Intrinsic value of Big Lots - BIG

Previous Close

$51.36

  Intrinsic Value

$49.89

stock screener

  Rating & Target

hold

-3%

  Value-price divergence*

-58%

Previous close

$51.36

 
Intrinsic value

$49.89

 
Up/down potential

-3%

 
Rating

hold

 
Value-price divergence*

-58%

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

We calculate the intrinsic value of BIG 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 2.2

 

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, %
  0.17
  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
  5,200
  5,304
  5,426
  5,565
  5,722
  5,895
  6,086
  6,293
  6,517
  6,759
  7,019
  7,296
  7,592
  7,907
  8,243
  8,598
  8,975
  9,374
  9,795
  10,241
  10,712
  11,208
  11,732
  12,284
  12,865
  13,478
  14,123
  14,801
  15,516
  16,267
  17,057
Variable operating expenses, $m
 
  5,065
  5,182
  5,315
  5,465
  5,630
  5,812
  6,010
  6,224
  6,455
  6,703
  6,968
  7,251
  7,552
  7,872
  8,211
  8,571
  8,952
  9,355
  9,780
  10,230
  10,704
  11,204
  11,731
  12,286
  12,871
  13,487
  14,135
  14,817
  15,535
  16,290
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
  4,952
  5,065
  5,182
  5,315
  5,465
  5,630
  5,812
  6,010
  6,224
  6,455
  6,703
  6,968
  7,251
  7,552
  7,872
  8,211
  8,571
  8,952
  9,355
  9,780
  10,230
  10,704
  11,204
  11,731
  12,286
  12,871
  13,487
  14,135
  14,817
  15,535
  16,290
Operating income, $m
  248
  239
  244
  250
  257
  265
  274
  283
  293
  304
  316
  328
  342
  356
  371
  387
  404
  422
  441
  461
  482
  504
  528
  553
  579
  607
  636
  666
  698
  732
  768
EBITDA, $m
  356
  349
  357
  366
  377
  388
  400
  414
  429
  445
  462
  480
  500
  520
  542
  566
  591
  617
  645
  674
  705
  738
  772
  808
  847
  887
  929
  974
  1,021
  1,070
  1,122
Interest expense (income), $m
  4
  5
  6
  7
  8
  10
  11
  13
  15
  17
  19
  21
  24
  26
  29
  32
  35
  38
  42
  46
  50
  54
  58
  63
  68
  73
  78
  84
  90
  96
  103
Earnings before tax, $m
  244
  234
  238
  243
  249
  256
  263
  270
  279
  287
  297
  307
  318
  330
  342
  355
  369
  383
  399
  415
  432
  451
  470
  490
  511
  534
  557
  582
  608
  636
  665
Tax expense, $m
  91
  63
  64
  66
  67
  69
  71
  73
  75
  78
  80
  83
  86
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  150
  157
  164
  172
  179
Net income, $m
  153
  171
  174
  178
  182
  187
  192
  197
  203
  210
  217
  224
  232
  241
  250
  259
  269
  280
  291
  303
  316
  329
  343
  358
  373
  390
  407
  425
  444
  464
  485

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  51
  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
  1,608
  1,588
  1,625
  1,666
  1,713
  1,765
  1,822
  1,884
  1,951
  2,024
  2,101
  2,184
  2,273
  2,367
  2,468
  2,574
  2,687
  2,806
  2,933
  3,066
  3,207
  3,356
  3,513
  3,678
  3,852
  4,035
  4,228
  4,432
  4,645
  4,870
  5,107
Adjusted assets (=assets-cash), $m
  1,557
  1,588
  1,625
  1,666
  1,713
  1,765
  1,822
  1,884
  1,951
  2,024
  2,101
  2,184
  2,273
  2,367
  2,468
  2,574
  2,687
  2,806
  2,933
  3,066
  3,207
  3,356
  3,513
  3,678
  3,852
  4,035
  4,228
  4,432
  4,645
  4,870
  5,107
Revenue / Adjusted assets
  3.340
  3.340
  3.339
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
  3.339
  3.341
  3.341
  3.340
  3.341
  3.340
  3.340
  3.340
  3.341
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
  3.340
Average production assets, $m
  543
  552
  564
  579
  595
  613
  633
  654
  678
  703
  730
  759
  790
  822
  857
  894
  933
  975
  1,019
  1,065
  1,114
  1,166
  1,220
  1,278
  1,338
  1,402
  1,469
  1,539
  1,614
  1,692
  1,774
Working capital, $m
  315
  271
  277
  284
  292
  301
  310
  321
  332
  345
  358
  372
  387
  403
  420
  439
  458
  478
  500
  522
  546
  572
  598
  626
  656
  687
  720
  755
  791
  830
  870
Total debt, $m
  106
  126
  148
  174
  203
  235
  270
  308
  349
  394
  441
  492
  547
  605
  667
  732
  802
  875
  953
  1,035
  1,121
  1,213
  1,309
  1,411
  1,518
  1,631
  1,749
  1,874
  2,006
  2,144
  2,290
Total liabilities, $m
  957
  977
  999
  1,025
  1,054
  1,086
  1,121
  1,159
  1,200
  1,245
  1,292
  1,343
  1,398
  1,456
  1,518
  1,583
  1,653
  1,726
  1,804
  1,886
  1,972
  2,064
  2,160
  2,262
  2,369
  2,482
  2,600
  2,725
  2,857
  2,995
  3,141
Total equity, $m
  651
  611
  625
  642
  660
  680
  702
  725
  751
  779
  809
  841
  875
  911
  950
  991
  1,035
  1,081
  1,129
  1,180
  1,235
  1,292
  1,352
  1,416
  1,483
  1,554
  1,628
  1,706
  1,788
  1,875
  1,966
Total liabilities and equity, $m
  1,608
  1,588
  1,624
  1,667
  1,714
  1,766
  1,823
  1,884
  1,951
  2,024
  2,101
  2,184
  2,273
  2,367
  2,468
  2,574
  2,688
  2,807
  2,933
  3,066
  3,207
  3,356
  3,512
  3,678
  3,852
  4,036
  4,228
  4,431
  4,645
  4,870
  5,107
Debt-to-equity ratio
  0.163
  0.210
  0.240
  0.270
  0.310
  0.350
  0.380
  0.420
  0.460
  0.510
  0.550
  0.590
  0.620
  0.660
  0.700
  0.740
  0.770
  0.810
  0.840
  0.880
  0.910
  0.940
  0.970
  1.000
  1.020
  1.050
  1.070
  1.100
  1.120
  1.140
  1.160
Adjusted equity ratio
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  153
  171
  174
  178
  182
  187
  192
  197
  203
  210
  217
  224
  232
  241
  250
  259
  269
  280
  291
  303
  316
  329
  343
  358
  373
  390
  407
  425
  444
  464
  485
Depreciation, amort., depletion, $m
  108
  110
  113
  116
  119
  123
  127
  131
  136
  141
  146
  152
  158
  164
  171
  179
  187
  195
  204
  213
  223
  233
  244
  256
  268
  280
  294
  308
  323
  338
  355
Funds from operations, $m
  340
  281
  287
  293
  301
  309
  318
  328
  339
  350
  363
  376
  390
  405
  421
  438
  456
  475
  495
  516
  538
  562
  587
  613
  641
  670
  701
  733
  767
  802
  840
Change in working capital, $m
  28
  5
  6
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
Cash from operations, $m
  312
  276
  280
  286
  293
  300
  309
  318
  327
  338
  350
  362
  375
  389
  404
  420
  437
  454
  473
  493
  514
  537
  560
  585
  611
  639
  668
  698
  730
  764
  800
Maintenance CAPEX, $m
  0
  -109
  -110
  -113
  -116
  -119
  -123
  -127
  -131
  -136
  -141
  -146
  -152
  -158
  -164
  -171
  -179
  -187
  -195
  -204
  -213
  -223
  -233
  -244
  -256
  -268
  -280
  -294
  -308
  -323
  -338
New CAPEX, $m
  -90
  -9
  -13
  -15
  -16
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
Cash from investing activities, $m
  -85
  -118
  -123
  -128
  -132
  -137
  -143
  -149
  -154
  -161
  -168
  -175
  -183
  -191
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -287
  -301
  -316
  -332
  -347
  -365
  -382
  -401
  -420
Free cash flow, $m
  227
  158
  157
  159
  161
  163
  166
  169
  173
  177
  182
  187
  192
  198
  205
  211
  219
  226
  235
  243
  252
  262
  273
  284
  295
  307
  320
  334
  348
  363
  379
Issuance/(repayment) of debt, $m
  40
  20
  22
  26
  29
  32
  35
  38
  41
  45
  48
  51
  55
  58
  62
  65
  69
  73
  78
  82
  87
  91
  96
  102
  107
  113
  119
  125
  132
  138
  146
Issuance/(repurchase) of shares, $m
  -233
  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 from financing (excl. dividends), $m  
  -192
  20
  22
  26
  29
  32
  35
  38
  41
  45
  48
  51
  55
  58
  62
  65
  69
  73
  78
  82
  87
  91
  96
  102
  107
  113
  119
  125
  132
  138
  146
Total cash flow (excl. dividends), $m
  35
  178
  180
  185
  190
  195
  201
  208
  215
  222
  230
  238
  247
  256
  266
  277
  288
  300
  312
  325
  339
  354
  369
  385
  402
  420
  439
  459
  480
  502
  525
Retained Cash Flow (-), $m
  69
  -11
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
Prev. year cash balance distribution, $m
 
  51
  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
 
  218
  166
  169
  172
  175
  179
  184
  189
  194
  200
  206
  213
  220
  228
  236
  245
  254
  264
  274
  285
  296
  309
  322
  335
  350
  365
  381
  397
  415
  434
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  209
  152
  147
  141
  136
  130
  124
  118
  111
  105
  98
  91
  84
  76
  69
  62
  55
  49
  42
  36
  31
  26
  21
  17
  14
  11
  8
  6
  5
  3
Current shareholders' claim on cash, %
  100
  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
  100.0

Big Lots, Inc. is a non-traditional, discount retailer operating in the United States. As of January 28, 2017, the Company operated a total of 1,432 stores. The Company operates through the discount retailing segment. As of January 28, 2017, the Company's stores are located at various states of the United States, such as Alabama, Arizona, California, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Montana, Nevada, Nebraska, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, Texas, Utah and Washington. The Company's merchandise categories include Furniture, Seasonal, Soft Home, Food, Consumables, Hard Home, and Electronics, Toys, & Accessories.

FINANCIAL RATIOS  of  Big Lots (BIG)

Valuation Ratios
P/E Ratio 14.9
Price to Sales 0.4
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 16.3%
Total Debt to Equity 16.3%
Interest Coverage 62
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 19.9%
Ret/ On T. Cap. - 3 Yr. Avg. 16.6%
Return On Equity 22.3%
Return On Equity - 3 Yr. Avg. 18.2%
Asset Turnover 3.2
Profitability Ratios
Gross Margin 40.4%
Gross Margin - 3 Yr. Avg. 39.9%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. 4.5%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 24.8%

BIG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BIG stock intrinsic value calculation we used $5200 million for the last fiscal year's total revenue generated by Big Lots. The default revenue input number comes from 2017 income statement of Big Lots. 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 BIG 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 4.3%, whose default value for BIG is calculated based on our internal credit rating of Big Lots, 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 Big Lots.
    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 BIG stock the variable cost ratio is equal to 95.5%.

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 BIG 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 4.8% for Big Lots.

Corporate tax rate of 27% is the nominal tax rate for Big Lots. 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 BIG 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 BIG are equal to 10.4%.

Life of production assets of 5 years is the average useful life of capital assets used in Big Lots 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 BIG is equal to 5.1%. 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 - $651 million for Big Lots - 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 43.741 million for Big Lots 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 Big Lots at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
FIVE Five Below 55.30 52.59  hold
FRED Fred's 5.40 1.95  str.sell
DG Dollar General 82.12 96.69  buy

COMPANY NEWS

▶ Big Lots Announces Grand Opening Of Mesa, AZ Store   [Oct-05-17 04:05PM  PR Newswire]
▶ Why Value Investors Should Be Looking At Big Lots (NYSE: BIG)   [Oct-04-17 03:08PM  Harvest Exchange]
▶ FIRST LOOK: A walk through Big Lots' 'store of the future'   [Sep-22-17 08:48AM  American City Business Journals]
▶ Best Low-P/E Stocks to Buy in September   [Sep-20-17 12:48PM  Motley Fool]
▶ ETFs with exposure to Big Lots, Inc. : September 13, 2017   [Sep-13-17 05:27PM  Capital Cube]
▶ Making The Case For Taking Big Lots Private   [Aug-30-17 08:49AM  Benzinga]
▶ Big Lots tops Street 2Q forecasts   [Aug-25-17 08:23PM  Associated Press]
▶ Retailer pains means Big Lot gains   [03:05PM  American City Business Journals]
▶ Big Lots, Inc. Value Analysis (NYSE:BIG) : August 1, 2017   [Aug-01-17 05:50PM  Capital Cube]
▶ ETFs with exposure to Big Lots, Inc. : July 24, 2017   [Jul-24-17 02:23PM  Capital Cube]
▶ Top Ranked Growth Stocks to Buy for July 20th   [Jul-20-17 11:22AM  Zacks]
▶ ETFs with exposure to Big Lots, Inc. : July 14, 2017   [Jul-14-17 01:05PM  Capital Cube]
▶ Top Ranked Growth Stocks to Buy for July 11th   [Jul-11-17 10:00AM  Zacks]
▶ ETFs with exposure to Big Lots, Inc. : June 9, 2017   [Jun-09-17 01:18PM  Capital Cube]
▶ Company News for May 30, 2017   [10:15AM  Zacks]
▶ Big Lots Inc. Posts a Rare Sales Drop in Q1   [May-26-17 02:43PM  Motley Fool]
▶ Big Lots beats 1Q profit forecasts   [06:08AM  Associated Press]
Financial statements of BIG
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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