Intrinsic value of Steven Madden - SHOO

Previous Close

$39.80

  Intrinsic Value

$60.69

stock screener

  Rating & Target

str. buy

+52%

Previous close

$39.80

 
Intrinsic value

$60.69

 
Up/down potential

+52%

 
Rating

str. buy

We calculate the intrinsic value of SHOO 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 2.4

 

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, %
  -0.36
  15.10
  14.09
  13.18
  12.36
  11.63
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.11
  5.99
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
Revenue, $m
  1,400
  1,611
  1,838
  2,081
  2,338
  2,610
  2,896
  3,196
  3,510
  3,839
  4,181
  4,537
  4,908
  5,293
  5,694
  6,110
  6,542
  6,992
  7,459
  7,945
  8,451
  8,977
  9,525
  10,096
  10,692
  11,312
  11,960
  12,636
  13,342
  14,080
  14,851
Variable operating expenses, $m
 
  1,287
  1,466
  1,658
  1,861
  2,076
  2,302
  2,540
  2,788
  3,047
  3,318
  3,586
  3,878
  4,183
  4,500
  4,828
  5,170
  5,526
  5,895
  6,279
  6,679
  7,095
  7,528
  7,979
  8,449
  8,940
  9,452
  9,986
  10,544
  11,127
  11,736
Fixed operating expenses, $m
 
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  199
  204
  209
  215
  220
  226
  231
  237
Total operating expenses, $m
  1,230
  1,403
  1,585
  1,780
  1,986
  2,204
  2,433
  2,674
  2,926
  3,188
  3,463
  3,734
  4,030
  4,339
  4,660
  4,992
  5,338
  5,698
  6,071
  6,460
  6,864
  7,285
  7,723
  8,178
  8,653
  9,149
  9,667
  10,206
  10,770
  11,358
  11,973
Operating income, $m
  169
  209
  253
  301
  352
  406
  463
  522
  585
  650
  719
  803
  877
  954
  1,034
  1,118
  1,204
  1,294
  1,388
  1,486
  1,587
  1,693
  1,803
  1,918
  2,038
  2,163
  2,293
  2,430
  2,572
  2,721
  2,877
EBITDA, $m
  190
  236
  283
  333
  386
  442
  501
  564
  629
  697
  768
  842
  920
  1,000
  1,083
  1,170
  1,261
  1,355
  1,452
  1,554
  1,660
  1,770
  1,885
  2,005
  2,130
  2,260
  2,397
  2,539
  2,687
  2,843
  3,005
Interest expense (income), $m
  1
  0
  1
  2
  4
  5
  7
  8
  10
  12
  13
  15
  17
  19
  21
  24
  26
  28
  31
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
Earnings before tax, $m
  171
  209
  252
  299
  348
  401
  456
  514
  575
  639
  705
  788
  860
  935
  1,013
  1,094
  1,178
  1,266
  1,357
  1,452
  1,551
  1,654
  1,761
  1,873
  1,990
  2,112
  2,239
  2,372
  2,511
  2,656
  2,808
Tax expense, $m
  50
  56
  68
  81
  94
  108
  123
  139
  155
  172
  190
  213
  232
  252
  273
  295
  318
  342
  366
  392
  419
  447
  476
  506
  537
  570
  604
  640
  678
  717
  758
Net income, $m
  121
  152
  184
  218
  254
  293
  333
  375
  420
  466
  515
  575
  628
  682
  739
  799
  860
  924
  991
  1,060
  1,132
  1,207
  1,286
  1,367
  1,453
  1,542
  1,634
  1,731
  1,833
  1,939
  2,049

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  166
  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
  961
  915
  1,044
  1,182
  1,328
  1,482
  1,645
  1,815
  1,993
  2,180
  2,374
  2,576
  2,787
  3,006
  3,233
  3,469
  3,715
  3,970
  4,236
  4,512
  4,799
  5,098
  5,409
  5,733
  6,071
  6,424
  6,792
  7,175
  7,576
  7,995
  8,433
Adjusted assets (=assets-cash), $m
  795
  915
  1,044
  1,182
  1,328
  1,482
  1,645
  1,815
  1,993
  2,180
  2,374
  2,576
  2,787
  3,006
  3,233
  3,469
  3,715
  3,970
  4,236
  4,512
  4,799
  5,098
  5,409
  5,733
  6,071
  6,424
  6,792
  7,175
  7,576
  7,995
  8,433
Revenue / Adjusted assets
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.760
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
Average production assets, $m
  183
  211
  241
  273
  306
  342
  379
  419
  460
  503
  548
  594
  643
  693
  746
  800
  857
  916
  977
  1,041
  1,107
  1,176
  1,248
  1,323
  1,401
  1,482
  1,567
  1,655
  1,748
  1,844
  1,945
Working capital, $m
  346
  208
  237
  268
  302
  337
  374
  412
  453
  495
  539
  585
  633
  683
  734
  788
  844
  902
  962
  1,025
  1,090
  1,158
  1,229
  1,302
  1,379
  1,459
  1,543
  1,630
  1,721
  1,816
  1,916
Total debt, $m
  0
  33
  69
  107
  148
  191
  236
  283
  332
  384
  438
  494
  552
  613
  676
  741
  809
  880
  953
  1,030
  1,109
  1,192
  1,278
  1,368
  1,462
  1,559
  1,661
  1,768
  1,879
  1,995
  2,116
Total liabilities, $m
  220
  253
  289
  327
  368
  411
  456
  503
  552
  604
  658
  714
  772
  833
  896
  961
  1,029
  1,100
  1,173
  1,250
  1,329
  1,412
  1,498
  1,588
  1,682
  1,779
  1,881
  1,988
  2,099
  2,215
  2,336
Total equity, $m
  741
  662
  755
  854
  960
  1,072
  1,189
  1,312
  1,441
  1,576
  1,716
  1,863
  2,015
  2,173
  2,338
  2,508
  2,686
  2,871
  3,062
  3,262
  3,470
  3,686
  3,911
  4,145
  4,390
  4,644
  4,910
  5,188
  5,478
  5,781
  6,097
Total liabilities and equity, $m
  961
  915
  1,044
  1,181
  1,328
  1,483
  1,645
  1,815
  1,993
  2,180
  2,374
  2,577
  2,787
  3,006
  3,234
  3,469
  3,715
  3,971
  4,235
  4,512
  4,799
  5,098
  5,409
  5,733
  6,072
  6,423
  6,791
  7,176
  7,577
  7,996
  8,433
Debt-to-equity ratio
  0.000
  0.050
  0.090
  0.130
  0.150
  0.180
  0.200
  0.220
  0.230
  0.240
  0.250
  0.270
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.350
  0.350
Adjusted equity ratio
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  121
  152
  184
  218
  254
  293
  333
  375
  420
  466
  515
  575
  628
  682
  739
  799
  860
  924
  991
  1,060
  1,132
  1,207
  1,286
  1,367
  1,453
  1,542
  1,634
  1,731
  1,833
  1,939
  2,049
Depreciation, amort., depletion, $m
  21
  27
  29
  32
  34
  36
  39
  41
  44
  47
  50
  39
  42
  46
  49
  53
  56
  60
  64
  68
  73
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
Funds from operations, $m
  148
  180
  213
  250
  288
  329
  371
  416
  464
  513
  564
  614
  670
  728
  788
  851
  917
  984
  1,055
  1,129
  1,205
  1,285
  1,368
  1,454
  1,545
  1,639
  1,737
  1,840
  1,948
  2,060
  2,177
Change in working capital, $m
  -6
  27
  29
  31
  33
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  99
Cash from operations, $m
  154
  152
  184
  218
  255
  294
  335
  378
  423
  471
  520
  568
  622
  678
  737
  798
  861
  926
  995
  1,066
  1,140
  1,217
  1,297
  1,381
  1,468
  1,559
  1,654
  1,753
  1,857
  1,965
  2,078
Maintenance CAPEX, $m
  0
  -12
  -14
  -16
  -18
  -20
  -22
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
New CAPEX, $m
  -16
  -28
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -50
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -97
  -101
Cash from investing activities, $m
  -4
  -40
  -44
  -48
  -52
  -56
  -59
  -64
  -69
  -73
  -78
  -83
  -88
  -92
  -98
  -104
  -110
  -115
  -121
  -128
  -134
  -142
  -149
  -157
  -165
  -173
  -182
  -192
  -201
  -212
  -222
Free cash flow, $m
  150
  112
  141
  171
  203
  238
  275
  313
  354
  397
  442
  486
  535
  586
  639
  694
  751
  811
  873
  938
  1,005
  1,075
  1,148
  1,224
  1,303
  1,385
  1,472
  1,561
  1,655
  1,753
  1,856
Issuance/(repayment) of debt, $m
  0
  33
  36
  38
  40
  43
  45
  47
  49
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  76
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
Issuance/(repurchase) of shares, $m
  -75
  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  
  -95
  33
  36
  38
  40
  43
  45
  47
  49
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  76
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
Total cash flow (excl. dividends), $m
  54
  146
  176
  209
  244
  281
  320
  361
  404
  449
  496
  542
  593
  646
  702
  759
  819
  882
  947
  1,014
  1,085
  1,158
  1,234
  1,314
  1,397
  1,483
  1,573
  1,668
  1,766
  1,869
  1,977
Retained Cash Flow (-), $m
  -63
  -87
  -93
  -99
  -106
  -112
  -117
  -123
  -129
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -244
  -255
  -266
  -278
  -290
  -303
  -317
Prev. year cash balance distribution, $m
 
  166
  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
 
  225
  83
  109
  138
  169
  202
  237
  275
  314
  356
  395
  441
  488
  537
  589
  642
  697
  755
  815
  877
  942
  1,009
  1,079
  1,152
  1,228
  1,308
  1,390
  1,476
  1,566
  1,660
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
 
  216
  76
  95
  114
  131
  147
  160
  172
  181
  186
  188
  188
  186
  180
  173
  163
  152
  139
  125
  111
  97
  84
  71
  59
  48
  38
  30
  23
  17
  13
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

Steven Madden, Ltd. and its subsidiaries design, source, market and sell name brand and private label footwear for women, men and children, and name brand and private label fashion handbags and accessories. The Company operates through five segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost and Licensing. Its products are sold through its retail stores and e-commerce Websites within the United States, Canada, Mexico and South Africa, as well as department stores, specialty stores, luxury retailers, value priced retailers, national chains, merchants and catalog retailers. It provides merchandising support to its department store customers, including in-store fixtures and signage, supervision of displays and merchandising of its various product lines. Its brands include Madden Girl, Steve Madden Men's, Madden, Steven, Stevies and Steve Madden Kids, Betsey Johnson, Superga, FREEBIRD by Steve, Report, Mad Love, Dolce Vita, Brian Atwood and Blondo.

FINANCIAL RATIOS  of  Steven Madden (SHOO)

Valuation Ratios
P/E Ratio 19.9
Price to Sales 1.7
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 17.4
Growth Rates
Sales Growth Rate -0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.8%
Cap. Spend. - 3 Yr. Gr. Rate -5.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 172
Management Effectiveness
Return On Assets 13%
Ret/ On Assets - 3 Yr. Avg. 12.6%
Return On Total Capital 17.1%
Ret/ On T. Cap. - 3 Yr. Avg. 16.8%
Return On Equity 17.1%
Return On Equity - 3 Yr. Avg. 16.8%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 37.3%
Gross Margin - 3 Yr. Avg. 36%
EBITDA Margin 13.8%
EBITDA Margin - 3 Yr. Avg. 13.8%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 12.2%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 29.2%
Eff/ Tax Rate - 3 Yr. Avg. 32.3%
Payout Ratio 0%

SHOO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHOO stock intrinsic value calculation we used $1400 million for the last fiscal year's total revenue generated by Steven Madden. The default revenue input number comes from 2016 income statement of Steven Madden. 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 SHOO stock valuation model: a) initial revenue growth rate of 15.1% 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 SHOO is calculated based on our internal credit rating of Steven Madden, 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 Steven Madden.
    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 SHOO stock the variable cost ratio is equal to 80%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $113 million in the base year in the intrinsic value calculation for SHOO 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 Steven Madden.

Corporate tax rate of 27% is the nominal tax rate for Steven Madden. 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 SHOO 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 SHOO are equal to 13.1%.

Life of production assets of 15.2 years is the average useful life of capital assets used in Steven Madden 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 SHOO is equal to 12.9%. 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 - $741 million for Steven Madden - 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 59.118 million for Steven Madden 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 Steven Madden at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Steven Madden meets 3Q profit forecasts   [07:19AM  Associated Press]
▶ Steven Madden Trying To Close In On Key Technical Measure   [Oct-25-17 03:00AM  Investor's Business Daily]
▶ Yahoo Finance Live: Market Movers - Oct 11th, 2017   [Oct-11-17 07:20AM  Yahoo Finance Video]
▶ The Market In 5 Minutes   [Aug-16-17 08:34AM  Benzinga]
▶ Steven Madden tops Street 2Q forecasts   [Aug-01-17 09:33PM  Associated Press]
▶ Steven Madden tops Street 2Q forecasts   [07:15AM  Associated Press]
▶ ETFs with exposure to Steven Madden Ltd. : July 25, 2017   [Jul-25-17 01:12PM  Capital Cube]
▶ ETFs with exposure to Steven Madden Ltd. : July 14, 2017   [Jul-14-17 04:49PM  Capital Cube]
▶ Top Stocks with Big Potential Catch-Up Moves   [May-30-17 03:35PM  Zacks]
▶ ETFs with exposure to Steven Madden Ltd. : May 12, 2017   [May-12-17 04:29PM  Capital Cube]
▶ Steve Madden Stock Rising on First Quarter Earnings Beat   [Apr-21-17 02:45PM  TheStreet.com]
▶ Steve Madden Climbs On Upbeat Q1 Earnings   [10:35AM  Barrons.com]
▶ Steven Madden beats Street 1Q forecasts   [07:07AM  Associated Press]
▶ Steven Madden meets 4Q profit forecasts   [07:15AM  Associated Press]
▶ Steve Madden Announces Acquisition of Schwartz & Benjamin   [Jan-30-17 04:05PM  Business Wire]
Financial statements of SHOO
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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