Intrinsic value of Sotheby's - BID

Previous Close

$51.19

  Intrinsic Value

$14.07

stock screener

  Rating & Target

str. sell

-73%

  Value-price divergence*

-91%

Previous close

$51.19

 
Intrinsic value

$14.07

 
Up/down potential

-73%

 
Rating

str. sell

 
Value-price divergence*

-91%

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

We calculate the intrinsic value of BID 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 2.6

 

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, %
  -16.23
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  805
  848
  894
  942
  991
  1,044
  1,098
  1,155
  1,215
  1,278
  1,344
  1,413
  1,486
  1,562
  1,641
  1,725
  1,813
  1,905
  2,001
  2,102
  2,209
  2,320
  2,437
  2,560
  2,689
  2,824
  2,966
  3,115
  3,272
  3,436
  3,608
Variable operating expenses, $m
 
  418
  440
  463
  488
  513
  540
  567
  597
  627
  659
  688
  723
  760
  799
  840
  882
  927
  974
  1,023
  1,075
  1,129
  1,186
  1,246
  1,309
  1,375
  1,444
  1,516
  1,593
  1,673
  1,756
Fixed operating expenses, $m
 
  300
  308
  316
  323
  332
  340
  348
  357
  366
  375
  384
  394
  404
  414
  424
  435
  446
  457
  468
  480
  492
  504
  517
  530
  543
  557
  571
  585
  600
  615
Total operating expenses, $m
  683
  718
  748
  779
  811
  845
  880
  915
  954
  993
  1,034
  1,072
  1,117
  1,164
  1,213
  1,264
  1,317
  1,373
  1,431
  1,491
  1,555
  1,621
  1,690
  1,763
  1,839
  1,918
  2,001
  2,087
  2,178
  2,273
  2,371
Operating income, $m
  123
  130
  146
  163
  180
  199
  219
  240
  262
  285
  310
  341
  368
  398
  428
  461
  495
  532
  570
  610
  653
  699
  746
  797
  850
  906
  965
  1,028
  1,094
  1,164
  1,237
EBITDA, $m
  145
  156
  173
  191
  210
  230
  251
  274
  297
  322
  348
  376
  406
  437
  470
  504
  541
  579
  620
  663
  709
  757
  807
  861
  917
  977
  1,040
  1,106
  1,176
  1,250
  1,328
Interest expense (income), $m
  45
  45
  42
  46
  50
  54
  59
  64
  69
  74
  80
  85
  91
  98
  104
  111
  119
  126
  134
  143
  152
  161
  171
  181
  192
  203
  215
  227
  240
  254
  268
Earnings before tax, $m
  97
  85
  104
  117
  130
  145
  160
  176
  193
  211
  230
  255
  277
  300
  324
  350
  377
  405
  436
  468
  502
  538
  576
  616
  658
  703
  751
  801
  854
  910
  969
Tax expense, $m
  26
  23
  28
  32
  35
  39
  43
  47
  52
  57
  62
  69
  75
  81
  87
  94
  102
  109
  118
  126
  135
  145
  155
  166
  178
  190
  203
  216
  230
  246
  262
Net income, $m
  74
  62
  76
  85
  95
  106
  117
  128
  141
  154
  168
  187
  202
  219
  236
  255
  275
  296
  318
  341
  366
  392
  420
  449
  480
  513
  548
  584
  623
  664
  707

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  496
  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
  2,504
  2,116
  2,229
  2,348
  2,472
  2,602
  2,739
  2,881
  3,031
  3,188
  3,352
  3,524
  3,705
  3,894
  4,093
  4,301
  4,520
  4,749
  4,990
  5,243
  5,507
  5,786
  6,077
  6,384
  6,705
  7,042
  7,397
  7,768
  8,159
  8,568
  8,998
Adjusted assets (=assets-cash), $m
  2,008
  2,116
  2,229
  2,348
  2,472
  2,602
  2,739
  2,881
  3,031
  3,188
  3,352
  3,524
  3,705
  3,894
  4,093
  4,301
  4,520
  4,749
  4,990
  5,243
  5,507
  5,786
  6,077
  6,384
  6,705
  7,042
  7,397
  7,768
  8,159
  8,568
  8,998
Revenue / Adjusted assets
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
Average production assets, $m
  358
  377
  397
  418
  440
  463
  488
  513
  540
  568
  597
  627
  660
  693
  729
  766
  805
  846
  888
  933
  981
  1,030
  1,082
  1,137
  1,194
  1,254
  1,317
  1,383
  1,453
  1,526
  1,602
Working capital, $m
  526
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  76
  79
  83
  88
  92
  97
  102
  107
  112
  118
  124
  130
  136
  143
  150
  158
  166
Total debt, $m
  1,171
  1,076
  1,178
  1,285
  1,397
  1,514
  1,637
  1,765
  1,900
  2,041
  2,189
  2,344
  2,506
  2,677
  2,856
  3,043
  3,240
  3,446
  3,663
  3,890
  4,129
  4,379
  4,642
  4,917
  5,207
  5,510
  5,829
  6,164
  6,515
  6,883
  7,270
Total liabilities, $m
  1,999
  1,904
  2,006
  2,113
  2,225
  2,342
  2,465
  2,593
  2,728
  2,869
  3,017
  3,172
  3,334
  3,505
  3,684
  3,871
  4,068
  4,274
  4,491
  4,718
  4,957
  5,207
  5,470
  5,745
  6,035
  6,338
  6,657
  6,992
  7,343
  7,711
  8,098
Total equity, $m
  505
  212
  223
  235
  247
  260
  274
  288
  303
  319
  335
  352
  370
  389
  409
  430
  452
  475
  499
  524
  551
  579
  608
  638
  671
  704
  740
  777
  816
  857
  900
Total liabilities and equity, $m
  2,504
  2,116
  2,229
  2,348
  2,472
  2,602
  2,739
  2,881
  3,031
  3,188
  3,352
  3,524
  3,704
  3,894
  4,093
  4,301
  4,520
  4,749
  4,990
  5,242
  5,508
  5,786
  6,078
  6,383
  6,706
  7,042
  7,397
  7,769
  8,159
  8,568
  8,998
Debt-to-equity ratio
  2.319
  5.090
  5.290
  5.470
  5.650
  5.820
  5.980
  6.130
  6.270
  6.400
  6.530
  6.650
  6.770
  6.870
  6.980
  7.080
  7.170
  7.260
  7.340
  7.420
  7.500
  7.570
  7.640
  7.700
  7.770
  7.820
  7.880
  7.930
  7.990
  8.030
  8.080
Adjusted equity ratio
  0.004
  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
  74
  62
  76
  85
  95
  106
  117
  128
  141
  154
  168
  187
  202
  219
  236
  255
  275
  296
  318
  341
  366
  392
  420
  449
  480
  513
  548
  584
  623
  664
  707
Depreciation, amort., depletion, $m
  22
  26
  27
  29
  30
  31
  33
  34
  35
  37
  39
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  91
Funds from operations, $m
  214
  88
  103
  114
  125
  137
  149
  162
  176
  191
  207
  222
  239
  258
  278
  298
  320
  344
  368
  394
  422
  451
  481
  514
  548
  584
  622
  663
  705
  750
  798
Change in working capital, $m
  56
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Cash from operations, $m
  158
  86
  101
  112
  123
  134
  147
  160
  174
  188
  204
  219
  236
  255
  274
  295
  316
  339
  364
  389
  417
  445
  476
  508
  542
  578
  616
  656
  698
  743
  790
Maintenance CAPEX, $m
  0
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
New CAPEX, $m
  -21
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -77
Cash from investing activities, $m
  -120
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -65
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -147
  -155
  -163
Free cash flow, $m
  38
  47
  60
  68
  77
  86
  96
  107
  118
  130
  142
  154
  169
  184
  199
  216
  234
  253
  273
  294
  317
  341
  366
  392
  421
  450
  482
  515
  550
  588
  627
Issuance/(repayment) of debt, $m
  12
  -88
  102
  107
  112
  117
  123
  128
  135
  141
  148
  155
  163
  170
  179
  188
  197
  206
  217
  227
  238
  250
  263
  276
  289
  304
  319
  335
  351
  369
  387
Issuance/(repurchase) of shares, $m
  -360
  134
  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  
  -354
  46
  102
  107
  112
  117
  123
  128
  135
  141
  148
  155
  163
  170
  179
  188
  197
  206
  217
  227
  238
  250
  263
  276
  289
  304
  319
  335
  351
  369
  387
Total cash flow (excl. dividends), $m
  -351
  93
  162
  175
  189
  203
  219
  235
  253
  271
  290
  309
  331
  354
  378
  404
  431
  459
  490
  522
  555
  591
  628
  668
  710
  754
  801
  850
  902
  956
  1,014
Retained Cash Flow (-), $m
  301
  -196
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Prev. year cash balance distribution, $m
 
  489
  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
 
  386
  150
  163
  176
  190
  205
  221
  238
  255
  274
  292
  313
  335
  358
  383
  409
  437
  466
  496
  529
  563
  599
  637
  678
  720
  765
  813
  863
  915
  971
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  359
  129
  128
  126
  122
  118
  112
  105
  98
  90
  81
  72
  64
  55
  47
  39
  32
  26
  20
  16
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2
  38.2

Sotheby's is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby's Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. The Company operates through two segments: Agency and Finance. The Agency segment matches buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process. The Finance segment is engaged in art-related financing activities by making loans that are secured by works of art. The Company's advisory services are classified within All Other segment.

FINANCIAL RATIOS  of  Sotheby's (BID)

Valuation Ratios
P/E Ratio 36.6
Price to Sales 3.4
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 19.8
Growth Rates
Sales Growth Rate -16.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 90.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio 71
Current Ratio 0.1
LT Debt to Equity 230.5%
Total Debt to Equity 231.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 11.3%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 78.6%
Gross Margin - 3 Yr. Avg. 79.5%
EBITDA Margin 20.4%
EBITDA Margin - 3 Yr. Avg. 24.3%
Operating Margin 15.2%
Oper. Margin - 3 Yr. Avg. 20.1%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 47.9%
Payout Ratio 2.7%

BID stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BID stock intrinsic value calculation we used $805 million for the last fiscal year's total revenue generated by Sotheby's. The default revenue input number comes from 2016 income statement of Sotheby's. 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 BID stock valuation model: a) initial revenue growth rate of 5.4% 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 7.6%, whose default value for BID is calculated based on our internal credit rating of Sotheby's, 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 Sotheby's.
    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 BID stock the variable cost ratio is equal to 49.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $293 million in the base year in the intrinsic value calculation for BID 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 3.9% for Sotheby's.

Corporate tax rate of 27% is the nominal tax rate for Sotheby's. 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 BID 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 BID are equal to 44.4%.

Life of production assets of 17.7 years is the average useful life of capital assets used in Sotheby's 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 BID is equal to 4.6%. 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 - $505 million for Sotheby's - 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 51.05 million for Sotheby's 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 Sotheby's at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
CLCT Collectors Uni 24.07 27.95  buy
LQDT Liquidity Serv 5.80 0.93  str.sell

COMPANY NEWS

▶ [$$] The day Francis Bacon got burnt in the saleroom   [Oct-13-17 07:36AM  Financial Times]
▶ Sothebys Value Analysis (NYSE:BID) : October 5, 2017   [Oct-05-17 11:31AM  Capital Cube]
▶ Sotheby's Stock Upgraded: What You Need to Know   [Oct-04-17 11:36AM  Motley Fool]
▶ At $47.02, Is It Time To Sell Sothebys (BID)?   [Oct-03-17 03:36PM  Simply Wall St.]
▶ [$$] Few Art Trophies at London Auctions   [12:42AM  The Wall Street Journal]
▶ [$$] SJ Phillips auctions pieces from its archive at Sotheby's   [Sep-27-17 08:01PM  Financial Times]
▶ ETFs with exposure to Sothebys : August 28, 2017   [Aug-28-17 04:50PM  Capital Cube]
▶ Luxury home: Tour this home that was modeled after a historic ABQ hotel   [Aug-11-17 09:15AM  American City Business Journals]
▶ Sotheby's posts 2Q profit   [02:34AM  Associated Press]
▶ Falling Earnings Send Sotheby's Lower   [01:20PM  Motley Fool]
▶ Sotheby's Flirts With Record High   [Jul-25-17 12:37PM  Bloomberg]
▶ [$$] Old Masters have a bumpy ride   [Jul-14-17 08:22AM  Financial Times]
▶ Why Sothebys Stock Gained 37% in 2017 so Far   [Jul-13-17 03:37PM  Motley Fool]
▶ Luxury brokerage firm inks acquisition   [Jun-29-17 06:15PM  American City Business Journals]
▶ [$$] London Sales Help Art-Market Recovery   [12:09AM  The Wall Street Journal]
▶ [$$] Beyond the fair - what to see in Zurich and Basel   [Jun-09-17 09:34AM  Financial Times]
▶ Why Sothebys Shares Popped 11% in May   [08:59AM  Motley Fool]
▶ Daniel Loeb's Favorite Idea Spurs May Outperformance   [Jun-02-17 06:41PM  GuruFocus.com]
▶ [$$] Who's Afraid of Amazon? 9 Surprising Winners   [May-21-17 12:01AM  Barrons.com]
▶ [$$] Sothebys Loses Its Star Work But Auction Rallies   [12:22AM  The Wall Street Journal]
▶ [$$] Sotheby's Loses Its Star Work But Auction Rallies   [11:08PM  The Wall Street Journal]
▶ Amazon at 20: Is Any Retailer Safe?   [05:14PM  Barrons.com]
▶ [$$] Recovering Art Market Attracts Trophy Works   [07:47AM  The Wall Street Journal]
▶ Phillips CEO 'Confident' in Spring Auction's Success   [May-14-17 07:11PM  Bloomberg Video]
▶ Phillips Eyes Deep-Pocketed Chinese Buyers   [07:09PM  Bloomberg Video]
▶ [$$] Tefaf takes on Frieze in Manhattan   [May-12-17 09:58AM  Financial Times]
▶ Sotheby's sales beat estimates   [08:09AM  MarketWatch]
▶ [$$] Turner and Monet paintings on display ahead of auction   [May-07-17 03:15PM  Financial Times]
▶ Sothebys, Christie's Preview Spring Art Sale   [May-05-17 04:47PM  Associated Press Videos]
▶ [$$] Artists respond to Trump: "I'm a Muslim, I'm black"   [Apr-28-17 10:26AM  Financial Times]
▶ Auction of Soviet art triggers probe; art market on guard   [Apr-27-17 08:46AM  Associated Press]
▶ [$$] Virtual reality looms in Venice   [Apr-21-17 11:00AM  Financial Times]
▶ [$$] Sothebys New Executive Marc Porter Returns to Rival Christies   [Apr-20-17 12:41AM  The Wall Street Journal]
▶ [$$] Sotheby's New Executive Returns to Rival Christie's   [Apr-19-17 02:08PM  The Wall Street Journal]
Financial statements of BID
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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