Intrinsic value of Ross Stores - ROST

Previous Close

$76.76

  Intrinsic Value

$72.61

stock screener

  Rating & Target

hold

-5%

Previous close

$76.76

 
Intrinsic value

$72.61

 
Up/down potential

-5%

 
Rating

hold

We calculate the intrinsic value of ROST 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 29.6

 

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, %
  7.76
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  12,867
  13,883
  14,940
  16,038
  17,179
  18,365
  19,597
  20,879
  22,213
  23,601
  25,046
  26,552
  28,121
  29,757
  31,464
  33,246
  35,107
  37,051
  39,083
  41,207
  43,429
  45,754
  48,187
  50,733
  53,401
  56,194
  59,121
  62,188
  65,402
  68,771
  72,304
Variable operating expenses, $m
 
  11,204
  12,057
  12,943
  13,863
  14,820
  15,815
  16,850
  17,926
  19,046
  20,212
  21,427
  22,694
  24,014
  25,392
  26,830
  28,332
  29,900
  31,540
  33,254
  35,047
  36,923
  38,887
  40,942
  43,094
  45,349
  47,710
  50,185
  52,779
  55,498
  58,349
Fixed operating expenses, $m
 
  716
  734
  753
  772
  791
  811
  831
  852
  873
  895
  917
  940
  964
  988
  1,012
  1,038
  1,064
  1,090
  1,117
  1,145
  1,174
  1,203
  1,233
  1,264
  1,296
  1,328
  1,362
  1,396
  1,430
  1,466
Total operating expenses, $m
  11,064
  11,920
  12,791
  13,696
  14,635
  15,611
  16,626
  17,681
  18,778
  19,919
  21,107
  22,344
  23,634
  24,978
  26,380
  27,842
  29,370
  30,964
  32,630
  34,371
  36,192
  38,097
  40,090
  42,175
  44,358
  46,645
  49,038
  51,547
  54,175
  56,928
  59,815
Operating income, $m
  1,803
  1,963
  2,149
  2,343
  2,544
  2,754
  2,972
  3,199
  3,435
  3,682
  3,939
  4,207
  4,487
  4,780
  5,085
  5,404
  5,738
  6,087
  6,453
  6,836
  7,236
  7,656
  8,097
  8,558
  9,042
  9,550
  10,082
  10,641
  11,227
  11,842
  12,488
EBITDA, $m
  2,106
  2,291
  2,502
  2,722
  2,950
  3,188
  3,435
  3,692
  3,960
  4,240
  4,531
  4,835
  5,152
  5,483
  5,829
  6,190
  6,568
  6,963
  7,377
  7,810
  8,263
  8,738
  9,236
  9,757
  10,304
  10,878
  11,479
  12,111
  12,773
  13,468
  14,197
Interest expense (income), $m
  18
  18
  27
  36
  46
  56
  67
  78
  90
  101
  114
  127
  140
  154
  169
  184
  200
  217
  234
  252
  272
  291
  312
  334
  357
  381
  406
  432
  459
  488
  518
Earnings before tax, $m
  1,786
  1,945
  2,122
  2,306
  2,498
  2,697
  2,905
  3,121
  3,346
  3,581
  3,825
  4,081
  4,347
  4,625
  4,916
  5,220
  5,538
  5,870
  6,219
  6,583
  6,965
  7,365
  7,784
  8,224
  8,685
  9,169
  9,676
  10,209
  10,768
  11,354
  11,970
Tax expense, $m
  668
  525
  573
  623
  674
  728
  784
  843
  903
  967
  1,033
  1,102
  1,174
  1,249
  1,327
  1,409
  1,495
  1,585
  1,679
  1,777
  1,881
  1,989
  2,102
  2,221
  2,345
  2,476
  2,613
  2,756
  2,907
  3,066
  3,232
Net income, $m
  1,118
  1,420
  1,549
  1,684
  1,823
  1,969
  2,120
  2,278
  2,443
  2,614
  2,792
  2,979
  3,173
  3,376
  3,589
  3,811
  4,043
  4,285
  4,540
  4,806
  5,084
  5,376
  5,683
  6,004
  6,340
  6,693
  7,064
  7,452
  7,860
  8,289
  8,738

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,112
  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
  5,309
  4,528
  4,873
  5,231
  5,603
  5,990
  6,392
  6,810
  7,245
  7,698
  8,169
  8,660
  9,172
  9,706
  10,262
  10,844
  11,451
  12,085
  12,747
  13,440
  14,165
  14,923
  15,716
  16,547
  17,417
  18,328
  19,283
  20,283
  21,331
  22,430
  23,582
Adjusted assets (=assets-cash), $m
  4,197
  4,528
  4,873
  5,231
  5,603
  5,990
  6,392
  6,810
  7,245
  7,698
  8,169
  8,660
  9,172
  9,706
  10,262
  10,844
  11,451
  12,085
  12,747
  13,440
  14,165
  14,923
  15,716
  16,547
  17,417
  18,328
  19,283
  20,283
  21,331
  22,430
  23,582
Revenue / Adjusted assets
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
  3.066
Average production assets, $m
  2,336
  2,527
  2,719
  2,919
  3,127
  3,342
  3,567
  3,800
  4,043
  4,295
  4,558
  4,832
  5,118
  5,416
  5,727
  6,051
  6,390
  6,743
  7,113
  7,500
  7,904
  8,327
  8,770
  9,233
  9,719
  10,227
  10,760
  11,318
  11,903
  12,516
  13,159
Working capital, $m
  1,060
  -56
  -60
  -64
  -69
  -73
  -78
  -84
  -89
  -94
  -100
  -106
  -112
  -119
  -126
  -133
  -140
  -148
  -156
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -236
  -249
  -262
  -275
  -289
Total debt, $m
  396
  597
  807
  1,026
  1,253
  1,489
  1,734
  1,989
  2,254
  2,531
  2,818
  3,118
  3,430
  3,755
  4,095
  4,450
  4,820
  5,207
  5,611
  6,033
  6,475
  6,938
  7,422
  7,929
  8,459
  9,015
  9,597
  10,208
  10,847
  11,517
  12,220
Total liabilities, $m
  2,561
  2,762
  2,972
  3,191
  3,418
  3,654
  3,899
  4,154
  4,419
  4,696
  4,983
  5,283
  5,595
  5,920
  6,260
  6,615
  6,985
  7,372
  7,776
  8,198
  8,640
  9,103
  9,587
  10,094
  10,624
  11,180
  11,762
  12,373
  13,012
  13,682
  14,385
Total equity, $m
  2,748
  1,766
  1,900
  2,040
  2,185
  2,336
  2,493
  2,656
  2,826
  3,002
  3,186
  3,377
  3,577
  3,785
  4,002
  4,229
  4,466
  4,713
  4,971
  5,242
  5,524
  5,820
  6,129
  6,453
  6,793
  7,148
  7,520
  7,910
  8,319
  8,748
  9,197
Total liabilities and equity, $m
  5,309
  4,528
  4,872
  5,231
  5,603
  5,990
  6,392
  6,810
  7,245
  7,698
  8,169
  8,660
  9,172
  9,705
  10,262
  10,844
  11,451
  12,085
  12,747
  13,440
  14,164
  14,923
  15,716
  16,547
  17,417
  18,328
  19,282
  20,283
  21,331
  22,430
  23,582
Debt-to-equity ratio
  0.144
  0.340
  0.420
  0.500
  0.570
  0.640
  0.700
  0.750
  0.800
  0.840
  0.880
  0.920
  0.960
  0.990
  1.020
  1.050
  1.080
  1.100
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.290
  1.300
  1.320
  1.330
Adjusted equity ratio
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,118
  1,420
  1,549
  1,684
  1,823
  1,969
  2,120
  2,278
  2,443
  2,614
  2,792
  2,979
  3,173
  3,376
  3,589
  3,811
  4,043
  4,285
  4,540
  4,806
  5,084
  5,376
  5,683
  6,004
  6,340
  6,693
  7,064
  7,452
  7,860
  8,289
  8,738
Depreciation, amort., depletion, $m
  303
  328
  353
  379
  406
  434
  463
  494
  525
  558
  592
  628
  665
  703
  744
  786
  830
  876
  924
  974
  1,027
  1,081
  1,139
  1,199
  1,262
  1,328
  1,397
  1,470
  1,546
  1,626
  1,709
Funds from operations, $m
  1,632
  1,748
  1,902
  2,063
  2,229
  2,403
  2,584
  2,772
  2,968
  3,172
  3,384
  3,606
  3,838
  4,080
  4,332
  4,596
  4,872
  5,161
  5,463
  5,780
  6,111
  6,458
  6,822
  7,203
  7,602
  8,022
  8,461
  8,922
  9,406
  9,914
  10,447
Change in working capital, $m
  73
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
Cash from operations, $m
  1,559
  1,752
  1,907
  2,067
  2,234
  2,408
  2,589
  2,777
  2,973
  3,177
  3,390
  3,612
  3,844
  4,086
  4,339
  4,603
  4,880
  5,169
  5,471
  5,788
  6,120
  6,467
  6,831
  7,213
  7,613
  8,033
  8,473
  8,935
  9,419
  9,928
  10,461
Maintenance CAPEX, $m
  0
  -303
  -328
  -353
  -379
  -406
  -434
  -463
  -494
  -525
  -558
  -592
  -628
  -665
  -703
  -744
  -786
  -830
  -876
  -924
  -974
  -1,027
  -1,081
  -1,139
  -1,199
  -1,262
  -1,328
  -1,397
  -1,470
  -1,546
  -1,626
New CAPEX, $m
  -298
  -191
  -192
  -200
  -208
  -216
  -224
  -233
  -243
  -253
  -263
  -274
  -286
  -298
  -311
  -324
  -339
  -354
  -370
  -387
  -404
  -423
  -443
  -464
  -485
  -508
  -533
  -558
  -585
  -613
  -643
Cash from investing activities, $m
  -293
  -494
  -520
  -553
  -587
  -622
  -658
  -696
  -737
  -778
  -821
  -866
  -914
  -963
  -1,014
  -1,068
  -1,125
  -1,184
  -1,246
  -1,311
  -1,378
  -1,450
  -1,524
  -1,603
  -1,684
  -1,770
  -1,861
  -1,955
  -2,055
  -2,159
  -2,269
Free cash flow, $m
  1,266
  1,258
  1,386
  1,514
  1,647
  1,786
  1,930
  2,080
  2,237
  2,400
  2,569
  2,746
  2,931
  3,124
  3,325
  3,535
  3,755
  3,985
  4,226
  4,478
  4,741
  5,018
  5,307
  5,610
  5,929
  6,262
  6,612
  6,979
  7,364
  7,769
  8,193
Issuance/(repayment) of debt, $m
  0
  201
  210
  218
  227
  236
  245
  255
  265
  276
  288
  300
  312
  326
  340
  355
  370
  387
  404
  423
  442
  462
  484
  507
  531
  556
  582
  610
  639
  670
  703
Issuance/(repurchase) of shares, $m
  -725
  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  
  -701
  201
  210
  218
  227
  236
  245
  255
  265
  276
  288
  300
  312
  326
  340
  355
  370
  387
  404
  423
  442
  462
  484
  507
  531
  556
  582
  610
  639
  670
  703
Total cash flow (excl. dividends), $m
  565
  1,459
  1,596
  1,733
  1,874
  2,022
  2,175
  2,335
  2,502
  2,676
  2,857
  3,046
  3,243
  3,449
  3,665
  3,890
  4,126
  4,372
  4,630
  4,900
  5,183
  5,480
  5,791
  6,117
  6,459
  6,818
  7,194
  7,589
  8,004
  8,439
  8,896
Retained Cash Flow (-), $m
  -276
  -130
  -134
  -140
  -145
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -200
  -208
  -217
  -227
  -237
  -247
  -258
  -270
  -283
  -296
  -309
  -324
  -339
  -355
  -372
  -390
  -409
  -429
  -449
Prev. year cash balance distribution, $m
 
  1,112
  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
 
  2,441
  1,462
  1,593
  1,729
  1,871
  2,019
  2,172
  2,332
  2,499
  2,673
  2,854
  3,044
  3,241
  3,448
  3,663
  3,889
  4,125
  4,372
  4,630
  4,901
  5,184
  5,482
  5,793
  6,120
  6,463
  6,822
  7,199
  7,595
  8,010
  8,446
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
 
  2,340
  1,338
  1,386
  1,424
  1,450
  1,465
  1,468
  1,458
  1,436
  1,401
  1,356
  1,299
  1,232
  1,157
  1,075
  988
  897
  805
  713
  623
  536
  455
  380
  312
  251
  199
  155
  118
  87
  64
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

Ross Stores, Inc. and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd's DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017. The Company offers in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operated 193 dd's DISCOUNTS stores in 15 states as of January 28, 2017. As of January 28, 2017, the Company operated a total of 1,533 stores consisted of 1,340 Ross stores and 193 dd's DISCOUNTS stores. As of January 28, 2017, the Company owned and operated six distribution processing facilities-three in California, one in Pennsylvania, and two in South Carolina.

FINANCIAL RATIOS  of  Ross Stores (ROST)

Valuation Ratios
P/E Ratio 26.9
Price to Sales 2.3
Price to Book 10.9
Price to Tangible Book
Price to Cash Flow 19.3
Price to Free Cash Flow 23.9
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.8%
Cap. Spend. - 3 Yr. Gr. Rate -11.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 14.4%
Total Debt to Equity 14.4%
Interest Coverage 100
Management Effectiveness
Return On Assets 22.2%
Ret/ On Assets - 3 Yr. Avg. 21.8%
Return On Total Capital 37.2%
Ret/ On T. Cap. - 3 Yr. Avg. 37.4%
Return On Equity 42.8%
Return On Equity - 3 Yr. Avg. 43%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 28.7%
Gross Margin - 3 Yr. Avg. 28.3%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 16%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 13.9%
Pre-Tax Margin - 3 Yr. Avg. 13.6%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.3%
Payout Ratio 19.2%

ROST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ROST stock intrinsic value calculation we used $12867 million for the last fiscal year's total revenue generated by Ross Stores. The default revenue input number comes from 2017 income statement of Ross Stores. 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 ROST stock valuation model: a) initial revenue growth rate of 7.9% 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 ROST is calculated based on our internal credit rating of Ross Stores, 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 Ross Stores.
    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 ROST stock the variable cost ratio is equal to 80.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $699 million in the base year in the intrinsic value calculation for ROST 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 4.5% for Ross Stores.

Corporate tax rate of 27% is the nominal tax rate for Ross Stores. 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 ROST 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 ROST are equal to 18.2%.

Life of production assets of 7.7 years is the average useful life of capital assets used in Ross Stores 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 ROST is equal to -0.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2748 million for Ross Stores - 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 385.645 million for Ross Stores 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 Ross Stores at the current share price and the inputted number of shares is $29.6 billion.

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COMPANY NEWS

▶ Tax reform a big gift to retail: Pro   [Dec-08-17 02:22PM  CNBC Videos]
▶ Why Ross Stores Stock Gained 20% in November   [Dec-05-17 04:45PM  Motley Fool]
▶ Best ETFs & Stocks From November's Top Sector   [Nov-30-17 11:32AM  Zacks]
▶ 3 Stocks That Could Double Your Money   [09:06AM  Motley Fool]
▶ Ross Stores Joins Rank Of Stocks With 95-Plus Composite Rating   [03:00AM  Investor's Business Daily]
▶ Ross Stores Earns RS Rating Upgrade   [Nov-29-17 03:00AM  Investor's Business Daily]
▶ The Good Times May Be Over for TJX Companies Inc   [Nov-28-17 12:36PM  InvestorPlace]
▶ Former Athleta CEO: Amazon getting into athleisure is a good thing   [Nov-24-17 01:00AM  Yahoo Finance Video]
▶ Burlington Stores: Huge Upside, but High Risk   [Nov-23-17 10:35AM  Motley Fool]
▶ 3 Amazon-Proof Stocks to Buy Now   [Nov-21-17 09:10PM  Motley Fool]
▶ How TJX Companies Margins Fared in Fiscal 3Q18   [Nov-20-17 09:02AM  Market Realist]
▶ Why Ross Stores, Inc. Stock Popped Today   [01:26PM  Motley Fool]
▶ Retail: You Mean It's Not Dead?!?!   [11:51AM  Barrons.com]
▶ Ross Stores beats Street 3Q forecasts   [04:09PM  Associated Press]
▶ Ross stores beats on top and bottom   [04:08PM  CNBC Videos]
▶ Ross Stores Inc (ROST): Is It A Good Long Term Opportunity?   [Nov-15-17 08:26PM  Simply Wall St.]
▶ Ross Stores Announces Quarterly Dividend   [06:00PM  Business Wire]
▶ Hey Amazon, Don't Discount TJX's Comeback   [11:36AM  Barrons.com]
▶ Expectations for TJX Companies Earnings in Fiscal 3Q18   [Nov-10-17 07:32AM  Market Realist]
▶ Can TJX Companies Deliver Strong Sales in Fiscal 3Q18?   [Nov-09-17 01:10PM  Market Realist]
▶ 3 Stocks for an Approaching Bear Market   [Nov-06-17 07:36AM  Motley Fool]
▶ All of Retail Is Rattled by J.C. Penney's Troubles   [Oct-30-17 06:59PM  TheStreet.com]
▶ Companies Paying Americans the Least   [Oct-27-17 04:22PM  24/7 Wall St.]
▶ David Rolfe Comments on Ross Stores   [Oct-16-17 05:44PM  GuruFocus.com]
▶ Walmart app promises 35-second returns, leaving Amazon in the dust   [Oct-09-17 01:34PM  Yahoo Finance Video]
▶ Ross Stores Opens 40 New Locations   [08:30AM  PR Newswire]
▶ 3 Consumer Stocks That Turned $3,000 Into $30,000   [Oct-02-17 01:32PM  Motley Fool]
Financial statements of ROST
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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