Intrinsic value of UniFirst - UNF

Previous Close

$153.70

  Intrinsic Value

$124.57

stock screener

  Rating & Target

hold

-19%

Previous close

$153.70

 
Intrinsic value

$124.57

 
Up/down potential

-19%

 
Rating

hold

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 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 3.1

 

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, %
  8.38
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  1,591
  1,766
  1,950
  2,142
  2,343
  2,552
  2,770
  2,997
  3,233
  3,478
  3,733
  3,997
  4,272
  4,559
  4,856
  5,165
  5,487
  5,823
  6,172
  6,536
  6,916
  7,313
  7,726
  8,158
  8,609
  9,081
  9,574
  10,090
  10,630
  11,195
  11,786
Variable operating expenses, $m
 
  1,520
  1,674
  1,835
  2,004
  2,180
  2,363
  2,553
  2,751
  2,957
  3,171
  3,355
  3,586
  3,826
  4,076
  4,336
  4,606
  4,888
  5,181
  5,487
  5,805
  6,138
  6,485
  6,848
  7,226
  7,622
  8,036
  8,469
  8,922
  9,396
  9,893
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
  1,481
  1,520
  1,674
  1,835
  2,004
  2,180
  2,363
  2,553
  2,751
  2,957
  3,171
  3,355
  3,586
  3,826
  4,076
  4,336
  4,606
  4,888
  5,181
  5,487
  5,805
  6,138
  6,485
  6,848
  7,226
  7,622
  8,036
  8,469
  8,922
  9,396
  9,893
Operating income, $m
  110
  246
  276
  306
  339
  372
  407
  444
  482
  521
  562
  642
  686
  732
  780
  830
  881
  935
  991
  1,050
  1,111
  1,175
  1,241
  1,310
  1,383
  1,459
  1,538
  1,621
  1,707
  1,798
  1,893
EBITDA, $m
  199
  331
  366
  402
  440
  479
  520
  562
  606
  652
  700
  750
  802
  855
  911
  969
  1,029
  1,092
  1,158
  1,226
  1,298
  1,372
  1,449
  1,531
  1,615
  1,704
  1,796
  1,893
  1,994
  2,100
  2,211
Interest expense (income), $m
  0
  0
  1
  3
  4
  6
  8
  9
  11
  13
  15
  17
  19
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  73
  77
Earnings before tax, $m
  115
  246
  274
  304
  334
  366
  400
  434
  470
  508
  547
  625
  667
  711
  756
  803
  853
  904
  957
  1,013
  1,071
  1,132
  1,195
  1,261
  1,330
  1,402
  1,478
  1,557
  1,639
  1,726
  1,816
Tax expense, $m
  45
  66
  74
  82
  90
  99
  108
  117
  127
  137
  148
  169
  180
  192
  204
  217
  230
  244
  259
  274
  289
  306
  323
  340
  359
  379
  399
  420
  443
  466
  490
Net income, $m
  70
  180
  200
  222
  244
  267
  292
  317
  343
  371
  399
  456
  487
  519
  552
  587
  622
  660
  699
  740
  782
  826
  872
  921
  971
  1,024
  1,079
  1,136
  1,197
  1,260
  1,326

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  350
  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
  1,819
  1,631
  1,800
  1,978
  2,163
  2,356
  2,558
  2,767
  2,985
  3,211
  3,447
  3,691
  3,945
  4,209
  4,484
  4,770
  5,067
  5,377
  5,699
  6,036
  6,386
  6,752
  7,134
  7,533
  7,950
  8,385
  8,841
  9,317
  9,815
  10,337
  10,883
Adjusted assets (=assets-cash), $m
  1,469
  1,631
  1,800
  1,978
  2,163
  2,356
  2,558
  2,767
  2,985
  3,211
  3,447
  3,691
  3,945
  4,209
  4,484
  4,770
  5,067
  5,377
  5,699
  6,036
  6,386
  6,752
  7,134
  7,533
  7,950
  8,385
  8,841
  9,317
  9,815
  10,337
  10,883
Revenue / Adjusted assets
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
Average production assets, $m
  326
  362
  400
  439
  480
  523
  568
  614
  663
  713
  765
  819
  876
  934
  995
  1,059
  1,125
  1,194
  1,265
  1,340
  1,418
  1,499
  1,584
  1,672
  1,765
  1,862
  1,963
  2,068
  2,179
  2,295
  2,416
Working capital, $m
  636
  318
  351
  386
  422
  459
  499
  539
  582
  626
  672
  720
  769
  821
  874
  930
  988
  1,048
  1,111
  1,177
  1,245
  1,316
  1,391
  1,468
  1,550
  1,635
  1,723
  1,816
  1,913
  2,015
  2,121
Total debt, $m
  0
  40
  82
  126
  173
  221
  271
  323
  377
  434
  492
  553
  616
  682
  750
  822
  896
  973
  1,053
  1,137
  1,224
  1,315
  1,410
  1,510
  1,613
  1,722
  1,835
  1,954
  2,078
  2,208
  2,344
Total liabilities, $m
  366
  406
  448
  492
  539
  587
  637
  689
  743
  800
  858
  919
  982
  1,048
  1,116
  1,188
  1,262
  1,339
  1,419
  1,503
  1,590
  1,681
  1,776
  1,876
  1,979
  2,088
  2,201
  2,320
  2,444
  2,574
  2,710
Total equity, $m
  1,453
  1,225
  1,352
  1,485
  1,625
  1,770
  1,921
  2,078
  2,242
  2,412
  2,588
  2,772
  2,963
  3,161
  3,367
  3,582
  3,805
  4,038
  4,280
  4,533
  4,796
  5,071
  5,358
  5,657
  5,970
  6,297
  6,639
  6,997
  7,371
  7,763
  8,173
Total liabilities and equity, $m
  1,819
  1,631
  1,800
  1,977
  2,164
  2,357
  2,558
  2,767
  2,985
  3,212
  3,446
  3,691
  3,945
  4,209
  4,483
  4,770
  5,067
  5,377
  5,699
  6,036
  6,386
  6,752
  7,134
  7,533
  7,949
  8,385
  8,840
  9,317
  9,815
  10,337
  10,883
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.090
  0.110
  0.120
  0.140
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.220
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.290
Adjusted equity ratio
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  180
  200
  222
  244
  267
  292
  317
  343
  371
  399
  456
  487
  519
  552
  587
  622
  660
  699
  740
  782
  826
  872
  921
  971
  1,024
  1,079
  1,136
  1,197
  1,260
  1,326
Depreciation, amort., depletion, $m
  89
  85
  90
  95
  101
  106
  112
  118
  125
  131
  138
  108
  115
  123
  131
  139
  148
  157
  166
  176
  187
  197
  208
  220
  232
  245
  258
  272
  287
  302
  318
Funds from operations, $m
  207
  265
  290
  317
  345
  374
  404
  435
  468
  502
  537
  564
  602
  642
  683
  726
  770
  817
  865
  916
  969
  1,023
  1,081
  1,141
  1,203
  1,269
  1,337
  1,408
  1,483
  1,562
  1,644
Change in working capital, $m
  -11
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  51
  54
  56
  58
  60
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  106
Cash from operations, $m
  218
  233
  257
  282
  309
  336
  365
  395
  426
  458
  492
  516
  553
  590
  629
  670
  713
  757
  803
  850
  900
  952
  1,006
  1,063
  1,122
  1,184
  1,248
  1,316
  1,386
  1,460
  1,537
Maintenance CAPEX, $m
  0
  -43
  -48
  -53
  -58
  -63
  -69
  -75
  -81
  -87
  -94
  -101
  -108
  -115
  -123
  -131
  -139
  -148
  -157
  -166
  -176
  -187
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -287
  -302
New CAPEX, $m
  -109
  -37
  -38
  -39
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
Cash from investing activities, $m
  -233
  -80
  -86
  -92
  -99
  -106
  -114
  -122
  -129
  -137
  -146
  -155
  -164
  -174
  -184
  -194
  -205
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -313
  -329
  -346
  -364
  -383
  -403
  -423
Free cash flow, $m
  -15
  154
  172
  190
  210
  230
  251
  273
  297
  321
  346
  361
  388
  416
  445
  476
  507
  540
  574
  609
  646
  684
  724
  766
  809
  855
  902
  952
  1,003
  1,057
  1,114
Issuance/(repayment) of debt, $m
  0
  40
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
Issuance/(repurchase) of shares, $m
  3
  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  
  1
  40
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
Total cash flow (excl. dividends), $m
  -11
  194
  214
  235
  256
  278
  301
  326
  351
  377
  404
  422
  452
  482
  514
  547
  581
  617
  654
  693
  733
  775
  819
  865
  913
  963
  1,016
  1,070
  1,127
  1,187
  1,250
Retained Cash Flow (-), $m
  -88
  -122
  -127
  -133
  -139
  -145
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -198
  -206
  -215
  -223
  -233
  -242
  -253
  -263
  -275
  -287
  -300
  -313
  -327
  -342
  -358
  -374
  -392
  -410
Prev. year cash balance distribution, $m
 
  350
  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
 
  422
  87
  101
  117
  133
  150
  168
  187
  207
  227
  239
  261
  284
  308
  332
  358
  384
  412
  440
  470
  501
  533
  566
  600
  636
  674
  713
  753
  796
  840
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
 
  405
  80
  88
  96
  103
  109
  114
  117
  119
  119
  113
  111
  108
  103
  98
  91
  84
  76
  68
  60
  52
  44
  37
  31
  25
  20
  15
  12
  9
  6
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 44.5
Price to Sales 2
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 28.6
Growth Rates
Sales Growth Rate 8.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.2%
Cap. Spend. - 3 Yr. Gr. Rate 3.4%
Financial Strength
Quick Ratio NaN
Current Ratio 1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 37.5%
Gross Margin - 3 Yr. Avg. 38.5%
EBITDA Margin 12.8%
EBITDA Margin - 3 Yr. Avg. 17.2%
Operating Margin 6.9%
Oper. Margin - 3 Yr. Avg. 11.5%
Pre-Tax Margin 7.2%
Pre-Tax Margin - 3 Yr. Avg. 11.6%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate 39.1%
Eff/ Tax Rate - 3 Yr. Avg. 38.6%
Payout Ratio 4.3%

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 $1591 million for the last fiscal year's total revenue generated by UniFirst. The default revenue input number comes from 2017 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% 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 86.3%.

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 20.5%.

Life of production assets of 7.6 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 18%. 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 - $1453 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 20.263 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 $3.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to UniFirst Corp. : November 14, 2017   [Nov-14-17 02:55PM  Capital Cube]
▶ ETFs with exposure to UniFirst Corp. : October 30, 2017   [Oct-30-17 12:20PM  Capital Cube]
▶ UniFirst Declares Regular Cash Dividends   [Oct-24-17 08:36AM  GlobeNewswire]
▶ UniFirst reports 4Q loss   [Oct-18-17 08:16AM  Associated Press]
▶ Cintas a 'terrific' play on job growth   [Oct-16-17 07:01PM  CNBC Videos]
▶ 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]
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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