Intrinsic value of Ross Stores - ROST

Previous Close

$54.37

  Intrinsic Value

$67.51

stock screener

  Rating & Target

buy

+24%

  Value-price divergence*

+9%

Previous close

$54.37

 
Intrinsic value

$67.51

 
Up/down potential

+24%

 
Rating

buy

 
Value-price divergence*

+9%

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

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 21.3

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  12,867
  13,768
  14,704
  15,677
  16,690
  17,743
  18,840
  19,982
  21,172
  22,413
  23,708
  25,058
  26,469
  27,941
  29,481
  31,090
  32,772
  34,532
  36,374
  38,302
  40,320
  42,434
  44,649
  46,969
  49,401
  51,950
  54,622
  57,424
  60,362
  63,443
  66,675
Variable operating expenses, $m
 
  11,111
  11,866
  12,652
  13,469
  14,319
  15,204
  16,126
  17,086
  18,088
  19,132
  20,222
  21,360
  22,549
  23,791
  25,089
  26,447
  27,867
  29,354
  30,910
  32,539
  34,245
  36,032
  37,904
  39,867
  41,924
  44,080
  46,341
  48,712
  51,198
  53,807
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
  11,827
  12,600
  13,405
  14,241
  15,110
  16,015
  16,957
  17,938
  18,961
  20,027
  21,139
  22,300
  23,513
  24,779
  26,101
  27,485
  28,931
  30,444
  32,027
  33,684
  35,419
  37,235
  39,137
  41,131
  43,220
  45,408
  47,703
  50,108
  52,628
  55,273
Operating income, $m
  1,803
  1,941
  2,103
  2,273
  2,450
  2,634
  2,825
  3,026
  3,235
  3,453
  3,681
  3,919
  4,168
  4,429
  4,702
  4,988
  5,287
  5,601
  5,930
  6,275
  6,636
  7,016
  7,414
  7,832
  8,270
  8,730
  9,214
  9,721
  10,254
  10,814
  11,402
EBITDA, $m
  2,106
  2,191
  2,371
  2,558
  2,753
  2,957
  3,168
  3,389
  3,620
  3,861
  4,112
  4,375
  4,650
  4,938
  5,239
  5,554
  5,884
  6,230
  6,592
  6,972
  7,370
  7,788
  8,226
  8,686
  9,169
  9,676
  10,208
  10,766
  11,353
  11,969
  12,616
Interest expense (income), $m
  18
  18
  26
  34
  43
  52
  61
  71
  81
  92
  103
  115
  127
  140
  153
  167
  181
  196
  212
  228
  245
  264
  282
  302
  323
  345
  368
  392
  417
  443
  471
Earnings before tax, $m
  1,786
  1,923
  2,078
  2,239
  2,407
  2,582
  2,764
  2,954
  3,153
  3,361
  3,578
  3,804
  4,041
  4,290
  4,549
  4,821
  5,106
  5,405
  5,718
  6,047
  6,391
  6,752
  7,131
  7,529
  7,947
  8,386
  8,846
  9,330
  9,838
  10,371
  10,931
Tax expense, $m
  668
  519
  561
  604
  650
  697
  746
  798
  851
  907
  966
  1,027
  1,091
  1,158
  1,228
  1,302
  1,379
  1,459
  1,544
  1,633
  1,726
  1,823
  1,925
  2,033
  2,146
  2,264
  2,388
  2,519
  2,656
  2,800
  2,951
Net income, $m
  1,118
  1,404
  1,517
  1,634
  1,757
  1,885
  2,018
  2,157
  2,302
  2,453
  2,612
  2,777
  2,950
  3,131
  3,321
  3,520
  3,728
  3,946
  4,174
  4,414
  4,665
  4,929
  5,206
  5,496
  5,801
  6,121
  6,458
  6,811
  7,181
  7,571
  7,980

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
  4,490
  4,796
  5,113
  5,443
  5,787
  6,145
  6,517
  6,906
  7,310
  7,732
  8,173
  8,633
  9,113
  9,615
  10,140
  10,689
  11,263
  11,864
  12,492
  13,151
  13,840
  14,563
  15,319
  16,113
  16,944
  17,815
  18,729
  19,687
  20,692
  21,747
Adjusted assets (=assets-cash), $m
  4,197
  4,490
  4,796
  5,113
  5,443
  5,787
  6,145
  6,517
  6,906
  7,310
  7,732
  8,173
  8,633
  9,113
  9,615
  10,140
  10,689
  11,263
  11,864
  12,492
  13,151
  13,840
  14,563
  15,319
  16,113
  16,944
  17,815
  18,729
  19,687
  20,692
  21,747
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
  2,506
  2,676
  2,853
  3,038
  3,229
  3,429
  3,637
  3,853
  4,079
  4,315
  4,561
  4,817
  5,085
  5,365
  5,658
  5,965
  6,285
  6,620
  6,971
  7,338
  7,723
  8,126
  8,548
  8,991
  9,455
  9,941
  10,451
  10,986
  11,547
  12,135
Working capital, $m
  1,060
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -208
  -218
  -230
  -241
  -254
  -267
Total debt, $m
  396
  574
  760
  954
  1,156
  1,365
  1,583
  1,811
  2,047
  2,294
  2,552
  2,821
  3,101
  3,394
  3,700
  4,020
  4,355
  4,705
  5,072
  5,455
  5,857
  6,278
  6,718
  7,180
  7,664
  8,171
  8,702
  9,260
  9,844
  10,457
  11,100
Total liabilities, $m
  2,561
  2,739
  2,925
  3,119
  3,321
  3,530
  3,748
  3,976
  4,212
  4,459
  4,717
  4,986
  5,266
  5,559
  5,865
  6,185
  6,520
  6,870
  7,237
  7,620
  8,022
  8,443
  8,883
  9,345
  9,829
  10,336
  10,867
  11,425
  12,009
  12,622
  13,265
Total equity, $m
  2,748
  1,751
  1,870
  1,994
  2,123
  2,257
  2,396
  2,542
  2,693
  2,851
  3,016
  3,187
  3,367
  3,554
  3,750
  3,955
  4,169
  4,393
  4,627
  4,872
  5,129
  5,398
  5,679
  5,975
  6,284
  6,608
  6,948
  7,304
  7,678
  8,070
  8,481
Total liabilities and equity, $m
  5,309
  4,490
  4,795
  5,113
  5,444
  5,787
  6,144
  6,518
  6,905
  7,310
  7,733
  8,173
  8,633
  9,113
  9,615
  10,140
  10,689
  11,263
  11,864
  12,492
  13,151
  13,841
  14,562
  15,320
  16,113
  16,944
  17,815
  18,729
  19,687
  20,692
  21,746
Debt-to-equity ratio
  0.144
  0.330
  0.410
  0.480
  0.540
  0.600
  0.660
  0.710
  0.760
  0.800
  0.850
  0.880
  0.920
  0.950
  0.990
  1.020
  1.040
  1.070
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
  1.250
  1.270
  1.280
  1.300
  1.310
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
  1,404
  1,517
  1,634
  1,757
  1,885
  2,018
  2,157
  2,302
  2,453
  2,612
  2,777
  2,950
  3,131
  3,321
  3,520
  3,728
  3,946
  4,174
  4,414
  4,665
  4,929
  5,206
  5,496
  5,801
  6,121
  6,458
  6,811
  7,181
  7,571
  7,980
Depreciation, amort., depletion, $m
  303
  251
  268
  285
  304
  323
  343
  364
  385
  408
  431
  456
  482
  509
  537
  566
  596
  628
  662
  697
  734
  772
  813
  855
  899
  945
  994
  1,045
  1,099
  1,155
  1,213
Funds from operations, $m
  1,632
  1,654
  1,784
  1,920
  2,061
  2,207
  2,361
  2,520
  2,687
  2,861
  3,043
  3,233
  3,432
  3,640
  3,858
  4,085
  4,324
  4,574
  4,836
  5,111
  5,399
  5,701
  6,019
  6,351
  6,700
  7,067
  7,452
  7,856
  8,280
  8,726
  9,193
Change in working capital, $m
  73
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from operations, $m
  1,559
  1,658
  1,788
  1,924
  2,065
  2,212
  2,365
  2,525
  2,692
  2,866
  3,048
  3,239
  3,438
  3,646
  3,864
  4,092
  4,331
  4,581
  4,844
  5,119
  5,407
  5,710
  6,027
  6,361
  6,710
  7,077
  7,462
  7,867
  8,292
  8,738
  9,206
Maintenance CAPEX, $m
  0
  -234
  -251
  -268
  -285
  -304
  -323
  -343
  -364
  -385
  -408
  -431
  -456
  -482
  -509
  -537
  -566
  -596
  -628
  -662
  -697
  -734
  -772
  -813
  -855
  -899
  -945
  -994
  -1,045
  -1,099
  -1,155
New CAPEX, $m
  -298
  -170
  -170
  -177
  -184
  -192
  -200
  -208
  -217
  -226
  -236
  -246
  -257
  -268
  -280
  -293
  -306
  -320
  -335
  -351
  -367
  -385
  -403
  -422
  -443
  -464
  -486
  -510
  -535
  -561
  -588
Cash from investing activities, $m
  -293
  -404
  -421
  -445
  -469
  -496
  -523
  -551
  -581
  -611
  -644
  -677
  -713
  -750
  -789
  -830
  -872
  -916
  -963
  -1,013
  -1,064
  -1,119
  -1,175
  -1,235
  -1,298
  -1,363
  -1,431
  -1,504
  -1,580
  -1,660
  -1,743
Free cash flow, $m
  1,266
  1,254
  1,367
  1,479
  1,595
  1,716
  1,843
  1,974
  2,112
  2,255
  2,405
  2,561
  2,725
  2,896
  3,075
  3,263
  3,459
  3,664
  3,880
  4,106
  4,343
  4,591
  4,852
  5,126
  5,413
  5,714
  6,031
  6,363
  6,712
  7,078
  7,464
Issuance/(repayment) of debt, $m
  0
  178
  186
  194
  201
  210
  218
  227
  237
  247
  258
  269
  281
  293
  306
  320
  335
  350
  366
  384
  402
  421
  441
  462
  484
  507
  532
  557
  585
  613
  643
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
  178
  186
  194
  201
  210
  218
  227
  237
  247
  258
  269
  281
  293
  306
  320
  335
  350
  366
  384
  402
  421
  441
  462
  484
  507
  532
  557
  585
  613
  643
Total cash flow (excl. dividends), $m
  565
  1,432
  1,553
  1,672
  1,796
  1,926
  2,061
  2,201
  2,348
  2,502
  2,662
  2,830
  3,005
  3,189
  3,381
  3,583
  3,794
  4,015
  4,246
  4,489
  4,744
  5,012
  5,293
  5,587
  5,897
  6,221
  6,562
  6,920
  7,296
  7,692
  8,107
Retained Cash Flow (-), $m
  -276
  -115
  -119
  -124
  -129
  -134
  -140
  -145
  -151
  -158
  -165
  -172
  -179
  -187
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -340
  -356
  -374
  -392
  -411
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
 
  2,429
  1,434
  1,549
  1,668
  1,792
  1,921
  2,056
  2,197
  2,344
  2,498
  2,658
  2,826
  3,002
  3,186
  3,378
  3,580
  3,791
  4,012
  4,244
  4,488
  4,743
  5,011
  5,292
  5,587
  5,897
  6,222
  6,564
  6,923
  7,300
  7,695
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
 
  2,329
  1,313
  1,348
  1,373
  1,389
  1,394
  1,389
  1,373
  1,347
  1,309
  1,262
  1,206
  1,141
  1,069
  992
  910
  825
  739
  653
  570
  491
  416
  347
  285
  229
  182
  141
  107
  80
  58
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., together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd’s DISCOUNTS brand names in the United States. It primarily offers apparel, accessories, footwear, and home fashions. The company’s Ross Dress for Less stores sell its products at savings of 20% to 60% off department and specialty store regular prices primarily to middle income households; and dd’s DISCOUNTS stores sell its products at savings of 20% to 70% off moderate department and discount store regular prices to customers from households with moderate income. As of October 10, 2016, it operated 1,342 Ross Dress for Less stores in 36 states, the District of Columbia, and Guam; and 193 dd's DISCOUNTS stores in 15 states. The company was founded in 1982 and is headquartered in Dublin, California.

FINANCIAL RATIOS  of  Ross Stores (ROST)

Valuation Ratios
P/E Ratio 19.1
Price to Sales 1.7
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 16.9
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% 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 10 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 390.868 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 $21.3 billion.

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COMPANY NEWS

▶ Ross Stores Announces Quarterly Dividend   [Aug-16-17 06:15PM  Business Wire]
▶ Why You Should Buy Off-Price Retailers Before Earnings   [Aug-11-17 09:48AM  Barrons.com]
▶ [$$] Off-Price Sector Set for Stock Discounts   [Aug-03-17 11:07AM  Barrons.com]
▶ 1 Big Thing TJX Bears are Overlooking   [10:35AM  Motley Fool]
▶ Burlington Coat Factory: No Safety in Off Price?   [Aug-02-17 02:56PM  Barrons.com]
▶ Can Ross Stores Find a Bottom That Fits?   [Jul-26-17 12:24PM  TheStreet.com]
▶ Be Prepared for Further Declines From Ross Stores   [Jul-18-17 01:48PM  TheStreet.com]
▶ David Rolfe's Wedgewood Partners 2nd Quarter Client Letter   [Jul-17-17 12:55PM  GuruFocus.com]
▶ Ross Stores Opens 28 New Locations   [08:30AM  PR Newswire]
▶ Upgrades for retail stocks: is the sector back in style?   [Jul-14-17 01:35PM  CNBC Videos]
▶ [$$] Ross Stores: A Retailer With 25% Upside   [Jul-07-17 07:46AM  Barrons.com]
▶ Gauging Off-Price Retailers Valuations Today   [Jul-03-17 09:07AM  Market Realist]
▶ How Have Off-Price Retailers Been Rewarding Investors?   [Jun-29-17 05:11PM  Market Realist]
▶ Gurus' Holdings With Negative Performances   [04:12PM  GuruFocus.com]
▶ Ross Stores Poised to Become Even More 'Off-Price'   [Jun-28-17 12:15PM  TheStreet.com]
▶ ETFs with exposure to Ross Stores, Inc. : June 22, 2017   [Jun-22-17 04:21PM  Capital Cube]
▶ 7 Retailers Immune to Amazon's Dominance   [Jun-19-17 05:26PM  Investopedia]
▶ ETFs with exposure to Ross Stores, Inc. : June 9, 2017   [Jun-09-17 01:55PM  Capital Cube]
▶ Ross Stores Breaks Retail's Losing Streak   [May-23-17 09:25AM  Motley Fool]
▶ Consumer Sector Post-Earnings Coverage for May 1519, 2017   [May-22-17 04:07PM  Market Realist]
▶ Where Does TJX Companies Valuation Stand?   [10:36AM  Market Realist]
▶ Company News for May 22, 2017   [10:31AM  Zacks]
▶ Retailers Better Off After a Rough Previous Week   [May-19-17 06:31PM  Investopedia]
▶ Retail And E-Commerce News And Stocks To Watch   [04:10PM  Investor's Business Daily]
▶ What Drove TJX Companies 1Q18 Earnings?   [04:06PM  Market Realist]
▶ Story Stocks from Briefing.com   [11:33AM  Briefing.com]
▶ Retail earnings roundup   [10:17AM  CNBC Videos]
▶ What Gap and Ross Stores earnings say about retail space   [May-18-17 05:52PM  CNBC Videos]
▶ Gap Tops, Lifts Profit View; Ross Stores Beats But Guides Low   [05:04PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [04:39PM  Investor's Business Daily]
▶ Ross Stores beats on top line   [04:10PM  CNBC Videos]
▶ Ross Stores beats Street 1Q forecasts   [04:06PM  Associated Press]
▶ Ross Stores Reports First Quarter Earnings   [04:01PM  Business Wire]
▶ Ross Stores Announces Quarterly Dividend   [May-17-17 05:00PM  Business Wire]
▶ This Is Keeping TJX Bullish Amid The Broader Retail Meltdown   [01:06PM  Investor's Business Daily]
▶ Home Depot, Walmart What to watch in the markets this week   [May-14-17 04:32PM  Yahoo Finance]
▶ Stocks to Watch: Apple, Corning, J.C. Penney, Eli Lilly   [09:29AM  The Wall Street Journal]
▶ [$$] Discounters Seen Leading Retail Earnings   [May-09-17 02:59PM  Barrons.com]
▶ How Analysts View Off-Price Retailer Stocks   [Apr-28-17 10:37AM  Market Realist]
▶ A Look at Off-Price Retailers Valuations   [09:08AM  Market Realist]
▶ Assessing Off-Price Retailer Stocks in 2017   [Apr-27-17 06:05PM  Market Realist]
▶ 10 Biggest Companies That Support Trump   [Apr-22-17 04:59PM  Insider Monkey]
▶ ETFs with exposure to Ross Stores, Inc. : April 20, 2017   [Apr-20-17 02:27PM  Capital Cube]
Stock chart of ROST 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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