Intrinsic value of Aaron's Inc. - AAN

Previous Close

$42.74

  Intrinsic Value

$48.36

stock screener

  Rating & Target

hold

+13%

Previous close

$42.74

 
Intrinsic value

$48.36

 
Up/down potential

+13%

 
Rating

hold

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

We calculate the intrinsic value of AAN 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 3.0

 

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, %
  0.88
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  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
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  3,208
  3,317
  3,435
  3,562
  3,699
  3,845
  4,001
  4,167
  4,344
  4,531
  4,729
  4,939
  5,161
  5,396
  5,644
  5,906
  6,181
  6,472
  6,779
  7,101
  7,441
  7,798
  8,175
  8,571
  8,987
  9,425
  9,885
  10,369
  10,878
  11,413
  11,975
Variable operating expenses, $m
 
  2,486
  2,573
  2,666
  2,766
  2,873
  2,988
  3,110
  3,239
  3,376
  3,522
  3,623
  3,786
  3,959
  4,140
  4,332
  4,535
  4,748
  4,973
  5,209
  5,458
  5,721
  5,997
  6,287
  6,593
  6,914
  7,252
  7,607
  7,980
  8,372
  8,784
Fixed operating expenses, $m
 
  587
  602
  617
  632
  648
  665
  681
  698
  716
  733
  752
  771
  790
  810
  830
  851
  872
  894
  916
  939
  962
  986
  1,011
  1,036
  1,062
  1,089
  1,116
  1,144
  1,173
  1,202
Total operating expenses, $m
  2,965
  3,073
  3,175
  3,283
  3,398
  3,521
  3,653
  3,791
  3,937
  4,092
  4,255
  4,375
  4,557
  4,749
  4,950
  5,162
  5,386
  5,620
  5,867
  6,125
  6,397
  6,683
  6,983
  7,298
  7,629
  7,976
  8,341
  8,723
  9,124
  9,545
  9,986
Operating income, $m
  243
  244
  261
  279
  300
  323
  349
  376
  406
  439
  474
  564
  605
  648
  694
  744
  796
  852
  912
  976
  1,044
  1,115
  1,192
  1,272
  1,358
  1,449
  1,545
  1,647
  1,754
  1,868
  1,989
EBITDA, $m
  1,630
  617
  645
  676
  710
  748
  788
  832
  879
  929
  983
  1,041
  1,103
  1,169
  1,239
  1,314
  1,393
  1,478
  1,567
  1,662
  1,762
  1,869
  1,981
  2,100
  2,226
  2,359
  2,500
  2,648
  2,805
  2,971
  3,145
Interest expense (income), $m
  23
  19
  20
  22
  24
  26
  28
  30
  33
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  70
  74
  79
  84
  90
  95
  101
  107
  114
  121
  128
  136
Earnings before tax, $m
  218
  225
  240
  257
  276
  298
  321
  346
  374
  404
  436
  524
  561
  601
  644
  690
  739
  791
  847
  906
  969
  1,036
  1,107
  1,183
  1,263
  1,348
  1,438
  1,533
  1,633
  1,740
  1,853
Tax expense, $m
  79
  61
  65
  69
  75
  80
  87
  93
  101
  109
  118
  141
  151
  162
  174
  186
  200
  214
  229
  245
  262
  280
  299
  319
  341
  364
  388
  414
  441
  470
  500
Net income, $m
  139
  164
  175
  188
  202
  217
  234
  253
  273
  295
  318
  382
  410
  439
  470
  504
  539
  578
  618
  662
  708
  756
  808
  863
  922
  984
  1,049
  1,119
  1,192
  1,270
  1,353

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  309
  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
  2,616
  2,385
  2,470
  2,561
  2,659
  2,764
  2,876
  2,996
  3,123
  3,257
  3,400
  3,551
  3,711
  3,879
  4,058
  4,246
  4,444
  4,653
  4,873
  5,105
  5,349
  5,606
  5,877
  6,161
  6,461
  6,776
  7,107
  7,455
  7,820
  8,205
  8,609
Adjusted assets (=assets-cash), $m
  2,307
  2,385
  2,470
  2,561
  2,659
  2,764
  2,876
  2,996
  3,123
  3,257
  3,400
  3,551
  3,711
  3,879
  4,058
  4,246
  4,444
  4,653
  4,873
  5,105
  5,349
  5,606
  5,877
  6,161
  6,461
  6,776
  7,107
  7,455
  7,820
  8,205
  8,609
Revenue / Adjusted assets
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
Average production assets, $m
  1,550
  1,602
  1,659
  1,721
  1,787
  1,857
  1,932
  2,013
  2,098
  2,188
  2,284
  2,386
  2,493
  2,606
  2,726
  2,852
  2,986
  3,126
  3,274
  3,430
  3,594
  3,767
  3,948
  4,140
  4,341
  4,552
  4,775
  5,008
  5,254
  5,512
  5,784
Working capital, $m
  0
  -272
  -282
  -292
  -303
  -315
  -328
  -342
  -356
  -372
  -388
  -405
  -423
  -442
  -463
  -484
  -507
  -531
  -556
  -582
  -610
  -639
  -670
  -703
  -737
  -773
  -811
  -850
  -892
  -936
  -982
Total debt, $m
  498
  487
  527
  570
  616
  666
  719
  775
  835
  898
  965
  1,036
  1,112
  1,191
  1,275
  1,364
  1,457
  1,556
  1,659
  1,768
  1,884
  2,005
  2,132
  2,266
  2,407
  2,555
  2,711
  2,875
  3,047
  3,228
  3,419
Total liabilities, $m
  1,134
  1,123
  1,163
  1,206
  1,252
  1,302
  1,355
  1,411
  1,471
  1,534
  1,601
  1,672
  1,748
  1,827
  1,911
  2,000
  2,093
  2,192
  2,295
  2,404
  2,520
  2,641
  2,768
  2,902
  3,043
  3,191
  3,347
  3,511
  3,683
  3,864
  4,055
Total equity, $m
  1,482
  1,261
  1,306
  1,355
  1,407
  1,462
  1,522
  1,585
  1,652
  1,723
  1,799
  1,878
  1,963
  2,052
  2,146
  2,246
  2,351
  2,461
  2,578
  2,701
  2,830
  2,966
  3,109
  3,259
  3,418
  3,584
  3,759
  3,943
  4,137
  4,340
  4,554
Total liabilities and equity, $m
  2,616
  2,384
  2,469
  2,561
  2,659
  2,764
  2,877
  2,996
  3,123
  3,257
  3,400
  3,550
  3,711
  3,879
  4,057
  4,246
  4,444
  4,653
  4,873
  5,105
  5,350
  5,607
  5,877
  6,161
  6,461
  6,775
  7,106
  7,454
  7,820
  8,204
  8,609
Debt-to-equity ratio
  0.336
  0.390
  0.400
  0.420
  0.440
  0.460
  0.470
  0.490
  0.510
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.720
  0.730
  0.740
  0.740
  0.750
Adjusted equity ratio
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  139
  164
  175
  188
  202
  217
  234
  253
  273
  295
  318
  382
  410
  439
  470
  504
  539
  578
  618
  662
  708
  756
  808
  863
  922
  984
  1,049
  1,119
  1,192
  1,270
  1,353
Depreciation, amort., depletion, $m
  1,387
  373
  385
  397
  410
  424
  439
  455
  472
  490
  510
  477
  499
  521
  545
  570
  597
  625
  655
  686
  719
  753
  790
  828
  868
  910
  955
  1,002
  1,051
  1,102
  1,157
Funds from operations, $m
  423
  537
  560
  585
  612
  641
  673
  708
  745
  785
  828
  859
  908
  960
  1,015
  1,074
  1,137
  1,203
  1,273
  1,348
  1,426
  1,510
  1,598
  1,691
  1,790
  1,894
  2,004
  2,121
  2,243
  2,373
  2,509
Change in working capital, $m
  -42
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
Cash from operations, $m
  465
  546
  569
  595
  623
  653
  686
  722
  760
  800
  844
  877
  926
  979
  1,036
  1,096
  1,159
  1,227
  1,298
  1,374
  1,454
  1,539
  1,629
  1,724
  1,824
  1,930
  2,042
  2,160
  2,285
  2,417
  2,556
Maintenance CAPEX, $m
  0
  -310
  -320
  -332
  -344
  -357
  -371
  -386
  -403
  -420
  -438
  -457
  -477
  -499
  -521
  -545
  -570
  -597
  -625
  -655
  -686
  -719
  -753
  -790
  -828
  -868
  -910
  -955
  -1,002
  -1,051
  -1,102
New CAPEX, $m
  -57
  -52
  -57
  -61
  -66
  -71
  -75
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -234
  -246
  -258
  -271
Cash from investing activities, $m
  -20
  -362
  -377
  -393
  -410
  -428
  -446
  -466
  -488
  -510
  -534
  -558
  -584
  -612
  -641
  -671
  -703
  -737
  -773
  -811
  -850
  -892
  -935
  -981
  -1,029
  -1,079
  -1,132
  -1,189
  -1,248
  -1,309
  -1,373
Free cash flow, $m
  445
  184
  192
  202
  213
  225
  239
  255
  272
  290
  311
  318
  342
  367
  395
  424
  456
  489
  525
  563
  604
  648
  694
  743
  795
  850
  909
  972
  1,038
  1,108
  1,182
Issuance/(repayment) of debt, $m
  -110
  36
  40
  43
  46
  49
  53
  56
  60
  63
  67
  71
  75
  79
  84
  89
  93
  98
  104
  109
  115
  121
  127
  134
  141
  148
  156
  164
  172
  181
  190
Issuance/(repurchase) of shares, $m
  -34
  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  
  -145
  36
  40
  43
  46
  49
  53
  56
  60
  63
  67
  71
  75
  79
  84
  89
  93
  98
  104
  109
  115
  121
  127
  134
  141
  148
  156
  164
  172
  181
  190
Total cash flow (excl. dividends), $m
  301
  220
  232
  245
  259
  275
  292
  311
  332
  354
  378
  389
  417
  447
  479
  513
  549
  588
  629
  673
  719
  769
  821
  877
  936
  999
  1,065
  1,135
  1,210
  1,289
  1,372
Retained Cash Flow (-), $m
  -115
  -41
  -45
  -48
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
  -194
  -203
  -214
Prev. year cash balance distribution, $m
 
  262
  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
 
  441
  187
  196
  207
  219
  233
  248
  265
  283
  302
  310
  333
  358
  384
  413
  444
  477
  512
  550
  590
  633
  678
  726
  778
  832
  890
  951
  1,016
  1,085
  1,158
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
 
  423
  171
  171
  171
  170
  169
  168
  165
  162
  159
  147
  142
  136
  129
  121
  113
  104
  94
  85
  75
  65
  56
  48
  40
  32
  26
  20
  16
  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

Aaron's, Inc. (Aaron's) is an omnichannel provider of lease-purchase solutions. The Company engages in the sales and lease ownership and specialty retailing of furniture, consumer electronics, home appliances and accessories through its Company-operated and franchised stores in Canada, as well as its e-commerce platform, Aarons.com. Its segments include Sales and Lease Ownership, Progressive Finance Holdings, LLC (Progressive), Dent-A-Med, Inc., doing business as the HELPcard (DAMI), Franchise and Manufacturing. Its stores carry brands, such as Samsung, Frigidaire, Hewlett-Packard, LG, Whirlpool, Simmons, Philips, Ashley and Magnavox. As of December 31, 2016, it had 1,864 Aaron's stores, consisted of 1,165 Company-operated stores in 28 states, the District of Columbia and Canada, and 699 independently-owned franchised stores in 46 states and Canada. It owns trademarks and trade names used in business, including Progressive, Dent-A-Med, the HELPcard and Woodhaven Furniture Industries.

FINANCIAL RATIOS  of  Aaron's Inc. (AAN)

Valuation Ratios
P/E Ratio 22
Price to Sales 1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 7.5
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.6%
Cap. Spend. - 3 Yr. Gr. Rate -0.3%
Financial Strength
Quick Ratio 7
Current Ratio NaN
LT Debt to Equity 30.4%
Total Debt to Equity 33.6%
Interest Coverage 10
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 90.8%
Gross Margin - 3 Yr. Avg. 88.6%
EBITDA Margin 50.7%
EBITDA Margin - 3 Yr. Avg. 47.2%
Operating Margin 7.6%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 36.2%
Payout Ratio 5%

AAN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AAN stock intrinsic value calculation we used $3208 million for the last fiscal year's total revenue generated by Aaron's Inc.. The default revenue input number comes from 2016 income statement of Aaron's Inc.. 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 AAN stock valuation model: a) initial revenue growth rate of 3.4% 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 AAN is calculated based on our internal credit rating of Aaron's Inc., 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 Aaron's Inc..
    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 AAN stock the variable cost ratio is equal to 75%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $573 million in the base year in the intrinsic value calculation for AAN 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 Aaron's Inc..

Corporate tax rate of 27% is the nominal tax rate for Aaron's Inc.. 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 AAN 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 AAN are equal to 48.3%.

Life of production assets of 1.5 years is the average useful life of capital assets used in Aaron's Inc. 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 AAN is equal to -8.2%. 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 - $1482 million for Aaron's Inc. - 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 70.66 million for Aaron's Inc. 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 Aaron's Inc. at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Aarons, Inc. Value Analysis (NYSE:AAN) : October 13, 2017   [Oct-13-17 11:31AM  Capital Cube]
▶ ETFs with exposure to Aarons, Inc. : September 19, 2017   [Sep-19-17 04:47PM  Capital Cube]
▶ ETFs with exposure to Aarons, Inc. : September 7, 2017   [Sep-07-17 11:48AM  Capital Cube]
▶ 4 Momentum Stocks to Trump the Market   [Aug-24-17 10:53AM  Zacks]
▶ Should You Get Rid of Autobytel (ABTL) Now?   [Aug-21-17 09:03AM  Zacks]
▶ Aaron's, Inc. Directors Declare Dividend   [04:15PM  PR Newswire]
▶ Aaron's beats Street 2Q forecasts   [10:31PM  Associated Press]
▶ FPA Capital Comments on Aaron's Inc   [01:35PM  GuruFocus.com]
▶ Aaron's Acquires its Largest Franchisee   [07:00AM  PR Newswire]
Financial statements of AAN
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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