Intrinsic value of Williams-Sonoma - WSM

Previous Close

$50.90

  Intrinsic Value

$62.46

stock screener

  Rating & Target

buy

+23%

Previous close

$50.90

 
Intrinsic value

$62.46

 
Up/down potential

+23%

 
Rating

buy

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

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 4.3

 

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, %
  2.17
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  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
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  5,084
  5,272
  5,474
  5,690
  5,921
  6,166
  6,427
  6,704
  6,998
  7,308
  7,637
  7,984
  8,351
  8,738
  9,146
  9,576
  10,029
  10,506
  11,009
  11,538
  12,094
  12,680
  13,296
  13,944
  14,625
  15,341
  16,094
  16,885
  17,716
  18,590
  19,508
Variable operating expenses, $m
 
  4,755
  4,937
  5,132
  5,340
  5,562
  5,797
  6,047
  6,311
  6,591
  6,888
  7,199
  7,529
  7,878
  8,246
  8,634
  9,042
  9,473
  9,926
  10,403
  10,905
  11,433
  11,988
  12,572
  13,186
  13,832
  14,511
  15,224
  15,974
  16,761
  17,589
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
  4,755
  4,937
  5,132
  5,340
  5,562
  5,797
  6,047
  6,311
  6,591
  6,888
  7,199
  7,529
  7,878
  8,246
  8,634
  9,042
  9,473
  9,926
  10,403
  10,905
  11,433
  11,988
  12,572
  13,186
  13,832
  14,511
  15,224
  15,974
  16,761
  17,589
Operating income, $m
  473
  517
  537
  558
  581
  605
  630
  658
  686
  717
  749
  785
  822
  860
  900
  942
  987
  1,034
  1,083
  1,135
  1,190
  1,247
  1,308
  1,372
  1,439
  1,509
  1,583
  1,661
  1,743
  1,829
  1,919
EBITDA, $m
  646
  696
  722
  751
  781
  814
  848
  885
  923
  964
  1,008
  1,054
  1,102
  1,153
  1,207
  1,264
  1,323
  1,386
  1,453
  1,523
  1,596
  1,673
  1,755
  1,840
  1,930
  2,024
  2,124
  2,228
  2,338
  2,453
  2,574
Interest expense (income), $m
  2
  0
  2
  3
  5
  7
  9
  11
  14
  16
  19
  22
  25
  28
  31
  34
  38
  42
  46
  50
  55
  59
  64
  69
  75
  81
  87
  93
  100
  107
  114
Earnings before tax, $m
  472
  517
  535
  555
  575
  598
  621
  646
  673
  701
  731
  764
  797
  832
  869
  908
  949
  992
  1,037
  1,085
  1,135
  1,188
  1,244
  1,302
  1,364
  1,428
  1,496
  1,568
  1,643
  1,722
  1,805
Tax expense, $m
  167
  140
  144
  150
  155
  161
  168
  174
  182
  189
  197
  206
  215
  225
  235
  245
  256
  268
  280
  293
  307
  321
  336
  352
  368
  386
  404
  423
  444
  465
  487
Net income, $m
  305
  377
  391
  405
  420
  436
  453
  472
  491
  512
  533
  558
  582
  607
  634
  663
  692
  724
  757
  792
  829
  867
  908
  951
  996
  1,043
  1,092
  1,145
  1,199
  1,257
  1,318

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
  2,346
  2,436
  2,532
  2,635
  2,744
  2,860
  2,984
  3,114
  3,253
  3,399
  3,553
  3,716
  3,889
  4,070
  4,262
  4,463
  4,676
  4,899
  5,135
  5,382
  5,643
  5,917
  6,206
  6,509
  6,827
  7,162
  7,514
  7,884
  8,273
  8,682
Adjusted assets (=assets-cash), $m
  2,263
  2,346
  2,436
  2,532
  2,635
  2,744
  2,860
  2,984
  3,114
  3,253
  3,399
  3,553
  3,716
  3,889
  4,070
  4,262
  4,463
  4,676
  4,899
  5,135
  5,382
  5,643
  5,917
  6,206
  6,509
  6,827
  7,162
  7,514
  7,884
  8,273
  8,682
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
  938
  974
  1,013
  1,054
  1,098
  1,144
  1,193
  1,246
  1,301
  1,359
  1,421
  1,486
  1,555
  1,628
  1,705
  1,785
  1,870
  1,960
  2,054
  2,153
  2,257
  2,367
  2,482
  2,603
  2,731
  2,865
  3,006
  3,154
  3,309
  3,472
Working capital, $m
  406
  200
  208
  216
  225
  234
  244
  255
  266
  278
  290
  303
  317
  332
  348
  364
  381
  399
  418
  438
  460
  482
  505
  530
  556
  583
  612
  642
  673
  706
  741
Total debt, $m
  0
  45
  94
  146
  202
  261
  324
  391
  462
  537
  617
  700
  789
  883
  981
  1,085
  1,195
  1,310
  1,431
  1,559
  1,694
  1,835
  1,984
  2,141
  2,305
  2,478
  2,660
  2,851
  3,052
  3,263
  3,485
Total liabilities, $m
  1,229
  1,274
  1,323
  1,375
  1,431
  1,490
  1,553
  1,620
  1,691
  1,766
  1,846
  1,929
  2,018
  2,112
  2,210
  2,314
  2,424
  2,539
  2,660
  2,788
  2,923
  3,064
  3,213
  3,370
  3,534
  3,707
  3,889
  4,080
  4,281
  4,492
  4,714
Total equity, $m
  1,248
  1,072
  1,113
  1,157
  1,204
  1,254
  1,307
  1,364
  1,423
  1,486
  1,553
  1,624
  1,698
  1,777
  1,860
  1,948
  2,040
  2,137
  2,239
  2,347
  2,460
  2,579
  2,704
  2,836
  2,974
  3,120
  3,273
  3,434
  3,603
  3,781
  3,968
Total liabilities and equity, $m
  2,477
  2,346
  2,436
  2,532
  2,635
  2,744
  2,860
  2,984
  3,114
  3,252
  3,399
  3,553
  3,716
  3,889
  4,070
  4,262
  4,464
  4,676
  4,899
  5,135
  5,383
  5,643
  5,917
  6,206
  6,508
  6,827
  7,162
  7,514
  7,884
  8,273
  8,682
Debt-to-equity ratio
  0.000
  0.040
  0.080
  0.130
  0.170
  0.210
  0.250
  0.290
  0.320
  0.360
  0.400
  0.430
  0.460
  0.500
  0.530
  0.560
  0.590
  0.610
  0.640
  0.660
  0.690
  0.710
  0.730
  0.750
  0.770
  0.790
  0.810
  0.830
  0.850
  0.860
  0.880
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
  377
  391
  405
  420
  436
  453
  472
  491
  512
  533
  558
  582
  607
  634
  663
  692
  724
  757
  792
  829
  867
  908
  951
  996
  1,043
  1,092
  1,145
  1,199
  1,257
  1,318
Depreciation, amort., depletion, $m
  173
  179
  186
  193
  201
  209
  218
  227
  237
  247
  258
  268
  280
  293
  307
  322
  337
  353
  370
  387
  406
  426
  447
  468
  491
  515
  541
  567
  595
  624
  655
Funds from operations, $m
  536
  556
  576
  598
  621
  645
  671
  699
  728
  759
  792
  826
  862
  901
  941
  984
  1,029
  1,077
  1,127
  1,179
  1,235
  1,293
  1,354
  1,419
  1,487
  1,558
  1,633
  1,712
  1,794
  1,881
  1,973
Change in working capital, $m
  11
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
Cash from operations, $m
  525
  549
  569
  590
  612
  636
  661
  688
  717
  747
  779
  813
  848
  886
  926
  968
  1,012
  1,059
  1,108
  1,159
  1,214
  1,271
  1,331
  1,394
  1,461
  1,531
  1,604
  1,682
  1,763
  1,848
  1,938
Maintenance CAPEX, $m
  0
  -171
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -235
  -245
  -256
  -268
  -280
  -293
  -307
  -322
  -337
  -353
  -370
  -387
  -406
  -426
  -447
  -468
  -491
  -515
  -541
  -567
  -595
  -624
New CAPEX, $m
  -197
  -33
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -110
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -163
Cash from investing activities, $m
  -197
  -204
  -213
  -222
  -232
  -243
  -253
  -265
  -277
  -290
  -303
  -318
  -333
  -349
  -366
  -384
  -403
  -422
  -442
  -464
  -486
  -510
  -536
  -562
  -589
  -618
  -649
  -682
  -715
  -751
  -787
Free cash flow, $m
  328
  345
  356
  367
  380
  393
  408
  423
  439
  457
  475
  494
  515
  537
  560
  584
  610
  637
  665
  696
  727
  760
  796
  832
  871
  912
  955
  1,000
  1,048
  1,098
  1,150
Issuance/(repayment) of debt, $m
  0
  45
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  89
  93
  99
  104
  110
  115
  121
  128
  135
  142
  149
  157
  165
  173
  182
  191
  201
  211
  222
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
  45
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  89
  93
  99
  104
  110
  115
  121
  128
  135
  142
  149
  157
  165
  173
  182
  191
  201
  211
  222
Total cash flow (excl. dividends), $m
  154
  390
  404
  420
  436
  453
  471
  490
  510
  532
  555
  578
  604
  630
  658
  688
  719
  752
  787
  823
  862
  902
  944
  989
  1,036
  1,085
  1,137
  1,191
  1,249
  1,309
  1,372
Retained Cash Flow (-), $m
  -50
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
  -169
  -178
  -187
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
 
  566
  363
  376
  389
  403
  418
  434
  451
  469
  488
  508
  529
  552
  575
  601
  627
  655
  685
  716
  748
  783
  819
  857
  897
  940
  984
  1,031
  1,080
  1,131
  1,185
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
 
  542
  333
  327
  320
  312
  303
  293
  282
  269
  256
  241
  226
  210
  193
  176
  159
  143
  126
  110
  95
  81
  68
  56
  46
  37
  29
  22
  17
  12
  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 14.6
Price to Sales 0.9
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 13.6
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 3.7% 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 85.034 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 $4.3 billion.

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COMPANY NEWS

▶ 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]
▶ WEST ELM OPENS IN HOBOKEN, NEW JERSEY OCTOBER 19   [Oct-17-17 09:00AM  Business Wire]
▶ Should You Buy Williams-Sonoma Inc (WSM) At $48.89?   [Oct-13-17 10:57AM  Simply Wall St.]
▶ Williams-Sonoma Cooks Up Quant Upgrade and Positive Charts   [Oct-10-17 05:34PM  TheStreet.com]
▶ WEST ELM TO OPEN UPSTATE NEW YORK LOCATION IN ALBANY   [Oct-03-17 09:04AM  Business Wire]
▶ 5 Holiday Buys That Yield Up To 7.4%   [Oct-01-17 09:12AM  Forbes]
▶ WILLIAMS SONOMA HOME TO OPEN STORE IN NEW YORK CITY   [Sep-25-17 09:00AM  Business Wire]
▶ Williams-Sonoma, Inc. declares quarterly cash dividend   [Sep-15-17 05:00PM  Business Wire]
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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