Intrinsic value of Sally Beauty Holdings - SBH

Previous Close

$17.93

  Intrinsic Value

$5.38

stock screener

  Rating & Target

str. sell

-70%

  Value-price divergence*

+35%

Previous close

$17.93

 
Intrinsic value

$5.38

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence*

+35%

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

We calculate the intrinsic value of SBH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.10
  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
  3,953
  4,032
  4,125
  4,231
  4,350
  4,482
  4,626
  4,784
  4,954
  5,138
  5,335
  5,546
  5,771
  6,011
  6,266
  6,536
  6,823
  7,126
  7,446
  7,785
  8,143
  8,520
  8,918
  9,338
  9,780
  10,246
  10,736
  11,252
  11,795
  12,366
  12,967
Variable operating expenses, $m
 
  3,511
  3,590
  3,681
  3,783
  3,896
  4,021
  4,156
  4,302
  4,459
  4,629
  4,756
  4,949
  5,155
  5,373
  5,605
  5,851
  6,111
  6,385
  6,676
  6,983
  7,306
  7,648
  8,008
  8,387
  8,786
  9,206
  9,649
  10,114
  10,604
  11,119
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
  3,454
  3,511
  3,590
  3,681
  3,783
  3,896
  4,021
  4,156
  4,302
  4,459
  4,629
  4,756
  4,949
  5,155
  5,373
  5,605
  5,851
  6,111
  6,385
  6,676
  6,983
  7,306
  7,648
  8,008
  8,387
  8,786
  9,206
  9,649
  10,114
  10,604
  11,119
Operating income, $m
  498
  521
  534
  550
  566
  585
  606
  628
  653
  679
  707
  790
  822
  856
  893
  931
  972
  1,015
  1,061
  1,109
  1,160
  1,214
  1,271
  1,331
  1,394
  1,460
  1,530
  1,603
  1,681
  1,762
  1,848
EBITDA, $m
  598
  614
  629
  645
  663
  683
  705
  729
  755
  783
  813
  845
  879
  916
  955
  996
  1,040
  1,086
  1,135
  1,186
  1,241
  1,298
  1,359
  1,423
  1,490
  1,561
  1,636
  1,715
  1,797
  1,884
  1,976
Interest expense (income), $m
  139
  139
  104
  108
  112
  116
  121
  127
  132
  139
  146
  153
  161
  170
  179
  189
  199
  210
  221
  233
  246
  260
  274
  289
  305
  322
  339
  358
  377
  398
  420
Earnings before tax, $m
  354
  382
  430
  442
  455
  469
  485
  502
  520
  540
  561
  637
  661
  687
  714
  743
  773
  806
  840
  876
  914
  954
  997
  1,041
  1,089
  1,138
  1,190
  1,245
  1,303
  1,364
  1,428
Tax expense, $m
  131
  103
  116
  119
  123
  127
  131
  135
  140
  146
  151
  172
  178
  185
  193
  201
  209
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  368
  386
Net income, $m
  223
  279
  314
  323
  332
  343
  354
  366
  380
  394
  410
  465
  483
  501
  521
  542
  565
  588
  613
  639
  667
  697
  728
  760
  795
  831
  869
  909
  951
  996
  1,042

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  87
  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
  2,132
  2,175
  2,225
  2,282
  2,346
  2,417
  2,495
  2,580
  2,672
  2,771
  2,878
  2,992
  3,113
  3,242
  3,380
  3,525
  3,680
  3,843
  4,016
  4,199
  4,392
  4,596
  4,810
  5,037
  5,275
  5,526
  5,791
  6,069
  6,362
  6,670
  6,994
Adjusted assets (=assets-cash), $m
  2,045
  2,175
  2,225
  2,282
  2,346
  2,417
  2,495
  2,580
  2,672
  2,771
  2,878
  2,992
  3,113
  3,242
  3,380
  3,525
  3,680
  3,843
  4,016
  4,199
  4,392
  4,596
  4,810
  5,037
  5,275
  5,526
  5,791
  6,069
  6,362
  6,670
  6,994
Revenue / Adjusted assets
  1.933
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
  1.854
Average production assets, $m
  391
  399
  408
  419
  431
  444
  458
  474
  490
  509
  528
  549
  571
  595
  620
  647
  675
  705
  737
  771
  806
  844
  883
  924
  968
  1,014
  1,063
  1,114
  1,168
  1,224
  1,284
Working capital, $m
  684
  609
  623
  639
  657
  677
  699
  722
  748
  776
  806
  838
  871
  908
  946
  987
  1,030
  1,076
  1,124
  1,176
  1,230
  1,287
  1,347
  1,410
  1,477
  1,547
  1,621
  1,699
  1,781
  1,867
  1,958
Total debt, $m
  1,784
  1,333
  1,378
  1,430
  1,488
  1,552
  1,622
  1,698
  1,781
  1,870
  1,966
  2,068
  2,178
  2,294
  2,418
  2,549
  2,688
  2,835
  2,991
  3,155
  3,329
  3,512
  3,705
  3,909
  4,124
  4,350
  4,588
  4,838
  5,102
  5,379
  5,671
Total liabilities, $m
  2,408
  1,957
  2,002
  2,054
  2,112
  2,176
  2,246
  2,322
  2,405
  2,494
  2,590
  2,692
  2,802
  2,918
  3,042
  3,173
  3,312
  3,459
  3,615
  3,779
  3,953
  4,136
  4,329
  4,533
  4,748
  4,974
  5,212
  5,462
  5,726
  6,003
  6,295
Total equity, $m
  -276
  217
  222
  228
  235
  242
  250
  258
  267
  277
  288
  299
  311
  324
  338
  353
  368
  384
  402
  420
  439
  460
  481
  504
  528
  553
  579
  607
  636
  667
  699
Total liabilities and equity, $m
  2,132
  2,174
  2,224
  2,282
  2,347
  2,418
  2,496
  2,580
  2,672
  2,771
  2,878
  2,991
  3,113
  3,242
  3,380
  3,526
  3,680
  3,843
  4,017
  4,199
  4,392
  4,596
  4,810
  5,037
  5,276
  5,527
  5,791
  6,069
  6,362
  6,670
  6,994
Debt-to-equity ratio
  -6.464
  6.130
  6.200
  6.270
  6.340
  6.420
  6.500
  6.580
  6.660
  6.750
  6.830
  6.910
  7.000
  7.080
  7.150
  7.230
  7.300
  7.380
  7.450
  7.510
  7.580
  7.640
  7.700
  7.760
  7.820
  7.870
  7.920
  7.970
  8.020
  8.060
  8.110
Adjusted equity ratio
  -0.178
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  223
  279
  314
  323
  332
  343
  354
  366
  380
  394
  410
  465
  483
  501
  521
  542
  565
  588
  613
  639
  667
  697
  728
  760
  795
  831
  869
  909
  951
  996
  1,042
Depreciation, amort., depletion, $m
  100
  93
  94
  95
  96
  98
  99
  101
  102
  104
  106
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
Funds from operations, $m
  310
  372
  408
  418
  428
  440
  453
  467
  482
  498
  516
  520
  540
  561
  583
  607
  632
  659
  687
  717
  748
  781
  816
  853
  892
  932
  975
  1,021
  1,068
  1,118
  1,171
Change in working capital, $m
  -41
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
Cash from operations, $m
  351
  360
  394
  402
  411
  420
  431
  443
  456
  471
  486
  488
  506
  525
  545
  566
  589
  613
  638
  665
  694
  724
  756
  789
  825
  862
  901
  943
  986
  1,032
  1,080
Maintenance CAPEX, $m
  0
  -39
  -40
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
New CAPEX, $m
  -151
  -9
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -59
Cash from investing activities, $m
  -175
  -48
  -49
  -51
  -54
  -56
  -58
  -62
  -64
  -67
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -112
  -118
  -123
  -130
  -136
  -143
  -150
  -157
  -165
  -174
  -181
Free cash flow, $m
  176
  312
  345
  351
  357
  364
  373
  382
  392
  403
  416
  414
  428
  444
  460
  477
  496
  515
  536
  558
  581
  606
  632
  660
  689
  719
  751
  785
  821
  859
  898
Issuance/(repayment) of debt, $m
  -27
  -451
  45
  51
  58
  64
  70
  76
  83
  89
  96
  102
  109
  116
  124
  131
  139
  147
  156
  164
  174
  183
  193
  204
  215
  226
  238
  250
  264
  277
  292
Issuance/(repurchase) of shares, $m
  -191
  215
  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  
  -229
  -236
  45
  51
  58
  64
  70
  76
  83
  89
  96
  102
  109
  116
  124
  131
  139
  147
  156
  164
  174
  183
  193
  204
  215
  226
  238
  250
  264
  277
  292
Total cash flow (excl. dividends), $m
  -53
  76
  390
  402
  415
  428
  443
  458
  475
  492
  511
  517
  538
  560
  584
  608
  635
  663
  692
  723
  755
  789
  825
  863
  903
  945
  989
  1,036
  1,085
  1,136
  1,190
Retained Cash Flow (-), $m
  -22
  -493
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
Prev. year cash balance distribution, $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 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
 
  -417
  385
  396
  408
  421
  435
  450
  466
  483
  501
  505
  526
  547
  570
  594
  619
  646
  674
  704
  736
  769
  804
  841
  879
  920
  963
  1,008
  1,055
  1,105
  1,157
Discount rate, %
 
  12.90
  13.55
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.05
  32.60
  34.23
  35.94
  37.74
  39.62
  41.60
  43.68
  45.87
  48.16
  50.57
  53.10
PV of cash for distribution, $m
 
  -369
  299
  266
  234
  203
  174
  147
  123
  100
  81
  62
  48
  36
  27
  20
  14
  10
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Sally Beauty Holdings, Inc., together with its subsidiaries, operates as a specialty retailer and distributor of professional beauty supplies. The company operates through two segments, Sally Beauty Supply and Beauty Systems Group. The Sally Beauty Supply segment offers beauty products, including hair color and care, skin and nail care, beauty sundries, and styling tools for retail customers and salon professionals. This segment also provides products under third-party brands, such as Clairol, CHI, China Glaze, OPI, and Conair, as well as exclusive-label merchandise. As of September 30, 2016, it operated 3,763 company-operated retail stores under the Sally Beauty banner in the United States, Canada, Mexico, Chile, Colombia, Peru, the United Kingdom, Ireland, Belgium, France, Germany, the Netherlands, and Spain; and 18 franchised stores in the United Kingdom, Belgium, and certain other European countries. The Beauty Systems Group segment offers professional beauty products, including hair color and care, skin and nail care, beauty sundries, and styling tools directly to salons and salon professionals through its sales force, as well as through company-operated and franchised stores. This segment also sells products under third-party brands, such as Paul Mitchell, Wella, Sebastian, Goldwell, Joico, and Aquage. This segment had 1,174 company-operated stores under the CosmoProf banner in the United States and Canada, as well as 164 franchised stores in the United States, Canada, Mexico, and certain European countries. The company also distributes its products through full-service/exclusive distribution, open-line distribution, directly, and mega-salon stores. Sally Beauty Holdings, Inc. was founded in 1964 and is headquartered in Denton, Texas.

FINANCIAL RATIOS  of  Sally Beauty Holdings (SBH)

Valuation Ratios
P/E Ratio 11.6
Price to Sales 0.7
Price to Book -9.4
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.1%
Cap. Spend. - 3 Yr. Gr. Rate 12.2%
Financial Strength
Quick Ratio 87
Current Ratio 0.2
LT Debt to Equity -646%
Total Debt to Equity -646.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 14.7%
Ret/ On Assets - 3 Yr. Avg. 15.2%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 16.1%
Return On Equity -77.7%
Return On Equity - 3 Yr. Avg. -75.4%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 49.7%
Gross Margin - 3 Yr. Avg. 49.6%
EBITDA Margin 15%
EBITDA Margin - 3 Yr. Avg. 15.2%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 9%
Pre-Tax Margin - 3 Yr. Avg. 9.7%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 37.3%
Payout Ratio 0%

SBH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBH stock intrinsic value calculation we used $3953 million for the last fiscal year's total revenue generated by Sally Beauty Holdings. The default revenue input number comes from 2016 income statement of Sally Beauty Holdings. 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 SBH 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 12.9%, whose default value for SBH is calculated based on our internal credit rating of Sally Beauty Holdings, 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 Sally Beauty Holdings.
    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 SBH stock the variable cost ratio is equal to 87.1%.

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 SBH 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 7.8% for Sally Beauty Holdings.

Corporate tax rate of 27% is the nominal tax rate for Sally Beauty Holdings. 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 SBH 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 SBH are equal to 9.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Sally Beauty Holdings 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 SBH is equal to 15.1%. 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 - $-276 million for Sally Beauty Holdings - 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 138.673 million for Sally Beauty Holdings 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 Sally Beauty Holdings at the current share price and the inputted number of shares is $2.5 billion.

RELATED COMPANIES Price Int.Val. Rating
PERF Perfumania Hol 1.33 0.32  str.sell
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COTY Coty Cl A 19.23 100.68  str.buy

COMPANY NEWS

▶ Top Ranked Value Stocks to Buy for August 11th   [Aug-11-17 08:28AM  Zacks]
▶ Sally Beauty tops 3Q profit forecasts   [Aug-03-17 08:44AM  Associated Press]
▶ Cheap Stocks With Growing EPS   [Jun-22-17 03:29PM  GuruFocus.com]
▶ [$$] Losing Its Looks   [Jun-12-17 03:43PM  The Wall Street Journal]
▶ 6 Stocks With Rising EPS   [Jun-01-17 04:24PM  GuruFocus.com]
▶ Sally Beauty beats 2Q profit forecasts   [May-04-17 06:45AM  Associated Press]
▶ Sally Beauty Stock Sliding on Keybanc Downgrade   [Apr-24-17 10:16AM  TheStreet.com]
▶ Gurus' Worst Recent Investments   [Feb-15-17 09:41AM  GuruFocus.com]
▶ Is Troubled Retailer a Valid Value Stock?   [Feb-10-17 03:05PM  GuruFocus.com]
▶ Signet Jewelers, BT Group Reach 3-Year Low Prices   [Feb-04-17 01:34AM  GuruFocus.com]
▶ Sally Beauty slashing costs after 'disappointing' start to the year   [12:30PM  American City Business Journals]
▶ Sally Beauty misses Street 1Q forecasts   [06:44AM  Associated Press]
▶ Is Sally Beauty Holdings, Inc. (SBH) A Good Stock To Buy?   [Dec-14-16 12:57PM  at Insider Monkey]
▶ Why Is Avon This Analyst's Top Pick?   [Dec-02-16 12:27PM  at Barrons.com]
▶ Why Sally Beauty Holdings, Inc. Tumbled Today   [12:50PM  at Motley Fool]
▶ Who's Afraid of Amazon Prime?   [Oct-03-16 03:47PM  at Barrons.com]
▶ What Happened in the Stock Market Today   [Sep-26-16 05:02PM  at Motley Fool]
Stock chart of SBH Financial statements of SBH
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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