Intrinsic value of PVH Corp. - PVH

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$98.26

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$98.26

 
Intrinsic value

$111.67

 
Up/down potential

+14%

 
Rating

hold

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

We calculate the intrinsic value of PVH 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 2017), $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 7.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.28
  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
  8,203
  8,367
  8,560
  8,779
  9,026
  9,300
  9,600
  9,927
  10,281
  10,663
  11,072
  11,509
  11,977
  12,474
  13,003
  13,563
  14,158
  14,787
  15,452
  16,155
  16,898
  17,681
  18,507
  19,378
  20,295
  21,261
  22,278
  23,349
  24,476
  25,661
  26,908
Variable operating expenses, $m
 
  7,038
  7,192
  7,368
  7,565
  7,784
  8,024
  8,286
  8,569
  8,874
  9,201
  9,204
  9,578
  9,975
  10,398
  10,847
  11,322
  11,825
  12,357
  12,919
  13,513
  14,139
  14,800
  15,496
  16,230
  17,003
  17,816
  18,672
  19,573
  20,521
  21,518
Fixed operating expenses, $m
 
  537
  551
  564
  578
  593
  608
  623
  638
  654
  671
  688
  705
  722
  740
  759
  778
  797
  817
  838
  859
  880
  902
  925
  948
  971
  996
  1,021
  1,046
  1,072
  1,099
Total operating expenses, $m
  7,414
  7,575
  7,743
  7,932
  8,143
  8,377
  8,632
  8,909
  9,207
  9,528
  9,872
  9,892
  10,283
  10,697
  11,138
  11,606
  12,100
  12,622
  13,174
  13,757
  14,372
  15,019
  15,702
  16,421
  17,178
  17,974
  18,812
  19,693
  20,619
  21,593
  22,617
Operating income, $m
  789
  792
  817
  847
  883
  923
  968
  1,019
  1,074
  1,134
  1,200
  1,618
  1,694
  1,776
  1,864
  1,958
  2,058
  2,165
  2,278
  2,398
  2,526
  2,661
  2,805
  2,957
  3,117
  3,287
  3,467
  3,656
  3,856
  4,068
  4,291
EBITDA, $m
  1,111
  1,325
  1,354
  1,390
  1,430
  1,477
  1,529
  1,586
  1,650
  1,719
  1,793
  1,874
  1,961
  2,054
  2,153
  2,260
  2,373
  2,494
  2,622
  2,758
  2,902
  3,055
  3,217
  3,388
  3,569
  3,760
  3,962
  4,176
  4,401
  4,639
  4,889
Interest expense (income), $m
  105
  112
  116
  122
  127
  134
  141
  149
  158
  167
  178
  189
  200
  213
  226
  240
  255
  271
  288
  305
  324
  344
  365
  387
  410
  434
  460
  487
  516
  546
  577
Earnings before tax, $m
  674
  680
  701
  726
  755
  789
  827
  869
  916
  967
  1,022
  1,429
  1,494
  1,564
  1,638
  1,718
  1,803
  1,894
  1,990
  2,093
  2,202
  2,318
  2,440
  2,570
  2,707
  2,853
  3,007
  3,169
  3,341
  3,522
  3,713
Tax expense, $m
  125
  184
  189
  196
  204
  213
  223
  235
  247
  261
  276
  386
  403
  422
  442
  464
  487
  511
  537
  565
  595
  626
  659
  694
  731
  770
  812
  856
  902
  951
  1,003
Net income, $m
  549
  496
  511
  530
  551
  576
  604
  635
  669
  706
  746
  1,043
  1,091
  1,141
  1,196
  1,254
  1,316
  1,382
  1,453
  1,528
  1,607
  1,692
  1,781
  1,876
  1,976
  2,083
  2,195
  2,313
  2,439
  2,571
  2,711

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  730
  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
  11,068
  10,551
  10,794
  11,071
  11,383
  11,728
  12,106
  12,519
  12,965
  13,446
  13,962
  14,514
  15,103
  15,730
  16,397
  17,104
  17,854
  18,647
  19,486
  20,373
  21,309
  22,296
  23,338
  24,436
  25,593
  26,811
  28,094
  29,444
  30,865
  32,360
  33,932
Adjusted assets (=assets-cash), $m
  10,338
  10,551
  10,794
  11,071
  11,383
  11,728
  12,106
  12,519
  12,965
  13,446
  13,962
  14,514
  15,103
  15,730
  16,397
  17,104
  17,854
  18,647
  19,486
  20,373
  21,309
  22,296
  23,338
  24,436
  25,593
  26,811
  28,094
  29,444
  30,865
  32,360
  33,932
Revenue / Adjusted assets
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
  0.793
Average production assets, $m
  4,381
  4,468
  4,571
  4,688
  4,820
  4,966
  5,127
  5,301
  5,490
  5,694
  5,912
  6,146
  6,396
  6,661
  6,943
  7,243
  7,560
  7,896
  8,252
  8,627
  9,023
  9,442
  9,883
  10,348
  10,838
  11,353
  11,897
  12,468
  13,070
  13,703
  14,369
Working capital, $m
  1,315
  619
  633
  650
  668
  688
  710
  735
  761
  789
  819
  852
  886
  923
  962
  1,004
  1,048
  1,094
  1,143
  1,196
  1,250
  1,308
  1,370
  1,434
  1,502
  1,573
  1,649
  1,728
  1,811
  1,899
  1,991
Total debt, $m
  3,216
  3,326
  3,472
  3,640
  3,828
  4,037
  4,265
  4,514
  4,784
  5,074
  5,386
  5,719
  6,075
  6,454
  6,857
  7,284
  7,737
  8,216
  8,723
  9,258
  9,823
  10,420
  11,049
  11,712
  12,411
  13,147
  13,922
  14,737
  15,595
  16,498
  17,448
Total liabilities, $m
  6,263
  6,373
  6,519
  6,687
  6,875
  7,084
  7,312
  7,561
  7,831
  8,121
  8,433
  8,766
  9,122
  9,501
  9,904
  10,331
  10,784
  11,263
  11,770
  12,305
  12,870
  13,467
  14,096
  14,759
  15,458
  16,194
  16,969
  17,784
  18,642
  19,545
  20,495
Total equity, $m
  4,805
  4,178
  4,274
  4,384
  4,508
  4,644
  4,794
  4,957
  5,134
  5,325
  5,529
  5,747
  5,981
  6,229
  6,493
  6,773
  7,070
  7,384
  7,716
  8,068
  8,438
  8,829
  9,242
  9,677
  10,135
  10,617
  11,125
  11,660
  12,223
  12,814
  13,437
Total liabilities and equity, $m
  11,068
  10,551
  10,793
  11,071
  11,383
  11,728
  12,106
  12,518
  12,965
  13,446
  13,962
  14,513
  15,103
  15,730
  16,397
  17,104
  17,854
  18,647
  19,486
  20,373
  21,308
  22,296
  23,338
  24,436
  25,593
  26,811
  28,094
  29,444
  30,865
  32,359
  33,932
Debt-to-equity ratio
  0.669
  0.800
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  1.000
  1.020
  1.040
  1.060
  1.080
  1.090
  1.110
  1.130
  1.150
  1.160
  1.180
  1.200
  1.210
  1.220
  1.240
  1.250
  1.260
  1.280
  1.290
  1.300
Adjusted equity ratio
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  549
  496
  511
  530
  551
  576
  604
  635
  669
  706
  746
  1,043
  1,091
  1,141
  1,196
  1,254
  1,316
  1,382
  1,453
  1,528
  1,607
  1,692
  1,781
  1,876
  1,976
  2,083
  2,195
  2,313
  2,439
  2,571
  2,711
Depreciation, amort., depletion, $m
  322
  533
  537
  542
  548
  554
  561
  568
  576
  584
  593
  256
  266
  278
  289
  302
  315
  329
  344
  359
  376
  393
  412
  431
  452
  473
  496
  520
  545
  571
  599
Funds from operations, $m
  1,084
  1,030
  1,049
  1,072
  1,099
  1,130
  1,164
  1,202
  1,244
  1,290
  1,340
  1,299
  1,357
  1,419
  1,485
  1,556
  1,631
  1,711
  1,797
  1,887
  1,983
  2,085
  2,193
  2,307
  2,428
  2,556
  2,690
  2,833
  2,983
  3,142
  3,309
Change in working capital, $m
  129
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
Cash from operations, $m
  955
  1,007
  1,035
  1,056
  1,081
  1,110
  1,142
  1,178
  1,218
  1,262
  1,309
  1,267
  1,323
  1,382
  1,446
  1,514
  1,587
  1,665
  1,748
  1,835
  1,928
  2,027
  2,132
  2,243
  2,360
  2,484
  2,615
  2,754
  2,900
  3,054
  3,217
Maintenance CAPEX, $m
  0
  -183
  -186
  -190
  -195
  -201
  -207
  -214
  -221
  -229
  -237
  -246
  -256
  -266
  -278
  -289
  -302
  -315
  -329
  -344
  -359
  -376
  -393
  -412
  -431
  -452
  -473
  -496
  -520
  -545
  -571
New CAPEX, $m
  -247
  -88
  -103
  -117
  -132
  -146
  -160
  -175
  -189
  -204
  -219
  -234
  -249
  -266
  -282
  -300
  -317
  -336
  -355
  -375
  -396
  -418
  -441
  -465
  -490
  -516
  -543
  -572
  -602
  -633
  -666
Cash from investing activities, $m
  -481
  -271
  -289
  -307
  -327
  -347
  -367
  -389
  -410
  -433
  -456
  -480
  -505
  -532
  -560
  -589
  -619
  -651
  -684
  -719
  -755
  -794
  -834
  -877
  -921
  -968
  -1,016
  -1,068
  -1,122
  -1,178
  -1,237
Free cash flow, $m
  474
  737
  746
  748
  754
  763
  775
  790
  808
  829
  854
  787
  817
  850
  886
  926
  968
  1,014
  1,063
  1,116
  1,173
  1,233
  1,297
  1,366
  1,439
  1,517
  1,599
  1,686
  1,779
  1,877
  1,980
Issuance/(repayment) of debt, $m
  365
  129
  147
  168
  188
  208
  229
  249
  270
  290
  312
  333
  356
  379
  403
  427
  453
  479
  507
  535
  565
  597
  629
  663
  699
  736
  775
  816
  858
  903
  950
Issuance/(repurchase) of shares, $m
  -659
  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  
  -291
  129
  147
  168
  188
  208
  229
  249
  270
  290
  312
  333
  356
  379
  403
  427
  453
  479
  507
  535
  565
  597
  629
  663
  699
  736
  775
  816
  858
  903
  950
Total cash flow (excl. dividends), $m
  186
  866
  892
  915
  942
  971
  1,004
  1,039
  1,078
  1,120
  1,165
  1,120
  1,173
  1,229
  1,289
  1,353
  1,421
  1,493
  1,570
  1,652
  1,738
  1,830
  1,927
  2,029
  2,138
  2,253
  2,374
  2,502
  2,637
  2,779
  2,930
Retained Cash Flow (-), $m
  -253
  -84
  -96
  -110
  -123
  -137
  -150
  -163
  -177
  -190
  -204
  -219
  -233
  -248
  -264
  -280
  -297
  -314
  -332
  -351
  -371
  -391
  -412
  -435
  -458
  -482
  -508
  -535
  -563
  -592
  -623
Prev. year cash balance distribution, $m
 
  711
  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
 
  1,492
  796
  806
  818
  834
  854
  876
  901
  929
  961
  902
  940
  981
  1,025
  1,073
  1,124
  1,179
  1,238
  1,300
  1,367
  1,439
  1,514
  1,594
  1,680
  1,770
  1,866
  1,967
  2,074
  2,188
  2,307
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  1,411
  707
  669
  631
  594
  556
  519
  481
  443
  406
  334
  302
  270
  240
  210
  182
  155
  131
  109
  89
  71
  56
  43
  33
  24
  18
  12
  9
  6
  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

PVH Corp. operates as an apparel company in the United States and internationally. The company operates through six segments: Calvin Klein North America, Calvin Klein International, Tommy Hilfiger North America, Tommy Hilfiger International, Heritage Brands Wholesale, and Heritage Brands Retail. It designs, markets, and retails men’s and women’s apparel and accessories, branded dress shirts, neckwear, sportswear, jeans wear, intimate apparel, swim products, handbags, footwear, golf apparel, fragrances, cosmetics, eyewear, hosiery, socks, jewelry, watches, outerwear, small leather goods, and home furnishings, as well as other related products. The company offers its products under its own brands, such as Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Warner’s, Olga, and Eagle; and licensed brands comprising Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, Sean John, MICHAEL Michael Kors, Michael Kors Collection, and Chaps, as well as various other licensed and private label brands. It also licenses its own brands over various products. The company distributes its products at wholesale in department, chain, specialty, mass market, club, off-price, and independent stores; and through company-operated full-price specialty and outlet stores, as well as through e-commerce sites. PVH Corp. was founded in 1881 and is based in New York, New York.

FINANCIAL RATIOS  of  PVH Corp. (PVH)

Valuation Ratios
P/E Ratio 14.1
Price to Sales 0.9
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 10.9
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.4%
Cap. Spend. - 3 Yr. Gr. Rate 0.8%
Financial Strength
Quick Ratio 38
Current Ratio 0
LT Debt to Equity 66.5%
Total Debt to Equity 66.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 53.3%
Gross Margin - 3 Yr. Avg. 52.6%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 18.5%
Eff/ Tax Rate - 3 Yr. Avg. 6%
Payout Ratio 2.2%

PVH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PVH stock intrinsic value calculation we used $8203 million for the last fiscal year's total revenue generated by PVH Corp.. The default revenue input number comes from 2017 income statement of PVH Corp.. 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 PVH 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 5.8%, whose default value for PVH is calculated based on our internal credit rating of PVH Corp., 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 PVH Corp..
    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 PVH stock the variable cost ratio is equal to 84.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $524 million in the base year in the intrinsic value calculation for PVH 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 3.5% for PVH Corp..

Corporate tax rate of 27% is the nominal tax rate for PVH Corp.. 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 PVH 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 PVH are equal to 53.4%.

Life of production assets of 24 years is the average useful life of capital assets used in PVH Corp. 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 PVH is equal to 7.4%. 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 - $4805 million for PVH Corp. - 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 78.09 million for PVH Corp. 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 PVH Corp. at the current share price and the inputted number of shares is $7.7 billion.


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COMPANY NEWS

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▶ Ralph Lauren Drops 4.5% after Announcing Restructuring Moves   [Apr-05-17 06:05PM  Market Realist]
▶ Analyst: PVH Not Just Another Apparel Maker   [Mar-25-17 06:42PM  at Investopedia]
▶ 15 Most Expensive Mens Suits Brands in the World   [Mar-24-17 06:23PM  at Insider Monkey]
▶ What Happened in the Stock Market Today   [04:49PM  at Motley Fool]
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▶ PVH Corp. Soars on Q4 Beat   [04:01PM  at Investopedia]
▶ What to Watch Wednesday: PVH Reports Earnings   [Mar-21-17 05:07PM  at TheStreet]
▶ What You Need To Know This Week   [07:08AM  at Forbes]
Stock chart of PVH Financial statements of PVH
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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