Intrinsic value of Stage Stores - SSI

Previous Close

$1.51

  Intrinsic Value

$3.75

stock screener

  Rating & Target

str. buy

+148%

  Value-price divergence*

-15%

Previous close

$1.51

 
Intrinsic value

$3.75

 
Up/down potential

+148%

 
Rating

str. buy

 
Value-price divergence*

-15%

*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
  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
  1,443
  1,472
  1,506
  1,544
  1,588
  1,636
  1,689
  1,746
  1,809
  1,876
  1,948
  2,025
  2,107
  2,194
  2,287
  2,386
  2,491
  2,601
  2,718
  2,842
  2,973
  3,110
  3,256
  3,409
  3,570
  3,740
  3,919
  4,107
  4,306
  4,514
  4,733
Variable operating expenses, $m
 
  868
  888
  911
  937
  965
  996
  1,030
  1,067
  1,107
  1,149
  1,195
  1,243
  1,295
  1,350
  1,408
  1,469
  1,535
  1,604
  1,677
  1,754
  1,835
  1,921
  2,011
  2,106
  2,207
  2,312
  2,423
  2,540
  2,663
  2,793
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
  1,551
  1,588
  1,628
  1,672
  1,719
  1,768
  1,822
  1,878
  1,939
  2,002
  2,069
  2,139
  2,213
  2,291
  2,373
  2,458
  2,548
  2,643
  2,742
  2,845
  2,954
  3,068
  3,186
  3,311
  3,442
  3,578
  3,720
  3,870
  4,026
  4,190
Operating income, $m
  -58
  -79
  -82
  -84
  -84
  -83
  -80
  -76
  -70
  -63
  -54
  -44
  -32
  -18
  -3
  14
  32
  53
  76
  100
  127
  157
  188
  222
  259
  299
  341
  387
  436
  488
  544
EBITDA, $m
  34
  -47
  -50
  -50
  -50
  -47
  -43
  -38
  -31
  -22
  -12
  0
  14
  29
  46
  65
  86
  110
  135
  162
  192
  224
  259
  296
  337
  380
  426
  476
  529
  586
  646
Interest expense (income), $m
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  32
  34
  36
Earnings before tax, $m
  -63
  -85
  -88
  -90
  -91
  -90
  -88
  -84
  -79
  -72
  -64
  -54
  -43
  -31
  -16
  0
  18
  37
  59
  82
  108
  136
  166
  199
  234
  272
  313
  357
  404
  454
  508
Tax expense, $m
  -25
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  5
  10
  16
  22
  29
  37
  45
  54
  63
  74
  85
  96
  109
  123
  137
Net income, $m
  -38
  -85
  -88
  -90
  -91
  -90
  -88
  -84
  -79
  -72
  -64
  -54
  -43
  -31
  -16
  0
  13
  27
  43
  60
  79
  99
  121
  145
  171
  199
  229
  261
  295
  332
  371

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
  788
  806
  827
  850
  876
  905
  935
  969
  1,005
  1,043
  1,084
  1,128
  1,175
  1,225
  1,278
  1,334
  1,393
  1,456
  1,522
  1,592
  1,666
  1,744
  1,826
  1,912
  2,003
  2,099
  2,200
  2,306
  2,418
  2,535
Adjusted assets (=assets-cash), $m
  773
  788
  806
  827
  850
  876
  905
  935
  969
  1,005
  1,043
  1,084
  1,128
  1,175
  1,225
  1,278
  1,334
  1,393
  1,456
  1,522
  1,592
  1,666
  1,744
  1,826
  1,912
  2,003
  2,099
  2,200
  2,306
  2,418
  2,535
Revenue / Adjusted assets
  1.867
  1.868
  1.868
  1.867
  1.868
  1.868
  1.866
  1.867
  1.867
  1.867
  1.868
  1.868
  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
Average production assets, $m
  313
  319
  327
  335
  345
  355
  366
  379
  392
  407
  423
  439
  457
  476
  496
  518
  540
  564
  590
  617
  645
  675
  706
  740
  775
  812
  850
  891
  934
  980
  1,027
Working capital, $m
  296
  294
  301
  309
  318
  327
  338
  349
  362
  375
  390
  405
  421
  439
  457
  477
  498
  520
  544
  568
  595
  622
  651
  682
  714
  748
  784
  821
  861
  903
  947
Total debt, $m
  170
  172
  182
  192
  204
  218
  232
  248
  266
  284
  304
  326
  349
  373
  399
  426
  455
  486
  519
  553
  589
  628
  668
  711
  755
  803
  852
  905
  960
  1,018
  1,079
Total liabilities, $m
  407
  409
  419
  429
  441
  455
  469
  485
  503
  521
  541
  563
  586
  610
  636
  663
  692
  723
  756
  790
  826
  865
  905
  948
  992
  1,040
  1,089
  1,142
  1,197
  1,255
  1,316
Total equity, $m
  380
  379
  388
  398
  409
  421
  435
  450
  466
  483
  502
  522
  543
  565
  589
  615
  642
  670
  700
  732
  766
  801
  839
  878
  920
  964
  1,010
  1,058
  1,109
  1,163
  1,219
Total liabilities and equity, $m
  787
  788
  807
  827
  850
  876
  904
  935
  969
  1,004
  1,043
  1,085
  1,129
  1,175
  1,225
  1,278
  1,334
  1,393
  1,456
  1,522
  1,592
  1,666
  1,744
  1,826
  1,912
  2,004
  2,099
  2,200
  2,306
  2,418
  2,535
Debt-to-equity ratio
  0.447
  0.450
  0.470
  0.480
  0.500
  0.520
  0.530
  0.550
  0.570
  0.590
  0.610
  0.620
  0.640
  0.660
  0.680
  0.690
  0.710
  0.730
  0.740
  0.760
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.840
  0.860
  0.870
  0.880
  0.880
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
  -85
  -88
  -90
  -91
  -90
  -88
  -84
  -79
  -72
  -64
  -54
  -43
  -31
  -16
  0
  13
  27
  43
  60
  79
  99
  121
  145
  171
  199
  229
  261
  295
  332
  371
Depreciation, amort., depletion, $m
  92
  32
  33
  34
  34
  36
  37
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  62
  65
  67
  71
  74
  77
  81
  85
  89
  93
  98
  103
Funds from operations, $m
  121
  -53
  -56
  -57
  -56
  -54
  -51
  -46
  -39
  -31
  -22
  -10
  2
  17
  33
  51
  67
  84
  102
  122
  143
  167
  192
  219
  248
  280
  314
  350
  388
  430
  474
Change in working capital, $m
  37
  6
  7
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
Cash from operations, $m
  84
  -59
  -62
  -65
  -65
  -64
  -61
  -57
  -52
  -45
  -36
  -26
  -14
  -1
  15
  32
  46
  61
  78
  97
  117
  139
  163
  189
  216
  246
  278
  312
  349
  388
  430
Maintenance CAPEX, $m
  0
  -31
  -32
  -33
  -34
  -34
  -36
  -37
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -65
  -67
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
New CAPEX, $m
  -74
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
Cash from investing activities, $m
  -73
  -38
  -39
  -41
  -43
  -44
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -81
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -146
Free cash flow, $m
  11
  -97
  -102
  -106
  -108
  -109
  -108
  -107
  -103
  -99
  -92
  -85
  -76
  -65
  -53
  -39
  -29
  -17
  -3
  11
  27
  45
  64
  85
  107
  132
  158
  186
  217
  249
  284
Issuance/(repayment) of debt, $m
  4
  8
  9
  11
  12
  13
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
Issuance/(repurchase) of shares, $m
  0
  92
  97
  100
  102
  102
  101
  99
  95
  89
  83
  74
  64
  53
  40
  26
  14
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  3
  100
  106
  111
  114
  115
  116
  115
  112
  108
  103
  95
  87
  77
  66
  53
  43
  32
  33
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
Total cash flow (excl. dividends), $m
  14
  3
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  29
  46
  64
  83
  104
  127
  152
  179
  208
  238
  272
  307
  345
Retained Cash Flow (-), $m
  50
  -92
  -97
  -100
  -102
  -102
  -101
  -99
  -95
  -89
  -83
  -74
  -64
  -53
  -40
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
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
 
  -81
  -92
  -95
  -96
  -96
  -94
  -91
  -86
  -80
  -72
  -63
  -53
  -41
  -27
  -12
  -12
  -13
  -1
  14
  30
  48
  67
  88
  111
  135
  161
  190
  221
  253
  289
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
 
  -76
  -82
  -79
  -74
  -68
  -61
  -54
  -46
  -38
  -31
  -23
  -17
  -11
  -6
  -2
  -2
  -2
  0
  1
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  73.9
  54.1
  39.5
  28.9
  21.3
  15.9
  12.0
  9.2
  7.2
  5.8
  4.8
  4.1
  3.6
  3.2
  3.1
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0
  3.0

Stage Stores, Inc. operates as a specialty department store retailer in small and mid-sized towns and communities in the United States. Its merchandise portfolio comprises moderately priced brand name and private label apparel, accessories, cosmetics, footwear, and home goods. The company also offers merchandise direct-to-consumer through its e-commerce Website and send program. As of January 30, 2016, it operated 834 specialty department stores in 39 states and a direct-to-consumer channel under the BEALLS, GOODY'S, PALAIS ROYAL, PEEBLES, and STAGE nameplates. The company was founded in 1988 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Stage Stores (SSI)

Valuation Ratios
P/E Ratio -1.1
Price to Sales 0
Price to Book 0.1
Price to Tangible Book
Price to Cash Flow 0.5
Price to Free Cash Flow 4.1
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 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 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 10 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 25.319 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.

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COMPANY NEWS

▶ 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.]
▶ Francescas hires Stage Stores exec as new CEO   [Sep-20-16 05:20PM  at bizjournals.com]
Stock chart of SSI 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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