Intrinsic value of RH - RH

Previous Close

$80.31

  Intrinsic Value

$109.75

stock screener

  Rating & Target

buy

+37%

  Value-price divergence*

-49%

Previous close

$80.31

 
Intrinsic value

$109.75

 
Up/down potential

+37%

 
Rating

buy

 
Value-price divergence*

-49%

*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 1.7

 

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, %
  1.23
  23.50
  21.65
  19.99
  18.49
  17.14
  15.92
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.22
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
Revenue, $m
  2,135
  2,637
  3,208
  3,849
  4,560
  5,342
  6,192
  7,111
  8,095
  9,145
  10,257
  11,432
  12,667
  13,962
  15,317
  16,731
  18,205
  19,739
  21,335
  22,995
  24,719
  26,511
  28,373
  30,309
  32,321
  34,414
  36,592
  38,859
  41,220
  43,680
  46,244
Variable operating expenses, $m
 
  2,401
  2,917
  3,496
  4,139
  4,845
  5,614
  6,444
  7,334
  8,283
  9,289
  10,333
  11,449
  12,620
  13,844
  15,123
  16,455
  17,841
  19,284
  20,784
  22,342
  23,962
  25,645
  27,394
  29,213
  31,105
  33,074
  35,123
  37,256
  39,480
  41,798
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
  2,401
  2,917
  3,496
  4,139
  4,845
  5,614
  6,444
  7,334
  8,283
  9,289
  10,333
  11,449
  12,620
  13,844
  15,123
  16,455
  17,841
  19,284
  20,784
  22,342
  23,962
  25,645
  27,394
  29,213
  31,105
  33,074
  35,123
  37,256
  39,480
  41,798
Operating income, $m
  53
  236
  291
  353
  421
  496
  578
  666
  761
  862
  969
  1,099
  1,218
  1,342
  1,473
  1,609
  1,750
  1,898
  2,051
  2,211
  2,377
  2,549
  2,728
  2,914
  3,108
  3,309
  3,518
  3,736
  3,963
  4,200
  4,446
EBITDA, $m
  110
  311
  379
  454
  539
  631
  731
  840
  956
  1,080
  1,211
  1,350
  1,496
  1,649
  1,809
  1,976
  2,150
  2,331
  2,520
  2,716
  2,919
  3,131
  3,351
  3,579
  3,817
  4,064
  4,321
  4,589
  4,868
  5,158
  5,461
Interest expense (income), $m
  17
  27
  37
  49
  62
  77
  93
  111
  130
  151
  173
  196
  220
  246
  273
  301
  331
  362
  393
  427
  461
  497
  535
  573
  614
  656
  699
  745
  792
  841
  893
Earnings before tax, $m
  9
  210
  254
  304
  359
  419
  485
  555
  631
  711
  796
  903
  998
  1,096
  1,200
  1,307
  1,420
  1,536
  1,658
  1,784
  1,915
  2,052
  2,193
  2,341
  2,494
  2,653
  2,819
  2,991
  3,171
  3,359
  3,554
Tax expense, $m
  4
  57
  69
  82
  97
  113
  131
  150
  170
  192
  215
  244
  269
  296
  324
  353
  383
  415
  448
  482
  517
  554
  592
  632
  673
  716
  761
  808
  856
  907
  960
Net income, $m
  5
  153
  185
  222
  262
  306
  354
  405
  460
  519
  581
  659
  728
  800
  876
  954
  1,036
  1,122
  1,210
  1,302
  1,398
  1,498
  1,601
  1,709
  1,821
  1,937
  2,058
  2,184
  2,315
  2,452
  2,594

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
  2,423
  2,948
  3,537
  4,191
  4,910
  5,691
  6,535
  7,441
  8,405
  9,428
  10,507
  11,643
  12,833
  14,078
  15,378
  16,733
  18,143
  19,610
  21,135
  22,720
  24,367
  26,078
  27,857
  29,707
  31,631
  33,632
  35,716
  37,886
  40,147
  42,504
Adjusted assets (=assets-cash), $m
  1,963
  2,423
  2,948
  3,537
  4,191
  4,910
  5,691
  6,535
  7,441
  8,405
  9,428
  10,507
  11,643
  12,833
  14,078
  15,378
  16,733
  18,143
  19,610
  21,135
  22,720
  24,367
  26,078
  27,857
  29,707
  31,631
  33,632
  35,716
  37,886
  40,147
  42,504
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
  833
  1,014
  1,216
  1,441
  1,688
  1,957
  2,247
  2,558
  2,890
  3,241
  3,612
  4,003
  4,412
  4,840
  5,287
  5,753
  6,238
  6,742
  7,266
  7,811
  8,377
  8,966
  9,578
  10,213
  10,875
  11,563
  12,279
  13,025
  13,803
  14,613
Working capital, $m
  722
  606
  738
  885
  1,049
  1,229
  1,424
  1,635
  1,862
  2,103
  2,359
  2,629
  2,913
  3,211
  3,523
  3,848
  4,187
  4,540
  4,907
  5,289
  5,685
  6,098
  6,526
  6,971
  7,434
  7,915
  8,416
  8,938
  9,481
  10,046
  10,636
Total debt, $m
  759
  1,056
  1,396
  1,778
  2,202
  2,667
  3,174
  3,721
  4,307
  4,932
  5,595
  6,295
  7,030
  7,802
  8,609
  9,451
  10,329
  11,243
  12,193
  13,181
  14,208
  15,276
  16,385
  17,537
  18,736
  19,983
  21,280
  22,630
  24,036
  25,501
  27,029
Total liabilities, $m
  1,273
  1,570
  1,910
  2,292
  2,716
  3,181
  3,688
  4,235
  4,821
  5,446
  6,109
  6,809
  7,544
  8,316
  9,123
  9,965
  10,843
  11,757
  12,707
  13,695
  14,722
  15,790
  16,899
  18,051
  19,250
  20,497
  21,794
  23,144
  24,550
  26,015
  27,543
Total equity, $m
  920
  853
  1,038
  1,245
  1,475
  1,728
  2,003
  2,300
  2,619
  2,959
  3,319
  3,699
  4,098
  4,517
  4,956
  5,413
  5,890
  6,386
  6,903
  7,439
  7,997
  8,577
  9,180
  9,806
  10,457
  11,134
  11,839
  12,572
  13,336
  14,132
  14,961
Total liabilities and equity, $m
  2,193
  2,423
  2,948
  3,537
  4,191
  4,909
  5,691
  6,535
  7,440
  8,405
  9,428
  10,508
  11,642
  12,833
  14,079
  15,378
  16,733
  18,143
  19,610
  21,134
  22,719
  24,367
  26,079
  27,857
  29,707
  31,631
  33,633
  35,716
  37,886
  40,147
  42,504
Debt-to-equity ratio
  0.825
  1.240
  1.350
  1.430
  1.490
  1.540
  1.580
  1.620
  1.640
  1.670
  1.690
  1.700
  1.720
  1.730
  1.740
  1.750
  1.750
  1.760
  1.770
  1.770
  1.780
  1.780
  1.780
  1.790
  1.790
  1.790
  1.800
  1.800
  1.800
  1.800
  1.810
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
  153
  185
  222
  262
  306
  354
  405
  460
  519
  581
  659
  728
  800
  876
  954
  1,036
  1,122
  1,210
  1,302
  1,398
  1,498
  1,601
  1,709
  1,821
  1,937
  2,058
  2,184
  2,315
  2,452
  2,594
Depreciation, amort., depletion, $m
  57
  75
  88
  102
  117
  135
  153
  173
  195
  218
  242
  251
  278
  306
  336
  367
  400
  433
  468
  505
  542
  582
  623
  665
  709
  755
  803
  853
  905
  959
  1,015
Funds from operations, $m
  5
  228
  273
  324
  379
  441
  507
  579
  655
  737
  824
  910
  1,006
  1,107
  1,212
  1,322
  1,436
  1,555
  1,678
  1,807
  1,941
  2,080
  2,224
  2,374
  2,530
  2,692
  2,861
  3,037
  3,220
  3,410
  3,609
Change in working capital, $m
  -74
  115
  131
  147
  164
  180
  196
  211
  226
  241
  256
  270
  284
  298
  312
  325
  339
  353
  367
  382
  397
  412
  428
  445
  463
  481
  501
  521
  543
  566
  590
Cash from operations, $m
  79
  113
  142
  176
  216
  261
  311
  367
  429
  496
  568
  640
  722
  809
  900
  996
  1,097
  1,202
  1,311
  1,425
  1,544
  1,667
  1,796
  1,929
  2,067
  2,211
  2,360
  2,515
  2,677
  2,844
  3,019
Maintenance CAPEX, $m
  0
  -47
  -58
  -70
  -84
  -100
  -117
  -136
  -156
  -178
  -201
  -225
  -251
  -278
  -306
  -336
  -367
  -400
  -433
  -468
  -505
  -542
  -582
  -623
  -665
  -709
  -755
  -803
  -853
  -905
  -959
New CAPEX, $m
  -158
  -159
  -180
  -203
  -225
  -247
  -269
  -290
  -311
  -332
  -352
  -371
  -390
  -409
  -428
  -447
  -466
  -485
  -504
  -524
  -545
  -566
  -588
  -612
  -636
  -661
  -688
  -716
  -746
  -777
  -810
Cash from investing activities, $m
  -322
  -206
  -238
  -273
  -309
  -347
  -386
  -426
  -467
  -510
  -553
  -596
  -641
  -687
  -734
  -783
  -833
  -885
  -937
  -992
  -1,050
  -1,108
  -1,170
  -1,235
  -1,301
  -1,370
  -1,443
  -1,519
  -1,599
  -1,682
  -1,769
Free cash flow, $m
  -243
  -93
  -96
  -97
  -94
  -86
  -75
  -59
  -38
  -13
  16
  44
  81
  122
  166
  213
  264
  318
  374
  433
  495
  559
  625
  694
  766
  840
  917
  996
  1,078
  1,163
  1,250
Issuance/(repayment) of debt, $m
  -1
  297
  340
  382
  424
  465
  507
  547
  586
  625
  663
  700
  736
  771
  807
  842
  878
  914
  951
  988
  1,027
  1,067
  1,109
  1,153
  1,199
  1,247
  1,297
  1,350
  1,406
  1,465
  1,527
Issuance/(repurchase) of shares, $m
  3
  10
  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
  307
  340
  382
  424
  465
  507
  547
  586
  625
  663
  700
  736
  771
  807
  842
  878
  914
  951
  988
  1,027
  1,067
  1,109
  1,153
  1,199
  1,247
  1,297
  1,350
  1,406
  1,465
  1,527
Total cash flow (excl. dividends), $m
  -244
  214
  244
  285
  330
  379
  432
  488
  548
  612
  678
  743
  817
  893
  973
  1,056
  1,142
  1,231
  1,324
  1,421
  1,522
  1,626
  1,734
  1,847
  1,964
  2,087
  2,214
  2,346
  2,484
  2,628
  2,778
Retained Cash Flow (-), $m
  -34
  -163
  -185
  -207
  -230
  -253
  -275
  -297
  -319
  -340
  -360
  -380
  -400
  -419
  -438
  -458
  -477
  -496
  -516
  -537
  -558
  -580
  -602
  -626
  -651
  -677
  -705
  -733
  -764
  -796
  -830
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
 
  281
  59
  78
  100
  126
  157
  191
  230
  272
  318
  363
  417
  474
  534
  598
  665
  735
  808
  884
  964
  1,046
  1,132
  1,221
  1,313
  1,409
  1,509
  1,613
  1,720
  1,832
  1,948
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
 
  265
  52
  64
  76
  89
  101
  111
  120
  127
  131
  130
  129
  125
  119
  111
  101
  91
  79
  68
  57
  47
  38
  30
  23
  17
  12
  9
  6
  4
  3
Current shareholders' claim on cash, %
  100
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2

RH, formerly Restoration Hardware Holdings, Inc., is a retailer in the home furnishings marketplace. As of January 28, 2017, the Company had two segments: RH Segment and Waterworks. It offers merchandise assortments across a range of categories, including furniture, lighting, textiles, bathware, decor, outdoor and garden, tableware, and child and teen furnishings. The Company classifies its sales into furniture and non-furniture product lines. The Furniture category includes both indoor and outdoor furniture. The Non-furniture category includes lighting, textiles, fittings, fixtures, surfaces, accessories and home decor. The Company's business is integrated across its channels of distribution consisting of its stores, Source Books and Websites. The Company also owns a controlling interest in Design Investors WW Acquisition Company, LLC, which owns the business operating under the name 'Waterworks'.

FINANCIAL RATIOS  of  RH (RH)

Valuation Ratios
P/E Ratio 655.8
Price to Sales 1.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 41.5
Price to Free Cash Flow -41.5
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 23.5% 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 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 21.153 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 $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating
PIR Pier 1 Imports 4.21 9.63  str.buy
HOME At Home Group 21.74 46.12  str.buy
HVT Haverty Furnit 24.35 17.11  sell
WSM Williams-Sonom 51.27 60.71  buy
BBBY Bed Bath&Beyon 21.20 100.12  str.buy
KIRK Kirkland's 12.46 23.95  str.buy

COMPANY NEWS

▶ [$$] RH: Pricey Wares, Pricey Shares   [Oct-14-17 12:01AM  Barrons.com]
▶ All You Need To Know About RHs (RH) Risks   [Oct-07-17 10:19AM  Simply Wall St.]
▶ Weekly CEO Buys Highlights   [Oct-02-17 12:08PM  GuruFocus.com]
▶ RH: Pick a Side Already!   [10:42AM  Barrons.com]
▶ Can GOOGL Stock Survive Another Ad Fraud Scandal?   [Sep-19-17 06:20AM  InvestorPlace]
▶ 3 "Model" Zacks Strong Buy or Buy Stocks   [Sep-15-17 04:23PM  Zacks]
▶ ETFs with exposure to RH : September 14, 2017   [Sep-13-17 08:05PM  Capital Cube]
▶ What Drove RHs EPS in 2Q17?   [10:37AM  Market Realist]
▶ Why RHs Net Margins Fell in 2Q17   [09:07AM  Market Realist]
▶ Despite Today's Decline, RH Is a Winner   [Sep-11-17 06:33PM  GuruFocus.com]
▶ What Drove RHs Revenue in 2Q17?   [05:36PM  Market Realist]
▶ RH Stock Surges on Positive Outlook   [03:40PM  Market Realist]
▶ 1 Toxic Stock I'm Avoiding at All Costs   [Sep-10-17 07:11AM  Motley Fool]
▶ Company News For Sep 8, 2017   [10:10AM  Zacks]
▶ RH Joins Elite Club Of Stocks With RS Ratings Over 90   [03:00AM  Investor's Business Daily]
▶ 3 Stocks Soaring Today   [Sep-07-17 06:10PM  GuruFocus.com]
▶ What Happened in the Stock Market Today   [05:08PM  Motley Fool]
▶ Up 40%, RH (RH) Stock May Go Even Higher   [12:32PM  InvestorPlace]
▶ RH: Easier Said Than Done?   [11:53AM  Barrons.com]
▶ Restoration Hardware Shorts Get Hammered   [11:06AM  The Wall Street Journal]
▶ Stocks Turn Red; RH Soars, While FANG Stock Amazon Is A 'Buy'   [10:14AM  Investor's Business Daily]
▶ Stocks to Watch: Amazon, P&G, GE, Square, GoPro, RH   [09:30AM  The Wall Street Journal]
▶ Restoration Hardware beats estimates   [06:53AM  CNBC Videos]
▶ Restoration Hardware reports 2Q loss   [Sep-06-17 11:57PM  Associated Press]
▶ RH: Carpe Diem?!?!   [04:46PM  Barrons.com]
▶ Restoration Hardware beats the Street   [04:09PM  CNBC Videos]
▶ Bulls and Bears Are Battling Over RH   [12:00PM  TheStreet.com]
▶ Is It Time To Buy RH (RH)?   [07:44AM  Simply Wall St.]
▶ Why Analysts Expect RHs Earnings to Fall in 2Q17   [Sep-05-17 10:36AM  Market Realist]
▶ Will RHs 2Q17 Earnings Boost Its Stock Price?   [07:37AM  Market Realist]
▶ RH Clears Key Benchmark, Hitting 90-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ Why the Bears Might Be Right About RH Stock   [Aug-28-17 06:22PM  Motley Fool]
▶ RH Value Analysis (NYSE:RH) : August 17, 2017   [Aug-16-17 10:09PM  Capital Cube]
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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