Intrinsic value of Fred's - FRED

Previous Close

$3.65

  Intrinsic Value

$1.94

stock screener

  Rating & Target

sell

-47%

Previous close

$3.65

 
Intrinsic value

$1.94

 
Up/down potential

-47%

 
Rating

sell

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

We calculate the intrinsic value of FRED 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 0.1

 

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, %
  -1.21
  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
  2,125
  2,168
  2,217
  2,274
  2,338
  2,409
  2,487
  2,572
  2,663
  2,762
  2,868
  2,982
  3,103
  3,231
  3,368
  3,514
  3,668
  3,831
  4,003
  4,185
  4,377
  4,580
  4,794
  5,020
  5,257
  5,508
  5,771
  6,049
  6,341
  6,648
  6,971
Variable operating expenses, $m
 
  2,178
  2,228
  2,285
  2,350
  2,421
  2,499
  2,584
  2,676
  2,775
  2,881
  2,991
  3,112
  3,241
  3,379
  3,524
  3,679
  3,842
  4,015
  4,198
  4,391
  4,594
  4,809
  5,035
  5,274
  5,525
  5,789
  6,067
  6,360
  6,668
  6,992
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
  2,200
  2,178
  2,228
  2,285
  2,350
  2,421
  2,499
  2,584
  2,676
  2,775
  2,881
  2,991
  3,112
  3,241
  3,379
  3,524
  3,679
  3,842
  4,015
  4,198
  4,391
  4,594
  4,809
  5,035
  5,274
  5,525
  5,789
  6,067
  6,360
  6,668
  6,992
Operating income, $m
  -75
  -11
  -11
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
EBITDA, $m
  -28
  34
  35
  36
  37
  38
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  86
  91
  95
  100
  104
  109
Interest expense (income), $m
  2
  5
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
Earnings before tax, $m
  -77
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
Tax expense, $m
  -10
  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
Net income, $m
  -67
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  699
  707
  723
  742
  763
  786
  811
  839
  869
  901
  935
  972
  1,012
  1,054
  1,099
  1,146
  1,196
  1,249
  1,306
  1,365
  1,428
  1,494
  1,564
  1,637
  1,715
  1,796
  1,882
  1,973
  2,068
  2,168
  2,274
Adjusted assets (=assets-cash), $m
  693
  707
  723
  742
  763
  786
  811
  839
  869
  901
  935
  972
  1,012
  1,054
  1,099
  1,146
  1,196
  1,249
  1,306
  1,365
  1,428
  1,494
  1,564
  1,637
  1,715
  1,796
  1,882
  1,973
  2,068
  2,168
  2,274
Revenue / Adjusted assets
  3.066
  3.066
  3.066
  3.065
  3.064
  3.065
  3.067
  3.066
  3.064
  3.065
  3.067
  3.068
  3.066
  3.065
  3.065
  3.066
  3.067
  3.067
  3.065
  3.066
  3.065
  3.066
  3.065
  3.067
  3.065
  3.067
  3.066
  3.066
  3.066
  3.066
  3.066
Average production assets, $m
  227
  232
  237
  243
  250
  258
  266
  275
  285
  296
  307
  319
  332
  346
  360
  376
  392
  410
  428
  448
  468
  490
  513
  537
  563
  589
  618
  647
  678
  711
  746
Working capital, $m
  223
  221
  226
  232
  239
  246
  254
  262
  272
  282
  293
  304
  316
  330
  344
  358
  374
  391
  408
  427
  446
  467
  489
  512
  536
  562
  589
  617
  647
  678
  711
Total debt, $m
  129
  136
  145
  154
  165
  177
  190
  205
  220
  237
  255
  275
  295
  317
  340
  365
  391
  419
  449
  480
  512
  547
  583
  622
  662
  705
  750
  797
  847
  899
  954
Total liabilities, $m
  362
  369
  378
  387
  398
  410
  423
  438
  453
  470
  488
  508
  528
  550
  573
  598
  624
  652
  682
  713
  745
  780
  816
  855
  895
  938
  983
  1,030
  1,080
  1,132
  1,187
Total equity, $m
  337
  338
  346
  355
  365
  376
  388
  401
  415
  431
  447
  465
  484
  504
  525
  548
  572
  597
  624
  652
  682
  714
  747
  783
  820
  859
  900
  943
  989
  1,036
  1,087
Total liabilities and equity, $m
  699
  707
  724
  742
  763
  786
  811
  839
  868
  901
  935
  973
  1,012
  1,054
  1,098
  1,146
  1,196
  1,249
  1,306
  1,365
  1,427
  1,494
  1,563
  1,638
  1,715
  1,797
  1,883
  1,973
  2,069
  2,168
  2,274
Debt-to-equity ratio
  0.383
  0.400
  0.420
  0.430
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.630
  0.650
  0.670
  0.680
  0.700
  0.720
  0.730
  0.750
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.860
  0.870
  0.880
Adjusted equity ratio
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -67
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
Depreciation, amort., depletion, $m
  47
  45
  46
  47
  48
  49
  51
  52
  54
  56
  58
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
  131
Funds from operations, $m
  -65
  30
  30
  31
  31
  32
  33
  34
  35
  36
  37
  38
  39
  40
  42
  43
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
Change in working capital, $m
  -38
  4
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
Cash from operations, $m
  -27
  25
  25
  25
  25
  25
  25
  25
  25
  26
  26
  26
  27
  27
  28
  28
  29
  30
  31
  31
  32
  33
  34
  35
  37
  38
  39
  40
  42
  43
  45
Maintenance CAPEX, $m
  0
  -40
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
New CAPEX, $m
  -37
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
Cash from investing activities, $m
  -34
  -45
  -46
  -48
  -50
  -52
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -100
  -104
  -109
  -114
  -119
  -126
  -131
  -138
  -145
  -152
  -160
Free cash flow, $m
  -61
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
Issuance/(repayment) of debt, $m
  75
  7
  8
  10
  11
  12
  13
  14
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  36
  38
  40
  43
  45
  47
  50
  52
  55
Issuance/(repurchase) of shares, $m
  1
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  88
  93
  98
  103
Cash from financing (excl. dividends), $m  
  70
  29
  31
  35
  38
  40
  43
  46
  50
  53
  56
  55
  59
  62
  66
  70
  74
  79
  83
  88
  93
  99
  103
  109
  115
  122
  128
  135
  143
  150
  158
Total cash flow (excl. dividends), $m
  9
  9
  11
  12
  13
  14
  15
  16
  17
  18
  19
  15
  16
  18
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
Retained Cash Flow (-), $m
  67
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
Prev. year cash balance distribution, $m
 
  6
  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
 
  -7
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  -6
  -11
  -11
  -10
  -10
  -9
  -9
  -8
  -7
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.3
  83.0
  75.2
  68.0
  61.2
  54.9
  49.1
  43.8
  39.1
  34.7
  31.1
  27.9
  24.9
  22.2
  19.8
  17.6
  15.6
  13.8
  12.2
  10.8
  9.5
  8.4
  7.4
  6.5
  5.7
  5.0
  4.4
  3.9
  3.4
  3.0

Fred's, Inc. (Fred's) is engaged in the sale of general merchandise through its retail discount stores and full service pharmacies. The Company sells general merchandise to its over 20 franchisees. The Company has approximately 660 retail stores, over 370 pharmacies, and approximately three specialty pharmacy facilities located in over 15 states mainly in the Southeastern United States. The Company is licensed to dispense pharmaceuticals in approximately 50 states. The Company operates approximately 640 company-owned stores, including over 60 express stores (or Xpress stores). Fred's is a combination of pharmacy, dollar store and mass merchant strategically located in smaller markets. It offers various product categories, including consumables, such as tobacco, food and beverage, prescription pharmaceuticals, paper and cleaning supplies, pet supplies, health and beauty aids, and discretionary products, such as home decor, seasonal merchandise, auto and hardware, and lawn and garden.

FINANCIAL RATIOS  of  Fred's (FRED)

Valuation Ratios
P/E Ratio -2.1
Price to Sales 0.1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow -5.1
Price to Free Cash Flow -2.2
Growth Rates
Sales Growth Rate -1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.5%
Cap. Spend. - 3 Yr. Gr. Rate -6.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 38.3%
Total Debt to Equity 38.3%
Interest Coverage -38
Management Effectiveness
Return On Assets -9.1%
Ret/ On Assets - 3 Yr. Avg. -4.8%
Return On Total Capital -14.5%
Ret/ On T. Cap. - 3 Yr. Avg. -7.6%
Return On Equity -18.1%
Return On Equity - 3 Yr. Avg. -8.8%
Asset Turnover 3
Profitability Ratios
Gross Margin 24%
Gross Margin - 3 Yr. Avg. 25%
EBITDA Margin -1.3%
EBITDA Margin - 3 Yr. Avg. -0%
Operating Margin -3.5%
Oper. Margin - 3 Yr. Avg. -2.1%
Pre-Tax Margin -3.6%
Pre-Tax Margin - 3 Yr. Avg. -2.2%
Net Profit Margin -3.2%
Net Profit Margin - 3 Yr. Avg. -1.7%
Effective Tax Rate 13%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio -13.4%

FRED stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRED stock intrinsic value calculation we used $2125 million for the last fiscal year's total revenue generated by Fred's. The default revenue input number comes from 2017 income statement of Fred's. 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 FRED 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 7%, whose default value for FRED is calculated based on our internal credit rating of Fred's, 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 Fred's.
    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 FRED stock the variable cost ratio is equal to 100.5%.

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 FRED 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 Fred's.

Corporate tax rate of 27% is the nominal tax rate for Fred's. 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 FRED 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 FRED are equal to 10.7%.

Life of production assets of 5.7 years is the average useful life of capital assets used in Fred's 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 FRED is equal to 10.2%. 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 - $337 million for Fred's - 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 38.078 million for Fred's 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 Fred's at the current share price and the inputted number of shares is $0.1 billion.

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TUES Tuesday Mornin 2.95 1.09  str.sell
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COMPANY NEWS

▶ ETFs with exposure to Freds, Inc. : December 12, 2017   [Dec-12-17 01:15PM  Capital Cube]
▶ Bear of the Day: Fred's (FRED)   [07:00AM  Zacks]
▶ Year in review: MBJ's most-read stories of 2017   [Dec-11-17 11:15AM  American City Business Journals]
▶ Fred's reports net loss of $52M, cancels dividend   [05:40PM  American City Business Journals]
▶ Fred's reports 3Q loss   [07:09AM  Associated Press]
▶ ETFs with exposure to Freds, Inc. : November 10, 2017   [Nov-10-17 12:25PM  Capital Cube]
▶ After tumultuous year, Fred's stock hit 52-week low   [Nov-07-17 10:30PM  American City Business Journals]
▶ ETFs with exposure to Freds, Inc. : October 30, 2017   [Oct-30-17 11:50AM  Capital Cube]
▶ ETFs with exposure to Freds, Inc. : October 20, 2017   [Oct-20-17 10:13AM  Capital Cube]
▶ ETFs with exposure to Freds, Inc. : October 9, 2017   [Oct-09-17 11:33AM  Capital Cube]
▶ ETFs with exposure to Freds, Inc. : September 29, 2017   [Sep-29-17 10:29AM  Capital Cube]
▶ Is Rite Aid (NYSE:RAD) the Perfect Amazon Snack?   [Sep-25-17 03:33PM  InvestorPlace]
▶ Fred's amends plan to try and 'protect shareholder value'   [Sep-18-17 03:05PM  American City Business Journals]
▶ RAD Stock is Trouble, but You Can Still Profit   [Sep-14-17 07:00AM  InvestorPlace]
▶ ETFs with exposure to Freds, Inc. : September 13, 2017   [Sep-13-17 06:18PM  Capital Cube]
▶ Fred's Taps Alden President as Its New Chairman   [Sep-10-17 09:30AM  TheStreet.com]
▶ Fred's reports 2Q loss   [Sep-06-17 11:56PM  Associated Press]
▶ 'Strategic turnaround' in place for Fred's   [02:55PM  American City Business Journals]
▶ Fred's sales show decrease; leadership sees the positive   [Aug-31-17 11:05AM  American City Business Journals]
▶ Freds Reports August Sales   [07:45AM  Business Wire]
▶ Fred's Pharmacy has a new app for that   [Aug-29-17 01:10PM  American City Business Journals]
▶ [$$] Einhorn's Greenlight Capital Cuts GM Stake, Exits Time Warner   [Aug-14-17 05:54PM  The Wall Street Journal]
▶ Fred's board names new member; recent appointee resigns   [02:50PM  American City Business Journals]
▶ Fred's sales 'slower to materialize,' leadership remains confident   [Aug-03-17 02:45PM  American City Business Journals]
▶ Freds Pharmacy Reports July Sales   [08:00AM  Business Wire]
▶ Fred's names new exec to C-suite   [Jul-19-17 03:05PM  American City Business Journals]
▶ Fred's reports 'lower than anticipated' June sales   [Jul-06-17 03:40PM  American City Business Journals]
▶ Why Fred's Inc. Stock Tumbled on Thursday   [11:41AM  Motley Fool]
▶ Freds Pharmacy Reports June Sales   [07:45AM  Business Wire]
▶ [$$] Walgreens, Rite Aid End $9.4 Billion Merger   [12:16AM  The Wall Street Journal]
▶ [$$] Walgreens Ends Rite Aid Merger, Will Buy Half Its Stores   [Jun-29-17 07:22PM  The Wall Street Journal]
Financial statements of FRED
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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