Intrinsic value of Stein Mart - SMRT

Previous Close

$1.14

  Intrinsic Value

$4.82

stock screener

  Rating & Target

str. buy

+323%

Previous close

$1.14

 
Intrinsic value

$4.82

 
Up/down potential

+323%

 
Rating

str. buy

We calculate the intrinsic value of SMRT 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 0.1

 

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, %
  0.07
  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
  1,361
  1,388
  1,420
  1,457
  1,498
  1,543
  1,593
  1,647
  1,706
  1,769
  1,837
  1,910
  1,987
  2,070
  2,157
  2,250
  2,349
  2,453
  2,564
  2,680
  2,804
  2,934
  3,071
  3,215
  3,367
  3,528
  3,696
  3,874
  4,061
  4,258
  4,464
Variable operating expenses, $m
 
  1,345
  1,376
  1,411
  1,451
  1,495
  1,543
  1,596
  1,653
  1,714
  1,780
  1,850
  1,925
  2,005
  2,090
  2,181
  2,276
  2,377
  2,484
  2,597
  2,717
  2,843
  2,975
  3,115
  3,263
  3,418
  3,582
  3,754
  3,935
  4,126
  4,326
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
  1,357
  1,345
  1,376
  1,411
  1,451
  1,495
  1,543
  1,596
  1,653
  1,714
  1,780
  1,850
  1,925
  2,005
  2,090
  2,181
  2,276
  2,377
  2,484
  2,597
  2,717
  2,843
  2,975
  3,115
  3,263
  3,418
  3,582
  3,754
  3,935
  4,126
  4,326
Operating income, $m
  4
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  138
EBITDA, $m
  37
  77
  78
  80
  83
  85
  88
  91
  94
  98
  101
  105
  110
  114
  119
  124
  130
  135
  142
  148
  155
  162
  169
  177
  186
  195
  204
  214
  224
  235
  246
Interest expense (income), $m
  4
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
Earnings before tax, $m
  0
  37
  38
  38
  39
  40
  41
  42
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  99
Tax expense, $m
  0
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
Net income, $m
  0
  27
  28
  28
  29
  29
  30
  31
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  11
  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
  528
  527
  540
  553
  569
  586
  605
  626
  648
  672
  698
  726
  755
  786
  820
  855
  892
  932
  974
  1,018
  1,065
  1,115
  1,167
  1,222
  1,279
  1,340
  1,404
  1,472
  1,543
  1,618
  1,696
Adjusted assets (=assets-cash), $m
  517
  527
  540
  553
  569
  586
  605
  626
  648
  672
  698
  726
  755
  786
  820
  855
  892
  932
  974
  1,018
  1,065
  1,115
  1,167
  1,222
  1,279
  1,340
  1,404
  1,472
  1,543
  1,618
  1,696
Revenue / Adjusted assets
  2.632
  2.634
  2.630
  2.635
  2.633
  2.633
  2.633
  2.631
  2.633
  2.632
  2.632
  2.631
  2.632
  2.634
  2.630
  2.632
  2.633
  2.632
  2.632
  2.633
  2.633
  2.631
  2.632
  2.631
  2.633
  2.633
  2.632
  2.632
  2.632
  2.632
  2.632
Average production assets, $m
  165
  168
  172
  176
  181
  187
  193
  199
  206
  214
  222
  231
  240
  250
  261
  272
  284
  297
  310
  324
  339
  355
  372
  389
  407
  427
  447
  469
  491
  515
  540
Working capital, $m
  135
  136
  139
  143
  147
  151
  156
  161
  167
  173
  180
  187
  195
  203
  211
  221
  230
  240
  251
  263
  275
  287
  301
  315
  330
  346
  362
  380
  398
  417
  438
Total debt, $m
  182
  181
  192
  204
  217
  232
  249
  267
  286
  307
  329
  353
  379
  406
  435
  465
  498
  532
  569
  607
  648
  690
  735
  783
  833
  886
  942
  1,000
  1,062
  1,126
  1,195
Total liabilities, $m
  458
  457
  468
  480
  493
  508
  525
  543
  562
  583
  605
  629
  655
  682
  711
  741
  774
  808
  845
  883
  924
  966
  1,011
  1,059
  1,109
  1,162
  1,218
  1,276
  1,338
  1,402
  1,471
Total equity, $m
  70
  70
  72
  74
  76
  78
  80
  83
  86
  89
  93
  96
  100
  105
  109
  114
  119
  124
  130
  135
  142
  148
  155
  162
  170
  178
  187
  196
  205
  215
  226
Total liabilities and equity, $m
  528
  527
  540
  554
  569
  586
  605
  626
  648
  672
  698
  725
  755
  787
  820
  855
  893
  932
  975
  1,018
  1,066
  1,114
  1,166
  1,221
  1,279
  1,340
  1,405
  1,472
  1,543
  1,617
  1,697
Debt-to-equity ratio
  2.600
  2.580
  2.670
  2.770
  2.870
  2.980
  3.090
  3.200
  3.320
  3.430
  3.550
  3.660
  3.770
  3.880
  3.990
  4.090
  4.190
  4.290
  4.390
  4.480
  4.570
  4.660
  4.740
  4.820
  4.900
  4.970
  5.040
  5.110
  5.170
  5.240
  5.300
Adjusted equity ratio
  0.114
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  27
  28
  28
  29
  29
  30
  31
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
Depreciation, amort., depletion, $m
  33
  34
  34
  35
  36
  37
  39
  40
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
Funds from operations, $m
  78
  61
  62
  63
  65
  67
  69
  71
  73
  76
  78
  81
  84
  87
  91
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
  150
  157
  165
  172
  180
Change in working capital, $m
  17
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
Cash from operations, $m
  61
  58
  59
  60
  61
  62
  64
  65
  67
  69
  72
  74
  76
  79
  82
  85
  88
  92
  96
  100
  104
  108
  113
  118
  123
  128
  134
  140
  146
  153
  160
Maintenance CAPEX, $m
  0
  -33
  -34
  -34
  -35
  -36
  -37
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
New CAPEX, $m
  -42
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
Cash from investing activities, $m
  -39
  -36
  -38
  -38
  -40
  -41
  -43
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
  -72
  -76
  -80
  -84
  -88
  -91
  -96
  -100
  -105
  -110
  -117
  -122
  -128
Free cash flow, $m
  22
  22
  21
  21
  21
  21
  20
  20
  20
  20
  21
  21
  21
  21
  21
  22
  22
  22
  23
  23
  24
  25
  25
  26
  27
  27
  28
  29
  30
  31
  32
Issuance/(repayment) of debt, $m
  -8
  9
  11
  12
  13
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  32
  34
  36
  38
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -8
  9
  11
  12
  13
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  32
  34
  36
  38
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
Total cash flow (excl. dividends), $m
  14
  31
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  55
  57
  59
  62
  65
  67
  70
  73
  77
  80
  84
  88
  92
  96
  100
Retained Cash Flow (-), $m
  6
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
Prev. year cash balance distribution, $m
 
  1
  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
 
  31
  30
  31
  32
  33
  34
  35
  37
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  28
  25
  23
  22
  20
  18
  16
  14
  12
  11
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
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

Stein Mart, Inc. is a national retailer offering the fashion merchandise, service and presentation of a department or specialty store. The Company offers apparel for women and men, as well as accessories, shoes and home fashions. The Company's target customers are women over 45 years old. The Company operates approximately 280 stores in over 30 states and an Internet store. Its stores are located in the Northeast, Midwest, Southeast, Texas and the Southwest. It is concentrated in the Southeast and Texas where over 180 of its stores are located. The Company's stores offer a range of services, such as merchandise locator service, a Preferred Customer program, co-branded and private label credit card programs, and electronic gift cards. The Company's merchants purchase products from approximately 1,200 vendors. It leases all of its store locations, generally for approximately 10 years with options to extend the lease term for over two or five year periods.

FINANCIAL RATIOS  of  Stein Mart (SMRT)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 0.9
Price to Free Cash Flow 2.8
Growth Rates
Sales Growth Rate 0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.5%
Cap. Spend. - 3 Yr. Gr. Rate 3.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 245.7%
Total Debt to Equity 260%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 2.6
Profitability Ratios
Gross Margin 26.4%
Gross Margin - 3 Yr. Avg. 28%
EBITDA Margin 2.7%
EBITDA Margin - 3 Yr. Avg. 4.5%
Operating Margin 0.3%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 2%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 25.2%
Payout Ratio 0%

SMRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SMRT stock intrinsic value calculation we used $1361 million for the last fiscal year's total revenue generated by Stein Mart. The default revenue input number comes from 2017 income statement of Stein Mart. 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 SMRT 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 9.1%, whose default value for SMRT is calculated based on our internal credit rating of Stein Mart, 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 Stein Mart.
    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 SMRT stock the variable cost ratio is equal to 96.9%.

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 SMRT 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 Stein Mart.

Corporate tax rate of 27% is the nominal tax rate for Stein Mart. 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 SMRT 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 SMRT are equal to 12.1%.

Life of production assets of 5 years is the average useful life of capital assets used in Stein Mart 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 SMRT is equal to 9.8%. 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 - $70 million for Stein Mart - 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 47.917 million for Stein Mart 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 Stein Mart at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
TJX TJX 71.02 89.60  buy
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ROST Ross Stores 72.25 72.61  hold
CTRN Citi Trends 21.66 19.62  hold
URBN Urban Outfitte 27.90 31.37  buy
AEO American Eagle 14.93 20.12  buy
GPS Gap 29.40 42.66  str.buy
GES Guess? 17.66 16.18  hold
SSI Stage Stores 1.77 49.44  str.buy

COMPANY NEWS

▶ Stein Mart reports 3Q loss   [04:19PM  Associated Press]
▶ ETFs with exposure to Stein Mart, Inc. : October 27, 2017   [Oct-27-17 11:15AM  Capital Cube]
▶ Stein Mart to eliminate 10 percent of corporate workers   [Oct-26-17 03:20PM  American City Business Journals]
▶ Stein Mart Announces Cost Reductions   [01:35PM  GlobeNewswire]
▶ ETFs with exposure to Stein Mart, Inc. : October 16, 2017   [Oct-16-17 09:59AM  Capital Cube]
▶ ETFs with exposure to Stein Mart, Inc. : October 5, 2017   [Oct-05-17 11:20AM  Capital Cube]
▶ Stein Mart Inc (SMRT): What Does It Mean For Your Portfolio?   [Oct-04-17 05:46PM  Simply Wall St.]
▶ Stein Mart Announces Enhanced Credit Card Rewards Program   [Sep-05-17 04:00PM  GlobeNewswire]
▶ Stein Mart reports 2Q loss   [Aug-16-17 09:10PM  Associated Press]
▶ ETFs with exposure to Stein Mart, Inc. : August 11, 2017   [Aug-11-17 06:38PM  Capital Cube]
▶ Stein Mart Announces Five New Stores Opening This Fall   [Aug-02-17 07:30AM  GlobeNewswire]
▶ ETFs with exposure to Stein Mart, Inc. : July 31, 2017   [Jul-31-17 05:09PM  Capital Cube]
▶ ETFs with exposure to Stein Mart, Inc. : July 13, 2017   [Jul-13-17 04:35PM  Capital Cube]
▶ BOHAN Wins Stein Mart Account   [Jul-07-17 07:26AM  Business Wire]
▶ ETFs with exposure to Stein Mart, Inc. : July 3, 2017   [Jul-03-17 03:49PM  Capital Cube]
▶ ETFs with exposure to Stein Mart, Inc. : June 22, 2017   [Jun-22-17 04:25PM  Capital Cube]
▶ ETFs with exposure to Stein Mart, Inc. : June 12, 2017   [Jun-12-17 02:27PM  Capital Cube]
▶ No ice age for this retail stock as Nasdaq, S&P hit new records   [May-25-17 05:36PM  American City Business Journals]
▶ Stein Mart stock slides after dismal Wednesday earnings   [May-19-17 12:35PM  American City Business Journals]
▶ Stein Mart to suspend quarterly dividends after Q1 income plummets   [May-17-17 07:10PM  American City Business Journals]
▶ Stein Mart posts 1Q profit   [04:18PM  Associated Press]
▶ ETFs with exposure to Stein Mart, Inc. : May 15, 2017   [May-15-17 04:38PM  Capital Cube]
▶ ETFs with exposure to Stein Mart, Inc. : May 1, 2017   [May-01-17 04:26PM  Capital Cube]
▶ ETFs with exposure to Stein Mart, Inc. : April 19, 2017   [Apr-19-17 02:36PM  Capital Cube]
▶ Stein Mart, Inc. Declares Quarterly Dividend   [03:13PM  GlobeNewswire]
▶ Stein Mart reports 4Q loss   [07:50AM  Associated Press]
▶ Stein Mart Announces Five New Stores Opening This Spring   [Feb-16-17 08:00AM  GlobeNewswire]
▶ These 5 Stocks Under $10 Could Explode Up Soon   [Feb-09-17 02:03PM  TheStreet.com]
▶ Stein Mart Appoints MaryAnne Morin as President   [Jan-26-17 04:15PM  GlobeNewswire]
▶ Stein Mart, Inc. Declares Quarterly Dividend   [11:20AM  GlobeNewswire]
▶ Is Stein Mart, Inc. (SMRT) Going to Reward Investors?   [Dec-10-16 09:48PM  at Insider Monkey]
▶ This Year Is Ideal for Beaten-Stock Strategy   [Dec-05-16 12:16AM  at The Wall Street Journal]
▶ To Find January's Stock Winners, Look at December's Losers   [Dec-04-16 10:27PM  at The Wall Street Journal]
▶ Why Stein Mart, Inc. Stock Plunged Today   [Nov-17-16 03:24PM  at Motley Fool]
Financial statements of SMRT
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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