Intrinsic value of Signet Jewelers - SIG

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$49.31

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$49.31

 
Intrinsic value

$78.83

 
Up/down potential

+60%

 
Rating

str. 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 SIG 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 3.2

 

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, %
  -2.17
  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
  6,408
  6,536
  6,686
  6,858
  7,051
  7,265
  7,500
  7,755
  8,031
  8,329
  8,649
  8,991
  9,356
  9,744
  10,157
  10,595
  11,060
  11,551
  12,071
  12,620
  13,200
  13,812
  14,457
  15,137
  15,854
  16,609
  17,403
  18,240
  19,120
  20,046
  21,020
Variable operating expenses, $m
 
  5,836
  5,969
  6,121
  6,292
  6,481
  6,688
  6,914
  7,159
  7,423
  7,705
  7,956
  8,279
  8,623
  8,988
  9,376
  9,787
  10,222
  10,682
  11,168
  11,681
  12,222
  12,793
  13,395
  14,029
  14,697
  15,401
  16,141
  16,920
  17,739
  18,601
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
  5,645
  5,836
  5,969
  6,121
  6,292
  6,481
  6,688
  6,914
  7,159
  7,423
  7,705
  7,956
  8,279
  8,623
  8,988
  9,376
  9,787
  10,222
  10,682
  11,168
  11,681
  12,222
  12,793
  13,395
  14,029
  14,697
  15,401
  16,141
  16,920
  17,739
  18,601
Operating income, $m
  763
  700
  718
  737
  760
  784
  811
  841
  872
  907
  944
  1,035
  1,077
  1,121
  1,169
  1,219
  1,273
  1,329
  1,389
  1,452
  1,519
  1,590
  1,664
  1,742
  1,825
  1,911
  2,003
  2,099
  2,200
  2,307
  2,419
EBITDA, $m
  952
  887
  907
  930
  956
  985
  1,017
  1,052
  1,089
  1,130
  1,173
  1,219
  1,269
  1,322
  1,378
  1,437
  1,500
  1,567
  1,637
  1,712
  1,790
  1,873
  1,961
  2,053
  2,150
  2,253
  2,360
  2,474
  2,593
  2,719
  2,851
Interest expense (income), $m
  47
  46
  49
  51
  55
  58
  62
  66
  71
  76
  82
  88
  94
  101
  108
  116
  124
  133
  142
  151
  162
  172
  184
  196
  209
  222
  236
  251
  266
  283
  300
Earnings before tax, $m
  714
  654
  669
  686
  705
  726
  749
  774
  801
  830
  862
  947
  983
  1,020
  1,061
  1,103
  1,149
  1,197
  1,247
  1,301
  1,357
  1,417
  1,480
  1,546
  1,616
  1,690
  1,767
  1,848
  1,934
  2,024
  2,119
Tax expense, $m
  171
  177
  181
  185
  190
  196
  202
  209
  216
  224
  233
  256
  265
  276
  286
  298
  310
  323
  337
  351
  367
  383
  400
  417
  436
  456
  477
  499
  522
  547
  572
Net income, $m
  543
  478
  488
  501
  515
  530
  547
  565
  585
  606
  629
  691
  717
  745
  774
  806
  839
  874
  911
  950
  991
  1,034
  1,080
  1,129
  1,180
  1,233
  1,290
  1,349
  1,412
  1,478
  1,547

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  99
  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
  6,598
  6,629
  6,781
  6,956
  7,151
  7,368
  7,606
  7,865
  8,146
  8,448
  8,772
  9,119
  9,489
  9,883
  10,302
  10,746
  11,217
  11,715
  12,242
  12,799
  13,388
  14,008
  14,663
  15,352
  16,079
  16,845
  17,651
  18,499
  19,392
  20,331
  21,318
Adjusted assets (=assets-cash), $m
  6,499
  6,629
  6,781
  6,956
  7,151
  7,368
  7,606
  7,865
  8,146
  8,448
  8,772
  9,119
  9,489
  9,883
  10,302
  10,746
  11,217
  11,715
  12,242
  12,799
  13,388
  14,008
  14,663
  15,352
  16,079
  16,845
  17,651
  18,499
  19,392
  20,331
  21,318
Revenue / Adjusted assets
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
Average production assets, $m
  1,198
  1,222
  1,250
  1,283
  1,319
  1,359
  1,402
  1,450
  1,502
  1,558
  1,617
  1,681
  1,750
  1,822
  1,899
  1,981
  2,068
  2,160
  2,257
  2,360
  2,468
  2,583
  2,704
  2,831
  2,965
  3,106
  3,254
  3,411
  3,575
  3,749
  3,931
Working capital, $m
  3,439
  3,268
  3,343
  3,429
  3,526
  3,633
  3,750
  3,877
  4,016
  4,165
  4,324
  4,495
  4,678
  4,872
  5,079
  5,298
  5,530
  5,776
  6,036
  6,310
  6,600
  6,906
  7,229
  7,569
  7,927
  8,304
  8,702
  9,120
  9,560
  10,023
  10,510
Total debt, $m
  1,409
  1,387
  1,466
  1,558
  1,660
  1,774
  1,899
  2,034
  2,181
  2,340
  2,509
  2,691
  2,885
  3,092
  3,311
  3,544
  3,791
  4,052
  4,328
  4,620
  4,928
  5,253
  5,596
  5,958
  6,338
  6,740
  7,162
  7,606
  8,074
  8,566
  9,084
Total liabilities, $m
  3,496
  3,474
  3,553
  3,645
  3,747
  3,861
  3,986
  4,121
  4,268
  4,427
  4,596
  4,778
  4,972
  5,179
  5,398
  5,631
  5,878
  6,139
  6,415
  6,707
  7,015
  7,340
  7,683
  8,045
  8,425
  8,827
  9,249
  9,693
  10,161
  10,653
  11,171
Total equity, $m
  3,102
  3,155
  3,228
  3,311
  3,404
  3,507
  3,620
  3,744
  3,877
  4,021
  4,175
  4,340
  4,517
  4,704
  4,904
  5,115
  5,339
  5,576
  5,827
  6,093
  6,372
  6,668
  6,979
  7,308
  7,654
  8,018
  8,402
  8,805
  9,230
  9,677
  10,148
Total liabilities and equity, $m
  6,598
  6,629
  6,781
  6,956
  7,151
  7,368
  7,606
  7,865
  8,145
  8,448
  8,771
  9,118
  9,489
  9,883
  10,302
  10,746
  11,217
  11,715
  12,242
  12,800
  13,387
  14,008
  14,662
  15,353
  16,079
  16,845
  17,651
  18,498
  19,391
  20,330
  21,319
Debt-to-equity ratio
  0.454
  0.440
  0.450
  0.470
  0.490
  0.510
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.640
  0.660
  0.680
  0.690
  0.710
  0.730
  0.740
  0.760
  0.770
  0.790
  0.800
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.890
  0.900
Adjusted equity ratio
  0.462
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  543
  478
  488
  501
  515
  530
  547
  565
  585
  606
  629
  691
  717
  745
  774
  806
  839
  874
  911
  950
  991
  1,034
  1,080
  1,129
  1,180
  1,233
  1,290
  1,349
  1,412
  1,478
  1,547
Depreciation, amort., depletion, $m
  189
  186
  189
  193
  197
  201
  206
  211
  217
  223
  230
  185
  192
  200
  209
  218
  227
  237
  248
  259
  271
  284
  297
  311
  326
  341
  358
  375
  393
  412
  432
Funds from operations, $m
  609
  664
  678
  694
  711
  731
  753
  776
  802
  829
  859
  876
  909
  945
  983
  1,023
  1,066
  1,111
  1,159
  1,209
  1,262
  1,318
  1,377
  1,440
  1,505
  1,575
  1,648
  1,724
  1,805
  1,890
  1,979
Change in working capital, $m
  -69
  64
  75
  86
  96
  107
  117
  128
  138
  149
  160
  171
  182
  194
  206
  219
  232
  246
  260
  275
  290
  306
  323
  340
  358
  377
  397
  418
  440
  463
  487
Cash from operations, $m
  678
  642
  603
  608
  615
  624
  636
  649
  664
  680
  699
  705
  727
  751
  777
  804
  834
  865
  899
  934
  972
  1,012
  1,055
  1,100
  1,147
  1,197
  1,250
  1,306
  1,365
  1,427
  1,492
Maintenance CAPEX, $m
  0
  -132
  -134
  -137
  -141
  -145
  -149
  -154
  -159
  -165
  -171
  -178
  -185
  -192
  -200
  -209
  -218
  -227
  -237
  -248
  -259
  -271
  -284
  -297
  -311
  -326
  -341
  -358
  -375
  -393
  -412
New CAPEX, $m
  -278
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -121
  -127
  -134
  -141
  -149
  -156
  -165
  -173
  -182
Cash from investing activities, $m
  -278
  -156
  -162
  -169
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -277
  -291
  -305
  -319
  -334
  -351
  -367
  -385
  -405
  -424
  -445
  -467
  -490
  -514
  -540
  -566
  -594
Free cash flow, $m
  400
  486
  440
  438
  438
  439
  442
  447
  452
  460
  468
  463
  474
  486
  499
  514
  529
  546
  564
  584
  604
  627
  650
  675
  702
  730
  760
  792
  825
  861
  898
Issuance/(repayment) of debt, $m
  29
  69
  80
  91
  103
  114
  125
  136
  147
  158
  170
  182
  194
  206
  219
  233
  247
  261
  276
  292
  308
  325
  343
  361
  381
  401
  422
  445
  468
  492
  518
Issuance/(repurchase) of shares, $m
  -387
  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  
  -362
  69
  80
  91
  103
  114
  125
  136
  147
  158
  170
  182
  194
  206
  219
  233
  247
  261
  276
  292
  308
  325
  343
  361
  381
  401
  422
  445
  468
  492
  518
Total cash flow (excl. dividends), $m
  37
  554
  520
  529
  541
  553
  567
  582
  599
  618
  638
  645
  668
  692
  719
  746
  776
  807
  840
  876
  913
  952
  993
  1,037
  1,083
  1,131
  1,183
  1,236
  1,293
  1,353
  1,416
Retained Cash Flow (-), $m
  -41
  -61
  -73
  -83
  -93
  -103
  -113
  -123
  -133
  -144
  -154
  -165
  -176
  -188
  -199
  -212
  -224
  -237
  -251
  -265
  -280
  -295
  -312
  -328
  -346
  -364
  -384
  -404
  -425
  -447
  -470
Prev. year cash balance distribution, $m
 
  8
  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
 
  501
  447
  447
  447
  450
  454
  459
  466
  474
  483
  480
  492
  505
  519
  535
  552
  570
  589
  610
  633
  656
  682
  709
  737
  767
  799
  833
  868
  906
  945
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  479
  407
  385
  364
  343
  322
  302
  282
  262
  243
  217
  198
  180
  162
  145
  128
  112
  97
  83
  70
  58
  48
  39
  31
  24
  19
  14
  10
  7
  5
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

Signet Jewelers Limited engages in the retail sale of diamond jewelry and watches in the United States, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, and the Channel Islands. Its Sterling Jewelers division operates stores in malls and off-mall locations under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, Jared Jewelry Boutique, JB Robinson Jewelers, Marks & Morgan Jewelers, Every kiss begins with Kay, He went to Jared, Celebrate Life. Express Love., the Leo Diamond, Hearts Desire, Artistry Diamonds, Charmed Memories, Diamonds in Rhythm, Open Hearts by Jane Seymour, Radiant Reflections, Colors in Rhythm, Chosen by Jared, Now and Forever, and Ever Us names. As of January 30, 2016, this segment operated 1,540 stores. The company’s Zale division operates jewelry stores and mall-based kiosks in shopping malls under the Zales, Zales Jewelers, Zales the Diamond Store, Zales Outlet, Gordon’s Jewelers, Peoples Jewellers, Peoples the Diamond Store, Peoples Outlet the Diamond Store, Mappins, Piercing Pagoda, Arctic Brilliance Canadian Diamonds, Candy Colored Jewelry, Celebration Diamond, The Celebration Diamond Collection, Unstoppable Love, and Endless Brilliance names. This segment operated 977 jewelry stores and 605 mall-based kiosks. Its UK Jewelry division operates stores in shopping malls and off-mall locations under the H.Samuel, Ernest Jones, Ernest Jones Outlet Collection, Leslie Davis, and Forever Diamonds names. This segment operated 503 stores. The company also operates a diamond polishing factory, which is involved in diamond sourcing, cutting, and polishing activities. Signet Jewelers Limited was founded in 1950 and is based in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Signet Jewelers (SIG)

Valuation Ratios
P/E Ratio 6.2
Price to Sales 0.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5
Price to Free Cash Flow 8.4
Growth Rates
Sales Growth Rate -2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.5%
Cap. Spend. - 3 Yr. Gr. Rate 12.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 42.5%
Total Debt to Equity 45.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 12.1%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 17.6%
Return On Equity - 3 Yr. Avg. 15.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 36.8%
Gross Margin - 3 Yr. Avg. 36.8%
EBITDA Margin 14.8%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin 11.9%
Oper. Margin - 3 Yr. Avg. 10.9%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 23.9%
Eff/ Tax Rate - 3 Yr. Avg. 27.5%
Payout Ratio 14%

SIG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIG stock intrinsic value calculation we used $6408 million for the last fiscal year's total revenue generated by Signet Jewelers. The default revenue input number comes from 2017 income statement of Signet Jewelers. 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 SIG 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 4.6%, whose default value for SIG is calculated based on our internal credit rating of Signet Jewelers, 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 Signet Jewelers.
    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 SIG stock the variable cost ratio is equal to 89.3%.

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 SIG 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 Signet Jewelers.

Corporate tax rate of 27% is the nominal tax rate for Signet Jewelers. 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 SIG 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 SIG are equal to 18.7%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Signet Jewelers 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 SIG is equal to 50%. 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 - $3102 million for Signet Jewelers - 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 64.016 million for Signet Jewelers 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 Signet Jewelers at the current share price and the inputted number of shares is $3.2 billion.


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Stock chart of SIG Financial statements of SIG Annual reports of SIG
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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