Intrinsic value of Staples - SPLS

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$9.20

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SPLS 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 5.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.76
  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
  18,247
  21,480
  21,974
  22,539
  23,173
  23,876
  24,646
  25,486
  26,394
  27,373
  28,424
  29,548
  30,747
  32,024
  33,381
  34,820
  36,346
  37,962
  39,670
  41,475
  43,380
  45,391
  47,512
  49,747
  52,102
  54,582
  57,194
  59,943
  62,835
  65,879
  69,079
Variable operating expenses, $m
 
  21,174
  21,655
  22,205
  22,822
  23,506
  24,256
  25,073
  25,958
  26,910
  27,933
  28,762
  29,929
  31,172
  32,493
  33,894
  35,380
  36,952
  38,615
  40,372
  42,227
  44,184
  46,248
  48,424
  50,716
  53,131
  55,673
  58,349
  61,164
  64,126
  67,242
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
  18,537
  21,174
  21,655
  22,205
  22,822
  23,506
  24,256
  25,073
  25,958
  26,910
  27,933
  28,762
  29,929
  31,172
  32,493
  33,894
  35,380
  36,952
  38,615
  40,372
  42,227
  44,184
  46,248
  48,424
  50,716
  53,131
  55,673
  58,349
  61,164
  64,126
  67,242
Operating income, $m
  -290
  306
  319
  334
  351
  370
  390
  413
  437
  463
  491
  786
  818
  852
  888
  926
  967
  1,010
  1,055
  1,103
  1,154
  1,207
  1,264
  1,323
  1,386
  1,452
  1,521
  1,594
  1,671
  1,752
  1,837
EBITDA, $m
  146
  769
  787
  807
  830
  855
  882
  913
  945
  980
  1,018
  1,058
  1,101
  1,147
  1,195
  1,247
  1,301
  1,359
  1,420
  1,485
  1,553
  1,625
  1,701
  1,781
  1,866
  1,954
  2,048
  2,146
  2,250
  2,359
  2,473
Interest expense (income), $m
  43
  47
  51
  56
  62
  69
  76
  84
  93
  102
  113
  124
  135
  148
  161
  175
  190
  206
  223
  241
  260
  280
  301
  323
  346
  371
  396
  424
  452
  483
  514
Earnings before tax, $m
  -352
  259
  268
  278
  289
  301
  314
  328
  344
  360
  378
  662
  683
  704
  727
  751
  776
  803
  832
  862
  894
  928
  963
  1,000
  1,040
  1,081
  1,125
  1,171
  1,219
  1,270
  1,323
Tax expense, $m
  107
  70
  72
  75
  78
  81
  85
  89
  93
  97
  102
  179
  184
  190
  196
  203
  210
  217
  225
  233
  241
  250
  260
  270
  281
  292
  304
  316
  329
  343
  357
Net income, $m
  -1,497
  189
  196
  203
  211
  220
  229
  240
  251
  263
  276
  484
  498
  514
  531
  548
  567
  587
  607
  629
  653
  677
  703
  730
  759
  789
  821
  855
  890
  927
  966

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,137
  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
  8,271
  9,534
  9,753
  10,004
  10,285
  10,597
  10,939
  11,312
  11,715
  12,150
  12,616
  13,115
  13,647
  14,214
  14,816
  15,455
  16,132
  16,849
  17,608
  18,409
  19,255
  20,147
  21,088
  22,080
  23,126
  24,227
  25,386
  26,606
  27,890
  29,240
  30,661
Adjusted assets (=assets-cash), $m
  7,134
  9,534
  9,753
  10,004
  10,285
  10,597
  10,939
  11,312
  11,715
  12,150
  12,616
  13,115
  13,647
  14,214
  14,816
  15,455
  16,132
  16,849
  17,608
  18,409
  19,255
  20,147
  21,088
  22,080
  23,126
  24,227
  25,386
  26,606
  27,890
  29,240
  30,661
Revenue / Adjusted assets
  2.558
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
  2.253
Average production assets, $m
  851
  1,998
  2,044
  2,096
  2,155
  2,220
  2,292
  2,370
  2,455
  2,546
  2,643
  2,748
  2,859
  2,978
  3,104
  3,238
  3,380
  3,530
  3,689
  3,857
  4,034
  4,221
  4,419
  4,626
  4,845
  5,076
  5,319
  5,575
  5,844
  6,127
  6,424
Working capital, $m
  1,609
  1,053
  1,077
  1,104
  1,135
  1,170
  1,208
  1,249
  1,293
  1,341
  1,393
  1,448
  1,507
  1,569
  1,636
  1,706
  1,781
  1,860
  1,944
  2,032
  2,126
  2,224
  2,328
  2,438
  2,553
  2,675
  2,803
  2,937
  3,079
  3,228
  3,385
Total debt, $m
  1,047
  1,111
  1,223
  1,351
  1,495
  1,654
  1,829
  2,019
  2,225
  2,447
  2,686
  2,941
  3,213
  3,502
  3,810
  4,137
  4,483
  4,849
  5,236
  5,646
  6,078
  6,534
  7,015
  7,522
  8,056
  8,619
  9,211
  9,835
  10,491
  11,181
  11,907
Total liabilities, $m
  4,583
  4,872
  4,984
  5,112
  5,256
  5,415
  5,590
  5,780
  5,986
  6,208
  6,447
  6,702
  6,974
  7,263
  7,571
  7,898
  8,244
  8,610
  8,997
  9,407
  9,839
  10,295
  10,776
  11,283
  11,817
  12,380
  12,972
  13,596
  14,252
  14,942
  15,668
Total equity, $m
  3,688
  4,662
  4,769
  4,892
  5,030
  5,182
  5,349
  5,532
  5,729
  5,941
  6,169
  6,413
  6,673
  6,951
  7,245
  7,558
  7,889
  8,239
  8,610
  9,002
  9,415
  9,852
  10,312
  10,797
  11,308
  11,847
  12,414
  13,010
  13,638
  14,299
  14,993
Total liabilities and equity, $m
  8,271
  9,534
  9,753
  10,004
  10,286
  10,597
  10,939
  11,312
  11,715
  12,149
  12,616
  13,115
  13,647
  14,214
  14,816
  15,456
  16,133
  16,849
  17,607
  18,409
  19,254
  20,147
  21,088
  22,080
  23,125
  24,227
  25,386
  26,606
  27,890
  29,241
  30,661
Debt-to-equity ratio
  0.284
  0.240
  0.260
  0.280
  0.300
  0.320
  0.340
  0.370
  0.390
  0.410
  0.440
  0.460
  0.480
  0.500
  0.530
  0.550
  0.570
  0.590
  0.610
  0.630
  0.650
  0.660
  0.680
  0.700
  0.710
  0.730
  0.740
  0.760
  0.770
  0.780
  0.790
Adjusted equity ratio
  0.358
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,497
  189
  196
  203
  211
  220
  229
  240
  251
  263
  276
  484
  498
  514
  531
  548
  567
  587
  607
  629
  653
  677
  703
  730
  759
  789
  821
  855
  890
  927
  966
Depreciation, amort., depletion, $m
  436
  463
  468
  473
  479
  485
  492
  500
  508
  517
  527
  272
  283
  295
  307
  321
  335
  350
  365
  382
  399
  418
  437
  458
  480
  503
  527
  552
  579
  607
  636
Funds from operations, $m
  858
  652
  663
  676
  690
  705
  722
  740
  759
  780
  803
  756
  781
  809
  838
  869
  901
  936
  973
  1,011
  1,052
  1,095
  1,141
  1,188
  1,239
  1,292
  1,348
  1,407
  1,468
  1,533
  1,602
Change in working capital, $m
  -76
  21
  24
  28
  31
  34
  38
  41
  45
  48
  51
  55
  59
  63
  66
  71
  75
  79
  84
  88
  93
  99
  104
  110
  115
  122
  128
  135
  142
  149
  157
Cash from operations, $m
  934
  541
  639
  648
  659
  670
  684
  699
  715
  732
  752
  701
  723
  746
  771
  798
  827
  857
  889
  923
  959
  997
  1,037
  1,079
  1,123
  1,170
  1,220
  1,272
  1,327
  1,384
  1,445
Maintenance CAPEX, $m
  0
  -193
  -198
  -202
  -208
  -213
  -220
  -227
  -235
  -243
  -252
  -262
  -272
  -283
  -295
  -307
  -321
  -335
  -350
  -365
  -382
  -399
  -418
  -437
  -458
  -480
  -503
  -527
  -552
  -579
  -607
New CAPEX, $m
  -255
  -47
  -46
  -53
  -59
  -65
  -72
  -78
  -84
  -91
  -98
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
Cash from investing activities, $m
  -311
  -240
  -244
  -255
  -267
  -278
  -292
  -305
  -319
  -334
  -350
  -367
  -384
  -402
  -421
  -441
  -463
  -485
  -509
  -533
  -559
  -586
  -615
  -645
  -677
  -711
  -746
  -783
  -821
  -862
  -905
Free cash flow, $m
  623
  301
  395
  393
  392
  392
  392
  394
  396
  398
  402
  334
  339
  344
  350
  357
  364
  372
  381
  390
  400
  410
  422
  434
  446
  460
  474
  490
  506
  523
  541
Issuance/(repayment) of debt, $m
  -24
  93
  112
  128
  144
  159
  175
  190
  206
  222
  238
  255
  272
  290
  308
  327
  346
  366
  387
  409
  432
  456
  481
  507
  534
  563
  592
  623
  656
  690
  726
Issuance/(repurchase) of shares, $m
  17
  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  
  -7
  93
  112
  128
  144
  159
  175
  190
  206
  222
  238
  255
  272
  290
  308
  327
  346
  366
  387
  409
  432
  456
  481
  507
  534
  563
  592
  623
  656
  690
  726
Total cash flow (excl. dividends), $m
  623
  394
  507
  521
  536
  551
  567
  584
  602
  620
  640
  589
  611
  634
  658
  684
  710
  738
  768
  799
  832
  866
  902
  940
  980
  1,022
  1,067
  1,113
  1,162
  1,213
  1,267
Retained Cash Flow (-), $m
  1,688
  -94
  -107
  -123
  -138
  -152
  -167
  -182
  -197
  -212
  -228
  -244
  -260
  -277
  -295
  -313
  -331
  -351
  -371
  -392
  -414
  -436
  -460
  -485
  -511
  -538
  -567
  -597
  -628
  -660
  -695
Prev. year cash balance distribution, $m
 
  808
  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
 
  1,108
  400
  399
  398
  399
  400
  402
  405
  408
  412
  345
  351
  357
  364
  371
  379
  388
  397
  407
  418
  430
  442
  455
  469
  484
  500
  516
  534
  552
  572
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
 
  1,062
  366
  347
  328
  309
  290
  271
  253
  234
  216
  164
  150
  136
  122
  109
  96
  84
  73
  63
  53
  44
  37
  30
  24
  19
  15
  11
  8
  6
  4
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

Staples, Inc., together with its subsidiaries, operates office products superstores. It operates in three segments: North American Stores & Online, North American Commercial, and International Operations. The company offers a range of office supplies, business technology products, facility and breakroom supplies, computers and mobility products, and office furniture under the Staples, Quill, and other proprietary brands. It also provides copy and print services, as well as technology services. The company sells and delivers office products and services directly to businesses and consumers through its Staples.com and Staples.ca, and Quill.com Websites, as well as through retail stores, and Internet and direct mail catalogs. As of January 30, 2016, it operated approximately 1,907 retail stores; and 104 distribution and fulfillment centers in the United States and internationally. The company was founded in 1985 and is based in Framingham, Massachusetts.

FINANCIAL RATIOS  of  Staples (SPLS)

Valuation Ratios
P/E Ratio -4
Price to Sales 0.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 8.8
Growth Rates
Sales Growth Rate -2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.1%
Cap. Spend. - 3 Yr. Gr. Rate -7.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 14.3%
Total Debt to Equity 28.4%
Interest Coverage -7
Management Effectiveness
Return On Assets -15.6%
Ret/ On Assets - 3 Yr. Avg. -3.3%
Return On Total Capital -26.9%
Ret/ On T. Cap. - 3 Yr. Avg. -6.3%
Return On Equity -33%
Return On Equity - 3 Yr. Avg. -7.9%
Asset Turnover 2
Profitability Ratios
Gross Margin 26.1%
Gross Margin - 3 Yr. Avg. 25.9%
EBITDA Margin 0.7%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin -1.6%
Oper. Margin - 3 Yr. Avg. 1.2%
Pre-Tax Margin -1.9%
Pre-Tax Margin - 3 Yr. Avg. 0.8%
Net Profit Margin -8.2%
Net Profit Margin - 3 Yr. Avg. -1.8%
Effective Tax Rate -30.4%
Eff/ Tax Rate - 3 Yr. Avg. 12.8%
Payout Ratio -20.8%

SPLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPLS stock intrinsic value calculation we used $21059 million for the last fiscal year's total revenue generated by Staples. The default revenue input number comes from 2017 income statement of Staples. 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 SPLS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SPLS is calculated based on our internal credit rating of Staples, 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 Staples.
    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 SPLS stock the variable cost ratio is equal to 98.6%.

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 SPLS 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 4.6% for Staples.

Corporate tax rate of 27% is the nominal tax rate for Staples. 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 SPLS 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 SPLS are equal to 9.3%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Staples 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 SPLS is equal to 4.9%. 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 - $5376 million for Staples - 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 628.135 million for Staples 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 Staples at the current share price and the inputted number of shares is $5.8 billion.


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COMPANY NEWS

▶ Market fighting back against Amazon   [03:43PM  CNBC Videos]
▶ Report: Staples could be taken private soon with $6B buyout   [03:15PM  American City Business Journals]
▶ Why Staples, Inc. Stock Popped Today   [02:59PM  Motley Fool]
▶ Altice IPO Raises $1.9 Billion; Staples Up On Buyout Buzz   [Jun-21-17 11:05PM  Investor's Business Daily]
▶ Staples, Inc. Announces Second Quarter 2017 Dividend   [Jun-12-17 05:08PM  Business Wire]
▶ Best Buy's Not GameStop. It's Wal-Mart.   [Jun-05-17 02:25PM  Barrons.com]
▶ Staples' New CIO to Lead Shift to Public Cloud   [Jun-02-17 03:59PM  The Wall Street Journal]
▶ These 3 Dividend Stocks Could Slash Their Payouts   [Jun-01-17 08:41AM  Motley Fool]
▶ ETFs with exposure to Staples, Inc. : May 29, 2017   [May-29-17 12:54PM  Capital Cube]
▶ Staples reportedly rejects takeover offer, but another bid is still on the table   [May-25-17 05:15PM  American City Business Journals]
▶ Staples poaches new marketing chief from Mercer   [11:55AM  American City Business Journals]
▶ Staples' Mediocre-At-Best Q1   [May-19-17 08:32AM  Benzinga]
▶ ETFs with exposure to Staples, Inc. : May 18, 2017   [May-18-17 02:01PM  Capital Cube]
▶ Yahoo Finance Live: Midday Movers - May 16th, 2017   [12:42PM  Yahoo Finance Video]
▶ Story Stocks from Briefing.com   [11:58AM  Briefing.com]
▶ Staples reports 1Q loss   [06:12AM  Associated Press]
▶ More retail earnings to come this week   [May-15-17 12:52PM  CNBC Videos]
▶ Staples to Launch AI-Powered Office Assistant   [May-08-17 03:29PM  The Wall Street Journal]
▶ ETFs with exposure to Staples, Inc. : May 3, 2017   [May-03-17 04:20PM  Capital Cube]
▶ Staples to Launch New Ad Campaign Next Week   [07:57AM  TheStreet.com]
▶ Ask a Fool: Are There Any Stocks Under $10 Worth Buying?   [Apr-28-17 02:16PM  Motley Fool]
▶ Energy Star: Businesses Ask Trump to Spare Program   [Apr-25-17 10:08AM  Investopedia]
▶ Q1 Retail Earnings Could Collapse 6.8 Percent   [Apr-17-17 11:40AM  Investopedia]
▶ Pier 1 to Shutter Up to 25 Stores   [Apr-13-17 02:12PM  Investopedia]
▶ Why Would Anyone Buy Staples Inc?   [Apr-09-17 01:14PM  Motley Fool]
▶ Is job-sharing a cop-out or the way to avoid burnout?   [Apr-08-17 09:37AM  MarketWatch]
▶ Trump advisor Feinberg closes $4 billion fund for his buyout firm Cerberus   [Apr-07-17 03:12PM  American City Business Journals]
▶ Company News for April 06, 2017   [Apr-06-17 11:06AM  Zacks]
▶ Why Staples, Inc. Stock Popped (Again) Today   [Apr-05-17 04:27PM  Motley Fool]
Stock chart of SPLS Financial statements of SPLS Annual reports of SPLS
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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