Intrinsic value of Stage Stores - SSI

Previous Close

$1.79

  Intrinsic Value

$49.62

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+397%

Previous close

$1.79

 
Intrinsic value

$49.62

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+397%

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

We calculate the intrinsic value of SSI 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 0.0

 

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, %
  -10.04
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  1,443
  1,609
  1,784
  1,967
  2,158
  2,358
  2,566
  2,783
  3,009
  3,244
  3,488
  3,741
  4,004
  4,278
  4,563
  4,859
  5,167
  5,487
  5,821
  6,169
  6,532
  6,910
  7,304
  7,716
  8,147
  8,596
  9,066
  9,558
  10,072
  10,609
  11,172
Variable operating expenses, $m
 
  949
  1,052
  1,160
  1,273
  1,391
  1,514
  1,642
  1,775
  1,914
  2,058
  2,207
  2,363
  2,524
  2,692
  2,867
  3,048
  3,238
  3,434
  3,640
  3,854
  4,077
  4,310
  4,553
  4,807
  5,072
  5,349
  5,639
  5,942
  6,260
  6,592
Fixed operating expenses, $m
 
  683
  700
  717
  735
  754
  772
  792
  811
  832
  853
  874
  896
  918
  941
  965
  989
  1,013
  1,039
  1,065
  1,091
  1,119
  1,147
  1,175
  1,205
  1,235
  1,266
  1,297
  1,330
  1,363
  1,397
Total operating expenses, $m
  1,501
  1,632
  1,752
  1,877
  2,008
  2,145
  2,286
  2,434
  2,586
  2,746
  2,911
  3,081
  3,259
  3,442
  3,633
  3,832
  4,037
  4,251
  4,473
  4,705
  4,945
  5,196
  5,457
  5,728
  6,012
  6,307
  6,615
  6,936
  7,272
  7,623
  7,989
Operating income, $m
  -58
  -23
  32
  89
  150
  213
  280
  350
  422
  498
  577
  660
  746
  836
  930
  1,028
  1,130
  1,236
  1,348
  1,465
  1,587
  1,714
  1,848
  1,989
  2,136
  2,290
  2,452
  2,621
  2,800
  2,987
  3,184
EBITDA, $m
  34
  47
  109
  174
  243
  316
  391
  470
  553
  639
  729
  822
  920
  1,022
  1,128
  1,238
  1,354
  1,475
  1,601
  1,732
  1,870
  2,014
  2,165
  2,323
  2,489
  2,663
  2,845
  3,036
  3,237
  3,447
  3,669
Interest expense (income), $m
  5
  6
  7
  9
  11
  13
  15
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  67
  71
  75
  80
  85
  90
  95
Earnings before tax, $m
  -63
  -29
  24
  80
  139
  201
  265
  333
  404
  477
  554
  634
  718
  805
  896
  991
  1,091
  1,194
  1,303
  1,416
  1,535
  1,659
  1,789
  1,926
  2,069
  2,219
  2,376
  2,541
  2,715
  2,897
  3,089
Tax expense, $m
  -25
  0
  7
  22
  37
  54
  72
  90
  109
  129
  150
  171
  194
  217
  242
  268
  294
  322
  352
  382
  414
  448
  483
  520
  559
  599
  642
  686
  733
  782
  834
Net income, $m
  -38
  -29
  18
  58
  101
  146
  194
  243
  295
  348
  405
  463
  524
  588
  654
  724
  796
  872
  951
  1,034
  1,120
  1,211
  1,306
  1,406
  1,510
  1,620
  1,735
  1,855
  1,982
  2,115
  2,255

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  787
  862
  955
  1,053
  1,156
  1,263
  1,375
  1,491
  1,612
  1,737
  1,868
  2,004
  2,145
  2,291
  2,444
  2,602
  2,767
  2,939
  3,118
  3,304
  3,498
  3,701
  3,912
  4,133
  4,364
  4,604
  4,856
  5,119
  5,395
  5,683
  5,984
Adjusted assets (=assets-cash), $m
  773
  862
  955
  1,053
  1,156
  1,263
  1,375
  1,491
  1,612
  1,737
  1,868
  2,004
  2,145
  2,291
  2,444
  2,602
  2,767
  2,939
  3,118
  3,304
  3,498
  3,701
  3,912
  4,133
  4,364
  4,604
  4,856
  5,119
  5,395
  5,683
  5,984
Revenue / Adjusted assets
  1.867
  1.867
  1.868
  1.868
  1.867
  1.867
  1.866
  1.867
  1.867
  1.868
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
  1.867
Average production assets, $m
  313
  349
  387
  427
  468
  512
  557
  604
  653
  704
  757
  812
  869
  928
  990
  1,054
  1,121
  1,191
  1,263
  1,339
  1,417
  1,499
  1,585
  1,674
  1,768
  1,865
  1,967
  2,074
  2,186
  2,302
  2,424
Working capital, $m
  296
  322
  357
  393
  432
  472
  513
  557
  602
  649
  698
  748
  801
  856
  913
  972
  1,033
  1,097
  1,164
  1,234
  1,306
  1,382
  1,461
  1,543
  1,629
  1,719
  1,813
  1,912
  2,014
  2,122
  2,234
Total debt, $m
  170
  210
  259
  310
  363
  419
  476
  537
  600
  665
  733
  803
  876
  952
  1,031
  1,114
  1,199
  1,288
  1,381
  1,478
  1,579
  1,684
  1,794
  1,908
  2,028
  2,153
  2,283
  2,420
  2,563
  2,712
  2,869
Total liabilities, $m
  407
  447
  496
  547
  600
  656
  713
  774
  837
  902
  970
  1,040
  1,113
  1,189
  1,268
  1,351
  1,436
  1,525
  1,618
  1,715
  1,816
  1,921
  2,031
  2,145
  2,265
  2,390
  2,520
  2,657
  2,800
  2,949
  3,106
Total equity, $m
  380
  415
  459
  507
  556
  608
  661
  717
  775
  836
  899
  964
  1,032
  1,102
  1,176
  1,252
  1,331
  1,414
  1,500
  1,589
  1,683
  1,780
  1,882
  1,988
  2,099
  2,215
  2,336
  2,462
  2,595
  2,733
  2,878
Total liabilities and equity, $m
  787
  862
  955
  1,054
  1,156
  1,264
  1,374
  1,491
  1,612
  1,738
  1,869
  2,004
  2,145
  2,291
  2,444
  2,603
  2,767
  2,939
  3,118
  3,304
  3,499
  3,701
  3,913
  4,133
  4,364
  4,605
  4,856
  5,119
  5,395
  5,682
  5,984
Debt-to-equity ratio
  0.447
  0.510
  0.560
  0.610
  0.650
  0.690
  0.720
  0.750
  0.770
  0.800
  0.820
  0.830
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
Adjusted equity ratio
  0.473
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -38
  -29
  18
  58
  101
  146
  194
  243
  295
  348
  405
  463
  524
  588
  654
  724
  796
  872
  951
  1,034
  1,120
  1,211
  1,306
  1,406
  1,510
  1,620
  1,735
  1,855
  1,982
  2,115
  2,255
Depreciation, amort., depletion, $m
  92
  70
  77
  85
  94
  102
  111
  121
  131
  141
  151
  162
  174
  186
  198
  211
  224
  238
  253
  268
  283
  300
  317
  335
  354
  373
  393
  415
  437
  460
  485
Funds from operations, $m
  121
  41
  95
  144
  195
  249
  305
  364
  425
  489
  556
  625
  698
  774
  852
  935
  1,020
  1,110
  1,204
  1,302
  1,404
  1,511
  1,623
  1,741
  1,864
  1,993
  2,128
  2,270
  2,419
  2,575
  2,740
Change in working capital, $m
  37
  33
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  82
  86
  90
  94
  98
  103
  108
  113
Cash from operations, $m
  84
  8
  60
  107
  157
  209
  263
  320
  380
  442
  507
  575
  645
  719
  795
  875
  959
  1,046
  1,137
  1,232
  1,331
  1,435
  1,544
  1,658
  1,778
  1,903
  2,034
  2,172
  2,316
  2,468
  2,627
Maintenance CAPEX, $m
  0
  -63
  -70
  -77
  -85
  -94
  -102
  -111
  -121
  -131
  -141
  -151
  -162
  -174
  -186
  -198
  -211
  -224
  -238
  -253
  -268
  -283
  -300
  -317
  -335
  -354
  -373
  -393
  -415
  -437
  -460
New CAPEX, $m
  -74
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -79
  -82
  -86
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -122
Cash from investing activities, $m
  -73
  -100
  -108
  -117
  -127
  -137
  -147
  -158
  -170
  -182
  -194
  -206
  -219
  -233
  -248
  -262
  -278
  -294
  -310
  -328
  -347
  -365
  -386
  -406
  -428
  -452
  -475
  -500
  -527
  -554
  -582
Free cash flow, $m
  11
  -91
  -48
  -10
  30
  72
  116
  162
  210
  261
  313
  368
  426
  486
  548
  613
  681
  752
  826
  904
  985
  1,070
  1,159
  1,252
  1,349
  1,452
  1,559
  1,672
  1,790
  1,914
  2,044
Issuance/(repayment) of debt, $m
  4
  46
  49
  51
  53
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  110
  115
  120
  125
  131
  137
  143
  150
  156
Issuance/(repurchase) of shares, $m
  0
  71
  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
Cash from financing (excl. dividends), $m  
  3
  117
  76
  51
  53
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  110
  115
  120
  125
  131
  137
  143
  150
  156
Total cash flow (excl. dividends), $m
  14
  26
  28
  41
  83
  127
  174
  222
  273
  326
  381
  439
  499
  562
  627
  695
  767
  841
  919
  1,001
  1,086
  1,175
  1,268
  1,366
  1,469
  1,577
  1,690
  1,808
  1,933
  2,064
  2,201
Retained Cash Flow (-), $m
  50
  -71
  -45
  -47
  -49
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -127
  -132
  -139
  -145
Prev. year cash balance distribution, $m
 
  8
  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
 
  -37
  -17
  -6
  34
  76
  120
  166
  215
  265
  318
  374
  431
  491
  554
  619
  687
  759
  833
  911
  992
  1,078
  1,167
  1,260
  1,358
  1,461
  1,569
  1,682
  1,800
  1,925
  2,056
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  -35
  -15
  -5
  26
  54
  78
  99
  115
  127
  135
  138
  139
  135
  130
  121
  111
  100
  88
  76
  64
  53
  43
  34
  27
  20
  15
  11
  7
  5
  3
Current shareholders' claim on cash, %
  100
  78.5
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8

Stage Stores, Inc. operates specialty department stores mainly in small and mid-sized towns and communities. The Company's department stores offer a range of brand name and private label apparel, accessories, cosmetics, footwear and home goods. The Company operates approximately 830 specialty department stores in over 40 states under the BEALLS, GOODY'S, PALAIS ROYAL, PEEBLES and STAGE nameplates and a direct-to-consumer business. The Company's direct-to-consumer business consists of its e-commerce Website and Send program. The Company's e-commerce Website includes a range of merchandise categories found in its stores, as well as other product offerings. The Company's in-store Send program allows customers to have merchandise shipped directly to their homes if the preferred size or color is not available in their local store. The Company's private label portfolio brands are developed and sourced through agreements with third-party vendors.

FINANCIAL RATIOS  of  Stage Stores (SSI)

Valuation Ratios
P/E Ratio -1.3
Price to Sales 0
Price to Book 0.1
Price to Tangible Book
Price to Cash Flow 0.6
Price to Free Cash Flow 4.9
Growth Rates
Sales Growth Rate -10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.7%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 43.2%
Total Debt to Equity 44.7%
Interest Coverage -12
Management Effectiveness
Return On Assets -4.3%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital -6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity -9.4%
Return On Equity - 3 Yr. Avg. -0.6%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 20.7%
Gross Margin - 3 Yr. Avg. 24.3%
EBITDA Margin 2.4%
EBITDA Margin - 3 Yr. Avg. 5.2%
Operating Margin -4%
Oper. Margin - 3 Yr. Avg. 0.1%
Pre-Tax Margin -4.4%
Pre-Tax Margin - 3 Yr. Avg. -0.1%
Net Profit Margin -2.6%
Net Profit Margin - 3 Yr. Avg. -0.2%
Effective Tax Rate 39.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio -44.7%

SSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSI stock intrinsic value calculation we used $1443 million for the last fiscal year's total revenue generated by Stage Stores. The default revenue input number comes from 2017 income statement of Stage Stores. 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 SSI stock valuation model: a) initial revenue growth rate of 11.5% 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 5.8%, whose default value for SSI is calculated based on our internal credit rating of Stage Stores, 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 Stage Stores.
    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 SSI stock the variable cost ratio is equal to 59%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $666 million in the base year in the intrinsic value calculation for SSI 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 Stage Stores.

Corporate tax rate of 27% is the nominal tax rate for Stage Stores. 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 SSI 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 SSI are equal to 21.7%.

Life of production assets of 3.4 years is the average useful life of capital assets used in Stage Stores 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 SSI is equal to 20%. 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 - $380 million for Stage Stores - 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 27.495 million for Stage Stores 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 Stage Stores at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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SMRT Stein Mart 1.23 4.96  str.buy
CTRN Citi Trends 20.13 18.08  hold
TJX TJX 71.17 87.67  buy
ROST Ross Stores 62.91 70.66  hold
GPS Gap 27.20 41.46  str.buy
AEO American Eagle 12.93 19.30  str.buy

COMPANY NEWS

▶ Is It Too Late To Buy Stage Stores Inc (SSI)?   [Oct-11-17 10:34AM  Simply Wall St.]
▶ Stage Stores to streamline distribution network, close Virginia facility   [Sep-28-17 04:15PM  American City Business Journals]
▶ Stage Stores Announces Plan to Streamline Supply Chain   [Sep-27-17 12:45PM  Business Wire]
▶ Retailers stand to lose as Harvey takes its toll   [Aug-28-17 02:55PM  American City Business Journals]
▶ Stage Stores reports 2Q loss   [Aug-17-17 08:56PM  Associated Press]
▶ ETFs with exposure to Stage Stores, Inc. : July 31, 2017   [Jul-31-17 05:11PM  Capital Cube]
▶ ETFs with exposure to Stage Stores, Inc. : July 13, 2017   [Jul-13-17 04:36PM  Capital Cube]
▶ ETFs with exposure to Stage Stores, Inc. : July 3, 2017   [Jul-03-17 03:50PM  Capital Cube]
▶ ETFs with exposure to Stage Stores, Inc. : June 22, 2017   [Jun-22-17 04:27PM  Capital Cube]
▶ ETFs with exposure to Stage Stores, Inc. : June 12, 2017   [Jun-12-17 02:29PM  Capital Cube]
▶ Stage Stores reports 1Q loss   [May-18-17 06:14AM  Associated Press]
▶ ETFs with exposure to Stage Stores, Inc. : May 15, 2017   [May-15-17 04:40PM  Capital Cube]
▶ ETFs with exposure to Stage Stores, Inc. : May 1, 2017   [May-01-17 04:27PM  Capital Cube]
▶ ETFs with exposure to Stage Stores, Inc. : April 19, 2017   [Apr-19-17 02:37PM  Capital Cube]
▶ ETFs with exposure to Stage Stores, Inc. : April 7, 2017   [Apr-07-17 05:31PM  Capital Cube]
▶ [$$] Stage Stores Reaches Deal to Keep Gordmans Stores Open   [Mar-31-17 12:53PM  The Wall Street Journal]
▶ [$$] Stage Stores Reaches Deal to Keep Gordmans Stores Open   [12:53PM  at The Wall Street Journal]
▶ Some Gordmans department stores bought by rival chain   [Mar-30-17 06:28PM  Associated Press]
▶ Stage Stores to acquire about half of bankrupt retailer's stores   [01:55PM  American City Business Journals]
▶ These 3 Stocks Could Prove Toxic to Your Portfolio   [Mar-13-17 07:53AM  Motley Fool]
▶ Stage Stores Issues Statement   [02:38PM  Business Wire]
▶ Stage Stores Board Declares Quarterly Cash Dividend   [Feb-16-17 07:00AM  Business Wire]
▶ Stage Stores' holiday sales down; Francescas updates guidance   [Jan-09-17 04:10PM  at bizjournals.com]
▶ Stage Stores shares sink after weak holiday sales   [Jan-06-17 04:33PM  at MarketWatch]
▶ Stage Stores Reports Holiday Results   [04:05PM  Business Wire]
▶ Is Immune Design Corp (IMDZ) Going to Burn Investors?   [Dec-13-16 05:56AM  at Insider Monkey]
▶ Can Francesca's Keep Going After Last Week's 36% Pop?   [Dec-12-16 09:06AM  at Motley Fool]
▶ [$$] Z Capital Names Executive to Oversee Human Resources   [Dec-05-16 12:09PM  at The Wall Street Journal]
▶ 5 Stocks Hedge Funds Hate The Most   [Nov-26-16 05:27PM  at Insider Monkey]
▶ Where to Find the Best Discounts on Black Friday   [Nov-16-16 09:15AM  at 24/7 Wall St.]
Financial statements of SSI
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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