Intrinsic value of Avon Products - AVP

Previous Close

$2.05

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$2.05

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of AVP 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 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  5,830
  5,964
  6,118
  6,290
  6,480
  6,690
  6,918
  7,164
  7,430
  7,715
  8,020
  8,346
  8,692
  9,060
  9,451
  9,865
  10,304
  10,768
  11,257
  11,775
  12,320
  12,896
  13,503
  14,142
  14,815
  15,524
  16,270
  17,055
  17,881
  18,750
Variable operating expenses, $m
  5,679
  5,809
  5,958
  6,125
  6,311
  6,514
  6,736
  6,975
  7,234
  7,511
  7,798
  8,115
  8,451
  8,810
  9,190
  9,592
  10,019
  10,469
  10,946
  11,449
  11,979
  12,539
  13,129
  13,751
  14,405
  15,094
  15,820
  16,583
  17,386
  18,231
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
  5,679
  5,809
  5,958
  6,125
  6,311
  6,514
  6,736
  6,975
  7,234
  7,511
  7,798
  8,115
  8,451
  8,810
  9,190
  9,592
  10,019
  10,469
  10,946
  11,449
  11,979
  12,539
  13,129
  13,751
  14,405
  15,094
  15,820
  16,583
  17,386
  18,231
Operating income, $m
  152
  155
  160
  164
  170
  176
  182
  189
  196
  204
  222
  231
  241
  251
  262
  273
  285
  298
  312
  326
  341
  357
  374
  391
  410
  430
  450
  472
  495
  519
EBITDA, $m
  243
  249
  255
  262
  270
  279
  288
  299
  310
  322
  334
  348
  362
  378
  394
  411
  429
  449
  469
  491
  514
  537
  563
  589
  617
  647
  678
  711
  745
  781
Interest expense (income), $m
  87
  140
  64
  70
  77
  84
  92
  101
  111
  122
  133
  146
  159
  173
  188
  203
  220
  238
  257
  277
  298
  320
  344
  369
  395
  422
  451
  482
  514
  548
  583
Earnings before tax, $m
  11
  91
  90
  88
  86
  83
  81
  78
  74
  71
  76
  72
  68
  63
  58
  53
  47
  41
  35
  28
  21
  13
  5
  -3
  -12
  -22
  -32
  -42
  -53
  -64
Tax expense, $m
  3
  25
  24
  24
  23
  22
  22
  21
  20
  19
  21
  20
  18
  17
  16
  14
  13
  11
  9
  8
  6
  4
  1
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  8
  67
  65
  64
  63
  61
  59
  57
  54
  52
  56
  53
  50
  46
  42
  39
  34
  30
  25
  20
  15
  10
  4
  -3
  -12
  -22
  -32
  -42
  -53
  -64

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
  3,771
  3,858
  3,957
  4,068
  4,192
  4,327
  4,474
  4,634
  4,806
  4,990
  5,188
  5,398
  5,622
  5,861
  6,113
  6,381
  6,665
  6,965
  7,282
  7,616
  7,969
  8,342
  8,734
  9,147
  9,583
  10,041
  10,524
  11,032
  11,566
  12,128
Adjusted assets (=assets-cash), $m
  3,771
  3,858
  3,957
  4,068
  4,192
  4,327
  4,474
  4,634
  4,806
  4,990
  5,188
  5,398
  5,622
  5,861
  6,113
  6,381
  6,665
  6,965
  7,282
  7,616
  7,969
  8,342
  8,734
  9,147
  9,583
  10,041
  10,524
  11,032
  11,566
  12,128
Revenue / Adjusted assets
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
  1.546
Average production assets, $m
  816
  835
  856
  881
  907
  937
  968
  1,003
  1,040
  1,080
  1,123
  1,168
  1,217
  1,268
  1,323
  1,381
  1,443
  1,507
  1,576
  1,648
  1,725
  1,805
  1,890
  1,980
  2,074
  2,173
  2,278
  2,388
  2,503
  2,625
Working capital, $m
  -239
  -245
  -251
  -258
  -266
  -274
  -284
  -294
  -305
  -316
  -329
  -342
  -356
  -371
  -388
  -404
  -422
  -441
  -462
  -483
  -505
  -529
  -554
  -580
  -607
  -636
  -667
  -699
  -733
  -769
Total debt, $m
  869
  947
  1,036
  1,137
  1,248
  1,369
  1,502
  1,646
  1,800
  1,966
  2,144
  2,333
  2,535
  2,749
  2,977
  3,218
  3,473
  3,743
  4,028
  4,330
  4,647
  4,982
  5,336
  5,708
  6,100
  6,512
  6,947
  7,404
  7,885
  8,390
Total liabilities, $m
  3,394
  3,472
  3,561
  3,662
  3,773
  3,894
  4,027
  4,171
  4,325
  4,491
  4,669
  4,858
  5,060
  5,274
  5,502
  5,743
  5,998
  6,268
  6,553
  6,855
  7,172
  7,507
  7,861
  8,233
  8,625
  9,037
  9,472
  9,929
  10,410
  10,915
Total equity, $m
  377
  386
  396
  407
  419
  433
  447
  463
  481
  499
  519
  540
  562
  586
  611
  638
  666
  696
  728
  762
  797
  834
  873
  915
  958
  1,004
  1,052
  1,103
  1,157
  1,213
Total liabilities and equity, $m
  3,771
  3,858
  3,957
  4,069
  4,192
  4,327
  4,474
  4,634
  4,806
  4,990
  5,188
  5,398
  5,622
  5,860
  6,113
  6,381
  6,664
  6,964
  7,281
  7,617
  7,969
  8,341
  8,734
  9,148
  9,583
  10,041
  10,524
  11,032
  11,567
  12,128
Debt-to-equity ratio
  2.300
  2.460
  2.620
  2.790
  2.980
  3.160
  3.360
  3.550
  3.750
  3.940
  4.130
  4.320
  4.510
  4.690
  4.870
  5.040
  5.210
  5.370
  5.530
  5.680
  5.830
  5.970
  6.110
  6.240
  6.370
  6.490
  6.600
  6.710
  6.820
  6.920
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  67
  65
  64
  63
  61
  59
  57
  54
  52
  56
  53
  50
  46
  42
  39
  34
  30
  25
  20
  15
  10
  4
  -3
  -12
  -22
  -32
  -42
  -53
  -64
Depreciation, amort., depletion, $m
  91
  93
  95
  98
  100
  103
  106
  110
  114
  118
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  172
  181
  189
  198
  207
  217
  228
  239
  250
  263
Funds from operations, $m
  99
  160
  161
  162
  163
  164
  165
  167
  168
  169
  168
  170
  171
  173
  175
  177
  179
  181
  183
  185
  188
  190
  193
  195
  195
  196
  196
  197
  197
  198
Change in working capital, $m
  -5
  -5
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
Cash from operations, $m
  104
  165
  167
  169
  171
  173
  175
  177
  179
  181
  181
  183
  185
  188
  191
  194
  197
  200
  203
  206
  210
  214
  218
  221
  223
  225
  227
  229
  231
  234
Maintenance CAPEX, $m
  -80
  -82
  -84
  -86
  -88
  -91
  -94
  -97
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -151
  -158
  -165
  -172
  -181
  -189
  -198
  -207
  -217
  -228
  -239
  -250
New CAPEX, $m
  -15
  -19
  -21
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -69
  -72
  -76
  -81
  -85
  -89
  -94
  -99
  -104
  -110
  -116
  -122
Cash from investing activities, $m
  -95
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -137
  -144
  -151
  -158
  -166
  -174
  -182
  -190
  -199
  -209
  -220
  -230
  -241
  -253
  -266
  -278
  -292
  -306
  -321
  -338
  -355
  -372
Free cash flow, $m
  9
  65
  62
  59
  56
  53
  49
  45
  41
  37
  30
  25
  20
  15
  9
  3
  -3
  -9
  -16
  -24
  -31
  -39
  -48
  -58
  -70
  -82
  -95
  -109
  -123
  -138
Issuance/(repayment) of debt, $m
  -1,029
  78
  89
  100
  111
  122
  133
  144
  155
  166
  178
  189
  202
  214
  228
  241
  255
  270
  285
  301
  318
  335
  353
  372
  392
  413
  434
  457
  481
  506
Issuance/(repurchase) of shares, $m
  1,094
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  6
  13
  20
  28
  36
  45
  56
  68
  80
  93
  106
  121
Cash from financing (excl. dividends), $m  
  65
  78
  89
  100
  111
  122
  133
  144
  155
  166
  178
  189
  202
  214
  228
  241
  255
  270
  291
  314
  338
  363
  389
  417
  448
  481
  514
  550
  587
  627
Total cash flow (excl. dividends), $m
  74
  143
  151
  159
  167
  174
  182
  189
  196
  203
  207
  215
  222
  229
  237
  244
  252
  260
  275
  291
  307
  323
  341
  359
  378
  398
  419
  441
  464
  488
Retained Cash Flow (-), $m
  -1,102
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -45
  -56
  -68
  -80
  -93
  -106
  -121
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
  23
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
Cash available for distribution, $m
  -1,028
  134
  141
  148
  155
  161
  167
  173
  179
  185
  188
  194
  199
  205
  211
  218
  224
  230
  244
  257
  271
  286
  302
  314
  322
  331
  339
  348
  358
  367
Discount rate, %
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
  -933
  110
  103
  95
  87
  78
  69
  60
  51
  43
  35
  29
  23
  18
  14
  10
  8
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  49.5
  48.7
  47.4
  45.8
  43.9
  41.8
  39.4
  36.8
  34.1
  31.3
  28.6
  25.9

Avon Products, Inc. is a manufacturer and marketer of beauty and related products. The Company's segments include Europe, Middle East & Africa; South Latin America; North Latin America, and Asia Pacific. Its product categories are Beauty, and Fashion and Home. Beauty consists of skincare (which includes personal care), fragrance and color (cosmetics). Fashion and Home consists of fashion jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, children's products and nutritional products. The Company's products include Anew Ultimate Supreme Advanced Performance Creme, Anew Vitale Visible Perfection Blurring Treatment, Big & Multiplied Volume Mascara, Avon True Perfectly Matte Lipstick, Avon Life for Him and for Her Fragrances, Far Away Infinity Fragrance and Avon Nutra Effects body collection with Active Seed Complex. The Company primarily sells its products to the consumer through the direct-selling channel.

FINANCIAL RATIOS  of  Avon Products (AVP)

Valuation Ratios
P/E Ratio -8.3
Price to Sales 0.2
Price to Book -2.2
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow -27.2
Growth Rates
Sales Growth Rate -7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.1%
Cap. Spend. - 3 Yr. Gr. Rate -13.9%
Financial Strength
Quick Ratio 36
Current Ratio 0
LT Debt to Equity -465.5%
Total Debt to Equity -470%
Interest Coverage 1
Management Effectiveness
Return On Assets -10.1%
Ret/ On Assets - 3 Yr. Avg. -46.7%
Return On Total Capital -8.2%
Ret/ On T. Cap. - 3 Yr. Avg. -25.9%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 84.6%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 60.5%
Gross Margin - 3 Yr. Avg. 60.4%
EBITDA Margin 4.1%
EBITDA Margin - 3 Yr. Avg. 4.6%
Operating Margin 5.6%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin -1.9%
Net Profit Margin - 3 Yr. Avg. -8.3%
Effective Tax Rate 400%
Eff/ Tax Rate - 3 Yr. Avg. 1433.3%
Payout Ratio 0%

AVP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVP stock intrinsic value calculation we used $5716 million for the last fiscal year's total revenue generated by Avon Products. The default revenue input number comes from 2017 income statement of Avon Products. 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 AVP 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 10.1%, whose default value for AVP is calculated based on our internal credit rating of Avon Products, 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 Avon Products.
    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 AVP stock the variable cost ratio is equal to 97.4%.

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 AVP 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 7.4% for Avon Products.

Corporate tax rate of 27% is the nominal tax rate for Avon Products. 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 AVP stock is equal to 0.4%.

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 AVP are equal to 14%.

Life of production assets of 10 years is the average useful life of capital assets used in Avon Products 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 AVP is equal to -4.1%. 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 - $-725 million for Avon Products - 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 440 million for Avon Products 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 Avon Products at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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COTY Coty Cl A 11.48 36.78  str.buy
IPAR Inter Parfums 64.50 47.55  hold
FOSL Fossil Group 23.98 15.38  buy
PG Procter&Gamble 83.69 67.31  hold
NUS Nu Skin Enterp 79.20 80.15  hold

COMPANY NEWS

▶ Avon Reports Second-Quarter 2018 Results   [06:45AM  PR Newswire]
▶ Another former P&G executive joins leadership of rival Avon   [Jul-30-18 01:00PM  American City Business Journals]
▶ Former P&G manager to guide marketing for $1.6B category at Avon   [Jul-27-18 10:28AM  American City Business Journals]
▶ Avon Appoints New General Manager to Drive Growth   [Jul-26-18 07:30AM  PR Newswire]
▶ Top 4 Cosmetics Stocks of 2018   [Jul-22-18 07:05PM  Investopedia]
▶ [$$] Avon Sells Its Last U.S. Factory   [Jul-06-18 08:08PM  The Wall Street Journal]
▶ [$$] Avon Sells Its Last U.S. Factory   [10:42AM  The Wall Street Journal]
▶ Why Avon Stock Lost 29% in May   [Jun-06-18 02:24PM  Motley Fool]
▶ Avon Insiders Ring Up Stock Buying as Stock Slides   [May-30-18 01:39PM  Barrons.com]
▶ Why Shares of Avon Products Tumbled Today   [May-03-18 12:43PM  Motley Fool]
▶ Avon: 1Q Earnings Snapshot   [06:55AM  Associated Press]
▶ Avon Reports First-Quarter 2018 Results   [06:45AM  PR Newswire]
▶ 3 Stocks Under $10 That Exploded Higher In Q1   [Apr-03-18 01:38PM  InvestorPlace]
▶ Yacktman Funds Comments on Avon   [Feb-19-18 11:30AM  GuruFocus.com]
▶ Company News For Feb 16, 2018   [Feb-16-18 09:53AM  Zacks]
▶ A Look At The Fair Value Of Avon Products Inc (NYSE:AVP)   [Feb-15-18 12:09PM  Simply Wall St.]
▶ 10 Makeup Companies That Still Test On Animals in 2017   [Feb-14-18 02:55PM  Insider Monkey]
▶ Why Avon Products Stock Gained 13.5% in January   [Feb-07-18 11:40AM  Motley Fool]
▶ [$$] Avon Names New CEO as Activist Investors Lose Patience   [Feb-05-18 11:56PM  The Wall Street Journal]
▶ [$$] Avon Names New CEO as Activist Investors Lose Patience   [01:58PM  The Wall Street Journal]
▶ Avon Is Under Attack, Again   [Jan-29-18 02:12PM  TheStreet.com]
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