Intrinsic value of Rocky Brands - RCKY

Previous Close

$18.10

  Intrinsic Value

$4.53

stock screener

  Rating & Target

str. sell

-75%

Previous close

$18.10

 
Intrinsic value

$4.53

 
Up/down potential

-75%

 
Rating

str. sell

We calculate the intrinsic value of RCKY 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 0.1

 

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, %
  -3.35
  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
  260
  265
  271
  278
  286
  295
  304
  315
  326
  338
  351
  365
  380
  395
  412
  430
  449
  469
  490
  512
  536
  560
  587
  614
  643
  674
  706
  740
  776
  813
  853
Variable operating expenses, $m
 
  255
  261
  268
  275
  284
  293
  303
  313
  325
  338
  351
  365
  380
  396
  414
  432
  451
  471
  493
  515
  539
  564
  591
  619
  648
  679
  712
  746
  782
  820
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
  263
  255
  261
  268
  275
  284
  293
  303
  313
  325
  338
  351
  365
  380
  396
  414
  432
  451
  471
  493
  515
  539
  564
  591
  619
  648
  679
  712
  746
  782
  820
Operating income, $m
  -3
  10
  10
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
EBITDA, $m
  5
  18
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
Interest expense (income), $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
Earnings before tax, $m
  -4
  9
  9
  10
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  27
Tax expense, $m
  -2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
Net income, $m
  -2
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  181
  181
  185
  189
  195
  201
  207
  214
  222
  230
  239
  248
  258
  269
  281
  293
  305
  319
  333
  349
  365
  381
  399
  418
  438
  459
  481
  504
  528
  554
  581
Adjusted assets (=assets-cash), $m
  177
  181
  185
  189
  195
  201
  207
  214
  222
  230
  239
  248
  258
  269
  281
  293
  305
  319
  333
  349
  365
  381
  399
  418
  438
  459
  481
  504
  528
  554
  581
Revenue / Adjusted assets
  1.469
  1.464
  1.465
  1.471
  1.467
  1.468
  1.469
  1.472
  1.468
  1.470
  1.469
  1.472
  1.473
  1.468
  1.466
  1.468
  1.472
  1.470
  1.471
  1.467
  1.468
  1.470
  1.471
  1.469
  1.468
  1.468
  1.468
  1.468
  1.470
  1.468
  1.468
Average production assets, $m
  62
  63
  65
  66
  68
  70
  72
  75
  78
  80
  84
  87
  90
  94
  98
  102
  107
  112
  117
  122
  127
  133
  140
  146
  153
  160
  168
  176
  185
  194
  203
Working capital, $m
  102
  100
  102
  105
  108
  111
  115
  119
  123
  127
  132
  138
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  232
  243
  254
  266
  279
  292
  307
  322
Total debt, $m
  15
  16
  17
  18
  20
  21
  23
  25
  27
  29
  31
  34
  36
  39
  42
  45
  48
  52
  56
  60
  64
  68
  73
  78
  83
  88
  94
  100
  106
  113
  120
Total liabilities, $m
  45
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
Total equity, $m
  135
  134
  137
  140
  144
  148
  153
  159
  164
  170
  177
  184
  191
  199
  208
  217
  226
  236
  247
  258
  270
  282
  295
  309
  324
  339
  356
  373
  391
  410
  430
Total liabilities and equity, $m
  180
  181
  185
  189
  195
  200
  207
  215
  222
  230
  239
  249
  258
  269
  281
  293
  305
  319
  334
  349
  365
  381
  399
  418
  438
  458
  481
  504
  528
  554
  581
Debt-to-equity ratio
  0.111
  0.120
  0.120
  0.130
  0.140
  0.140
  0.150
  0.160
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.280
  0.280
Adjusted equity ratio
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
Depreciation, amort., depletion, $m
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Funds from operations, $m
  33
  15
  15
  16
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
Change in working capital, $m
  12
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
Cash from operations, $m
  21
  13
  13
  13
  13
  13
  13
  14
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
Maintenance CAPEX, $m
  0
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
New CAPEX, $m
  -6
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from investing activities, $m
  -6
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -13
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -17
  -19
  -19
  -20
  -22
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
Free cash flow, $m
  15
  4
  3
  3
  3
  2
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
Issuance/(repayment) of debt, $m
  -9
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
Issuance/(repurchase) of shares, $m
  -2
  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  
  -11
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
Total cash flow (excl. dividends), $m
  4
  5
  4
  4
  4
  4
  4
  4
  4
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
Retained Cash Flow (-), $m
  7
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Prev. year cash balance distribution, $m
 
  4
  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
 
  6
  1
  1
  0
  0
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  6
  1
  1
  0
  0
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -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
  99.9
  99.8
  99.7

Rocky Brands, Inc. is a designer, manufacturer and marketer of footwear and apparel marketed under a portfolio of brand names, including Rocky, Georgia Boot, Durango, Lehigh, Creative Recreation and the licensed brand Michelin. The Company operates its business through three segments: wholesale, retail and military. In its wholesale segment, the Company distributes its products through a range of distribution channels representing over 10,000 retail store locations in the United States and Canada, as well as in other international markets. Its wholesale channels vary by product line and include sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants and uniform stores. In its retail segment, the Company sells its products directly to consumers through its consumer and business direct Websites and its Rocky outlet store. In its military segment, the Company sells footwear under the Rocky label to the United States military.

FINANCIAL RATIOS  of  Rocky Brands (RCKY)

Valuation Ratios
P/E Ratio -67.2
Price to Sales 0.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 9
Growth Rates
Sales Growth Rate -3.3%
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 -5.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 11.1%
Total Debt to Equity 11.1%
Interest Coverage -3
Management Effectiveness
Return On Assets -0.8%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity -1.4%
Return On Equity - 3 Yr. Avg. 3.7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 29.6%
Gross Margin - 3 Yr. Avg. 32.1%
EBITDA Margin 1.9%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin -1.2%
Oper. Margin - 3 Yr. Avg. 2.7%
Pre-Tax Margin -1.5%
Pre-Tax Margin - 3 Yr. Avg. 2.5%
Net Profit Margin -0.8%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio -150%

RCKY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RCKY stock intrinsic value calculation we used $260 million for the last fiscal year's total revenue generated by Rocky Brands. The default revenue input number comes from 2016 income statement of Rocky Brands. 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 RCKY 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 4.3%, whose default value for RCKY is calculated based on our internal credit rating of Rocky Brands, 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 Rocky Brands.
    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 RCKY stock the variable cost ratio is equal to 96.2%.

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 RCKY 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 5.1% for Rocky Brands.

Corporate tax rate of 27% is the nominal tax rate for Rocky Brands. 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 RCKY 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 RCKY are equal to 23.8%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Rocky Brands 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 RCKY is equal to 37.7%. 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 - $135 million for Rocky Brands - 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 7.446 million for Rocky Brands 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 Rocky Brands at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Rocky Brands Declares Quarterly Cash Dividend   [Nov-16-17 04:05PM  Business Wire]
▶ 4 Best Performing Stocks of October   [Nov-01-17 09:57AM  Zacks]
▶ Top Ranked Value Stocks to Buy for October 27th   [Oct-27-17 08:54AM  Zacks]
▶ Rocky Brands posts 3Q profit   [Oct-24-17 05:19PM  Associated Press]
▶ Rocky Brands Provides Update on Puerto Rico Operations   [Oct-02-17 04:01PM  Business Wire]
▶ 7 Low Price-to-Sales Stocks Worth Buying   [Aug-25-17 09:15AM  Zacks]
▶ New Strong Buy Stocks for August 23rd   [Aug-23-17 10:56AM  Zacks]
▶ Rocky Brands Declares Quarterly Cash Dividend   [Aug-18-17 04:05PM  Business Wire]
▶ Heres how Rocky Brands new CEO plans to grow the company   [Jul-26-17 04:55PM  American City Business Journals]
▶ Rocky Brands posts 2Q profit   [Jul-25-17 10:08PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for June 19th   [Jun-19-17 04:30AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 15th   [Jun-15-17 11:27AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 13th   [Jun-13-17 09:56AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 9th   [Jun-09-17 11:13AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 7th   [Jun-07-17 06:52AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 5th   [Jun-05-17 11:31AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 2nd   [Jun-02-17 06:14AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 1st   [Jun-01-17 11:21AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 31st   [May-31-17 11:13AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 30th   [May-30-17 10:35AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 23rd   [May-23-17 10:13AM  Zacks]
▶ Rocky Brands Declares Quarterly Cash Dividend   [May-19-17 04:05PM  Business Wire]
▶ ETFs with exposure to Rocky Brands, Inc. : May 11, 2017   [May-11-17 05:25PM  Capital Cube]
▶ 5 Best Performing Stocks of April   [May-01-17 01:37PM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 25th   [Apr-25-17 10:16AM  Zacks]
▶ Rocky Brands posts 1Q profit   [Apr-20-17 04:52PM  Associated Press]
▶ Bear of the Day: Rocky Brands (RCKY)   [04:44AM  at Investopedia]
▶ Thomas Robertson Appointed CFO   [04:05PM  Business Wire]
▶ Rocky Brands Declares Quarterly Cash Dividend   [Feb-17-17 08:00AM  Business Wire]
▶ Rocky Brands reports 4Q loss   [Feb-16-17 05:07PM  Associated Press]
▶ Rocky Brands Announces CFO Transition   [Jan-12-17 04:50PM  Business Wire]
▶ Rocky Brands to Present at the 2017 ICR Conference   [Jan-05-17 04:05PM  Business Wire]
Financial statements of RCKY
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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