Intrinsic value of Trans World Entertainment - TWMC

Previous Close

$1.70

  Intrinsic Value

$1.10

stock screener

  Rating & Target

sell

-35%

Previous close

$1.70

 
Intrinsic value

$1.10

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of TWMC 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 0.1

 

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, %
  5.37
  59.40
  53.96
  49.06
  44.66
  40.69
  37.12
  33.91
  31.02
  28.42
  26.08
  23.97
  22.07
  20.36
  18.83
  17.44
  16.20
  15.08
  14.07
  13.17
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.91
  8.51
  8.16
  7.85
  7.56
Revenue, $m
  353
  563
  866
  1,291
  1,868
  2,628
  3,604
  4,826
  6,323
  8,120
  10,237
  12,690
  15,491
  18,646
  22,157
  26,022
  30,238
  34,798
  39,695
  44,920
  50,467
  56,329
  62,498
  68,971
  75,745
  82,819
  90,194
  97,874
  105,864
  114,171
  122,805
Variable operating expenses, $m
 
  552
  849
  1,263
  1,825
  2,566
  3,517
  4,709
  6,168
  7,920
  9,984
  12,373
  15,103
  18,179
  21,602
  25,370
  29,480
  33,926
  38,700
  43,795
  49,203
  54,918
  60,933
  67,243
  73,848
  80,745
  87,935
  95,423
  103,212
  111,311
  119,729
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
  357
  552
  849
  1,263
  1,825
  2,566
  3,517
  4,709
  6,168
  7,920
  9,984
  12,373
  15,103
  18,179
  21,602
  25,370
  29,480
  33,926
  38,700
  43,795
  49,203
  54,918
  60,933
  67,243
  73,848
  80,745
  87,935
  95,423
  103,212
  111,311
  119,729
Operating income, $m
  -4
  10
  18
  28
  43
  62
  86
  117
  154
  199
  253
  318
  388
  467
  555
  652
  757
  872
  994
  1,125
  1,264
  1,411
  1,565
  1,728
  1,897
  2,074
  2,259
  2,452
  2,652
  2,860
  3,076
EBITDA, $m
  5
  24
  38
  56
  81
  114
  157
  210
  275
  353
  446
  552
  674
  812
  964
  1,133
  1,316
  1,515
  1,728
  1,955
  2,197
  2,452
  2,720
  3,002
  3,297
  3,605
  3,926
  4,260
  4,608
  4,970
  5,346
Interest expense (income), $m
  1
  0
  2
  6
  10
  17
  25
  35
  49
  65
  85
  108
  135
  165
  200
  238
  280
  326
  376
  429
  486
  547
  611
  678
  748
  822
  900
  980
  1,064
  1,151
  1,242
Earnings before tax, $m
  -4
  10
  16
  23
  33
  45
  62
  82
  106
  134
  168
  210
  253
  302
  355
  414
  477
  546
  619
  696
  778
  864
  955
  1,050
  1,149
  1,252
  1,360
  1,472
  1,588
  1,709
  1,835
Tax expense, $m
  -7
  3
  4
  6
  9
  12
  17
  22
  29
  36
  45
  57
  68
  82
  96
  112
  129
  147
  167
  188
  210
  233
  258
  283
  310
  338
  367
  397
  429
  461
  495
Net income, $m
  3
  7
  11
  17
  24
  33
  45
  60
  77
  98
  122
  153
  185
  220
  259
  302
  349
  398
  452
  508
  568
  631
  697
  766
  839
  914
  993
  1,074
  1,159
  1,247
  1,339

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  28
  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
  308
  446
  687
  1,024
  1,481
  2,084
  2,858
  3,827
  5,014
  6,439
  8,118
  10,064
  12,285
  14,787
  17,571
  20,636
  23,979
  27,595
  31,479
  35,623
  40,022
  44,670
  49,562
  54,695
  60,067
  65,677
  71,526
  77,616
  83,952
  90,540
  97,387
Adjusted assets (=assets-cash), $m
  280
  446
  687
  1,024
  1,481
  2,084
  2,858
  3,827
  5,014
  6,439
  8,118
  10,064
  12,285
  14,787
  17,571
  20,636
  23,979
  27,595
  31,479
  35,623
  40,022
  44,670
  49,562
  54,695
  60,067
  65,677
  71,526
  77,616
  83,952
  90,540
  97,387
Revenue / Adjusted assets
  1.261
  1.262
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
Average production assets, $m
  52
  82
  126
  189
  273
  384
  526
  705
  923
  1,185
  1,495
  1,853
  2,262
  2,722
  3,235
  3,799
  4,415
  5,080
  5,795
  6,558
  7,368
  8,224
  9,125
  10,070
  11,059
  12,092
  13,168
  14,290
  15,456
  16,669
  17,930
Working capital, $m
  98
  111
  172
  256
  370
  520
  714
  956
  1,252
  1,608
  2,027
  2,513
  3,067
  3,692
  4,387
  5,152
  5,987
  6,890
  7,860
  8,894
  9,993
  11,153
  12,375
  13,656
  14,997
  16,398
  17,858
  19,379
  20,961
  22,606
  24,315
Total debt, $m
  0
  65
  160
  292
  472
  709
  1,013
  1,394
  1,861
  2,421
  3,080
  3,845
  4,718
  5,701
  6,795
  8,000
  9,314
  10,735
  12,261
  13,890
  15,619
  17,445
  19,368
  21,385
  23,496
  25,701
  28,000
  30,393
  32,883
  35,472
  38,163
Total liabilities, $m
  110
  175
  270
  402
  582
  819
  1,123
  1,504
  1,971
  2,531
  3,190
  3,955
  4,828
  5,811
  6,905
  8,110
  9,424
  10,845
  12,371
  14,000
  15,729
  17,555
  19,478
  21,495
  23,606
  25,811
  28,110
  30,503
  32,993
  35,582
  38,273
Total equity, $m
  198
  271
  417
  622
  899
  1,265
  1,735
  2,323
  3,044
  3,909
  4,928
  6,109
  7,457
  8,976
  10,665
  12,526
  14,555
  16,750
  19,108
  21,623
  24,293
  27,115
  30,084
  33,200
  36,461
  39,866
  43,416
  47,113
  50,959
  54,958
  59,114
Total liabilities and equity, $m
  308
  446
  687
  1,024
  1,481
  2,084
  2,858
  3,827
  5,015
  6,440
  8,118
  10,064
  12,285
  14,787
  17,570
  20,636
  23,979
  27,595
  31,479
  35,623
  40,022
  44,670
  49,562
  54,695
  60,067
  65,677
  71,526
  77,616
  83,952
  90,540
  97,387
Debt-to-equity ratio
  0.000
  0.240
  0.380
  0.470
  0.530
  0.560
  0.580
  0.600
  0.610
  0.620
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
Adjusted equity ratio
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  7
  11
  17
  24
  33
  45
  60
  77
  98
  122
  153
  185
  220
  259
  302
  349
  398
  452
  508
  568
  631
  697
  766
  839
  914
  993
  1,074
  1,159
  1,247
  1,339
Depreciation, amort., depletion, $m
  9
  14
  20
  28
  38
  52
  71
  93
  121
  154
  193
  235
  286
  345
  409
  481
  559
  643
  734
  830
  933
  1,041
  1,155
  1,275
  1,400
  1,531
  1,667
  1,809
  1,956
  2,110
  2,270
Funds from operations, $m
  5
  22
  31
  44
  62
  86
  115
  153
  198
  252
  316
  388
  471
  565
  669
  783
  907
  1,041
  1,185
  1,338
  1,501
  1,672
  1,852
  2,041
  2,238
  2,445
  2,659
  2,883
  3,116
  3,357
  3,609
Change in working capital, $m
  1
  42
  60
  84
  114
  151
  193
  242
  296
  356
  419
  486
  555
  625
  695
  765
  835
  903
  970
  1,035
  1,098
  1,161
  1,222
  1,282
  1,341
  1,401
  1,460
  1,521
  1,582
  1,645
  1,710
Cash from operations, $m
  4
  -20
  -29
  -40
  -52
  -65
  -78
  -89
  -98
  -104
  -104
  -98
  -83
  -60
  -26
  18
  73
  139
  216
  304
  402
  511
  631
  759
  897
  1,044
  1,199
  1,362
  1,534
  1,713
  1,899
Maintenance CAPEX, $m
  0
  -7
  -10
  -16
  -24
  -35
  -49
  -67
  -89
  -117
  -150
  -189
  -235
  -286
  -345
  -409
  -481
  -559
  -643
  -734
  -830
  -933
  -1,041
  -1,155
  -1,275
  -1,400
  -1,531
  -1,667
  -1,809
  -1,956
  -2,110
New CAPEX, $m
  -25
  -31
  -44
  -62
  -84
  -111
  -142
  -178
  -219
  -262
  -309
  -358
  -409
  -461
  -513
  -564
  -615
  -666
  -715
  -763
  -810
  -856
  -901
  -945
  -989
  -1,033
  -1,077
  -1,121
  -1,167
  -1,213
  -1,261
Cash from investing activities, $m
  -57
  -38
  -54
  -78
  -108
  -146
  -191
  -245
  -308
  -379
  -459
  -547
  -644
  -747
  -858
  -973
  -1,096
  -1,225
  -1,358
  -1,497
  -1,640
  -1,789
  -1,942
  -2,100
  -2,264
  -2,433
  -2,608
  -2,788
  -2,976
  -3,169
  -3,371
Free cash flow, $m
  -53
  -57
  -84
  -118
  -160
  -210
  -269
  -334
  -406
  -483
  -563
  -645
  -727
  -807
  -883
  -956
  -1,024
  -1,086
  -1,142
  -1,193
  -1,238
  -1,277
  -1,311
  -1,341
  -1,366
  -1,389
  -1,408
  -1,426
  -1,442
  -1,457
  -1,471
Issuance/(repayment) of debt, $m
  -5
  65
  95
  132
  180
  237
  304
  381
  467
  560
  660
  765
  873
  983
  1,094
  1,205
  1,314
  1,421
  1,526
  1,629
  1,729
  1,827
  1,923
  2,017
  2,111
  2,205
  2,299
  2,393
  2,490
  2,589
  2,691
Issuance/(repurchase) of shares, $m
  -3
  93
  135
  188
  254
  333
  425
  529
  643
  767
  897
  1,028
  1,163
  1,298
  1,430
  1,558
  1,681
  1,797
  1,906
  2,007
  2,102
  2,190
  2,273
  2,350
  2,422
  2,491
  2,558
  2,623
  2,687
  2,751
  2,817
Cash from financing (excl. dividends), $m  
  -7
  158
  230
  320
  434
  570
  729
  910
  1,110
  1,327
  1,557
  1,793
  2,036
  2,281
  2,524
  2,763
  2,995
  3,218
  3,432
  3,636
  3,831
  4,017
  4,196
  4,367
  4,533
  4,696
  4,857
  5,016
  5,177
  5,340
  5,508
Total cash flow (excl. dividends), $m
  -60
  102
  146
  203
  274
  359
  460
  575
  704
  844
  994
  1,147
  1,309
  1,475
  1,641
  1,807
  1,971
  2,132
  2,289
  2,443
  2,593
  2,740
  2,884
  3,026
  3,167
  3,307
  3,448
  3,590
  3,735
  3,884
  4,036
Retained Cash Flow (-), $m
  -23
  -101
  -146
  -205
  -278
  -366
  -470
  -588
  -721
  -865
  -1,019
  -1,181
  -1,348
  -1,519
  -1,690
  -1,861
  -2,029
  -2,195
  -2,357
  -2,516
  -2,670
  -2,821
  -2,970
  -3,116
  -3,261
  -3,405
  -3,550
  -3,697
  -3,846
  -3,999
  -4,156
Prev. year cash balance distribution, $m
 
  28
  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
 
  29
  0
  -2
  -4
  -7
  -10
  -13
  -17
  -21
  -25
  -34
  -39
  -44
  -49
  -54
  -58
  -63
  -68
  -72
  -77
  -81
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
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
 
  28
  0
  -2
  -3
  -5
  -7
  -9
  -11
  -12
  -13
  -16
  -17
  -17
  -16
  -16
  -15
  -14
  -13
  -11
  -10
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  56.0
  32.7
  19.9
  12.6
  8.2
  5.6
  3.9
  2.8
  2.0
  1.5
  1.2
  0.9
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1

Trans World Entertainment Corporation is a specialty retailer of entertainment products, including trend, video, music, electronics and related products. The Company operates a chain of retail entertainment stores and e-commerce sites, www.fye.com and www.secondspin.com. It owns interest in Record Town, Inc., through which its principal operations are conducted. It operates over 270 mall-based stores under the For Your Entertainment (f.y.e.) brand, including f.y.e. stores and video only stores. The Company operates over 260 mall-based f.y.e. stores, which carry entertainment products, including video, music, trend, electronics, video games and related products. It operates over nine video-only stores under the Suncoast Motion Pictures brand, which specialize in the sale of video and related product. It operates approximately 30 freestanding stores under the f.y.e. brand, which carries entertainment products, including video, music, trend, electronics, video games and related products.

FINANCIAL RATIOS  of  Trans World Entertainment (TWMC)

Valuation Ratios
P/E Ratio 20.5
Price to Sales 0.2
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 15.4
Price to Free Cash Flow -2.9
Growth Rates
Sales Growth Rate 5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19%
Cap. Spend. - 3 Yr. Gr. Rate 25.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -3
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity 1.6%
Return On Equity - 3 Yr. Avg. 1.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 38.2%
Gross Margin - 3 Yr. Avg. 38.4%
EBITDA Margin 1.7%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin -1.1%
Oper. Margin - 3 Yr. Avg. 0.4%
Pre-Tax Margin -1.1%
Pre-Tax Margin - 3 Yr. Avg. 0.1%
Net Profit Margin 0.8%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 175%
Eff/ Tax Rate - 3 Yr. Avg. 58.3%
Payout Ratio 0%

TWMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TWMC stock intrinsic value calculation we used $353 million for the last fiscal year's total revenue generated by Trans World Entertainment. The default revenue input number comes from 2017 income statement of Trans World Entertainment. 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 TWMC stock valuation model: a) initial revenue growth rate of 59.4% 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 TWMC is calculated based on our internal credit rating of Trans World Entertainment, 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 Trans World Entertainment.
    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 TWMC stock the variable cost ratio is equal to 98.6%.

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 TWMC 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 Trans World Entertainment.

Corporate tax rate of 27% is the nominal tax rate for Trans World Entertainment. 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 TWMC 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 TWMC are equal to 14.6%.

Life of production assets of 7.9 years is the average useful life of capital assets used in Trans World Entertainment 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 TWMC is equal to 19.8%. 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 - $198 million for Trans World Entertainment - 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 36.118 million for Trans World Entertainment 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 Trans World Entertainment at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Trans World Entertainment posts 2Q loss   [Aug-22-17 10:51PM  Associated Press]
▶ Trans World Entertainment posts 1Q profit   [May-22-17 07:43AM  Associated Press]
▶ Why the CEO of FYE is optimistic even as store sales fall   [Mar-16-17 02:00PM  at bizjournals.com]
▶ Why the CEO of FYE is optimistic even as store sales fall   [02:00PM  American City Business Journals]
▶ Trans World Entertainment posts 4Q profit   [07:42AM  Associated Press]
▶ Bob Higgins, chairman of Trans World Entertainment in Albany, dies   [11:51AM  American City Business Journals]
▶ Trans World Entertainment Announces Holiday Sales Results   [Jan-05-17 05:00PM  GlobeNewswire]
▶ $75 million deal gives retailer FYE a digital marketplace partner   [Oct-18-16 08:32AM  at bizjournals.com]
▶ 2 Stocks Below Net Currrent Asset Value   [Dec-17  02:00PM  at Investopedia]
Financial statements of TWMC
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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