Intrinsic value of Summer Infant - SUMR

Previous Close

$1.91

  Intrinsic Value

$0.20

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

-63%

Previous close

$1.91

 
Intrinsic value

$0.20

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

-63%

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

We calculate the intrinsic value of SUMR 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 0.0

 

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, %
  -5.83
  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
  194
  198
  202
  208
  213
  220
  227
  235
  243
  252
  262
  272
  283
  295
  308
  321
  335
  350
  365
  382
  400
  418
  438
  458
  480
  503
  527
  552
  579
  607
  636
Variable operating expenses, $m
 
  206
  211
  216
  222
  229
  236
  244
  253
  263
  273
  283
  295
  307
  320
  334
  349
  364
  380
  398
  416
  435
  456
  477
  500
  523
  548
  575
  603
  632
  662
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
  197
  206
  211
  216
  222
  229
  236
  244
  253
  263
  273
  283
  295
  307
  320
  334
  349
  364
  380
  398
  416
  435
  456
  477
  500
  523
  548
  575
  603
  632
  662
Operating income, $m
  -3
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
EBITDA, $m
  2
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
Interest expense (income), $m
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
Earnings before tax, $m
  -6
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
Tax expense, $m
  -2
  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
Net income, $m
  -4
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  102
  103
  105
  108
  111
  114
  118
  122
  127
  131
  136
  142
  147
  154
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
Adjusted assets (=assets-cash), $m
  101
  103
  105
  108
  111
  114
  118
  122
  127
  131
  136
  142
  147
  154
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
Revenue / Adjusted assets
  1.921
  1.922
  1.924
  1.926
  1.919
  1.930
  1.924
  1.926
  1.913
  1.924
  1.926
  1.915
  1.925
  1.916
  1.925
  1.922
  1.925
  1.923
  1.921
  1.920
  1.923
  1.917
  1.921
  1.916
  1.920
  1.920
  1.923
  1.923
  1.924
  1.921
  1.921
Average production assets, $m
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
  80
  83
  87
  92
Working capital, $m
  30
  35
  35
  36
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
Total debt, $m
  46
  47
  49
  51
  54
  56
  60
  63
  67
  71
  75
  80
  84
  90
  95
  101
  107
  114
  121
  128
  136
  144
  153
  162
  172
  182
  192
  204
  215
  228
  241
Total liabilities, $m
  87
  88
  90
  92
  95
  97
  101
  104
  108
  112
  116
  121
  125
  131
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  233
  245
  256
  269
  282
Total equity, $m
  15
  15
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  49
Total liabilities and equity, $m
  102
  103
  106
  108
  112
  114
  119
  122
  127
  132
  136
  142
  147
  154
  160
  167
  174
  182
  190
  199
  208
  217
  228
  239
  250
  262
  274
  288
  301
  316
  331
Debt-to-equity ratio
  3.067
  3.040
  3.100
  3.170
  3.240
  3.310
  3.380
  3.460
  3.540
  3.620
  3.690
  3.770
  3.850
  3.920
  3.990
  4.060
  4.130
  4.200
  4.260
  4.330
  4.390
  4.450
  4.500
  4.560
  4.610
  4.660
  4.710
  4.750
  4.800
  4.840
  4.880
Adjusted equity ratio
  0.139
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
Depreciation, amort., depletion, $m
  5
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
Funds from operations, $m
  15
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
Change in working capital, $m
  6
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Cash from operations, $m
  9
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
New CAPEX, $m
  -2
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -13
Free cash flow, $m
  7
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
Issuance/(repayment) of debt, $m
  -7
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
Issuance/(repurchase) of shares, $m
  0
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  38
Cash from financing (excl. dividends), $m  
  -7
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  20
  21
  21
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  38
  39
  42
  43
  46
  48
  51
Total cash flow (excl. dividends), $m
  0
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Retained Cash Flow (-), $m
  4
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -38
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
 
  -9
  -10
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
Discount rate, %
 
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
 
  -8
  -8
  -7
  -6
  -5
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.3
  59.8
  46.1
  35.5
  27.3
  20.9
  16.0
  12.2
  9.3
  7.1
  5.4
  4.1
  3.1
  2.3
  1.8
  1.3
  1.0
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

Summer Infant, Inc., together with its subsidiaries, designs, markets, and distributes branded juvenile health, safety, and wellness products primarily in North America. The company markets approximately 1,100 products in various product categories, such as monitoring, safety, nursery, baby gear, and feeding products under the Summer Infant, Born Free, Kiddopotamus, and SwaddleMe brand names. Its products include audio, video, and Internet viewable monitors; gates and home safety products, potties, bath products, positioners, and infant health products; nursery products, such as wearable blankets, travel accessories, soothers, beddings, and swaddles; baby gear products, including high chairs, playards, bassinets, and strollers; and feeding products comprising bottles, drinking cups, bibs and placemats, electronics, and pacifiers. The company sells its products to large and national retailers, independent retailers, and international retail customers through a network of independent manufacturers' representatives and distributors, as well as through third-party Websites and its summerinfant.com Website. Summer Infant, Inc. was founded in 1985 and is headquartered in Woonsocket, Rhode Island.

FINANCIAL RATIOS  of  Summer Infant (SUMR)

Valuation Ratios
P/E Ratio -8.8
Price to Sales 0.2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 3.9
Price to Free Cash Flow 5.1
Growth Rates
Sales Growth Rate -5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 273.3%
Total Debt to Equity 306.7%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.5%
Ret/ On Assets - 3 Yr. Avg. -3%
Return On Total Capital -6.1%
Ret/ On T. Cap. - 3 Yr. Avg. -5.8%
Return On Equity -23.5%
Return On Equity - 3 Yr. Avg. -20.6%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 32%
Gross Margin - 3 Yr. Avg. 31.6%
EBITDA Margin 0.5%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin -1.5%
Oper. Margin - 3 Yr. Avg. -1.6%
Pre-Tax Margin -3.1%
Pre-Tax Margin - 3 Yr. Avg. -3.1%
Net Profit Margin -2.1%
Net Profit Margin - 3 Yr. Avg. -2.1%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 52.8%
Payout Ratio 0%

SUMR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SUMR stock intrinsic value calculation we used $194 million for the last fiscal year's total revenue generated by Summer Infant. The default revenue input number comes from 2016 income statement of Summer Infant. 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 SUMR 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 11.7%, whose default value for SUMR is calculated based on our internal credit rating of Summer Infant, 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 Summer Infant.
    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 SUMR stock the variable cost ratio is equal to 104.1%.

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 SUMR 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 4.1% for Summer Infant.

Corporate tax rate of 27% is the nominal tax rate for Summer Infant. 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 SUMR 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 SUMR are equal to 14.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Summer Infant 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 SUMR is equal to 17.5%. 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 - $15 million for Summer Infant - 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 18.407 million for Summer Infant 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 Summer Infant at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Top Ranked Value Stocks to Buy for August 11th   [Aug-11-17 08:28AM  Zacks]
▶ Summer Infant Reports Second Quarter Results   [Aug-02-17 04:15PM  GlobeNewswire]
▶ ETFs with exposure to Summer Infant, Inc. : May 25, 2017   [May-25-17 12:49PM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for May 17th   [May-17-17 10:17AM  Zacks]
▶ ETFs with exposure to Summer Infant, Inc. : May 8, 2017   [May-08-17 05:17PM  Capital Cube]
▶ Summer Infant Reports First Quarter Results   [May-03-17 04:15PM  GlobeNewswire]
▶ New Strong Sell Stocks for March 31st   [Mar-31-17 10:37AM  Zacks]
▶ Summer Infant Reports Fourth Quarter Results   [04:15PM  GlobeNewswire]
▶ Compact Strollers That Make Traveling a Breeze   [Dec-15-16 07:03PM  Consumer Reports]
▶ Summer Infant Appoints New Chief Product Officer   [Nov-17-16 08:00AM  GlobeNewswire]
▶ Summer Infant Reports Third Quarter Results   [04:15PM  GlobeNewswire]
▶ Summer Infant Reports Second Quarter Results   [04:15PM  GlobeNewswire]
▶ Summer Infant Announces Upcoming Investor Events   [Jun-03-16 08:00AM  GlobeNewswire]
▶ Summer Infant Reports First Quarter Results   [04:01PM  GlobeNewswire]
▶ Summer Infant Enters Into Amended Credit Agreement   [Dec-11  04:01PM  GlobeNewswire]
▶ How Smart Money Is Trading Alphatec Holdings Inc (ATEC)   [Nov-24  12:47PM  at Insider Monkey]
▶ Summer Infant Reports Third Quarter Results   [04:01PM  GlobeNewswire]
▶ 10-Q for Summer Infant, Inc.   [Aug-07  08:12PM  at Company Spotlight]
▶ Summer Infant Reports Second Quarter Results   [04:01PM  GlobeNewswire]
Stock chart of SUMR Financial statements of SUMR
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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