Intrinsic value of Sequential Brands Group - SQBG

Previous Close

$2.64

  Intrinsic Value

$2.06

stock screener

  Rating & Target

sell

-22%

  Value-price divergence*

0%

Previous close

$2.64

 
Intrinsic value

$2.06

 
Up/down potential

-22%

 
Rating

sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of SQBG 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 0.2

 

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, %
  77.27
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  156
  179
  203
  230
  257
  287
  317
  350
  383
  418
  455
  493
  533
  574
  617
  662
  708
  756
  806
  858
  912
  969
  1,027
  1,089
  1,152
  1,219
  1,288
  1,361
  1,437
  1,516
  1,598
Variable operating expenses, $m
 
  64
  69
  74
  79
  85
  90
  96
  103
  109
  116
  93
  100
  108
  116
  124
  133
  142
  151
  161
  171
  182
  193
  204
  216
  229
  242
  255
  269
  284
  300
Fixed operating expenses, $m
 
  27
  27
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  51
  52
  53
  55
Total operating expenses, $m
  85
  91
  96
  102
  108
  114
  120
  127
  135
  141
  149
  127
  135
  144
  153
  162
  172
  182
  192
  203
  214
  226
  238
  250
  263
  277
  291
  306
  321
  337
  355
Operating income, $m
  70
  88
  107
  128
  150
  173
  197
  222
  249
  277
  306
  367
  398
  431
  465
  500
  537
  575
  614
  656
  699
  743
  790
  838
  889
  942
  997
  1,055
  1,115
  1,178
  1,244
EBITDA, $m
  75
  155
  180
  206
  233
  262
  293
  325
  358
  393
  430
  468
  507
  548
  591
  635
  682
  730
  779
  831
  885
  942
  1,000
  1,061
  1,125
  1,192
  1,261
  1,334
  1,409
  1,489
  1,571
Interest expense (income), $m
  45
  47
  57
  69
  81
  93
  107
  121
  136
  151
  167
  184
  202
  220
  239
  259
  279
  300
  322
  345
  369
  394
  420
  447
  475
  505
  535
  567
  600
  635
  671
Earnings before tax, $m
  16
  41
  50
  59
  69
  79
  90
  101
  113
  125
  138
  182
  196
  211
  226
  241
  257
  274
  292
  310
  329
  349
  370
  391
  414
  437
  462
  488
  515
  543
  573
Tax expense, $m
  9
  11
  13
  16
  19
  21
  24
  27
  31
  34
  37
  49
  53
  57
  61
  65
  70
  74
  79
  84
  89
  94
  100
  106
  112
  118
  125
  132
  139
  147
  155
Net income, $m
  -1
  30
  36
  43
  50
  58
  66
  74
  83
  92
  101
  133
  143
  154
  165
  176
  188
  200
  213
  226
  240
  255
  270
  286
  302
  319
  337
  356
  376
  396
  418

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  1,435
  1,612
  1,833
  2,069
  2,319
  2,582
  2,859
  3,150
  3,453
  3,770
  4,100
  4,444
  4,802
  5,173
  5,559
  5,961
  6,378
  6,811
  7,262
  7,731
  8,219
  8,727
  9,256
  9,807
  10,381
  10,981
  11,606
  12,259
  12,941
  13,654
  14,399
Adjusted assets (=assets-cash), $m
  1,408
  1,612
  1,833
  2,069
  2,319
  2,582
  2,859
  3,150
  3,453
  3,770
  4,100
  4,444
  4,802
  5,173
  5,559
  5,961
  6,378
  6,811
  7,262
  7,731
  8,219
  8,727
  9,256
  9,807
  10,381
  10,981
  11,606
  12,259
  12,941
  13,654
  14,399
Revenue / Adjusted assets
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
Average production assets, $m
  959
  1,099
  1,250
  1,411
  1,581
  1,761
  1,950
  2,148
  2,355
  2,571
  2,796
  3,031
  3,275
  3,528
  3,791
  4,065
  4,350
  4,645
  4,953
  5,272
  5,605
  5,951
  6,312
  6,688
  7,080
  7,489
  7,915
  8,361
  8,826
  9,312
  9,820
Working capital, $m
  28
  33
  38
  43
  48
  53
  59
  65
  71
  78
  85
  92
  99
  107
  115
  123
  132
  141
  150
  160
  170
  180
  191
  202
  214
  227
  240
  253
  267
  282
  297
Total debt, $m
  645
  755
  903
  1,061
  1,229
  1,406
  1,592
  1,786
  1,990
  2,203
  2,424
  2,655
  2,895
  3,144
  3,403
  3,673
  3,952
  4,243
  4,546
  4,860
  5,188
  5,529
  5,883
  6,253
  6,639
  7,041
  7,461
  7,899
  8,357
  8,835
  9,335
Total liabilities, $m
  972
  1,082
  1,230
  1,388
  1,556
  1,733
  1,919
  2,113
  2,317
  2,530
  2,751
  2,982
  3,222
  3,471
  3,730
  4,000
  4,279
  4,570
  4,873
  5,187
  5,515
  5,856
  6,210
  6,580
  6,966
  7,368
  7,788
  8,226
  8,684
  9,162
  9,662
Total equity, $m
  463
  530
  603
  681
  763
  850
  941
  1,036
  1,136
  1,240
  1,349
  1,462
  1,580
  1,702
  1,829
  1,961
  2,098
  2,241
  2,389
  2,543
  2,704
  2,871
  3,045
  3,226
  3,415
  3,613
  3,818
  4,033
  4,258
  4,492
  4,737
Total liabilities and equity, $m
  1,435
  1,612
  1,833
  2,069
  2,319
  2,583
  2,860
  3,149
  3,453
  3,770
  4,100
  4,444
  4,802
  5,173
  5,559
  5,961
  6,377
  6,811
  7,262
  7,730
  8,219
  8,727
  9,255
  9,806
  10,381
  10,981
  11,606
  12,259
  12,942
  13,654
  14,399
Debt-to-equity ratio
  1.393
  1.420
  1.500
  1.560
  1.610
  1.650
  1.690
  1.720
  1.750
  1.780
  1.800
  1.820
  1.830
  1.850
  1.860
  1.870
  1.880
  1.890
  1.900
  1.910
  1.920
  1.930
  1.930
  1.940
  1.940
  1.950
  1.950
  1.960
  1.960
  1.970
  1.970
Adjusted equity ratio
  0.310
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  30
  36
  43
  50
  58
  66
  74
  83
  92
  101
  133
  143
  154
  165
  176
  188
  200
  213
  226
  240
  255
  270
  286
  302
  319
  337
  356
  376
  396
  418
Depreciation, amort., depletion, $m
  5
  67
  72
  78
  84
  90
  96
  102
  109
  117
  124
  101
  109
  118
  126
  136
  145
  155
  165
  176
  187
  198
  210
  223
  236
  250
  264
  279
  294
  310
  327
Funds from operations, $m
  51
  97
  109
  121
  134
  147
  162
  176
  192
  208
  225
  234
  252
  271
  291
  312
  333
  355
  378
  402
  427
  453
  480
  509
  538
  569
  601
  635
  670
  707
  745
Change in working capital, $m
  8
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
Cash from operations, $m
  43
  93
  104
  116
  129
  142
  156
  170
  186
  202
  218
  227
  245
  264
  283
  303
  324
  346
  369
  392
  417
  443
  469
  497
  526
  557
  588
  621
  656
  692
  730
Maintenance CAPEX, $m
  0
  -32
  -37
  -42
  -47
  -53
  -59
  -65
  -72
  -79
  -86
  -93
  -101
  -109
  -118
  -126
  -136
  -145
  -155
  -165
  -176
  -187
  -198
  -210
  -223
  -236
  -250
  -264
  -279
  -294
  -310
New CAPEX, $m
  -4
  -141
  -151
  -161
  -170
  -180
  -189
  -198
  -207
  -216
  -225
  -234
  -244
  -253
  -263
  -274
  -284
  -296
  -307
  -320
  -333
  -346
  -361
  -376
  -392
  -409
  -427
  -445
  -465
  -486
  -508
Cash from investing activities, $m
  -153
  -173
  -188
  -203
  -217
  -233
  -248
  -263
  -279
  -295
  -311
  -327
  -345
  -362
  -381
  -400
  -420
  -441
  -462
  -485
  -509
  -533
  -559
  -586
  -615
  -645
  -677
  -709
  -744
  -780
  -818
Free cash flow, $m
  -110
  -80
  -83
  -86
  -89
  -91
  -92
  -93
  -93
  -93
  -93
  -101
  -100
  -99
  -98
  -97
  -96
  -95
  -93
  -92
  -91
  -91
  -90
  -89
  -89
  -88
  -88
  -88
  -88
  -88
  -89
Issuance/(repayment) of debt, $m
  113
  137
  149
  158
  168
  177
  186
  195
  204
  213
  222
  231
  240
  249
  259
  269
  280
  291
  302
  315
  327
  341
  355
  370
  386
  402
  420
  438
  458
  478
  500
Issuance/(repurchase) of shares, $m
  -1
  37
  36
  34
  32
  29
  25
  22
  17
  13
  8
  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  
  87
  174
  185
  192
  200
  206
  211
  217
  221
  226
  230
  231
  240
  249
  259
  269
  280
  291
  302
  315
  327
  341
  355
  370
  386
  402
  420
  438
  458
  478
  500
Total cash flow (excl. dividends), $m
  -22
  94
  102
  106
  111
  115
  119
  124
  128
  132
  136
  130
  140
  150
  161
  173
  184
  196
  209
  222
  236
  250
  265
  281
  297
  314
  332
  350
  370
  390
  411
Retained Cash Flow (-), $m
  -12
  -67
  -73
  -78
  -82
  -87
  -91
  -96
  -100
  -104
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -161
  -167
  -174
  -181
  -189
  -197
  -206
  -215
  -224
  -235
  -245
Prev. year cash balance distribution, $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 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
 
  27
  29
  29
  29
  28
  28
  28
  28
  28
  28
  17
  22
  28
  34
  40
  47
  54
  61
  68
  75
  83
  91
  99
  108
  117
  126
  135
  145
  156
  166
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  25
  24
  21
  19
  16
  14
  12
  10
  8
  7
  3
  4
  3
  3
  3
  2
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.6
  81.6
  75.5
  70.8
  67.1
  64.4
  62.3
  60.9
  59.9
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4
  59.4

Sequential Brands Group, Inc. owns, promotes, markets, and licenses a portfolio of consumer brands in apparel, footwear, eyewear, fashion accessories, and athletic and home goods categories worldwide. The company’s principal brands include the Martha Stewart, Emeril Lagasse, Jessica Simpson, Joe’s Jeans, William Rast, Ellen Tracy, Revo, AND1, and Avia. It licenses its brands through various distribution channels to retailers, wholesalers, and distributors. Sequential Brands Group, Inc. was incorporated in 1982 and is based in New York, New York.

FINANCIAL RATIOS  of  Sequential Brands Group (SQBG)

Valuation Ratios
P/E Ratio -165
Price to Sales 1.1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow 4.2
Growth Rates
Sales Growth Rate 77.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 133.3%
Total Debt to Equity 139.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.3%
Return On Equity -0.2%
Return On Equity - 3 Yr. Avg. -0.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 42.3%
EBITDA Margin - 3 Yr. Avg. 30.4%
Operating Margin 45.5%
Oper. Margin - 3 Yr. Avg. 35.7%
Pre-Tax Margin 10.3%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin -0.6%
Net Profit Margin - 3 Yr. Avg. -2.1%
Effective Tax Rate 56.3%
Eff/ Tax Rate - 3 Yr. Avg. 35.4%
Payout Ratio 0%

SQBG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SQBG stock intrinsic value calculation we used $156 million for the last fiscal year's total revenue generated by Sequential Brands Group. The default revenue input number comes from 2016 income statement of Sequential Brands Group. 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 SQBG stock valuation model: a) initial revenue growth rate of 14.7% 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 9.8%, whose default value for SQBG is calculated based on our internal credit rating of Sequential Brands Group, 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 Sequential Brands Group.
    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 SQBG stock the variable cost ratio is equal to 38.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $26 million in the base year in the intrinsic value calculation for SQBG 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 7.6% for Sequential Brands Group.

Corporate tax rate of 27% is the nominal tax rate for Sequential Brands Group. 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 SQBG 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 SQBG are equal to 614.4%.

Life of production assets of 253.9 years is the average useful life of capital assets used in Sequential Brands Group 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 SQBG is equal to 18.6%. 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 - $463 million for Sequential Brands Group - 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 62.475 million for Sequential Brands Group 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 Sequential Brands Group at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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DEST Destination Ma 1.28 1.15  str.sell
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COMPANY NEWS

▶ Judge tosses shareholder lawsuit against Martha Stewart   [Aug-18-17 03:10PM  Associated Press]
▶ Sequential Brands posts 2Q profit   [Jul-27-17 03:51PM  Associated Press]
▶ Martha Stewart brand exclusives expanding at Staples   [Jul-11-17 08:51AM  MarketWatch]
▶ Top Ranked Value Stocks to Buy for July 5th   [Jul-05-17 09:07AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 25th   [May-25-17 10:28AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 23rd   [May-23-17 10:13AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 17th   [May-17-17 10:28AM  Zacks]
▶ HelloFresh launches wine subscription service   [May-09-17 11:30AM  MarketWatch]
▶ Martha Stewart lends her name to skincare and apparel with new deal   [May-04-17 02:20PM  American City Business Journals]
▶ Sequential Brands reports 1Q loss   [08:46AM  Associated Press]
▶ Martha Stewart heading to QVC   [08:37AM  MarketWatch]
▶ Martha Stewart launching online wine shop   [Apr-05-17 10:01AM  MarketWatch]
▶ Sequential Brands bringing three active brands to Brazil   [Mar-08-17 08:45AM  MarketWatch]
▶ Sequential Brands Group to Present at ICR Conference   [Jan-03-17 08:30AM  GlobeNewswire]
▶ Is Sequential Brands Group Inc (SQBG) A Good Stock To Buy?   [Dec-12-16 09:23AM  at Insider Monkey]
▶ Martha Stewart Premieres First-Ever Fragrance Line   [Nov-14-16 09:39AM  GlobeNewswire]
▶ Why Shares of Sequential Brands Tumbled Today   [Nov-03-16 12:16PM  at Motley Fool]
Stock chart of SQBG Financial statements of SQBG
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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