Intrinsic value of Avon Products - AVP

Previous Close

$2.28

  Intrinsic Value

$0.33

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-8%

Previous close

$2.28

 
Intrinsic value

$0.33

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-8%

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

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 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 1.0

 

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, %
  -7.19
  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
  5,718
  5,832
  5,967
  6,120
  6,292
  6,483
  6,692
  6,920
  7,167
  7,432
  7,718
  8,023
  8,348
  8,695
  9,064
  9,455
  9,869
  10,307
  10,771
  11,261
  11,779
  12,325
  12,901
  13,507
  14,147
  14,820
  15,529
  16,276
  17,061
  17,888
  18,757
Variable operating expenses, $m
 
  5,681
  5,811
  5,960
  6,127
  6,313
  6,516
  6,738
  6,978
  7,236
  7,514
  7,801
  8,118
  8,455
  8,813
  9,193
  9,596
  10,023
  10,474
  10,950
  11,453
  11,984
  12,544
  13,134
  13,756
  14,411
  15,100
  15,826
  16,590
  17,393
  18,238
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
  5,395
  5,681
  5,811
  5,960
  6,127
  6,313
  6,516
  6,738
  6,978
  7,236
  7,514
  7,801
  8,118
  8,455
  8,813
  9,193
  9,596
  10,023
  10,474
  10,950
  11,453
  11,984
  12,544
  13,134
  13,756
  14,411
  15,100
  15,826
  16,590
  17,393
  18,238
Operating income, $m
  323
  152
  156
  160
  165
  170
  176
  182
  189
  196
  204
  222
  231
  240
  251
  261
  273
  285
  298
  311
  326
  341
  357
  373
  391
  410
  429
  450
  472
  494
  519
EBITDA, $m
  437
  266
  272
  279
  287
  296
  305
  316
  327
  339
  352
  366
  381
  397
  414
  432
  450
  470
  492
  514
  538
  563
  589
  617
  646
  676
  709
  743
  779
  816
  856
Interest expense (income), $m
  87
  79
  26
  28
  31
  34
  38
  41
  46
  50
  55
  60
  66
  72
  78
  85
  92
  99
  107
  116
  125
  134
  144
  155
  166
  178
  190
  203
  217
  231
  246
Earnings before tax, $m
  31
  73
  130
  132
  134
  136
  138
  141
  143
  146
  149
  162
  165
  169
  173
  177
  181
  186
  190
  195
  201
  206
  212
  219
  225
  232
  239
  247
  255
  264
  273
Tax expense, $m
  124
  20
  35
  36
  36
  37
  37
  38
  39
  39
  40
  44
  45
  46
  47
  48
  49
  50
  51
  53
  54
  56
  57
  59
  61
  63
  65
  67
  69
  71
  74
Net income, $m
  -108
  53
  95
  96
  98
  99
  101
  103
  105
  107
  109
  118
  121
  123
  126
  129
  132
  135
  139
  143
  147
  151
  155
  160
  164
  169
  175
  180
  186
  192
  199

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  654
  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
  3,419
  2,820
  2,885
  2,959
  3,043
  3,135
  3,236
  3,346
  3,466
  3,594
  3,732
  3,880
  4,037
  4,205
  4,383
  4,572
  4,772
  4,984
  5,209
  5,446
  5,696
  5,960
  6,238
  6,532
  6,841
  7,167
  7,509
  7,870
  8,250
  8,650
  9,070
Adjusted assets (=assets-cash), $m
  2,765
  2,820
  2,885
  2,959
  3,043
  3,135
  3,236
  3,346
  3,466
  3,594
  3,732
  3,880
  4,037
  4,205
  4,383
  4,572
  4,772
  4,984
  5,209
  5,446
  5,696
  5,960
  6,238
  6,532
  6,841
  7,167
  7,509
  7,870
  8,250
  8,650
  9,070
Revenue / Adjusted assets
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
  2.068
Average production assets, $m
  822
  840
  859
  881
  906
  934
  964
  996
  1,032
  1,070
  1,111
  1,155
  1,202
  1,252
  1,305
  1,361
  1,421
  1,484
  1,551
  1,622
  1,696
  1,775
  1,858
  1,945
  2,037
  2,134
  2,236
  2,344
  2,457
  2,576
  2,701
Working capital, $m
  506
  -134
  -137
  -141
  -145
  -149
  -154
  -159
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -217
  -227
  -237
  -248
  -259
  -271
  -283
  -297
  -311
  -325
  -341
  -357
  -374
  -392
  -411
  -431
Total debt, $m
  1,894
  610
  669
  735
  810
  893
  984
  1,084
  1,191
  1,307
  1,431
  1,564
  1,705
  1,856
  2,017
  2,187
  2,367
  2,558
  2,760
  2,973
  3,198
  3,436
  3,686
  3,950
  4,229
  4,522
  4,830
  5,155
  5,497
  5,857
  6,235
Total liabilities, $m
  3,822
  2,538
  2,597
  2,663
  2,738
  2,821
  2,912
  3,012
  3,119
  3,235
  3,359
  3,492
  3,633
  3,784
  3,945
  4,115
  4,295
  4,486
  4,688
  4,901
  5,126
  5,364
  5,614
  5,878
  6,157
  6,450
  6,758
  7,083
  7,425
  7,785
  8,163
Total equity, $m
  -403
  282
  289
  296
  304
  313
  324
  335
  347
  359
  373
  388
  404
  420
  438
  457
  477
  498
  521
  545
  570
  596
  624
  653
  684
  717
  751
  787
  825
  865
  907
Total liabilities and equity, $m
  3,419
  2,820
  2,886
  2,959
  3,042
  3,134
  3,236
  3,347
  3,466
  3,594
  3,732
  3,880
  4,037
  4,204
  4,383
  4,572
  4,772
  4,984
  5,209
  5,446
  5,696
  5,960
  6,238
  6,531
  6,841
  7,167
  7,509
  7,870
  8,250
  8,650
  9,070
Debt-to-equity ratio
  -4.700
  2.160
  2.320
  2.480
  2.660
  2.850
  3.040
  3.240
  3.440
  3.640
  3.830
  4.030
  4.220
  4.410
  4.600
  4.780
  4.960
  5.130
  5.300
  5.460
  5.620
  5.760
  5.910
  6.050
  6.180
  6.310
  6.430
  6.550
  6.660
  6.770
  6.870
Adjusted equity ratio
  -0.382
  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
  -108
  53
  95
  96
  98
  99
  101
  103
  105
  107
  109
  118
  121
  123
  126
  129
  132
  135
  139
  143
  147
  151
  155
  160
  164
  169
  175
  180
  186
  192
  199
Depreciation, amort., depletion, $m
  114
  114
  117
  120
  123
  126
  130
  134
  138
  143
  148
  144
  150
  157
  163
  170
  178
  186
  194
  203
  212
  222
  232
  243
  255
  267
  280
  293
  307
  322
  338
Funds from operations, $m
  -198
  168
  212
  216
  220
  225
  231
  237
  243
  250
  257
  262
  271
  280
  289
  299
  310
  321
  333
  345
  359
  373
  387
  403
  419
  436
  454
  473
  493
  514
  537
Change in working capital, $m
  -258
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  60
  170
  215
  219
  224
  230
  235
  242
  249
  256
  264
  269
  278
  288
  298
  308
  319
  331
  343
  357
  370
  385
  400
  417
  434
  452
  471
  490
  511
  533
  557
Maintenance CAPEX, $m
  0
  -103
  -105
  -107
  -110
  -113
  -117
  -120
  -125
  -129
  -134
  -139
  -144
  -150
  -157
  -163
  -170
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
  -255
  -267
  -280
  -293
  -307
  -322
New CAPEX, $m
  -93
  -18
  -19
  -22
  -25
  -27
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
Cash from investing activities, $m
  -177
  -121
  -124
  -129
  -135
  -140
  -147
  -153
  -161
  -167
  -175
  -183
  -191
  -200
  -210
  -219
  -230
  -241
  -253
  -265
  -278
  -291
  -305
  -319
  -335
  -352
  -369
  -387
  -406
  -426
  -447
Free cash flow, $m
  -117
  50
  90
  90
  89
  89
  89
  89
  89
  89
  89
  87
  87
  87
  88
  89
  89
  90
  91
  92
  93
  94
  96
  97
  98
  100
  102
  103
  105
  107
  109
Issuance/(repayment) of debt, $m
  -261
  -1,266
  58
  67
  75
  83
  91
  99
  107
  116
  124
  133
  142
  151
  160
  170
  180
  191
  202
  213
  225
  238
  251
  264
  278
  293
  309
  325
  342
  360
  378
Issuance/(repurchase) of shares, $m
  421
  1,268
  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  
  137
  2
  58
  67
  75
  83
  91
  99
  107
  116
  124
  133
  142
  151
  160
  170
  180
  191
  202
  213
  225
  238
  251
  264
  278
  293
  309
  325
  342
  360
  378
Total cash flow (excl. dividends), $m
  -30
  52
  149
  156
  164
  172
  180
  188
  196
  204
  213
  219
  229
  238
  248
  259
  270
  281
  293
  305
  318
  332
  346
  361
  377
  393
  410
  428
  447
  467
  488
Retained Cash Flow (-), $m
  -667
  -1,321
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
Prev. year cash balance distribution, $m
 
  636
  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
 
  -633
  142
  149
  156
  163
  170
  177
  184
  191
  199
  205
  213
  222
  231
  240
  250
  260
  271
  282
  293
  306
  318
  332
  346
  361
  376
  392
  409
  427
  446
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  -573
  115
  107
  98
  89
  79
  70
  60
  52
  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, %
  100
  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
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

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 -9.2
Price to Sales 0.2
Price to Book -2.5
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow -30.2
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 $5718 million for the last fiscal year's total revenue generated by Avon Products. The default revenue input number comes from 2016 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 10.6%, 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 4.2% 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%.

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 14.4%.

Life of production assets of 8 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 -2.3%. 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 - $-403 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 441.406 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 $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
EL Estee Lauder C 108.80 79.67  sell
REV Revlon Cl A 22.25 54.10  str.buy
CL Colgate-Palmol 72.32 9.44  str.sell
COTY Coty Cl A 15.85 483.37  str.buy
IPAR Inter Parfums 42.30 34.40  hold
FOSL Fossil Group 9.21 51.20  str.buy
PG Procter&Gamble 88.25 66.01  sell
NUS Nu Skin Enterp 63.16 53.84  hold
ICON Iconix Brand G 5.12 0.87  str.sell

COMPANY NEWS

▶ Navient, NeoPhotonics Dive into Thursdays 52-Week Low Club   [Oct-05-17 04:04PM  24/7 Wall St.]
▶ Avon, Rite Aid Slide into Fridays 52-Week Low Club   [Sep-29-17 04:04PM  24/7 Wall St.]
▶ Bear of the Day: Avon (AVP)   [06:08AM  Zacks]
▶ Is an Avon Bottom Calling?   [Aug-10-17 02:42PM  TheStreet.com]
▶ Here's how Avon Products can get back on track   [01:25PM  American City Business Journals]
▶ The Market In 5 Minutes   [08:32AM  Benzinga]
▶ Avon reports 2Q loss   [02:29AM  Associated Press]
▶ [$$] Avon CEO to Step Down Amid Investor Pressure   [12:19AM  The Wall Street Journal]
▶ Why Avon Products Stock Sank 11% on Thursday   [Aug-03-17 06:23PM  Motley Fool]
▶ [$$] Avon CEO to Step Down Amid Activist Investor Pressure   [06:18PM  The Wall Street Journal]
▶ Barington Capital pressures Avon CEO to step down   [02:40PM  American City Business Journals]
▶ Avon CEO McCoy will leave the company   [12:56PM  Associated Press]
▶ Avon: More Downside Ahead?   [12:30PM  Barrons.com]
▶ Avon's CEO Shakeup No Surprise   [12:20PM  Morningstar]
▶ Avon Needs a Miracle Worker   [10:25AM  Bloomberg]
▶ Why Is Avon Getting Crushed?   [09:44AM  Barrons.com]
▶ Avon Reports Second-Quarter 2017 Results   [06:45AM  PR Newswire]
▶ New Strong Sell Stocks for July 11th   [Jul-11-17 09:44AM  Zacks]
▶ Avon Down 30% as CEO Steps Down: A Buy?   [Jun-16-17 06:45PM  Investopedia]
▶ Avon Stock Falls as CEO McCoy Expected to Step Down   [Jun-15-17 11:38AM  TheStreet.com]
▶ Avon CEO expected to step down: WSJ   [Jun-14-17 04:30PM  Reuters]
▶ Why Avon Products, Inc. Stock Fell 28% in May   [Jun-12-17 06:26PM  Motley Fool]
▶ [$$] Body Shop: full Brazilian   [Jun-09-17 08:03AM  Financial Times]
▶ ETFs with exposure to Avon Products, Inc. : May 30, 2017   [May-30-17 12:17PM  Capital Cube]
▶ 3 Top Stocks Under $5   [May-20-17 09:11AM  Motley Fool]
▶ U.S. charges Virginia man in Fitbit stock hoax   [May-19-17 06:35PM  Reuters]
▶ [$$] Activist Investors Have a New Bloodlust: CEOs   [May-17-17 12:21AM  The Wall Street Journal]
▶ [$$] Activist Investors Have a New Bloodlust: CEOs   [May-16-17 08:00AM  The Wall Street Journal]
Financial statements of AVP
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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