Intrinsic value of Steven Madden - SHOO

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$37.60

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.60

 
Intrinsic value

$48.33

 
Up/down potential

+29%

 
Rating

buy

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

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 2.2

 

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
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  1,400
  1,557
  1,722
  1,894
  2,074
  2,262
  2,458
  2,662
  2,874
  3,095
  3,324
  3,562
  3,809
  4,067
  4,334
  4,612
  4,902
  5,203
  5,517
  5,844
  6,185
  6,541
  6,913
  7,300
  7,706
  8,129
  8,572
  9,034
  9,519
  10,026
  10,556
Variable operating expenses, $m
 
  1,244
  1,374
  1,510
  1,653
  1,802
  1,956
  2,118
  2,285
  2,459
  2,640
  2,815
  3,010
  3,214
  3,425
  3,645
  3,874
  4,112
  4,360
  4,619
  4,888
  5,169
  5,463
  5,769
  6,090
  6,424
  6,774
  7,140
  7,523
  7,923
  8,342
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
  1,360
  1,493
  1,632
  1,778
  1,930
  2,087
  2,252
  2,423
  2,600
  2,785
  2,963
  3,162
  3,370
  3,585
  3,809
  4,042
  4,284
  4,536
  4,800
  5,073
  5,359
  5,658
  5,968
  6,294
  6,633
  6,989
  7,360
  7,749
  8,154
  8,579
Operating income, $m
  169
  197
  229
  262
  297
  333
  371
  410
  452
  494
  539
  599
  647
  697
  749
  804
  860
  919
  981
  1,045
  1,112
  1,182
  1,255
  1,332
  1,412
  1,495
  1,583
  1,675
  1,771
  1,871
  1,977
EBITDA, $m
  190
  224
  257
  292
  328
  366
  406
  447
  490
  535
  581
  629
  680
  732
  787
  843
  902
  964
  1,028
  1,095
  1,165
  1,238
  1,315
  1,395
  1,478
  1,565
  1,657
  1,752
  1,853
  1,958
  2,068
Interest expense (income), $m
  1
  0
  1
  2
  3
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  35
  37
  39
  42
  45
  47
Earnings before tax, $m
  171
  197
  228
  260
  294
  329
  366
  405
  445
  486
  529
  588
  635
  684
  735
  787
  842
  900
  960
  1,022
  1,087
  1,156
  1,227
  1,301
  1,379
  1,461
  1,546
  1,635
  1,729
  1,827
  1,929
Tax expense, $m
  50
  53
  62
  70
  79
  89
  99
  109
  120
  131
  143
  159
  171
  185
  198
  213
  227
  243
  259
  276
  294
  312
  331
  351
  372
  394
  417
  441
  467
  493
  521
Net income, $m
  121
  144
  166
  190
  215
  240
  267
  295
  325
  355
  387
  429
  464
  499
  536
  575
  615
  657
  701
  746
  794
  844
  896
  950
  1,007
  1,066
  1,128
  1,194
  1,262
  1,333
  1,408

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
  884
  978
  1,076
  1,178
  1,285
  1,396
  1,512
  1,632
  1,757
  1,888
  2,023
  2,163
  2,309
  2,461
  2,619
  2,783
  2,955
  3,133
  3,319
  3,512
  3,714
  3,925
  4,146
  4,376
  4,616
  4,867
  5,130
  5,405
  5,693
  5,994
Adjusted assets (=assets-cash), $m
  795
  884
  978
  1,076
  1,178
  1,285
  1,396
  1,512
  1,632
  1,757
  1,888
  2,023
  2,163
  2,309
  2,461
  2,619
  2,783
  2,955
  3,133
  3,319
  3,512
  3,714
  3,925
  4,146
  4,376
  4,616
  4,867
  5,130
  5,405
  5,693
  5,994
Revenue / Adjusted assets
  1.761
  1.761
  1.761
  1.760
  1.761
  1.760
  1.761
  1.761
  1.761
  1.762
  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
  204
  226
  248
  272
  296
  322
  349
  377
  405
  435
  467
  499
  533
  568
  604
  642
  682
  723
  766
  810
  857
  906
  956
  1,009
  1,065
  1,123
  1,184
  1,247
  1,313
  1,383
Working capital, $m
  346
  201
  222
  244
  268
  292
  317
  343
  371
  399
  429
  459
  491
  525
  559
  595
  632
  671
  712
  754
  798
  844
  892
  942
  994
  1,049
  1,106
  1,165
  1,228
  1,293
  1,362
Total debt, $m
  0
  25
  51
  78
  106
  136
  167
  199
  232
  267
  303
  340
  379
  420
  462
  505
  551
  598
  648
  699
  753
  809
  867
  928
  992
  1,059
  1,128
  1,201
  1,277
  1,357
  1,440
Total liabilities, $m
  220
  245
  271
  298
  326
  356
  387
  419
  452
  487
  523
  560
  599
  640
  682
  725
  771
  818
  868
  919
  973
  1,029
  1,087
  1,148
  1,212
  1,279
  1,348
  1,421
  1,497
  1,577
  1,660
Total equity, $m
  741
  639
  707
  778
  852
  929
  1,009
  1,093
  1,180
  1,271
  1,365
  1,462
  1,564
  1,670
  1,779
  1,894
  2,012
  2,136
  2,265
  2,399
  2,539
  2,686
  2,838
  2,997
  3,164
  3,337
  3,519
  3,709
  3,908
  4,116
  4,334
Total liabilities and equity, $m
  961
  884
  978
  1,076
  1,178
  1,285
  1,396
  1,512
  1,632
  1,758
  1,888
  2,022
  2,163
  2,310
  2,461
  2,619
  2,783
  2,954
  3,133
  3,318
  3,512
  3,715
  3,925
  4,145
  4,376
  4,616
  4,867
  5,130
  5,405
  5,693
  5,994
Debt-to-equity ratio
  0.000
  0.040
  0.070
  0.100
  0.120
  0.150
  0.170
  0.180
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
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
  144
  166
  190
  215
  240
  267
  295
  325
  355
  387
  429
  464
  499
  536
  575
  615
  657
  701
  746
  794
  844
  896
  950
  1,007
  1,066
  1,128
  1,194
  1,262
  1,333
  1,408
Depreciation, amort., depletion, $m
  21
  27
  28
  30
  31
  33
  35
  37
  38
  40
  42
  31
  33
  35
  37
  40
  42
  45
  48
  50
  53
  56
  60
  63
  66
  70
  74
  78
  82
  86
  91
Funds from operations, $m
  148
  171
  195
  220
  246
  273
  302
  332
  363
  395
  429
  460
  496
  534
  574
  615
  657
  702
  748
  797
  847
  900
  955
  1,013
  1,073
  1,136
  1,202
  1,271
  1,344
  1,420
  1,499
Change in working capital, $m
  -6
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
Cash from operations, $m
  154
  112
  174
  198
  223
  249
  277
  306
  336
  367
  399
  429
  464
  501
  539
  579
  620
  663
  708
  754
  803
  854
  907
  963
  1,021
  1,082
  1,145
  1,212
  1,281
  1,354
  1,431
Maintenance CAPEX, $m
  0
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
New CAPEX, $m
  -16
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
Cash from investing activities, $m
  -4
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -73
  -78
  -81
  -86
  -91
  -95
  -100
  -105
  -111
  -116
  -121
  -128
  -135
  -141
  -148
  -156
Free cash flow, $m
  150
  79
  139
  160
  183
  207
  232
  258
  285
  313
  343
  369
  401
  434
  469
  505
  542
  581
  622
  664
  708
  754
  802
  852
  905
  960
  1,017
  1,077
  1,140
  1,206
  1,275
Issuance/(repayment) of debt, $m
  0
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  46
  47
  49
  51
  54
  56
  58
  61
  64
  67
  70
  73
  76
  80
  83
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
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  46
  47
  49
  51
  54
  56
  58
  61
  64
  67
  70
  73
  76
  80
  83
Total cash flow (excl. dividends), $m
  54
  104
  164
  187
  211
  236
  262
  290
  318
  348
  379
  407
  440
  475
  511
  549
  588
  629
  671
  715
  762
  810
  861
  913
  969
  1,026
  1,087
  1,150
  1,216
  1,286
  1,358
Retained Cash Flow (-), $m
  -63
  -64
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -218
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
 
  205
  97
  116
  137
  159
  182
  206
  231
  257
  285
  309
  339
  369
  401
  434
  469
  505
  542
  581
  622
  664
  708
  754
  802
  853
  905
  960
  1,017
  1,078
  1,141
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
 
  197
  89
  101
  113
  123
  132
  139
  144
  148
  149
  147
  145
  140
  135
  128
  119
  110
  100
  89
  79
  69
  59
  49
  41
  33
  26
  21
  16
  12
  9
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. designs, sources, markets, and sells fashion-forward name brand and private label footwear for women, men, and children. Its Wholesale Footwear segment provides footwear under Steve Madden Women's, Madden Girl, Steve Madden Men's, Madden, Dolce Vita, DV by Dolce Vita, Mad Love, Steven by Steve Madden, Report, Report Signature, Superga, Betsey Johnson, Steve Madden Kids, FREEBIRD by Steven, Stevies, B Brian Atwood, and Blondo brands, as well as under the third party brands. The company’s Wholesale Accessories segment offers Steve Madden, Steven by Steve Madden, Madden Girl, Betsey Johnson, Betseyville, Big Buddha, B Brian Atwood, and Luv Betsey branded; and private label fashion handbags and accessories to department stores, mass merchants, value priced retailers, online retailers, and specialty stores, as well as markets and sells cold weather accessories, fashion scarves, wraps, and other trend accessories under the Cejon and Steve Madden brands. Its Retail segment operates Steve Madden, Steven, Superga, and International retail stores, as well as Steve Madden, Superga, Betsey Johnson, and Dolce Vita e-commerce Websites. As of December 31, 2015, the company owned and operated 169 retail stores. Its First Cost segment operates as a buying agent for footwear under private labels for mass-market merchandisers, shoe chains, and other mid-tier retailers. The company’s Licensing segment licenses its Steve Madden, Steven by Steve Madden, and Madden Girl trademarks for outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, and men’s leather accessories; and Betsey Johnson, Betseyville, and Dolce Vita trademarks for apparel, hosiery, swimwear, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, stationary, umbrellas, and household goods. Steven Madden, Ltd. was founded in 1990 and is based in Long Island City, New York.

FINANCIAL RATIOS  of  Steven Madden (SHOO)

Valuation Ratios
P/E Ratio 18.8
Price to Sales 1.6
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 16.5
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 11.2% 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 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 59.574 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 $2.2 billion.


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COMPANY NEWS

▶ 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]
Stock chart of SHOO Financial statements of SHOO Annual reports 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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