Intrinsic value of UniFirst - UNF

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$138.40

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$138.40

 
Intrinsic value

$101.17

 
Up/down potential

-27%

 
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 2.8

 

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
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  1,468
  1,581
  1,699
  1,821
  1,947
  2,079
  2,216
  2,359
  2,507
  2,662
  2,823
  2,991
  3,166
  3,348
  3,538
  3,737
  3,945
  4,162
  4,389
  4,626
  4,874
  5,134
  5,405
  5,690
  5,988
  6,300
  6,628
  6,971
  7,330
  7,707
  8,102
Variable operating expenses, $m
 
  1,360
  1,459
  1,562
  1,668
  1,779
  1,894
  2,014
  2,139
  2,269
  2,404
  2,513
  2,659
  2,813
  2,973
  3,140
  3,314
  3,496
  3,687
  3,886
  4,095
  4,313
  4,541
  4,780
  5,031
  5,293
  5,568
  5,856
  6,158
  6,475
  6,807
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
  1,360
  1,459
  1,562
  1,668
  1,779
  1,894
  2,014
  2,139
  2,269
  2,404
  2,513
  2,659
  2,813
  2,973
  3,140
  3,314
  3,496
  3,687
  3,886
  4,095
  4,313
  4,541
  4,780
  5,031
  5,293
  5,568
  5,856
  6,158
  6,475
  6,807
Operating income, $m
  201
  221
  239
  259
  279
  300
  322
  345
  369
  393
  419
  478
  506
  535
  566
  597
  631
  665
  702
  739
  779
  821
  864
  910
  957
  1,007
  1,060
  1,114
  1,172
  1,232
  1,295
EBITDA, $m
  283
  309
  332
  356
  381
  407
  434
  461
  490
  521
  552
  585
  619
  655
  692
  731
  772
  814
  858
  905
  953
  1,004
  1,057
  1,113
  1,171
  1,232
  1,296
  1,364
  1,434
  1,508
  1,585
Interest expense (income), $m
  1
  0
  1
  2
  3
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  47
  50
Earnings before tax, $m
  203
  221
  239
  257
  276
  296
  317
  339
  362
  385
  410
  467
  494
  522
  551
  581
  612
  645
  680
  716
  754
  793
  835
  878
  923
  971
  1,021
  1,073
  1,128
  1,185
  1,245
Tax expense, $m
  78
  60
  64
  69
  75
  80
  86
  92
  98
  104
  111
  126
  133
  141
  149
  157
  165
  174
  184
  193
  204
  214
  225
  237
  249
  262
  276
  290
  304
  320
  336
Net income, $m
  125
  161
  174
  188
  202
  216
  232
  247
  264
  281
  299
  341
  360
  381
  402
  424
  447
  471
  496
  523
  550
  579
  609
  641
  674
  709
  745
  783
  823
  865
  909

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
  1,441
  1,548
  1,660
  1,775
  1,895
  2,020
  2,150
  2,286
  2,427
  2,573
  2,726
  2,886
  3,052
  3,225
  3,407
  3,596
  3,794
  4,000
  4,217
  4,443
  4,680
  4,927
  5,187
  5,459
  5,743
  6,042
  6,354
  6,682
  7,026
  7,386
Adjusted assets (=assets-cash), $m
  1,338
  1,441
  1,548
  1,660
  1,775
  1,895
  2,020
  2,150
  2,286
  2,427
  2,573
  2,726
  2,886
  3,052
  3,225
  3,407
  3,596
  3,794
  4,000
  4,217
  4,443
  4,680
  4,927
  5,187
  5,459
  5,743
  6,042
  6,354
  6,682
  7,026
  7,386
Revenue / Adjusted assets
  1.097
  1.097
  1.098
  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
  610
  656
  703
  752
  803
  856
  911
  968
  1,028
  1,090
  1,154
  1,222
  1,292
  1,366
  1,443
  1,523
  1,606
  1,694
  1,786
  1,881
  1,982
  2,086
  2,196
  2,311
  2,432
  2,558
  2,691
  2,829
  2,975
  3,127
Working capital, $m
  625
  281
  302
  324
  347
  370
  395
  420
  446
  474
  502
  532
  563
  596
  630
  665
  702
  741
  781
  823
  868
  914
  962
  1,013
  1,066
  1,121
  1,180
  1,241
  1,305
  1,372
  1,442
Total debt, $m
  0
  26
  53
  81
  110
  141
  172
  205
  239
  275
  311
  350
  390
  432
  476
  521
  569
  619
  671
  726
  783
  842
  905
  970
  1,039
  1,110
  1,186
  1,264
  1,347
  1,433
  1,524
Total liabilities, $m
  337
  363
  390
  418
  447
  478
  509
  542
  576
  612
  648
  687
  727
  769
  813
  858
  906
  956
  1,008
  1,063
  1,120
  1,179
  1,242
  1,307
  1,376
  1,447
  1,523
  1,601
  1,684
  1,770
  1,861
Total equity, $m
  1,365
  1,078
  1,158
  1,241
  1,328
  1,418
  1,511
  1,609
  1,710
  1,815
  1,925
  2,039
  2,158
  2,283
  2,413
  2,548
  2,690
  2,838
  2,992
  3,154
  3,323
  3,500
  3,686
  3,880
  4,083
  4,296
  4,519
  4,753
  4,998
  5,255
  5,525
Total liabilities and equity, $m
  1,702
  1,441
  1,548
  1,659
  1,775
  1,896
  2,020
  2,151
  2,286
  2,427
  2,573
  2,726
  2,885
  3,052
  3,226
  3,406
  3,596
  3,794
  4,000
  4,217
  4,443
  4,679
  4,928
  5,187
  5,459
  5,743
  6,042
  6,354
  6,682
  7,025
  7,386
Debt-to-equity ratio
  0.000
  0.020
  0.050
  0.070
  0.080
  0.100
  0.110
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.200
  0.210
  0.220
  0.220
  0.230
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.270
  0.280
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
  161
  174
  188
  202
  216
  232
  247
  264
  281
  299
  341
  360
  381
  402
  424
  447
  471
  496
  523
  550
  579
  609
  641
  674
  709
  745
  783
  823
  865
  909
Depreciation, amort., depletion, $m
  82
  89
  93
  97
  102
  106
  111
  116
  122
  127
  133
  107
  113
  120
  126
  134
  141
  149
  157
  165
  174
  183
  193
  203
  214
  225
  237
  249
  262
  275
  290
Funds from operations, $m
  192
  250
  267
  285
  303
  323
  343
  364
  386
  408
  432
  448
  474
  500
  528
  558
  588
  620
  653
  688
  724
  763
  802
  844
  888
  934
  982
  1,032
  1,085
  1,140
  1,198
Change in working capital, $m
  -16
  20
  21
  22
  23
  23
  24
  25
  26
  28
  29
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  70
Cash from operations, $m
  208
  242
  246
  263
  281
  299
  319
  339
  359
  381
  403
  418
  442
  468
  494
  522
  551
  581
  613
  646
  680
  716
  754
  794
  835
  878
  924
  971
  1,021
  1,073
  1,128
Maintenance CAPEX, $m
  0
  -52
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -113
  -120
  -126
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -275
New CAPEX, $m
  -98
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -153
Cash from investing activities, $m
  -115
  -96
  -102
  -108
  -114
  -121
  -127
  -134
  -141
  -150
  -157
  -166
  -175
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -261
  -274
  -288
  -303
  -318
  -335
  -351
  -369
  -388
  -407
  -428
Free cash flow, $m
  93
  146
  144
  155
  167
  179
  191
  204
  218
  232
  246
  252
  268
  284
  301
  319
  337
  357
  377
  397
  419
  442
  466
  491
  517
  544
  572
  602
  633
  666
  700
Issuance/(repayment) of debt, $m
  -1
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
  79
  83
  87
  91
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
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
  79
  83
  87
  91
Total cash flow (excl. dividends), $m
  90
  172
  171
  183
  196
  209
  223
  237
  252
  267
  283
  291
  308
  326
  345
  365
  385
  406
  429
  452
  476
  502
  528
  556
  585
  616
  647
  681
  716
  753
  791
Retained Cash Flow (-), $m
  -123
  -77
  -80
  -83
  -87
  -90
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -124
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -269
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
 
  459
  91
  100
  109
  119
  129
  140
  151
  162
  173
  177
  189
  202
  215
  229
  243
  258
  274
  290
  307
  325
  343
  362
  382
  403
  424
  447
  471
  496
  522
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
 
  440
  83
  87
  90
  92
  94
  94
  94
  93
  91
  84
  81
  77
  72
  67
  62
  56
  50
  45
  39
  34
  28
  24
  19
  16
  12
  10
  7
  5
  4
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 22.4
Price to Sales 1.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 25.5
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 7.7% 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 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 20.361 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 $2.8 billion.


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COMPANY NEWS

▶ 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]
▶ Cintas' Strength Is "Uniform," in More Ways Than One   [Jun-17-16 09:11AM  at Motley Fool]
Stock chart of UNF 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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