Intrinsic value of Under Armour Cl A - UAA

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$19.69

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$19.69

 
Intrinsic value

$12.84

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of UAA 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 8.4

 

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, %
  21.75
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  4,825
  5,143
  5,475
  5,819
  6,178
  6,552
  6,941
  7,348
  7,771
  8,213
  8,675
  9,157
  9,661
  10,188
  10,738
  11,315
  11,918
  12,549
  13,210
  13,902
  14,627
  15,387
  16,183
  17,018
  17,893
  18,810
  19,772
  20,781
  21,840
  22,950
  24,115
Variable operating expenses, $m
 
  4,610
  4,903
  5,208
  5,526
  5,857
  6,202
  6,561
  6,936
  7,328
  7,736
  8,107
  8,553
  9,019
  9,507
  10,017
  10,551
  11,110
  11,695
  12,307
  12,949
  13,622
  14,327
  15,066
  15,841
  16,653
  17,505
  18,398
  19,335
  20,318
  21,349
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
  4,408
  4,610
  4,903
  5,208
  5,526
  5,857
  6,202
  6,561
  6,936
  7,328
  7,736
  8,107
  8,553
  9,019
  9,507
  10,017
  10,551
  11,110
  11,695
  12,307
  12,949
  13,622
  14,327
  15,066
  15,841
  16,653
  17,505
  18,398
  19,335
  20,318
  21,349
Operating income, $m
  417
  533
  571
  611
  652
  695
  740
  786
  835
  886
  939
  1,050
  1,108
  1,168
  1,232
  1,298
  1,367
  1,439
  1,515
  1,594
  1,678
  1,765
  1,856
  1,952
  2,052
  2,157
  2,268
  2,383
  2,505
  2,632
  2,766
EBITDA, $m
  562
  677
  721
  766
  813
  862
  914
  967
  1,023
  1,081
  1,142
  1,205
  1,271
  1,341
  1,413
  1,489
  1,568
  1,652
  1,739
  1,830
  1,925
  2,025
  2,130
  2,240
  2,355
  2,476
  2,602
  2,735
  2,874
  3,021
  3,174
Interest expense (income), $m
  21
  28
  31
  35
  39
  43
  47
  52
  57
  61
  67
  72
  77
  83
  89
  96
  102
  109
  116
  124
  132
  140
  149
  158
  168
  178
  188
  199
  211
  223
  236
Earnings before tax, $m
  388
  506
  540
  576
  613
  652
  692
  734
  778
  824
  872
  978
  1,031
  1,085
  1,142
  1,202
  1,265
  1,330
  1,399
  1,470
  1,546
  1,624
  1,707
  1,794
  1,884
  1,980
  2,079
  2,184
  2,294
  2,409
  2,530
Tax expense, $m
  131
  137
  146
  156
  166
  176
  187
  198
  210
  223
  235
  264
  278
  293
  308
  325
  341
  359
  378
  397
  417
  439
  461
  484
  509
  534
  561
  590
  619
  650
  683
Net income, $m
  257
  369
  394
  420
  448
  476
  505
  536
  568
  602
  637
  714
  752
  792
  834
  878
  923
  971
  1,021
  1,073
  1,128
  1,186
  1,246
  1,309
  1,376
  1,445
  1,518
  1,594
  1,674
  1,759
  1,847

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  250
  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
  3,644
  3,617
  3,850
  4,092
  4,345
  4,608
  4,881
  5,167
  5,465
  5,776
  6,100
  6,440
  6,794
  7,164
  7,552
  7,957
  8,381
  8,825
  9,290
  9,776
  10,286
  10,821
  11,381
  11,967
  12,583
  13,228
  13,905
  14,614
  15,359
  16,139
  16,958
Adjusted assets (=assets-cash), $m
  3,394
  3,617
  3,850
  4,092
  4,345
  4,608
  4,881
  5,167
  5,465
  5,776
  6,100
  6,440
  6,794
  7,164
  7,552
  7,957
  8,381
  8,825
  9,290
  9,776
  10,286
  10,821
  11,381
  11,967
  12,583
  13,228
  13,905
  14,614
  15,359
  16,139
  16,958
Revenue / Adjusted assets
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
  1.422
Average production assets, $m
  742
  792
  843
  896
  951
  1,009
  1,069
  1,132
  1,197
  1,265
  1,336
  1,410
  1,488
  1,569
  1,654
  1,742
  1,835
  1,933
  2,034
  2,141
  2,253
  2,370
  2,492
  2,621
  2,755
  2,897
  3,045
  3,200
  3,363
  3,534
  3,714
Working capital, $m
  1,279
  1,126
  1,199
  1,274
  1,353
  1,435
  1,520
  1,609
  1,702
  1,799
  1,900
  2,005
  2,116
  2,231
  2,352
  2,478
  2,610
  2,748
  2,893
  3,045
  3,203
  3,370
  3,544
  3,727
  3,919
  4,119
  4,330
  4,551
  4,783
  5,026
  5,281
Total debt, $m
  817
  893
  1,002
  1,115
  1,233
  1,356
  1,484
  1,617
  1,756
  1,901
  2,053
  2,211
  2,377
  2,550
  2,731
  2,920
  3,118
  3,325
  3,542
  3,770
  4,008
  4,257
  4,519
  4,793
  5,080
  5,381
  5,697
  6,029
  6,376
  6,741
  7,124
Total liabilities, $m
  1,613
  1,689
  1,798
  1,911
  2,029
  2,152
  2,280
  2,413
  2,552
  2,697
  2,849
  3,007
  3,173
  3,346
  3,527
  3,716
  3,914
  4,121
  4,338
  4,566
  4,804
  5,053
  5,315
  5,589
  5,876
  6,177
  6,493
  6,825
  7,172
  7,537
  7,920
Total equity, $m
  2,031
  1,928
  2,052
  2,181
  2,316
  2,456
  2,602
  2,754
  2,913
  3,079
  3,252
  3,432
  3,621
  3,819
  4,025
  4,241
  4,467
  4,704
  4,951
  5,211
  5,483
  5,767
  6,066
  6,379
  6,707
  7,051
  7,411
  7,789
  8,186
  8,602
  9,039
Total liabilities and equity, $m
  3,644
  3,617
  3,850
  4,092
  4,345
  4,608
  4,882
  5,167
  5,465
  5,776
  6,101
  6,439
  6,794
  7,165
  7,552
  7,957
  8,381
  8,825
  9,289
  9,777
  10,287
  10,820
  11,381
  11,968
  12,583
  13,228
  13,904
  14,614
  15,358
  16,139
  16,959
Debt-to-equity ratio
  0.402
  0.460
  0.490
  0.510
  0.530
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
Adjusted equity ratio
  0.525
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  257
  369
  394
  420
  448
  476
  505
  536
  568
  602
  637
  714
  752
  792
  834
  878
  923
  971
  1,021
  1,073
  1,128
  1,186
  1,246
  1,309
  1,376
  1,445
  1,518
  1,594
  1,674
  1,759
  1,847
Depreciation, amort., depletion, $m
  145
  143
  149
  155
  161
  167
  174
  181
  188
  195
  203
  155
  163
  172
  182
  191
  202
  212
  224
  235
  248
  260
  274
  288
  303
  318
  335
  352
  370
  388
  408
Funds from operations, $m
  119
  513
  543
  575
  609
  643
  679
  717
  756
  797
  840
  869
  916
  965
  1,016
  1,069
  1,125
  1,183
  1,245
  1,309
  1,376
  1,446
  1,520
  1,597
  1,678
  1,763
  1,853
  1,946
  2,044
  2,147
  2,255
Change in working capital, $m
  -185
  70
  73
  75
  79
  82
  85
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
  138
  145
  152
  159
  166
  174
  183
  192
  201
  211
  221
  232
  243
  255
Cash from operations, $m
  304
  569
  471
  500
  530
  561
  594
  628
  663
  700
  739
  764
  805
  849
  895
  943
  993
  1,045
  1,100
  1,157
  1,217
  1,280
  1,346
  1,415
  1,487
  1,562
  1,642
  1,725
  1,812
  1,904
  2,000
Maintenance CAPEX, $m
  0
  -81
  -87
  -93
  -98
  -105
  -111
  -117
  -124
  -132
  -139
  -147
  -155
  -163
  -172
  -182
  -191
  -202
  -212
  -224
  -235
  -248
  -260
  -274
  -288
  -303
  -318
  -335
  -352
  -370
  -388
New CAPEX, $m
  -388
  -51
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
Cash from investing activities, $m
  -381
  -132
  -138
  -146
  -153
  -163
  -171
  -180
  -189
  -200
  -210
  -221
  -233
  -244
  -257
  -271
  -284
  -299
  -314
  -331
  -347
  -365
  -383
  -403
  -423
  -444
  -466
  -490
  -515
  -541
  -567
Free cash flow, $m
  -77
  437
  333
  354
  376
  399
  423
  448
  474
  501
  529
  543
  573
  605
  638
  672
  708
  746
  786
  827
  870
  915
  963
  1,012
  1,064
  1,118
  1,175
  1,235
  1,298
  1,363
  1,432
Issuance/(repayment) of debt, $m
  157
  103
  109
  113
  118
  123
  128
  133
  139
  145
  152
  158
  165
  173
  181
  189
  198
  207
  217
  227
  238
  250
  262
  274
  287
  301
  316
  331
  348
  365
  383
Issuance/(repurchase) of shares, $m
  15
  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  
  209
  103
  109
  113
  118
  123
  128
  133
  139
  145
  152
  158
  165
  173
  181
  189
  198
  207
  217
  227
  238
  250
  262
  274
  287
  301
  316
  331
  348
  365
  383
Total cash flow (excl. dividends), $m
  124
  541
  442
  467
  494
  522
  551
  581
  613
  646
  680
  701
  738
  778
  819
  862
  906
  953
  1,003
  1,054
  1,108
  1,165
  1,224
  1,286
  1,351
  1,420
  1,491
  1,566
  1,645
  1,728
  1,815
Retained Cash Flow (-), $m
  -363
  -120
  -124
  -129
  -135
  -140
  -146
  -152
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -216
  -226
  -237
  -248
  -259
  -272
  -285
  -298
  -313
  -328
  -344
  -361
  -378
  -397
  -416
  -437
Prev. year cash balance distribution, $m
 
  223
  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
 
  644
  317
  338
  360
  382
  405
  429
  454
  480
  507
  520
  550
  580
  612
  646
  680
  717
  755
  795
  836
  880
  926
  973
  1,023
  1,076
  1,131
  1,188
  1,248
  1,312
  1,378
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
 
  617
  291
  294
  296
  296
  294
  290
  284
  276
  266
  247
  235
  221
  206
  190
  173
  156
  139
  122
  106
  91
  77
  64
  52
  42
  33
  26
  19
  14
  10
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

Under Armour, Inc., together with its subsidiaries, develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth primarily in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. The company offers its apparel in compression, fitted, and loose types to be worn in hot, cold, and in between the extremes. It also provides various footwear products, including running, basketball, cleated, slides and performance training, and outdoor footwear. In addition, the company offers accessories, which include headwear, bags, and gloves; and digital fitness platform licenses and subscriptions, as well as digital advertising. Under Armour, Inc. primarily provides its products under the UA Logo, UNDER ARMOUR, UA, ARMOUR, HEATGEAR, COLDGEAR, ALLSEASONGEAR, PROTECT THIS HOUSE, and I WILL, as well as ARMOURBITE, ARMOURSTORM, ARMOUR FLEECE, ARMOUR BRA, UA RECORD, UA HEALTHBOX, and UNDER ARMOUR CONNECTED FITNESS brands. The company sells its products through wholesale channels, including national and regional sporting goods chains, independent and specialty retailers, department store chains, institutional athletic departments, and leagues and teams, as well as independent distributors; and directly to consumers through a network of brand and factory house stores, and Website. Under Armour, Inc. was founded in 1996 and is headquartered in Baltimore, Maryland.

FINANCIAL RATIOS  of  Under Armour Cl A (UAA)

Valuation Ratios
P/E Ratio 33.6
Price to Sales 1.8
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 28.4
Price to Free Cash Flow -102.8
Growth Rates
Sales Growth Rate 21.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.9%
Cap. Spend. - 3 Yr. Gr. Rate 34.5%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 38.9%
Total Debt to Equity 40.2%
Interest Coverage 19
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 13.9%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 46.4%
Gross Margin - 3 Yr. Avg. 47.9%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 33.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 1.2%

UAA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UAA stock intrinsic value calculation we used $4825 million for the last fiscal year's total revenue generated by Under Armour Cl A. The default revenue input number comes from 2016 income statement of Under Armour Cl A. 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 UAA stock valuation model: a) initial revenue growth rate of 6.6% 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 UAA is calculated based on our internal credit rating of Under Armour Cl A, 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 Under Armour Cl A.
    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 UAA stock the variable cost ratio is equal to 89.7%.

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 UAA 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 Under Armour Cl A.

Corporate tax rate of 27% is the nominal tax rate for Under Armour Cl A. 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 UAA 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 UAA are equal to 15.4%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Under Armour Cl A 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 UAA is equal to 21.9%. 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 - $2031 million for Under Armour Cl A - 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 424.32 million for Under Armour Cl A 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 Under Armour Cl A at the current share price and the inputted number of shares is $8.4 billion.


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RELATED COMPANIES Price Int.Val. Rating
UAA Under Armour C 19.69 prem.  prem.
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COLM Columbia Sport 53.98 prem.  prem.
HBI Hanesbrands 20.70 prem.  prem.
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Stock chart of UAA Financial statements of UAA Annual reports of UAA
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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