Intrinsic value of Skechers USA Cl A - SKX

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$24.88

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$24.88

 
Intrinsic value

$31.65

 
Up/down potential

+27%

 
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 SKX 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 4.0

 

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, %
  13.22
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  3,563
  3,905
  4,262
  4,634
  5,021
  5,424
  5,842
  6,277
  6,729
  7,199
  7,687
  8,194
  8,722
  9,272
  9,844
  10,440
  11,061
  11,708
  12,383
  13,088
  13,823
  14,592
  15,395
  16,234
  17,112
  18,031
  18,992
  19,998
  21,051
  22,154
  23,310
Variable operating expenses, $m
 
  3,472
  3,789
  4,120
  4,464
  4,822
  5,194
  5,580
  5,982
  6,400
  6,834
  7,285
  7,754
  8,243
  8,751
  9,281
  9,833
  10,408
  11,009
  11,635
  12,289
  12,972
  13,686
  14,432
  15,213
  16,029
  16,884
  17,778
  18,715
  19,695
  20,723
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
  3,193
  3,472
  3,789
  4,120
  4,464
  4,822
  5,194
  5,580
  5,982
  6,400
  6,834
  7,285
  7,754
  8,243
  8,751
  9,281
  9,833
  10,408
  11,009
  11,635
  12,289
  12,972
  13,686
  14,432
  15,213
  16,029
  16,884
  17,778
  18,715
  19,695
  20,723
Operating income, $m
  371
  433
  473
  514
  557
  602
  648
  697
  747
  799
  853
  910
  968
  1,029
  1,093
  1,159
  1,228
  1,300
  1,375
  1,453
  1,534
  1,620
  1,709
  1,802
  1,899
  2,001
  2,108
  2,220
  2,337
  2,459
  2,587
EBITDA, $m
  450
  520
  568
  617
  669
  722
  778
  836
  896
  959
  1,024
  1,092
  1,162
  1,235
  1,311
  1,391
  1,473
  1,560
  1,649
  1,743
  1,841
  1,944
  2,051
  2,162
  2,279
  2,402
  2,530
  2,664
  2,804
  2,951
  3,105
Interest expense (income), $m
  6
  5
  11
  17
  23
  29
  36
  43
  50
  57
  65
  73
  81
  90
  99
  108
  118
  129
  139
  150
  162
  174
  187
  200
  214
  228
  243
  259
  276
  293
  311
Earnings before tax, $m
  359
  428
  462
  498
  535
  573
  613
  654
  697
  742
  788
  837
  887
  939
  994
  1,050
  1,109
  1,171
  1,235
  1,302
  1,373
  1,446
  1,522
  1,602
  1,686
  1,773
  1,865
  1,961
  2,061
  2,166
  2,276
Tax expense, $m
  74
  116
  125
  134
  144
  155
  165
  177
  188
  200
  213
  226
  239
  254
  268
  284
  300
  316
  334
  352
  371
  390
  411
  433
  455
  479
  503
  529
  556
  585
  615
Net income, $m
  243
  313
  338
  363
  390
  418
  447
  478
  509
  542
  575
  611
  647
  686
  725
  767
  810
  855
  902
  951
  1,002
  1,055
  1,111
  1,170
  1,231
  1,294
  1,361
  1,431
  1,505
  1,581
  1,662

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  719
  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
  2,394
  1,836
  2,004
  2,179
  2,361
  2,550
  2,747
  2,951
  3,164
  3,384
  3,614
  3,853
  4,101
  4,359
  4,628
  4,908
  5,200
  5,504
  5,822
  6,153
  6,499
  6,860
  7,238
  7,633
  8,045
  8,477
  8,929
  9,402
  9,897
  10,416
  10,959
Adjusted assets (=assets-cash), $m
  1,675
  1,836
  2,004
  2,179
  2,361
  2,550
  2,747
  2,951
  3,164
  3,384
  3,614
  3,853
  4,101
  4,359
  4,628
  4,908
  5,200
  5,504
  5,822
  6,153
  6,499
  6,860
  7,238
  7,633
  8,045
  8,477
  8,929
  9,402
  9,897
  10,416
  10,959
Revenue / Adjusted assets
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
Average production assets, $m
  465
  512
  558
  607
  658
  710
  765
  822
  881
  943
  1,007
  1,073
  1,143
  1,215
  1,290
  1,368
  1,449
  1,534
  1,622
  1,714
  1,811
  1,912
  2,017
  2,127
  2,242
  2,362
  2,488
  2,620
  2,758
  2,902
  3,054
Working capital, $m
  1,206
  543
  592
  644
  698
  754
  812
  872
  935
  1,001
  1,068
  1,139
  1,212
  1,289
  1,368
  1,451
  1,537
  1,627
  1,721
  1,819
  1,921
  2,028
  2,140
  2,257
  2,379
  2,506
  2,640
  2,780
  2,926
  3,079
  3,240
Total debt, $m
  75
  142
  221
  302
  387
  476
  568
  663
  762
  866
  973
  1,084
  1,200
  1,321
  1,446
  1,577
  1,713
  1,856
  2,004
  2,159
  2,320
  2,489
  2,665
  2,849
  3,042
  3,244
  3,455
  3,676
  3,907
  4,149
  4,403
Total liabilities, $m
  790
  857
  936
  1,017
  1,102
  1,191
  1,283
  1,378
  1,477
  1,581
  1,688
  1,799
  1,915
  2,036
  2,161
  2,292
  2,428
  2,571
  2,719
  2,874
  3,035
  3,204
  3,380
  3,564
  3,757
  3,959
  4,170
  4,391
  4,622
  4,864
  5,118
Total equity, $m
  1,604
  979
  1,068
  1,161
  1,258
  1,359
  1,464
  1,573
  1,686
  1,804
  1,926
  2,053
  2,186
  2,323
  2,467
  2,616
  2,772
  2,934
  3,103
  3,280
  3,464
  3,657
  3,858
  4,068
  4,288
  4,518
  4,759
  5,011
  5,275
  5,552
  5,841
Total liabilities and equity, $m
  2,394
  1,836
  2,004
  2,178
  2,360
  2,550
  2,747
  2,951
  3,163
  3,385
  3,614
  3,852
  4,101
  4,359
  4,628
  4,908
  5,200
  5,505
  5,822
  6,154
  6,499
  6,861
  7,238
  7,632
  8,045
  8,477
  8,929
  9,402
  9,897
  10,416
  10,959
Debt-to-equity ratio
  0.047
  0.150
  0.210
  0.260
  0.310
  0.350
  0.390
  0.420
  0.450
  0.480
  0.500
  0.530
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
  0.750
Adjusted equity ratio
  0.532
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  243
  313
  338
  363
  390
  418
  447
  478
  509
  542
  575
  611
  647
  686
  725
  767
  810
  855
  902
  951
  1,002
  1,055
  1,111
  1,170
  1,231
  1,294
  1,361
  1,431
  1,505
  1,581
  1,662
Depreciation, amort., depletion, $m
  79
  87
  95
  103
  111
  120
  130
  139
  149
  160
  171
  182
  194
  206
  219
  232
  246
  260
  275
  291
  307
  324
  342
  360
  380
  400
  422
  444
  467
  492
  518
Funds from operations, $m
  321
  399
  432
  466
  502
  539
  577
  617
  658
  701
  746
  793
  841
  891
  944
  999
  1,055
  1,115
  1,177
  1,241
  1,309
  1,379
  1,453
  1,530
  1,611
  1,695
  1,783
  1,875
  1,972
  2,073
  2,179
Change in working capital, $m
  -41
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  73
  76
  80
  83
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  146
  153
  161
Cash from operations, $m
  362
  381
  383
  415
  448
  483
  519
  556
  596
  636
  678
  722
  768
  815
  864
  916
  969
  1,025
  1,083
  1,143
  1,207
  1,273
  1,341
  1,413
  1,489
  1,567
  1,649
  1,735
  1,826
  1,920
  2,019
Maintenance CAPEX, $m
  0
  -79
  -87
  -95
  -103
  -111
  -120
  -130
  -139
  -149
  -160
  -171
  -182
  -194
  -206
  -219
  -232
  -246
  -260
  -275
  -291
  -307
  -324
  -342
  -360
  -380
  -400
  -422
  -444
  -467
  -492
New CAPEX, $m
  -119
  -47
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -151
Cash from investing activities, $m
  -146
  -126
  -134
  -144
  -154
  -164
  -175
  -187
  -198
  -211
  -224
  -237
  -251
  -266
  -281
  -297
  -313
  -331
  -348
  -367
  -387
  -408
  -429
  -452
  -475
  -500
  -526
  -554
  -582
  -612
  -643
Free cash flow, $m
  216
  256
  249
  271
  294
  319
  344
  370
  397
  425
  454
  485
  517
  549
  584
  619
  656
  694
  734
  776
  820
  865
  912
  962
  1,013
  1,067
  1,123
  1,182
  1,244
  1,308
  1,375
Issuance/(repayment) of debt, $m
  -10
  75
  78
  82
  85
  88
  92
  95
  99
  103
  107
  111
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  176
  184
  193
  202
  211
  221
  231
  242
  254
Issuance/(repurchase) of shares, $m
  5
  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  
  -4
  75
  78
  82
  85
  88
  92
  95
  99
  103
  107
  111
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  176
  184
  193
  202
  211
  221
  231
  242
  254
Total cash flow (excl. dividends), $m
  211
  331
  327
  353
  379
  407
  436
  465
  496
  528
  562
  596
  633
  670
  709
  750
  792
  837
  883
  931
  981
  1,034
  1,089
  1,146
  1,206
  1,269
  1,334
  1,403
  1,475
  1,550
  1,629
Retained Cash Flow (-), $m
  -276
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -138
  -143
  -149
  -156
  -162
  -169
  -177
  -184
  -193
  -201
  -210
  -220
  -230
  -241
  -252
  -264
  -276
  -290
Prev. year cash balance distribution, $m
 
  711
  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
 
  956
  238
  260
  282
  306
  331
  356
  383
  411
  439
  469
  500
  532
  566
  601
  637
  674
  714
  754
  797
  841
  887
  935
  986
  1,038
  1,093
  1,151
  1,211
  1,274
  1,339
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
 
  917
  218
  226
  232
  237
  240
  241
  239
  236
  230
  223
  213
  202
  190
  176
  162
  147
  131
  116
  101
  87
  74
  61
  50
  40
  32
  25
  19
  14
  10
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

Skechers U.S.A., Inc. designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand name worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual footwear, including boots, shoes, and sandals for men, as well as oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, and relaxed fit casuals for men and women; and casual fusion line for young men and women under the Skechers USA brand. It also provides footwear collection for men and women, including lightweight sport athletic lifestyle products, classic athletic-inspired styles, and sport sandals and boots under the Skechers Sport brand name; casual and sporty styles sneakers for females under the Skechers Active and Skechers Sport Active brand; and footwear for women and girls under the BOBS from Skechers name. In addition, the company offers casual, dress, and active styles, as well as casual sneakers for men under the Mark Nason name; technical footwear under the Skechers Performance brand; and boots, shoes, sneakers, and sandals for infants, toddlers, boys, and girls under the Skechers Kids name. Further, it provides men’s and women’s casuals, such as field boots, hikers, and athletic shoes under the Skechers Work brand. The company sells its products through approximately 1,545 company-owned and third-party retail stores; and department and specialty stores, as well as through its e-commerce Website in approximately 160 countries and territories. Skechers U.S.A., Inc. was founded in 1992 and is headquartered in Manhattan Beach, California.

FINANCIAL RATIOS  of  Skechers USA Cl A (SKX)

Valuation Ratios
P/E Ratio 15.9
Price to Sales 1.1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 15.9
Growth Rates
Sales Growth Rate 13.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 23.8%
Financial Strength
Quick Ratio 90
Current Ratio 0
LT Debt to Equity 4.2%
Total Debt to Equity 4.7%
Interest Coverage 61
Management Effectiveness
Return On Assets 11.2%
Ret/ On Assets - 3 Yr. Avg. 11.2%
Return On Total Capital 15.7%
Ret/ On T. Cap. - 3 Yr. Avg. 15.3%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 45.9%
Gross Margin - 3 Yr. Avg. 45.4%
EBITDA Margin 12.5%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 21%
Payout Ratio 0%

SKX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SKX stock intrinsic value calculation we used $3563 million for the last fiscal year's total revenue generated by Skechers USA Cl A. The default revenue input number comes from 2016 income statement of Skechers USA Cl A. 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 SKX stock valuation model: a) initial revenue growth rate of 9.6% 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 SKX is calculated based on our internal credit rating of Skechers USA Cl A, 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 Skechers USA Cl A.
    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 SKX stock the variable cost ratio is equal to 88.9%.

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 SKX 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 7.5% for Skechers USA Cl A.

Corporate tax rate of 27% is the nominal tax rate for Skechers USA Cl A. 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 SKX 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 SKX are equal to 13.1%.

Life of production assets of 5.9 years is the average useful life of capital assets used in Skechers USA Cl A 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 SKX is equal to 13.9%. 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 - $1604 million for Skechers USA Cl A - 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 161.491 million for Skechers USA Cl A 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 Skechers USA Cl A at the current share price and the inputted number of shares is $4.0 billion.


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COMPANY NEWS

▶ Skechers Finally Gets Serious About E-Commerce   [May-26-17 09:08AM  Motley Fool]
▶ Better Buy: NIKE, Inc. vs. Skechers   [May-24-17 08:52AM  Motley Fool]
▶ ETFs with exposure to SKECHERS USA, Inc. : May 16, 2017   [May-16-17 01:00PM  Capital Cube]
▶ What You May Have Missed From Skechers Earnings   [May-11-17 06:12PM  Motley Fool]
▶ SKECHERS Sponsors Triple Crown Jockey at the Kentucky Derby   [May-04-17 02:58PM  Business Wire]
▶ David Ortiz Steps up to the Plate for SKECHERS   [May-03-17 09:00AM  Business Wire]
▶ Leap Higher With Skechers Stock   [Apr-28-17 04:08PM  Forbes]
▶ 3 Stocks on the Motley Fool Money Radar This Week   [Apr-26-17 07:50AM  Motley Fool]
▶ Company News for April 24, 2017   [Apr-24-17 10:28AM  Zacks]
▶ Skechers Disappoints With Latest Guidance   [Apr-21-17 05:09PM  Investopedia]
▶ Story Stocks from Briefing.com   [11:42AM  Briefing.com]
▶ Skechers Slips On Light Q2 Guidance   [11:41AM  Barrons.com]
▶ Stocks Edge Lower; This Dow Stock Hits A Record High   [09:50AM  Investor's Business Daily]
▶ Skechers Stock Has a Long Road Back   [08:04AM  Motley Fool]
▶ Skechers tops 1Q profit forecasts   [Apr-20-17 04:04PM  Associated Press]
▶ Why Skechers Has 15 Percent Upside Before Earnings   [Apr-18-17 03:56PM  Benzinga]
▶ Skechers Stock Up, Launches Line of Athleisure Shoes   [Apr-17-17 03:22PM  TheStreet.com]
▶ Earnings Season's Back: Stocks With Big Upside   [Apr-14-17 03:31PM  Benzinga]
▶ Proposal Filed For Board Diversity at Skechers   [Apr-12-17 10:55AM  Investopedia]
▶ Skechers Stock Ties Its Loose Laces   [Apr-11-17 09:07AM  Motley Fool]
▶ Can Skechers Bounce Back After Last Week's 10% Drop?   [Apr-10-17 09:11AM  Motley Fool]
▶ Final Trade: GDX, SKX & more   [05:26PM  CNBC Videos]
▶ Retail's warning to the world?   [05:01PM  CNBC Videos]
▶ Can Skechers Sustain Its Rebound Into 2017? (SKX)   [Apr-05-17 05:57AM  Investopedia]
▶ Skechers Joint Venture Model Drives International Growth   [Apr-04-17 10:18AM  Motley Fool]
▶ Up Nearly 50%, Can Skechers' Stock Surge Even Higher?   [Apr-03-17 03:40PM  Motley Fool]
▶ 5 Things Skechers Management Wants You to Know   [Mar-30-17 09:43PM  Motley Fool]
▶ Why Susquehanna Downgraded Skechers   [06:00AM  Investopedia]
▶ Skechers: Cowen Applauds Overseas Potential   [Mar-27-17 10:14AM  Investopedia]
▶ Better Buy: Under Armour Inc. vs. Skechers USA Inc.   [Mar-17-17 11:00AM  at Motley Fool]
▶ 3 Stocks Begging for a Buyout   [Mar-10-17 07:41AM  at Motley Fool]
▶ Skechers CEO Scooped Up 500,000 Shares: Should You Buy, Too?   [Mar-02-17 02:20PM  at Motley Fool]
▶ 3 Stocks That Could Make You Rich   [Feb-26-17 03:09PM  at Motley Fool]
▶ 3 Great Stocks to Buy Instead of NVIDIA Corporation   [Feb-21-17 07:01PM  at Motley Fool]
▶ Rob Lowe Signs on With SKECHERS   [09:00AM  Business Wire]
▶ Skechers Company Stores Provide Strategic Advantages   [Feb-17-17 05:07PM  at Motley Fool]
▶ Skechers Concept Stores Help Drive International Growth   [Feb-14-17 04:42PM  at Motley Fool]
▶ It's Time for Skechers USA Inc to Do Something With Its Cash   [Feb-12-17 11:40AM  at Motley Fool]
Stock chart of SKX Financial statements of SKX Annual reports of SKX
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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