Intrinsic value of Zumiez - ZUMZ

Previous Close

$20.10

  Intrinsic Value

$19.40

stock screener

  Rating & Target

hold

-4%

Previous close

$20.10

 
Intrinsic value

$19.40

 
Up/down potential

-4%

 
Rating

hold

We calculate the intrinsic value of ZUMZ 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 0.5

 

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, %
  3.98
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  836
  902
  971
  1,042
  1,116
  1,193
  1,273
  1,357
  1,443
  1,533
  1,627
  1,725
  1,827
  1,933
  2,044
  2,160
  2,281
  2,407
  2,539
  2,677
  2,822
  2,973
  3,131
  3,296
  3,470
  3,651
  3,841
  4,040
  4,249
  4,468
  4,698
Variable operating expenses, $m
 
  850
  914
  981
  1,051
  1,123
  1,198
  1,276
  1,357
  1,441
  1,529
  1,615
  1,711
  1,810
  1,914
  2,023
  2,136
  2,254
  2,378
  2,507
  2,642
  2,783
  2,931
  3,086
  3,249
  3,418
  3,597
  3,783
  3,979
  4,184
  4,399
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
  797
  850
  914
  981
  1,051
  1,123
  1,198
  1,276
  1,357
  1,441
  1,529
  1,615
  1,711
  1,810
  1,914
  2,023
  2,136
  2,254
  2,378
  2,507
  2,642
  2,783
  2,931
  3,086
  3,249
  3,418
  3,597
  3,783
  3,979
  4,184
  4,399
Operating income, $m
  40
  52
  56
  61
  65
  70
  76
  81
  86
  92
  98
  110
  116
  123
  130
  138
  145
  153
  162
  171
  180
  189
  199
  210
  221
  233
  245
  257
  271
  285
  299
EBITDA, $m
  68
  79
  85
  92
  98
  105
  112
  119
  127
  135
  143
  152
  161
  170
  180
  190
  201
  212
  223
  236
  248
  262
  276
  290
  305
  321
  338
  356
  374
  393
  413
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
Earnings before tax, $m
  40
  52
  56
  60
  64
  69
  74
  79
  84
  89
  95
  106
  112
  118
  125
  132
  139
  146
  154
  162
  170
  179
  189
  198
  209
  219
  231
  242
  255
  267
  281
Tax expense, $m
  14
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  29
  30
  32
  34
  36
  37
  39
  42
  44
  46
  48
  51
  54
  56
  59
  62
  65
  69
  72
  76
Net income, $m
  26
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  77
  82
  86
  91
  96
  101
  107
  112
  118
  124
  131
  138
  145
  152
  160
  168
  177
  186
  195
  205

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  79
  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
  427
  376
  404
  434
  465
  497
  530
  565
  601
  638
  677
  718
  761
  805
  851
  899
  950
  1,002
  1,057
  1,115
  1,175
  1,238
  1,303
  1,372
  1,444
  1,520
  1,599
  1,682
  1,769
  1,860
  1,956
Adjusted assets (=assets-cash), $m
  348
  376
  404
  434
  465
  497
  530
  565
  601
  638
  677
  718
  761
  805
  851
  899
  950
  1,002
  1,057
  1,115
  1,175
  1,238
  1,303
  1,372
  1,444
  1,520
  1,599
  1,682
  1,769
  1,860
  1,956
Revenue / Adjusted assets
  2.402
  2.399
  2.403
  2.401
  2.400
  2.400
  2.402
  2.402
  2.401
  2.403
  2.403
  2.403
  2.401
  2.401
  2.402
  2.403
  2.401
  2.402
  2.402
  2.401
  2.402
  2.401
  2.403
  2.402
  2.403
  2.402
  2.402
  2.402
  2.402
  2.402
  2.402
Average production assets, $m
  147
  158
  170
  182
  195
  209
  223
  237
  253
  268
  285
  302
  320
  338
  358
  378
  399
  421
  444
  469
  494
  520
  548
  577
  607
  639
  672
  707
  744
  782
  822
Working capital, $m
  137
  62
  67
  72
  77
  82
  88
  94
  100
  106
  112
  119
  126
  133
  141
  149
  157
  166
  175
  185
  195
  205
  216
  227
  239
  252
  265
  279
  293
  308
  324
Total debt, $m
  0
  10
  19
  30
  40
  51
  63
  75
  87
  100
  114
  128
  142
  158
  174
  190
  208
  226
  245
  265
  285
  307
  330
  353
  378
  404
  432
  460
  490
  522
  555
Total liabilities, $m
  120
  130
  139
  150
  160
  171
  183
  195
  207
  220
  234
  248
  262
  278
  294
  310
  328
  346
  365
  385
  405
  427
  450
  473
  498
  524
  552
  580
  610
  642
  675
Total equity, $m
  307
  246
  265
  284
  304
  325
  347
  370
  394
  418
  444
  470
  498
  527
  557
  589
  622
  656
  692
  730
  769
  811
  854
  899
  946
  996
  1,047
  1,102
  1,159
  1,218
  1,281
Total liabilities and equity, $m
  427
  376
  404
  434
  464
  496
  530
  565
  601
  638
  678
  718
  760
  805
  851
  899
  950
  1,002
  1,057
  1,115
  1,174
  1,238
  1,304
  1,372
  1,444
  1,520
  1,599
  1,682
  1,769
  1,860
  1,956
Debt-to-equity ratio
  0.000
  0.040
  0.070
  0.100
  0.130
  0.160
  0.180
  0.200
  0.220
  0.240
  0.260
  0.270
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.430
  0.430
Adjusted equity ratio
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  26
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  77
  82
  86
  91
  96
  101
  107
  112
  118
  124
  131
  138
  145
  152
  160
  168
  177
  186
  195
  205
Depreciation, amort., depletion, $m
  28
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  42
  44
  47
  50
  53
  55
  59
  62
  65
  69
  72
  76
  80
  84
  89
  93
  98
  103
  109
  114
Funds from operations, $m
  39
  65
  70
  75
  80
  85
  90
  96
  102
  108
  114
  119
  126
  133
  141
  149
  157
  165
  174
  183
  193
  203
  214
  225
  237
  249
  262
  275
  289
  304
  319
Change in working capital, $m
  -9
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
Cash from operations, $m
  48
  61
  65
  70
  75
  80
  85
  90
  96
  102
  108
  112
  119
  126
  133
  141
  148
  156
  165
  174
  183
  193
  203
  214
  225
  236
  249
  261
  275
  289
  303
Maintenance CAPEX, $m
  0
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -50
  -53
  -55
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
New CAPEX, $m
  -20
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
Cash from investing activities, $m
  -52
  -31
  -34
  -36
  -38
  -40
  -43
  -46
  -48
  -51
  -53
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -141
  -149
Free cash flow, $m
  -4
  29
  31
  34
  36
  39
  42
  45
  48
  51
  54
  56
  59
  63
  67
  71
  75
  79
  83
  88
  93
  98
  103
  108
  114
  120
  127
  133
  140
  147
  155
Issuance/(repayment) of debt, $m
  1
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
Issuance/(repurchase) of shares, $m
  -21
  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  
  -20
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
Total cash flow (excl. dividends), $m
  -23
  39
  41
  44
  47
  50
  53
  57
  60
  64
  67
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  146
  154
  162
  170
  179
  188
Retained Cash Flow (-), $m
  -10
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
Prev. year cash balance distribution, $m
 
  79
  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
 
  100
  22
  25
  27
  29
  31
  34
  36
  39
  42
  43
  46
  49
  52
  56
  59
  63
  66
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
  119
  125
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
 
  96
  21
  21
  22
  23
  23
  23
  23
  22
  22
  21
  20
  19
  18
  16
  15
  14
  12
  11
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
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

Zumiez Inc., including its subsidiaries, is a specialty retailer of apparel, footwear, accessories and hardgoods for young men and women through the fashion, music, art and culture of action sports, streetwear and other lifestyles. The Company operates under the names Zumiez, Blue Tomato and Fast Times. Additionally, it operates e-commerce Websites at www.zumiez.com, www.blue-tomato.com and www.fasttimes.com.au. It offers various categories of shoes, such as skate shoes, casual shoes, high tops, sandals, slip ons, runners, boots and shoe accessories, such as socks. It also offers flannels, baseball tees, hoodies, baseball hats, windbreakers, shirts, jackets, jerseys, sweaters and tanks, among others. For women, it offers t-shirts, tank tops, hoodies and sweatshirts, cardigans, jackets, skirts, jeans, joggers, leggings and dresses, among others. It provides various accessories, including watches, sunglasses, bracelets, earrings, rings, beanies, hats, belts, wallets and phone accessories

FINANCIAL RATIOS  of  Zumiez (ZUMZ)

Valuation Ratios
P/E Ratio 19.3
Price to Sales 0.6
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 17.9
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -42.9%
Cap. Spend. - 3 Yr. Gr. Rate -11.1%
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 6.2%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.9%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 2
Profitability Ratios
Gross Margin 32.9%
Gross Margin - 3 Yr. Avg. 33.9%
EBITDA Margin 8.1%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 6.5%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 35%
Eff/ Tax Rate - 3 Yr. Avg. 37.4%
Payout Ratio 0%

ZUMZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZUMZ stock intrinsic value calculation we used $836 million for the last fiscal year's total revenue generated by Zumiez. The default revenue input number comes from 2017 income statement of Zumiez. 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 ZUMZ stock valuation model: a) initial revenue growth rate of 7.9% 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 ZUMZ is calculated based on our internal credit rating of Zumiez, 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 Zumiez.
    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 ZUMZ stock the variable cost ratio is equal to 94.3%.

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 ZUMZ 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 Zumiez.

Corporate tax rate of 27% is the nominal tax rate for Zumiez. 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 ZUMZ 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 ZUMZ are equal to 17.5%.

Life of production assets of 7.2 years is the average useful life of capital assets used in Zumiez 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 ZUMZ is equal to 6.9%. 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 - $307 million for Zumiez - 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 25.231 million for Zumiez 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 Zumiez at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
EXPR Express 10.18 20.36  str.buy
TLYS Tilly's 14.90 10.91  hold
BKE Buckle 22.70 38.42  str.buy
FRAN Francesca' 7.08 22.08  str.buy
DXLG Destination XL 2.10 1.34  sell

COMPANY NEWS

▶ Top Stock Picks for the Week of December 11th   [Dec-12-17 01:33PM  Zacks]
▶ ETFs with exposure to Zumiez, Inc. : December 8, 2017   [Dec-08-17 01:41PM  Capital Cube]
▶ Stocks To Watch: Zumiez Sees RS Rating Rise To 92   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ Why Zumiez, Genesco, and Overstock.com Slumped Today   [Dec-01-17 04:41PM  Motley Fool]
▶ Why Shares of Zumiez Tumbled Today   [12:58PM  Motley Fool]
▶ Q3 Results for Specialty Retail Continue   [Nov-30-17 06:12PM  Zacks]
▶ Zumiez gives strong Q4 guidance   [04:36PM  CNBC Videos]
▶ Zumiez meets 3Q profit forecasts   [04:11PM  Associated Press]
▶ Zumiez Inc. Reports October 2017 Sales Results   [Nov-01-17 04:00PM  GlobeNewswire]
▶ Under Armours biggest problem is right here at home   [Oct-31-17 12:40PM  Yahoo Finance Video]
▶ Top 10 Stocks Under $20   [Oct-19-17 02:40PM  Zacks]
▶ Zumiez Inc. Reports September 2017 Sales Results   [Oct-04-17 04:00PM  GlobeNewswire]
▶ Zumiez Clears Key Benchmark, Hitting 80-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ Why Zumiez Inc. Stock Popped 45.4% in September   [Oct-02-17 10:00AM  Motley Fool]
▶ Zumiez Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Top 10 Stocks Under $20   [Sep-21-17 01:41PM  Zacks]
▶ ETFs with exposure to Zumiez, Inc. : September 14, 2017   [Sep-13-17 10:06PM  Capital Cube]
▶ Why Zumiez Inc. Stock Popped Today   [01:06PM  Motley Fool]
▶ Why Zumiez Earnings Are So Great   [11:10AM  24/7 Wall St.]
▶ Zumiez reports 2Q loss   [Sep-07-17 09:15PM  Associated Press]
Financial statements of ZUMZ
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.