Intrinsic value of UniFirst - UNF

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$132.20

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$132.20

 
Intrinsic value

$105.44

 
Up/down potential

-20%

 
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 UNF 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 2.7

 

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, %
  0.75
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  1,468
  1,519
  1,575
  1,634
  1,698
  1,766
  1,839
  1,916
  1,999
  2,086
  2,178
  2,275
  2,378
  2,487
  2,602
  2,723
  2,851
  2,986
  3,127
  3,277
  3,434
  3,599
  3,773
  3,956
  4,149
  4,351
  4,564
  4,788
  5,023
  5,271
  5,530
Variable operating expenses, $m
 
  1,309
  1,355
  1,405
  1,459
  1,516
  1,577
  1,642
  1,711
  1,784
  1,862
  1,911
  1,998
  2,090
  2,186
  2,288
  2,395
  2,508
  2,627
  2,753
  2,885
  3,024
  3,170
  3,324
  3,486
  3,656
  3,835
  4,023
  4,220
  4,428
  4,646
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
  1,267
  1,309
  1,355
  1,405
  1,459
  1,516
  1,577
  1,642
  1,711
  1,784
  1,862
  1,911
  1,998
  2,090
  2,186
  2,288
  2,395
  2,508
  2,627
  2,753
  2,885
  3,024
  3,170
  3,324
  3,486
  3,656
  3,835
  4,023
  4,220
  4,428
  4,646
Operating income, $m
  201
  211
  220
  229
  239
  250
  262
  274
  287
  301
  316
  364
  380
  398
  416
  435
  456
  477
  500
  524
  549
  575
  603
  633
  663
  696
  730
  765
  803
  843
  884
EBITDA, $m
  283
  297
  308
  320
  332
  346
  360
  375
  391
  408
  426
  445
  465
  486
  509
  533
  558
  584
  612
  641
  672
  704
  738
  774
  812
  851
  893
  937
  983
  1,031
  1,082
Interest expense (income), $m
  1
  0
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
Earnings before tax, $m
  203
  211
  219
  228
  238
  248
  260
  271
  284
  297
  311
  358
  374
  390
  408
  426
  446
  466
  488
  510
  534
  560
  586
  614
  643
  674
  706
  741
  776
  814
  854
Tax expense, $m
  78
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  97
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  230
Net income, $m
  125
  154
  160
  167
  174
  181
  189
  198
  207
  217
  227
  261
  273
  285
  298
  311
  325
  340
  356
  373
  390
  409
  428
  448
  470
  492
  516
  541
  567
  594
  623

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  364
  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
  1,702
  1,385
  1,436
  1,490
  1,548
  1,610
  1,677
  1,747
  1,822
  1,901
  1,985
  2,074
  2,168
  2,267
  2,372
  2,482
  2,599
  2,722
  2,851
  2,987
  3,130
  3,281
  3,440
  3,607
  3,782
  3,967
  4,161
  4,365
  4,579
  4,805
  5,041
Adjusted assets (=assets-cash), $m
  1,338
  1,385
  1,436
  1,490
  1,548
  1,610
  1,677
  1,747
  1,822
  1,901
  1,985
  2,074
  2,168
  2,267
  2,372
  2,482
  2,599
  2,722
  2,851
  2,987
  3,130
  3,281
  3,440
  3,607
  3,782
  3,967
  4,161
  4,365
  4,579
  4,805
  5,041
Revenue / Adjusted assets
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
  1.097
Average production assets, $m
  567
  586
  608
  631
  656
  682
  710
  740
  771
  805
  841
  878
  918
  960
  1,004
  1,051
  1,100
  1,152
  1,207
  1,265
  1,325
  1,389
  1,457
  1,527
  1,602
  1,680
  1,762
  1,848
  1,939
  2,034
  2,135
Working capital, $m
  625
  270
  280
  291
  302
  314
  327
  341
  356
  371
  388
  405
  423
  443
  463
  485
  507
  531
  557
  583
  611
  641
  672
  704
  739
  775
  812
  852
  894
  938
  984
Total debt, $m
  0
  12
  25
  38
  53
  69
  85
  103
  122
  142
  163
  186
  209
  234
  261
  289
  318
  349
  381
  416
  452
  490
  530
  572
  616
  663
  712
  763
  817
  874
  933
Total liabilities, $m
  337
  349
  362
  375
  390
  406
  422
  440
  459
  479
  500
  523
  546
  571
  598
  626
  655
  686
  718
  753
  789
  827
  867
  909
  953
  1,000
  1,049
  1,100
  1,154
  1,211
  1,270
Total equity, $m
  1,365
  1,036
  1,074
  1,114
  1,158
  1,205
  1,254
  1,307
  1,363
  1,422
  1,485
  1,551
  1,622
  1,696
  1,774
  1,857
  1,944
  2,036
  2,132
  2,234
  2,341
  2,454
  2,573
  2,698
  2,829
  2,967
  3,112
  3,265
  3,425
  3,594
  3,771
Total liabilities and equity, $m
  1,702
  1,385
  1,436
  1,489
  1,548
  1,611
  1,676
  1,747
  1,822
  1,901
  1,985
  2,074
  2,168
  2,267
  2,372
  2,483
  2,599
  2,722
  2,850
  2,987
  3,130
  3,281
  3,440
  3,607
  3,782
  3,967
  4,161
  4,365
  4,579
  4,805
  5,041
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.030
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.160
  0.170
  0.180
  0.190
  0.190
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
Adjusted equity ratio
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  125
  154
  160
  167
  174
  181
  189
  198
  207
  217
  227
  261
  273
  285
  298
  311
  325
  340
  356
  373
  390
  409
  428
  448
  470
  492
  516
  541
  567
  594
  623
Depreciation, amort., depletion, $m
  82
  86
  88
  91
  93
  95
  98
  101
  104
  107
  110
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
  148
  156
  163
  171
  180
  188
  198
Funds from operations, $m
  192
  240
  248
  257
  267
  277
  287
  299
  311
  323
  337
  343
  358
  374
  391
  408
  427
  447
  468
  490
  513
  537
  563
  590
  618
  648
  679
  712
  746
  783
  821
Change in working capital, $m
  -16
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
Cash from operations, $m
  208
  244
  239
  247
  255
  264
  274
  285
  296
  308
  321
  325
  339
  354
  370
  387
  404
  423
  443
  463
  485
  508
  532
  557
  584
  612
  641
  672
  704
  739
  775
Maintenance CAPEX, $m
  0
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -156
  -163
  -171
  -180
  -188
New CAPEX, $m
  -98
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -95
  -100
Cash from investing activities, $m
  -115
  -72
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -111
  -116
  -121
  -127
  -133
  -140
  -146
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -215
  -226
  -238
  -249
  -262
  -275
  -288
Free cash flow, $m
  93
  171
  163
  167
  172
  177
  183
  189
  196
  203
  210
  210
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
  336
  351
  368
  385
  403
  422
  442
  464
  486
Issuance/(repayment) of debt, $m
  -1
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
Issuance/(repurchase) of shares, $m
  5
  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  
  -3
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
Total cash flow (excl. dividends), $m
  90
  183
  176
  181
  187
  193
  200
  207
  215
  223
  232
  232
  242
  252
  263
  275
  287
  300
  314
  328
  343
  359
  376
  394
  412
  432
  452
  474
  497
  520
  546
Retained Cash Flow (-), $m
  -123
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
  -145
  -153
  -160
  -169
  -177
Prev. year cash balance distribution, $m
 
  364
  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
 
  512
  138
  140
  143
  147
  150
  154
  159
  164
  169
  166
  172
  178
  185
  192
  200
  208
  217
  226
  236
  246
  257
  269
  281
  294
  307
  321
  336
  352
  368
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
 
  491
  126
  122
  118
  114
  109
  104
  99
  94
  89
  79
  73
  68
  62
  56
  51
  45
  40
  35
  30
  25
  21
  18
  14
  11
  9
  7
  5
  4
  3
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

UniFirst Corporation provides workplace uniforms and protective work wear clothing in the United States, Canada, and Europe. It operates through US Rental and Cleaning, Canadian Rental and Cleaning, Manufacturing, Specialty Garments Rental and Cleaning, and First Aid segments. The company designs, manufactures, personalizes, rents, cleans, delivers, and sells a range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, and aprons; and specialized protective wear, such as flame resistant and high visibility garments. It also rents and sells industrial wiping products, floor mats, facility service products, and dry and wet mops; restroom and cleaning supplies comprising air fresheners, paper products, and hand soaps; and other textile products. In addition, the company provides first aid cabinet services and other safety supplies; decontaminates and cleans work clothes, and other items that might expose to radioactive materials; and services special clean room protective wear and facilities. Further, it offers a range of garment service options, including full-service rental programs in which garments are cleaned and serviced; lease programs in which garments are cleaned and maintained by individual employees; and purchase programs to buy garments and related items directly. The company serves automobile service centers and dealers, delivery services, food and general merchandise retailers, food processors and service operations, light manufacturers, maintenance facilities, restaurants, service companies, soft and durable goods wholesalers, transportation companies, government agencies, research and development laboratories, high technology companies, and utilities operating nuclear reactors, as well as others who require employee clothing for image, identification, protection, or utility purposes. UniFirst Corporation was founded in 1936 and is based in Wilmington, Massachusetts.

FINANCIAL RATIOS  of  UniFirst (UNF)

Valuation Ratios
P/E Ratio 21.4
Price to Sales 1.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 24.3
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio NaN
Current Ratio 1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 204
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 10.2%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 38.7%
Gross Margin - 3 Yr. Avg. 38.8%
EBITDA Margin 19.5%
EBITDA Margin - 3 Yr. Avg. 19.3%
Operating Margin 13.7%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 13.8%
Pre-Tax Margin - 3 Yr. Avg. 13.9%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 38.4%
Eff/ Tax Rate - 3 Yr. Avg. 38.4%
Payout Ratio 2.4%

UNF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UNF stock intrinsic value calculation we used $1468 million for the last fiscal year's total revenue generated by UniFirst. The default revenue input number comes from 2016 income statement of UniFirst. 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 UNF stock valuation model: a) initial revenue growth rate of 3.5% 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 UNF is calculated based on our internal credit rating of UniFirst, 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 UniFirst.
    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 UNF stock the variable cost ratio is equal to 86.2%.

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 UNF 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 UniFirst.

Corporate tax rate of 27% is the nominal tax rate for UniFirst. 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 UNF 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 UNF are equal to 38.6%.

Life of production assets of 10.8 years is the average useful life of capital assets used in UniFirst 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 UNF is equal to 17.8%. 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 - $1365 million for UniFirst - 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 20.192 million for UniFirst 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 UniFirst at the current share price and the inputted number of shares is $2.7 billion.


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COMPANY NEWS

▶ TV Show Goes Behind the Scenes With UniFirst   [May-01-17 08:07AM  GlobeNewswire]
▶ ETFs with exposure to UniFirst Corp. : April 24, 2017   [Apr-24-17 02:47PM  Capital Cube]
▶ ETFs with exposure to UniFirst Corp. : April 12, 2017   [Apr-12-17 01:16PM  Capital Cube]
▶ UniFirst Declares Regular Cash Dividends   [Apr-04-17 01:53PM  GlobeNewswire]
▶ UniFirst beats Street 2Q forecasts   [08:10AM  Associated Press]
▶ UniFirst Helps Eliminate the Spring in Spring Cleaning   [Mar-28-17 08:07AM  GlobeNewswire]
▶ UniFirst Declares Regular Cash Dividends   [Jan-10-17 02:38PM  GlobeNewswire]
▶ Chuck Royce Is Overweight Industrials; Heres Why   [Dec-28-16 11:59AM  at Insider Monkey]
▶ UniFirst Wins Bronze in 2016 Best in Biz Awards   [Dec-21-16 08:11AM  GlobeNewswire]
▶ Should You Get Out of UniFirst Corp (UNF) Now? Hedge Funds Are.   [Dec-07-16 10:44PM  at Insider Monkey]
▶ UniFirst Declares Regular Cash Dividends   [Oct-24-16 02:40PM  GlobeNewswire]
▶ UniFirst Announces Acquisition of Arrow Uniform   [Sep-19-16 09:15AM  GlobeNewswire]
▶ UniFirst Ranked No. 10 Best Company to Sell For   [Sep-12-16 08:01AM  GlobeNewswire]
▶ Senator Kelly Ayotte Tours UniFirst Nashua Facility   [Sep-06-16 08:11AM  GlobeNewswire]
▶ Is Cintas' Stock Undervalued?   [Jul-16-16 11:13AM  at Motley Fool]
▶ UniFirst Declares Regular Cash Dividends   [Jul-06-16 01:45PM  GlobeNewswire]
▶ [$$] UniFirst Raises Revenue Guidance   [09:25AM  at The Wall Street Journal]
Stock chart of UNF Financial statements of UNF Annual reports of UNF
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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