Intrinsic value of Ascena Retail Group - ASNA

Previous Close

$2.00

  Intrinsic Value

$4.35

stock screener

  Rating & Target

str. buy

+117%

Previous close

$2.00

 
Intrinsic value

$4.35

 
Up/down potential

+117%

 
Rating

str. buy

*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 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, %
  -4.93
  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
  6,650
  6,783
  6,939
  7,117
  7,318
  7,539
  7,783
  8,048
  8,335
  8,644
  8,976
  9,331
  9,709
  10,112
  10,541
  10,996
  11,477
  11,988
  12,527
  13,097
  13,699
  14,334
  15,003
  15,709
  16,453
  17,236
  18,061
  18,929
  19,842
  20,803
  21,814
Variable operating expenses, $m
 
  6,693
  6,846
  7,020
  7,216
  7,432
  7,670
  7,929
  8,209
  8,511
  8,835
  9,113
  9,483
  9,877
  10,296
  10,740
  11,210
  11,709
  12,235
  12,792
  13,380
  14,000
  14,654
  15,344
  16,070
  16,835
  17,640
  18,488
  19,380
  20,319
  21,306
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
  7,964
  6,693
  6,846
  7,020
  7,216
  7,432
  7,670
  7,929
  8,209
  8,511
  8,835
  9,113
  9,483
  9,877
  10,296
  10,740
  11,210
  11,709
  12,235
  12,792
  13,380
  14,000
  14,654
  15,344
  16,070
  16,835
  17,640
  18,488
  19,380
  20,319
  21,306
Operating income, $m
  -1,314
  90
  93
  97
  102
  107
  113
  119
  126
  133
  141
  217
  226
  235
  245
  256
  267
  279
  292
  305
  319
  334
  349
  366
  383
  401
  420
  440
  462
  484
  508
EBITDA, $m
  -929
  437
  447
  458
  471
  485
  501
  518
  537
  557
  578
  601
  625
  651
  679
  708
  739
  772
  807
  843
  882
  923
  966
  1,012
  1,059
  1,110
  1,163
  1,219
  1,278
  1,340
  1,405
Interest expense (income), $m
  91
  85
  89
  93
  97
  102
  108
  114
  121
  129
  136
  145
  154
  164
  174
  185
  197
  209
  223
  237
  251
  267
  283
  300
  319
  338
  358
  379
  401
  425
  450
Earnings before tax, $m
  -1,414
  4
  5
  5
  5
  5
  5
  5
  5
  4
  4
  72
  72
  71
  71
  71
  70
  69
  69
  68
  68
  67
  66
  65
  64
  63
  62
  61
  60
  59
  58
Tax expense, $m
  -347
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  19
  19
  19
  19
  19
  19
  19
  19
  18
  18
  18
  18
  18
  17
  17
  17
  17
  16
  16
  16
Net income, $m
  -1,067
  3
  3
  3
  4
  4
  4
  3
  3
  3
  3
  53
  52
  52
  52
  51
  51
  51
  50
  50
  49
  49
  48
  48
  47
  46
  46
  45
  44
  43
  42

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  327
  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
  3,872
  3,616
  3,699
  3,794
  3,901
  4,019
  4,149
  4,290
  4,443
  4,608
  4,784
  4,974
  5,175
  5,390
  5,619
  5,861
  6,118
  6,390
  6,677
  6,981
  7,302
  7,641
  7,997
  8,374
  8,770
  9,188
  9,627
  10,090
  10,577
  11,089
  11,628
Adjusted assets (=assets-cash), $m
  3,545
  3,616
  3,699
  3,794
  3,901
  4,019
  4,149
  4,290
  4,443
  4,608
  4,784
  4,974
  5,175
  5,390
  5,619
  5,861
  6,118
  6,390
  6,677
  6,981
  7,302
  7,641
  7,997
  8,374
  8,770
  9,188
  9,627
  10,090
  10,577
  11,089
  11,628
Revenue / Adjusted assets
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
  1.876
Average production assets, $m
  2,434
  2,483
  2,540
  2,605
  2,678
  2,759
  2,849
  2,946
  3,051
  3,164
  3,285
  3,415
  3,554
  3,701
  3,858
  4,024
  4,201
  4,387
  4,585
  4,793
  5,014
  5,246
  5,491
  5,750
  6,022
  6,308
  6,610
  6,928
  7,262
  7,614
  7,984
Working capital, $m
  185
  -102
  -104
  -107
  -110
  -113
  -117
  -121
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
  -312
  -327
Total debt, $m
  1,538
  1,553
  1,624
  1,704
  1,795
  1,895
  2,005
  2,125
  2,255
  2,394
  2,544
  2,705
  2,876
  3,058
  3,252
  3,457
  3,675
  3,906
  4,149
  4,407
  4,679
  4,966
  5,269
  5,588
  5,924
  6,278
  6,651
  7,043
  7,456
  7,891
  8,347
Total liabilities, $m
  3,051
  3,066
  3,137
  3,217
  3,308
  3,408
  3,518
  3,638
  3,768
  3,907
  4,057
  4,218
  4,389
  4,571
  4,765
  4,970
  5,188
  5,419
  5,662
  5,920
  6,192
  6,479
  6,782
  7,101
  7,437
  7,791
  8,164
  8,556
  8,969
  9,404
  9,860
Total equity, $m
  821
  550
  562
  577
  593
  611
  631
  652
  675
  700
  727
  756
  787
  819
  854
  891
  930
  971
  1,015
  1,061
  1,110
  1,161
  1,216
  1,273
  1,333
  1,397
  1,463
  1,534
  1,608
  1,686
  1,767
Total liabilities and equity, $m
  3,872
  3,616
  3,699
  3,794
  3,901
  4,019
  4,149
  4,290
  4,443
  4,607
  4,784
  4,974
  5,176
  5,390
  5,619
  5,861
  6,118
  6,390
  6,677
  6,981
  7,302
  7,640
  7,998
  8,374
  8,770
  9,188
  9,627
  10,090
  10,577
  11,090
  11,627
Debt-to-equity ratio
  1.873
  2.830
  2.890
  2.960
  3.030
  3.100
  3.180
  3.260
  3.340
  3.420
  3.500
  3.580
  3.660
  3.730
  3.810
  3.880
  3.950
  4.020
  4.090
  4.150
  4.220
  4.280
  4.330
  4.390
  4.440
  4.500
  4.550
  4.590
  4.640
  4.680
  4.720
Adjusted equity ratio
  0.139
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,067
  3
  3
  3
  4
  4
  4
  3
  3
  3
  3
  53
  52
  52
  52
  51
  51
  51
  50
  50
  49
  49
  48
  48
  47
  46
  46
  45
  44
  43
  42
Depreciation, amort., depletion, $m
  385
  347
  354
  361
  369
  378
  388
  399
  411
  424
  437
  384
  399
  416
  433
  452
  472
  493
  515
  539
  563
  589
  617
  646
  677
  709
  743
  778
  816
  855
  897
Funds from operations, $m
  397
  350
  357
  364
  373
  382
  392
  403
  414
  427
  440
  436
  452
  468
  485
  504
  523
  544
  565
  588
  613
  638
  665
  694
  724
  755
  788
  823
  860
  899
  939
Change in working capital, $m
  53
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from operations, $m
  344
  352
  359
  367
  376
  385
  396
  407
  419
  432
  445
  442
  457
  474
  492
  510
  530
  551
  574
  597
  622
  648
  675
  704
  735
  767
  801
  836
  874
  913
  954
Maintenance CAPEX, $m
  0
  -273
  -279
  -285
  -293
  -301
  -310
  -320
  -331
  -343
  -355
  -369
  -384
  -399
  -416
  -433
  -452
  -472
  -493
  -515
  -539
  -563
  -589
  -617
  -646
  -677
  -709
  -743
  -778
  -816
  -855
New CAPEX, $m
  -270
  -49
  -57
  -65
  -73
  -81
  -89
  -97
  -105
  -113
  -121
  -130
  -139
  -148
  -157
  -166
  -176
  -187
  -197
  -209
  -220
  -232
  -245
  -258
  -272
  -287
  -302
  -318
  -334
  -352
  -370
Cash from investing activities, $m
  -269
  -322
  -336
  -350
  -366
  -382
  -399
  -417
  -436
  -456
  -476
  -499
  -523
  -547
  -573
  -599
  -628
  -659
  -690
  -724
  -759
  -795
  -834
  -875
  -918
  -964
  -1,011
  -1,061
  -1,112
  -1,168
  -1,225
Free cash flow, $m
  75
  30
  23
  17
  10
  3
  -4
  -10
  -17
  -24
  -32
  -57
  -65
  -73
  -81
  -89
  -98
  -107
  -117
  -127
  -137
  -148
  -159
  -171
  -183
  -196
  -210
  -224
  -239
  -255
  -271
Issuance/(repayment) of debt, $m
  -123
  59
  71
  81
  91
  100
  110
  120
  130
  140
  150
  160
  171
  182
  194
  206
  218
  231
  244
  258
  272
  287
  303
  319
  336
  354
  373
  392
  413
  434
  457
Issuance/(repurchase) of shares, $m
  2
  8
  9
  11
  13
  14
  16
  18
  20
  22
  24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  6
  10
  13
  17
  21
  26
  30
  35
  40
Cash from financing (excl. dividends), $m  
  -121
  67
  80
  92
  104
  114
  126
  138
  150
  162
  174
  160
  171
  182
  194
  206
  218
  231
  244
  258
  272
  290
  309
  329
  349
  371
  394
  418
  443
  469
  497
Total cash flow (excl. dividends), $m
  -46
  98
  103
  108
  113
  118
  123
  127
  132
  137
  142
  103
  106
  109
  113
  116
  120
  123
  127
  131
  135
  142
  149
  158
  166
  175
  184
  194
  204
  214
  226
Retained Cash Flow (-), $m
  1,042
  -12
  -13
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
Prev. year cash balance distribution, $m
 
  283
  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
 
  369
  90
  94
  97
  100
  103
  106
  109
  112
  115
  74
  76
  77
  78
  79
  81
  82
  83
  85
  86
  90
  95
  100
  106
  111
  117
  123
  130
  137
  144
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  343
  77
  73
  68
  63
  58
  53
  47
  42
  37
  20
  17
  14
  11
  9
  7
  6
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.8
  95.5
  92.9
  90.1
  87.1
  83.9
  80.6
  77.2
  73.8
  70.4
  70.4
  70.4
  70.4
  70.4
  70.4
  70.4
  70.4
  70.4
  70.4
  70.4
  70.1
  69.6
  68.9
  67.8
  66.6
  65.2
  63.6
  61.9
  60.0
  58.1

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 -0.4
Price to Sales 0.1
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow 5.3
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 $6650 million for the last fiscal year's total revenue generated by Ascena Retail Group. The default revenue input number comes from 2017 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 7.8%, 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 98.7%.

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 5.7% 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 36.6%.

Life of production assets of 8.9 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 -1.5%. 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 - $821 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 195.275 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.

RELATED COMPANIES Price Int.Val. Rating
DEST Destination Ma 2.59 1.09  str.sell
CBK Christopher&Ba 1.22 0.47  str.sell
CATO Cato Cl A 15.49 41.92  str.buy
LB L Brands 57.99 21.62  str.sell
CHS Chico's Fa 9.07 1.00  str.sell
NWY New York 2.59 0.31  str.sell

COMPANY NEWS

▶ What Happened in the Stock Market Today   [Dec-05-17 05:12PM  Motley Fool]
▶ Why These 2 Stocks Moved on Tuesday   [02:31PM  GuruFocus.com]
▶ Ascena Retail meets 1Q profit forecasts   [04:18PM  Associated Press]
▶ 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]
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.

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.