Intrinsic value of Liberty Interactive QVC Group Series A - QVCA

Previous Close

$27.95

  Intrinsic Value

$8.57

stock screener

  Rating & Target

str. sell

-69%

Previous close

$27.95

 
Intrinsic value

$8.57

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of QVCA 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  11.45
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  10,219
  10,536
  10,882
  11,259
  11,666
  12,104
  12,573
  13,075
  13,610
  14,179
  14,784
  15,425
  16,104
  16,823
  17,583
  18,386
  19,233
  20,127
  21,070
  22,063
  23,109
  24,212
  25,372
  26,593
  27,878
  29,229
  30,651
  32,146
  33,718
  35,370
  37,107
Variable operating expenses, $m
 
  9,187
  9,489
  9,818
  10,173
  10,555
  10,964
  11,401
  11,868
  12,364
  12,891
  13,451
  14,043
  14,670
  15,332
  16,032
  16,771
  17,551
  18,373
  19,239
  20,151
  21,112
  22,124
  23,189
  24,309
  25,488
  26,728
  28,031
  29,402
  30,843
  32,357
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
  9,208
  9,187
  9,489
  9,818
  10,173
  10,555
  10,964
  11,401
  11,868
  12,364
  12,891
  13,451
  14,043
  14,670
  15,332
  16,032
  16,771
  17,551
  18,373
  19,239
  20,151
  21,112
  22,124
  23,189
  24,309
  25,488
  26,728
  28,031
  29,402
  30,843
  32,357
Operating income, $m
  1,011
  1,349
  1,393
  1,441
  1,493
  1,549
  1,609
  1,674
  1,742
  1,815
  1,892
  1,974
  2,061
  2,153
  2,251
  2,353
  2,462
  2,576
  2,697
  2,824
  2,958
  3,099
  3,248
  3,404
  3,568
  3,741
  3,923
  4,115
  4,316
  4,527
  4,750
EBITDA, $m
  1,861
  2,227
  2,300
  2,380
  2,466
  2,558
  2,658
  2,764
  2,877
  2,997
  3,125
  3,260
  3,404
  3,556
  3,716
  3,886
  4,065
  4,254
  4,453
  4,663
  4,884
  5,117
  5,363
  5,621
  5,892
  6,178
  6,478
  6,794
  7,127
  7,476
  7,843
Interest expense (income), $m
  0
  223
  233
  244
  256
  269
  284
  299
  315
  332
  351
  371
  391
  413
  437
  461
  487
  515
  544
  575
  607
  641
  677
  714
  754
  796
  839
  886
  934
  985
  1,039
Earnings before tax, $m
  808
  1,126
  1,160
  1,197
  1,237
  1,280
  1,326
  1,375
  1,427
  1,482
  1,541
  1,604
  1,670
  1,740
  1,814
  1,892
  1,974
  2,061
  2,153
  2,250
  2,351
  2,458
  2,571
  2,690
  2,815
  2,946
  3,084
  3,229
  3,382
  3,542
  3,711
Tax expense, $m
  297
  304
  313
  323
  334
  346
  358
  371
  385
  400
  416
  433
  451
  470
  490
  511
  533
  557
  581
  607
  635
  664
  694
  726
  760
  795
  833
  872
  913
  956
  1,002
Net income, $m
  473
  822
  847
  874
  903
  934
  968
  1,004
  1,042
  1,082
  1,125
  1,171
  1,219
  1,270
  1,324
  1,381
  1,441
  1,505
  1,572
  1,642
  1,716
  1,795
  1,877
  1,963
  2,055
  2,150
  2,251
  2,357
  2,469
  2,586
  2,709

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  338
  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
  14,357
  14,452
  14,928
  15,445
  16,003
  16,603
  17,247
  17,936
  18,669
  19,450
  20,279
  21,159
  22,091
  23,077
  24,119
  25,220
  26,383
  27,609
  28,902
  30,265
  31,700
  33,212
  34,804
  36,479
  38,241
  40,095
  42,045
  44,096
  46,252
  48,519
  50,901
Adjusted assets (=assets-cash), $m
  14,019
  14,452
  14,928
  15,445
  16,003
  16,603
  17,247
  17,936
  18,669
  19,450
  20,279
  21,159
  22,091
  23,077
  24,119
  25,220
  26,383
  27,609
  28,902
  30,265
  31,700
  33,212
  34,804
  36,479
  38,241
  40,095
  42,045
  44,096
  46,252
  48,519
  50,901
Revenue / Adjusted assets
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
Average production assets, $m
  10,646
  10,978
  11,339
  11,732
  12,156
  12,612
  13,101
  13,624
  14,182
  14,775
  15,405
  16,073
  16,781
  17,530
  18,321
  19,158
  20,041
  20,972
  21,954
  22,990
  24,080
  25,228
  26,437
  27,710
  29,049
  30,457
  31,938
  33,496
  35,134
  36,856
  38,665
Working capital, $m
  882
  579
  599
  619
  642
  666
  692
  719
  749
  780
  813
  848
  886
  925
  967
  1,011
  1,058
  1,107
  1,159
  1,213
  1,271
  1,332
  1,395
  1,463
  1,533
  1,608
  1,686
  1,768
  1,854
  1,945
  2,041
Total debt, $m
  6,375
  6,648
  6,969
  7,318
  7,696
  8,102
  8,537
  9,002
  9,498
  10,026
  10,587
  11,182
  11,811
  12,478
  13,183
  13,927
  14,713
  15,542
  16,416
  17,337
  18,307
  19,329
  20,405
  21,538
  22,729
  23,982
  25,301
  26,687
  28,144
  29,677
  31,287
Total liabilities, $m
  9,497
  9,770
  10,091
  10,440
  10,818
  11,224
  11,659
  12,124
  12,620
  13,148
  13,709
  14,304
  14,933
  15,600
  16,305
  17,049
  17,835
  18,664
  19,538
  20,459
  21,429
  22,451
  23,527
  24,660
  25,851
  27,104
  28,423
  29,809
  31,266
  32,799
  34,409
Total equity, $m
  4,860
  4,683
  4,837
  5,004
  5,185
  5,380
  5,588
  5,811
  6,049
  6,302
  6,571
  6,856
  7,157
  7,477
  7,815
  8,171
  8,548
  8,945
  9,364
  9,806
  10,271
  10,761
  11,276
  11,819
  12,390
  12,991
  13,623
  14,287
  14,986
  15,720
  16,492
Total liabilities and equity, $m
  14,357
  14,453
  14,928
  15,444
  16,003
  16,604
  17,247
  17,935
  18,669
  19,450
  20,280
  21,160
  22,090
  23,077
  24,120
  25,220
  26,383
  27,609
  28,902
  30,265
  31,700
  33,212
  34,803
  36,479
  38,241
  40,095
  42,046
  44,096
  46,252
  48,519
  50,901
Debt-to-equity ratio
  1.312
  1.420
  1.440
  1.460
  1.480
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.650
  1.670
  1.690
  1.700
  1.720
  1.740
  1.750
  1.770
  1.780
  1.800
  1.810
  1.820
  1.830
  1.850
  1.860
  1.870
  1.880
  1.890
  1.900
Adjusted equity ratio
  0.323
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  473
  822
  847
  874
  903
  934
  968
  1,004
  1,042
  1,082
  1,125
  1,171
  1,219
  1,270
  1,324
  1,381
  1,441
  1,505
  1,572
  1,642
  1,716
  1,795
  1,877
  1,963
  2,055
  2,150
  2,251
  2,357
  2,469
  2,586
  2,709
Depreciation, amort., depletion, $m
  850
  878
  907
  939
  972
  1,009
  1,048
  1,090
  1,135
  1,182
  1,232
  1,286
  1,342
  1,402
  1,466
  1,533
  1,603
  1,678
  1,756
  1,839
  1,926
  2,018
  2,115
  2,217
  2,324
  2,437
  2,555
  2,680
  2,811
  2,948
  3,093
Funds from operations, $m
  1,356
  1,700
  1,754
  1,813
  1,876
  1,943
  2,016
  2,094
  2,176
  2,264
  2,358
  2,457
  2,562
  2,673
  2,790
  2,914
  3,045
  3,183
  3,328
  3,481
  3,643
  3,813
  3,992
  4,180
  4,379
  4,587
  4,806
  5,037
  5,279
  5,534
  5,802
Change in working capital, $m
  83
  17
  19
  21
  22
  24
  26
  28
  29
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  91
  96
Cash from operations, $m
  1,273
  1,683
  1,735
  1,792
  1,853
  1,919
  1,990
  2,066
  2,147
  2,233
  2,324
  2,421
  2,524
  2,633
  2,748
  2,870
  2,998
  3,133
  3,276
  3,427
  3,585
  3,752
  3,928
  4,113
  4,308
  4,513
  4,728
  4,955
  5,193
  5,443
  5,707
Maintenance CAPEX, $m
  0
  -852
  -878
  -907
  -939
  -972
  -1,009
  -1,048
  -1,090
  -1,135
  -1,182
  -1,232
  -1,286
  -1,342
  -1,402
  -1,466
  -1,533
  -1,603
  -1,678
  -1,756
  -1,839
  -1,926
  -2,018
  -2,115
  -2,217
  -2,324
  -2,437
  -2,555
  -2,680
  -2,811
  -2,948
New CAPEX, $m
  -206
  -333
  -361
  -392
  -424
  -456
  -489
  -523
  -557
  -593
  -630
  -668
  -708
  -749
  -792
  -836
  -883
  -931
  -982
  -1,035
  -1,090
  -1,148
  -1,209
  -1,272
  -1,339
  -1,408
  -1,481
  -1,558
  -1,638
  -1,722
  -1,810
Cash from investing activities, $m
  -238
  -1,185
  -1,239
  -1,299
  -1,363
  -1,428
  -1,498
  -1,571
  -1,647
  -1,728
  -1,812
  -1,900
  -1,994
  -2,091
  -2,194
  -2,302
  -2,416
  -2,534
  -2,660
  -2,791
  -2,929
  -3,074
  -3,227
  -3,387
  -3,556
  -3,732
  -3,918
  -4,113
  -4,318
  -4,533
  -4,758
Free cash flow, $m
  1,035
  498
  496
  492
  491
  491
  492
  495
  499
  505
  512
  521
  531
  542
  554
  567
  582
  599
  616
  635
  656
  677
  701
  726
  752
  780
  810
  842
  876
  911
  948
Issuance/(repayment) of debt, $m
  -273
  287
  321
  349
  377
  406
  435
  465
  496
  528
  561
  595
  630
  667
  705
  744
  786
  829
  874
  921
  970
  1,022
  1,076
  1,132
  1,191
  1,253
  1,318
  1,386
  1,458
  1,532
  1,611
Issuance/(repurchase) of shares, $m
  -799
  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  
  -1,103
  287
  321
  349
  377
  406
  435
  465
  496
  528
  561
  595
  630
  667
  705
  744
  786
  829
  874
  921
  970
  1,022
  1,076
  1,132
  1,191
  1,253
  1,318
  1,386
  1,458
  1,532
  1,611
Total cash flow (excl. dividends), $m
  -88
  785
  817
  841
  868
  897
  927
  960
  996
  1,033
  1,073
  1,115
  1,160
  1,208
  1,259
  1,312
  1,368
  1,428
  1,490
  1,556
  1,626
  1,699
  1,777
  1,858
  1,944
  2,034
  2,129
  2,228
  2,333
  2,443
  2,559
Retained Cash Flow (-), $m
  335
  -147
  -154
  -167
  -181
  -195
  -209
  -223
  -238
  -253
  -269
  -285
  -302
  -319
  -338
  -357
  -377
  -397
  -419
  -442
  -465
  -490
  -516
  -543
  -571
  -601
  -632
  -664
  -699
  -734
  -772
Prev. year cash balance distribution, $m
 
  324
  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
 
  963
  663
  674
  687
  702
  719
  737
  758
  780
  804
  830
  859
  889
  921
  955
  992
  1,030
  1,071
  1,115
  1,161
  1,210
  1,261
  1,315
  1,373
  1,433
  1,497
  1,564
  1,634
  1,709
  1,787
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  889
  561
  518
  476
  434
  393
  352
  313
  275
  240
  206
  175
  146
  120
  97
  78
  61
  47
  35
  26
  19
  13
  9
  6
  4
  2
  1
  1
  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

Liberty Interactive Corporation owns interests in subsidiaries and other companies, which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its subsidiaries QVC, Inc. (QVC), zulily, llc (zulily) and and Evite, Inc. (Evite). The Company's segments include QVC, zulily, and Corporate and other. Evite is an online invitation and social event planning service on the Web. As of December 31, 2016, QVC marketed and sold a range of consumer products primarily through live merchandise-focused televised shopping programs distributed to approximately 362 million households each day and through its Websites, including QVC.com, and other interactive media, such as mobile applications. Zulily's merchandise includes women's, children's and men's apparel, children's merchandise and other products, such as kitchen accessories and home decor.

FINANCIAL RATIOS  of  Liberty Interactive QVC Group Series A (QVCA)

Valuation Ratios
P/E Ratio 27.1
Price to Sales 1.3
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 12
Growth Rates
Sales Growth Rate 11.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.5%
Cap. Spend. - 3 Yr. Gr. Rate -6.7%
Financial Strength
Quick Ratio 24
Current Ratio 0
LT Debt to Equity 130.9%
Total Debt to Equity 131.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 35%
Gross Margin - 3 Yr. Avg. 35.9%
EBITDA Margin 16.2%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 7.9%
Pre-Tax Margin - 3 Yr. Avg. 9.1%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 34.2%
Payout Ratio 0%

QVCA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QVCA stock intrinsic value calculation we used $10219 million for the last fiscal year's total revenue generated by Liberty Interactive QVC Group Series A. The default revenue input number comes from 2016 income statement of Liberty Interactive QVC Group Series A. 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 QVCA stock valuation model: a) initial revenue growth rate of 3.1% 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 8.3%, whose default value for QVCA is calculated based on our internal credit rating of Liberty Interactive QVC Group Series A, 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 Liberty Interactive QVC Group Series A.
    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 QVCA stock the variable cost ratio is equal to 87.2%.

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 QVCA 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 Liberty Interactive QVC Group Series A.

Corporate tax rate of 27% is the nominal tax rate for Liberty Interactive QVC Group Series A. 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 QVCA 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 QVCA are equal to 104.2%.

Life of production assets of 12.5 years is the average useful life of capital assets used in Liberty Interactive QVC Group Series A 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 QVCA is equal to 5.5%. 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 - $4860 million for Liberty Interactive QVC Group Series A - 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 641.687 million for Liberty Interactive QVC Group Series A 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 Liberty Interactive QVC Group Series A at the current share price and the inputted number of shares is $17.9 billion.

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COMPANY NEWS

▶ Why QVC Group Stock Gained 15% in January   [Feb-08-18 05:01PM  Motley Fool]
▶ GCI to Announce Fourth Quarter 2017 Earnings   [Feb-01-18 04:38PM  PR Newswire]
▶ Building A Brand On QVC: How Judith Ripka Did It   [Jan-22-18 06:21PM  Forbes]
▶ QVC And Brooke Shields Prove Fashion Is Timeless   [Jan-11-18 10:38AM  PR Newswire]
▶ QVC parent Liberty Interactive completes $2.1B deal for HSN   [12:00PM  American City Business Journals]
▶ 3 takeaways from the HSN sale to QVC parent Liberty Interactive   [Jan-01-18 10:15PM  American City Business Journals]
▶ QVC parent Liberty Interactive completes $2.1B deal for HSN   [Dec-29-17 07:31PM  American City Business Journals]
▶ Here are the headquarters the Tampa Bay area lost in 2017   [Dec-27-17 07:28AM  American City Business Journals]
▶ Liberty Interactive QVC Getting Closer To Key Technical Measure   [Dec-18-17 03:00AM  Investor's Business Daily]
▶ GameStop Corp. Is an Unlikely Winner As a Dividend Stock   [Dec-08-17 11:49AM  InvestorPlace]
▶ Stocks Generating Improved Relative Strength: Liberty Interactive Ventures   [Dec-04-17 03:00AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: Liberty Interactive QVC   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ HSN sets date for shareholder vote on sale to Liberty Interactive   [Nov-28-17 10:30AM  American City Business Journals]
▶ QVC Encourages You To Share The Love This Holiday Season   [Nov-21-17 10:59AM  PR Newswire]
▶ Is Liberty Ventures (LVNTA) Undervalued?   [01:55PM  Simply Wall St.]
▶ Liberty Interactive posts 3Q profit   [05:01AM  Associated Press]
▶ Liberty Interactive tops Street 3Q forecasts   [05:01AM  Associated Press]
▶ Liberty posts 3Q profit   [05:01AM  Associated Press]
▶ General Communication Bleeds Subscribers   [Nov-03-17 07:15PM  Motley Fool]
▶ Is Liberty Venturess (LVNTA) ROE Of 46.91% Sustainable?   [Oct-27-17 08:51PM  Simply Wall St.]
▶ QVC Takes A Stylish Stand Against Breast Cancer   [Oct-10-17 11:06AM  PR Newswire]
▶ Wally Weitz Comments on Liberty Ventures   [Sep-15-17 01:37PM  GuruFocus.com]
▶ Liberty Interactive Challenges Walmart and Amazon   [Sep-13-17 10:37AM  Market Realist]
Financial statements of QVCA
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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