Intrinsic value of RH - RH

Previous Close

$49.65

  Intrinsic Value

$38.81

stock screener

  Rating & Target

sell

-22%

  Value-price divergence*

-142%

Previous close

$49.65

 
Intrinsic value

$38.81

 
Up/down potential

-22%

 
Rating

sell

 
Value-price divergence*

-142%

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

We calculate the intrinsic value of RH 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 1.9

 

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, %
  1.23
  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
  2,135
  2,178
  2,228
  2,285
  2,349
  2,421
  2,499
  2,584
  2,676
  2,775
  2,882
  2,996
  3,117
  3,247
  3,384
  3,530
  3,685
  3,849
  4,022
  4,205
  4,398
  4,602
  4,817
  5,043
  5,282
  5,534
  5,798
  6,077
  6,370
  6,679
  7,003
Variable operating expenses, $m
 
  1,986
  2,031
  2,083
  2,141
  2,205
  2,276
  2,353
  2,436
  2,526
  2,622
  2,708
  2,817
  2,934
  3,059
  3,191
  3,331
  3,479
  3,635
  3,800
  3,975
  4,159
  4,354
  4,559
  4,774
  5,002
  5,241
  5,493
  5,758
  6,037
  6,330
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
  2,082
  1,986
  2,031
  2,083
  2,141
  2,205
  2,276
  2,353
  2,436
  2,526
  2,622
  2,708
  2,817
  2,934
  3,059
  3,191
  3,331
  3,479
  3,635
  3,800
  3,975
  4,159
  4,354
  4,559
  4,774
  5,002
  5,241
  5,493
  5,758
  6,037
  6,330
Operating income, $m
  53
  192
  197
  202
  208
  215
  223
  231
  240
  249
  260
  288
  300
  312
  325
  339
  354
  370
  387
  404
  423
  442
  463
  485
  508
  532
  558
  584
  613
  642
  673
EBITDA, $m
  110
  257
  263
  270
  277
  286
  295
  305
  316
  328
  340
  354
  368
  383
  400
  417
  435
  455
  475
  497
  519
  543
  569
  596
  624
  653
  685
  718
  752
  789
  827
Interest expense (income), $m
  17
  27
  27
  28
  30
  31
  32
  34
  36
  38
  40
  42
  44
  47
  50
  53
  56
  59
  62
  66
  70
  74
  78
  82
  87
  92
  97
  103
  109
  115
  121
Earnings before tax, $m
  9
  165
  169
  174
  179
  184
  190
  197
  204
  212
  220
  246
  255
  265
  276
  287
  299
  311
  324
  338
  353
  369
  385
  403
  421
  440
  460
  481
  504
  527
  552
Tax expense, $m
  4
  45
  46
  47
  48
  50
  51
  53
  55
  57
  59
  66
  69
  72
  74
  77
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
Net income, $m
  5
  121
  124
  127
  131
  135
  139
  144
  149
  154
  160
  180
  186
  194
  201
  209
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
  336
  351
  368
  385
  403

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  230
  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
  2,193
  2,002
  2,048
  2,100
  2,159
  2,225
  2,297
  2,375
  2,459
  2,551
  2,649
  2,753
  2,865
  2,984
  3,110
  3,245
  3,387
  3,537
  3,697
  3,865
  4,042
  4,230
  4,427
  4,636
  4,855
  5,086
  5,329
  5,586
  5,855
  6,139
  6,437
Adjusted assets (=assets-cash), $m
  1,963
  2,002
  2,048
  2,100
  2,159
  2,225
  2,297
  2,375
  2,459
  2,551
  2,649
  2,753
  2,865
  2,984
  3,110
  3,245
  3,387
  3,537
  3,697
  3,865
  4,042
  4,230
  4,427
  4,636
  4,855
  5,086
  5,329
  5,586
  5,855
  6,139
  6,437
Revenue / Adjusted assets
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
Average production assets, $m
  674
  688
  704
  722
  742
  765
  790
  816
  846
  877
  911
  947
  985
  1,026
  1,069
  1,116
  1,164
  1,216
  1,271
  1,329
  1,390
  1,454
  1,522
  1,594
  1,669
  1,749
  1,832
  1,920
  2,013
  2,111
  2,213
Working capital, $m
  722
  501
  512
  526
  540
  557
  575
  594
  615
  638
  663
  689
  717
  747
  778
  812
  848
  885
  925
  967
  1,012
  1,058
  1,108
  1,160
  1,215
  1,273
  1,334
  1,398
  1,465
  1,536
  1,611
Total debt, $m
  759
  783
  813
  847
  885
  928
  974
  1,025
  1,080
  1,139
  1,202
  1,270
  1,343
  1,420
  1,502
  1,589
  1,681
  1,778
  1,881
  1,990
  2,105
  2,227
  2,355
  2,490
  2,632
  2,782
  2,939
  3,105
  3,280
  3,464
  3,657
Total liabilities, $m
  1,273
  1,297
  1,327
  1,361
  1,399
  1,442
  1,488
  1,539
  1,594
  1,653
  1,716
  1,784
  1,857
  1,934
  2,016
  2,103
  2,195
  2,292
  2,395
  2,504
  2,619
  2,741
  2,869
  3,004
  3,146
  3,296
  3,453
  3,619
  3,794
  3,978
  4,171
Total equity, $m
  920
  705
  721
  739
  760
  783
  808
  836
  866
  898
  932
  969
  1,008
  1,050
  1,095
  1,142
  1,192
  1,245
  1,301
  1,360
  1,423
  1,489
  1,558
  1,632
  1,709
  1,790
  1,876
  1,966
  2,061
  2,161
  2,266
Total liabilities and equity, $m
  2,193
  2,002
  2,048
  2,100
  2,159
  2,225
  2,296
  2,375
  2,460
  2,551
  2,648
  2,753
  2,865
  2,984
  3,111
  3,245
  3,387
  3,537
  3,696
  3,864
  4,042
  4,230
  4,427
  4,636
  4,855
  5,086
  5,329
  5,585
  5,855
  6,139
  6,437
Debt-to-equity ratio
  0.825
  1.110
  1.130
  1.150
  1.160
  1.180
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.430
  1.450
  1.460
  1.480
  1.500
  1.510
  1.530
  1.540
  1.550
  1.570
  1.580
  1.590
  1.600
  1.610
Adjusted equity ratio
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  121
  124
  127
  131
  135
  139
  144
  149
  154
  160
  180
  186
  194
  201
  209
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
  336
  351
  368
  385
  403
Depreciation, amort., depletion, $m
  57
  65
  66
  68
  69
  71
  72
  74
  76
  78
  81
  66
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  116
  121
  127
  133
  140
  147
  154
Funds from operations, $m
  5
  186
  190
  194
  200
  205
  211
  218
  225
  233
  241
  245
  255
  265
  276
  287
  299
  312
  325
  339
  354
  370
  387
  405
  423
  443
  463
  485
  508
  532
  557
Change in working capital, $m
  -74
  10
  12
  13
  15
  16
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
Cash from operations, $m
  79
  176
  178
  181
  185
  189
  193
  198
  204
  210
  217
  219
  227
  235
  244
  253
  263
  274
  285
  297
  310
  323
  337
  352
  368
  385
  402
  421
  440
  461
  482
Maintenance CAPEX, $m
  0
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -140
  -147
New CAPEX, $m
  -158
  -14
  -16
  -18
  -20
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -75
  -79
  -84
  -88
  -93
  -97
  -103
Cash from investing activities, $m
  -322
  -61
  -64
  -67
  -70
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -153
  -161
  -169
  -178
  -186
  -195
  -205
  -215
  -226
  -237
  -250
Free cash flow, $m
  -243
  115
  115
  114
  114
  115
  115
  117
  118
  120
  122
  120
  123
  126
  129
  133
  137
  141
  146
  151
  157
  162
  169
  175
  182
  189
  197
  205
  214
  223
  233
Issuance/(repayment) of debt, $m
  -1
  24
  30
  34
  38
  42
  47
  51
  55
  59
  63
  68
  72
  77
  82
  87
  92
  98
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
Issuance/(repurchase) of shares, $m
  3
  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  
  -2
  24
  30
  34
  38
  42
  47
  51
  55
  59
  63
  68
  72
  77
  82
  87
  92
  98
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
Total cash flow (excl. dividends), $m
  -244
  139
  145
  148
  153
  157
  162
  167
  173
  179
  185
  188
  195
  203
  211
  220
  229
  239
  249
  260
  272
  284
  297
  310
  324
  339
  355
  371
  389
  407
  426
Retained Cash Flow (-), $m
  -34
  -15
  -16
  -19
  -21
  -23
  -25
  -28
  -30
  -32
  -34
  -37
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
Prev. year cash balance distribution, $m
 
  230
  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
 
  355
  128
  130
  132
  134
  137
  140
  143
  147
  151
  151
  156
  161
  167
  173
  179
  186
  193
  201
  209
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  335
  114
  107
  101
  94
  88
  81
  75
  68
  62
  54
  48
  43
  37
  32
  27
  23
  19
  15
  12
  10
  8
  6
  4
  3
  2
  2
  1
  1
  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

RH, together with its subsidiaries, engages in the retail of home furnishings. It offers products in various categories, such as furniture, lighting, textiles, bathware, d├ęcor, outdoor and garden, tableware, and child and teen furnishings. The company sells products through its stores and catalogs, as well as through its Websites, such as restorationhardware.com, rh.com, rhbabyandchild.com, rhteen.com, and rhmodern.com. As of October 29, 2016, it operated 85 retail galleries that include 51 legacy galleries, 6 larger format design galleries, 7 next generation design galleries, 1 RH modern gallery, and 5 RH baby & child galleries throughout the United States and Canada; 15 Waterworks showrooms in the United States and the United Kingdom; and 28 outlet stores. The company was formerly known as Restoration Hardware Holdings, Inc. and changed its name to RH in January 2017. RH was founded in 1979 and is headquartered in Corte Madera, California.

FINANCIAL RATIOS  of  RH (RH)

Valuation Ratios
P/E Ratio 405.4
Price to Sales 0.9
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 25.7
Price to Free Cash Flow -25.7
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.9%
Cap. Spend. - 3 Yr. Gr. Rate 10.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 82.5%
Total Debt to Equity 82.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.8%
Return On Equity 0.6%
Return On Equity - 3 Yr. Avg. 8.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 31.9%
Gross Margin - 3 Yr. Avg. 34.9%
EBITDA Margin 3.9%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 0.4%
Pre-Tax Margin - 3 Yr. Avg. 5.2%
Net Profit Margin 0.2%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate 44.4%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

RH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RH stock intrinsic value calculation we used $2135 million for the last fiscal year's total revenue generated by RH. The default revenue input number comes from 2017 income statement of RH. 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 RH 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 6%, whose default value for RH is calculated based on our internal credit rating of RH, 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 RH.
    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 RH stock the variable cost ratio is equal to 91.2%.

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 RH 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 RH.

Corporate tax rate of 27% is the nominal tax rate for RH. 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 RH 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 RH are equal to 31.6%.

Life of production assets of 14.4 years is the average useful life of capital assets used in RH 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 RH is equal to 23%. 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 - $920 million for RH - 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 37.949 million for RH 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 RH at the current share price and the inputted number of shares is $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
PIR Pier 1 Imports 4.01 9.92  str.buy
HOME At Home Group 22.75 55.23  str.buy
HVT Haverty Furnit 23.90 17.13  sell
WSM Williams-Sonom 44.49 58.58  buy
BBBY Bed Bath&Beyon 27.48 107.29  str.buy
KIRK Kirkland's 8.67 19.77  str.buy

COMPANY NEWS

▶ RH Value Analysis (NYSE:RH) : August 17, 2017   [Aug-16-17 10:09PM  Capital Cube]
▶ [$$] Restoration Hardwares Wild Ride to Nowhere   [Aug-11-17 11:24PM  The Wall Street Journal]
▶ [$$] Restoration Hardware's Wild Ride to Nowhere   [08:16AM  The Wall Street Journal]
▶ Top Ranked Growth Stocks to Buy for August 2nd   [Aug-02-17 09:53AM  Zacks]
▶ Restoration Hardware Clutters Up Its Finances   [Jul-27-17 10:10AM  Bloomberg]
▶ RH and Ethan Allen: Cramer's Top Takeaways   [Jul-25-17 06:33AM  TheStreet.com]
▶ Restoration Hardware showroom property in Buckhead changes hands   [Jul-19-17 12:05PM  American City Business Journals]
▶ Why Rite Aid, Novavax, and RH Jumped Today   [Jul-18-17 04:34PM  Motley Fool]
▶ Oil downgrades, financials & retail in the blitz   [Jul-17-17 01:43PM  CNBC Videos]
▶ What's Going On With RH?   [01:03PM  Barrons.com]
▶ Why Do Analysts Favor a Hold for RH?   [09:06AM  Market Realist]
▶ And the No. 1 Stock Fund Is   [12:30AM  The Wall Street Journal]
▶ And the No. 1 Stock Fund Is   [Jul-09-17 10:08PM  The Wall Street Journal]
▶ Why Analysts Expect RHs Stock Price to Rise   [11:36AM  Market Realist]
▶ Whats Driving RHs Stock Price?   [10:04AM  Market Realist]
▶ Breakout Watch: Investors May Find Comfort In This Rising Stock   [Jul-03-17 01:09PM  Investor's Business Daily]
▶ Retail Stocks Holding Up Have This In Common: Investing Action Plan   [Jun-26-17 04:24PM  Investor's Business Daily]
▶ These stocks are trading at extremes   [Jun-23-17 05:00PM  CNBC Videos]
▶ Which Stocks Are Showing Rising Relative Strength?   [Jun-22-17 02:47PM  Investor's Business Daily]
▶ 3 Stocks the Market Is Wrong About   [Jun-15-17 08:23AM  Motley Fool]
▶ Five Stocks You Might Want to Sell   [Jun-09-17 03:12PM  GuruFocus.com]
▶ ETFs with exposure to RH : June 8, 2017   [Jun-08-17 01:54PM  Capital Cube]
▶ RH: 'The Bull/Bear Debate Is a Lot More Interesting'   [Jun-07-17 11:22AM  Barrons.com]
▶ "Fast Money" Final Trades: TGT, FL & more   [Jun-06-17 05:59PM  CNBC Videos]
▶ Retail And E-Commerce News And Stocks To Watch   [01:05PM  Investor's Business Daily]
▶ Company News for June 05, 2017   [Jun-05-17 09:35AM  Zacks]
▶ Has California's Judiciary Become Hostile To The Rule of Law?   [09:00AM  Investor's Business Daily]
▶ Restoration Hardware Could Use Some Restoration of Its Own   [Jun-03-17 12:00PM  TheStreet.com]
▶ [$$] RHs First Restoration Task: Trust   [Jun-02-17 10:53PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [04:55PM  Motley Fool]
▶ RH tumbles on weak guidance   [03:13PM  CNBC Videos]
▶ [$$] RH's First Restoration Task: Trust   [02:48PM  The Wall Street Journal]
▶ Big movers in the Friday blitz   [02:20PM  CNBC Videos]
▶ RH: So Much for 'Temporal'   [10:21AM  Barrons.com]
▶ Stocks to Watch: Lululemon, Broadcom Limited, Zumiez   [09:29AM  The Wall Street Journal]
▶ Story Stocks from Briefing.com   [09:13AM  Briefing.com]
▶ Restoration Hardware Disappoints Despite Signs of Growth   [Jun-01-17 06:28PM  Motley Fool]
▶ RH Plunges Late While Lululemon Athletica Soars On Earnings   [04:51PM  Investor's Business Daily]
▶ Restoration Hardware reports 1Q loss   [04:14PM  Associated Press]
Stock chart of RH Financial statements of RH
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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