Intrinsic value of Tiffany& - TIF

Previous Close

$93.44

  Intrinsic Value

$54.77

stock screener

  Rating & Target

sell

-41%

  Value-price divergence*

+501%

Previous close

$93.44

 
Intrinsic value

$54.77

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence*

+501%

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

We calculate the intrinsic value of TIF 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 11.6

 

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, %
  -2.51
  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
  4,002
  4,082
  4,176
  4,283
  4,404
  4,537
  4,684
  4,843
  5,016
  5,202
  5,402
  5,615
  5,843
  6,086
  6,344
  6,617
  6,907
  7,214
  7,539
  7,882
  8,244
  8,626
  9,029
  9,454
  9,901
  10,373
  10,869
  11,391
  11,941
  12,519
  13,128
Variable operating expenses, $m
 
  2,535
  2,593
  2,660
  2,735
  2,818
  2,909
  3,008
  3,115
  3,230
  3,354
  3,487
  3,629
  3,779
  3,939
  4,109
  4,289
  4,480
  4,682
  4,895
  5,119
  5,357
  5,607
  5,871
  6,149
  6,441
  6,750
  7,074
  7,415
  7,775
  8,152
Fixed operating expenses, $m
 
  834
  855
  877
  899
  921
  944
  968
  992
  1,017
  1,042
  1,068
  1,095
  1,122
  1,150
  1,179
  1,208
  1,239
  1,270
  1,301
  1,334
  1,367
  1,401
  1,436
  1,472
  1,509
  1,547
  1,586
  1,625
  1,666
  1,707
Total operating expenses, $m
  3,281
  3,369
  3,448
  3,537
  3,634
  3,739
  3,853
  3,976
  4,107
  4,247
  4,396
  4,555
  4,724
  4,901
  5,089
  5,288
  5,497
  5,719
  5,952
  6,196
  6,453
  6,724
  7,008
  7,307
  7,621
  7,950
  8,297
  8,660
  9,040
  9,441
  9,859
Operating income, $m
  721
  713
  727
  747
  771
  799
  831
  868
  909
  955
  1,005
  1,060
  1,120
  1,184
  1,254
  1,329
  1,409
  1,496
  1,588
  1,686
  1,791
  1,902
  2,021
  2,147
  2,280
  2,422
  2,573
  2,732
  2,901
  3,079
  3,268
EBITDA, $m
  930
  764
  780
  800
  826
  855
  890
  929
  972
  1,020
  1,073
  1,130
  1,193
  1,260
  1,333
  1,412
  1,496
  1,586
  1,682
  1,784
  1,894
  2,010
  2,134
  2,265
  2,404
  2,552
  2,708
  2,874
  3,050
  3,236
  3,432
Interest expense (income), $m
  41
  32
  34
  35
  37
  39
  42
  44
  47
  50
  53
  56
  60
  64
  68
  73
  77
  82
  88
  93
  99
  105
  112
  119
  126
  134
  142
  150
  159
  169
  179
Earnings before tax, $m
  677
  680
  694
  711
  733
  759
  789
  824
  862
  905
  952
  1,004
  1,060
  1,120
  1,186
  1,256
  1,332
  1,413
  1,500
  1,593
  1,692
  1,797
  1,909
  2,028
  2,154
  2,288
  2,431
  2,582
  2,741
  2,910
  3,089
Tax expense, $m
  231
  184
  187
  192
  198
  205
  213
  222
  233
  244
  257
  271
  286
  302
  320
  339
  360
  382
  405
  430
  457
  485
  515
  548
  582
  618
  656
  697
  740
  786
  834
Net income, $m
  446
  497
  506
  519
  535
  554
  576
  601
  630
  661
  695
  733
  774
  818
  866
  917
  972
  1,032
  1,095
  1,163
  1,235
  1,312
  1,393
  1,480
  1,573
  1,671
  1,774
  1,885
  2,001
  2,125
  2,255

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  986
  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
  5,098
  4,195
  4,292
  4,402
  4,526
  4,663
  4,814
  4,978
  5,155
  5,346
  5,551
  5,771
  6,005
  6,255
  6,520
  6,801
  7,099
  7,414
  7,748
  8,100
  8,473
  8,865
  9,280
  9,716
  10,176
  10,661
  11,171
  11,707
  12,272
  12,867
  13,492
Adjusted assets (=assets-cash), $m
  4,112
  4,195
  4,292
  4,402
  4,526
  4,663
  4,814
  4,978
  5,155
  5,346
  5,551
  5,771
  6,005
  6,255
  6,520
  6,801
  7,099
  7,414
  7,748
  8,100
  8,473
  8,865
  9,280
  9,716
  10,176
  10,661
  11,171
  11,707
  12,272
  12,867
  13,492
Revenue / Adjusted assets
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
  0.973
Average production assets, $m
  499
  510
  522
  535
  550
  567
  585
  605
  627
  650
  675
  702
  730
  761
  793
  827
  863
  902
  942
  985
  1,030
  1,078
  1,129
  1,182
  1,238
  1,297
  1,359
  1,424
  1,493
  1,565
  1,641
Working capital, $m
  2,941
  2,041
  2,088
  2,142
  2,202
  2,269
  2,342
  2,422
  2,508
  2,601
  2,701
  2,808
  2,922
  3,043
  3,172
  3,309
  3,454
  3,607
  3,769
  3,941
  4,122
  4,313
  4,515
  4,727
  4,951
  5,186
  5,435
  5,696
  5,971
  6,260
  6,564
Total debt, $m
  1,107
  915
  959
  1,008
  1,064
  1,126
  1,194
  1,268
  1,348
  1,434
  1,527
  1,626
  1,731
  1,844
  1,963
  2,090
  2,225
  2,367
  2,517
  2,676
  2,844
  3,021
  3,208
  3,405
  3,612
  3,831
  4,061
  4,303
  4,558
  4,826
  5,108
Total liabilities, $m
  2,084
  1,892
  1,936
  1,985
  2,041
  2,103
  2,171
  2,245
  2,325
  2,411
  2,504
  2,603
  2,708
  2,821
  2,940
  3,067
  3,202
  3,344
  3,494
  3,653
  3,821
  3,998
  4,185
  4,382
  4,589
  4,808
  5,038
  5,280
  5,535
  5,803
  6,085
Total equity, $m
  3,014
  2,303
  2,356
  2,417
  2,485
  2,560
  2,643
  2,733
  2,830
  2,935
  3,048
  3,168
  3,297
  3,434
  3,579
  3,734
  3,897
  4,070
  4,254
  4,447
  4,651
  4,867
  5,094
  5,334
  5,587
  5,853
  6,133
  6,427
  6,738
  7,064
  7,407
Total liabilities and equity, $m
  5,098
  4,195
  4,292
  4,402
  4,526
  4,663
  4,814
  4,978
  5,155
  5,346
  5,552
  5,771
  6,005
  6,255
  6,519
  6,801
  7,099
  7,414
  7,748
  8,100
  8,472
  8,865
  9,279
  9,716
  10,176
  10,661
  11,171
  11,707
  12,273
  12,867
  13,492
Debt-to-equity ratio
  0.367
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.480
  0.490
  0.500
  0.510
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
Adjusted equity ratio
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  446
  497
  506
  519
  535
  554
  576
  601
  630
  661
  695
  733
  774
  818
  866
  917
  972
  1,032
  1,095
  1,163
  1,235
  1,312
  1,393
  1,480
  1,573
  1,671
  1,774
  1,885
  2,001
  2,125
  2,255
Depreciation, amort., depletion, $m
  209
  51
  52
  54
  55
  57
  59
  61
  63
  65
  68
  70
  73
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  142
  149
  156
  164
Funds from operations, $m
  586
  548
  559
  573
  590
  611
  635
  662
  692
  726
  763
  803
  847
  894
  945
  1,000
  1,059
  1,122
  1,189
  1,261
  1,338
  1,420
  1,506
  1,599
  1,696
  1,800
  1,910
  2,027
  2,150
  2,281
  2,419
Change in working capital, $m
  -116
  40
  47
  54
  60
  67
  73
  80
  86
  93
  100
  107
  114
  121
  129
  137
  145
  153
  162
  171
  181
  191
  201
  212
  224
  236
  248
  261
  275
  289
  304
Cash from operations, $m
  702
  508
  512
  519
  530
  544
  562
  582
  606
  633
  663
  696
  733
  773
  816
  863
  914
  968
  1,027
  1,090
  1,157
  1,228
  1,305
  1,386
  1,473
  1,565
  1,662
  1,766
  1,876
  1,992
  2,115
Maintenance CAPEX, $m
  0
  -50
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
  -156
New CAPEX, $m
  -223
  -12
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
Cash from investing activities, $m
  -237
  -62
  -63
  -65
  -69
  -72
  -75
  -79
  -83
  -86
  -90
  -95
  -98
  -103
  -108
  -113
  -119
  -124
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
Free cash flow, $m
  465
  446
  449
  454
  461
  472
  487
  504
  524
  547
  573
  602
  634
  669
  708
  750
  795
  844
  896
  953
  1,013
  1,078
  1,147
  1,220
  1,299
  1,382
  1,470
  1,565
  1,664
  1,770
  1,883
Issuance/(repayment) of debt, $m
  9
  37
  44
  50
  56
  62
  68
  74
  80
  86
  93
  99
  106
  112
  120
  127
  134
  142
  150
  159
  168
  177
  187
  197
  207
  218
  230
  242
  255
  268
  282
Issuance/(repurchase) of shares, $m
  -168
  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  
  -164
  37
  44
  50
  56
  62
  68
  74
  80
  86
  93
  99
  106
  112
  120
  127
  134
  142
  150
  159
  168
  177
  187
  197
  207
  218
  230
  242
  255
  268
  282
Total cash flow (excl. dividends), $m
  303
  483
  492
  503
  517
  534
  554
  578
  604
  633
  665
  701
  740
  782
  827
  876
  929
  986
  1,047
  1,112
  1,181
  1,255
  1,333
  1,417
  1,506
  1,600
  1,701
  1,807
  1,919
  2,038
  2,165
Retained Cash Flow (-), $m
  -103
  -46
  -53
  -61
  -68
  -75
  -83
  -90
  -97
  -105
  -113
  -121
  -129
  -137
  -146
  -154
  -164
  -173
  -183
  -194
  -204
  -216
  -227
  -240
  -253
  -266
  -280
  -295
  -310
  -326
  -343
Prev. year cash balance distribution, $m
 
  757
  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
 
  1,194
  439
  443
  449
  459
  472
  488
  506
  528
  553
  580
  611
  645
  682
  722
  766
  813
  864
  918
  977
  1,039
  1,106
  1,177
  1,253
  1,334
  1,420
  1,512
  1,609
  1,712
  1,821
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
 
  1,145
  402
  385
  370
  356
  342
  329
  316
  303
  290
  276
  261
  245
  229
  212
  195
  177
  159
  141
  124
  107
  92
  77
  64
  52
  41
  32
  25
  19
  14
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

Tiffany & Co., through its subsidiaries, designs, manufactures, and retails jewelry and other items worldwide. Its jewelry products include fine and solitaire jewelry; engagement rings and wedding bands; and non-gemstone, sterling silver, and gold jewelry. The company also sells timepieces, leather goods, sterling silverware, china, crystal, stationery, fragrances, and accessories. In addition, it wholesales diamonds to third parties. The company offers its products through retail sales, Internet and catalog sales, business-to-business sales, and wholesale distribution. As of January 31, 2016, it operated 124 stores in the Americas, 81 stores in the Asia-Pacific, 56 stores in Japan, 41 stores in Europe, and 5 stores in the United Arab Emirates. Tiffany & Co. was founded in 1837 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  Tiffany& (TIF)

Valuation Ratios
P/E Ratio 26.1
Price to Sales 2.9
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 24.3
Growth Rates
Sales Growth Rate -2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.9%
Cap. Spend. - 3 Yr. Gr. Rate 0.2%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 29.1%
Total Debt to Equity 36.7%
Interest Coverage 18
Management Effectiveness
Return On Assets 9.3%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 11%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 16.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 62.2%
Gross Margin - 3 Yr. Avg. 60.9%
EBITDA Margin 23.2%
EBITDA Margin - 3 Yr. Avg. 23.3%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 18.4%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 17.2%
Net Profit Margin 11.1%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 49.1%

TIF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TIF stock intrinsic value calculation we used $4002 million for the last fiscal year's total revenue generated by Tiffany&. The default revenue input number comes from 2017 income statement of Tiffany&. 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 TIF 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 TIF is calculated based on our internal credit rating of Tiffany&, 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 Tiffany&.
    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 TIF stock the variable cost ratio is equal to 62.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $814 million in the base year in the intrinsic value calculation for TIF 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 3.7% for Tiffany&.

Corporate tax rate of 27% is the nominal tax rate for Tiffany&. 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 TIF 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 TIF are equal to 12.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Tiffany& 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 TIF is equal to 50%. 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 - $3014 million for Tiffany& - 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 124.344 million for Tiffany& 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 Tiffany& at the current share price and the inputted number of shares is $11.6 billion.

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COMPANY NEWS

▶ Tiffany & Co. extends lease in Waikiki as landlord begins marketing space   [Jul-25-17 12:50AM  American City Business Journals]
▶ Is Tiffany & Co. Amazon-proof?   [Jul-21-17 07:15PM  CBS News Videos]
▶ [$$] Tiffany's Best Man (for the Job)   [12:55PM  Barrons.com]
▶ Company News for July 14, 2017   [09:57AM  Zacks]
▶ Tiffany & Co Appoints a New CEO   [03:03PM  Fortune]
▶ Tiffany & Co. Names New CEO   [12:50PM  GuruFocus.com]
▶ 3 Heirloom Stocks to Hold Forever   [09:47AM  Motley Fool]
▶ Can New CEO Boost Tiffanys Sales?   [08:58AM  Morningstar]
▶ Tiffany & Co. Value Analysis (NYSE:TIF) : July 12, 2017   [Jul-12-17 03:38PM  Capital Cube]
▶ Tiffany Seeks To Execute The 'Customer Trapeze'   [Jul-11-17 10:19AM  Forbes]
▶ [$$] Tiffany & Co., the Luxury Brand With a Midlife Crisis   [Jul-10-17 12:27AM  The Wall Street Journal]
▶ [$$] Tiffany Hunts for Path to 'Cool'   [Jul-09-17 02:24PM  The Wall Street Journal]
▶ Why Tiffany & Co. Stock Has Jumped 21% This Year   [Jul-07-17 09:57AM  Motley Fool]
▶ Why It's Not Time to Back Up the Truck on Tiffany & Co.   [Jul-05-17 05:15PM  TheStreet.com]
▶ 3 Dividend Stocks for Those Moving Up in the World   [Jul-01-17 11:11AM  Motley Fool]
▶ 7 Best Sunglasses Stocks to Invest in 2017   [Jun-29-17 04:32AM  Insider Monkey]
▶ Tiffany on the Street: What Analysts Recommend Now   [Jun-28-17 10:37AM  Market Realist]
▶ Why Tiffany Could Weather the Storm (And Others May Not)   [Jun-27-17 05:23PM  Market Realist]
▶ Buy Tiffany & Co., Now   [02:51PM  TheStreet.com]
▶ ETFs with exposure to Tiffany & Co. : June 14, 2017   [Jun-14-17 01:51PM  Capital Cube]
▶ No Hidden Gems Here   [05:41AM  Bloomberg]
▶ ETFs with exposure to Tiffany & Co. : May 30, 2017   [May-30-17 12:46PM  Capital Cube]
▶ What Analysts Think about Tiffany Stock   [09:07AM  Market Realist]
▶ How Tiffanys Regions Performed in Fiscal 1Q17   [07:37AM  Market Realist]
▶ No ice age for this retail stock as Nasdaq, S&P hit new records   [May-25-17 05:36PM  American City Business Journals]
▶ Luxury Jewelers Lose Sparkle for Investors   [10:47AM  Investopedia]
▶ Company News for May 25, 2017   [10:29AM  Zacks]
▶ Why Tiffany Stock Plunged   [09:34AM  Market Realist]
▶ Tiffany & Co. increases dividend by 11%   [09:21AM  MarketWatch]
▶ Tiffany Increases Quarterly Dividend by 11%   [09:15AM  Business Wire]
▶ Trader's Daily Notebook: The Grind Goes On   [07:00AM  TheStreet.com]
▶ Luxury retail stocks showing cracks in the high end?   [May-24-17 05:18PM  CNBC Videos]
▶ What Happened in the Stock Market Today   [04:57PM  Motley Fool]
▶ Tiffany Tanks On Same-Store Sales Shocker, Revenue Miss   [04:10PM  Investor's Business Daily]
▶ The Biggest Loser: Tiffany Tumbles 8.7%   [04:08PM  Barrons.com]
▶ Tiffany's brand is stale: Expert   [03:51PM  CNBC Videos]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [12:41PM  Investor's Business Daily]
Stock chart of TIF Financial statements of TIF Annual reports of TIF
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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