Intrinsic value of UniFirst - UNF

Previous Close

$145.30

  Intrinsic Value

$96.66

stock screener

  Rating & Target

sell

-33%

  Value-price divergence*

-25%

Previous close

$145.30

 
Intrinsic value

$96.66

 
Up/down potential

-33%

 
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 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 2.9

 

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
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  1,468
  1,635
  1,811
  1,996
  2,189
  2,390
  2,600
  2,818
  3,045
  3,282
  3,527
  3,782
  4,047
  4,323
  4,609
  4,907
  5,217
  5,540
  5,876
  6,226
  6,591
  6,972
  7,370
  7,785
  8,218
  8,671
  9,144
  9,639
  10,157
  10,699
  11,266
Variable operating expenses, $m
 
  1,406
  1,554
  1,709
  1,871
  2,040
  2,216
  2,400
  2,591
  2,789
  2,995
  3,177
  3,400
  3,632
  3,872
  4,123
  4,383
  4,654
  4,937
  5,231
  5,538
  5,858
  6,191
  6,540
  6,904
  7,285
  7,682
  8,098
  8,533
  8,989
  9,465
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
  1,406
  1,554
  1,709
  1,871
  2,040
  2,216
  2,400
  2,591
  2,789
  2,995
  3,177
  3,400
  3,632
  3,872
  4,123
  4,383
  4,654
  4,937
  5,231
  5,538
  5,858
  6,191
  6,540
  6,904
  7,285
  7,682
  8,098
  8,533
  8,989
  9,465
Operating income, $m
  201
  229
  257
  287
  318
  350
  384
  418
  455
  493
  532
  605
  647
  691
  737
  784
  834
  886
  939
  995
  1,054
  1,115
  1,178
  1,244
  1,314
  1,386
  1,462
  1,541
  1,624
  1,710
  1,801
EBITDA, $m
  283
  320
  354
  390
  428
  468
  509
  551
  596
  642
  690
  740
  792
  846
  902
  960
  1,021
  1,084
  1,149
  1,218
  1,289
  1,364
  1,442
  1,523
  1,607
  1,696
  1,789
  1,886
  1,987
  2,093
  2,204
Interest expense (income), $m
  1
  0
  1
  3
  4
  6
  7
  9
  11
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  74
Earnings before tax, $m
  203
  229
  256
  284
  314
  344
  376
  409
  444
  480
  517
  588
  628
  670
  714
  759
  806
  855
  907
  960
  1,015
  1,073
  1,134
  1,197
  1,263
  1,332
  1,404
  1,479
  1,558
  1,641
  1,727
Tax expense, $m
  78
  62
  69
  77
  85
  93
  102
  111
  120
  130
  140
  159
  170
  181
  193
  205
  218
  231
  245
  259
  274
  290
  306
  323
  341
  360
  379
  399
  421
  443
  466
Net income, $m
  125
  167
  187
  207
  229
  251
  275
  299
  324
  350
  378
  429
  459
  489
  521
  554
  589
  625
  662
  701
  741
  784
  828
  874
  922
  972
  1,025
  1,080
  1,137
  1,198
  1,261

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
  1,491
  1,651
  1,819
  1,995
  2,179
  2,370
  2,569
  2,776
  2,991
  3,215
  3,448
  3,689
  3,940
  4,202
  4,473
  4,756
  5,050
  5,356
  5,676
  6,009
  6,356
  6,718
  7,096
  7,491
  7,904
  8,336
  8,787
  9,259
  9,753
  10,270
Adjusted assets (=assets-cash), $m
  1,338
  1,491
  1,651
  1,819
  1,995
  2,179
  2,370
  2,569
  2,776
  2,991
  3,215
  3,448
  3,689
  3,940
  4,202
  4,473
  4,756
  5,050
  5,356
  5,676
  6,009
  6,356
  6,718
  7,096
  7,491
  7,904
  8,336
  8,787
  9,259
  9,753
  10,270
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
  631
  699
  770
  845
  923
  1,004
  1,088
  1,176
  1,267
  1,361
  1,460
  1,562
  1,669
  1,779
  1,894
  2,014
  2,138
  2,268
  2,403
  2,544
  2,691
  2,845
  3,005
  3,172
  3,347
  3,530
  3,721
  3,921
  4,130
  4,349
Working capital, $m
  625
  291
  322
  355
  390
  425
  463
  502
  542
  584
  628
  673
  720
  769
  820
  873
  929
  986
  1,046
  1,108
  1,173
  1,241
  1,312
  1,386
  1,463
  1,543
  1,628
  1,716
  1,808
  1,904
  2,005
Total debt, $m
  0
  39
  79
  121
  166
  212
  260
  310
  363
  417
  473
  532
  593
  656
  722
  790
  861
  936
  1,013
  1,093
  1,177
  1,265
  1,356
  1,451
  1,551
  1,655
  1,764
  1,877
  1,996
  2,121
  2,251
Total liabilities, $m
  337
  376
  416
  458
  503
  549
  597
  647
  700
  754
  810
  869
  930
  993
  1,059
  1,127
  1,198
  1,273
  1,350
  1,430
  1,514
  1,602
  1,693
  1,788
  1,888
  1,992
  2,101
  2,214
  2,333
  2,458
  2,588
Total equity, $m
  1,365
  1,115
  1,235
  1,361
  1,492
  1,630
  1,773
  1,922
  2,077
  2,238
  2,405
  2,579
  2,760
  2,947
  3,143
  3,346
  3,557
  3,777
  4,007
  4,245
  4,494
  4,754
  5,025
  5,308
  5,604
  5,912
  6,235
  6,573
  6,926
  7,295
  7,682
Total liabilities and equity, $m
  1,702
  1,491
  1,651
  1,819
  1,995
  2,179
  2,370
  2,569
  2,777
  2,992
  3,215
  3,448
  3,690
  3,940
  4,202
  4,473
  4,755
  5,050
  5,357
  5,675
  6,008
  6,356
  6,718
  7,096
  7,492
  7,904
  8,336
  8,787
  9,259
  9,753
  10,270
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.090
  0.110
  0.130
  0.150
  0.160
  0.170
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
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
  167
  187
  207
  229
  251
  275
  299
  324
  350
  378
  429
  459
  489
  521
  554
  589
  625
  662
  701
  741
  784
  828
  874
  922
  972
  1,025
  1,080
  1,137
  1,198
  1,261
Depreciation, amort., depletion, $m
  82
  91
  97
  103
  110
  118
  125
  133
  141
  149
  158
  135
  145
  154
  165
  175
  186
  198
  210
  223
  236
  249
  263
  278
  294
  310
  327
  345
  363
  382
  403
Funds from operations, $m
  192
  258
  284
  311
  339
  369
  400
  432
  465
  500
  536
  564
  603
  644
  686
  730
  775
  823
  872
  923
  977
  1,033
  1,091
  1,152
  1,216
  1,282
  1,352
  1,424
  1,500
  1,580
  1,663
Change in working capital, $m
  -16
  30
  31
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
Cash from operations, $m
  208
  228
  252
  278
  305
  333
  362
  393
  425
  458
  492
  519
  556
  595
  635
  677
  720
  765
  812
  861
  912
  965
  1,020
  1,078
  1,139
  1,202
  1,267
  1,336
  1,408
  1,484
  1,562
Maintenance CAPEX, $m
  0
  -52
  -58
  -65
  -71
  -78
  -85
  -93
  -101
  -109
  -117
  -126
  -135
  -145
  -154
  -165
  -175
  -186
  -198
  -210
  -223
  -236
  -249
  -263
  -278
  -294
  -310
  -327
  -345
  -363
  -382
New CAPEX, $m
  -98
  -65
  -68
  -71
  -74
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
Cash from investing activities, $m
  -115
  -117
  -126
  -136
  -145
  -156
  -166
  -177
  -189
  -200
  -212
  -224
  -237
  -251
  -265
  -280
  -295
  -311
  -328
  -345
  -364
  -383
  -402
  -423
  -445
  -469
  -493
  -518
  -545
  -572
  -601
Free cash flow, $m
  93
  111
  126
  142
  159
  177
  196
  216
  236
  258
  280
  295
  319
  344
  370
  397
  425
  454
  484
  516
  548
  582
  618
  655
  693
  733
  775
  818
  864
  911
  961
Issuance/(repayment) of debt, $m
  -1
  39
  40
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  124
  130
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
  39
  40
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  124
  130
Total cash flow (excl. dividends), $m
  90
  150
  167
  184
  203
  223
  244
  266
  288
  312
  336
  353
  380
  407
  436
  465
  496
  528
  561
  596
  632
  670
  709
  750
  793
  837
  884
  932
  983
  1,036
  1,091
Retained Cash Flow (-), $m
  -123
  -114
  -120
  -126
  -132
  -137
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -220
  -229
  -239
  -249
  -260
  -271
  -283
  -296
  -309
  -323
  -338
  -353
  -369
  -387
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
 
  400
  47
  59
  72
  86
  101
  117
  133
  151
  169
  179
  199
  219
  240
  262
  285
  308
  332
  357
  383
  410
  438
  467
  497
  528
  561
  595
  630
  666
  705
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
 
  383
  43
  51
  59
  67
  73
  79
  83
  87
  89
  85
  85
  83
  81
  77
  72
  67
  61
  55
  49
  42
  36
  31
  25
  21
  16
  13
  10
  7
  5
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 is a provider of workplace uniforms and protective work wear clothing in the United States. 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, aprons and specialized protective wear, such as flame resistant and high visibility garments. It operates in six segments: the US Rental and Cleaning, Canadian Rental and Cleaning, Manufacturing (MFG), Specialty Garments Rental and Cleaning (Specialty Garments), First Aid and Corporate. The Company also rents and sells industrial wiping products, floor mats, facility service products and other non-garment items, and provides restroom and cleaning supplies and first aid cabinet services, and other safety supplies. It also decontaminates and cleans work clothes, which has been exposed to radioactive materials and service special cleanroom protective wear and facilities.

FINANCIAL RATIOS  of  UniFirst (UNF)

Valuation Ratios
P/E Ratio 23.6
Price to Sales 2
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 26.8
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 11.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for 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 20.138 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 $2.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to UniFirst Corp. : August 4, 2017   [Aug-03-17 09:36PM  Capital Cube]
▶ UniFirst names new CEO following death of Ronald Croatti in May   [Aug-01-17 09:53AM  American City Business Journals]
▶ [$$] UniFirst Names Steven Sintros CEO   [Jul-31-17 09:52AM  The Wall Street Journal]
▶ ETFs with exposure to UniFirst Corp. : July 10, 2017   [Jul-10-17 03:26PM  Capital Cube]
▶ UniFirst beats Street 3Q forecasts   [Jun-28-17 09:54PM  Associated Press]
▶ UniFirst Corp. Value Analysis (NYSE:UNF) : June 9, 2017   [Jun-09-17 02:25PM  Capital Cube]
▶ UniFirst Appoints Executive Management Committee   [Jun-01-17 08:00AM  GlobeNewswire]
▶ 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]
Financial statements 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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