  256
  274
  292
  310
  320
  341
  362
  384
  407
  431
  457
  483
  511
  540
  570
  602
  635
  670
  706
  745
  785
  827
  871
  918
Retained Cash Flow (-), $m
  -116
  -59
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -97
  -102
  -106
  -111
  -115
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -208
Prev. year cash balance distribution, $m
 
  27
  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
 
  228
  116
  128
  140
  153
  166
  179
  194
  209
  224
  230
  247
  264
  282
  301
  321
  341
  363
  385
  408
  432
  458
  484
  512
  541
  572
  604
  637
  672
  709
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  207
  94
  92
  89
  84
  78
  72
  65
  58
  50
  41
  35
  29
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
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

Prestige Brands Holdings, Inc., through its subsidiaries, markets, sells, and distributes over-the-counter (OTC) healthcare and household cleaning products in North America, Australia, and internationally. It operates through North American OTC Healthcare, International OTC Healthcare, and Household Cleaning segments. The company’s OTC healthcare products portfolio include such as Chloraseptic sore throat treatments, Clear Eyes eye care products, Compound W wart removers, Dramamine Non-Drowsy naturals, Efferdent denture cleansers, Little Remedies pediatric products, Luden's throat drops, The Doctor’s brand of oral care products, BC and Goody's analgesic powders, Beano gas prevention, Debrox ear wax removals, and Gaviscon upset stomach remedies. Its OTC healthcare products portfolio also comprise Dermoplast first-aid products, New-Skin liquid bandages, Fess nasal saline spray, Hydralyte for dehydration and electrolyte replacement, Monistat for vaginal treatment-anti-fungal, e.p.t family planning products, Ecotrin aspirin, Nix lice/parasite treatments, DenTek for peg oral care, and Uristat urinary tract infection treatments. The company also offers household cleaning products consisting of Chore Boy metal cleaning pads, scrubbing sponges, and non-metal soap pads; Comet abrasive and non-abrasive powders, sprays, and creams; and Spic and Span brand products. It primarily offers its products to mass merchandisers, drug stores, and supermarkets, as well as club, convenience, and dollar stores. The company was founded in 1996 and is headquartered in Tarrytown, New York.

FINANCIAL RATIOS  of  Prestige Brands Holdings (PBH)

Valuation Ratios
P/E Ratio 26.4
Price to Sales 3.3
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 15.2
Price to Free Cash Flow 15.5
Growth Rates
Sales Growth Rate 12.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate -16.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 222.2%
Total Debt to Equity 222.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 14.6%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 57.9%
Gross Margin - 3 Yr. Avg. 57%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 30.7%
Operating Margin 30%
Oper. Margin - 3 Yr. Avg. 29.2%
Pre-Tax Margin 19.5%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 11.8%
Effective Tax Rate 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 0%

PBH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PBH stock intrinsic value calculation we used $806 million for the last fiscal year's total revenue generated by Prestige Brands Holdings. The default revenue input number comes from 2016 income statement of Prestige Brands Holdings. 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 PBH stock valuation model: a) initial revenue growth rate of 8.5% 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 10.4%, whose default value for PBH is calculated based on our internal credit rating of Prestige Brands Holdings, 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 Prestige Brands Holdings.
    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 PBH stock the variable cost ratio is equal to 62.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $60 million in the base year in the intrinsic value calculation for PBH 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 4.9% for Prestige Brands Holdings.

Corporate tax rate of 27% is the nominal tax rate for Prestige Brands Holdings. 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 PBH 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 PBH are equal to 278.3%.

Life of production assets of 107 years is the average useful life of capital assets used in Prestige Brands Holdings 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 PBH is equal to 14.3%. 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 - $744 million for Prestige Brands Holdings - 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 52.556 million for Prestige Brands Holdings 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 Prestige Brands Holdings at the current share price and the inputted number of shares is $2.6 billion.


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COMPANY NEWS

▶ Prestige Brands misses 4Q profit forecasts   [06:24AM  Associated Press]
▶ [$$] Prestige Brands Earnings, Sales Rise   [11:56AM  The Wall Street Journal]
▶ [$$] Prestige Brands Earnings, Sales Rise   [11:56AM  at The Wall Street Journal]
▶ Prestige Brands tops Street 3Q forecasts   [06:24AM  Associated Press]
▶ Why DryShips Stock Dropped Another 18% Today   [Jan-24-17 03:58PM  Motley Fool]
▶ Why DryShips Stock Dropped Another 18% Today   [03:58PM  at Motley Fool]
▶ [$$] Prestige Brands to Buy C.B. Fleet for About $825 Million   [07:02PM  at The Wall Street Journal]
▶ [$$] Prestige Swings to Loss as It Sells Three Noncore Brands   [Aug-04-16 04:47PM  at The Wall Street Journal]
▶ [$$] ConAgra Foods Names Marberger as Next CFO   [Jul-14-16 06:00PM  at The Wall Street Journal]
Stock chart of PBH Financial statements of PBH Annual reports of PBH
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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