Intrinsic value of Party City Holdco - PRTY

Previous Close

$13.60

  Intrinsic Value

$19.64

stock screener

  Rating & Target

buy

+44%

  Value-price divergence*

-23%

Previous close

$13.60

 
Intrinsic value

$19.64

 
Up/down potential

+44%

 
Rating

buy

 
Value-price divergence*

-23%

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

We calculate the intrinsic value of PRTY 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 1.6

 

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, %
  -0.52
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
Revenue, $m
  2,283
  2,377
  2,476
  2,582
  2,694
  2,813
  2,939
  3,071
  3,212
  3,360
  3,516
  3,681
  3,855
  4,038
  4,230
  4,433
  4,647
  4,871
  5,107
  5,356
  5,617
  5,892
  6,181
  6,484
  6,803
  7,138
  7,491
  7,861
  8,250
  8,658
  9,088
Variable operating expenses, $m
 
  2,087
  2,168
  2,254
  2,345
  2,442
  2,544
  2,652
  2,766
  2,886
  3,013
  2,989
  3,130
  3,279
  3,435
  3,600
  3,773
  3,956
  4,148
  4,349
  4,562
  4,785
  5,019
  5,266
  5,525
  5,797
  6,083
  6,384
  6,700
  7,032
  7,380
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
  2,009
  2,087
  2,168
  2,254
  2,345
  2,442
  2,544
  2,652
  2,766
  2,886
  3,013
  2,989
  3,130
  3,279
  3,435
  3,600
  3,773
  3,956
  4,148
  4,349
  4,562
  4,785
  5,019
  5,266
  5,525
  5,797
  6,083
  6,384
  6,700
  7,032
  7,380
Operating income, $m
  274
  289
  308
  328
  349
  371
  395
  420
  446
  474
  503
  692
  724
  759
  795
  833
  873
  915
  960
  1,006
  1,055
  1,107
  1,161
  1,218
  1,278
  1,341
  1,408
  1,477
  1,550
  1,627
  1,708
EBITDA, $m
  358
  479
  499
  521
  543
  567
  592
  619
  648
  677
  709
  742
  777
  814
  853
  894
  937
  982
  1,030
  1,080
  1,133
  1,188
  1,246
  1,307
  1,372
  1,439
  1,510
  1,585
  1,663
  1,746
  1,832
Interest expense (income), $m
  86
  80
  85
  90
  96
  101
  107
  114
  120
  127
  135
  143
  151
  160
  169
  179
  189
  200
  212
  224
  236
  249
  263
  278
  293
  309
  326
  344
  363
  383
  403
Earnings before tax, $m
  187
  209
  223
  238
  253
  270
  288
  306
  326
  347
  368
  549
  573
  599
  626
  654
  684
  715
  748
  783
  819
  858
  898
  940
  985
  1,032
  1,081
  1,133
  1,187
  1,244
  1,304
Tax expense, $m
  70
  56
  60
  64
  68
  73
  78
  83
  88
  94
  99
  148
  155
  162
  169
  177
  185
  193
  202
  211
  221
  232
  242
  254
  266
  279
  292
  306
  321
  336
  352
Net income, $m
  117
  152
  163
  173
  185
  197
  210
  224
  238
  253
  269
  401
  418
  437
  457
  477
  499
  522
  546
  571
  598
  626
  656
  687
  719
  753
  789
  827
  867
  908
  952

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  65
  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
  3,394
  3,464
  3,610
  3,764
  3,927
  4,100
  4,284
  4,477
  4,682
  4,898
  5,126
  5,366
  5,619
  5,886
  6,167
  6,462
  6,773
  7,101
  7,445
  7,807
  8,188
  8,589
  9,010
  9,452
  9,917
  10,406
  10,919
  11,459
  12,026
  12,622
  13,247
Adjusted assets (=assets-cash), $m
  3,329
  3,464
  3,610
  3,764
  3,927
  4,100
  4,284
  4,477
  4,682
  4,898
  5,126
  5,366
  5,619
  5,886
  6,167
  6,462
  6,773
  7,101
  7,445
  7,807
  8,188
  8,589
  9,010
  9,452
  9,917
  10,406
  10,919
  11,459
  12,026
  12,622
  13,247
Revenue / Adjusted assets
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
Average production assets, $m
  934
  972
  1,013
  1,056
  1,102
  1,150
  1,202
  1,256
  1,314
  1,374
  1,438
  1,506
  1,577
  1,651
  1,730
  1,813
  1,900
  1,992
  2,089
  2,191
  2,297
  2,410
  2,528
  2,652
  2,782
  2,920
  3,064
  3,215
  3,374
  3,541
  3,717
Working capital, $m
  388
  475
  495
  516
  539
  563
  588
  614
  642
  672
  703
  736
  771
  808
  846
  887
  929
  974
  1,021
  1,071
  1,123
  1,178
  1,236
  1,297
  1,361
  1,428
  1,498
  1,572
  1,650
  1,732
  1,818
Total debt, $m
  1,673
  1,704
  1,805
  1,912
  2,025
  2,146
  2,273
  2,408
  2,550
  2,700
  2,858
  3,025
  3,201
  3,387
  3,582
  3,787
  4,003
  4,231
  4,470
  4,722
  4,987
  5,265
  5,558
  5,865
  6,188
  6,528
  6,885
  7,260
  7,654
  8,068
  8,503
Total liabilities, $m
  2,377
  2,408
  2,509
  2,616
  2,729
  2,850
  2,977
  3,112
  3,254
  3,404
  3,562
  3,729
  3,905
  4,091
  4,286
  4,491
  4,707
  4,935
  5,174
  5,426
  5,691
  5,969
  6,262
  6,569
  6,892
  7,232
  7,589
  7,964
  8,358
  8,772
  9,207
Total equity, $m
  1,017
  1,057
  1,101
  1,148
  1,198
  1,251
  1,307
  1,366
  1,428
  1,494
  1,563
  1,637
  1,714
  1,795
  1,881
  1,971
  2,066
  2,166
  2,271
  2,381
  2,497
  2,620
  2,748
  2,883
  3,025
  3,174
  3,330
  3,495
  3,668
  3,850
  4,040
Total liabilities and equity, $m
  3,394
  3,465
  3,610
  3,764
  3,927
  4,101
  4,284
  4,478
  4,682
  4,898
  5,125
  5,366
  5,619
  5,886
  6,167
  6,462
  6,773
  7,101
  7,445
  7,807
  8,188
  8,589
  9,010
  9,452
  9,917
  10,406
  10,919
  11,459
  12,026
  12,622
  13,247
Debt-to-equity ratio
  1.645
  1.610
  1.640
  1.670
  1.690
  1.720
  1.740
  1.760
  1.790
  1.810
  1.830
  1.850
  1.870
  1.890
  1.900
  1.920
  1.940
  1.950
  1.970
  1.980
  2.000
  2.010
  2.020
  2.030
  2.050
  2.060
  2.070
  2.080
  2.090
  2.100
  2.100
Adjusted equity ratio
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  152
  163
  173
  185
  197
  210
  224
  238
  253
  269
  401
  418
  437
  457
  477
  499
  522
  546
  571
  598
  626
  656
  687
  719
  753
  789
  827
  867
  908
  952
Depreciation, amort., depletion, $m
  84
  190
  191
  193
  194
  196
  198
  199
  201
  203
  206
  51
  53
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
  119
  125
Funds from operations, $m
  282
  342
  354
  366
  379
  393
  408
  423
  439
  456
  474
  451
  471
  492
  515
  538
  563
  589
  616
  645
  675
  707
  740
  776
  812
  851
  892
  935
  980
  1,027
  1,077
Change in working capital, $m
  24
  19
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
  78
  82
  86
Cash from operations, $m
  258
  324
  334
  345
  357
  369
  382
  396
  411
  427
  443
  418
  436
  456
  476
  498
  520
  544
  569
  595
  623
  652
  683
  715
  749
  784
  822
  861
  902
  945
  991
Maintenance CAPEX, $m
  0
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
New CAPEX, $m
  -82
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -176
Cash from investing activities, $m
  -114
  -70
  -74
  -77
  -81
  -86
  -90
  -94
  -99
  -105
  -110
  -115
  -122
  -128
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -189
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -280
  -295
Free cash flow, $m
  144
  254
  261
  268
  275
  284
  292
  302
  312
  322
  333
  302
  315
  328
  342
  357
  372
  388
  405
  424
  443
  463
  484
  506
  529
  554
  579
  607
  635
  665
  697
Issuance/(repayment) of debt, $m
  -122
  96
  101
  107
  114
  120
  127
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  228
  239
  252
  265
  278
  293
  308
  323
  340
  357
  375
  394
  414
  435
Issuance/(repurchase) of shares, $m
  1
  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  
  -120
  96
  101
  107
  114
  120
  127
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  228
  239
  252
  265
  278
  293
  308
  323
  340
  357
  375
  394
  414
  435
Total cash flow (excl. dividends), $m
  22
  350
  362
  375
  389
  404
  420
  436
  454
  472
  492
  469
  491
  513
  537
  562
  588
  616
  645
  675
  707
  741
  776
  813
  852
  893
  936
  982
  1,029
  1,079
  1,131
Retained Cash Flow (-), $m
  -104
  -40
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -191
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
 
  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
 
  310
  317
  328
  339
  351
  364
  377
  391
  406
  422
  396
  414
  432
  451
  472
  493
  516
  540
  565
  591
  619
  648
  678
  711
  744
  780
  817
  856
  897
  941
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  283
  263
  244
  224
  204
  184
  164
  145
  126
  108
  83
  69
  57
  46
  36
  28
  22
  16
  12
  8
  6
  4
  3
  2
  1
  1
  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

Party City Holdco Inc., through its subsidiaries, designs, manufactures, sources, and distributes party supplies in the United States and internationally. The company operates in two segments, Retail and Wholesale. It offers paper and plastic tableware, accessories and novelties, metallic and latex balloons, Halloween and other costumes, decorations, and stationery and gift items. As of May 2, 2016, the company offered its products through its 900 specialty retail party supply stores, including approximately 180 franchise stores in the United States and Canada under the Party City and Halloween City names; and e-commerce Websites, principally through the domain name PartyCity.com. In addition, it franchises individual stores and franchise areas throughout the United States, Mexico, and Puerto Rico principally under the Party City name. The company offers its products through company-owned stores, independent party supply stores, mass merchants, grocery retailers, and dollar stores, as well as through other retailers and distributors. Party City Holdco Inc. was founded in 1947 and is headquartered in Rockaway, New Jersey.

FINANCIAL RATIOS  of  Party City Holdco (PRTY)

Valuation Ratios
P/E Ratio 13.9
Price to Sales 0.7
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow 9.2
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.8%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 151.4%
Total Debt to Equity 164.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.3%
Return On Equity 12.1%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 19.7%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 13.3%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 2.7%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 0%

PRTY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRTY stock intrinsic value calculation we used $2283 million for the last fiscal year's total revenue generated by Party City Holdco. The default revenue input number comes from 2016 income statement of Party City Holdco. 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 PRTY stock valuation model: a) initial revenue growth rate of 4.1% 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 9.4%, whose default value for PRTY is calculated based on our internal credit rating of Party City Holdco, 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 Party City Holdco.
    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 PRTY stock the variable cost ratio is equal to 88.1%.

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 PRTY 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% for Party City Holdco.

Corporate tax rate of 27% is the nominal tax rate for Party City Holdco. 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 PRTY 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 PRTY are equal to 40.9%.

Life of production assets of 29.8 years is the average useful life of capital assets used in Party City Holdco 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 PRTY is equal to 20%. 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 - $1017 million for Party City Holdco - 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 119.164 million for Party City Holdco 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 Party City Holdco at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

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▶ Party City tops 2Q profit forecasts   [Aug-02-17 11:06PM  Associated Press]
▶ Party City Acquires Print Appeal   [08:30AM  PR Newswire]
▶ Party City Builds Out Digital Initiatives   [Jul-17-17 08:30AM  PR Newswire]
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▶ Party City reports 1Q loss   [08:07AM  Associated Press]
▶ Cinco de Mayo Sales up at Party City   [May-03-17 10:30AM  Business Wire]
▶ Private equity firms circle Party City, stirring up talks of a sale   [Apr-30-17 03:10PM  American City Business Journals]
▶ Why Party City HoldCo Inc Stock Spiked Today   [Apr-27-17 06:37PM  Motley Fool]
▶ Party City tops 4Q profit forecasts   [07:12AM  Associated Press]
▶ Party City Announces the Acquisition of Granmark   [Mar-07-17 02:44PM  GlobeNewswire]
▶ Party City Announces the Acquisition of Balloon Agencies   [Mar-03-17 05:38PM  Business Wire]
▶ Made With Love In America   [Feb-13-17 12:27PM  Business Wire]
▶ Party City Announces Dismissal of Class Action   [Feb-06-17 02:09PM  Business Wire]
▶ Countdown to the Super Bowl Party!   [Feb-02-17 01:03PM  PR Newswire]
▶ Party City Announces the Acquisition of 18 Franchise Stores   [Jan-06-17 04:14PM  Business Wire]
▶ Party City Announces Participation in the ICR Conference   [Jan-04-17 05:57PM  Business Wire]
▶ Party City Holdco Inc (PRTY): Does It Stack Up Against Its Peers?   [Dec-14-16 10:18PM  at Insider Monkey]
▶ Hedge Funds Are Selling GNC Holdings Inc (GNC) Again   [Nov-26-16 03:47PM  at Insider Monkey]
Financial statements of PRTY
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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