Intrinsic value of Wolverine World Wide - WWW

Previous Close

$27.99

  Intrinsic Value

$18.11

stock screener

  Rating & Target

sell

-35%

  Value-price divergence*

-72%

Previous close

$27.99

 
Intrinsic value

$18.11

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence*

-72%

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

We calculate the intrinsic value of WWW 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 2.7

 

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, %
  -7.32
  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
  2,495
  2,545
  2,603
  2,670
  2,745
  2,829
  2,920
  3,019
  3,127
  3,243
  3,368
  3,501
  3,643
  3,794
  3,955
  4,125
  4,306
  4,498
  4,700
  4,914
  5,140
  5,378
  5,629
  5,894
  6,173
  6,467
  6,776
  7,102
  7,445
  7,805
  8,184
Variable operating expenses, $m
 
  1,793
  1,834
  1,880
  1,931
  1,989
  2,051
  2,120
  2,194
  2,274
  2,359
  2,408
  2,506
  2,610
  2,721
  2,838
  2,963
  3,094
  3,234
  3,381
  3,536
  3,700
  3,873
  4,055
  4,247
  4,449
  4,662
  4,886
  5,122
  5,370
  5,631
Fixed operating expenses, $m
 
  623
  639
  655
  671
  688
  705
  723
  741
  759
  778
  798
  818
  838
  859
  881
  903
  925
  948
  972
  996
  1,021
  1,047
  1,073
  1,100
  1,127
  1,155
  1,184
  1,214
  1,244
  1,275
Total operating expenses, $m
  2,353
  2,416
  2,473
  2,535
  2,602
  2,677
  2,756
  2,843
  2,935
  3,033
  3,137
  3,206
  3,324
  3,448
  3,580
  3,719
  3,866
  4,019
  4,182
  4,353
  4,532
  4,721
  4,920
  5,128
  5,347
  5,576
  5,817
  6,070
  6,336
  6,614
  6,906
Operating income, $m
  142
  128
  131
  136
  143
  152
  164
  177
  192
  210
  230
  294
  319
  346
  375
  407
  441
  478
  518
  561
  607
  657
  710
  766
  826
  890
  959
  1,031
  1,109
  1,191
  1,278
EBITDA, $m
  186
  202
  205
  211
  219
  229
  241
  256
  273
  292
  313
  337
  363
  392
  423
  457
  493
  533
  575
  621
  670
  722
  778
  838
  901
  969
  1,041
  1,118
  1,199
  1,286
  1,378
Interest expense (income), $m
  34
  33
  34
  35
  37
  39
  41
  43
  45
  48
  51
  54
  57
  60
  64
  68
  72
  76
  81
  86
  91
  96
  102
  108
  114
  121
  128
  135
  143
  152
  160
Earnings before tax, $m
  111
  96
  97
  101
  106
  113
  123
  134
  147
  162
  179
  241
  262
  285
  311
  339
  369
  402
  437
  475
  516
  560
  608
  658
  712
  769
  831
  896
  965
  1,039
  1,118
Tax expense, $m
  23
  26
  26
  27
  29
  31
  33
  36
  40
  44
  48
  65
  71
  77
  84
  91
  100
  108
  118
  128
  139
  151
  164
  178
  192
  208
  224
  242
  261
  281
  302
Net income, $m
  88
  70
  71
  73
  77
  83
  90
  98
  107
  118
  131
  176
  191
  208
  227
  247
  269
  293
  319
  347
  377
  409
  444
  480
  520
  562
  606
  654
  705
  759
  816

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  370
  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
  2,432
  2,103
  2,152
  2,207
  2,269
  2,338
  2,413
  2,495
  2,584
  2,680
  2,783
  2,893
  3,011
  3,136
  3,268
  3,409
  3,559
  3,717
  3,884
  4,061
  4,248
  4,444
  4,652
  4,871
  5,102
  5,344
  5,600
  5,869
  6,153
  6,450
  6,764
Adjusted assets (=assets-cash), $m
  2,062
  2,103
  2,152
  2,207
  2,269
  2,338
  2,413
  2,495
  2,584
  2,680
  2,783
  2,893
  3,011
  3,136
  3,268
  3,409
  3,559
  3,717
  3,884
  4,061
  4,248
  4,444
  4,652
  4,871
  5,102
  5,344
  5,600
  5,869
  6,153
  6,450
  6,764
Revenue / Adjusted assets
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
Average production assets, $m
  912
  929
  950
  975
  1,002
  1,032
  1,066
  1,102
  1,141
  1,184
  1,229
  1,278
  1,330
  1,385
  1,444
  1,506
  1,572
  1,642
  1,715
  1,794
  1,876
  1,963
  2,055
  2,151
  2,253
  2,360
  2,473
  2,592
  2,717
  2,849
  2,987
Working capital, $m
  697
  374
  383
  393
  404
  416
  429
  444
  460
  477
  495
  515
  535
  558
  581
  606
  633
  661
  691
  722
  756
  791
  827
  866
  907
  951
  996
  1,044
  1,094
  1,147
  1,203
Total debt, $m
  821
  809
  843
  881
  924
  971
  1,024
  1,080
  1,142
  1,208
  1,279
  1,355
  1,436
  1,523
  1,614
  1,712
  1,815
  1,924
  2,040
  2,162
  2,291
  2,427
  2,571
  2,722
  2,881
  3,049
  3,226
  3,412
  3,607
  3,813
  4,030
Total liabilities, $m
  1,465
  1,453
  1,487
  1,525
  1,568
  1,615
  1,668
  1,724
  1,786
  1,852
  1,923
  1,999
  2,080
  2,167
  2,258
  2,356
  2,459
  2,568
  2,684
  2,806
  2,935
  3,071
  3,215
  3,366
  3,525
  3,693
  3,870
  4,056
  4,251
  4,457
  4,674
Total equity, $m
  967
  650
  665
  682
  701
  722
  746
  771
  799
  828
  860
  894
  930
  969
  1,010
  1,054
  1,100
  1,149
  1,200
  1,255
  1,313
  1,373
  1,437
  1,505
  1,576
  1,651
  1,730
  1,814
  1,901
  1,993
  2,090
Total liabilities and equity, $m
  2,432
  2,103
  2,152
  2,207
  2,269
  2,337
  2,414
  2,495
  2,585
  2,680
  2,783
  2,893
  3,010
  3,136
  3,268
  3,410
  3,559
  3,717
  3,884
  4,061
  4,248
  4,444
  4,652
  4,871
  5,101
  5,344
  5,600
  5,870
  6,152
  6,450
  6,764
Debt-to-equity ratio
  0.849
  1.250
  1.270
  1.290
  1.320
  1.340
  1.370
  1.400
  1.430
  1.460
  1.490
  1.520
  1.540
  1.570
  1.600
  1.620
  1.650
  1.680
  1.700
  1.720
  1.750
  1.770
  1.790
  1.810
  1.830
  1.850
  1.860
  1.880
  1.900
  1.910
  1.930
Adjusted equity ratio
  0.291
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  88
  70
  71
  73
  77
  83
  90
  98
  107
  118
  131
  176
  191
  208
  227
  247
  269
  293
  319
  347
  377
  409
  444
  480
  520
  562
  606
  654
  705
  759
  816
Depreciation, amort., depletion, $m
  44
  73
  74
  75
  76
  77
  78
  79
  80
  82
  83
  43
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
  68
  72
  75
  79
  82
  86
  91
  95
  100
Funds from operations, $m
  394
  143
  145
  148
  153
  160
  168
  177
  188
  200
  214
  218
  236
  254
  275
  297
  322
  348
  376
  407
  440
  475
  512
  552
  595
  640
  689
  740
  795
  854
  916
Change in working capital, $m
  98
  7
  9
  10
  11
  12
  13
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
Cash from operations, $m
  296
  136
  136
  138
  142
  147
  154
  162
  172
  183
  196
  199
  215
  232
  251
  272
  295
  320
  347
  375
  406
  440
  475
  513
  554
  597
  643
  693
  745
  801
  860
Maintenance CAPEX, $m
  0
  -30
  -31
  -32
  -32
  -33
  -34
  -36
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -91
  -95
New CAPEX, $m
  -55
  -17
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -138
Cash from investing activities, $m
  -38
  -47
  -52
  -56
  -59
  -63
  -67
  -72
  -76
  -80
  -84
  -90
  -95
  -99
  -105
  -110
  -116
  -122
  -129
  -135
  -142
  -150
  -157
  -165
  -174
  -182
  -192
  -201
  -211
  -223
  -233
Free cash flow, $m
  258
  88
  84
  82
  82
  84
  86
  90
  96
  103
  111
  109
  120
  133
  147
  162
  179
  198
  218
  240
  264
  290
  318
  348
  380
  415
  452
  491
  534
  579
  627
Issuance/(repayment) of debt, $m
  9
  29
  33
  38
  43
  48
  52
  57
  61
  66
  71
  76
  81
  86
  92
  97
  103
  109
  116
  122
  129
  136
  143
  151
  159
  168
  177
  186
  196
  206
  217
Issuance/(repurchase) of shares, $m
  -45
  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  
  -56
  29
  33
  38
  43
  48
  52
  57
  61
  66
  71
  76
  81
  86
  92
  97
  103
  109
  116
  122
  129
  136
  143
  151
  159
  168
  177
  186
  196
  206
  217
Total cash flow (excl. dividends), $m
  200
  117
  117
  121
  125
  131
  139
  147
  157
  169
  182
  185
  201
  219
  238
  259
  282
  307
  334
  362
  393
  426
  461
  499
  540
  583
  628
  677
  729
  784
  843
Retained Cash Flow (-), $m
  -3
  -12
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
Prev. year cash balance distribution, $m
 
  329
  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
 
  434
  102
  104
  106
  110
  115
  122
  130
  139
  150
  151
  165
  180
  197
  216
  236
  258
  282
  308
  335
  365
  397
  432
  468
  508
  549
  594
  642
  692
  746
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  414
  93
  88
  85
  82
  79
  77
  75
  73
  71
  64
  62
  59
  56
  52
  49
  44
  40
  36
  31
  27
  23
  19
  15
  12
  9
  7
  5
  4
  3
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

Wolverine World Wide, Inc. designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories. The company operates through Lifestyle Group, Performance Group, and Heritage Group segments. It offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; childrenÂ’s footwear; industrial work shoes, boots, and apparel; and uniform shoes and boots. The company sources and markets a range of footwear styles, such as shoes, boots, and sandals under the Bates, Cat, Chaco, Harley-Davidson, Hush Puppies, HyTest, Keds, Merrell, Saucony, Sebago, Soft Style, Sperry, Stride Rite, and Wolverine brand names. It also markets apparel and accessories under the Merrell, Wolverine, Saucony, Sebago, Keds, and Sperry brands, as well as licenses its brands for use on non-footwear products, including the Hush Puppies brand apparel, eyewear, watches, socks, handbags, and plush toys; the Wolverine brand eyewear and gloves; and the Keds, Saucony, Sperry, and Stride Rite brand apparel. In addition, the company markets pigskin leather under the Wolverine Warrior Leather, Weather Tight, and All Season Weather Leathers trademarks for use in the footwear industry. It directly sells its products in the United States, Canada, and countries in Europe to various customers, including department stores, national chains, catalog and specialty retailers, mass merchants and Internet retailers, and to governments and municipalities; and through retail stores, as well as through third-party licensees and distributors. As of January 2, 2016, the company operated 390 retail stores in the United States and Canada, as well as 70 consumer-direct Websites. Wolverine World Wide, Inc. was founded in 1883 and is based in Rockford, Michigan.

FINANCIAL RATIOS  of  Wolverine World Wide (WWW)

Valuation Ratios
P/E Ratio 30.9
Price to Sales 1.1
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 11.3
Growth Rates
Sales Growth Rate -7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 80.7%
Total Debt to Equity 84.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 12.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 38.8%
Gross Margin - 3 Yr. Avg. 39.1%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 20.7%
Eff/ Tax Rate - 3 Yr. Avg. 24.2%
Payout Ratio 27.3%

WWW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WWW stock intrinsic value calculation we used $2495 million for the last fiscal year's total revenue generated by Wolverine World Wide. The default revenue input number comes from 2016 income statement of Wolverine World Wide. 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 WWW 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 5%, whose default value for WWW is calculated based on our internal credit rating of Wolverine World Wide, 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 Wolverine World Wide.
    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 WWW stock the variable cost ratio is equal to 70.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $608 million in the base year in the intrinsic value calculation for WWW 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 4.2% for Wolverine World Wide.

Corporate tax rate of 27% is the nominal tax rate for Wolverine World Wide. 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 WWW 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 WWW are equal to 36.5%.

Life of production assets of 30.4 years is the average useful life of capital assets used in Wolverine World Wide 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 WWW is equal to 14.7%. 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 - $967 million for Wolverine World Wide - 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 97.114 million for Wolverine World Wide 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 Wolverine World Wide at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Stocks Flashing Renewed Technical Strength: Wolverine World Wide   [Jul-21-17 03:00AM  Investor's Business Daily]
▶ Stocks To Watch: Wolverine World Wide Sees RS Rating Rise To 82   [Jul-14-17 03:00AM  Investor's Business Daily]
▶ Keds Names Dave Grange as New Vice President of Sales   [Jun-20-17 09:00AM  PR Newswire]
▶ Consumer Cos. Soar on Positive Earnings Surprise   [May-10-17 06:29PM  Investopedia]
▶ Wolverine beats Street 1Q forecasts   [06:42AM  Associated Press]
▶ Wolverine Worldwide Declares Quarterly Dividend   [May-03-17 04:15PM  PR Newswire]
▶ 5 Top Dividend Stocks in the Footwear Industry   [Apr-01-17 11:46AM  Motley Fool]
▶ Three Stocks Breaking Major Resistance (GPN, WWW)   [Mar-02-17 01:00PM  Investopedia]
▶ Wolverine reports 4Q loss   [06:49AM  Associated Press]
▶ Wolverine Worldwide Declares Quarterly Dividend   [Feb-08-17 04:15PM  PR Newswire]
▶ Is Wolverine World Wide, Inc. (WWW) A Good Stock To Buy?   [Dec-08-16 05:30AM  at Insider Monkey]
▶ Wolverine Worldwide Declares Quarterly Dividend   [Dec-07-16 04:15PM  PR Newswire]
Stock chart of WWW Financial statements of WWW Annual reports of WWW
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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