Intrinsic value of Barnes&Noble Education - BNED

Previous Close

$6.94

  Intrinsic Value

$22.31

stock screener

  Rating & Target

str. buy

+221%

Previous close

$6.94

 
Intrinsic value

$22.31

 
Up/down potential

+221%

 
Rating

str. buy

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

We calculate the intrinsic value of BNED 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Barnes&Noble Education (BNED) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  3.65
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  1,874
  2,155
  2,457
  2,779
  3,120
  3,481
  3,860
  4,259
  4,675
  5,110
  5,564
  6,036
  6,527
  7,038
  7,569
  8,120
  8,693
  9,289
  9,909
  10,553
  11,223
  11,921
  12,647
  13,404
  14,193
  15,016
  15,874
  16,771
  17,707
  18,685
  19,707
Variable operating expenses, $m
 
  1,889
  2,149
  2,427
  2,721
  3,031
  3,358
  3,701
  4,060
  4,435
  4,826
  5,200
  5,623
  6,063
  6,520
  6,995
  7,489
  8,002
  8,536
  9,091
  9,668
  10,269
  10,895
  11,547
  12,226
  12,935
  13,675
  14,447
  15,253
  16,096
  16,976
Fixed operating expenses, $m
 
  224
  230
  236
  242
  248
  254
  260
  267
  274
  280
  287
  295
  302
  309
  317
  325
  333
  342
  350
  359
  368
  377
  386
  396
  406
  416
  427
  437
  448
  459
Total operating expenses, $m
  1,861
  2,113
  2,379
  2,663
  2,963
  3,279
  3,612
  3,961
  4,327
  4,709
  5,106
  5,487
  5,918
  6,365
  6,829
  7,312
  7,814
  8,335
  8,878
  9,441
  10,027
  10,637
  11,272
  11,933
  12,622
  13,341
  14,091
  14,874
  15,690
  16,544
  17,435
Operating income, $m
  14
  41
  77
  116
  158
  202
  248
  297
  348
  402
  458
  549
  610
  673
  739
  808
  879
  954
  1,031
  1,112
  1,196
  1,284
  1,375
  1,471
  1,570
  1,675
  1,783
  1,897
  2,016
  2,141
  2,271
EBITDA, $m
  67
  105
  146
  189
  236
  285
  337
  391
  448
  508
  571
  636
  704
  775
  848
  925
  1,005
  1,088
  1,174
  1,264
  1,358
  1,456
  1,557
  1,664
  1,775
  1,891
  2,012
  2,139
  2,271
  2,410
  2,555
Interest expense (income), $m
  2
  5
  8
  11
  15
  18
  22
  26
  30
  35
  39
  44
  49
  54
  60
  65
  71
  77
  84
  90
  97
  104
  111
  119
  127
  136
  144
  153
  163
  173
  183
Earnings before tax, $m
  10
  36
  69
  105
  143
  183
  226
  271
  318
  367
  418
  505
  561
  619
  680
  743
  808
  877
  948
  1,022
  1,099
  1,180
  1,264
  1,352
  1,443
  1,539
  1,639
  1,744
  1,853
  1,968
  2,088
Tax expense, $m
  5
  10
  19
  28
  39
  50
  61
  73
  86
  99
  113
  136
  151
  167
  183
  201
  218
  237
  256
  276
  297
  319
  341
  365
  390
  416
  443
  471
  500
  531
  564
Net income, $m
  5
  26
  51
  77
  104
  134
  165
  198
  232
  268
  305
  369
  409
  452
  496
  542
  590
  640
  692
  746
  802
  861
  923
  987
  1,054
  1,123
  1,197
  1,273
  1,353
  1,437
  1,524

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  1,300
  1,473
  1,679
  1,899
  2,133
  2,379
  2,639
  2,911
  3,196
  3,493
  3,803
  4,126
  4,462
  4,811
  5,173
  5,550
  5,942
  6,349
  6,773
  7,213
  7,671
  8,148
  8,645
  9,162
  9,701
  10,264
  10,851
  11,463
  12,103
  12,771
  13,470
Adjusted assets (=assets-cash), $m
  1,281
  1,473
  1,679
  1,899
  2,133
  2,379
  2,639
  2,911
  3,196
  3,493
  3,803
  4,126
  4,462
  4,811
  5,173
  5,550
  5,942
  6,349
  6,773
  7,213
  7,671
  8,148
  8,645
  9,162
  9,701
  10,264
  10,851
  11,463
  12,103
  12,771
  13,470
Revenue / Adjusted assets
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
  1.463
Average production assets, $m
  319
  366
  418
  472
  530
  592
  656
  724
  795
  869
  946
  1,026
  1,110
  1,196
  1,287
  1,380
  1,478
  1,579
  1,684
  1,794
  1,908
  2,026
  2,150
  2,279
  2,413
  2,553
  2,699
  2,851
  3,010
  3,176
  3,350
Working capital, $m
  190
  312
  356
  403
  452
  505
  560
  618
  678
  741
  807
  875
  946
  1,020
  1,097
  1,177
  1,261
  1,347
  1,437
  1,530
  1,627
  1,728
  1,834
  1,944
  2,058
  2,177
  2,302
  2,432
  2,567
  2,709
  2,857
Total debt, $m
  160
  227
  318
  415
  519
  628
  743
  864
  990
  1,121
  1,259
  1,402
  1,550
  1,705
  1,866
  2,033
  2,206
  2,387
  2,574
  2,769
  2,972
  3,184
  3,404
  3,633
  3,872
  4,121
  4,381
  4,652
  4,936
  5,232
  5,541
Total liabilities, $m
  586
  653
  744
  841
  945
  1,054
  1,169
  1,290
  1,416
  1,547
  1,685
  1,828
  1,976
  2,131
  2,292
  2,459
  2,632
  2,813
  3,000
  3,195
  3,398
  3,610
  3,830
  4,059
  4,298
  4,547
  4,807
  5,078
  5,362
  5,658
  5,967
Total equity, $m
  714
  820
  935
  1,058
  1,188
  1,325
  1,470
  1,621
  1,780
  1,946
  2,118
  2,298
  2,485
  2,679
  2,882
  3,092
  3,310
  3,537
  3,772
  4,018
  4,273
  4,538
  4,815
  5,103
  5,404
  5,717
  6,044
  6,385
  6,741
  7,114
  7,503
Total liabilities and equity, $m
  1,300
  1,473
  1,679
  1,899
  2,133
  2,379
  2,639
  2,911
  3,196
  3,493
  3,803
  4,126
  4,461
  4,810
  5,174
  5,551
  5,942
  6,350
  6,772
  7,213
  7,671
  8,148
  8,645
  9,162
  9,702
  10,264
  10,851
  11,463
  12,103
  12,772
  13,470
Debt-to-equity ratio
  0.224
  0.280
  0.340
  0.390
  0.440
  0.470
  0.510
  0.530
  0.560
  0.580
  0.590
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
Adjusted equity ratio
  0.543
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  26
  51
  77
  104
  134
  165
  198
  232
  268
  305
  369
  409
  452
  496
  542
  590
  640
  692
  746
  802
  861
  923
  987
  1,054
  1,123
  1,197
  1,273
  1,353
  1,437
  1,524
Depreciation, amort., depletion, $m
  53
  64
  68
  73
  78
  83
  89
  94
  100
  107
  113
  87
  94
  101
  109
  117
  125
  134
  143
  152
  162
  172
  182
  193
  204
  216
  229
  242
  255
  269
  284
Funds from operations, $m
  79
  90
  119
  150
  182
  217
  254
  292
  332
  374
  418
  456
  503
  553
  605
  659
  715
  774
  835
  898
  964
  1,033
  1,105
  1,180
  1,258
  1,340
  1,425
  1,515
  1,608
  1,706
  1,808
Change in working capital, $m
  11
  41
  44
  47
  50
  52
  55
  58
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  110
  114
  119
  124
  130
  136
  142
  148
Cash from operations, $m
  68
  50
  75
  103
  133
  165
  198
  234
  272
  311
  353
  387
  432
  479
  528
  579
  632
  687
  745
  805
  867
  932
  999
  1,070
  1,144
  1,220
  1,301
  1,385
  1,472
  1,564
  1,660
Maintenance CAPEX, $m
  0
  -27
  -31
  -35
  -40
  -45
  -50
  -56
  -61
  -67
  -74
  -80
  -87
  -94
  -101
  -109
  -117
  -125
  -134
  -143
  -152
  -162
  -172
  -182
  -193
  -204
  -216
  -229
  -242
  -255
  -269
New CAPEX, $m
  -35
  -47
  -51
  -55
  -58
  -61
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -97
  -101
  -105
  -110
  -114
  -119
  -123
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -174
Cash from investing activities, $m
  -224
  -74
  -82
  -90
  -98
  -106
  -115
  -124
  -132
  -141
  -151
  -160
  -171
  -181
  -191
  -203
  -214
  -226
  -239
  -253
  -266
  -281
  -295
  -311
  -327
  -344
  -362
  -381
  -401
  -421
  -443
Free cash flow, $m
  -156
  -25
  -7
  13
  35
  58
  84
  111
  140
  170
  202
  227
  262
  298
  337
  376
  418
  461
  506
  552
  601
  652
  704
  759
  816
  876
  938
  1,004
  1,072
  1,143
  1,217
Issuance/(repayment) of debt, $m
  160
  86
  91
  97
  103
  109
  115
  121
  126
  132
  137
  143
  149
  155
  161
  167
  174
  180
  188
  195
  203
  211
  220
  229
  239
  249
  260
  271
  283
  296
  310
Issuance/(repurchase) of shares, $m
  -9
  80
  64
  46
  26
  3
  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  
  147
  166
  155
  143
  129
  112
  115
  121
  126
  132
  137
  143
  149
  155
  161
  167
  174
  180
  188
  195
  203
  211
  220
  229
  239
  249
  260
  271
  283
  296
  310
Total cash flow (excl. dividends), $m
  -9
  141
  148
  156
  164
  171
  199
  231
  266
  302
  339
  370
  410
  453
  497
  543
  591
  641
  693
  747
  804
  863
  924
  988
  1,055
  1,125
  1,198
  1,275
  1,355
  1,439
  1,527
Retained Cash Flow (-), $m
  -6
  -106
  -115
  -123
  -130
  -137
  -145
  -152
  -159
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -236
  -245
  -255
  -266
  -277
  -288
  -300
  -313
  -327
  -341
  -356
  -372
  -389
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
 
  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
 
  34
  34
  34
  34
  34
  54
  80
  107
  136
  167
  190
  223
  259
  295
  333
  373
  414
  457
  502
  549
  597
  648
  700
  755
  812
  872
  934
  999
  1,066
  1,137
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  33
  30
  29
  27
  26
  38
  52
  64
  74
  82
  84
  88
  90
  90
  88
  84
  79
  73
  66
  58
  51
  43
  36
  30
  24
  19
  14
  11
  8
  6
Current shareholders' claim on cash, %
  100
  86.2
  77.5
  72.5
  70.1
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8

Barnes & Noble Education, Inc. is a contract operator of bookstores on college and university campuses across the United States and a provider of digital education services. The Company offers a support system, and a retail and digital learning experience for students. Through its subsidiary, Barnes & Noble College Booksellers, LLC, the Company operates approximately 750 campus bookstores and the school-branded e-commerce sites for each store, serving over five million college students and their faculty. The Company offers a set of products and services to help students, faculty and administrators achieve their shared educational and social goals. Its suite of product offerings includes Textbook and Course Material Sales, Textbook and Course Material Rentals, General Merchandise, Trade, Digital Education and Brand Partnerships. The Company also offers other merchandise, such as laptops and other technology products, notebooks, backpacks, school and dormitory supplies and related items.


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FINANCIAL RATIOS  of  Barnes&Noble Education (BNED)

Valuation Ratios
P/E Ratio 64.6
Price to Sales 0.2
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 4.7
Price to Free Cash Flow 9.8
Growth Rates
Sales Growth Rate 3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 8.4%
Total Debt to Equity 22.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. 1.3%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 24.4%
Gross Margin - 3 Yr. Avg. 24.8%
EBITDA Margin 3.5%
EBITDA Margin - 3 Yr. Avg. 3.8%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 64.1%
Payout Ratio 0%

BNED stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BNED stock intrinsic value calculation we used $1874 million for the last fiscal year's total revenue generated by Barnes&Noble Education. The default revenue input number comes from 2017 income statement of Barnes&Noble Education. 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 BNED stock valuation model: a) initial revenue growth rate of 15% 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 4.7%, whose default value for BNED is calculated based on our internal credit rating of Barnes&Noble Education, 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 Barnes&Noble Education.
    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 BNED stock the variable cost ratio is equal to 87.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $219 million in the base year in the intrinsic value calculation for BNED 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 3.5% for Barnes&Noble Education.

Corporate tax rate of 27% is the nominal tax rate for Barnes&Noble Education. 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 BNED 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 BNED are equal to 17%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Barnes&Noble Education 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 BNED is equal to 14.5%. 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 - $714 million for Barnes&Noble Education - 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 47.54 million for Barnes&Noble Education 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 Barnes&Noble Education at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
BKS Barnes&Noble 4.70 5.25  sell
CHGG Chegg 19.57 0.24  str.sell
TWMC Trans World En 1.65 1.15  sell
AMZN Amazon.com 1,448.69 956.41  hold

COMPANY NEWS

▶ [$$] Charting the Market   [Sep-01-17 11:40PM  Barrons.com]
▶ Barnes & Noble Education posts 1Q loss   [Aug-31-17 08:03PM  Associated Press]
▶ Company News For August 31, 2017   [10:07AM  Zacks]
▶ A Gray Afternoon for 3 Stocks   [Aug-30-17 05:32PM  GuruFocus.com]
▶ A Battle is Brewing in the New World of Homework Help   [Aug-04-17 03:23PM  Barrons.com]
▶ [$$] Barnes & Noble Education Names New CEO   [Jul-20-17 09:45AM  The Wall Street Journal]
▶ [$$] Charting the Market   [Jul-14-17 11:25PM  Barrons.com]
▶ Barnes & Noble Education posts 4Q profit   [Jul-12-17 11:51PM  Associated Press]
▶ 3 Stocks That Have Lost Over 30% So Far in 2017   [Jul-08-17 07:46AM  Motley Fool]
▶ Cashing In On Textbook Rentals   [Mar-01-17 06:23PM  Barrons.com]
▶ Cashing In On Textbook Rentals   [06:23PM  at Barrons.com]
▶ [$$] Barnes & Noble Education Sales Weaken Amid Lower Enrollment   [Feb-28-17 10:56AM  The Wall Street Journal]
▶ Barnes & Noble Education posts 3Q profit   [08:09AM  Associated Press]
▶ Why Barnes & Noble Education, Inc. Dropped 12% in January   [Feb-15-17 10:33AM  at Motley Fool]
▶ Investors Dump Textbooks, as Students Get Savvy   [Jan-19-17 05:26PM  at Barrons.com]
▶ [$$] Barnes & Noble and Rutgers to Open Bookstore in Downtown Newark   [Dec-20-16 12:21AM  at The Wall Street Journal]
▶ [$$] Barnes & Noble Moves to Downtown Newark   [Dec-19-16 03:31PM  at The Wall Street Journal]
Financial statements of BNED
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