Intrinsic value of Skechers USA Cl A - SKX

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$25.48

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$25.48

 
Intrinsic value

$29.28

 
Up/down potential

+15%

 
Rating

hold

 
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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
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  3,563
  3,766
  3,978
  4,200
  4,431
  4,673
  4,926
  5,190
  5,467
  5,757
  6,061
  6,379
  6,711
  7,060
  7,426
  7,809
  8,211
  8,632
  9,074
  9,537
  10,023
  10,532
  11,067
  11,628
  12,217
  12,834
  13,482
  14,163
  14,877
  15,626
  16,412
Variable operating expenses, $m
 
  3,348
  3,537
  3,733
  3,939
  4,154
  4,379
  4,614
  4,860
  5,118
  5,388
  5,671
  5,966
  6,277
  6,602
  6,942
  7,299
  7,674
  8,066
  8,478
  8,910
  9,363
  9,839
  10,337
  10,861
  11,410
  11,986
  12,591
  13,225
  13,891
  14,591
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
  3,348
  3,537
  3,733
  3,939
  4,154
  4,379
  4,614
  4,860
  5,118
  5,388
  5,671
  5,966
  6,277
  6,602
  6,942
  7,299
  7,674
  8,066
  8,478
  8,910
  9,363
  9,839
  10,337
  10,861
  11,410
  11,986
  12,591
  13,225
  13,891
  14,591
Operating income, $m
  371
  418
  442
  466
  492
  519
  547
  576
  607
  639
  673
  708
  745
  784
  824
  867
  911
  958
  1,007
  1,059
  1,113
  1,169
  1,228
  1,291
  1,356
  1,425
  1,497
  1,572
  1,651
  1,734
  1,822
EBITDA, $m
  450
  502
  530
  559
  590
  622
  656
  691
  728
  767
  807
  850
  894
  940
  989
  1,040
  1,094
  1,150
  1,209
  1,270
  1,335
  1,403
  1,474
  1,549
  1,627
  1,710
  1,796
  1,887
  1,982
  2,081
  2,186
Interest expense (income), $m
  6
  5
  8
  12
  16
  19
  23
  27
  32
  36
  41
  46
  51
  57
  63
  69
  75
  82
  89
  96
  103
  111
  120
  129
  138
  148
  158
  168
  180
  191
  204
Earnings before tax, $m
  359
  413
  433
  454
  476
  499
  523
  549
  575
  603
  632
  662
  694
  727
  762
  798
  836
  877
  919
  963
  1,009
  1,058
  1,109
  1,162
  1,218
  1,277
  1,339
  1,404
  1,472
  1,543
  1,618
Tax expense, $m
  74
  112
  117
  123
  129
  135
  141
  148
  155
  163
  171
  179
  187
  196
  206
  216
  226
  237
  248
  260
  272
  286
  299
  314
  329
  345
  361
  379
  397
  417
  437
Net income, $m
  243
  301
  316
  332
  348
  365
  382
  401
  420
  440
  461
  483
  506
  531
  556
  583
  611
  640
  671
  703
  737
  772
  809
  848
  889
  932
  977
  1,025
  1,074
  1,126
  1,181

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
  1,771
  1,870
  1,974
  2,083
  2,197
  2,316
  2,440
  2,570
  2,707
  2,849
  2,999
  3,155
  3,319
  3,491
  3,671
  3,860
  4,058
  4,266
  4,484
  4,712
  4,952
  5,203
  5,467
  5,744
  6,034
  6,339
  6,659
  6,994
  7,346
  7,716
Adjusted assets (=assets-cash), $m
  1,675
  1,771
  1,870
  1,974
  2,083
  2,197
  2,316
  2,440
  2,570
  2,707
  2,849
  2,999
  3,155
  3,319
  3,491
  3,671
  3,860
  4,058
  4,266
  4,484
  4,712
  4,952
  5,203
  5,467
  5,744
  6,034
  6,339
  6,659
  6,994
  7,346
  7,716
Revenue / Adjusted assets
  2.127
  2.126
  2.127
  2.128
  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
  493
  521
  550
  580
  612
  645
  680
  716
  754
  794
  836
  879
  925
  973
  1,023
  1,076
  1,131
  1,189
  1,249
  1,313
  1,380
  1,450
  1,523
  1,600
  1,681
  1,766
  1,855
  1,949
  2,047
  2,150
Working capital, $m
  1,206
  523
  553
  584
  616
  650
  685
  721
  760
  800
  842
  887
  933
  981
  1,032
  1,085
  1,141
  1,200
  1,261
  1,326
  1,393
  1,464
  1,538
  1,616
  1,698
  1,784
  1,874
  1,969
  2,068
  2,172
  2,281
Total debt, $m
  75
  112
  158
  207
  258
  311
  367
  425
  485
  549
  616
  685
  759
  835
  915
  1,000
  1,088
  1,180
  1,277
  1,379
  1,486
  1,597
  1,715
  1,838
  1,967
  2,103
  2,245
  2,395
  2,551
  2,716
  2,888
Total liabilities, $m
  790
  827
  873
  922
  973
  1,026
  1,082
  1,140
  1,200
  1,264
  1,331
  1,400
  1,474
  1,550
  1,630
  1,715
  1,803
  1,895
  1,992
  2,094
  2,201
  2,312
  2,430
  2,553
  2,682
  2,818
  2,960
  3,110
  3,266
  3,431
  3,603
Total equity, $m
  1,604
  944
  997
  1,052
  1,110
  1,171
  1,234
  1,301
  1,370
  1,443
  1,519
  1,598
  1,682
  1,769
  1,861
  1,957
  2,058
  2,163
  2,274
  2,390
  2,512
  2,639
  2,773
  2,914
  3,061
  3,216
  3,379
  3,549
  3,728
  3,916
  4,113
Total liabilities and equity, $m
  2,394
  1,771
  1,870
  1,974
  2,083
  2,197
  2,316
  2,441
  2,570
  2,707
  2,850
  2,998
  3,156
  3,319
  3,491
  3,672
  3,861
  4,058
  4,266
  4,484
  4,713
  4,951
  5,203
  5,467
  5,743
  6,034
  6,339
  6,659
  6,994
  7,347
  7,716
Debt-to-equity ratio
  0.047
  0.120
  0.160
  0.200
  0.230
  0.270
  0.300
  0.330
  0.350
  0.380
  0.410
  0.430
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.560
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
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
  301
  316
  332
  348
  365
  382
  401
  420
  440
  461
  483
  506
  531
  556
  583
  611
  640
  671
  703
  737
  772
  809
  848
  889
  932
  977
  1,025
  1,074
  1,126
  1,181
Depreciation, amort., depletion, $m
  79
  84
  88
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  157
  165
  173
  182
  192
  201
  212
  223
  234
  246
  258
  271
  285
  299
  314
  330
  347
  364
Funds from operations, $m
  321
  385
  405
  425
  446
  468
  491
  516
  541
  568
  596
  625
  655
  687
  721
  756
  793
  832
  872
  915
  959
  1,006
  1,055
  1,107
  1,161
  1,217
  1,277
  1,339
  1,405
  1,473
  1,546
Change in working capital, $m
  -41
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  61
  64
  68
  71
  74
  78
  82
  86
  90
  95
  99
  104
  109
Cash from operations, $m
  362
  386
  375
  394
  414
  435
  456
  479
  503
  527
  553
  581
  609
  639
  670
  703
  737
  773
  811
  850
  892
  935
  981
  1,029
  1,079
  1,131
  1,187
  1,245
  1,305
  1,369
  1,436
Maintenance CAPEX, $m
  0
  -79
  -84
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -192
  -201
  -212
  -223
  -234
  -246
  -258
  -271
  -285
  -299
  -314
  -330
  -347
New CAPEX, $m
  -119
  -28
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
Cash from investing activities, $m
  -146
  -107
  -112
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -250
  -262
  -276
  -290
  -304
  -319
  -335
  -352
  -370
  -388
  -408
  -428
  -450
Free cash flow, $m
  216
  279
  264
  277
  290
  305
  319
  335
  351
  368
  386
  404
  424
  444
  465
  488
  511
  536
  561
  588
  616
  646
  677
  709
  743
  779
  817
  856
  897
  941
  986
Issuance/(repayment) of debt, $m
  -10
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  136
  142
  149
  157
  165
  173
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
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  136
  142
  149
  157
  165
  173
Total cash flow (excl. dividends), $m
  211
  324
  310
  325
  341
  358
  375
  393
  412
  432
  452
  474
  497
  521
  546
  572
  599
  628
  658
  690
  723
  758
  794
  832
  873
  915
  959
  1,005
  1,054
  1,105
  1,159
Retained Cash Flow (-), $m
  -276
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -147
  -155
  -162
  -170
  -179
  -188
  -197
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
 
  984
  257
  270
  283
  297
  312
  327
  343
  359
  376
  395
  413
  433
  454
  476
  499
  522
  547
  574
  601
  630
  660
  692
  725
  760
  797
  835
  875
  918
  962
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
 
  943
  235
  235
  233
  230
  226
  221
  214
  206
  197
  187
  176
  165
  152
  140
  127
  114
  101
  88
  76
  65
  55
  45
  37
  30
  23
  18
  14
  10
  7
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 16.2
Price to Sales 1.1
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 16.2
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 5.7% 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 156.648 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

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▶ 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]
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▶ 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]
▶ Why Shares of Skechers Rocketed Higher Today   [11:52AM  at Motley Fool]
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Stock chart of SKX Financial statements 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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