Intrinsic value of Ascena Retail Group, Inc. - ASNA

Previous Close

$1.07

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$1.07

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of ASNA 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 0001), $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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  6,710
  6,864
  7,040
  7,238
  7,458
  7,699
  7,961
  8,245
  8,550
  8,878
  9,229
  9,604
  10,003
  10,427
  10,877
  11,353
  11,858
  12,391
  12,955
  13,550
  14,178
  14,841
  15,539
  16,275
  17,049
  17,865
  18,724
  19,627
  20,578
  21,578
Variable operating expenses, $m
  8,036
  8,218
  8,426
  8,659
  8,918
  9,202
  9,512
  9,846
  10,207
  10,594
  10,888
  11,330
  11,800
  12,300
  12,831
  13,393
  13,988
  14,618
  15,283
  15,985
  16,726
  17,507
  18,331
  19,199
  20,113
  21,075
  22,088
  23,154
  24,275
  25,455
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
  8,036
  8,218
  8,426
  8,659
  8,918
  9,202
  9,512
  9,846
  10,207
  10,594
  10,888
  11,330
  11,800
  12,300
  12,831
  13,393
  13,988
  14,618
  15,283
  15,985
  16,726
  17,507
  18,331
  19,199
  20,113
  21,075
  22,088
  23,154
  24,275
  25,455
Operating income, $m
  -1,326
  -1,354
  -1,386
  -1,421
  -1,461
  -1,504
  -1,551
  -1,602
  -1,657
  -1,716
  -1,658
  -1,726
  -1,797
  -1,873
  -1,954
  -2,040
  -2,131
  -2,226
  -2,328
  -2,435
  -2,548
  -2,667
  -2,792
  -2,924
  -3,063
  -3,210
  -3,364
  -3,527
  -3,697
  -3,877
EBITDA, $m
  -929
  -950
  -974
  -1,002
  -1,032
  -1,066
  -1,102
  -1,141
  -1,183
  -1,229
  -1,277
  -1,329
  -1,385
  -1,443
  -1,505
  -1,571
  -1,641
  -1,715
  -1,793
  -1,876
  -1,962
  -2,054
  -2,151
  -2,253
  -2,360
  -2,473
  -2,592
  -2,717
  -2,848
  -2,987
Interest expense (income), $m
  91
  105
  109
  113
  118
  123
  129
  135
  142
  150
  158
  167
  177
  187
  197
  209
  221
  234
  248
  262
  277
  293
  310
  328
  347
  367
  387
  409
  433
  457
  483
Earnings before tax, $m
  -1,431
  -1,463
  -1,498
  -1,539
  -1,583
  -1,633
  -1,686
  -1,744
  -1,807
  -1,874
  -1,826
  -1,902
  -1,984
  -2,071
  -2,163
  -2,261
  -2,365
  -2,474
  -2,590
  -2,712
  -2,841
  -2,977
  -3,120
  -3,271
  -3,430
  -3,598
  -3,774
  -3,959
  -4,154
  -4,360
Tax expense, $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
Net income, $m
  -1,431
  -1,463
  -1,498
  -1,539
  -1,583
  -1,633
  -1,686
  -1,744
  -1,807
  -1,874
  -1,826
  -1,902
  -1,984
  -2,071
  -2,163
  -2,261
  -2,365
  -2,474
  -2,590
  -2,712
  -2,841
  -2,977
  -3,120
  -3,271
  -3,430
  -3,598
  -3,774
  -3,959
  -4,154
  -4,360

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,643
  3,726
  3,822
  3,930
  4,049
  4,179
  4,322
  4,476
  4,642
  4,820
  5,011
  5,214
  5,430
  5,661
  5,905
  6,164
  6,437
  6,727
  7,033
  7,356
  7,697
  8,057
  8,436
  8,835
  9,256
  9,699
  10,165
  10,655
  11,171
  11,714
Adjusted assets (=assets-cash), $m
  3,643
  3,726
  3,822
  3,930
  4,049
  4,179
  4,322
  4,476
  4,642
  4,820
  5,011
  5,214
  5,430
  5,661
  5,905
  6,164
  6,437
  6,727
  7,033
  7,356
  7,697
  8,057
  8,436
  8,835
  9,256
  9,699
  10,165
  10,655
  11,171
  11,714
Revenue / Adjusted assets
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
  1.842
Average production assets, $m
  1,966
  2,011
  2,063
  2,121
  2,185
  2,256
  2,332
  2,416
  2,505
  2,601
  2,704
  2,814
  2,931
  3,055
  3,187
  3,326
  3,474
  3,631
  3,796
  3,970
  4,154
  4,348
  4,553
  4,768
  4,995
  5,234
  5,486
  5,751
  6,029
  6,322
Working capital, $m
  -20
  -21
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
Total debt, $m
  1,699
  1,764
  1,838
  1,921
  2,014
  2,115
  2,226
  2,345
  2,474
  2,612
  2,760
  2,918
  3,086
  3,265
  3,454
  3,655
  3,867
  4,092
  4,330
  4,580
  4,845
  5,124
  5,418
  5,728
  6,054
  6,398
  6,760
  7,141
  7,541
  7,962
Total liabilities, $m
  2,827
  2,892
  2,966
  3,049
  3,142
  3,243
  3,354
  3,473
  3,602
  3,740
  3,888
  4,046
  4,214
  4,393
  4,582
  4,783
  4,995
  5,220
  5,458
  5,708
  5,973
  6,252
  6,546
  6,856
  7,183
  7,526
  7,888
  8,269
  8,669
  9,090
Total equity, $m
  816
  835
  856
  880
  907
  936
  968
  1,003
  1,040
  1,080
  1,122
  1,168
  1,216
  1,268
  1,323
  1,381
  1,442
  1,507
  1,575
  1,648
  1,724
  1,805
  1,890
  1,979
  2,073
  2,173
  2,277
  2,387
  2,502
  2,624
Total liabilities and equity, $m
  3,643
  3,727
  3,822
  3,929
  4,049
  4,179
  4,322
  4,476
  4,642
  4,820
  5,010
  5,214
  5,430
  5,661
  5,905
  6,164
  6,437
  6,727
  7,033
  7,356
  7,697
  8,057
  8,436
  8,835
  9,256
  9,699
  10,165
  10,656
  11,171
  11,714
Debt-to-equity ratio
  2.080
  2.110
  2.150
  2.180
  2.220
  2.260
  2.300
  2.340
  2.380
  2.420
  2.460
  2.500
  2.540
  2.570
  2.610
  2.650
  2.680
  2.720
  2.750
  2.780
  2.810
  2.840
  2.870
  2.890
  2.920
  2.950
  2.970
  2.990
  3.010
  3.030
Adjusted equity ratio
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,431
  -1,463
  -1,498
  -1,539
  -1,583
  -1,633
  -1,686
  -1,744
  -1,807
  -1,874
  -1,826
  -1,902
  -1,984
  -2,071
  -2,163
  -2,261
  -2,365
  -2,474
  -2,590
  -2,712
  -2,841
  -2,977
  -3,120
  -3,271
  -3,430
  -3,598
  -3,774
  -3,959
  -4,154
  -4,360
Depreciation, amort., depletion, $m
  397
  404
  411
  419
  428
  438
  449
  461
  473
  487
  381
  396
  413
  430
  449
  469
  489
  511
  535
  559
  585
  612
  641
  672
  704
  737
  773
  810
  849
  890
Funds from operations, $m
  -1,034
  -1,059
  -1,087
  -1,120
  -1,155
  -1,194
  -1,237
  -1,284
  -1,334
  -1,387
  -1,445
  -1,506
  -1,571
  -1,641
  -1,714
  -1,792
  -1,875
  -1,963
  -2,055
  -2,153
  -2,256
  -2,364
  -2,479
  -2,599
  -2,726
  -2,860
  -3,001
  -3,149
  -3,305
  -3,469
Change in working capital, $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
Cash from operations, $m
  -1,034
  -1,058
  -1,087
  -1,119
  -1,155
  -1,194
  -1,236
  -1,283
  -1,333
  -1,386
  -1,444
  -1,505
  -1,570
  -1,639
  -1,713
  -1,791
  -1,874
  -1,961
  -2,053
  -2,151
  -2,254
  -2,362
  -2,477
  -2,597
  -2,724
  -2,858
  -2,999
  -3,147
  -3,302
  -3,466
Maintenance CAPEX, $m
  -271
  -277
  -283
  -291
  -299
  -308
  -318
  -329
  -340
  -353
  -366
  -381
  -396
  -413
  -430
  -449
  -469
  -489
  -511
  -535
  -559
  -585
  -612
  -641
  -672
  -704
  -737
  -773
  -810
  -849
New CAPEX, $m
  -41
  -45
  -52
  -58
  -64
  -71
  -77
  -83
  -90
  -96
  -103
  -110
  -117
  -124
  -132
  -140
  -148
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -227
  -239
  -252
  -265
  -279
  -293
Cash from investing activities, $m
  -312
  -322
  -335
  -349
  -363
  -379
  -395
  -412
  -430
  -449
  -469
  -491
  -513
  -537
  -562
  -589
  -617
  -645
  -676
  -709
  -743
  -779
  -817
  -857
  -899
  -943
  -989
  -1,038
  -1,089
  -1,142
Free cash flow, $m
  -1,345
  -1,380
  -1,422
  -1,467
  -1,518
  -1,572
  -1,631
  -1,694
  -1,762
  -1,835
  -1,913
  -1,995
  -2,083
  -2,176
  -2,275
  -2,380
  -2,490
  -2,607
  -2,730
  -2,860
  -2,997
  -3,141
  -3,294
  -3,454
  -3,623
  -3,800
  -3,987
  -4,184
  -4,391
  -4,608
Issuance/(repayment) of debt, $m
  55
  65
  74
  83
  92
  101
  110
  120
  129
  138
  148
  158
  168
  179
  189
  201
  213
  225
  238
  251
  265
  279
  294
  310
  326
  344
  362
  381
  400
  421
Issuance/(repurchase) of shares, $m
  1,449
  1,481
  1,520
  1,563
  1,610
  1,662
  1,718
  1,779
  1,844
  1,914
  1,868
  1,948
  2,033
  2,123
  2,218
  2,319
  2,426
  2,539
  2,658
  2,784
  2,917
  3,057
  3,205
  3,360
  3,524
  3,697
  3,878
  4,069
  4,270
  4,481
Cash from financing (excl. dividends), $m  
  1,504
  1,546
  1,594
  1,646
  1,702
  1,763
  1,828
  1,899
  1,973
  2,052
  2,016
  2,106
  2,201
  2,302
  2,407
  2,520
  2,639
  2,764
  2,896
  3,035
  3,182
  3,336
  3,499
  3,670
  3,850
  4,041
  4,240
  4,450
  4,670
  4,902
Total cash flow (excl. dividends), $m
  158
  166
  172
  179
  185
  191
  198
  204
  210
  217
  103
  110
  117
  125
  132
  140
  148
  157
  166
  175
  185
  195
  205
  216
  228
  240
  253
  266
  280
  294
Retained Cash Flow (-), $m
  -1,449
  -1,481
  -1,520
  -1,563
  -1,610
  -1,662
  -1,718
  -1,779
  -1,844
  -1,914
  -1,868
  -1,948
  -2,033
  -2,123
  -2,218
  -2,319
  -2,426
  -2,539
  -2,658
  -2,784
  -2,917
  -3,057
  -3,205
  -3,360
  -3,524
  -3,697
  -3,878
  -4,069
  -4,270
  -4,481
Prev. year cash balance distribution, $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 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
  -1,291
  -1,315
  -1,347
  -1,384
  -1,425
  -1,471
  -1,521
  -1,575
  -1,634
  -1,697
  -1,765
  -1,838
  -1,915
  -1,998
  -2,086
  -2,179
  -2,277
  -2,382
  -2,492
  -2,609
  -2,732
  -2,862
  -3,000
  -3,144
  -3,296
  -3,457
  -3,626
  -3,803
  -3,990
  -4,187
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  -1,191
  -1,111
  -1,033
  -955
  -876
  -798
  -721
  -644
  -570
  -499
  -431
  -367
  -308
  -255
  -207
  -166
  -130
  -100
  -75
  -56
  -40
  -28
  -19
  -13
  -8
  -5
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  27.8
  7.7
  2.2
  0.6
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Ascena Retail Group, Inc. is a specialty retailer of apparel for women and tween girls. The Company operates through six segments: ANN, Justice, Lane Bryant, maurices, dressbarn and Catherines. The ANN segment offers feminine classics and fashion choices, sold primarily under the Ann Taylor and LOFT brands. The Justice segment offers apparel to girls who are aged 6 to 12. The Lane Bryant segment offers apparel to female customers in plus-sizes 14-28. The maurices segment offers women's casual clothing, career wear, dressy apparel, active wear and accessories. The dressbarn segment consists of the specialty retail, outlet and e-commerce operations of the dressbarn brand. The Catherines segment offers classic apparel and accessories to female customers for wear-to-work and casual lifestyles. As of July 30, 2016, the Company operated approximately 4,900 stores in 49 United States' states, the District of Columbia, Canada and Puerto Rico.

FINANCIAL RATIOS  of  Ascena Retail Group, Inc. (ASNA)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 0
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 0.6
Price to Free Cash Flow 2.8
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.4%
Cap. Spend. - 3 Yr. Gr. Rate -10.8%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 182%
Total Debt to Equity 187.3%
Interest Coverage -15
Management Effectiveness
Return On Assets -21.3%
Ret/ On Assets - 3 Yr. Avg. -8.9%
Return On Total Capital -36.3%
Ret/ On T. Cap. - 3 Yr. Avg. -16.7%
Return On Equity -79.5%
Return On Equity - 3 Yr. Avg. -31.6%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 58%
Gross Margin - 3 Yr. Avg. 56.6%
EBITDA Margin -14.1%
EBITDA Margin - 3 Yr. Avg. -2.8%
Operating Margin -19.8%
Oper. Margin - 3 Yr. Avg. -7.8%
Pre-Tax Margin -21.3%
Pre-Tax Margin - 3 Yr. Avg. -8.8%
Net Profit Margin -16%
Net Profit Margin - 3 Yr. Avg. -7.1%
Effective Tax Rate 24.5%
Eff/ Tax Rate - 3 Yr. Avg. -7.9%
Payout Ratio 0%

ASNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASNA stock intrinsic value calculation we used $6578 million for the last fiscal year's total revenue generated by Ascena Retail Group, Inc.. The default revenue input number comes from 0001 income statement of Ascena Retail Group, 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 ASNA 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 8.4%, whose default value for ASNA is calculated based on our internal credit rating of Ascena Retail Group, 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 Ascena Retail Group, 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 ASNA stock the variable cost ratio is equal to 119.8%.

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 ASNA 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 6.4% for Ascena Retail Group, Inc..

Corporate tax rate of 27% is the nominal tax rate for Ascena Retail Group, 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 ASNA 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 ASNA are equal to 29.3%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Ascena Retail Group, 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 ASNA is equal to -0.3%. 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 - $798.5 million for Ascena Retail Group, 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 197.434 million for Ascena Retail Group, 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 Ascena Retail Group, Inc. at the current share price and the inputted number of shares is $0.2 billion.

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