Intrinsic value of Ascena Retail Group - ASNA

Previous Close

$2.00

  Intrinsic Value

$4.58

stock screener

  Rating & Target

str. buy

+129%

  Value-price divergence*

+16%

Previous close

$2.00

 
Intrinsic value

$4.58

 
Up/down potential

+129%

 
Rating

str. buy

 
Value-price divergence*

+16%

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

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 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 0.4

 

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, %
  45.64
  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
  6,995
  7,135
  7,299
  7,487
  7,697
  7,931
  8,187
  8,465
  8,767
  9,092
  9,441
  9,815
  10,213
  10,637
  11,088
  11,566
  12,073
  12,609
  13,177
  13,776
  14,409
  15,077
  15,782
  16,524
  17,306
  18,130
  18,998
  19,911
  20,872
  21,882
  22,946
Variable operating expenses, $m
 
  6,062
  6,199
  6,355
  6,530
  6,724
  6,937
  7,169
  7,420
  7,690
  7,980
  8,163
  8,494
  8,847
  9,222
  9,620
  10,041
  10,487
  10,959
  11,458
  11,984
  12,540
  13,126
  13,743
  14,394
  15,079
  15,801
  16,560
  17,359
  18,200
  19,084
Fixed operating expenses, $m
 
  1,005
  1,030
  1,055
  1,082
  1,109
  1,136
  1,165
  1,194
  1,224
  1,254
  1,286
  1,318
  1,351
  1,385
  1,419
  1,455
  1,491
  1,528
  1,567
  1,606
  1,646
  1,687
  1,729
  1,773
  1,817
  1,862
  1,909
  1,957
  2,005
  2,056
Total operating expenses, $m
  6,901
  7,067
  7,229
  7,410
  7,612
  7,833
  8,073
  8,334
  8,614
  8,914
  9,234
  9,449
  9,812
  10,198
  10,607
  11,039
  11,496
  11,978
  12,487
  13,025
  13,590
  14,186
  14,813
  15,472
  16,167
  16,896
  17,663
  18,469
  19,316
  20,205
  21,140
Operating income, $m
  95
  68
  71
  77
  86
  98
  113
  132
  153
  178
  206
  366
  401
  439
  481
  527
  577
  631
  689
  752
  819
  891
  969
  1,051
  1,140
  1,234
  1,335
  1,442
  1,556
  1,677
  1,806
EBITDA, $m
  454
  467
  476
  489
  506
  527
  552
  581
  614
  652
  693
  739
  789
  843
  902
  966
  1,035
  1,110
  1,189
  1,275
  1,366
  1,464
  1,568
  1,679
  1,797
  1,923
  2,056
  2,198
  2,348
  2,508
  2,677
Interest expense (income), $m
  76
  139
  145
  152
  161
  170
  180
  192
  204
  218
  232
  248
  264
  282
  301
  321
  343
  365
  389
  414
  441
  469
  499
  531
  564
  599
  635
  674
  715
  758
  803
Earnings before tax, $m
  -8
  -70
  -74
  -76
  -75
  -72
  -67
  -60
  -51
  -39
  -26
  118
  136
  157
  180
  206
  234
  266
  300
  337
  378
  422
  469
  521
  576
  635
  699
  768
  841
  919
  1,003
Tax expense, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  32
  37
  42
  49
  56
  63
  72
  81
  91
  102
  114
  127
  141
  156
  172
  189
  207
  227
  248
  271
Net income, $m
  -12
  -70
  -74
  -76
  -75
  -72
  -67
  -60
  -51
  -39
  -26
  86
  99
  115
  131
  150
  171
  194
  219
  246
  276
  308
  343
  380
  421
  464
  510
  560
  614
  671
  732

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  374
  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
  5,506
  5,235
  5,355
  5,493
  5,647
  5,818
  6,006
  6,211
  6,432
  6,671
  6,927
  7,201
  7,493
  7,804
  8,135
  8,486
  8,858
  9,251
  9,668
  10,107
  10,572
  11,062
  11,579
  12,123
  12,697
  13,302
  13,938
  14,608
  15,313
  16,055
  16,835
Adjusted assets (=assets-cash), $m
  5,132
  5,235
  5,355
  5,493
  5,647
  5,818
  6,006
  6,211
  6,432
  6,671
  6,927
  7,201
  7,493
  7,804
  8,135
  8,486
  8,858
  9,251
  9,668
  10,107
  10,572
  11,062
  11,579
  12,123
  12,697
  13,302
  13,938
  14,608
  15,313
  16,055
  16,835
Revenue / Adjusted assets
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
  1.363
Average production assets, $m
  2,229
  2,276
  2,328
  2,388
  2,455
  2,530
  2,612
  2,700
  2,797
  2,900
  3,012
  3,131
  3,258
  3,393
  3,537
  3,690
  3,851
  4,022
  4,203
  4,395
  4,597
  4,810
  5,034
  5,271
  5,521
  5,784
  6,060
  6,352
  6,658
  6,980
  7,320
Working capital, $m
  226
  -93
  -95
  -97
  -100
  -103
  -106
  -110
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
Total debt, $m
  1,649
  1,665
  1,749
  1,845
  1,953
  2,073
  2,204
  2,347
  2,502
  2,669
  2,848
  3,039
  3,244
  3,461
  3,692
  3,938
  4,197
  4,473
  4,764
  5,071
  5,396
  5,738
  6,099
  6,480
  6,881
  7,304
  7,749
  8,217
  8,710
  9,228
  9,773
Total liabilities, $m
  3,643
  3,659
  3,743
  3,839
  3,947
  4,067
  4,198
  4,341
  4,496
  4,663
  4,842
  5,033
  5,238
  5,455
  5,686
  5,932
  6,191
  6,467
  6,758
  7,065
  7,390
  7,732
  8,093
  8,474
  8,875
  9,298
  9,743
  10,211
  10,704
  11,222
  11,767
Total equity, $m
  1,863
  1,576
  1,612
  1,653
  1,700
  1,751
  1,808
  1,869
  1,936
  2,008
  2,085
  2,167
  2,255
  2,349
  2,449
  2,554
  2,666
  2,785
  2,910
  3,042
  3,182
  3,330
  3,485
  3,649
  3,822
  4,004
  4,195
  4,397
  4,609
  4,832
  5,067
Total liabilities and equity, $m
  5,506
  5,235
  5,355
  5,492
  5,647
  5,818
  6,006
  6,210
  6,432
  6,671
  6,927
  7,200
  7,493
  7,804
  8,135
  8,486
  8,857
  9,252
  9,668
  10,107
  10,572
  11,062
  11,578
  12,123
  12,697
  13,302
  13,938
  14,608
  15,313
  16,054
  16,834
Debt-to-equity ratio
  0.885
  1.060
  1.090
  1.120
  1.150
  1.180
  1.220
  1.260
  1.290
  1.330
  1.370
  1.400
  1.440
  1.470
  1.510
  1.540
  1.570
  1.610
  1.640
  1.670
  1.700
  1.720
  1.750
  1.780
  1.800
  1.820
  1.850
  1.870
  1.890
  1.910
  1.930
Adjusted equity ratio
  0.290
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  -70
  -74
  -76
  -75
  -72
  -67
  -60
  -51
  -39
  -26
  86
  99
  115
  131
  150
  171
  194
  219
  246
  276
  308
  343
  380
  421
  464
  510
  560
  614
  671
  732
Depreciation, amort., depletion, $m
  359
  399
  405
  412
  420
  429
  439
  449
  461
  473
  486
  373
  388
  404
  421
  439
  458
  479
  500
  523
  547
  573
  599
  628
  657
  689
  721
  756
  793
  831
  871
Funds from operations, $m
  470
  328
  331
  337
  345
  357
  372
  389
  410
  434
  461
  459
  487
  518
  553
  589
  630
  673
  719
  769
  823
  881
  942
  1,008
  1,078
  1,152
  1,232
  1,317
  1,406
  1,502
  1,604
Change in working capital, $m
  25
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
Cash from operations, $m
  445
  330
  333
  339
  348
  360
  375
  393
  414
  438
  465
  464
  492
  524
  558
  596
  636
  680
  727
  777
  831
  889
  951
  1,017
  1,088
  1,163
  1,243
  1,328
  1,419
  1,515
  1,617
Maintenance CAPEX, $m
  0
  -265
  -271
  -277
  -284
  -292
  -301
  -311
  -321
  -333
  -345
  -359
  -373
  -388
  -404
  -421
  -439
  -458
  -479
  -500
  -523
  -547
  -573
  -599
  -628
  -657
  -689
  -721
  -756
  -793
  -831
New CAPEX, $m
  -367
  -48
  -52
  -60
  -67
  -74
  -82
  -89
  -96
  -104
  -111
  -119
  -127
  -135
  -144
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -237
  -250
  -263
  -277
  -291
  -306
  -322
  -339
Cash from investing activities, $m
  -1,836
  -313
  -323
  -337
  -351
  -366
  -383
  -400
  -417
  -437
  -456
  -478
  -500
  -523
  -548
  -574
  -601
  -629
  -660
  -691
  -725
  -760
  -798
  -836
  -878
  -920
  -966
  -1,012
  -1,062
  -1,115
  -1,170
Free cash flow, $m
  -1,391
  17
  10
  2
  -3
  -7
  -8
  -7
  -4
  1
  9
  -14
  -7
  1
  11
  22
  35
  50
  67
  85
  106
  129
  154
  181
  211
  243
  278
  316
  356
  400
  447
Issuance/(repayment) of debt, $m
  1,571
  70
  84
  96
  108
  120
  131
  143
  155
  167
  179
  191
  204
  218
  231
  245
  260
  275
  291
  307
  325
  343
  361
  381
  401
  423
  445
  468
  493
  518
  545
Issuance/(repurchase) of shares, $m
  -8
  103
  110
  117
  121
  124
  124
  122
  117
  111
  103
  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  
  1,522
  173
  194
  213
  229
  244
  255
  265
  272
  278
  282
  191
  204
  218
  231
  245
  260
  275
  291
  307
  325
  343
  361
  381
  401
  423
  445
  468
  493
  518
  545
Total cash flow (excl. dividends), $m
  131
  191
  204
  215
  226
  237
  247
  258
  268
  279
  290
  178
  197
  218
  242
  267
  295
  325
  358
  393
  431
  471
  515
  562
  612
  666
  723
  784
  849
  919
  992
Retained Cash Flow (-), $m
  -345
  -103
  -110
  -117
  -121
  -124
  -124
  -122
  -117
  -111
  -103
  -82
  -88
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -140
  -147
  -156
  -164
  -173
  -182
  -192
  -202
  -212
  -223
  -235
Prev. year cash balance distribution, $m
 
  320
  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
 
  407
  94
  98
  105
  113
  123
  136
  151
  168
  188
  95
  109
  125
  142
  162
  183
  207
  233
  261
  291
  324
  360
  398
  439
  484
  531
  582
  637
  695
  758
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  384
  83
  81
  80
  79
  79
  79
  78
  77
  76
  34
  33
  32
  31
  29
  27
  25
  22
  19
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  91.3
  83.0
  75.2
  68.1
  61.7
  56.0
  51.1
  46.9
  43.3
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4
  40.4

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 (ASNA)

Valuation Ratios
P/E Ratio -32.4
Price to Sales 0.1
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 0.9
Price to Free Cash Flow 5
Growth Rates
Sales Growth Rate 45.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.3%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 85.6%
Total Debt to Equity 88.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. -0.2%
Return On Total Capital -0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -2.2%
Return On Equity -0.7%
Return On Equity - 3 Yr. Avg. -2.4%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 56.2%
Gross Margin - 3 Yr. Avg. 55.8%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 4.7%
Operating Margin 1.3%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. -0.3%
Net Profit Margin -0.2%
Net Profit Margin - 3 Yr. Avg. -0.8%
Effective Tax Rate -50%
Eff/ Tax Rate - 3 Yr. Avg. -5.3%
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 $6995 million for the last fiscal year's total revenue generated by Ascena Retail Group. The default revenue input number comes from 2016 income statement of Ascena Retail Group. 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 6.1%, whose default value for ASNA is calculated based on our internal credit rating of Ascena Retail Group, 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.
    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 85%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $980 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 8.7% for Ascena Retail Group.

Corporate tax rate of 27% is the nominal tax rate for Ascena Retail Group. 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 31.9%.

Life of production assets of 8.4 years is the average useful life of capital assets used in Ascena Retail Group 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 -1.3%. 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 - $1863 million for Ascena Retail Group - 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 196.832 million for Ascena Retail Group 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 at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Ascena Retail reports 4Q loss   [Sep-25-17 09:22PM  Associated Press]
▶ Ascena Retail beats on top line   [04:16PM  CNBC Videos]
▶ maurices Takes Back to School Beyond the Clothes   [Aug-23-17 07:47AM  PR Newswire]
▶ [$$] Ann Taylor Parent Revamps Executive Ranks   [Aug-01-17 06:28PM  The Wall Street Journal]
▶ 3 Stocks That Have Been Cut in Half in 2017   [Jul-07-17 09:09AM  Motley Fool]
▶ Regretting That Ann Taylor Purchase?   [Jun-16-17 02:00PM  Bloomberg]
▶ Ann Taylor, Dress Barn owner to shutter stores to drive cost savings   [08:25AM  American City Business Journals]
▶ Ann Taylor, Dress Barn owner to shutter stores to drive cost savings   [02:35PM  American City Business Journals]
▶ After-hours buzz: ENDP, ASNA & more   [Jun-08-17 05:36PM  CNBC]
▶ Ascena Retail reports 3Q loss   [04:22PM  Associated Press]
▶ Retail Stocks Had Their Worst Week of the Year   [May-19-17 03:29PM  TheStreet.com]
▶ These 5 Retailers Topped Earnings Views, But Their Stocks...   [04:13PM  Investor's Business Daily]
▶ E-commerce changing the retail landscape   [12:34PM  CNBC Videos]
▶ [$$] Shares of Ann Taylor Parent Drop After Profit Warning   [May-17-17 06:50PM  The Wall Street Journal]
Financial statements of ASNA
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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