Intrinsic value of Under Armour Cl A - UAA

Previous Close

$16.49

  Intrinsic Value

$13.07

stock screener

  Rating & Target

sell

-21%

  Value-price divergence*

+25%

Previous close

$16.49

 
Intrinsic value

$13.07

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence*

+25%

*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 7.1

 

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
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
Revenue, $m
  4,825
  5,245
  5,682
  6,136
  6,608
  7,099
  7,609
  8,139
  8,690
  9,263
  9,859
  10,479
  11,125
  11,798
  12,498
  13,229
  13,991
  14,787
  15,617
  16,485
  17,392
  18,339
  19,331
  20,368
  21,453
  22,589
  23,778
  25,024
  26,329
  27,696
  29,129
Variable operating expenses, $m
 
  4,700
  5,086
  5,489
  5,907
  6,341
  6,793
  7,262
  7,750
  8,257
  8,785
  9,277
  9,849
  10,444
  11,065
  11,712
  12,387
  13,091
  13,826
  14,594
  15,397
  16,236
  17,114
  18,032
  18,992
  19,998
  21,051
  22,154
  23,309
  24,520
  25,789
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
  4,700
  5,086
  5,489
  5,907
  6,341
  6,793
  7,262
  7,750
  8,257
  8,785
  9,277
  9,849
  10,444
  11,065
  11,712
  12,387
  13,091
  13,826
  14,594
  15,397
  16,236
  17,114
  18,032
  18,992
  19,998
  21,051
  22,154
  23,309
  24,520
  25,789
Operating income, $m
  417
  545
  595
  647
  702
  758
  816
  877
  940
  1,006
  1,074
  1,202
  1,276
  1,353
  1,433
  1,517
  1,605
  1,696
  1,791
  1,891
  1,995
  2,103
  2,217
  2,336
  2,460
  2,591
  2,727
  2,870
  3,020
  3,176
  3,341
EBITDA, $m
  562
  690
  748
  808
  870
  934
  1,001
  1,071
  1,144
  1,219
  1,298
  1,379
  1,464
  1,553
  1,645
  1,741
  1,841
  1,946
  2,055
  2,170
  2,289
  2,414
  2,544
  2,681
  2,823
  2,973
  3,129
  3,293
  3,465
  3,645
  3,834
Interest expense (income), $m
  21
  28
  32
  37
  43
  48
  54
  60
  66
  72
  79
  85
  93
  100
  108
  116
  124
  133
  142
  152
  162
  172
  183
  194
  206
  219
  232
  245
  260
  275
  290
Earnings before tax, $m
  388
  517
  563
  610
  659
  710
  763
  817
  875
  934
  996
  1,116
  1,183
  1,253
  1,326
  1,401
  1,480
  1,563
  1,649
  1,739
  1,833
  1,931
  2,034
  2,142
  2,254
  2,372
  2,495
  2,625
  2,760
  2,902
  3,050
Tax expense, $m
  131
  140
  152
  165
  178
  192
  206
  221
  236
  252
  269
  301
  319
  338
  358
  378
  400
  422
  445
  470
  495
  521
  549
  578
  609
  640
  674
  709
  745
  783
  824
Net income, $m
  257
  378
  411
  445
  481
  518
  557
  597
  638
  682
  727
  815
  864
  915
  968
  1,023
  1,081
  1,141
  1,204
  1,269
  1,338
  1,410
  1,485
  1,563
  1,646
  1,732
  1,822
  1,916
  2,015
  2,118
  2,227

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
  3,688
  3,996
  4,315
  4,647
  4,992
  5,351
  5,724
  6,111
  6,514
  6,933
  7,369
  7,823
  8,296
  8,789
  9,303
  9,839
  10,399
  10,983
  11,593
  12,230
  12,897
  13,594
  14,323
  15,086
  15,885
  16,722
  17,598
  18,515
  19,477
  20,485
Adjusted assets (=assets-cash), $m
  3,394
  3,688
  3,996
  4,315
  4,647
  4,992
  5,351
  5,724
  6,111
  6,514
  6,933
  7,369
  7,823
  8,296
  8,789
  9,303
  9,839
  10,399
  10,983
  11,593
  12,230
  12,897
  13,594
  14,323
  15,086
  15,885
  16,722
  17,598
  18,515
  19,477
  20,485
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
  808
  875
  945
  1,018
  1,093
  1,172
  1,253
  1,338
  1,427
  1,518
  1,614
  1,713
  1,817
  1,925
  2,037
  2,155
  2,277
  2,405
  2,539
  2,678
  2,824
  2,977
  3,137
  3,304
  3,479
  3,662
  3,854
  4,055
  4,265
  4,486
Working capital, $m
  1,279
  1,149
  1,244
  1,344
  1,447
  1,555
  1,666
  1,783
  1,903
  2,029
  2,159
  2,295
  2,436
  2,584
  2,737
  2,897
  3,064
  3,238
  3,420
  3,610
  3,809
  4,016
  4,233
  4,461
  4,698
  4,947
  5,207
  5,480
  5,766
  6,066
  6,379
Total debt, $m
  817
  926
  1,070
  1,219
  1,374
  1,535
  1,703
  1,877
  2,058
  2,246
  2,442
  2,646
  2,858
  3,078
  3,309
  3,549
  3,799
  4,060
  4,333
  4,618
  4,916
  5,227
  5,552
  5,893
  6,249
  6,622
  7,013
  7,422
  7,851
  8,300
  8,770
Total liabilities, $m
  1,613
  1,722
  1,866
  2,015
  2,170
  2,331
  2,499
  2,673
  2,854
  3,042
  3,238
  3,442
  3,654
  3,874
  4,105
  4,345
  4,595
  4,856
  5,129
  5,414
  5,712
  6,023
  6,348
  6,689
  7,045
  7,418
  7,809
  8,218
  8,647
  9,096
  9,566
Total equity, $m
  2,031
  1,966
  2,130
  2,300
  2,477
  2,661
  2,852
  3,051
  3,257
  3,472
  3,695
  3,928
  4,170
  4,422
  4,685
  4,959
  5,244
  5,542
  5,854
  6,179
  6,519
  6,874
  7,246
  7,634
  8,041
  8,467
  8,913
  9,380
  9,869
  10,381
  10,918
Total liabilities and equity, $m
  3,644
  3,688
  3,996
  4,315
  4,647
  4,992
  5,351
  5,724
  6,111
  6,514
  6,933
  7,370
  7,824
  8,296
  8,790
  9,304
  9,839
  10,398
  10,983
  11,593
  12,231
  12,897
  13,594
  14,323
  15,086
  15,885
  16,722
  17,598
  18,516
  19,477
  20,484
Debt-to-equity ratio
  0.402
  0.470
  0.500
  0.530
  0.550
  0.580
  0.600
  0.620
  0.630
  0.650
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
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
  378
  411
  445
  481
  518
  557
  597
  638
  682
  727
  815
  864
  915
  968
  1,023
  1,081
  1,141
  1,204
  1,269
  1,338
  1,410
  1,485
  1,563
  1,646
  1,732
  1,822
  1,916
  2,015
  2,118
  2,227
Depreciation, amort., depletion, $m
  145
  145
  153
  160
  168
  177
  185
  194
  203
  213
  223
  177
  188
  200
  212
  224
  237
  250
  264
  279
  294
  310
  327
  345
  363
  382
  402
  423
  446
  469
  493
Funds from operations, $m
  119
  523
  563
  605
  649
  695
  742
  791
  842
  895
  950
  992
  1,052
  1,114
  1,179
  1,247
  1,318
  1,391
  1,468
  1,548
  1,632
  1,720
  1,812
  1,908
  2,009
  2,114
  2,224
  2,339
  2,460
  2,587
  2,720
Change in working capital, $m
  -185
  92
  96
  100
  103
  107
  112
  116
  121
  125
  131
  136
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  217
  227
  238
  249
  260
  273
  286
  299
  314
Cash from operations, $m
  304
  431
  468
  506
  546
  587
  630
  675
  721
  769
  820
  857
  911
  967
  1,026
  1,087
  1,151
  1,217
  1,286
  1,358
  1,434
  1,513
  1,595
  1,681
  1,771
  1,865
  1,963
  2,067
  2,174
  2,287
  2,406
Maintenance CAPEX, $m
  0
  -81
  -89
  -96
  -104
  -112
  -120
  -129
  -138
  -147
  -157
  -167
  -177
  -188
  -200
  -212
  -224
  -237
  -250
  -264
  -279
  -294
  -310
  -327
  -345
  -363
  -382
  -402
  -423
  -446
  -469
New CAPEX, $m
  -388
  -66
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -99
  -104
  -108
  -113
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -211
  -221
Cash from investing activities, $m
  -381
  -147
  -156
  -166
  -177
  -188
  -199
  -211
  -223
  -235
  -249
  -263
  -276
  -292
  -308
  -325
  -341
  -360
  -378
  -398
  -419
  -440
  -463
  -487
  -512
  -538
  -565
  -594
  -624
  -657
  -690
Free cash flow, $m
  -77
  283
  312
  340
  369
  400
  431
  464
  499
  534
  571
  594
  634
  675
  718
  763
  809
  858
  908
  961
  1,015
  1,072
  1,132
  1,194
  1,259
  1,327
  1,398
  1,472
  1,550
  1,631
  1,716
Issuance/(repayment) of debt, $m
  157
  136
  143
  149
  155
  161
  168
  174
  181
  188
  196
  204
  212
  221
  230
  240
  250
  261
  273
  285
  298
  311
  326
  341
  356
  373
  391
  409
  429
  449
  471
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
  136
  143
  149
  155
  161
  168
  174
  181
  188
  196
  204
  212
  221
  230
  240
  250
  261
  273
  285
  298
  311
  326
  341
  356
  373
  391
  409
  429
  449
  471
Total cash flow (excl. dividends), $m
  124
  420
  455
  489
  524
  561
  599
  639
  680
  722
  767
  798
  846
  896
  948
  1,003
  1,060
  1,119
  1,181
  1,245
  1,313
  1,384
  1,457
  1,535
  1,616
  1,700
  1,789
  1,881
  1,979
  2,080
  2,187
Retained Cash Flow (-), $m
  -363
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -223
  -232
  -242
  -252
  -263
  -274
  -286
  -298
  -311
  -325
  -340
  -355
  -372
  -389
  -407
  -426
  -446
  -467
  -489
  -513
  -537
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
 
  485
  291
  319
  347
  377
  408
  440
  473
  508
  543
  565
  604
  644
  686
  729
  774
  821
  869
  920
  973
  1,028
  1,086
  1,146
  1,209
  1,274
  1,343
  1,414
  1,489
  1,568
  1,650
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
 
  465
  267
  277
  286
  292
  296
  297
  296
  292
  285
  268
  258
  245
  230
  214
  197
  179
  160
  142
  124
  106
  90
  75
  62
  50
  39
  30
  23
  17
  12
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. is engaged in the development, marketing and distribution of branded performance apparel, footwear and accessories for men, women and youth. The Company's segments include North America, consisting of the United States and Canada; Europe, the Middle East and Africa (EMEA); Asia-Pacific; Latin America, and Connected Fitness. Its products are sold across the world and worn by athletes at all levels, from youth to professional, on playing fields around the globe, as well as by consumers with active lifestyles. The Company sells its branded apparel, footwear and accessories in North America through its wholesale and direct to consumer channels. As of December 31, 2016, the Company had approximately 151 factory house stores in North America primarily located in outlet centers throughout the United States. In addition, the Company distributes its products in North America through third-party logistics providers with primary locations in Canada, New Jersey and Florida.

FINANCIAL RATIOS  of  Under Armour Cl A (UAA)

Valuation Ratios
P/E Ratio 28.1
Price to Sales 1.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow -86.1
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 8.7% 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 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 428.405 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 $7.1 billion.

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COMPANY NEWS

▶ Under Armour's Decline Is Warranted: Wells Fargo   [Sep-20-17 02:12PM  Investopedia]
▶ Under Armour shares fall after Wells Fargo lowers rating   [10:11AM  American City Business Journals]
▶ Sorry Nike and Under Armour, America's Closets Are Full   [Sep-19-17 06:07PM  Barrons.com]
▶ First Look: Inside Under Armour's new Portland performance lab (Photos)   [04:25PM  American City Business Journals]
▶ Under Armour: Time To Sell?   [02:48PM  Barrons.com]
▶ Under Armour (UAA) Spends More, Gets Less   [06:46AM  InvestorPlace]
▶ Nike (NKE) Stock Is Your Best Retail Buy   [Sep-18-17 04:07PM  InvestorPlace]
▶ Exclusive: A first look inside Under Armour's new Portland office   [01:42PM  American City Business Journals]
▶ Fanatics CEO on the future of sports e-commerce   [Sep-13-17 01:19PM  Yahoo Finance Video]
▶ Is Under Armour Stock a Buy?   [Sep-12-17 07:17PM  Motley Fool]
▶ 5 Top Stocks for September   [Sep-07-17 10:36AM  Motley Fool]
▶ Kevin Durant Kicks Under Armour While It's Down   [Sep-06-17 07:36PM  Motley Fool]
▶ No Clash Here: Lululemon's in Complete Control   [Sep-05-17 03:02PM  Barrons.com]
▶ Exclusive: See the top NCAA apparel deals for 2017-18 (Database)   [05:34PM  American City Business Journals]
▶ Kevin Durant takes a shot at Under Armour   [01:24PM  CNBC Videos]
▶ How Adidas Blew Past Nike and Under Armour   [Aug-29-17 04:18PM  Barrons.com]
▶ Here's What's Dragging Down Nike, Under Armour Shares   [04:02PM  Investor's Business Daily]
▶ 2 Stocks Fall on Earnings Report   [03:26PM  GuruFocus.com]
▶ Dont Buy the Dip in Under Armour Inc (UAA) Stock   [Aug-28-17 02:14PM  InvestorPlace]
▶ Bank of America Merrill Lynch Upgraded Lululemon to Buy   [Aug-25-17 07:37AM  Market Realist]
▶ Defending Against Sneaker Fatigue   [02:00PM  Bloomberg]
▶ Yahoo Finance Live: Midday Movers - Aug 24th, 2017   [09:40AM  Yahoo Finance Video]
▶ Usual Suspects Among Hottest Stocks To Short   [Aug-22-17 02:05PM  Benzinga]
▶ [$$] Under Armours Self-Inflicted Wound   [12:19AM  The Wall Street Journal]
▶ How Under Armour, Inc. Makes Most of Its Money   [Aug-17-17 05:52PM  Motley Fool]
▶ [$$] Under Armour's Self-Inflicted Wound   [01:11PM  The Wall Street Journal]
▶ Under Armour Stock Could More Than Double   [10:51AM  Barrons.com]
Financial statements 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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