Intrinsic value of Deckers Outdoor - DECK

Previous Close

$64.80

  Intrinsic Value

$11.54

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

-76%

Previous close

$64.80

 
Intrinsic value

$11.54

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

-76%

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

We calculate the intrinsic value of DECK 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 2.1

 

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, %
  -4.53
  20.70
  19.13
  17.72
  16.45
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
Revenue, $m
  1,790
  2,161
  2,574
  3,030
  3,528
  4,068
  4,648
  5,269
  5,928
  6,625
  7,359
  8,130
  8,937
  9,780
  10,659
  11,575
  12,528
  13,519
  14,549
  15,619
  16,731
  17,887
  19,089
  20,338
  21,638
  22,991
  24,400
  25,867
  27,397
  28,992
  30,656
Variable operating expenses, $m
 
  1,972
  2,349
  2,765
  3,220
  3,712
  4,242
  4,808
  5,409
  6,045
  6,714
  7,416
  8,152
  8,921
  9,724
  10,559
  11,428
  12,332
  13,272
  14,248
  15,263
  16,317
  17,413
  18,553
  19,739
  20,973
  22,258
  23,597
  24,992
  26,447
  27,965
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
  1,792
  1,972
  2,349
  2,765
  3,220
  3,712
  4,242
  4,808
  5,409
  6,045
  6,714
  7,416
  8,152
  8,921
  9,724
  10,559
  11,428
  12,332
  13,272
  14,248
  15,263
  16,317
  17,413
  18,553
  19,739
  20,973
  22,258
  23,597
  24,992
  26,447
  27,965
Operating income, $m
  -2
  188
  225
  265
  308
  356
  407
  461
  519
  580
  645
  714
  784
  859
  936
  1,016
  1,100
  1,187
  1,277
  1,371
  1,469
  1,570
  1,676
  1,785
  1,899
  2,018
  2,142
  2,271
  2,405
  2,545
  2,691
EBITDA, $m
  51
  241
  288
  339
  394
  454
  519
  589
  662
  740
  822
  908
  998
  1,093
  1,191
  1,293
  1,400
  1,510
  1,625
  1,745
  1,869
  1,998
  2,133
  2,272
  2,418
  2,569
  2,726
  2,890
  3,061
  3,239
  3,425
Interest expense (income), $m
  5
  2
  6
  10
  15
  20
  25
  31
  37
  43
  50
  58
  65
  73
  82
  90
  99
  109
  119
  129
  140
  151
  162
  174
  186
  199
  213
  227
  241
  256
  272
Earnings before tax, $m
  -7
  186
  218
  254
  294
  336
  382
  430
  482
  537
  594
  656
  719
  785
  854
  926
  1,000
  1,078
  1,158
  1,242
  1,329
  1,420
  1,514
  1,611
  1,713
  1,819
  1,929
  2,044
  2,164
  2,289
  2,419
Tax expense, $m
  -13
  50
  59
  69
  79
  91
  103
  116
  130
  145
  160
  177
  194
  212
  231
  250
  270
  291
  313
  335
  359
  383
  409
  435
  463
  491
  521
  552
  584
  618
  653
Net income, $m
  6
  136
  159
  186
  214
  245
  279
  314
  352
  392
  434
  479
  525
  573
  623
  676
  730
  787
  846
  907
  970
  1,036
  1,105
  1,176
  1,251
  1,328
  1,408
  1,492
  1,580
  1,671
  1,766

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  292
  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
  1,192
  1,086
  1,294
  1,523
  1,774
  2,045
  2,337
  2,649
  2,980
  3,331
  3,700
  4,087
  4,493
  4,917
  5,359
  5,820
  6,299
  6,797
  7,315
  7,853
  8,412
  8,993
  9,597
  10,225
  10,879
  11,559
  12,267
  13,005
  13,774
  14,576
  15,413
Adjusted assets (=assets-cash), $m
  900
  1,086
  1,294
  1,523
  1,774
  2,045
  2,337
  2,649
  2,980
  3,331
  3,700
  4,087
  4,493
  4,917
  5,359
  5,820
  6,299
  6,797
  7,315
  7,853
  8,412
  8,993
  9,597
  10,225
  10,879
  11,559
  12,267
  13,005
  13,774
  14,576
  15,413
Revenue / Adjusted assets
  1.989
  1.990
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
  1.989
Average production assets, $m
  305
  367
  438
  515
  600
  692
  790
  896
  1,008
  1,126
  1,251
  1,382
  1,519
  1,663
  1,812
  1,968
  2,130
  2,298
  2,473
  2,655
  2,844
  3,041
  3,245
  3,458
  3,679
  3,909
  4,148
  4,397
  4,657
  4,929
  5,212
Working capital, $m
  662
  447
  533
  627
  730
  842
  962
  1,091
  1,227
  1,371
  1,523
  1,683
  1,850
  2,024
  2,206
  2,396
  2,593
  2,798
  3,012
  3,233
  3,463
  3,703
  3,951
  4,210
  4,479
  4,759
  5,051
  5,355
  5,671
  6,001
  6,346
Total debt, $m
  33
  81
  135
  196
  262
  333
  410
  492
  579
  671
  768
  870
  977
  1,088
  1,204
  1,326
  1,452
  1,583
  1,719
  1,860
  2,007
  2,160
  2,319
  2,484
  2,656
  2,835
  3,021
  3,215
  3,418
  3,629
  3,849
Total liabilities, $m
  238
  286
  340
  401
  467
  538
  615
  697
  784
  876
  973
  1,075
  1,182
  1,293
  1,409
  1,531
  1,657
  1,788
  1,924
  2,065
  2,212
  2,365
  2,524
  2,689
  2,861
  3,040
  3,226
  3,420
  3,623
  3,834
  4,054
Total equity, $m
  954
  801
  954
  1,123
  1,307
  1,507
  1,722
  1,952
  2,196
  2,455
  2,727
  3,012
  3,311
  3,624
  3,950
  4,289
  4,642
  5,009
  5,391
  5,787
  6,200
  6,628
  7,073
  7,536
  8,018
  8,519
  9,041
  9,585
  10,152
  10,743
  11,359
Total liabilities and equity, $m
  1,192
  1,087
  1,294
  1,524
  1,774
  2,045
  2,337
  2,649
  2,980
  3,331
  3,700
  4,087
  4,493
  4,917
  5,359
  5,820
  6,299
  6,797
  7,315
  7,852
  8,412
  8,993
  9,597
  10,225
  10,879
  11,559
  12,267
  13,005
  13,775
  14,577
  15,413
Debt-to-equity ratio
  0.035
  0.100
  0.140
  0.170
  0.200
  0.220
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
Adjusted equity ratio
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  136
  159
  186
  214
  245
  279
  314
  352
  392
  434
  479
  525
  573
  623
  676
  730
  787
  846
  907
  970
  1,036
  1,105
  1,176
  1,251
  1,328
  1,408
  1,492
  1,580
  1,671
  1,766
Depreciation, amort., depletion, $m
  53
  53
  63
  74
  86
  99
  113
  128
  143
  160
  178
  195
  214
  234
  255
  277
  300
  324
  348
  374
  401
  428
  457
  487
  518
  550
  584
  619
  656
  694
  734
Funds from operations, $m
  198
  189
  223
  260
  300
  344
  391
  442
  495
  552
  611
  674
  739
  807
  879
  953
  1,030
  1,111
  1,194
  1,281
  1,371
  1,465
  1,562
  1,663
  1,769
  1,878
  1,993
  2,112
  2,236
  2,365
  2,500
Change in working capital, $m
  -1
  77
  86
  94
  103
  112
  120
  128
  136
  144
  152
  160
  167
  175
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
  292
  304
  317
  330
  344
Cash from operations, $m
  199
  112
  137
  165
  197
  232
  271
  313
  359
  408
  459
  514
  572
  633
  697
  763
  833
  905
  981
  1,059
  1,141
  1,225
  1,313
  1,405
  1,500
  1,598
  1,701
  1,808
  1,919
  2,035
  2,155
Maintenance CAPEX, $m
  0
  -43
  -52
  -62
  -73
  -84
  -97
  -111
  -126
  -142
  -159
  -176
  -195
  -214
  -234
  -255
  -277
  -300
  -324
  -348
  -374
  -401
  -428
  -457
  -487
  -518
  -550
  -584
  -619
  -656
  -694
New CAPEX, $m
  -45
  -62
  -70
  -78
  -85
  -92
  -99
  -105
  -112
  -118
  -125
  -131
  -137
  -143
  -149
  -156
  -162
  -168
  -175
  -182
  -189
  -197
  -204
  -212
  -221
  -230
  -239
  -249
  -260
  -271
  -283
Cash from investing activities, $m
  -45
  -105
  -122
  -140
  -158
  -176
  -196
  -216
  -238
  -260
  -284
  -307
  -332
  -357
  -383
  -411
  -439
  -468
  -499
  -530
  -563
  -598
  -632
  -669
  -708
  -748
  -789
  -833
  -879
  -927
  -977
Free cash flow, $m
  154
  7
  15
  26
  40
  56
  75
  97
  121
  147
  176
  207
  240
  276
  313
  352
  394
  437
  482
  529
  578
  628
  681
  735
  792
  850
  911
  974
  1,040
  1,108
  1,178
Issuance/(repayment) of debt, $m
  -63
  49
  55
  60
  66
  71
  77
  82
  87
  92
  97
  102
  107
  111
  116
  121
  126
  131
  136
  142
  147
  153
  159
  165
  172
  179
  186
  194
  202
  211
  220
Issuance/(repurchase) of shares, $m
  -12
  2
  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  
  -103
  51
  55
  60
  66
  71
  77
  82
  87
  92
  97
  102
  107
  111
  116
  121
  126
  131
  136
  142
  147
  153
  159
  165
  172
  179
  186
  194
  202
  211
  220
Total cash flow (excl. dividends), $m
  46
  57
  70
  86
  106
  128
  152
  179
  208
  239
  273
  309
  347
  387
  429
  474
  520
  568
  618
  670
  725
  781
  840
  900
  964
  1,029
  1,097
  1,168
  1,242
  1,319
  1,398
Retained Cash Flow (-), $m
  13
  -138
  -153
  -169
  -185
  -200
  -215
  -230
  -244
  -258
  -272
  -286
  -299
  -312
  -326
  -339
  -353
  -367
  -382
  -397
  -412
  -428
  -445
  -463
  -482
  -501
  -522
  -544
  -567
  -591
  -617
Prev. year cash balance distribution, $m
 
  291
  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
 
  211
  -84
  -83
  -79
  -72
  -63
  -51
  -36
  -19
  1
  23
  48
  75
  103
  134
  167
  201
  237
  274
  313
  353
  394
  437
  482
  528
  575
  624
  675
  728
  782
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
 
  202
  -76
  -72
  -65
  -56
  -46
  -35
  -23
  -11
  1
  11
  20
  28
  35
  39
  42
  44
  44
  42
  40
  36
  33
  29
  25
  21
  17
  13
  10
  8
  6
Current shareholders' claim on cash, %
  100
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9

Deckers Outdoor Corporation is engaged in designing, marketing and distributing footwear, apparel and accessories for both everyday casual lifestyle use and high performance activities. The Company's segments include operations of its brands, such as UGG, Teva, Sanuk and other brands; wholesale divisions, and Direct-to-Consumer (DTC) business, which includes E-Commerce business and retail store business. The Company sells accessories, such as handbags and loungewear, through domestic and international retailers, international distributors and directly to end user consumers both domestically and internationally, through its Websites, call centers and retail stores. The Company markets its products primarily under three brands: UGG, Teva and Sanuk. The Company's other brands include Hoka One One (Hoka), Ahnu and Koolaburra by UGG (Koolaburra). It has a total of over 150 retail stores across the world.

FINANCIAL RATIOS  of  Deckers Outdoor (DECK)

Valuation Ratios
P/E Ratio 345.5
Price to Sales 1.2
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 13.5
Growth Rates
Sales Growth Rate -4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.7%
Cap. Spend. - 3 Yr. Gr. Rate -15.3%
Financial Strength
Quick Ratio 292
Current Ratio 0.2
LT Debt to Equity 3.4%
Total Debt to Equity 3.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.1%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.9%
Return On Equity 0.6%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 46.6%
Gross Margin - 3 Yr. Avg. 46.7%
EBITDA Margin 2.8%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin -0.1%
Oper. Margin - 3 Yr. Avg. 7%
Pre-Tax Margin -0.4%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 185.7%
Eff/ Tax Rate - 3 Yr. Avg. 78.2%
Payout Ratio 0%

DECK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DECK stock intrinsic value calculation we used $1790 million for the last fiscal year's total revenue generated by Deckers Outdoor. The default revenue input number comes from 2017 income statement of Deckers Outdoor. 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 DECK stock valuation model: a) initial revenue growth rate of 20.7% 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 DECK is calculated based on our internal credit rating of Deckers Outdoor, 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 Deckers Outdoor.
    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 DECK stock the variable cost ratio is equal to 91.3%.

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 DECK 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 7.5% for Deckers Outdoor.

Corporate tax rate of 27% is the nominal tax rate for Deckers Outdoor. 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 DECK 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 DECK are equal to 17%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Deckers Outdoor 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 DECK is equal to 20.7%. 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 - $954 million for Deckers Outdoor - 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 32.431 million for Deckers Outdoor 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 Deckers Outdoor at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Deckers: An UGG-ly Proxy Fight?   [11:49AM  Barrons.com]
▶ The History Between Deckers And Marcato   [Oct-10-17 12:03PM  Benzinga]
▶ Stocks Showing Improved Relative Strength: Deckers Outdoor   [03:00AM  Investor's Business Daily]
▶ UGG x 3.1 Phillip Lim Collaboration Now Available   [Oct-02-17 03:02PM  Business Wire]
▶ UGG Unveils New Flagship Store at World Trade Center   [Sep-28-17 09:00AM  Business Wire]
▶ UGG X Jeremy Scott Celebrate Collaboration   [Aug-28-17 12:14PM  Business Wire]
▶ UGG Collective Launches for Fall/Winter 2017   [Aug-17-17 09:00AM  Business Wire]
▶ HOKA ONE ONE Releases The Speedgoat Short Film   [Jul-31-17 09:00AM  Business Wire]
▶ Ugg Wants You to Buy Its Sneakers. Yes, Sneakers   [Jul-28-17 01:14PM  Bloomberg]
▶ Deckers reports 1Q loss   [Jul-27-17 09:25PM  Associated Press]
▶ Deckers Outdoor Trying To Close In On Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ Just the Facts, Ma'am: July Strategy Update   [Jul-20-17 03:41PM  Zacks]
▶ Deckers Outdoor Trying To Close In On Key Technical Measure   [Jul-14-17 03:00AM  Investor's Business Daily]
▶ Uggs or Ugh?   [02:00PM  Bloomberg]
▶ The Market In 5 Minutes   [Jun-28-17 09:20AM  Benzinga]
▶ Top Ranked Momentum Stocks to Buy for June 19th   [Jun-19-17 10:39AM  Zacks]
▶ HOKA ONE ONE Grows Elite Team   [Jun-15-17 09:00AM  Business Wire]
▶ Why Deckers Outdoor Corp. Stock Jumped 16.4% in May   [Jun-08-17 09:14PM  Motley Fool]
Financial statements of DECK
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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