Intrinsic value of Williams-Sonoma - WSM

Previous Close

$54.11

  Intrinsic Value

$63.49

stock screener

  Rating & Target

hold

+17%

Previous close

$54.11

 
Intrinsic value

$63.49

 
Up/down potential

+17%

 
Rating

hold

We calculate the intrinsic value of WSM 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  2.17
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  5,084
  5,303
  5,534
  5,780
  6,039
  6,313
  6,603
  6,909
  7,231
  7,571
  7,929
  8,306
  8,703
  9,121
  9,560
  10,023
  10,510
  11,022
  11,560
  12,126
  12,721
  13,346
  14,003
  14,693
  15,419
  16,181
  16,982
  17,824
  18,708
  19,636
  20,611
Variable operating expenses, $m
 
  4,783
  4,992
  5,213
  5,447
  5,694
  5,955
  6,231
  6,521
  6,828
  7,151
  7,489
  7,847
  8,223
  8,620
  9,037
  9,476
  9,937
  10,423
  10,933
  11,469
  12,033
  12,625
  13,248
  13,902
  14,589
  15,312
  16,070
  16,867
  17,704
  18,584
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
  4,611
  4,783
  4,992
  5,213
  5,447
  5,694
  5,955
  6,231
  6,521
  6,828
  7,151
  7,489
  7,847
  8,223
  8,620
  9,037
  9,476
  9,937
  10,423
  10,933
  11,469
  12,033
  12,625
  13,248
  13,902
  14,589
  15,312
  16,070
  16,867
  17,704
  18,584
Operating income, $m
  473
  520
  543
  567
  592
  619
  648
  678
  709
  743
  778
  817
  856
  897
  940
  986
  1,034
  1,084
  1,137
  1,193
  1,251
  1,313
  1,378
  1,445
  1,517
  1,592
  1,671
  1,753
  1,840
  1,932
  2,028
EBITDA, $m
  646
  700
  730
  763
  797
  833
  871
  912
  954
  999
  1,046
  1,096
  1,148
  1,204
  1,262
  1,323
  1,387
  1,454
  1,525
  1,600
  1,679
  1,761
  1,848
  1,939
  2,035
  2,135
  2,241
  2,352
  2,469
  2,591
  2,720
Interest expense (income), $m
  2
  0
  2
  4
  6
  8
  10
  13
  15
  18
  21
  24
  27
  31
  34
  38
  42
  46
  50
  55
  60
  65
  70
  75
  81
  87
  94
  101
  108
  115
  123
Earnings before tax, $m
  472
  520
  541
  563
  586
  611
  637
  665
  694
  725
  757
  793
  829
  867
  906
  948
  992
  1,038
  1,087
  1,138
  1,192
  1,248
  1,308
  1,370
  1,436
  1,504
  1,577
  1,653
  1,733
  1,816
  1,905
Tax expense, $m
  167
  140
  146
  152
  158
  165
  172
  180
  187
  196
  204
  214
  224
  234
  245
  256
  268
  280
  293
  307
  322
  337
  353
  370
  388
  406
  426
  446
  468
  490
  514
Net income, $m
  305
  379
  395
  411
  428
  446
  465
  485
  507
  529
  553
  579
  605
  633
  662
  692
  724
  758
  794
  831
  870
  911
  955
  1,000
  1,048
  1,098
  1,151
  1,207
  1,265
  1,326
  1,390

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  214
  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
  2,477
  2,360
  2,463
  2,572
  2,688
  2,810
  2,939
  3,075
  3,218
  3,369
  3,529
  3,696
  3,873
  4,059
  4,255
  4,461
  4,677
  4,905
  5,145
  5,396
  5,661
  5,939
  6,232
  6,539
  6,862
  7,201
  7,558
  7,932
  8,326
  8,739
  9,173
Adjusted assets (=assets-cash), $m
  2,263
  2,360
  2,463
  2,572
  2,688
  2,810
  2,939
  3,075
  3,218
  3,369
  3,529
  3,696
  3,873
  4,059
  4,255
  4,461
  4,677
  4,905
  5,145
  5,396
  5,661
  5,939
  6,232
  6,539
  6,862
  7,201
  7,558
  7,932
  8,326
  8,739
  9,173
Revenue / Adjusted assets
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
  2.247
Average production assets, $m
  905
  944
  985
  1,029
  1,075
  1,124
  1,175
  1,230
  1,287
  1,348
  1,411
  1,478
  1,549
  1,623
  1,702
  1,784
  1,871
  1,962
  2,058
  2,158
  2,264
  2,376
  2,493
  2,615
  2,745
  2,880
  3,023
  3,173
  3,330
  3,495
  3,669
Working capital, $m
  406
  201
  210
  220
  229
  240
  251
  263
  275
  288
  301
  316
  331
  347
  363
  381
  399
  419
  439
  461
  483
  507
  532
  558
  586
  615
  645
  677
  711
  746
  783
Total debt, $m
  0
  52
  108
  168
  230
  297
  367
  440
  518
  600
  687
  778
  874
  975
  1,081
  1,193
  1,311
  1,434
  1,565
  1,701
  1,845
  1,996
  2,155
  2,322
  2,497
  2,681
  2,875
  3,078
  3,292
  3,516
  3,752
Total liabilities, $m
  1,229
  1,281
  1,337
  1,397
  1,459
  1,526
  1,596
  1,669
  1,747
  1,829
  1,916
  2,007
  2,103
  2,204
  2,310
  2,422
  2,540
  2,663
  2,794
  2,930
  3,074
  3,225
  3,384
  3,551
  3,726
  3,910
  4,104
  4,307
  4,521
  4,745
  4,981
Total equity, $m
  1,248
  1,078
  1,126
  1,175
  1,228
  1,284
  1,343
  1,405
  1,471
  1,540
  1,613
  1,689
  1,770
  1,855
  1,944
  2,039
  2,138
  2,242
  2,351
  2,466
  2,587
  2,714
  2,848
  2,988
  3,136
  3,291
  3,454
  3,625
  3,805
  3,994
  4,192
Total liabilities and equity, $m
  2,477
  2,359
  2,463
  2,572
  2,687
  2,810
  2,939
  3,074
  3,218
  3,369
  3,529
  3,696
  3,873
  4,059
  4,254
  4,461
  4,678
  4,905
  5,145
  5,396
  5,661
  5,939
  6,232
  6,539
  6,862
  7,201
  7,558
  7,932
  8,326
  8,739
  9,173
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.140
  0.190
  0.230
  0.270
  0.310
  0.350
  0.390
  0.430
  0.460
  0.490
  0.530
  0.560
  0.590
  0.610
  0.640
  0.670
  0.690
  0.710
  0.740
  0.760
  0.780
  0.800
  0.810
  0.830
  0.850
  0.870
  0.880
  0.900
Adjusted equity ratio
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  305
  379
  395
  411
  428
  446
  465
  485
  507
  529
  553
  579
  605
  633
  662
  692
  724
  758
  794
  831
  870
  911
  955
  1,000
  1,048
  1,098
  1,151
  1,207
  1,265
  1,326
  1,390
Depreciation, amort., depletion, $m
  173
  180
  188
  196
  205
  214
  224
  234
  245
  256
  268
  279
  292
  306
  321
  337
  353
  370
  388
  407
  427
  448
  470
  493
  518
  543
  570
  599
  628
  659
  692
Funds from operations, $m
  536
  559
  582
  607
  633
  660
  689
  719
  751
  785
  821
  858
  897
  939
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,297
  1,359
  1,425
  1,494
  1,566
  1,642
  1,721
  1,805
  1,893
  1,985
  2,083
Change in working capital, $m
  11
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  22
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
Cash from operations, $m
  525
  551
  574
  598
  623
  650
  678
  708
  739
  772
  807
  844
  882
  923
  966
  1,011
  1,059
  1,109
  1,161
  1,217
  1,275
  1,336
  1,400
  1,467
  1,538
  1,613
  1,691
  1,773
  1,859
  1,950
  2,045
Maintenance CAPEX, $m
  0
  -171
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
  -254
  -266
  -279
  -292
  -306
  -321
  -337
  -353
  -370
  -388
  -407
  -427
  -448
  -470
  -493
  -518
  -543
  -570
  -599
  -628
  -659
New CAPEX, $m
  -197
  -39
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -157
  -165
  -174
Cash from investing activities, $m
  -197
  -210
  -219
  -230
  -240
  -252
  -264
  -276
  -289
  -303
  -318
  -333
  -350
  -366
  -384
  -403
  -424
  -444
  -466
  -489
  -513
  -538
  -565
  -593
  -622
  -654
  -686
  -720
  -756
  -793
  -833
Free cash flow, $m
  328
  341
  354
  368
  383
  398
  414
  432
  450
  469
  489
  510
  533
  556
  581
  608
  635
  665
  695
  728
  762
  797
  835
  874
  916
  959
  1,005
  1,053
  1,104
  1,157
  1,212
Issuance/(repayment) of debt, $m
  0
  52
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
  167
  175
  184
  194
  203
  214
  224
  236
Issuance/(repurchase) of shares, $m
  -146
  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  
  -172
  52
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
  167
  175
  184
  194
  203
  214
  224
  236
Total cash flow (excl. dividends), $m
  154
  394
  410
  427
  445
  464
  484
  505
  528
  551
  576
  601
  629
  657
  688
  720
  753
  788
  825
  864
  905
  948
  994
  1,041
  1,091
  1,143
  1,198
  1,256
  1,317
  1,381
  1,448
Retained Cash Flow (-), $m
  -50
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -134
  -140
  -148
  -155
  -163
  -171
  -180
  -189
  -198
Prev. year cash balance distribution, $m
 
  214
  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
 
  563
  363
  377
  393
  408
  425
  443
  462
  482
  503
  525
  548
  572
  598
  625
  654
  684
  716
  749
  784
  821
  860
  901
  943
  988
  1,036
  1,085
  1,137
  1,192
  1,250
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
 
  540
  333
  328
  323
  317
  309
  299
  289
  277
  264
  249
  234
  218
  201
  184
  166
  149
  132
  115
  100
  85
  71
  59
  48
  38
  30
  23
  18
  13
  9
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

Williams-Sonoma, Inc. is a multi-channel specialty retailer of products for the home. The Company operates retail stores in the United States, Canada, Puerto Rico, Australia and the United Kingdom. It operates through two segments: e-commerce and retail. The e-commerce segment has various merchandising strategies, such as Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams-Sonoma Home, Rejuvenation and Mark and Graham, which sell its products through the Company's e-commerce Websites and direct-mail catalogs. The retail segment has various merchandising strategies, such as Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm and Rejuvenation, which sell its products through the Company's retail stores. The Company franchises its brands to third parties in a number of countries in the Middle East, the Philippines and Mexico. The Company's products are also available to customers through its catalogs and online across the world.

FINANCIAL RATIOS  of  Williams-Sonoma (WSM)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 0.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 14.4
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3%
Cap. Spend. - 3 Yr. Gr. Rate 0.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 237
Management Effectiveness
Return On Assets 12.5%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 24.9%
Ret/ On T. Cap. - 3 Yr. Avg. 25.1%
Return On Equity 24.9%
Return On Equity - 3 Yr. Avg. 25.1%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 37%
Gross Margin - 3 Yr. Avg. 37.5%
EBITDA Margin 12.7%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 9.3%
Oper. Margin - 3 Yr. Avg. 9.9%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 9.9%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 35.4%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 43.9%

WSM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WSM stock intrinsic value calculation we used $5084 million for the last fiscal year's total revenue generated by Williams-Sonoma. The default revenue input number comes from 2017 income statement of Williams-Sonoma. 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 WSM stock valuation model: a) initial revenue growth rate of 4.3% 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 WSM is calculated based on our internal credit rating of Williams-Sonoma, 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 Williams-Sonoma.
    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 WSM stock the variable cost ratio is equal to 90.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WSM 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 Williams-Sonoma.

Corporate tax rate of 27% is the nominal tax rate for Williams-Sonoma. 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 WSM 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 WSM are equal to 17.8%.

Life of production assets of 5.3 years is the average useful life of capital assets used in Williams-Sonoma 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 WSM is equal to 3.8%. 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 - $1248 million for Williams-Sonoma - 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 85.687 million for Williams-Sonoma 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 Williams-Sonoma at the current share price and the inputted number of shares is $4.6 billion.

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COMPANY NEWS

▶ WEST ELM TO OPEN SECOND TORONTO LOCATION IN MIDTOWN   [Feb-13-18 09:30AM  Business Wire]
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▶ How Home Depots Valuation Multiple Compares with Peers   [Jan-23-18 09:01AM  Market Realist]
▶ Understanding Home Depots Dividend Policy   [Jan-22-18 10:32AM  Market Realist]
▶ Can Home Depot Continue Its Momentum in 2018?   [09:44AM  Market Realist]
▶ Amid union clashes, another hotel aims to set up shop in Oakland   [Jan-17-18 06:39PM  American City Business Journals]
▶ What Analysts Are Recommending for Lowes   [10:45AM  Market Realist]
▶ 10 Cheap Stocks With Growing Dividends   [06:00AM  Morningstar]
▶ Williams-Sonoma, Inc. Introduces Robin   [09:00AM  Business Wire]
▶ IIROC Trading Halt - WSM   [Jan-03-18 10:34AM  PR Newswire]
▶ What Analysts Are Recommending for Home Depot   [09:01AM  Market Realist]
▶ What Do Analysts Recommend for Lowes?   [Dec-18-17 07:34AM  Market Realist]
▶ Williams-Sonoma, Inc. declares quarterly cash dividend   [Dec-15-17 05:00PM  Business Wire]
▶ Why Did RHs Net Margin Expand in 3Q17?   [09:02AM  Market Realist]
▶ Heres What Drove RHs Revenues in 3Q17   [Dec-08-17 06:05PM  Market Realist]
▶ Leesa mattresses are now in Pottery Barn   [Dec-06-17 01:45PM  TechCrunch]
▶ Williams-Sonoma launches e-commerce sites in Canada   [Dec-05-17 08:34AM  MarketWatch]
▶ 4 Retail Stocks on Santas Naughty and Nice List   [Nov-27-17 02:01PM  InvestorPlace]
▶ Morningstar Runs the Numbers   [Nov-25-17 06:00AM  Morningstar]
▶ What Happened in the Stock Market Today   [Nov-17-17 05:02PM  Motley Fool]
▶ Williams-Sonoma to buy San Jose imaging and AR startup for $112M   [10:08AM  American City Business Journals]
▶ What Drove Home Depots Revenue in 3Q17?   [10:00AM  Market Realist]
▶ Williams-Sonoma meets 3Q profit forecasts   [04:40PM  Associated Press]
▶ Here's Why RH Is Surging Toward A Record High Today   [04:02PM  Investor's Business Daily]
▶ WEST ELM TO OPEN SAN DIEGO AREA STORE IN SOLANA BEACH   [Nov-15-17 04:35PM  Business Wire]
▶ Will Lowes 3Q17 Earnings Boost Its Stock Price?   [Nov-14-17 05:14PM  Market Realist]
▶ How Salesforce-Google will help buck Amazon   [Nov-07-17 06:58PM  CNBC Videos]
Financial statements of WSM
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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