Intrinsic value of Zumiez - ZUMZ

Previous Close

$16.95

  Intrinsic Value

$18.85

stock screener

  Rating & Target

hold

+11%

  Value-price divergence*

0%

Previous close

$16.95

 
Intrinsic value

$18.85

 
Up/down potential

+11%

 
Rating

hold

 
Value-price divergence*

0%

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

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 0.4

 

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
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  836
  874
  915
  958
  1,003
  1,050
  1,100
  1,153
  1,209
  1,267
  1,328
  1,393
  1,461
  1,532
  1,607
  1,686
  1,769
  1,856
  1,948
  2,044
  2,145
  2,251
  2,363
  2,480
  2,603
  2,733
  2,868
  3,011
  3,161
  3,318
  3,484
Variable operating expenses, $m
 
  824
  862
  902
  945
  989
  1,036
  1,085
  1,137
  1,192
  1,249
  1,304
  1,368
  1,435
  1,505
  1,579
  1,656
  1,738
  1,824
  1,914
  2,008
  2,108
  2,212
  2,322
  2,437
  2,558
  2,686
  2,819
  2,960
  3,107
  3,262
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
  824
  862
  902
  945
  989
  1,036
  1,085
  1,137
  1,192
  1,249
  1,304
  1,368
  1,435
  1,505
  1,579
  1,656
  1,738
  1,824
  1,914
  2,008
  2,108
  2,212
  2,322
  2,437
  2,558
  2,686
  2,819
  2,960
  3,107
  3,262
Operating income, $m
  40
  50
  53
  55
  58
  61
  64
  68
  71
  75
  79
  89
  93
  98
  102
  107
  113
  118
  124
  130
  137
  143
  151
  158
  166
  174
  183
  192
  201
  211
  222
EBITDA, $m
  68
  77
  81
  84
  88
  92
  97
  101
  106
  111
  117
  123
  129
  135
  141
  148
  156
  163
  171
  180
  189
  198
  208
  218
  229
  240
  252
  265
  278
  292
  307
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
Earnings before tax, $m
  40
  50
  52
  55
  58
  60
  63
  67
  70
  73
  77
  86
  90
  94
  99
  104
  108
  114
  119
  125
  131
  137
  143
  150
  158
  165
  173
  182
  190
  200
  209
Tax expense, $m
  14
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  57
Net income, $m
  26
  37
  38
  40
  42
  44
  46
  49
  51
  53
  56
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  126
  133
  139
  146
  153

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
  364
  381
  399
  418
  437
  458
  480
  503
  527
  553
  580
  608
  638
  669
  702
  736
  773
  811
  851
  893
  937
  984
  1,033
  1,084
  1,138
  1,194
  1,254
  1,316
  1,381
  1,450
Adjusted assets (=assets-cash), $m
  348
  364
  381
  399
  418
  437
  458
  480
  503
  527
  553
  580
  608
  638
  669
  702
  736
  773
  811
  851
  893
  937
  984
  1,033
  1,084
  1,138
  1,194
  1,254
  1,316
  1,381
  1,450
Revenue / Adjusted assets
  2.402
  2.401
  2.402
  2.401
  2.400
  2.403
  2.402
  2.402
  2.404
  2.404
  2.401
  2.402
  2.403
  2.401
  2.402
  2.402
  2.404
  2.401
  2.402
  2.402
  2.402
  2.402
  2.401
  2.401
  2.401
  2.402
  2.402
  2.401
  2.402
  2.403
  2.403
Average production assets, $m
  147
  153
  160
  168
  176
  184
  193
  202
  212
  222
  232
  244
  256
  268
  281
  295
  310
  325
  341
  358
  375
  394
  414
  434
  456
  478
  502
  527
  553
  581
  610
Working capital, $m
  137
  60
  63
  66
  69
  72
  76
  80
  83
  87
  92
  96
  101
  106
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  218
  229
  240
Total debt, $m
  0
  6
  11
  18
  24
  31
  38
  46
  54
  62
  71
  80
  90
  100
  111
  122
  134
  147
  160
  174
  188
  203
  219
  236
  254
  272
  292
  312
  334
  357
  380
Total liabilities, $m
  120
  126
  131
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  242
  254
  267
  280
  294
  308
  323
  339
  356
  374
  392
  412
  432
  454
  477
  500
Total equity, $m
  307
  238
  250
  261
  273
  286
  300
  314
  330
  345
  362
  380
  398
  418
  438
  460
  482
  506
  531
  557
  585
  614
  644
  676
  710
  745
  782
  821
  862
  905
  950
Total liabilities and equity, $m
  427
  364
  381
  399
  417
  437
  458
  480
  504
  527
  553
  580
  608
  638
  669
  702
  736
  773
  811
  851
  893
  937
  983
  1,032
  1,084
  1,137
  1,194
  1,253
  1,316
  1,382
  1,450
Debt-to-equity ratio
  0.000
  0.020
  0.050
  0.070
  0.090
  0.110
  0.130
  0.150
  0.160
  0.180
  0.200
  0.210
  0.230
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.370
  0.380
  0.390
  0.390
  0.400
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
  37
  38
  40
  42
  44
  46
  49
  51
  53
  56
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  126
  133
  139
  146
  153
Depreciation, amort., depletion, $m
  28
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  34
  36
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  70
  73
  77
  81
  85
Funds from operations, $m
  39
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  97
  101
  106
  111
  117
  122
  128
  134
  141
  147
  155
  162
  170
  178
  187
  196
  206
  216
  226
  238
Change in working capital, $m
  -9
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  48
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  92
  97
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
  162
  170
  178
  187
  196
  205
  216
  226
Maintenance CAPEX, $m
  0
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
New CAPEX, $m
  -20
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
Cash from investing activities, $m
  -52
  -27
  -28
  -29
  -31
  -32
  -35
  -36
  -38
  -39
  -42
  -43
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -105
  -110
Free cash flow, $m
  -4
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  117
Issuance/(repayment) of debt, $m
  1
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  20
  22
  23
  24
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
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  20
  22
  23
  24
Total cash flow (excl. dividends), $m
  -23
  39
  41
  43
  44
  46
  48
  50
  52
  55
  57
  58
  61
  64
  66
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  134
  140
Retained Cash Flow (-), $m
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
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
 
  108
  30
  31
  32
  33
  34
  36
  37
  39
  40
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
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
 
  104
  27
  27
  26
  26
  25
  24
  23
  22
  21
  19
  18
  17
  15
  14
  13
  11
  10
  9
  8
  6
  5
  5
  4
  3
  2
  2
  1
  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
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  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 16.3
Price to Sales 0.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 15.1
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 4.6% 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 26.07 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 $0.4 billion.

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COMPANY NEWS

▶ 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]
▶ Why Zumiez Inc. Stock Lost 13% Last Month   [Jul-09-17 01:25PM  Motley Fool]
▶ L Brands and Seagate skid while HSN and Zumiez jump   [Jul-06-17 05:24PM  Associated Press]
▶ Story Stocks from Briefing.com   [09:52AM  Briefing.com]
▶ Zumiez Inc. Reports June 2017 Sales Results   [Jul-05-17 04:00PM  GlobeNewswire]
▶ New Strong Sell Stocks for June 23rd   [Jun-23-17 11:13AM  Zacks]
▶ Randy's Donuts, Odd Future strike co-branding deal with Live Nation   [Jun-22-17 05:15PM  American City Business Journals]
▶ ETFs with exposure to Zumiez, Inc. : June 9, 2017   [Jun-09-17 02:06PM  Capital Cube]
▶ New Strong Sell Stocks for June 6th   [Jun-06-17 10:46AM  Zacks]
▶ Why Shares of Zumiez Slumped Today   [03:52PM  Motley Fool]
▶ Stocks to Watch: Lululemon, Broadcom Limited, Zumiez   [09:29AM  The Wall Street Journal]
▶ Zumiez reports 1Q loss   [Jun-01-17 04:16PM  Associated Press]
▶ ETFs with exposure to Zumiez, Inc. : May 18, 2017   [May-18-17 02:08PM  Capital Cube]
▶ Zumiez, Inc. Value Analysis (NASDAQ:ZUMZ) : May 4, 2017   [May-04-17 05:12PM  Capital Cube]
▶ Zumiez Inc. Reports April 2017 Sales Results   [May-03-17 04:00PM  Marketwired]
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.

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