Intrinsic value of Dick's Sporting Goods - DKS

Previous Close

$30.06

  Intrinsic Value

$3.85

stock screener

  Rating & Target

str. sell

-87%

Previous close

$30.06

 
Intrinsic value

$3.85

 
Up/down potential

-87%

 
Rating

str. sell

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

We calculate the intrinsic value of DKS 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 3.3

 

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, %
  8.95
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  7,922
  8,683
  9,476
  10,303
  11,164
  12,059
  12,989
  13,956
  14,961
  16,005
  17,091
  18,220
  19,394
  20,615
  21,887
  23,212
  24,592
  26,031
  27,533
  29,099
  30,735
  32,444
  34,229
  36,096
  38,048
  40,090
  42,227
  44,463
  46,805
  49,258
  51,828
Variable operating expenses, $m
 
  8,038
  8,770
  9,533
  10,327
  11,154
  12,012
  12,905
  13,832
  14,796
  15,798
  16,815
  17,898
  19,026
  20,200
  21,422
  22,696
  24,024
  25,410
  26,856
  28,366
  29,943
  31,590
  33,313
  35,114
  36,999
  38,971
  41,036
  43,197
  45,461
  47,832
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
  7,472
  8,038
  8,770
  9,533
  10,327
  11,154
  12,012
  12,905
  13,832
  14,796
  15,798
  16,815
  17,898
  19,026
  20,200
  21,422
  22,696
  24,024
  25,410
  26,856
  28,366
  29,943
  31,590
  33,313
  35,114
  36,999
  38,971
  41,036
  43,197
  45,461
  47,832
Operating income, $m
  450
  645
  706
  770
  836
  905
  977
  1,051
  1,129
  1,209
  1,293
  1,405
  1,495
  1,589
  1,687
  1,789
  1,896
  2,007
  2,123
  2,243
  2,369
  2,501
  2,639
  2,783
  2,933
  3,091
  3,255
  3,428
  3,608
  3,797
  3,996
EBITDA, $m
  684
  894
  976
  1,061
  1,150
  1,242
  1,338
  1,438
  1,541
  1,649
  1,761
  1,877
  1,998
  2,124
  2,255
  2,391
  2,533
  2,682
  2,836
  2,998
  3,166
  3,342
  3,526
  3,718
  3,919
  4,130
  4,350
  4,580
  4,822
  5,074
  5,339
Interest expense (income), $m
  5
  4
  191
  385
  587
  797
  1,016
  1,243
  1,479
  1,725
  1,980
  2,245
  2,521
  2,808
  3,106
  3,417
  3,741
  4,078
  4,430
  4,796
  5,179
  5,579
  5,996
  6,433
  6,889
  7,366
  7,865
  8,387
  8,933
  9,506
  10,105
Earnings before tax, $m
  458
  641
  515
  385
  249
  108
  -39
  -192
  -350
  -515
  -687
  -841
  -1,026
  -1,219
  -1,419
  -1,628
  -1,845
  -2,071
  -2,307
  -2,553
  -2,810
  -3,078
  -3,358
  -3,650
  -3,956
  -4,275
  -4,609
  -4,959
  -5,325
  -5,708
  -6,109
Tax expense, $m
  171
  173
  139
  104
  67
  29
  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
Net income, $m
  287
  468
  376
  281
  182
  79
  -39
  -192
  -350
  -515
  -687
  -841
  -1,026
  -1,219
  -1,419
  -1,628
  -1,845
  -2,071
  -2,307
  -2,553
  -2,810
  -3,078
  -3,358
  -3,650
  -3,956
  -4,275
  -4,609
  -4,959
  -5,325
  -5,708
  -6,109

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  165
  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
  4,058
  4,267
  4,657
  5,063
  5,486
  5,926
  6,383
  6,858
  7,352
  7,865
  8,398
  8,953
  9,530
  10,130
  10,755
  11,406
  12,085
  12,792
  13,530
  14,299
  15,103
  15,943
  16,820
  17,737
  18,697
  19,700
  20,750
  21,849
  23,000
  24,206
  25,468
Adjusted assets (=assets-cash), $m
  3,893
  4,267
  4,657
  5,063
  5,486
  5,926
  6,383
  6,858
  7,352
  7,865
  8,398
  8,953
  9,530
  10,130
  10,755
  11,406
  12,085
  12,792
  13,530
  14,299
  15,103
  15,943
  16,820
  17,737
  18,697
  19,700
  20,750
  21,849
  23,000
  24,206
  25,468
Revenue / Adjusted assets
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
  2.035
Average production assets, $m
  1,560
  1,710
  1,867
  2,030
  2,199
  2,376
  2,559
  2,749
  2,947
  3,153
  3,367
  3,589
  3,821
  4,061
  4,312
  4,573
  4,845
  5,128
  5,424
  5,733
  6,055
  6,391
  6,743
  7,111
  7,495
  7,898
  8,319
  8,759
  9,221
  9,704
  10,210
Working capital, $m
  599
  478
  521
  567
  614
  663
  714
  768
  823
  880
  940
  1,002
  1,067
  1,134
  1,204
  1,277
  1,353
  1,432
  1,514
  1,600
  1,690
  1,784
  1,883
  1,985
  2,093
  2,205
  2,322
  2,445
  2,574
  2,709
  2,851
Total debt, $m
  5
  210
  423
  645
  877
  1,117
  1,367
  1,627
  1,897
  2,178
  2,470
  2,773
  3,089
  3,417
  3,759
  4,115
  4,486
  4,873
  5,277
  5,698
  6,137
  6,597
  7,077
  7,578
  8,103
  8,652
  9,226
  9,828
  10,457
  11,116
  11,807
Total liabilities, $m
  2,129
  2,334
  2,547
  2,769
  3,001
  3,241
  3,491
  3,751
  4,021
  4,302
  4,594
  4,897
  5,213
  5,541
  5,883
  6,239
  6,610
  6,997
  7,401
  7,822
  8,261
  8,721
  9,201
  9,702
  10,227
  10,776
  11,350
  11,952
  12,581
  13,240
  13,931
Total equity, $m
  1,929
  1,933
  2,109
  2,293
  2,485
  2,684
  2,891
  3,107
  3,330
  3,563
  3,805
  4,056
  4,317
  4,589
  4,872
  5,167
  5,474
  5,795
  6,129
  6,478
  6,842
  7,222
  7,620
  8,035
  8,470
  8,924
  9,400
  9,898
  10,419
  10,965
  11,537
Total liabilities and equity, $m
  4,058
  4,267
  4,656
  5,062
  5,486
  5,925
  6,382
  6,858
  7,351
  7,865
  8,399
  8,953
  9,530
  10,130
  10,755
  11,406
  12,084
  12,792
  13,530
  14,300
  15,103
  15,943
  16,821
  17,737
  18,697
  19,700
  20,750
  21,850
  23,000
  24,205
  25,468
Debt-to-equity ratio
  0.003
  0.110
  0.200
  0.280
  0.350
  0.420
  0.470
  0.520
  0.570
  0.610
  0.650
  0.680
  0.720
  0.740
  0.770
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.910
  0.930
  0.940
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  287
  468
  376
  281
  182
  79
  -39
  -192
  -350
  -515
  -687
  -841
  -1,026
  -1,219
  -1,419
  -1,628
  -1,845
  -2,071
  -2,307
  -2,553
  -2,810
  -3,078
  -3,358
  -3,650
  -3,956
  -4,275
  -4,609
  -4,959
  -5,325
  -5,708
  -6,109
Depreciation, amort., depletion, $m
  234
  250
  270
  292
  314
  337
  361
  386
  412
  439
  468
  472
  503
  534
  567
  602
  637
  675
  714
  754
  797
  841
  887
  936
  986
  1,039
  1,095
  1,153
  1,213
  1,277
  1,343
Funds from operations, $m
  1,017
  718
  646
  573
  496
  416
  322
  195
  62
  -76
  -219
  -368
  -523
  -684
  -852
  -1,026
  -1,207
  -1,396
  -1,593
  -1,799
  -2,013
  -2,237
  -2,470
  -2,714
  -2,969
  -3,236
  -3,515
  -3,806
  -4,112
  -4,431
  -4,766
Change in working capital, $m
  258
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  107
  112
  118
  123
  129
  135
  141
Cash from operations, $m
  759
  676
  603
  527
  449
  367
  271
  141
  7
  -133
  -279
  -430
  -588
  -751
  -922
  -1,099
  -1,283
  -1,476
  -1,676
  -1,885
  -2,103
  -2,331
  -2,569
  -2,817
  -3,077
  -3,348
  -3,632
  -3,929
  -4,240
  -4,566
  -4,907
Maintenance CAPEX, $m
  0
  -205
  -225
  -246
  -267
  -289
  -313
  -337
  -362
  -388
  -415
  -443
  -472
  -503
  -534
  -567
  -602
  -637
  -675
  -714
  -754
  -797
  -841
  -887
  -936
  -986
  -1,039
  -1,095
  -1,153
  -1,213
  -1,277
New CAPEX, $m
  -432
  -150
  -156
  -163
  -170
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -241
  -251
  -261
  -272
  -284
  -296
  -309
  -322
  -337
  -352
  -368
  -385
  -402
  -421
  -441
  -461
  -483
  -506
Cash from investing activities, $m
  -550
  -355
  -381
  -409
  -437
  -465
  -496
  -527
  -560
  -594
  -629
  -665
  -703
  -744
  -785
  -828
  -874
  -921
  -971
  -1,023
  -1,076
  -1,134
  -1,193
  -1,255
  -1,321
  -1,388
  -1,460
  -1,536
  -1,614
  -1,696
  -1,783
Free cash flow, $m
  209
  320
  221
  119
  12
  -99
  -225
  -386
  -553
  -727
  -908
  -1,096
  -1,291
  -1,495
  -1,707
  -1,927
  -2,157
  -2,397
  -2,647
  -2,907
  -3,180
  -3,464
  -3,761
  -4,072
  -4,397
  -4,737
  -5,092
  -5,465
  -5,854
  -6,263
  -6,690
Issuance/(repayment) of debt, $m
  17
  206
  213
  222
  231
  241
  250
  260
  270
  281
  292
  303
  316
  328
  342
  356
  371
  387
  404
  421
  440
  459
  480
  502
  525
  549
  574
  601
  630
  659
  691
Issuance/(repurchase) of shares, $m
  -115
  0
  0
  0
  9
  120
  246
  407
  574
  748
  929
  1,092
  1,287
  1,490
  1,702
  1,922
  2,152
  2,392
  2,641
  2,902
  3,174
  3,458
  3,755
  4,065
  4,390
  4,730
  5,085
  5,457
  5,846
  6,254
  6,681
Cash from financing (excl. dividends), $m  
  -95
  206
  213
  222
  240
  361
  496
  667
  844
  1,029
  1,221
  1,395
  1,603
  1,818
  2,044
  2,278
  2,523
  2,779
  3,045
  3,323
  3,614
  3,917
  4,235
  4,567
  4,915
  5,279
  5,659
  6,058
  6,476
  6,913
  7,372
Total cash flow (excl. dividends), $m
  114
  526
  435
  341
  253
  262
  271
  281
  291
  302
  313
  299
  311
  324
  337
  351
  366
  382
  398
  416
  434
  453
  474
  495
  518
  542
  567
  593
  621
  651
  682
Retained Cash Flow (-), $m
  -140
  -168
  -177
  -184
  -192
  -199
  -246
  -407
  -574
  -748
  -929
  -1,092
  -1,287
  -1,490
  -1,702
  -1,922
  -2,152
  -2,392
  -2,641
  -2,902
  -3,174
  -3,458
  -3,755
  -4,065
  -4,390
  -4,730
  -5,085
  -5,457
  -5,846
  -6,254
  -6,681
Prev. year cash balance distribution, $m
 
  164
  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
 
  522
  258
  157
  61
  63
  25
  -126
  -283
  -446
  -616
  -792
  -976
  -1,166
  -1,365
  -1,571
  -1,786
  -2,010
  -2,243
  -2,486
  -2,740
  -3,005
  -3,281
  -3,570
  -3,872
  -4,188
  -4,518
  -4,863
  -5,225
  -5,603
  -6,000
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
 
  501
  236
  137
  50
  49
  18
  -85
  -177
  -256
  -323
  -376
  -416
  -443
  -458
  -461
  -454
  -437
  -413
  -383
  -348
  -311
  -272
  -234
  -197
  -163
  -132
  -104
  -81
  -61
  -45
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.8
  97.0
  92.1
  85.0
  76.7
  67.8
  58.8
  50.4
  42.5
  35.3
  29.0
  23.6
  18.9
  15.1
  11.9
  9.3
  7.2
  5.6
  4.3
  3.3
  2.5
  1.9
  1.4
  1.0
  0.8
  0.6
  0.4

Dick's Sporting Goods, Inc. is an omni-channel sporting goods retailer offering an assortment of sports equipment, apparel, footwear and accessories in its specialty retail stores primarily in the eastern United States. The Company also owns and operates Golf Galaxy, Field & Stream and other specialty concept stores, and Dick's Team Sports HQ, an all-in-one youth sports digital platform offering free league management services, mobile applications for scheduling, communications and live scorekeeping, custom uniforms and FanWear and access to donations and sponsorships. The Company offers its products through a content-rich e-commerce platform that is integrated with its store network and provides customers with the convenience and expertise of a 24-hour storefront. It offers products to its customers through its retail stores and online. The Company offers hardlines, which include items, such as sporting goods equipment, fitness equipment, golf equipment, and hunting and fishing gear.

FINANCIAL RATIOS  of  Dick's Sporting Goods (DKS)

Valuation Ratios
P/E Ratio 11.6
Price to Sales 0.4
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate 9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.1%
Cap. Spend. - 3 Yr. Gr. Rate 4.3%
Financial Strength
Quick Ratio 165
Current Ratio 0
LT Debt to Equity 0.2%
Total Debt to Equity 0.3%
Interest Coverage 93
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 15.4%
Ret/ On T. Cap. - 3 Yr. Avg. 17.7%
Return On Equity 15.4%
Return On Equity - 3 Yr. Avg. 17.7%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 29.9%
Gross Margin - 3 Yr. Avg. 30.2%
EBITDA Margin 8.8%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 5.8%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 23.7%

DKS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DKS stock intrinsic value calculation we used $7922 million for the last fiscal year's total revenue generated by Dick's Sporting Goods. The default revenue input number comes from 2017 income statement of Dick's Sporting Goods. 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 DKS stock valuation model: a) initial revenue growth rate of 9.6% 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 DKS is calculated based on our internal credit rating of Dick's Sporting Goods, 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 Dick's Sporting Goods.
    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 DKS stock the variable cost ratio is equal to 92.6%.

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 DKS 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 90.9% for Dick's Sporting Goods.

Corporate tax rate of 27% is the nominal tax rate for Dick's Sporting Goods. 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 DKS 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 DKS are equal to 19.7%.

Life of production assets of 7.6 years is the average useful life of capital assets used in Dick's Sporting Goods 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 DKS is equal to 5.5%. 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 - $1929 million for Dick's Sporting Goods - 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 109.486 million for Dick's Sporting Goods 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 Dick's Sporting Goods at the current share price and the inputted number of shares is $3.3 billion.

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Financial statements of DKS
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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