Intrinsic value of VF - VFC

Previous Close

$63.90

  Intrinsic Value

$47.00

stock screener

  Rating & Target

sell

-26%

  Value-price divergence*

+32%

Previous close

$63.90

 
Intrinsic value

$47.00

 
Up/down potential

-26%

 
Rating

sell

 
Value-price divergence*

+32%

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

We calculate the intrinsic value of VFC 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 26.1

 

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, %
  -0.12
  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
  12,019
  12,259
  12,541
  12,864
  13,226
  13,626
  14,066
  14,545
  15,064
  15,623
  16,222
  16,864
  17,548
  18,277
  19,051
  19,873
  20,744
  21,666
  22,641
  23,671
  24,758
  25,906
  27,116
  28,392
  29,736
  31,152
  32,642
  34,211
  35,862
  37,599
  39,426
Variable operating expenses, $m
 
  10,429
  10,665
  10,935
  11,238
  11,573
  11,941
  12,342
  12,776
  13,244
  13,745
  14,111
  14,684
  15,294
  15,942
  16,630
  17,358
  18,130
  18,946
  19,808
  20,718
  21,678
  22,691
  23,758
  24,883
  26,068
  27,315
  28,628
  30,009
  31,462
  32,991
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
  10,520
  10,429
  10,665
  10,935
  11,238
  11,573
  11,941
  12,342
  12,776
  13,244
  13,745
  14,111
  14,684
  15,294
  15,942
  16,630
  17,358
  18,130
  18,946
  19,808
  20,718
  21,678
  22,691
  23,758
  24,883
  26,068
  27,315
  28,628
  30,009
  31,462
  32,991
Operating income, $m
  1,499
  1,830
  1,876
  1,929
  1,988
  2,053
  2,125
  2,203
  2,288
  2,379
  2,477
  2,752
  2,864
  2,983
  3,109
  3,244
  3,386
  3,536
  3,695
  3,863
  4,041
  4,228
  4,426
  4,634
  4,853
  5,084
  5,328
  5,584
  5,853
  6,137
  6,435
EBITDA, $m
  1,781
  2,166
  2,216
  2,272
  2,336
  2,407
  2,485
  2,570
  2,661
  2,760
  2,866
  2,979
  3,100
  3,229
  3,366
  3,511
  3,665
  3,827
  4,000
  4,182
  4,374
  4,577
  4,790
  5,016
  5,253
  5,503
  5,767
  6,044
  6,335
  6,642
  6,965
Interest expense (income), $m
  0
  71
  75
  78
  83
  87
  93
  98
  105
  112
  119
  127
  135
  144
  154
  164
  175
  186
  198
  211
  225
  239
  254
  270
  287
  305
  323
  343
  364
  385
  408
Earnings before tax, $m
  1,416
  1,759
  1,801
  1,850
  1,905
  1,966
  2,032
  2,105
  2,183
  2,267
  2,358
  2,626
  2,729
  2,839
  2,956
  3,080
  3,211
  3,350
  3,497
  3,652
  3,816
  3,989
  4,171
  4,364
  4,566
  4,780
  5,004
  5,241
  5,490
  5,751
  6,027
Tax expense, $m
  243
  475
  486
  500
  514
  531
  549
  568
  589
  612
  637
  709
  737
  766
  798
  831
  867
  904
  944
  986
  1,030
  1,077
  1,126
  1,178
  1,233
  1,291
  1,351
  1,415
  1,482
  1,553
  1,627
Net income, $m
  1,074
  1,284
  1,315
  1,351
  1,391
  1,435
  1,484
  1,537
  1,594
  1,655
  1,721
  1,917
  1,992
  2,072
  2,158
  2,248
  2,344
  2,445
  2,553
  2,666
  2,786
  2,912
  3,045
  3,186
  3,333
  3,489
  3,653
  3,826
  4,007
  4,198
  4,399

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,228
  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
  9,739
  8,682
  8,882
  9,110
  9,367
  9,650
  9,962
  10,301
  10,669
  11,064
  11,489
  11,943
  12,428
  12,944
  13,492
  14,074
  14,691
  15,344
  16,035
  16,764
  17,534
  18,347
  19,204
  20,108
  21,060
  22,062
  23,118
  24,229
  25,398
  26,628
  27,922
Adjusted assets (=assets-cash), $m
  8,511
  8,682
  8,882
  9,110
  9,367
  9,650
  9,962
  10,301
  10,669
  11,064
  11,489
  11,943
  12,428
  12,944
  13,492
  14,074
  14,691
  15,344
  16,035
  16,764
  17,534
  18,347
  19,204
  20,108
  21,060
  22,062
  23,118
  24,229
  25,398
  26,628
  27,922
Revenue / Adjusted assets
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
  1.412
Average production assets, $m
  2,346
  2,391
  2,446
  2,508
  2,579
  2,657
  2,743
  2,836
  2,937
  3,046
  3,163
  3,288
  3,422
  3,564
  3,715
  3,875
  4,045
  4,225
  4,415
  4,616
  4,828
  5,052
  5,288
  5,536
  5,799
  6,075
  6,365
  6,671
  6,993
  7,332
  7,688
Working capital, $m
  2,508
  1,594
  1,630
  1,672
  1,719
  1,771
  1,829
  1,891
  1,958
  2,031
  2,109
  2,192
  2,281
  2,376
  2,477
  2,584
  2,697
  2,817
  2,943
  3,077
  3,219
  3,368
  3,525
  3,691
  3,866
  4,050
  4,244
  4,447
  4,662
  4,888
  5,125
Total debt, $m
  2,319
  2,131
  2,237
  2,359
  2,495
  2,645
  2,811
  2,991
  3,186
  3,396
  3,622
  3,863
  4,120
  4,394
  4,685
  4,995
  5,322
  5,669
  6,035
  6,423
  6,832
  7,263
  7,718
  8,198
  8,704
  9,236
  9,797
  10,387
  11,007
  11,661
  12,348
Total liabilities, $m
  4,798
  4,610
  4,716
  4,838
  4,974
  5,124
  5,290
  5,470
  5,665
  5,875
  6,101
  6,342
  6,599
  6,873
  7,164
  7,474
  7,801
  8,148
  8,514
  8,902
  9,311
  9,742
  10,197
  10,677
  11,183
  11,715
  12,276
  12,866
  13,486
  14,140
  14,827
Total equity, $m
  4,941
  4,072
  4,166
  4,273
  4,393
  4,526
  4,672
  4,831
  5,004
  5,189
  5,388
  5,601
  5,829
  6,071
  6,328
  6,601
  6,890
  7,196
  7,520
  7,862
  8,224
  8,605
  9,007
  9,431
  9,877
  10,347
  10,842
  11,363
  11,912
  12,489
  13,095
Total liabilities and equity, $m
  9,739
  8,682
  8,882
  9,111
  9,367
  9,650
  9,962
  10,301
  10,669
  11,064
  11,489
  11,943
  12,428
  12,944
  13,492
  14,075
  14,691
  15,344
  16,034
  16,764
  17,535
  18,347
  19,204
  20,108
  21,060
  22,062
  23,118
  24,229
  25,398
  26,629
  27,922
Debt-to-equity ratio
  0.469
  0.520
  0.540
  0.550
  0.570
  0.580
  0.600
  0.620
  0.640
  0.650
  0.670
  0.690
  0.710
  0.720
  0.740
  0.760
  0.770
  0.790
  0.800
  0.820
  0.830
  0.840
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
Adjusted equity ratio
  0.439
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,074
  1,284
  1,315
  1,351
  1,391
  1,435
  1,484
  1,537
  1,594
  1,655
  1,721
  1,917
  1,992
  2,072
  2,158
  2,248
  2,344
  2,445
  2,553
  2,666
  2,786
  2,912
  3,045
  3,186
  3,333
  3,489
  3,653
  3,826
  4,007
  4,198
  4,399
Depreciation, amort., depletion, $m
  282
  336
  339
  344
  349
  354
  360
  366
  373
  381
  389
  227
  236
  246
  256
  267
  279
  291
  304
  318
  333
  348
  365
  382
  400
  419
  439
  460
  482
  506
  530
Funds from operations, $m
  1,329
  1,620
  1,655
  1,695
  1,739
  1,789
  1,844
  1,903
  1,967
  2,036
  2,110
  2,143
  2,228
  2,318
  2,414
  2,515
  2,623
  2,737
  2,857
  2,984
  3,119
  3,260
  3,410
  3,567
  3,733
  3,908
  4,092
  4,286
  4,490
  4,704
  4,930
Change in working capital, $m
  -149
  31
  37
  42
  47
  52
  57
  62
  67
  73
  78
  83
  89
  95
  101
  107
  113
  120
  127
  134
  141
  149
  157
  166
  175
  184
  194
  204
  215
  226
  237
Cash from operations, $m
  1,478
  1,588
  1,618
  1,653
  1,692
  1,737
  1,786
  1,841
  1,900
  1,964
  2,032
  2,060
  2,139
  2,223
  2,313
  2,408
  2,510
  2,617
  2,730
  2,850
  2,977
  3,111
  3,253
  3,402
  3,559
  3,724
  3,898
  4,082
  4,275
  4,478
  4,692
Maintenance CAPEX, $m
  0
  -162
  -165
  -169
  -173
  -178
  -183
  -189
  -196
  -203
  -210
  -218
  -227
  -236
  -246
  -256
  -267
  -279
  -291
  -304
  -318
  -333
  -348
  -365
  -382
  -400
  -419
  -439
  -460
  -482
  -506
New CAPEX, $m
  -220
  -45
  -55
  -63
  -71
  -78
  -86
  -93
  -101
  -109
  -117
  -125
  -133
  -142
  -151
  -160
  -170
  -180
  -190
  -201
  -212
  -224
  -236
  -249
  -262
  -276
  -291
  -306
  -322
  -339
  -356
Cash from investing activities, $m
  -112
  -207
  -220
  -232
  -244
  -256
  -269
  -282
  -297
  -312
  -327
  -343
  -360
  -378
  -397
  -416
  -437
  -459
  -481
  -505
  -530
  -557
  -584
  -614
  -644
  -676
  -710
  -745
  -782
  -821
  -862
Free cash flow, $m
  1,366
  1,381
  1,398
  1,421
  1,449
  1,481
  1,517
  1,558
  1,603
  1,652
  1,705
  1,717
  1,779
  1,845
  1,916
  1,992
  2,073
  2,158
  2,249
  2,345
  2,447
  2,554
  2,668
  2,788
  2,915
  3,048
  3,189
  3,337
  3,493
  3,657
  3,830
Issuance/(repayment) of debt, $m
  517
  92
  106
  121
  136
  151
  165
  180
  195
  210
  225
  241
  257
  274
  291
  309
  328
  347
  367
  387
  409
  432
  455
  480
  505
  532
  561
  590
  621
  653
  687
Issuance/(repurchase) of shares, $m
  -952
  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  
  -441
  92
  106
  121
  136
  151
  165
  180
  195
  210
  225
  241
  257
  274
  291
  309
  328
  347
  367
  387
  409
  432
  455
  480
  505
  532
  561
  590
  621
  653
  687
Total cash flow (excl. dividends), $m
  918
  1,474
  1,504
  1,542
  1,585
  1,632
  1,683
  1,738
  1,798
  1,862
  1,931
  1,958
  2,036
  2,119
  2,208
  2,301
  2,400
  2,505
  2,616
  2,732
  2,856
  2,986
  3,123
  3,268
  3,420
  3,580
  3,749
  3,927
  4,114
  4,310
  4,517
Retained Cash Flow (-), $m
  444
  -79
  -94
  -107
  -120
  -133
  -146
  -159
  -172
  -186
  -199
  -213
  -227
  -242
  -257
  -273
  -289
  -306
  -324
  -342
  -361
  -381
  -402
  -424
  -446
  -470
  -495
  -521
  -548
  -577
  -607
Prev. year cash balance distribution, $m
 
  948
  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
 
  2,343
  1,410
  1,435
  1,465
  1,499
  1,537
  1,579
  1,626
  1,677
  1,732
  1,745
  1,809
  1,877
  1,950
  2,028
  2,111
  2,199
  2,292
  2,390
  2,495
  2,605
  2,721
  2,844
  2,974
  3,110
  3,254
  3,406
  3,566
  3,734
  3,910
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
 
  2,246
  1,291
  1,249
  1,206
  1,162
  1,115
  1,067
  1,016
  963
  908
  829
  772
  714
  655
  595
  536
  478
  422
  368
  317
  269
  226
  186
  151
  121
  95
  73
  55
  41
  29
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

V.F. Corporation engages in the design, production, procurement, marketing, and distribution of branded lifestyle apparel, footwear, and related products in the United States and Europe. The company primarily offers outdoor apparel, footwear and equipment, youth culture/action sports-inspired footwear, handbags, luggage, backpacks, totes, accessories, surfing-inspired footwear, merino wool socks, women’s activewear, and travel accessories under the The North Face, Vans, Timberland, Kipling, Napapijri, Jansport, Reef, Smartwool, Eastpak, lucy, and Eagle Creek brands. It also provides denim, casual apparel, footwear, and accessories under the Wrangler, Lee, Lee Casuals, Riders by Lee, Rustler, Timber Creek by Wrangler, and Rock & Republic brands. In addition, the company offers occupational, protective occupational, athletic, licensed athletic, and licensed apparel products under the Red Kap, Bulwark, Horace Small, Majestic, MLB, NFL, and Harley-Davidson brands; sportswear apparel, luggage, and accessories under the Nautica brand; and handbags, luggage, backpacks, totes, and accessories under the Kipling brand. Further, it provides premium denim apparel, footwear, and accessories under the 7 For All Mankind, Splendid, and Ella Moss brands. The company sells its products primarily to specialty stores, department stores, national chains, and mass merchants, as well as sells through company operated stores, concession retail stores, and e-commerce sites. V.F. Corporation was founded in 1899 and is headquartered in Greensboro, North Carolina.

FINANCIAL RATIOS  of  VF (VFC)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 2.2
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 21
Growth Rates
Sales Growth Rate -0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30.8%
Cap. Spend. - 3 Yr. Gr. Rate -7.5%
Financial Strength
Quick Ratio 4
Current Ratio 0.2
LT Debt to Equity 41.3%
Total Debt to Equity 46.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.1%
Ret/ On Assets - 3 Yr. Avg. 11.4%
Return On Total Capital 14.8%
Ret/ On T. Cap. - 3 Yr. Avg. 15.5%
Return On Equity 20.8%
Return On Equity - 3 Yr. Avg. 20.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 48.4%
Gross Margin - 3 Yr. Avg. 48.4%
EBITDA Margin 14.1%
EBITDA Margin - 3 Yr. Avg. 15.8%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 17.2%
Eff/ Tax Rate - 3 Yr. Avg. 20.9%
Payout Ratio 59.2%

VFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VFC stock intrinsic value calculation we used $12019 million for the last fiscal year's total revenue generated by VF. The default revenue input number comes from 2016 income statement of VF. 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 VFC 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 VFC is calculated based on our internal credit rating of VF, 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 VF.
    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 VFC stock the variable cost ratio is equal to 85.1%.

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 VFC 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 VF.

Corporate tax rate of 27% is the nominal tax rate for VF. 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 VFC 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 VFC are equal to 19.5%.

Life of production assets of 14.5 years is the average useful life of capital assets used in VF 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 VFC is equal to 13%. 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 - $4941 million for VF - 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 408.859 million for VF 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 VF at the current share price and the inputted number of shares is $26.1 billion.

RELATED COMPANIES Price Int.Val. Rating
NKE Nike Cl B 58.54 36.01  sell
DFBG Differential B 1.90 2.49  buy
KSS Kohl's 37.89 46.86  buy
PVH PVH Corp. 124.16 112.57  hold
RL Ralph Lauren C 86.15 28.91  str.sell

COMPANY NEWS

▶ Company News For August 16, 2017   [10:21AM  Zacks]
▶ Company News For August 15, 2017   [10:11AM  Zacks]
▶ Asian stocks rise after Koreas, US make diplomatic overtures   [Aug-14-17 11:26PM  Associated Press]
▶ STOCKS RALLY: Here's what you need to know   [04:00PM  Business Insider]
▶ VF Corp Buys Dickies For $820 Million   [02:42PM  Fortune Videos]
▶ Dickies Gets the Job Done for VF   [11:05AM  Bloomberg]
▶ Two big calls of the day   [Aug-03-17 01:50PM  CNBC Videos]
▶ Key Consumer Sector Insights for July 2428, 2017   [Aug-01-17 11:18AM  Market Realist]
▶ VF Corporation Raises Guidance for Fiscal 2017   [Jul-27-17 10:38AM  Market Realist]
▶ What Wall Street Recommends for Hanesbrands   [07:38AM  Market Realist]
▶ V.F. beats Street 2Q forecasts   [Jul-24-17 10:09PM  Associated Press]
▶ Former VF Corp. CEO Eric Wiseman to step down as chairman   [11:55AM  American City Business Journals]
▶ Q2 Earnings From GOOGL,HAL,HAS   [11:07AM  Zacks]
▶ Story Stocks from Briefing.com   [09:55AM  Briefing.com]
▶ VF Corp. Has Broken Out on the Upside   [08:49AM  TheStreet.com]
▶ Jim Cramer Awaits VF Corp's Earnings on Monday   [Jul-23-17 06:00AM  TheStreet.com]
▶ Cramer: Are Clothing Retailers Making Nice With Amazon?   [Jul-21-17 11:33AM  TheStreet.com]
▶ [$$] China winter sports push boosts overseas outdoor brands   [Jul-16-17 05:18AM  Financial Times]
▶ Triad manufacturer taps former VF Corp. executive as new CEO   [Jul-13-17 04:50PM  American City Business Journals]
▶ How Has VFC Stock Performed?   [10:37AM  Market Realist]
▶ VFCs Earnings Likely to Drop 20% in 2Q17   [09:08AM  Market Realist]
▶ What Will Drive VFCs Top Line in Fiscal 2017?   [07:38AM  Market Realist]
▶ Why VFC Will Likely See Another Quarter of Sales Declines   [Jul-12-17 06:05PM  Market Realist]
▶ Under Armour: A Little Discipline Never Hurt Anyone   [Jun-28-17 03:23PM  Barrons.com]
▶ Under Armour bringing in new president, Plank to stay on as CEO   [Jun-27-17 08:28AM  American City Business Journals]
▶ ETFs with exposure to VF Corp. : June 15, 2017   [Jun-15-17 03:40PM  Capital Cube]
▶ 3 Dividend Aristocrats To Buy -- And 2 To Sell   [Jun-04-17 08:21AM  Forbes]
▶ Lee® Jeans Names Chris Waldeck As President   [May-31-17 09:42AM  PR Newswire]
▶ PVH Stock Rises 5% following Its 1Q17 Results   [10:37AM  Market Realist]
▶ ETFs with exposure to VF Corp. : May 26, 2017   [May-26-17 01:29PM  Capital Cube]
▶ No Change in Analyst Ratings after Gaps 1Q17 Results   [May-25-17 09:07AM  Market Realist]
▶ Gap Sees Some Margin Improvement in 1Q17: Heres Why   [May-24-17 09:08AM  Market Realist]
▶ Wall Street Analysts View on PVH Corp Is Positive   [May-23-17 07:37AM  Market Realist]
▶ PVH Corp Has Performed Well in 2017   [May-22-17 03:36PM  Market Realist]
▶ What Will Drive PVH Corps 1Q17 Top Line?   [12:16PM  Market Realist]
▶ Under Armour to start making MLB uniforms in 2019, a year earlier than planned   [May-19-17 12:20PM  American City Business Journals]
▶ Joel Greenblatt's Top 3 New Stocks for the 1st Quarter   [May-17-17 01:00PM  GuruFocus.com]
▶ ETFs with exposure to VF Corp. : May 16, 2017   [May-16-17 01:03PM  Capital Cube]
Stock chart of VFC Financial statements of VFC
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.