Intrinsic value of Williams-Sonoma - WSM

Previous Close

$44.68

  Intrinsic Value

$58.58

stock screener

  Rating & Target

buy

+31%

  Value-price divergence*

-71%

Previous close

$44.68

 
Intrinsic value

$58.58

 
Up/down potential

+31%

 
Rating

buy

 
Value-price divergence*

-71%

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

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 3.8

 

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
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  5,084
  5,196
  5,325
  5,470
  5,632
  5,810
  6,005
  6,215
  6,443
  6,688
  6,949
  7,229
  7,527
  7,844
  8,180
  8,537
  8,914
  9,314
  9,736
  10,182
  10,652
  11,149
  11,672
  12,223
  12,804
  13,416
  14,060
  14,737
  15,450
  16,200
  16,989
Variable operating expenses, $m
 
  4,687
  4,803
  4,934
  5,080
  5,240
  5,416
  5,606
  5,811
  6,032
  6,268
  6,518
  6,786
  7,072
  7,375
  7,697
  8,037
  8,398
  8,778
  9,180
  9,605
  10,052
  10,524
  11,021
  11,545
  12,096
  12,677
  13,288
  13,930
  14,606
  15,317
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
  4,687
  4,803
  4,934
  5,080
  5,240
  5,416
  5,606
  5,811
  6,032
  6,268
  6,518
  6,786
  7,072
  7,375
  7,697
  8,037
  8,398
  8,778
  9,180
  9,605
  10,052
  10,524
  11,021
  11,545
  12,096
  12,677
  13,288
  13,930
  14,606
  15,317
Operating income, $m
  473
  509
  522
  536
  552
  570
  589
  610
  632
  656
  682
  711
  740
  772
  805
  840
  877
  916
  958
  1,002
  1,048
  1,097
  1,148
  1,202
  1,260
  1,320
  1,383
  1,450
  1,520
  1,594
  1,671
EBITDA, $m
  646
  604
  619
  635
  654
  675
  698
  722
  749
  777
  807
  840
  874
  911
  950
  992
  1,036
  1,082
  1,131
  1,183
  1,238
  1,295
  1,356
  1,420
  1,488
  1,559
  1,633
  1,712
  1,795
  1,882
  1,974
Interest expense (income), $m
  2
  0
  1
  2
  3
  5
  6
  8
  10
  11
  14
  16
  18
  21
  23
  26
  29
  32
  36
  39
  43
  47
  51
  56
  60
  65
  70
  76
  82
  88
  94
Earnings before tax, $m
  472
  509
  521
  534
  549
  565
  583
  602
  622
  644
  668
  695
  722
  751
  781
  814
  848
  884
  922
  962
  1,005
  1,050
  1,097
  1,147
  1,199
  1,254
  1,313
  1,374
  1,438
  1,506
  1,577
Tax expense, $m
  167
  137
  141
  144
  148
  153
  157
  162
  168
  174
  180
  188
  195
  203
  211
  220
  229
  239
  249
  260
  271
  283
  296
  310
  324
  339
  354
  371
  388
  407
  426
Net income, $m
  305
  372
  380
  390
  401
  412
  425
  439
  454
  470
  488
  508
  527
  548
  570
  594
  619
  645
  673
  702
  734
  766
  801
  837
  875
  916
  958
  1,003
  1,050
  1,099
  1,151

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
  2,312
  2,370
  2,434
  2,506
  2,586
  2,672
  2,766
  2,867
  2,976
  3,093
  3,217
  3,350
  3,491
  3,640
  3,799
  3,967
  4,145
  4,333
  4,531
  4,741
  4,962
  5,195
  5,440
  5,698
  5,971
  6,257
  6,559
  6,876
  7,210
  7,561
Adjusted assets (=assets-cash), $m
  2,263
  2,312
  2,370
  2,434
  2,506
  2,586
  2,672
  2,766
  2,867
  2,976
  3,093
  3,217
  3,350
  3,491
  3,640
  3,799
  3,967
  4,145
  4,333
  4,531
  4,741
  4,962
  5,195
  5,440
  5,698
  5,971
  6,257
  6,559
  6,876
  7,210
  7,561
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
  925
  948
  974
  1,003
  1,034
  1,069
  1,106
  1,147
  1,190
  1,237
  1,287
  1,340
  1,396
  1,456
  1,520
  1,587
  1,658
  1,733
  1,812
  1,896
  1,984
  2,078
  2,176
  2,279
  2,388
  2,503
  2,623
  2,750
  2,884
  3,024
Working capital, $m
  406
  197
  202
  208
  214
  221
  228
  236
  245
  254
  264
  275
  286
  298
  311
  324
  339
  354
  370
  387
  405
  424
  444
  464
  487
  510
  534
  560
  587
  616
  646
Total debt, $m
  0
  27
  58
  93
  132
  175
  222
  273
  328
  387
  450
  518
  590
  666
  748
  834
  925
  1,022
  1,124
  1,232
  1,345
  1,465
  1,592
  1,725
  1,865
  2,013
  2,169
  2,332
  2,505
  2,686
  2,876
Total liabilities, $m
  1,229
  1,256
  1,287
  1,322
  1,361
  1,404
  1,451
  1,502
  1,557
  1,616
  1,679
  1,747
  1,819
  1,895
  1,977
  2,063
  2,154
  2,251
  2,353
  2,461
  2,574
  2,694
  2,821
  2,954
  3,094
  3,242
  3,398
  3,561
  3,734
  3,915
  4,105
Total equity, $m
  1,248
  1,057
  1,083
  1,113
  1,145
  1,182
  1,221
  1,264
  1,310
  1,360
  1,413
  1,470
  1,531
  1,595
  1,664
  1,736
  1,813
  1,894
  1,980
  2,071
  2,167
  2,267
  2,374
  2,486
  2,604
  2,729
  2,860
  2,997
  3,142
  3,295
  3,455
Total liabilities and equity, $m
  2,477
  2,313
  2,370
  2,435
  2,506
  2,586
  2,672
  2,766
  2,867
  2,976
  3,092
  3,217
  3,350
  3,490
  3,641
  3,799
  3,967
  4,145
  4,333
  4,532
  4,741
  4,961
  5,195
  5,440
  5,698
  5,971
  6,258
  6,558
  6,876
  7,210
  7,560
Debt-to-equity ratio
  0.000
  0.030
  0.050
  0.080
  0.120
  0.150
  0.180
  0.220
  0.250
  0.280
  0.320
  0.350
  0.390
  0.420
  0.450
  0.480
  0.510
  0.540
  0.570
  0.590
  0.620
  0.650
  0.670
  0.690
  0.720
  0.740
  0.760
  0.780
  0.800
  0.820
  0.830
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
  372
  380
  390
  401
  412
  425
  439
  454
  470
  488
  508
  527
  548
  570
  594
  619
  645
  673
  702
  734
  766
  801
  837
  875
  916
  958
  1,003
  1,050
  1,099
  1,151
Depreciation, amort., depletion, $m
  173
  94
  97
  99
  102
  105
  109
  113
  117
  121
  126
  129
  134
  140
  146
  152
  159
  166
  173
  181
  190
  198
  208
  218
  228
  239
  250
  262
  275
  288
  302
Funds from operations, $m
  536
  466
  477
  489
  503
  518
  534
  552
  571
  591
  613
  636
  661
  688
  716
  746
  778
  811
  846
  884
  923
  965
  1,009
  1,055
  1,103
  1,155
  1,209
  1,265
  1,325
  1,388
  1,454
Change in working capital, $m
  11
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
Cash from operations, $m
  525
  462
  472
  484
  497
  511
  527
  544
  562
  582
  603
  626
  650
  676
  703
  732
  763
  796
  830
  867
  905
  946
  989
  1,034
  1,081
  1,131
  1,184
  1,239
  1,298
  1,359
  1,424
Maintenance CAPEX, $m
  0
  -91
  -92
  -95
  -97
  -100
  -103
  -107
  -111
  -115
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -173
  -181
  -190
  -198
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
New CAPEX, $m
  -197
  -20
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -133
  -140
Cash from investing activities, $m
  -197
  -111
  -115
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -182
  -190
  -200
  -209
  -219
  -230
  -241
  -252
  -265
  -278
  -291
  -306
  -321
  -337
  -354
  -371
  -389
  -408
  -428
Free cash flow, $m
  328
  352
  357
  363
  371
  379
  389
  399
  411
  424
  438
  452
  468
  485
  504
  523
  544
  566
  589
  614
  640
  668
  697
  728
  760
  795
  831
  869
  909
  951
  995
Issuance/(repayment) of debt, $m
  0
  27
  31
  35
  39
  43
  47
  51
  55
  59
  63
  68
  72
  77
  81
  86
  91
  97
  102
  108
  114
  120
  126
  133
  140
  148
  156
  164
  172
  181
  191
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
  27
  31
  35
  39
  43
  47
  51
  55
  59
  63
  68
  72
  77
  81
  86
  91
  97
  102
  108
  114
  120
  126
  133
  140
  148
  156
  164
  172
  181
  191
Total cash flow (excl. dividends), $m
  154
  378
  388
  398
  410
  422
  436
  450
  466
  483
  501
  520
  540
  562
  585
  609
  635
  663
  691
  722
  754
  788
  824
  861
  901
  942
  986
  1,032
  1,081
  1,132
  1,186
Retained Cash Flow (-), $m
  -50
  -23
  -26
  -30
  -33
  -36
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -64
  -68
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -160
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
 
  569
  362
  369
  377
  386
  396
  407
  420
  433
  448
  463
  480
  498
  517
  537
  558
  581
  606
  631
  658
  687
  717
  749
  783
  818
  855
  895
  936
  979
  1,025
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
 
  546
  331
  321
  310
  299
  288
  275
  262
  249
  235
  220
  205
  189
  173
  158
  142
  126
  112
  97
  84
  71
  59
  49
  40
  32
  25
  19
  14
  11
  8
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. operates as a multi-channel specialty retailer of various products for home. It operates through two segments, E-commerce and Retail. The company offers cooking, dining, and entertaining products, including cookware, tools, electrics, cutlery, tabletop and bar, outdoor, furniture, and a library of cookbooks under the Williams-Sonoma brand, as well as home furnishings and decorative accessories under the Williams-Sonoma Home brand; and furniture, bedding, bathroom accessories, rugs, curtains, lighting, tabletop, outdoor, and decorative accessories under the Pottery Barn brand. It also provides products designed for creating spaces where children could play, laugh, learn, and grow under the Pottery Barn Kids brand; line of furniture, bedding, lighting, decorative accents, and others for teen bedrooms, dorm rooms, study spaces, and lounges under the PBteen brand; and mixed clean lines, natural materials, and handcrafted collections under West Elm brand. In addition, the company offers a range of assortments of lighting, hardware, furniture, and home décor inspired by history under the Rejuvenation brand; and women’s and men’s accessories, small leather goods, jewelry, key item apparel, paper, entertaining and bar, home décor, and seasonal items under the Mark and Graham brand. It markets its products through e-commerce Websites, direct mail catalogs, and specialty retail stores. As of January 31, 2016, the company operated 618 stores comprising 571 stores in 43 states, Washington, D.C., and Puerto Rico; 27 stores in Canada; 19 stores in Australia; and 1 store in the United Kingdom, as well as 48 franchised stores and/or e-commerce Websites in various countries in the Middle East, the Philippines, and Mexico. Williams-Sonoma, Inc. was founded in 1956 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  Williams-Sonoma (WSM)

Valuation Ratios
P/E Ratio 12.8
Price to Sales 0.8
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 11.9
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 2.2% 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 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 10 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 84.763 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 $3.8 billion.

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COMPANY NEWS

▶ WILLIAMS SONOMA ANNOUNCES 2017 CHEFS COLLECTIVE   [Aug-11-17 09:00AM  Business Wire]
▶ 20 Undervalued, Sustainable Stocks   [06:00AM  Morningstar]
▶ WEST ELM OPENS NEW TEXAS LOCATION IN FORT WORTH AUGUST 17   [Aug-08-17 10:30AM  Business Wire]
▶ Williams Sonoma spotlights Hawaii flavors though chef Ed Kenney   [Jul-21-17 06:10PM  American City Business Journals]
▶ WEST ELM TO OPEN FIRST MAINE LOCATION IN PORTLAND JULY 27   [Jul-19-17 09:30AM  Business Wire]
▶ Williams-Sonoma: 'The Next Amazon Shoe To Drop?'   [Jul-14-17 02:20PM  Barrons.com]
▶ POTTERY BARN UNVEILS REDESIGNED STORE IN SEATTLE   [Jul-13-17 09:00AM  Business Wire]
▶ POTTERY BARN OPENS NEW STORE IN PITTSBURGH   [09:00AM  Business Wire]
▶ Here are the Prime Day deals Amazon didn't want you to see   [Jul-11-17 11:27AM  Yahoo Finance]
▶ Stocks That Fell to 3-Year Lows in the Week of July 7   [Jul-09-17 06:11PM  GuruFocus.com]
▶ POTTERY BARN UNVEILS FALL 2017 COLLECTION   [Jul-06-17 04:00PM  Business Wire]
▶ Lowes Valuation Multiple Compared to Its Peers   [Jul-04-17 07:36AM  Market Realist]
▶ Consumer Cyclical: Amazon Reshapes Retail in Real Time   [Jun-29-17 07:00AM  Morningstar]
▶ Get a sneak peek of Phoenix's first West Elm   [03:15AM  American City Business Journals]
▶ 2 Dividend Stocks to Buy With Yields Above 3%   [Jun-28-17 08:05PM  Motley Fool]
▶ Lowes Outperforms Home Depot in 1Q17 Revenue Growth   [Jun-20-17 12:06PM  Market Realist]
▶ Here are the 10 highest-paid Bay Area CEOs over the past five years   [Jun-19-17 11:50AM  American City Business Journals]
▶ Williams-Sonoma, Inc. declares quarterly cash dividend   [Jun-16-17 05:00PM  Business Wire]
▶ WEST ELM TO OPEN FIRST STORE IN PHOENIX JUNE 29   [Jun-15-17 10:30AM  Business Wire]
▶ WEST ELM WORKSPACE WITH INSCAPE WINS BIG AT NEOCON 2017   [Jun-13-17 10:30AM  Business Wire]
▶ These 2 Hated Dividend Stocks Are Buys   [09:07AM  Motley Fool]
▶ Yahoo Finance Live: Market Movers - Jun 6th, 2017   [Jun-06-17 07:20AM  Yahoo Finance Video]
▶ J. Crew CEO steps down after 14 years with fashion retailer   [Jun-05-17 08:00PM  American City Business Journals]
▶ J. Crew names James Brett as incoming CEO   [05:03PM  MarketWatch]
▶ Analysts Find Gold, Dross in Retail Stocks   [Jun-04-17 10:08AM  24/7 Wall St.]
▶ Williams-Sonoma, Inc. Delivers Another Solid Quarter   [May-25-17 05:59PM  Motley Fool]
▶ Williams-Sonoma beats 1Q profit forecasts   [04:33PM  Associated Press]
▶ Williams-Sonoma's earnings beat   [04:24PM  CNBC Videos]
▶ Rising Rates Pose Low Near-Term Risk to Home Retailers   [May-19-17 07:00AM  Morningstar]
▶ WILLIAMS SONOMA TO OPEN NEW STORE IN DALLAS   [May-12-17 09:02AM  Business Wire]
▶ Williams-Sonoma Could Be Cooking Up a Rally   [08:41AM  TheStreet.com]
▶ WILLIAMS SONOMA PRESENTS INDIE CHEFS WEEK NYC   [May-11-17 01:00PM  Business Wire]
▶ NEW WILLIAMS SONOMA OPENS IN MIAMI   [May-05-17 03:28PM  Business Wire]
▶ POTTERY BARN OPENS NEW STORE AT THE LINCOLN IN MIAMI BEACH   [May-03-17 09:00AM  Business Wire]
Stock chart of WSM 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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