Intrinsic value of Urban Outfitters - URBN

Previous Close

$22.94

  Intrinsic Value

$27.54

stock screener

  Rating & Target

buy

+20%

  Value-price divergence*

+27%

Previous close

$22.94

 
Intrinsic value

$27.54

 
Up/down potential

+20%

 
Rating

buy

 
Value-price divergence*

+27%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of URBN 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 2.9

 

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, %
  2.93
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,546
  3,617
  3,700
  3,795
  3,902
  4,020
  4,150
  4,291
  4,444
  4,609
  4,786
  4,975
  5,177
  5,392
  5,621
  5,863
  6,120
  6,392
  6,680
  6,984
  7,305
  7,643
  8,000
  8,377
  8,773
  9,191
  9,631
  10,093
  10,580
  11,093
  11,632
Variable operating expenses, $m
 
  3,248
  3,323
  3,408
  3,504
  3,610
  3,727
  3,854
  3,991
  4,139
  4,298
  4,468
  4,649
  4,842
  5,047
  5,265
  5,496
  5,740
  5,998
  6,271
  6,560
  6,864
  7,184
  7,522
  7,878
  8,253
  8,648
  9,064
  9,501
  9,961
  10,445
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
  3,207
  3,248
  3,323
  3,408
  3,504
  3,610
  3,727
  3,854
  3,991
  4,139
  4,298
  4,468
  4,649
  4,842
  5,047
  5,265
  5,496
  5,740
  5,998
  6,271
  6,560
  6,864
  7,184
  7,522
  7,878
  8,253
  8,648
  9,064
  9,501
  9,961
  10,445
Operating income, $m
  339
  369
  377
  387
  398
  410
  423
  438
  453
  470
  488
  507
  528
  550
  573
  598
  624
  652
  681
  712
  745
  780
  816
  854
  895
  937
  982
  1,030
  1,079
  1,131
  1,186
EBITDA, $m
  474
  507
  518
  532
  547
  563
  582
  601
  623
  646
  671
  697
  725
  756
  788
  822
  858
  896
  936
  979
  1,024
  1,071
  1,121
  1,174
  1,229
  1,288
  1,349
  1,414
  1,483
  1,554
  1,630
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  4
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  17
  18
  20
  22
  24
  26
  28
  30
  33
  35
  38
  41
  44
Earnings before tax, $m
  338
  369
  377
  386
  397
  408
  421
  434
  449
  465
  482
  500
  520
  541
  563
  586
  611
  637
  665
  694
  725
  758
  792
  828
  867
  907
  949
  994
  1,041
  1,091
  1,143
Tax expense, $m
  120
  100
  102
  104
  107
  110
  114
  117
  121
  126
  130
  135
  140
  146
  152
  158
  165
  172
  179
  187
  196
  205
  214
  224
  234
  245
  256
  268
  281
  294
  308
Net income, $m
  218
  269
  275
  282
  289
  298
  307
  317
  328
  339
  352
  365
  379
  395
  411
  428
  446
  465
  485
  507
  529
  553
  578
  605
  633
  662
  693
  726
  760
  796
  834

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  359
  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
  1,903
  1,575
  1,611
  1,652
  1,699
  1,750
  1,807
  1,868
  1,935
  2,007
  2,084
  2,166
  2,254
  2,348
  2,447
  2,553
  2,664
  2,783
  2,908
  3,040
  3,180
  3,327
  3,483
  3,647
  3,819
  4,001
  4,193
  4,394
  4,606
  4,829
  5,064
Adjusted assets (=assets-cash), $m
  1,544
  1,575
  1,611
  1,652
  1,699
  1,750
  1,807
  1,868
  1,935
  2,007
  2,084
  2,166
  2,254
  2,348
  2,447
  2,553
  2,664
  2,783
  2,908
  3,040
  3,180
  3,327
  3,483
  3,647
  3,819
  4,001
  4,193
  4,394
  4,606
  4,829
  5,064
Revenue / Adjusted assets
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.296
  2.297
  2.297
  2.297
  2.296
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
  2.297
Average production assets, $m
  866
  883
  903
  926
  952
  981
  1,013
  1,047
  1,084
  1,125
  1,168
  1,214
  1,263
  1,316
  1,371
  1,431
  1,493
  1,560
  1,630
  1,704
  1,782
  1,865
  1,952
  2,044
  2,141
  2,243
  2,350
  2,463
  2,582
  2,707
  2,838
Working capital, $m
  528
  174
  178
  182
  187
  193
  199
  206
  213
  221
  230
  239
  249
  259
  270
  281
  294
  307
  321
  335
  351
  367
  384
  402
  421
  441
  462
  484
  508
  532
  558
Total debt, $m
  0
  12
  25
  41
  59
  79
  100
  124
  149
  177
  206
  237
  271
  307
  345
  385
  428
  473
  521
  571
  625
  681
  740
  803
  869
  938
  1,012
  1,089
  1,170
  1,255
  1,344
Total liabilities, $m
  590
  602
  615
  631
  649
  669
  690
  714
  739
  767
  796
  827
  861
  897
  935
  975
  1,018
  1,063
  1,111
  1,161
  1,215
  1,271
  1,330
  1,393
  1,459
  1,528
  1,602
  1,679
  1,760
  1,845
  1,934
Total equity, $m
  1,313
  973
  996
  1,021
  1,050
  1,082
  1,117
  1,155
  1,196
  1,240
  1,288
  1,339
  1,393
  1,451
  1,512
  1,577
  1,647
  1,720
  1,797
  1,879
  1,965
  2,056
  2,152
  2,254
  2,360
  2,473
  2,591
  2,716
  2,847
  2,985
  3,130
Total liabilities and equity, $m
  1,903
  1,575
  1,611
  1,652
  1,699
  1,751
  1,807
  1,869
  1,935
  2,007
  2,084
  2,166
  2,254
  2,348
  2,447
  2,552
  2,665
  2,783
  2,908
  3,040
  3,180
  3,327
  3,482
  3,647
  3,819
  4,001
  4,193
  4,395
  4,607
  4,830
  5,064
Debt-to-equity ratio
  0.000
  0.010
  0.030
  0.040
  0.060
  0.070
  0.090
  0.110
  0.120
  0.140
  0.160
  0.180
  0.190
  0.210
  0.230
  0.240
  0.260
  0.280
  0.290
  0.300
  0.320
  0.330
  0.340
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
Adjusted equity ratio
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  218
  269
  275
  282
  289
  298
  307
  317
  328
  339
  352
  365
  379
  395
  411
  428
  446
  465
  485
  507
  529
  553
  578
  605
  633
  662
  693
  726
  760
  796
  834
Depreciation, amort., depletion, $m
  135
  138
  141
  145
  149
  153
  158
  164
  169
  176
  182
  190
  197
  206
  214
  224
  233
  244
  255
  266
  278
  291
  305
  319
  334
  350
  367
  385
  403
  423
  443
Funds from operations, $m
  455
  407
  416
  427
  438
  451
  465
  481
  497
  515
  534
  555
  577
  600
  625
  651
  679
  709
  740
  773
  808
  845
  883
  924
  967
  1,013
  1,060
  1,111
  1,163
  1,219
  1,278
Change in working capital, $m
  40
  3
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
Cash from operations, $m
  415
  404
  412
  422
  433
  445
  459
  474
  490
  507
  526
  546
  567
  590
  614
  640
  667
  696
  726
  758
  792
  828
  866
  906
  948
  992
  1,039
  1,088
  1,140
  1,194
  1,252
Maintenance CAPEX, $m
  0
  -135
  -138
  -141
  -145
  -149
  -153
  -158
  -164
  -169
  -176
  -182
  -190
  -197
  -206
  -214
  -224
  -233
  -244
  -255
  -266
  -278
  -291
  -305
  -319
  -334
  -350
  -367
  -385
  -403
  -423
New CAPEX, $m
  -144
  -17
  -20
  -23
  -26
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
Cash from investing activities, $m
  -235
  -152
  -158
  -164
  -171
  -178
  -185
  -192
  -201
  -209
  -219
  -228
  -239
  -249
  -262
  -273
  -287
  -299
  -314
  -329
  -344
  -361
  -378
  -397
  -416
  -436
  -457
  -480
  -504
  -528
  -555
Free cash flow, $m
  180
  252
  254
  258
  262
  268
  274
  281
  289
  298
  307
  317
  328
  340
  353
  366
  381
  396
  412
  430
  448
  467
  488
  509
  532
  556
  581
  608
  636
  666
  697
Issuance/(repayment) of debt, $m
  -150
  12
  14
  16
  18
  20
  22
  24
  25
  27
  29
  31
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
  90
Issuance/(repurchase) of shares, $m
  -44
  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  
  -193
  12
  14
  16
  18
  20
  22
  24
  25
  27
  29
  31
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
  90
Total cash flow (excl. dividends), $m
  -17
  263
  268
  274
  280
  287
  296
  305
  314
  325
  336
  349
  362
  376
  391
  407
  423
  441
  460
  480
  501
  523
  547
  572
  598
  626
  655
  685
  717
  751
  787
Retained Cash Flow (-), $m
  -176
  -19
  -22
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -125
  -131
  -138
  -145
Prev. year cash balance distribution, $m
 
  359
  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
 
  603
  246
  248
  251
  256
  261
  267
  273
  281
  289
  298
  307
  318
  329
  341
  354
  368
  383
  398
  415
  432
  451
  471
  491
  513
  536
  561
  586
  613
  642
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
 
  578
  225
  216
  207
  198
  189
  180
  171
  161
  151
  141
  131
  121
  111
  100
  90
  80
  70
  61
  53
  45
  37
  31
  25
  20
  16
  12
  9
  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

Urban Outfitters, Inc. is a lifestyle specialty retail company. The Company operates through two segments: Retail and Wholesale. The Company's Retail segment consists of its Urban Outfitters, Anthropologie, Free People, Terrain and Bhldn brands, whose merchandise is sold to its customers through retail stores, Websites, mobile applications, catalogs and customer contact centers. The Retail segment also includes Vetri Family, which operates restaurants under the names Amis, Alla Spina, Lo Spiedo, Pizzeria Vetri and Osteria. Its Wholesale segment consists of the Free People wholesale division that primarily designs, develops and markets young women's contemporary casual apparel and shoes through individual and chain specialty stores and department stores. The Company's Wholesale segment includes Free People-branded tops, bottoms, sweaters, dresses, intimates, shoes and activewear, which are sold through department and specialty stores around the world, and its Free People stores.

FINANCIAL RATIOS  of  Urban Outfitters (URBN)

Valuation Ratios
P/E Ratio 12.2
Price to Sales 0.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 9.8
Growth Rates
Sales Growth Rate 2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.7%
Cap. Spend. - 3 Yr. Gr. Rate -5%
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 11.7%
Ret/ On Assets - 3 Yr. Avg. 11.7%
Return On Total Capital 16.8%
Ret/ On T. Cap. - 3 Yr. Avg. 16.4%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 17.1%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 35.1%
EBITDA Margin 13.3%
EBITDA Margin - 3 Yr. Avg. 14.2%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 9.5%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate 35.5%
Eff/ Tax Rate - 3 Yr. Avg. 35.9%
Payout Ratio 0%

URBN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the URBN stock intrinsic value calculation we used $3546 million for the last fiscal year's total revenue generated by Urban Outfitters. The default revenue input number comes from 2017 income statement of Urban Outfitters. 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 URBN stock valuation model: a) initial revenue growth rate of 2% 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 URBN is calculated based on our internal credit rating of Urban Outfitters, 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 Urban Outfitters.
    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 URBN stock the variable cost ratio is equal to 89.8%.

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 URBN 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 Urban Outfitters.

Corporate tax rate of 27% is the nominal tax rate for Urban Outfitters. 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 URBN 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 URBN are equal to 24.4%.

Life of production assets of 6.4 years is the average useful life of capital assets used in Urban Outfitters 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 URBN is equal to 4.8%. 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 - $1313 million for Urban Outfitters - 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 125.347 million for Urban Outfitters 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 Urban Outfitters at the current share price and the inputted number of shares is $2.9 billion.

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GES Guess? 15.93 15.31  hold
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COMPANY NEWS

▶ A Better Dressed Urban Outfitters Might Not Be Enough   [Oct-03-17 05:34PM  Barrons.com]
▶ Urban Outfitters, Coachella settle trademark lawsuit: Report   [08:25AM  American City Business Journals]
▶ Free People drives Urban Outfitters in Q2, but analysts heed caution   [08:30AM  American City Business Journals]
▶ Company News For August 17, 2017   [09:51AM  Zacks]
▶ 3 retailers that can win in Amazon-plagued environment   [Aug-16-17 07:20PM  CNBC Videos]
▶ What Happened in the Stock Market Today   [04:59PM  Motley Fool]
▶ Urban Outfitters Leads Retail Stock Rebound   [12:26PM  The Wall Street Journal]
▶ Foot Locker: Freak Out Friday?   [12:02PM  Barrons.com]
▶ Stocks Open Higher; Home Depot, Target Lead Retail Rebound   [09:40AM  Investor's Business Daily]
▶ Urban Outfitters tops Street 2Q forecasts   [Aug-15-17 11:23PM  Associated Press]
▶ URBN Reports Q2 Results   [04:05PM  GlobeNewswire]
▶ Why Urban Outfitters, Inc. Stock Dropped Today   [Aug-10-17 04:01PM  Motley Fool]
▶ Co-founder of Vetri restaurant group leaves Urban Outfitters job   [Aug-04-17 02:32PM  American City Business Journals]
▶ Why Urban Outfitters should ready for activist investor: Report   [08:50AM  American City Business Journals]
▶ Urban Outfitters Has an Activist Aboard   [Jul-20-17 07:30PM  TheStreet.com]
▶ [$$] Will the death of US retail be the next big short?   [Jul-16-17 12:20PM  Financial Times]
▶ The D.C. area is getting a huge Anthropologie department store   [01:37PM  American City Business Journals]
▶ Retailers' Next Foe Could be the Weather   [Jul-03-17 01:56PM  Barrons.com]
▶ Urban Outfitters Refuses to Admit It Made a Mistake   [Jun-21-17 08:44AM  Motley Fool]
▶ Urban Outfitters: Don't Skirt The Apparel Issue   [Jun-15-17 01:32PM  Barrons.com]
Financial statements of URBN
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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