Intrinsic value of TJX - TJX

Previous Close

$77.25

  Intrinsic Value

$88.21

stock screener

  Rating & Target

hold

+14%

Previous close

$77.25

 
Intrinsic value

$88.21

 
Up/down potential

+14%

 
Rating

hold

We calculate the intrinsic value of TJX 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  7.24
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  33,184
  35,075
  37,050
  39,113
  41,268
  43,521
  45,877
  48,341
  50,920
  53,620
  56,446
  59,406
  62,507
  65,756
  69,161
  72,730
  76,471
  80,394
  84,507
  88,821
  93,346
  98,093
  103,073
  108,298
  113,780
  119,532
  125,569
  131,904
  138,553
  145,532
  152,856
Variable operating expenses, $m
 
  30,865
  32,602
  34,416
  36,311
  38,292
  40,364
  42,532
  44,799
  47,173
  49,659
  52,242
  54,969
  57,826
  60,821
  63,959
  67,249
  70,699
  74,316
  78,110
  82,090
  86,264
  90,643
  95,238
  100,059
  105,118
  110,427
  115,998
  121,845
  127,982
  134,423
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
  29,434
  30,865
  32,602
  34,416
  36,311
  38,292
  40,364
  42,532
  44,799
  47,173
  49,659
  52,242
  54,969
  57,826
  60,821
  63,959
  67,249
  70,699
  74,316
  78,110
  82,090
  86,264
  90,643
  95,238
  100,059
  105,118
  110,427
  115,998
  121,845
  127,982
  134,423
Operating income, $m
  3,750
  4,210
  4,448
  4,697
  4,957
  5,229
  5,513
  5,810
  6,121
  6,446
  6,787
  7,164
  7,538
  7,930
  8,340
  8,771
  9,222
  9,695
  10,191
  10,711
  11,257
  11,829
  12,430
  13,060
  13,721
  14,414
  15,142
  15,906
  16,708
  17,550
  18,433
EBITDA, $m
  4,409
  4,896
  5,171
  5,459
  5,760
  6,074
  6,403
  6,747
  7,107
  7,484
  7,879
  8,292
  8,725
  9,178
  9,653
  10,151
  10,674
  11,221
  11,795
  12,397
  13,029
  13,691
  14,387
  15,116
  15,881
  16,684
  17,526
  18,411
  19,339
  20,313
  21,335
Interest expense (income), $m
  73
  87
  104
  122
  141
  160
  181
  202
  224
  248
  272
  298
  325
  353
  383
  414
  446
  480
  516
  553
  592
  633
  676
  722
  769
  819
  871
  926
  984
  1,044
  1,108
Earnings before tax, $m
  3,723
  4,124
  4,344
  4,575
  4,816
  5,069
  5,332
  5,608
  5,897
  6,199
  6,515
  6,866
  7,213
  7,576
  7,958
  8,357
  8,776
  9,215
  9,675
  10,158
  10,664
  11,196
  11,753
  12,338
  12,952
  13,595
  14,271
  14,980
  15,725
  16,506
  17,325
Tax expense, $m
  1,425
  1,113
  1,173
  1,235
  1,300
  1,368
  1,440
  1,514
  1,592
  1,674
  1,759
  1,854
  1,947
  2,046
  2,149
  2,256
  2,369
  2,488
  2,612
  2,743
  2,879
  3,023
  3,173
  3,331
  3,497
  3,671
  3,853
  4,045
  4,246
  4,457
  4,678
Net income, $m
  2,298
  3,010
  3,171
  3,340
  3,516
  3,700
  3,892
  4,094
  4,304
  4,525
  4,756
  5,012
  5,265
  5,531
  5,809
  6,101
  6,406
  6,727
  7,063
  7,415
  7,785
  8,173
  8,580
  9,007
  9,455
  9,925
  10,418
  10,936
  11,479
  12,049
  12,648

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,473
  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
  12,884
  9,948
  10,508
  11,093
  11,704
  12,343
  13,011
  13,710
  14,441
  15,207
  16,009
  16,848
  17,727
  18,649
  19,615
  20,627
  21,688
  22,800
  23,967
  25,190
  26,474
  27,820
  29,232
  30,714
  32,269
  33,900
  35,612
  37,409
  39,295
  41,274
  43,351
Adjusted assets (=assets-cash), $m
  9,411
  9,948
  10,508
  11,093
  11,704
  12,343
  13,011
  13,710
  14,441
  15,207
  16,009
  16,848
  17,727
  18,649
  19,615
  20,627
  21,688
  22,800
  23,967
  25,190
  26,474
  27,820
  29,232
  30,714
  32,269
  33,900
  35,612
  37,409
  39,295
  41,274
  43,351
Revenue / Adjusted assets
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
  3.526
Average production assets, $m
  4,335
  4,595
  4,854
  5,124
  5,406
  5,701
  6,010
  6,333
  6,671
  7,024
  7,394
  7,782
  8,188
  8,614
  9,060
  9,528
  10,018
  10,532
  11,070
  11,636
  12,228
  12,850
  13,503
  14,187
  14,905
  15,659
  16,450
  17,279
  18,150
  19,065
  20,024
Working capital, $m
  2,993
  -491
  -519
  -548
  -578
  -609
  -642
  -677
  -713
  -751
  -790
  -832
  -875
  -921
  -968
  -1,018
  -1,071
  -1,126
  -1,183
  -1,243
  -1,307
  -1,373
  -1,443
  -1,516
  -1,593
  -1,673
  -1,758
  -1,847
  -1,940
  -2,037
  -2,140
Total debt, $m
  2,404
  2,884
  3,383
  3,903
  4,447
  5,016
  5,611
  6,233
  6,884
  7,565
  8,279
  9,026
  9,808
  10,629
  11,488
  12,389
  13,333
  14,323
  15,362
  16,450
  17,593
  18,791
  20,048
  21,366
  22,750
  24,202
  25,726
  27,325
  29,003
  30,765
  32,614
Total liabilities, $m
  8,373
  8,853
  9,352
  9,872
  10,416
  10,985
  11,580
  12,202
  12,853
  13,534
  14,248
  14,995
  15,777
  16,598
  17,457
  18,358
  19,302
  20,292
  21,331
  22,419
  23,562
  24,760
  26,017
  27,335
  28,719
  30,171
  31,695
  33,294
  34,972
  36,734
  38,583
Total equity, $m
  4,511
  1,094
  1,156
  1,220
  1,287
  1,358
  1,431
  1,508
  1,589
  1,673
  1,761
  1,853
  1,950
  2,051
  2,158
  2,269
  2,386
  2,508
  2,636
  2,771
  2,912
  3,060
  3,216
  3,379
  3,550
  3,729
  3,917
  4,115
  4,322
  4,540
  4,769
Total liabilities and equity, $m
  12,884
  9,947
  10,508
  11,092
  11,703
  12,343
  13,011
  13,710
  14,442
  15,207
  16,009
  16,848
  17,727
  18,649
  19,615
  20,627
  21,688
  22,800
  23,967
  25,190
  26,474
  27,820
  29,233
  30,714
  32,269
  33,900
  35,612
  37,409
  39,294
  41,274
  43,352
Debt-to-equity ratio
  0.533
  2.640
  2.930
  3.200
  3.450
  3.690
  3.920
  4.130
  4.330
  4.520
  4.700
  4.870
  5.030
  5.180
  5.320
  5.460
  5.590
  5.710
  5.830
  5.940
  6.040
  6.140
  6.230
  6.320
  6.410
  6.490
  6.570
  6.640
  6.710
  6.780
  6.840
Adjusted equity ratio
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,298
  3,010
  3,171
  3,340
  3,516
  3,700
  3,892
  4,094
  4,304
  4,525
  4,756
  5,012
  5,265
  5,531
  5,809
  6,101
  6,406
  6,727
  7,063
  7,415
  7,785
  8,173
  8,580
  9,007
  9,455
  9,925
  10,418
  10,936
  11,479
  12,049
  12,648
Depreciation, amort., depletion, $m
  659
  686
  723
  762
  803
  846
  891
  937
  986
  1,038
  1,091
  1,128
  1,187
  1,248
  1,313
  1,381
  1,452
  1,526
  1,604
  1,686
  1,772
  1,862
  1,957
  2,056
  2,160
  2,269
  2,384
  2,504
  2,631
  2,763
  2,902
Funds from operations, $m
  4,133
  3,696
  3,894
  4,102
  4,319
  4,546
  4,783
  5,031
  5,291
  5,563
  5,847
  6,140
  6,452
  6,779
  7,122
  7,481
  7,858
  8,253
  8,667
  9,102
  9,557
  10,035
  10,537
  11,063
  11,615
  12,194
  12,802
  13,440
  14,109
  14,812
  15,550
Change in working capital, $m
  531
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
Cash from operations, $m
  3,602
  3,722
  3,922
  4,131
  4,349
  4,577
  4,816
  5,066
  5,327
  5,600
  5,887
  6,181
  6,496
  6,825
  7,170
  7,531
  7,910
  8,308
  8,725
  9,162
  9,621
  10,102
  10,606
  11,136
  11,692
  12,275
  12,886
  13,529
  14,202
  14,910
  15,652
Maintenance CAPEX, $m
  0
  -628
  -666
  -703
  -743
  -783
  -826
  -871
  -918
  -967
  -1,018
  -1,072
  -1,128
  -1,187
  -1,248
  -1,313
  -1,381
  -1,452
  -1,526
  -1,604
  -1,686
  -1,772
  -1,862
  -1,957
  -2,056
  -2,160
  -2,269
  -2,384
  -2,504
  -2,631
  -2,763
New CAPEX, $m
  -1,027
  -260
  -259
  -270
  -282
  -295
  -309
  -323
  -338
  -354
  -370
  -388
  -406
  -426
  -446
  -468
  -490
  -514
  -539
  -565
  -593
  -622
  -652
  -684
  -718
  -754
  -791
  -830
  -871
  -914
  -960
Cash from investing activities, $m
  -1,215
  -888
  -925
  -973
  -1,025
  -1,078
  -1,135
  -1,194
  -1,256
  -1,321
  -1,388
  -1,460
  -1,534
  -1,613
  -1,694
  -1,781
  -1,871
  -1,966
  -2,065
  -2,169
  -2,279
  -2,394
  -2,514
  -2,641
  -2,774
  -2,914
  -3,060
  -3,214
  -3,375
  -3,545
  -3,723
Free cash flow, $m
  2,387
  2,834
  2,998
  3,157
  3,324
  3,499
  3,681
  3,872
  4,071
  4,280
  4,498
  4,722
  4,961
  5,212
  5,475
  5,751
  6,040
  6,342
  6,660
  6,993
  7,342
  7,708
  8,092
  8,495
  8,917
  9,361
  9,826
  10,315
  10,827
  11,365
  11,930
Issuance/(repayment) of debt, $m
  567
  480
  498
  521
  544
  569
  595
  622
  651
  681
  713
  747
  783
  820
  859
  901
  944
  990
  1,038
  1,089
  1,142
  1,198
  1,257
  1,319
  1,384
  1,452
  1,524
  1,599
  1,678
  1,761
  1,849
Issuance/(repurchase) of shares, $m
  -1,536
  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  
  -911
  480
  498
  521
  544
  569
  595
  622
  651
  681
  713
  747
  783
  820
  859
  901
  944
  990
  1,038
  1,089
  1,142
  1,198
  1,257
  1,319
  1,384
  1,452
  1,524
  1,599
  1,678
  1,761
  1,849
Total cash flow (excl. dividends), $m
  1,485
  3,315
  3,496
  3,678
  3,868
  4,067
  4,276
  4,494
  4,722
  4,961
  5,212
  5,469
  5,744
  6,032
  6,335
  6,652
  6,984
  7,332
  7,698
  8,081
  8,484
  8,906
  9,349
  9,813
  10,301
  10,813
  11,350
  11,914
  12,505
  13,127
  13,778
Retained Cash Flow (-), $m
  -204
  -56
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -198
  -207
  -218
  -229
Prev. year cash balance distribution, $m
 
  3,473
  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
 
  6,731
  3,434
  3,614
  3,801
  3,997
  4,202
  4,417
  4,642
  4,877
  5,124
  5,377
  5,647
  5,931
  6,228
  6,540
  6,867
  7,210
  7,570
  7,947
  8,343
  8,758
  9,193
  9,650
  10,130
  10,633
  11,162
  11,716
  12,298
  12,909
  13,550
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
 
  6,454
  3,144
  3,145
  3,130
  3,098
  3,050
  2,984
  2,901
  2,802
  2,686
  2,553
  2,410
  2,255
  2,091
  1,920
  1,745
  1,569
  1,394
  1,224
  1,060
  906
  763
  632
  516
  414
  326
  251
  190
  141
  102
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

The TJX Companies, Inc. (TJX) is an off-price apparel and home fashions retailer in the United States and across the world. The Company operates through four segments: Marmaxx, HomeGoods, TJX Canada and TJX International. T.J. Maxx and Marshalls chains in the United States were collectively the off-price retailer in the United States with a total of 2,221 stores, as of January 28, 2017. The HomeGoods chain was an off-price retailer of home fashions in the United States with 579 stores. The TJX Canada segment operates the Winners, HomeSense and Marshalls chains in Canada. Winners is the off-price apparel and home fashions retailer in Canada. HomeSense offers home fashions off-price concept in Canada. The TJX International segment operates the T.K. Maxx and HomeSense chains in Europe. With 503 stores, T.K. Maxx operated in the United Kingdom, Ireland, Germany, Poland, Austria and the Netherlands.

FINANCIAL RATIOS  of  TJX (TJX)

Valuation Ratios
P/E Ratio 21.7
Price to Sales 1.5
Price to Book 11.1
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate 7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 53.3%
Total Debt to Equity 53.3%
Interest Coverage 52
Management Effectiveness
Return On Assets 19.2%
Ret/ On Assets - 3 Yr. Avg. 20.4%
Return On Total Capital 35.6%
Ret/ On T. Cap. - 3 Yr. Avg. 37.5%
Return On Equity 52.1%
Return On Equity - 3 Yr. Avg. 52.5%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 29%
Gross Margin - 3 Yr. Avg. 28.8%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 11.3%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 38.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 28.3%

TJX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TJX stock intrinsic value calculation we used $33184 million for the last fiscal year's total revenue generated by TJX. The default revenue input number comes from 2017 income statement of TJX. 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 TJX stock valuation model: a) initial revenue growth rate of 5.7% 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 4.3%, whose default value for TJX is calculated based on our internal credit rating of TJX, 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 TJX.
    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 TJX stock the variable cost ratio is equal to 88%.

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 TJX 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 3.6% for TJX.

Corporate tax rate of 27% is the nominal tax rate for TJX. 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 TJX 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 TJX are equal to 13.1%.

Life of production assets of 6.9 years is the average useful life of capital assets used in TJX 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 TJX is equal to -1.4%. 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 - $4511 million for TJX - 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 635.626 million for TJX 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 TJX at the current share price and the inputted number of shares is $49.1 billion.

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Financial statements of TJX
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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