Intrinsic value of Skechers USA Cl A - SKX

Previous Close

$26.39

  Intrinsic Value

$39.77

stock screener

  Rating & Target

str. buy

+51%

  Value-price divergence*

-4%

Previous close

$26.39

 
Intrinsic value

$39.77

 
Up/down potential

+51%

 
Rating

str. buy

 
Value-price divergence*

-4%

*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 4.2

 

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, %
  13.22
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  3,563
  4,165
  4,819
  5,525
  6,281
  7,085
  7,937
  8,836
  9,781
  10,771
  11,806
  12,886
  14,011
  15,183
  16,401
  17,668
  18,984
  20,352
  21,773
  23,251
  24,787
  26,385
  28,048
  29,779
  31,582
  33,461
  35,420
  37,463
  39,596
  41,822
  44,148
Variable operating expenses, $m
 
  3,703
  4,285
  4,912
  5,583
  6,299
  7,056
  7,855
  8,695
  9,575
  10,495
  11,456
  12,456
  13,498
  14,581
  15,707
  16,877
  18,093
  19,356
  20,670
  22,036
  23,456
  24,935
  26,474
  28,076
  29,747
  31,488
  33,305
  35,200
  37,180
  39,247
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
  3,703
  4,285
  4,912
  5,583
  6,299
  7,056
  7,855
  8,695
  9,575
  10,495
  11,456
  12,456
  13,498
  14,581
  15,707
  16,877
  18,093
  19,356
  20,670
  22,036
  23,456
  24,935
  26,474
  28,076
  29,747
  31,488
  33,305
  35,200
  37,180
  39,247
Operating income, $m
  371
  462
  535
  613
  697
  786
  881
  981
  1,086
  1,196
  1,310
  1,430
  1,555
  1,685
  1,821
  1,961
  2,107
  2,259
  2,417
  2,581
  2,751
  2,929
  3,113
  3,305
  3,506
  3,714
  3,932
  4,158
  4,395
  4,642
  4,900
EBITDA, $m
  450
  555
  642
  736
  837
  944
  1,057
  1,177
  1,303
  1,435
  1,573
  1,716
  1,866
  2,022
  2,185
  2,353
  2,529
  2,711
  2,900
  3,097
  3,302
  3,515
  3,736
  3,967
  4,207
  4,457
  4,718
  4,990
  5,274
  5,571
  5,881
Interest expense (income), $m
  6
  5
  15
  26
  37
  50
  63
  77
  92
  107
  124
  141
  159
  177
  196
  216
  237
  259
  282
  305
  329
  355
  381
  408
  437
  466
  497
  530
  563
  598
  635
Earnings before tax, $m
  359
  457
  520
  588
  660
  737
  818
  904
  994
  1,088
  1,187
  1,290
  1,397
  1,508
  1,624
  1,745
  1,870
  2,000
  2,135
  2,276
  2,422
  2,574
  2,732
  2,897
  3,069
  3,248
  3,434
  3,629
  3,832
  4,044
  4,265
Tax expense, $m
  74
  123
  140
  159
  178
  199
  221
  244
  268
  294
  320
  348
  377
  407
  439
  471
  505
  540
  577
  615
  654
  695
  738
  782
  829
  877
  927
  980
  1,035
  1,092
  1,152
Net income, $m
  243
  334
  380
  429
  482
  538
  597
  660
  725
  794
  866
  941
  1,020
  1,101
  1,186
  1,274
  1,365
  1,460
  1,559
  1,661
  1,768
  1,879
  1,995
  2,115
  2,240
  2,371
  2,507
  2,649
  2,797
  2,952
  3,114

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
  1,958
  2,266
  2,598
  2,953
  3,331
  3,732
  4,154
  4,598
  5,064
  5,550
  6,058
  6,587
  7,138
  7,711
  8,306
  8,925
  9,568
  10,237
  10,931
  11,654
  12,405
  13,187
  14,000
  14,848
  15,732
  16,653
  17,613
  18,616
  19,662
  20,756
Adjusted assets (=assets-cash), $m
  1,675
  1,958
  2,266
  2,598
  2,953
  3,331
  3,732
  4,154
  4,598
  5,064
  5,550
  6,058
  6,587
  7,138
  7,711
  8,306
  8,925
  9,568
  10,237
  10,931
  11,654
  12,405
  13,187
  14,000
  14,848
  15,732
  16,653
  17,613
  18,616
  19,662
  20,756
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
  546
  631
  724
  823
  928
  1,040
  1,157
  1,281
  1,411
  1,547
  1,688
  1,835
  1,989
  2,149
  2,314
  2,487
  2,666
  2,852
  3,046
  3,247
  3,456
  3,674
  3,901
  4,137
  4,383
  4,640
  4,908
  5,187
  5,479
  5,783
Working capital, $m
  1,206
  579
  670
  768
  873
  985
  1,103
  1,228
  1,359
  1,497
  1,641
  1,791
  1,948
  2,110
  2,280
  2,456
  2,639
  2,829
  3,026
  3,232
  3,445
  3,668
  3,899
  4,139
  4,390
  4,651
  4,923
  5,207
  5,504
  5,813
  6,137
Total debt, $m
  75
  199
  343
  498
  664
  841
  1,028
  1,225
  1,432
  1,650
  1,877
  2,114
  2,361
  2,619
  2,886
  3,164
  3,453
  3,753
  4,066
  4,390
  4,727
  5,078
  5,443
  5,823
  6,219
  6,632
  7,062
  7,510
  7,979
  8,467
  8,978
Total liabilities, $m
  790
  914
  1,058
  1,213
  1,379
  1,556
  1,743
  1,940
  2,147
  2,365
  2,592
  2,829
  3,076
  3,334
  3,601
  3,879
  4,168
  4,468
  4,781
  5,105
  5,442
  5,793
  6,158
  6,538
  6,934
  7,347
  7,777
  8,225
  8,694
  9,182
  9,693
Total equity, $m
  1,604
  1,044
  1,208
  1,385
  1,574
  1,775
  1,989
  2,214
  2,451
  2,699
  2,958
  3,229
  3,511
  3,805
  4,110
  4,427
  4,757
  5,100
  5,456
  5,826
  6,211
  6,612
  7,028
  7,462
  7,914
  8,385
  8,876
  9,388
  9,922
  10,480
  11,063
Total liabilities and equity, $m
  2,394
  1,958
  2,266
  2,598
  2,953
  3,331
  3,732
  4,154
  4,598
  5,064
  5,550
  6,058
  6,587
  7,139
  7,711
  8,306
  8,925
  9,568
  10,237
  10,931
  11,653
  12,405
  13,186
  14,000
  14,848
  15,732
  16,653
  17,613
  18,616
  19,662
  20,756
Debt-to-equity ratio
  0.047
  0.190
  0.280
  0.360
  0.420
  0.470
  0.520
  0.550
  0.580
  0.610
  0.630
  0.650
  0.670
  0.690
  0.700
  0.710
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.770
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
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
  334
  380
  429
  482
  538
  597
  660
  725
  794
  866
  941
  1,020
  1,101
  1,186
  1,274
  1,365
  1,460
  1,559
  1,661
  1,768
  1,879
  1,995
  2,115
  2,240
  2,371
  2,507
  2,649
  2,797
  2,952
  3,114
Depreciation, amort., depletion, $m
  79
  92
  107
  123
  139
  157
  176
  196
  217
  239
  262
  286
  311
  337
  364
  392
  422
  452
  483
  516
  550
  586
  623
  661
  701
  743
  786
  832
  879
  929
  980
Funds from operations, $m
  321
  426
  487
  552
  621
  695
  773
  856
  943
  1,033
  1,128
  1,227
  1,331
  1,438
  1,550
  1,666
  1,787
  1,912
  2,042
  2,178
  2,319
  2,465
  2,617
  2,776
  2,942
  3,114
  3,293
  3,481
  3,676
  3,881
  4,094
Change in working capital, $m
  -41
  84
  91
  98
  105
  112
  118
  125
  131
  138
  144
  150
  156
  163
  169
  176
  183
  190
  198
  205
  214
  222
  231
  241
  251
  261
  272
  284
  296
  309
  323
Cash from operations, $m
  362
  343
  396
  454
  516
  583
  655
  731
  811
  896
  985
  1,077
  1,174
  1,275
  1,380
  1,490
  1,604
  1,722
  1,845
  1,972
  2,105
  2,243
  2,386
  2,536
  2,691
  2,853
  3,021
  3,197
  3,380
  3,571
  3,771
Maintenance CAPEX, $m
  0
  -79
  -92
  -107
  -123
  -139
  -157
  -176
  -196
  -217
  -239
  -262
  -286
  -311
  -337
  -364
  -392
  -422
  -452
  -483
  -516
  -550
  -586
  -623
  -661
  -701
  -743
  -786
  -832
  -879
  -929
New CAPEX, $m
  -119
  -81
  -86
  -92
  -99
  -105
  -112
  -118
  -124
  -130
  -136
  -141
  -147
  -153
  -160
  -166
  -172
  -179
  -186
  -194
  -201
  -209
  -218
  -227
  -236
  -246
  -257
  -268
  -279
  -292
  -305
Cash from investing activities, $m
  -146
  -160
  -178
  -199
  -222
  -244
  -269
  -294
  -320
  -347
  -375
  -403
  -433
  -464
  -497
  -530
  -564
  -601
  -638
  -677
  -717
  -759
  -804
  -850
  -897
  -947
  -1,000
  -1,054
  -1,111
  -1,171
  -1,234
Free cash flow, $m
  216
  183
  217
  254
  294
  338
  386
  437
  491
  549
  610
  674
  741
  811
  884
  960
  1,039
  1,121
  1,207
  1,295
  1,387
  1,483
  1,583
  1,686
  1,793
  1,905
  2,022
  2,143
  2,269
  2,400
  2,537
Issuance/(repayment) of debt, $m
  -10
  132
  144
  155
  166
  177
  187
  197
  207
  217
  227
  237
  247
  257
  268
  278
  289
  300
  312
  324
  337
  351
  365
  380
  396
  413
  430
  449
  468
  489
  511
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
  132
  144
  155
  166
  177
  187
  197
  207
  217
  227
  237
  247
  257
  268
  278
  289
  300
  312
  324
  337
  351
  365
  380
  396
  413
  430
  449
  468
  489
  511
Total cash flow (excl. dividends), $m
  211
  316
  361
  409
  460
  515
  573
  634
  699
  766
  837
  911
  988
  1,068
  1,151
  1,238
  1,328
  1,421
  1,519
  1,620
  1,725
  1,834
  1,948
  2,066
  2,189
  2,318
  2,452
  2,591
  2,737
  2,889
  3,048
Retained Cash Flow (-), $m
  -276
  -151
  -164
  -177
  -189
  -202
  -214
  -225
  -237
  -248
  -259
  -271
  -282
  -294
  -305
  -317
  -330
  -343
  -356
  -370
  -385
  -400
  -417
  -434
  -452
  -471
  -491
  -512
  -534
  -558
  -583
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
 
  876
  197
  232
  271
  313
  360
  409
  462
  518
  578
  640
  706
  774
  846
  920
  998
  1,079
  1,162
  1,249
  1,340
  1,434
  1,531
  1,632
  1,738
  1,847
  1,961
  2,079
  2,203
  2,331
  2,465
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
 
  840
  180
  202
  223
  243
  261
  276
  289
  298
  303
  304
  301
  294
  284
  270
  254
  235
  214
  192
  170
  148
  127
  107
  88
  72
  57
  45
  34
  25
  19
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. is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales. Its lifestyle brands include Skechers USA, Skechers Sport, Skechers Active and Skechers Sport Active, Skechers Originals, BOBS from Skechers and Mark Nason. Its Performance Brands include Skechers Performance, Skechers Kids and Skechers Work. Its footwear is sold through a range of department stores and specialty retail stores and mid-tier retailers, boutiques, among others. As of February 1, 2017, the Company owned and operated 117 concept stores, 163 factory outlet stores and 134 warehouse outlet stores in the United States, and 101 concept stores, 51 factory outlet stores, and five warehouse outlet stores internationally.

FINANCIAL RATIOS  of  Skechers USA Cl A (SKX)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 1.1
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 16.8
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 16.9% 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 160.799 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 $4.2 billion.

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COMPANY NEWS

▶ Better Buy: Nike Inc. vs. Skechers USA   [Aug-30-17 01:00PM  Motley Fool]
▶ Robert Olstein Keeps Buying FedEx, General Electric   [Aug-23-17 03:54PM  GuruFocus.com]
▶ Tony Romo Joins Team SKECHERS   [09:00AM  Business Wire]
▶ 3 Things Skechers Management Wants You to Know   [Aug-11-17 08:07PM  Motley Fool]
▶ Camila Cabello to Hit the Streets in SKECHERS   [Aug-09-17 09:00AM  Business Wire]
▶ Why Shares of Skechers Have Soared 18% So Far This Year   [Jul-26-17 12:49PM  Motley Fool]
▶ Is Skechers Correctly Valued? Lets Discuss   [07:38AM  Market Realist]
▶ 3 Top Small-Cap Stocks to Buy in July   [Jul-25-17 06:15PM  Motley Fool]
▶ Discussing Wall Streets View on Skechers   [10:41AM  Market Realist]
▶ Understanding Skecherss 2Q17 Top Line Beat   [07:41AM  Market Realist]
▶ Skechers Misses on Earnings, Beats on Revenue in 2Q17   [Jul-24-17 04:37PM  Market Realist]
▶ Company News for July 24, 2017   [10:53AM  Zacks]
▶ Highlights From Skechers Q2 2017 Earnings Report   [Jul-23-17 01:31PM  Motley Fool]
▶ Skechers Picks Up the Pace   [09:05AM  Motley Fool]
▶ Skechers misses 2Q profit forecasts   [Jul-20-17 09:45PM  Associated Press]
▶ Skechers beats on top line   [04:59PM  CNBC Videos]
▶ Benzinga's Option Alert Recap From July 18   [Jul-18-17 04:17PM  Benzinga]
▶ Ignore Under Armour, Inc.: Here Are 2 Better Stocks   [Jul-11-17 06:15PM  Motley Fool]
▶ Nike Rival In Buy Zone As Earnings And Sales Improve   [Jul-10-17 04:24PM  Investor's Business Daily]
▶ Why Skechers U.S.A., Inc. Stock Popped 15.6% in June   [Jul-05-17 02:10PM  Motley Fool]
▶ This Shoe Stock Is Running Higher (And It's Not Nike)   [Jun-30-17 04:27PM  Investor's Business Daily]
▶ The 2 Best Footwear Stocks to Buy in 2017   [10:34AM  Motley Fool]
▶ SKECHERS Opens Premium Superstore at Ontario Mills   [Jun-27-17 12:00PM  Business Wire]
▶ Skechers wins two rulings in patent dispute with Adidas   [Jun-15-17 05:55PM  American City Business Journals]
▶ 3 Stocks That Feel like Coca-Cola in 1988   [Jun-09-17 09:16AM  Motley Fool]
▶ 5 Top Stocks for June   [08:45AM  Motley Fool]
▶ Analysts: Nike Running In Place; Analog Devices, Palo Alto PTs Hiked   [Jun-01-17 04:39PM  Investor's Business Daily]
▶ Unusual activity: bulls run with this stock   [May-31-17 01:38PM  CNBC Videos]
▶ ETFs with exposure to SKECHERS USA, Inc. : May 30, 2017   [May-30-17 12:43PM  Capital Cube]
▶ 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]
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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