Intrinsic value of Barnes&Noble Education - BNED

Previous Close

$6.55

  Intrinsic Value

$24.46

stock screener

  Rating & Target

str. buy

+273%

  Value-price divergence*

+263%

Previous close

$6.55

 
Intrinsic value

$24.46

 
Up/down potential

+273%

 
Rating

str. buy

 
Value-price divergence*

+263%

*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.

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 0.3

 

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
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.59
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
Revenue, $m
  1,874
  2,179
  2,510
  2,865
  3,245
  3,647
  4,073
  4,521
  4,992
  5,484
  5,999
  6,535
  7,093
  7,674
  8,279
  8,907
  9,559
  10,237
  10,942
  11,675
  12,437
  13,229
  14,054
  14,913
  15,808
  16,741
  17,714
  18,729
  19,789
  20,895
  22,051
Variable operating expenses, $m
 
  1,910
  2,195
  2,501
  2,828
  3,175
  3,542
  3,928
  4,333
  4,757
  5,200
  5,629
  6,111
  6,611
  7,132
  7,672
  8,235
  8,819
  9,426
  10,057
  10,713
  11,396
  12,107
  12,847
  13,618
  14,422
  15,260
  16,134
  17,047
  18,000
  18,996
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
  2,134
  2,425
  2,737
  3,070
  3,423
  3,796
  4,188
  4,600
  5,031
  5,480
  5,916
  6,406
  6,913
  7,441
  7,989
  8,560
  9,152
  9,768
  10,407
  11,072
  11,764
  12,484
  13,233
  14,014
  14,828
  15,676
  16,561
  17,484
  18,448
  19,455
Operating income, $m
  14
  45
  85
  128
  175
  225
  277
  333
  392
  453
  518
  618
  688
  761
  838
  917
  999
  1,085
  1,175
  1,267
  1,364
  1,465
  1,570
  1,680
  1,794
  1,914
  2,038
  2,168
  2,305
  2,447
  2,596
EBITDA, $m
  67
  109
  154
  202
  255
  310
  369
  431
  497
  565
  637
  712
  790
  872
  957
  1,045
  1,137
  1,233
  1,332
  1,436
  1,543
  1,656
  1,773
  1,895
  2,022
  2,155
  2,293
  2,438
  2,590
  2,748
  2,914
Interest expense (income), $m
  2
  5
  8
  12
  15
  19
  24
  28
  33
  38
  43
  49
  54
  60
  66
  73
  79
  86
  94
  101
  109
  117
  125
  134
  143
  153
  163
  173
  184
  195
  207
Earnings before tax, $m
  10
  40
  77
  117
  159
  205
  254
  305
  359
  415
  475
  569
  634
  701
  771
  844
  920
  999
  1,081
  1,166
  1,255
  1,348
  1,445
  1,546
  1,651
  1,761
  1,876
  1,996
  2,121
  2,252
  2,389
Tax expense, $m
  5
  11
  21
  31
  43
  55
  69
  82
  97
  112
  128
  154
  171
  189
  208
  228
  248
  270
  292
  315
  339
  364
  390
  417
  446
  475
  506
  539
  573
  608
  645
Net income, $m
  5
  29
  56
  85
  116
  150
  185
  223
  262
  303
  347
  416
  463
  512
  563
  616
  672
  729
  789
  851
  917
  984
  1,055
  1,128
  1,205
  1,286
  1,369
  1,457
  1,548
  1,644
  1,744

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
  1,490
  1,716
  1,959
  2,218
  2,493
  2,784
  3,091
  3,412
  3,749
  4,100
  4,467
  4,849
  5,246
  5,659
  6,088
  6,534
  6,997
  7,479
  7,980
  8,501
  9,043
  9,606
  10,194
  10,805
  11,443
  12,108
  12,802
  13,526
  14,282
  15,073
Adjusted assets (=assets-cash), $m
  1,281
  1,490
  1,716
  1,959
  2,218
  2,493
  2,784
  3,091
  3,412
  3,749
  4,100
  4,467
  4,849
  5,246
  5,659
  6,088
  6,534
  6,997
  7,479
  7,980
  8,501
  9,043
  9,606
  10,194
  10,805
  11,443
  12,108
  12,802
  13,526
  14,282
  15,073
Revenue / Adjusted assets
  1.463
  1.462
  1.463
  1.462
  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
  371
  427
  487
  552
  620
  692
  769
  849
  932
  1,020
  1,111
  1,206
  1,305
  1,407
  1,514
  1,625
  1,740
  1,860
  1,985
  2,114
  2,249
  2,389
  2,535
  2,687
  2,846
  3,011
  3,184
  3,364
  3,552
  3,749
Working capital, $m
  190
  316
  364
  415
  470
  529
  591
  656
  724
  795
  870
  948
  1,029
  1,113
  1,200
  1,291
  1,386
  1,484
  1,587
  1,693
  1,803
  1,918
  2,038
  2,162
  2,292
  2,427
  2,569
  2,716
  2,869
  3,030
  3,197
Total debt, $m
  160
  234
  334
  442
  556
  678
  807
  943
  1,086
  1,235
  1,390
  1,553
  1,722
  1,898
  2,081
  2,271
  2,469
  2,674
  2,887
  3,109
  3,340
  3,580
  3,830
  4,090
  4,361
  4,643
  4,938
  5,245
  5,566
  5,901
  6,251
Total liabilities, $m
  586
  660
  760
  868
  982
  1,104
  1,233
  1,369
  1,512
  1,661
  1,816
  1,979
  2,148
  2,324
  2,507
  2,697
  2,895
  3,100
  3,313
  3,535
  3,766
  4,006
  4,256
  4,516
  4,787
  5,069
  5,364
  5,671
  5,992
  6,327
  6,677
Total equity, $m
  714
  830
  956
  1,091
  1,235
  1,389
  1,551
  1,721
  1,901
  2,088
  2,284
  2,488
  2,701
  2,922
  3,152
  3,391
  3,639
  3,898
  4,166
  4,445
  4,735
  5,037
  5,351
  5,678
  6,019
  6,374
  6,744
  7,131
  7,534
  7,955
  8,395
Total liabilities and equity, $m
  1,300
  1,490
  1,716
  1,959
  2,217
  2,493
  2,784
  3,090
  3,413
  3,749
  4,100
  4,467
  4,849
  5,246
  5,659
  6,088
  6,534
  6,998
  7,479
  7,980
  8,501
  9,043
  9,607
  10,194
  10,806
  11,443
  12,108
  12,802
  13,526
  14,282
  15,072
Debt-to-equity ratio
  0.224
  0.280
  0.350
  0.400
  0.450
  0.490
  0.520
  0.550
  0.570
  0.590
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
Adjusted equity ratio
  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
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  29
  56
  85
  116
  150
  185
  223
  262
  303
  347
  416
  463
  512
  563
  616
  672
  729
  789
  851
  917
  984
  1,055
  1,128
  1,205
  1,286
  1,369
  1,457
  1,548
  1,644
  1,744
Depreciation, amort., depletion, $m
  53
  64
  69
  74
  80
  85
  92
  98
  105
  112
  119
  94
  102
  111
  119
  128
  138
  147
  158
  168
  179
  191
  202
  215
  228
  241
  255
  270
  285
  301
  318
Funds from operations, $m
  79
  93
  125
  159
  196
  235
  277
  321
  367
  415
  466
  510
  565
  622
  682
  744
  809
  877
  947
  1,020
  1,096
  1,175
  1,257
  1,343
  1,433
  1,527
  1,624
  1,727
  1,833
  1,945
  2,062
Change in working capital, $m
  11
  44
  48
  52
  55
  58
  62
  65
  68
  71
  75
  78
  81
  84
  88
  91
  95
  98
  102
  106
  110
  115
  120
  125
  130
  135
  141
  147
  154
  160
  168
Cash from operations, $m
  68
  49
  77
  108
  141
  177
  215
  256
  299
  344
  391
  432
  484
  538
  595
  653
  715
  778
  845
  913
  985
  1,060
  1,138
  1,219
  1,303
  1,391
  1,483
  1,579
  1,680
  1,785
  1,894
Maintenance CAPEX, $m
  0
  -27
  -31
  -36
  -41
  -47
  -53
  -59
  -65
  -72
  -79
  -86
  -94
  -102
  -111
  -119
  -128
  -138
  -147
  -158
  -168
  -179
  -191
  -202
  -215
  -228
  -241
  -255
  -270
  -285
  -301
New CAPEX, $m
  -35
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -159
  -165
  -173
  -180
  -188
  -197
Cash from investing activities, $m
  -224
  -79
  -87
  -96
  -105
  -115
  -125
  -135
  -145
  -156
  -166
  -177
  -189
  -201
  -214
  -226
  -239
  -253
  -267
  -283
  -298
  -314
  -331
  -348
  -367
  -387
  -406
  -428
  -450
  -473
  -498
Free cash flow, $m
  -156
  -30
  -11
  11
  35
  62
  90
  121
  153
  188
  225
  254
  295
  337
  381
  427
  475
  525
  577
  631
  687
  746
  807
  870
  936
  1,005
  1,077
  1,152
  1,230
  1,311
  1,397
Issuance/(repayment) of debt, $m
  160
  93
  100
  108
  115
  122
  129
  136
  142
  149
  156
  162
  169
  176
  183
  190
  198
  205
  213
  222
  231
  240
  250
  260
  271
  282
  295
  307
  321
  335
  350
Issuance/(repurchase) of shares, $m
  -9
  87
  70
  50
  28
  4
  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
  180
  170
  158
  143
  126
  129
  136
  142
  149
  156
  162
  169
  176
  183
  190
  198
  205
  213
  222
  231
  240
  250
  260
  271
  282
  295
  307
  321
  335
  350
Total cash flow (excl. dividends), $m
  -9
  150
  160
  169
  178
  187
  219
  257
  296
  337
  381
  417
  464
  513
  564
  618
  673
  731
  791
  853
  918
  986
  1,057
  1,130
  1,207
  1,288
  1,371
  1,459
  1,551
  1,647
  1,747
Retained Cash Flow (-), $m
  -6
  -116
  -126
  -135
  -144
  -153
  -162
  -171
  -179
  -187
  -196
  -204
  -213
  -221
  -230
  -239
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -341
  -355
  -370
  -386
  -403
  -421
  -440
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
  57
  86
  117
  150
  185
  213
  251
  292
  334
  378
  425
  472
  522
  574
  628
  684
  743
  803
  867
  932
  1,001
  1,073
  1,147
  1,225
  1,307
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
  31
  29
  27
  26
  40
  56
  70
  82
  91
  94
  99
  102
  102
  100
  96
  90
  83
  75
  67
  58
  50
  42
  34
  27
  22
  17
  12
  9
  6
Current shareholders' claim on cash, %
  100
  85.2
  76.0
  70.7
  68.2
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0
  68.0

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.

FINANCIAL RATIOS  of  Barnes&Noble Education (BNED)

Valuation Ratios
P/E Ratio 60.9
Price to Sales 0.2
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 9.2
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 16.3% 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 47.056 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 7.20 5.33  sell
CHGG Chegg 15.69 0.26  str.sell
TWMC Trans World En 1.75 1.29  hold
AMZN Amazon.com 986.61 538.53  sell

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]
▶ [$$] Barnes & Noble Education's Sales Slow; Shares Fall   [01:08PM  at The Wall Street Journal]
▶ Is Barnes & Noble Education Inc (BNED) A Good Stock To Buy?   [Dec-04-16 04:52PM  at Insider Monkey]
Financial statements of BNED
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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