Intrinsic value of Vera Bradley - VRA

Previous Close

$9.70

  Intrinsic Value

$12.99

stock screener

  Rating & Target

buy

+34%

  Value-price divergence*

+12%

Previous close

$9.70

 
Intrinsic value

$12.99

 
Up/down potential

+34%

 
Rating

buy

 
Value-price divergence*

+12%

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

We calculate the intrinsic value of VRA 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 0.3

 

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, %
  -3.38
  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
  486
  496
  507
  520
  535
  551
  569
  588
  609
  632
  656
  682
  710
  739
  770
  804
  839
  876
  916
  957
  1,001
  1,048
  1,096
  1,148
  1,202
  1,260
  1,320
  1,383
  1,450
  1,520
  1,594
Variable operating expenses, $m
 
  450
  460
  472
  485
  500
  516
  533
  552
  573
  595
  618
  644
  670
  699
  729
  761
  795
  830
  868
  908
  950
  995
  1,041
  1,091
  1,143
  1,197
  1,255
  1,315
  1,379
  1,446
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
  458
  450
  460
  472
  485
  500
  516
  533
  552
  573
  595
  618
  644
  670
  699
  729
  761
  795
  830
  868
  908
  950
  995
  1,041
  1,091
  1,143
  1,197
  1,255
  1,315
  1,379
  1,446
Operating income, $m
  28
  46
  47
  48
  50
  51
  53
  55
  57
  59
  61
  63
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
  148
EBITDA, $m
  48
  57
  58
  60
  62
  63
  65
  68
  70
  73
  76
  78
  82
  85
  89
  92
  97
  101
  105
  110
  115
  121
  126
  132
  138
  145
  152
  159
  167
  175
  183
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
Earnings before tax, $m
  28
  46
  47
  48
  50
  51
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  108
  113
  118
  123
  129
  135
  142
Tax expense, $m
  8
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
Net income, $m
  20
  34
  34
  35
  36
  37
  38
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  117
  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
  374
  262
  268
  275
  283
  291
  301
  311
  322
  334
  347
  361
  375
  391
  407
  425
  444
  463
  484
  506
  529
  554
  580
  607
  636
  666
  698
  732
  767
  804
  843
Adjusted assets (=assets-cash), $m
  257
  262
  268
  275
  283
  291
  301
  311
  322
  334
  347
  361
  375
  391
  407
  425
  444
  463
  484
  506
  529
  554
  580
  607
  636
  666
  698
  732
  767
  804
  843
Revenue / Adjusted assets
  1.891
  1.893
  1.892
  1.891
  1.890
  1.893
  1.890
  1.891
  1.891
  1.892
  1.890
  1.889
  1.893
  1.890
  1.892
  1.892
  1.890
  1.892
  1.893
  1.891
  1.892
  1.892
  1.890
  1.891
  1.890
  1.892
  1.891
  1.889
  1.890
  1.891
  1.891
Average production assets, $m
  108
  110
  112
  115
  118
  122
  126
  130
  135
  140
  145
  151
  157
  163
  170
  178
  185
  194
  202
  212
  221
  232
  242
  254
  266
  278
  292
  306
  320
  336
  352
Working capital, $m
  193
  77
  79
  81
  83
  86
  89
  92
  95
  99
  102
  106
  111
  115
  120
  125
  131
  137
  143
  149
  156
  163
  171
  179
  188
  197
  206
  216
  226
  237
  249
Total debt, $m
  0
  2
  4
  6
  9
  12
  15
  19
  23
  27
  31
  36
  41
  47
  53
  59
  65
  72
  79
  87
  95
  104
  113
  122
  133
  143
  154
  166
  178
  191
  205
Total liabilities, $m
  90
  92
  94
  96
  99
  102
  105
  109
  113
  117
  121
  126
  131
  137
  143
  149
  155
  162
  169
  177
  185
  194
  203
  212
  223
  233
  244
  256
  268
  281
  295
Total equity, $m
  284
  170
  174
  179
  184
  189
  196
  202
  209
  217
  225
  234
  244
  254
  265
  276
  288
  301
  315
  329
  344
  360
  377
  395
  413
  433
  454
  476
  498
  523
  548
Total liabilities and equity, $m
  374
  262
  268
  275
  283
  291
  301
  311
  322
  334
  346
  360
  375
  391
  408
  425
  443
  463
  484
  506
  529
  554
  580
  607
  636
  666
  698
  732
  766
  804
  843
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.040
  0.050
  0.060
  0.080
  0.090
  0.110
  0.120
  0.140
  0.150
  0.170
  0.180
  0.200
  0.210
  0.230
  0.240
  0.250
  0.260
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.370
Adjusted equity ratio
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  20
  34
  34
  35
  36
  37
  38
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
Depreciation, amort., depletion, $m
  20
  11
  11
  11
  12
  12
  13
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
Funds from operations, $m
  76
  45
  46
  47
  48
  49
  51
  53
  54
  56
  58
  61
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  121
  126
  132
  139
Change in working capital, $m
  11
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
Cash from operations, $m
  65
  43
  44
  45
  46
  47
  48
  50
  51
  53
  55
  57
  59
  61
  63
  66
  68
  71
  74
  78
  81
  85
  88
  92
  97
  101
  106
  111
  116
  121
  127
Maintenance CAPEX, $m
  0
  -11
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
New CAPEX, $m
  -21
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
Cash from investing activities, $m
  -51
  -13
  -14
  -14
  -14
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -40
  -41
  -43
  -46
  -48
  -50
Free cash flow, $m
  14
  30
  30
  31
  31
  31
  32
  33
  33
  34
  35
  36
  37
  39
  40
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  62
  65
  67
  71
  74
  77
Issuance/(repayment) of debt, $m
  0
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Issuance/(repurchase) of shares, $m
  -25
  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  
  -26
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Total cash flow (excl. dividends), $m
  -11
  32
  32
  33
  34
  34
  35
  36
  37
  38
  40
  41
  43
  44
  46
  48
  49
  51
  54
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
Retained Cash Flow (-), $m
  1
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Prev. year cash balance distribution, $m
 
  117
  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
 
  146
  29
  29
  29
  29
  29
  30
  30
  31
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  63
  65
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
 
  140
  26
  25
  24
  22
  21
  20
  19
  18
  16
  15
  14
  13
  12
  11
  9
  8
  7
  6
  5
  5
  4
  3
  3
  2
  2
  1
  1
  1
  0
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
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Vera Bradley, Inc., together with its subsidiaries, designs, manufactures, and sells handbags, accessories, and luggage and travel items for women of all ages under the Vera Bradley brand. The company offers totes, crossbodies, satchels, clutches, and backpacks bags, as well as baby bags and lunch bags; accessories, such as wallets, wristlets, eyeglass cases, jewelry, and scarves, as well as various technology accessories; and travel products comprising rolling luggage, cosmetics, and travel and packing accessories, as well as travel bags consisting of duffel and weekend bags. It also provides home products, including mugs and tumblers, as well as textiles products, such as beach towels, throw blankets, comforters, and wellness and beauty products; offers apparel/footwear, stationery, merchandising, and gift card products; and licenses its products. The company sells its products through two segments, Direct and Indirect. The Direct segment sells Vera Bradley branded products through the company’s factory outlet stores in the United States, verabradley.com, and direct-to-consumer eBay sales, as well as through its annual outlet sale in Fort Wayne, Indiana. The Indirect segment offers Vera Bradley branded products to approximately 2,600 specialty retail doors located in the United States, as well as department stores, national accounts, third party e-commerce sites, and third-party inventory liquidation. As of January 30, 2016, the company operated 110 full-line stores and 40 factory outlet stores. Vera Bradley, Inc. was founded in 1982 and is headquartered in Roanoke, Indiana.

FINANCIAL RATIOS  of  Vera Bradley (VRA)

Valuation Ratios
P/E Ratio 17.6
Price to Sales 0.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 8
Growth Rates
Sales Growth Rate -3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.2%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
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 5.3%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 10.3%
Return On Equity 7%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 56.8%
Gross Margin - 3 Yr. Avg. 55.2%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 13%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 9.2%
Pre-Tax Margin 5.8%
Pre-Tax Margin - 3 Yr. Avg. 9.2%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 0%

VRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRA stock intrinsic value calculation we used $486 million for the last fiscal year's total revenue generated by Vera Bradley. The default revenue input number comes from 2017 income statement of Vera Bradley. 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 VRA 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 VRA is calculated based on our internal credit rating of Vera Bradley, 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 Vera Bradley.
    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 VRA stock the variable cost ratio is equal to 90.7%.

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 VRA 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 Vera Bradley.

Corporate tax rate of 27% is the nominal tax rate for Vera Bradley. 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 VRA 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 VRA are equal to 22.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Vera Bradley 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 VRA is equal to 15.6%. 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 - $284 million for Vera Bradley - 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 35.006 million for Vera Bradley 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 Vera Bradley at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to Vera Bradley, Inc. : July 25, 2017   [Jul-25-17 02:04PM  Capital Cube]
▶ Vera Bradley Names John Enwright EVP, CFO   [Jul-18-17 04:00PM  GlobeNewswire]
▶ ETFs with exposure to Vera Bradley, Inc. : July 14, 2017   [Jul-14-17 05:31PM  Capital Cube]
▶ ETFs with exposure to Vera Bradley, Inc. : July 4, 2017   [Jul-04-17 03:38PM  Capital Cube]
▶ ETFs with exposure to Vera Bradley, Inc. : June 12, 2017   [Jun-12-17 02:33PM  Capital Cube]
▶ Michael Kors slides, J.Jill jumps, Apple's summer release   [May-31-17 10:28AM  Yahoo Finance Video]
▶ Vera Bradley sales miss estimates   [08:16AM  MarketWatch]
▶ Vera Bradley reports 1Q loss   [08:13AM  Associated Press]
▶ Value Shopping in Retail Isn't for the Faint of Heart   [May-22-17 10:00AM  TheStreet.com]
▶ ETFs with exposure to Vera Bradley, Inc. : May 2, 2017   [May-02-17 04:49PM  Capital Cube]
▶ ETFs with exposure to Vera Bradley, Inc. : April 17, 2017   [Apr-17-17 01:11PM  Capital Cube]
▶ A Facelift Isn't Cutting It for This Fashion Company   [Apr-15-17 06:20PM  Motley Fool]
▶ ETFs with exposure to Vera Bradley, Inc. : April 5, 2017   [Apr-05-17 05:41PM  Capital Cube]
▶ Company News for March 09, 2017   [Mar-09-17 10:10AM  Zacks]
▶ [$$] Vera Bradley Gives Downbeat Outlook for Year Ahead   [08:44AM  The Wall Street Journal]
▶ Vera Bradley Annual Sale Tickets Available February 2, 2017   [Jan-31-17 12:00PM  GlobeNewswire]
▶ Why Vera Bradley, Inc. Stock Fell 25.9% in 2016   [Jan-16-17 04:42PM  at Motley Fool]
▶ What Investors Might Have Missed in the Markets Last Week   [Dec-12-16 03:50PM  at Motley Fool]
▶ Why Vera Bradley, Inc. Stock Plunged Today   [Dec-07-16 04:27PM  at Motley Fool]
▶ [$$] Vera Bradley Shares Drop as Company Slashes Outlook   [09:22AM  at The Wall Street Journal]
▶ Can Vera Bradley Bag Millennials?   [Oct-19-16 09:45AM  at Forbes]
▶ Will Vera Bradley's Credit Card Breach Hurt Sales?   [Oct-14-16 01:23PM  at Investopedia]
▶ Vera Bradley retailer likely hacked: Report   [Oct-12-16 03:50PM  at bizjournals.com]
▶ [$$] Vera Bradley Reveals Payment-Card Hack at Retail Stores   [01:24PM  at The Wall Street Journal]
Stock chart of VRA Financial statements of VRA Annual reports of VRA
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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