Intrinsic value of Ulta Beauty - ULTA

Previous Close

$215.10

  Intrinsic Value

$255.52

stock screener

  Rating & Target

hold

+19%

Previous close

$215.10

 
Intrinsic value

$255.52

 
Up/down potential

+19%

 
Rating

hold

We calculate the intrinsic value of ULTA 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 13.2

 

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, %
  23.73
  20.70
  19.13
  17.72
  16.45
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
Revenue, $m
  4,855
  5,860
  6,981
  8,218
  9,569
  11,033
  12,608
  14,290
  16,078
  17,968
  19,960
  22,050
  24,239
  26,526
  28,911
  31,395
  33,980
  36,667
  39,461
  42,363
  45,380
  48,515
  51,774
  55,164
  58,689
  62,359
  66,180
  70,160
  74,309
  78,635
  83,148
Variable operating expenses, $m
 
  4,922
  5,864
  6,903
  8,038
  9,268
  10,591
  12,004
  13,505
  15,094
  16,766
  18,522
  20,361
  22,282
  24,285
  26,372
  28,543
  30,800
  33,147
  35,585
  38,119
  40,753
  43,491
  46,337
  49,299
  52,381
  55,591
  58,934
  62,419
  66,053
  69,844
Fixed operating expenses, $m
 
  128
  131
  135
  138
  141
  145
  149
  152
  156
  160
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  243
  250
  256
  262
Total operating expenses, $m
  4,200
  5,050
  5,995
  7,038
  8,176
  9,409
  10,736
  12,153
  13,657
  15,250
  16,926
  18,686
  20,529
  22,454
  24,462
  26,553
  28,729
  30,990
  33,342
  35,785
  38,324
  40,963
  43,706
  46,558
  49,525
  52,613
  55,829
  59,177
  62,669
  66,309
  70,106
Operating income, $m
  655
  809
  986
  1,180
  1,393
  1,624
  1,872
  2,138
  2,420
  2,719
  3,034
  3,364
  3,710
  4,072
  4,449
  4,842
  5,251
  5,677
  6,119
  6,578
  7,056
  7,552
  8,069
  8,606
  9,164
  9,746
  10,351
  10,982
  11,640
  12,326
  13,041
EBITDA, $m
  865
  1,033
  1,252
  1,494
  1,759
  2,045
  2,354
  2,684
  3,034
  3,405
  3,796
  4,206
  4,636
  5,085
  5,554
  6,041
  6,549
  7,077
  7,626
  8,197
  8,790
  9,406
  10,047
  10,713
  11,406
  12,128
  12,879
  13,662
  14,478
  15,330
  16,218
Interest expense (income), $m
  0
  0
  7
  15
  24
  34
  45
  56
  68
  81
  95
  109
  124
  140
  157
  174
  192
  210
  230
  250
  271
  293
  315
  339
  363
  389
  415
  443
  472
  502
  533
Earnings before tax, $m
  656
  809
  978
  1,165
  1,369
  1,590
  1,828
  2,082
  2,352
  2,638
  2,939
  3,255
  3,586
  3,932
  4,293
  4,668
  5,059
  5,466
  5,889
  6,328
  6,785
  7,260
  7,753
  8,267
  8,801
  9,357
  9,936
  10,539
  11,168
  11,824
  12,508
Tax expense, $m
  246
  219
  264
  315
  370
  429
  493
  562
  635
  712
  793
  879
  968
  1,062
  1,159
  1,260
  1,366
  1,476
  1,590
  1,709
  1,832
  1,960
  2,093
  2,232
  2,376
  2,526
  2,683
  2,846
  3,015
  3,192
  3,377
Net income, $m
  410
  591
  714
  850
  999
  1,161
  1,334
  1,520
  1,717
  1,926
  2,145
  2,376
  2,618
  2,870
  3,134
  3,408
  3,693
  3,990
  4,299
  4,620
  4,953
  5,300
  5,660
  6,035
  6,425
  6,830
  7,253
  7,694
  8,153
  8,631
  9,131

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  415
  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
  2,552
  2,579
  3,073
  3,617
  4,212
  4,856
  5,549
  6,290
  7,077
  7,909
  8,785
  9,705
  10,669
  11,675
  12,725
  13,818
  14,956
  16,139
  17,368
  18,646
  19,974
  21,354
  22,788
  24,280
  25,832
  27,447
  29,128
  30,880
  32,706
  34,610
  36,597
Adjusted assets (=assets-cash), $m
  2,137
  2,579
  3,073
  3,617
  4,212
  4,856
  5,549
  6,290
  7,077
  7,909
  8,785
  9,705
  10,669
  11,675
  12,725
  13,818
  14,956
  16,139
  17,368
  18,646
  19,974
  21,354
  22,788
  24,280
  25,832
  27,447
  29,128
  30,880
  32,706
  34,610
  36,597
Revenue / Adjusted assets
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
  2.272
Average production assets, $m
  926
  1,119
  1,333
  1,570
  1,828
  2,107
  2,408
  2,729
  3,071
  3,432
  3,812
  4,212
  4,630
  5,066
  5,522
  5,996
  6,490
  7,003
  7,537
  8,091
  8,668
  9,266
  9,889
  10,536
  11,210
  11,911
  12,640
  13,401
  14,193
  15,019
  15,881
Working capital, $m
  1,007
  715
  852
  1,003
  1,167
  1,346
  1,538
  1,743
  1,962
  2,192
  2,435
  2,690
  2,957
  3,236
  3,527
  3,830
  4,146
  4,473
  4,814
  5,168
  5,536
  5,919
  6,316
  6,730
  7,160
  7,608
  8,074
  8,560
  9,066
  9,593
  10,144
Total debt, $m
  0
  208
  439
  694
  973
  1,276
  1,601
  1,948
  2,317
  2,707
  3,118
  3,550
  4,002
  4,474
  4,966
  5,479
  6,012
  6,567
  7,144
  7,743
  8,366
  9,013
  9,686
  10,385
  11,113
  11,871
  12,659
  13,481
  14,337
  15,230
  16,162
Total liabilities, $m
  1,002
  1,210
  1,441
  1,696
  1,975
  2,278
  2,603
  2,950
  3,319
  3,709
  4,120
  4,552
  5,004
  5,476
  5,968
  6,481
  7,014
  7,569
  8,146
  8,745
  9,368
  10,015
  10,688
  11,387
  12,115
  12,873
  13,661
  14,483
  15,339
  16,232
  17,164
Total equity, $m
  1,550
  1,370
  1,632
  1,921
  2,236
  2,579
  2,947
  3,340
  3,758
  4,199
  4,665
  5,154
  5,665
  6,200
  6,757
  7,337
  7,942
  8,570
  9,223
  9,901
  10,606
  11,339
  12,100
  12,893
  13,717
  14,574
  15,467
  16,397
  17,367
  18,378
  19,433
Total liabilities and equity, $m
  2,552
  2,580
  3,073
  3,617
  4,211
  4,857
  5,550
  6,290
  7,077
  7,908
  8,785
  9,706
  10,669
  11,676
  12,725
  13,818
  14,956
  16,139
  17,369
  18,646
  19,974
  21,354
  22,788
  24,280
  25,832
  27,447
  29,128
  30,880
  32,706
  34,610
  36,597
Debt-to-equity ratio
  0.000
  0.150
  0.270
  0.360
  0.440
  0.490
  0.540
  0.580
  0.620
  0.640
  0.670
  0.690
  0.710
  0.720
  0.730
  0.750
  0.760
  0.770
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.830
Adjusted equity ratio
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  410
  591
  714
  850
  999
  1,161
  1,334
  1,520
  1,717
  1,926
  2,145
  2,376
  2,618
  2,870
  3,134
  3,408
  3,693
  3,990
  4,299
  4,620
  4,953
  5,300
  5,660
  6,035
  6,425
  6,830
  7,253
  7,694
  8,153
  8,631
  9,131
Depreciation, amort., depletion, $m
  210
  224
  267
  314
  366
  421
  482
  546
  614
  686
  762
  842
  926
  1,013
  1,104
  1,199
  1,298
  1,401
  1,507
  1,618
  1,734
  1,853
  1,978
  2,107
  2,242
  2,382
  2,528
  2,680
  2,839
  3,004
  3,176
Funds from operations, $m
  603
  815
  981
  1,164
  1,365
  1,582
  1,816
  2,066
  2,331
  2,612
  2,908
  3,218
  3,544
  3,884
  4,238
  4,607
  4,991
  5,391
  5,806
  6,238
  6,687
  7,153
  7,638
  8,142
  8,666
  9,213
  9,781
  10,374
  10,991
  11,635
  12,307
Change in working capital, $m
  -32
  123
  137
  151
  165
  179
  192
  205
  218
  231
  243
  255
  267
  279
  291
  303
  315
  328
  341
  354
  368
  382
  398
  413
  430
  448
  466
  486
  506
  528
  551
Cash from operations, $m
  635
  692
  844
  1,013
  1,200
  1,403
  1,624
  1,860
  2,113
  2,381
  2,665
  2,963
  3,277
  3,605
  3,947
  4,304
  4,676
  5,063
  5,465
  5,884
  6,319
  6,770
  7,240
  7,728
  8,236
  8,765
  9,315
  9,888
  10,485
  11,108
  11,757
Maintenance CAPEX, $m
  0
  -185
  -224
  -267
  -314
  -366
  -421
  -482
  -546
  -614
  -686
  -762
  -842
  -926
  -1,013
  -1,104
  -1,199
  -1,298
  -1,401
  -1,507
  -1,618
  -1,734
  -1,853
  -1,978
  -2,107
  -2,242
  -2,382
  -2,528
  -2,680
  -2,839
  -3,004
New CAPEX, $m
  -374
  -193
  -214
  -236
  -258
  -280
  -301
  -321
  -341
  -361
  -380
  -399
  -418
  -437
  -456
  -474
  -494
  -513
  -534
  -554
  -576
  -599
  -623
  -647
  -673
  -701
  -730
  -760
  -792
  -826
  -862
Cash from investing activities, $m
  -274
  -378
  -438
  -503
  -572
  -646
  -722
  -803
  -887
  -975
  -1,066
  -1,161
  -1,260
  -1,363
  -1,469
  -1,578
  -1,693
  -1,811
  -1,935
  -2,061
  -2,194
  -2,333
  -2,476
  -2,625
  -2,780
  -2,943
  -3,112
  -3,288
  -3,472
  -3,665
  -3,866
Free cash flow, $m
  361
  314
  406
  510
  628
  758
  902
  1,057
  1,226
  1,406
  1,598
  1,802
  2,016
  2,242
  2,478
  2,725
  2,983
  3,252
  3,531
  3,822
  4,124
  4,438
  4,764
  5,103
  5,456
  5,822
  6,203
  6,600
  7,013
  7,443
  7,891
Issuance/(repayment) of debt, $m
  0
  208
  231
  255
  279
  302
  325
  347
  369
  390
  411
  432
  452
  472
  492
  513
  534
  555
  577
  599
  623
  647
  673
  700
  728
  757
  789
  822
  856
  893
  932
Issuance/(repurchase) of shares, $m
  -331
  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  
  -322
  208
  231
  255
  279
  302
  325
  347
  369
  390
  411
  432
  452
  472
  492
  513
  534
  555
  577
  599
  623
  647
  673
  700
  728
  757
  789
  822
  856
  893
  932
Total cash flow (excl. dividends), $m
  39
  521
  638
  766
  907
  1,060
  1,227
  1,405
  1,595
  1,796
  2,009
  2,233
  2,468
  2,714
  2,971
  3,238
  3,517
  3,807
  4,108
  4,421
  4,747
  5,085
  5,437
  5,803
  6,183
  6,580
  6,992
  7,421
  7,869
  8,336
  8,823
Retained Cash Flow (-), $m
  -107
  -235
  -262
  -289
  -316
  -342
  -368
  -393
  -418
  -442
  -465
  -489
  -512
  -534
  -557
  -581
  -604
  -628
  -653
  -678
  -705
  -733
  -762
  -792
  -824
  -858
  -893
  -930
  -970
  -1,011
  -1,055
Prev. year cash balance distribution, $m
 
  415
  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
 
  702
  376
  477
  591
  718
  859
  1,012
  1,177
  1,354
  1,544
  1,745
  1,956
  2,179
  2,413
  2,658
  2,913
  3,178
  3,455
  3,743
  4,042
  4,352
  4,675
  5,011
  5,359
  5,722
  6,099
  6,491
  6,899
  7,325
  7,768
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
 
  673
  344
  415
  487
  557
  623
  683
  736
  778
  809
  828
  835
  829
  810
  780
  740
  692
  636
  576
  514
  450
  388
  328
  273
  223
  178
  139
  107
  80
  58
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

Ulta Beauty, Inc. is a holding company for the Ulta Beauty group of companies. The Company is a beauty retailer. The Company offers cosmetics, fragrance, skin, hair care products and salon services. The Company offers approximately 20,000 products from over 500 beauty brands across all categories, including the Company’s own private label. The Company also offers a full-service salon in every store featuring hair, skin and brow services. The Company operates approximately 970 retail stores across over 48 states and the District of Columbia and also distributes its products through its Website, which includes a collection of tips, tutorials and social content. The Company offers makeup products, such as foundation, face powder, concealer, color correcting, face primer, blush, bronzer, contouring, highlighter, setting spray, shampoos, conditioners, hair styling products, hair styling tools and perfumes. The Company also offers makeup brushes and tools, and makeup bags and cases.

FINANCIAL RATIOS  of  Ulta Beauty (ULTA)

Valuation Ratios
P/E Ratio 32.6
Price to Sales 2.8
Price to Book 8.6
Price to Tangible Book
Price to Cash Flow 21
Price to Free Cash Flow 51.2
Growth Rates
Sales Growth Rate 23.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25.1%
Cap. Spend. - 3 Yr. Gr. Rate 10.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 17.1%
Ret/ On Assets - 3 Yr. Avg. 15.6%
Return On Total Capital 27.4%
Ret/ On T. Cap. - 3 Yr. Avg. 24.7%
Return On Equity 27.4%
Return On Equity - 3 Yr. Avg. 24.7%
Asset Turnover 2
Profitability Ratios
Gross Margin 36%
Gross Margin - 3 Yr. Avg. 35.4%
EBITDA Margin 17.8%
EBITDA Margin - 3 Yr. Avg. 17.2%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 13%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.3%
Payout Ratio 0%

ULTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ULTA stock intrinsic value calculation we used $4855 million for the last fiscal year's total revenue generated by Ulta Beauty. The default revenue input number comes from 2017 income statement of Ulta Beauty. 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 ULTA stock valuation model: a) initial revenue growth rate of 20.7% 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 ULTA is calculated based on our internal credit rating of Ulta Beauty, 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 Ulta Beauty.
    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 ULTA stock the variable cost ratio is equal to 84%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $125 million in the base year in the intrinsic value calculation for ULTA 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 Ulta Beauty.

Corporate tax rate of 27% is the nominal tax rate for Ulta Beauty. 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 ULTA 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 ULTA are equal to 19.1%.

Life of production assets of 4.4 years is the average useful life of capital assets used in Ulta Beauty 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 ULTA is equal to 12.2%. 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 - $1550 million for Ulta Beauty - 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 61.414 million for Ulta Beauty 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 Ulta Beauty at the current share price and the inputted number of shares is $13.2 billion.

RELATED COMPANIES Price Int.Val. Rating
SBH Sally Beauty H 15.44 5.74  str.sell
ELF e.l.f. Beauty 20.08 9.82  str.sell
EL Estee Lauder C 124.69 83.95  sell
RGS Regis 15.68 12.54  hold

COMPANY NEWS

▶ Opening Bell, November 8, 2017   [09:29AM  CNBC Videos]
▶ Today's Bell Ringer, November 8, 2017   [09:15AM  CNBC Videos]
▶ Ulta Beauty Inc Could Be a Breathtaking Buy   [07:00AM  InvestorPlace]
▶ Why Ulta Beauty Inc. Stock Fell 11% in October   [Nov-03-17 02:33PM  Motley Fool]
▶ Ulta Beauty: Looking Good Takes Time   [Oct-24-17 06:49PM  Barrons.com]
▶ 3 Growth Stocks for Nest-Egg Building   [Oct-21-17 10:45AM  Motley Fool]
▶ Ulta Beauty Loses Another Bull   [09:51AM  Benzinga]
▶ Ulta Beauty Still Risks Further Weakness   [09:08AM  TheStreet.com]
▶ Ulta Beauty: We Still Love You...Promise   [Oct-16-17 06:28PM  Barrons.com]
▶ Ulta Still Has One Thing That Amazon Doesn't   [Oct-13-17 10:21PM  Barrons.com]
▶ The Biggest Loser: Ulta's Blemished Beauty?   [Oct-12-17 04:39PM  Barrons.com]
▶ 3 Top Stocks You Can Buy on Sale   [08:30AM  Motley Fool]
▶ ETFs with exposure to Ulta Beauty, Inc. : October 2, 2017   [Oct-02-17 11:09AM  Capital Cube]
▶ Why Ulta Beauty, Inc. Stock Lost 12% in August   [Sep-11-17 04:35PM  Motley Fool]
▶ 3 Value Stocks for Wise Investors   [Sep-09-17 11:30AM  Motley Fool]
▶ What To Do With Retail? Follow Warren Buffett's Advice   [Sep-07-17 09:18AM  Barrons.com]
▶ Weekly Top Insider Buys Highlights   [Sep-01-17 07:56PM  GuruFocus.com]
▶ 3 Things Ulta Management Wants You to Know   [Aug-31-17 07:35PM  Motley Fool]
▶ Insight into Ulta Beautys Fiscal 2Q17 Sales Numbers   [Aug-30-17 10:36AM  Market Realist]
▶ Best Buy shares plummet with the CEOs dire warning   [Aug-29-17 01:17PM  Yahoo Finance Video]
▶ Retail And E-Commerce News And Stocks To Watch   [09:52AM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [Aug-28-17 12:42PM  Investor's Business Daily]
▶ Is Makeup Peaking?   [10:00AM  TheStreet.com]
▶ The Biggest Loser: Ulta Beauty Slumps 9.1%   [Aug-25-17 05:07PM  Barrons.com]
▶ Ulta Beauty Should Regain Its Glow   [03:56PM  Barrons.com]
▶ Ulta: Six Reasons to Run   [02:11PM  Barrons.com]
▶ Burger King launches Whoppercoin cryptocurrency   [01:53PM  Yahoo Finance Video]
▶ Ulta downgraded as beauty market slows   [09:56AM  MarketWatch]
▶ Ulta beats 2Q profit forecasts   [Aug-24-17 09:16PM  Associated Press]
▶ Big retail's next takeover target   [Aug-23-17 04:38PM  CNBC Videos]
▶ Macys Poaches EBay Exec In Management Shakeup   [Aug-21-17 06:32PM  Fortune]
Financial statements of ULTA
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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