Intrinsic value of Party City Holdco - PRTY

Previous Close

$11.20

  Intrinsic Value

$20.29

stock screener

  Rating & Target

str. buy

+81%

Previous close

$11.20

 
Intrinsic value

$20.29

 
Up/down potential

+81%

 
Rating

str. buy

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 1.3

 

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
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  2,283
  2,397
  2,517
  2,643
  2,775
  2,914
  3,059
  3,212
  3,373
  3,542
  3,719
  3,905
  4,100
  4,305
  4,520
  4,746
  4,984
  5,233
  5,494
  5,769
  6,057
  6,360
  6,678
  7,012
  7,363
  7,731
  8,118
  8,523
  8,950
  9,397
  9,867
Variable operating expenses, $m
 
  2,104
  2,201
  2,304
  2,411
  2,524
  2,642
  2,766
  2,897
  3,033
  3,177
  3,171
  3,330
  3,496
  3,671
  3,854
  4,047
  4,249
  4,462
  4,685
  4,919
  5,165
  5,424
  5,695
  5,979
  6,278
  6,592
  6,922
  7,268
  7,631
  8,013
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
  2,104
  2,201
  2,304
  2,411
  2,524
  2,642
  2,766
  2,897
  3,033
  3,177
  3,171
  3,330
  3,496
  3,671
  3,854
  4,047
  4,249
  4,462
  4,685
  4,919
  5,165
  5,424
  5,695
  5,979
  6,278
  6,592
  6,922
  7,268
  7,631
  8,013
Operating income, $m
  274
  293
  316
  339
  364
  390
  418
  446
  476
  508
  541
  734
  770
  809
  849
  892
  936
  983
  1,032
  1,084
  1,138
  1,195
  1,255
  1,318
  1,383
  1,453
  1,525
  1,602
  1,682
  1,766
  1,854
EBITDA, $m
  358
  483
  507
  533
  560
  587
  617
  648
  680
  714
  750
  787
  827
  868
  911
  957
  1,005
  1,055
  1,108
  1,163
  1,221
  1,282
  1,347
  1,414
  1,485
  1,559
  1,637
  1,719
  1,804
  1,895
  1,989
Interest expense (income), $m
  86
  80
  86
  92
  99
  105
  112
  120
  128
  136
  144
  153
  163
  172
  183
  194
  205
  217
  230
  243
  257
  272
  287
  303
  320
  338
  356
  376
  397
  418
  441
Earnings before tax, $m
  187
  213
  229
  247
  265
  285
  305
  327
  349
  373
  397
  581
  608
  636
  666
  698
  731
  766
  803
  841
  881
  923
  968
  1,015
  1,063
  1,115
  1,169
  1,226
  1,285
  1,348
  1,413
Tax expense, $m
  70
  57
  62
  67
  72
  77
  82
  88
  94
  101
  107
  157
  164
  172
  180
  188
  197
  207
  217
  227
  238
  249
  261
  274
  287
  301
  316
  331
  347
  364
  382
Net income, $m
  117
  155
  167
  180
  194
  208
  223
  238
  255
  272
  290
  424
  444
  465
  487
  510
  534
  559
  586
  614
  643
  674
  707
  741
  776
  814
  853
  895
  938
  984
  1,032

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
  3,494
  3,669
  3,853
  4,045
  4,247
  4,460
  4,683
  4,917
  5,163
  5,421
  5,692
  5,977
  6,275
  6,589
  6,919
  7,265
  7,628
  8,009
  8,410
  8,830
  9,272
  9,735
  10,222
  10,733
  11,270
  11,833
  12,425
  13,046
  13,698
  14,383
Adjusted assets (=assets-cash), $m
  3,329
  3,494
  3,669
  3,853
  4,045
  4,247
  4,460
  4,683
  4,917
  5,163
  5,421
  5,692
  5,977
  6,275
  6,589
  6,919
  7,265
  7,628
  8,009
  8,410
  8,830
  9,272
  9,735
  10,222
  10,733
  11,270
  11,833
  12,425
  13,046
  13,698
  14,383
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
  980
  1,029
  1,081
  1,135
  1,192
  1,251
  1,314
  1,380
  1,449
  1,521
  1,597
  1,677
  1,761
  1,849
  1,941
  2,038
  2,140
  2,247
  2,360
  2,478
  2,601
  2,731
  2,868
  3,011
  3,162
  3,320
  3,486
  3,660
  3,843
  4,036
Working capital, $m
  388
  479
  503
  529
  555
  583
  612
  642
  675
  708
  744
  781
  820
  861
  904
  949
  997
  1,047
  1,099
  1,154
  1,211
  1,272
  1,336
  1,402
  1,473
  1,546
  1,624
  1,705
  1,790
  1,879
  1,973
Total debt, $m
  1,673
  1,725
  1,846
  1,974
  2,107
  2,248
  2,396
  2,551
  2,713
  2,884
  3,064
  3,252
  3,450
  3,657
  3,875
  4,104
  4,345
  4,597
  4,862
  5,141
  5,433
  5,740
  6,062
  6,400
  6,756
  7,128
  7,520
  7,931
  8,363
  8,816
  9,292
Total liabilities, $m
  2,377
  2,429
  2,550
  2,678
  2,811
  2,952
  3,100
  3,255
  3,417
  3,588
  3,768
  3,956
  4,154
  4,361
  4,579
  4,808
  5,049
  5,301
  5,566
  5,845
  6,137
  6,444
  6,766
  7,104
  7,460
  7,832
  8,224
  8,635
  9,067
  9,520
  9,996
Total equity, $m
  1,017
  1,066
  1,119
  1,175
  1,234
  1,295
  1,360
  1,428
  1,500
  1,575
  1,653
  1,736
  1,823
  1,914
  2,010
  2,110
  2,216
  2,326
  2,443
  2,565
  2,693
  2,828
  2,969
  3,118
  3,274
  3,437
  3,609
  3,790
  3,979
  4,178
  4,387
Total liabilities and equity, $m
  3,394
  3,495
  3,669
  3,853
  4,045
  4,247
  4,460
  4,683
  4,917
  5,163
  5,421
  5,692
  5,977
  6,275
  6,589
  6,918
  7,265
  7,627
  8,009
  8,410
  8,830
  9,272
  9,735
  10,222
  10,734
  11,269
  11,833
  12,425
  13,046
  13,698
  14,383
Debt-to-equity ratio
  1.645
  1.620
  1.650
  1.680
  1.710
  1.740
  1.760
  1.790
  1.810
  1.830
  1.850
  1.870
  1.890
  1.910
  1.930
  1.950
  1.960
  1.980
  1.990
  2.000
  2.020
  2.030
  2.040
  2.050
  2.060
  2.070
  2.080
  2.090
  2.100
  2.110
  2.120
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
  155
  167
  180
  194
  208
  223
  238
  255
  272
  290
  424
  444
  465
  487
  510
  534
  559
  586
  614
  643
  674
  707
  741
  776
  814
  853
  895
  938
  984
  1,032
Depreciation, amort., depletion, $m
  84
  190
  192
  194
  195
  197
  199
  201
  204
  206
  208
  54
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
  117
  123
  129
  135
Funds from operations, $m
  282
  345
  359
  374
  389
  405
  422
  440
  458
  478
  498
  477
  500
  524
  549
  575
  602
  631
  661
  693
  726
  761
  798
  837
  877
  920
  965
  1,012
  1,061
  1,113
  1,167
Change in working capital, $m
  24
  23
  24
  25
  26
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
Cash from operations, $m
  258
  323
  335
  349
  363
  377
  393
  409
  426
  444
  463
  440
  461
  483
  506
  530
  555
  581
  609
  638
  669
  701
  735
  770
  807
  846
  887
  930
  976
  1,023
  1,073
Maintenance CAPEX, $m
  0
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
New CAPEX, $m
  -82
  -47
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -166
  -174
  -183
  -192
Cash from investing activities, $m
  -114
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -134
  -140
  -147
  -154
  -162
  -170
  -179
  -187
  -197
  -207
  -217
  -229
  -239
  -252
  -264
  -277
  -291
  -306
  -321
Free cash flow, $m
  144
  244
  253
  263
  272
  283
  293
  305
  316
  329
  342
  313
  327
  343
  358
  375
  392
  411
  430
  450
  472
  494
  517
  542
  568
  595
  623
  653
  684
  717
  752
Issuance/(repayment) of debt, $m
  -122
  117
  121
  128
  134
  141
  148
  155
  163
  171
  179
  188
  198
  208
  218
  229
  240
  252
  265
  278
  292
  307
  322
  338
  355
  373
  392
  411
  432
  453
  476
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
  117
  121
  128
  134
  141
  148
  155
  163
  171
  179
  188
  198
  208
  218
  229
  240
  252
  265
  278
  292
  307
  322
  338
  355
  373
  392
  411
  432
  453
  476
Total cash flow (excl. dividends), $m
  22
  361
  375
  390
  406
  423
  441
  460
  479
  500
  521
  501
  525
  550
  576
  604
  633
  663
  695
  729
  764
  801
  839
  880
  923
  968
  1,015
  1,064
  1,116
  1,171
  1,228
Retained Cash Flow (-), $m
  -104
  -49
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -106
  -111
  -116
  -122
  -128
  -135
  -141
  -148
  -156
  -164
  -172
  -180
  -189
  -199
  -209
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
 
  312
  322
  334
  348
  362
  376
  392
  408
  425
  443
  419
  438
  459
  481
  504
  527
  552
  579
  606
  636
  666
  698
  732
  767
  804
  843
  884
  927
  972
  1,019
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
 
  285
  266
  249
  230
  210
  191
  171
  151
  132
  113
  87
  73
  60
  49
  39
  30
  23
  17
  13
  9
  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. is a holding company with no operating assets or operations. As of December 31, 2016, the Company owned PC Nextco Holdings, LLC (PC Nextco), which owned PC Intermediate Holdings, Inc. (PC Intermediate). As of December 31, 2016, PC Intermediate owned Party City Holdings Inc. (PCHI). PCHI or its direct or indirect subsidiaries conduct all of its operating businesses. The Company operates through two segments: Retail and Wholesale. Its retail operations generate revenue primarily through the sale of its Amscan, Designware, Anagram and Costumes USA party supplies through its Party City stores, Halloween City stores and PartyCity.com. Its wholesale revenues are generated from the sale of party goods for all occasions, including paper and plastic tableware, accessories and novelties, costumes, metallic and latex balloons and stationery.

FINANCIAL RATIOS  of  Party City Holdco (PRTY)

Valuation Ratios
P/E Ratio 11.4
Price to Sales 0.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow 7.6
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 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 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 119.13 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 $1.3 billion.

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COMPANY NEWS

▶ Party City Staffs Up for Halloween   [08:25AM  Business Wire]
▶ Best Low-P/E Stocks to Buy in September   [Sep-20-17 12:48PM  Motley Fool]
▶ Top Ranked Growth Stocks to Buy for August 16th   [Aug-16-17 10:23AM  Zacks]
▶ Top Ranked Value Stocks to Buy for August 11th   [Aug-11-17 08:28AM  Zacks]
▶ 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]
▶ The 3 Best Specialty Retail Stocks to Buy in 2017   [Jun-03-17 01:00PM  Motley Fool]
▶ [$$] Who's Afraid of Amazon? 9 Surprising Winners   [May-21-17 12:01AM  Barrons.com]
▶ Best Low P/E Stocks to Buy in May   [May-18-17 08:57AM  Motley Fool]
▶ 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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