Intrinsic value of Hanesbrands - HBI

Previous Close

$20.95

  Intrinsic Value

$47.81

stock screener

  Rating & Target

str. buy

+128%

Previous close

$20.95

 
Intrinsic value

$47.81

 
Up/down potential

+128%

 
Rating

str. buy

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

We calculate the intrinsic value of HBI 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 2016), $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 7.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.16
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  6,028
  6,739
  7,489
  8,276
  9,100
  9,961
  10,859
  11,794
  12,767
  13,779
  14,831
  15,924
  17,061
  18,241
  19,469
  20,745
  22,073
  23,454
  24,893
  26,392
  27,954
  29,582
  31,282
  33,055
  34,907
  36,842
  38,864
  40,978
  43,189
  45,502
  47,923
Variable operating expenses, $m
 
  2,649
  2,931
  3,228
  3,538
  3,863
  4,201
  4,553
  4,920
  5,302
  5,698
  6,000
  6,428
  6,873
  7,335
  7,816
  8,316
  8,837
  9,379
  9,944
  10,532
  11,146
  11,786
  12,454
  13,152
  13,881
  14,643
  15,439
  16,272
  17,144
  18,056
Fixed operating expenses, $m
 
  3,016
  3,091
  3,168
  3,247
  3,329
  3,412
  3,497
  3,585
  3,674
  3,766
  3,860
  3,957
  4,056
  4,157
  4,261
  4,367
  4,477
  4,589
  4,703
  4,821
  4,941
  5,065
  5,191
  5,321
  5,454
  5,591
  5,730
  5,874
  6,021
  6,171
Total operating expenses, $m
  5,253
  5,665
  6,022
  6,396
  6,785
  7,192
  7,613
  8,050
  8,505
  8,976
  9,464
  9,860
  10,385
  10,929
  11,492
  12,077
  12,683
  13,314
  13,968
  14,647
  15,353
  16,087
  16,851
  17,645
  18,473
  19,335
  20,234
  21,169
  22,146
  23,165
  24,227
Operating income, $m
  776
  1,075
  1,466
  1,880
  2,314
  2,769
  3,246
  3,743
  4,262
  4,804
  5,367
  6,064
  6,676
  7,313
  7,976
  8,668
  9,389
  10,141
  10,926
  11,745
  12,601
  13,495
  14,431
  15,410
  16,434
  17,507
  18,631
  19,808
  21,043
  22,338
  23,696
EBITDA, $m
  879
  1,243
  1,641
  2,061
  2,503
  2,966
  3,450
  3,956
  4,483
  5,033
  5,606
  6,203
  6,824
  7,471
  8,146
  8,848
  9,581
  10,345
  11,142
  11,974
  12,844
  13,752
  14,703
  15,697
  16,737
  17,827
  18,968
  20,164
  21,418
  22,733
  24,112
Interest expense (income), $m
  1
  123
  145
  169
  194
  220
  248
  276
  306
  337
  369
  402
  437
  473
  511
  550
  590
  633
  676
  722
  770
  819
  871
  925
  981
  1,040
  1,102
  1,166
  1,233
  1,303
  1,377
Earnings before tax, $m
  571
  952
  1,321
  1,710
  2,120
  2,549
  2,998
  3,467
  3,957
  4,467
  4,998
  5,662
  6,239
  6,840
  7,466
  8,118
  8,799
  9,508
  10,249
  11,023
  11,831
  12,676
  13,560
  14,485
  15,453
  16,466
  17,529
  18,642
  19,810
  21,034
  22,319
Tax expense, $m
  34
  257
  357
  462
  572
  688
  809
  936
  1,068
  1,206
  1,350
  1,529
  1,684
  1,847
  2,016
  2,192
  2,376
  2,567
  2,767
  2,976
  3,194
  3,423
  3,661
  3,911
  4,172
  4,446
  4,733
  5,033
  5,349
  5,679
  6,026
Net income, $m
  539
  695
  964
  1,249
  1,547
  1,861
  2,189
  2,531
  2,888
  3,261
  3,649
  4,133
  4,554
  4,993
  5,450
  5,926
  6,423
  6,941
  7,482
  8,047
  8,637
  9,254
  9,899
  10,574
  11,280
  12,021
  12,796
  13,609
  14,461
  15,355
  16,293

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  465
  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
  6,930
  7,231
  8,035
  8,879
  9,764
  10,687
  11,651
  12,654
  13,699
  14,785
  15,913
  17,086
  18,305
  19,572
  20,889
  22,258
  23,683
  25,166
  26,709
  28,317
  29,993
  31,741
  33,564
  35,467
  37,454
  39,530
  41,699
  43,968
  46,340
  48,822
  51,419
Adjusted assets (=assets-cash), $m
  6,465
  7,231
  8,035
  8,879
  9,764
  10,687
  11,651
  12,654
  13,699
  14,785
  15,913
  17,086
  18,305
  19,572
  20,889
  22,258
  23,683
  25,166
  26,709
  28,317
  29,993
  31,741
  33,564
  35,467
  37,454
  39,530
  41,699
  43,968
  46,340
  48,822
  51,419
Revenue / Adjusted assets
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
Average production assets, $m
  993
  1,112
  1,236
  1,365
  1,501
  1,644
  1,792
  1,946
  2,107
  2,274
  2,447
  2,628
  2,815
  3,010
  3,212
  3,423
  3,642
  3,870
  4,107
  4,355
  4,612
  4,881
  5,161
  5,454
  5,760
  6,079
  6,413
  6,761
  7,126
  7,508
  7,907
Working capital, $m
  1,695
  1,638
  1,820
  2,011
  2,211
  2,420
  2,639
  2,866
  3,102
  3,348
  3,604
  3,870
  4,146
  4,433
  4,731
  5,041
  5,364
  5,699
  6,049
  6,413
  6,793
  7,189
  7,601
  8,032
  8,482
  8,953
  9,444
  9,958
  10,495
  11,057
  11,645
Total debt, $m
  3,742
  4,153
  4,834
  5,548
  6,296
  7,077
  7,893
  8,742
  9,625
  10,544
  11,499
  12,491
  13,522
  14,594
  15,708
  16,867
  18,072
  19,326
  20,632
  21,992
  23,410
  24,889
  26,431
  28,041
  29,722
  31,478
  33,314
  35,233
  37,240
  39,339
  41,537
Total liabilities, $m
  5,707
  6,117
  6,798
  7,512
  8,260
  9,041
  9,857
  10,706
  11,589
  12,508
  13,463
  14,455
  15,486
  16,558
  17,672
  18,831
  20,036
  21,290
  22,596
  23,956
  25,374
  26,853
  28,395
  30,005
  31,686
  33,442
  35,278
  37,197
  39,204
  41,303
  43,501
Total equity, $m
  1,224
  1,114
  1,237
  1,367
  1,504
  1,646
  1,794
  1,949
  2,110
  2,277
  2,451
  2,631
  2,819
  3,014
  3,217
  3,428
  3,647
  3,875
  4,113
  4,361
  4,619
  4,888
  5,169
  5,462
  5,768
  6,088
  6,422
  6,771
  7,136
  7,519
  7,919
Total liabilities and equity, $m
  6,931
  7,231
  8,035
  8,879
  9,764
  10,687
  11,651
  12,655
  13,699
  14,785
  15,914
  17,086
  18,305
  19,572
  20,889
  22,259
  23,683
  25,165
  26,709
  28,317
  29,993
  31,741
  33,564
  35,467
  37,454
  39,530
  41,700
  43,968
  46,340
  48,822
  51,420
Debt-to-equity ratio
  3.057
  3.730
  3.910
  4.060
  4.190
  4.300
  4.400
  4.490
  4.560
  4.630
  4.690
  4.750
  4.800
  4.840
  4.880
  4.920
  4.960
  4.990
  5.020
  5.040
  5.070
  5.090
  5.110
  5.130
  5.150
  5.170
  5.190
  5.200
  5.220
  5.230
  5.250
Adjusted equity ratio
  0.126
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  539
  695
  964
  1,249
  1,547
  1,861
  2,189
  2,531
  2,888
  3,261
  3,649
  4,133
  4,554
  4,993
  5,450
  5,926
  6,423
  6,941
  7,482
  8,047
  8,637
  9,254
  9,899
  10,574
  11,280
  12,021
  12,796
  13,609
  14,461
  15,355
  16,293
Depreciation, amort., depletion, $m
  103
  168
  175
  182
  189
  196
  204
  212
  221
  230
  239
  138
  148
  158
  169
  180
  192
  204
  216
  229
  243
  257
  272
  287
  303
  320
  338
  356
  375
  395
  416
Funds from operations, $m
  502
  863
  1,139
  1,430
  1,736
  2,057
  2,393
  2,743
  3,109
  3,490
  3,888
  4,272
  4,702
  5,151
  5,619
  6,106
  6,615
  7,145
  7,698
  8,276
  8,879
  9,510
  10,170
  10,861
  11,584
  12,340
  13,134
  13,965
  14,836
  15,750
  16,709
Change in working capital, $m
  -104
  173
  182
  191
  200
  209
  218
  227
  237
  246
  256
  266
  276
  287
  298
  310
  323
  336
  350
  364
  380
  396
  413
  431
  450
  470
  491
  514
  537
  562
  588
Cash from operations, $m
  606
  690
  957
  1,239
  1,536
  1,848
  2,175
  2,516
  2,873
  3,244
  3,632
  4,006
  4,426
  4,864
  5,321
  5,796
  6,292
  6,809
  7,348
  7,912
  8,500
  9,115
  9,757
  10,430
  11,134
  11,870
  12,642
  13,451
  14,299
  15,188
  16,121
Maintenance CAPEX, $m
  0
  -52
  -59
  -65
  -72
  -79
  -87
  -94
  -102
  -111
  -120
  -129
  -138
  -148
  -158
  -169
  -180
  -192
  -204
  -216
  -229
  -243
  -257
  -272
  -287
  -303
  -320
  -338
  -356
  -375
  -395
New CAPEX, $m
  -83
  -119
  -124
  -130
  -136
  -142
  -148
  -154
  -161
  -167
  -174
  -180
  -187
  -195
  -203
  -211
  -219
  -228
  -237
  -247
  -258
  -269
  -280
  -293
  -306
  -319
  -334
  -349
  -365
  -382
  -399
Cash from investing activities, $m
  -967
  -171
  -183
  -195
  -208
  -221
  -235
  -248
  -263
  -278
  -294
  -309
  -325
  -343
  -361
  -380
  -399
  -420
  -441
  -463
  -487
  -512
  -537
  -565
  -593
  -622
  -654
  -687
  -721
  -757
  -794
Free cash flow, $m
  -361
  519
  775
  1,044
  1,328
  1,627
  1,940
  2,267
  2,610
  2,966
  3,339
  3,697
  4,101
  4,521
  4,960
  5,417
  5,893
  6,389
  6,907
  7,448
  8,013
  8,603
  9,220
  9,865
  10,541
  11,248
  11,989
  12,765
  13,578
  14,431
  15,326
Issuance/(repayment) of debt, $m
  1,153
  645
  680
  714
  748
  782
  815
  849
  883
  919
  955
  992
  1,031
  1,072
  1,114
  1,159
  1,205
  1,254
  1,306
  1,360
  1,418
  1,478
  1,542
  1,610
  1,681
  1,756
  1,835
  1,919
  2,007
  2,100
  2,197
Issuance/(repurchase) of shares, $m
  -380
  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 from financing (excl. dividends), $m  
  678
  645
  680
  714
  748
  782
  815
  849
  883
  919
  955
  992
  1,031
  1,072
  1,114
  1,159
  1,205
  1,254
  1,306
  1,360
  1,418
  1,478
  1,542
  1,610
  1,681
  1,756
  1,835
  1,919
  2,007
  2,100
  2,197
Total cash flow (excl. dividends), $m
  308
  1,165
  1,455
  1,759
  2,076
  2,408
  2,755
  3,116
  3,493
  3,885
  4,294
  4,689
  5,132
  5,593
  6,074
  6,575
  7,098
  7,644
  8,213
  8,809
  9,431
  10,082
  10,763
  11,475
  12,222
  13,004
  13,824
  14,684
  15,585
  16,531
  17,524
Retained Cash Flow (-), $m
  52
  -121
  -124
  -130
  -136
  -142
  -148
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -238
  -248
  -258
  -269
  -281
  -293
  -306
  -320
  -334
  -349
  -365
  -382
  -400
Prev. year cash balance distribution, $m
 
  231
  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
 
  1,275
  1,331
  1,628
  1,940
  2,266
  2,607
  2,962
  3,332
  3,718
  4,120
  4,508
  4,944
  5,398
  5,871
  6,364
  6,879
  7,415
  7,976
  8,561
  9,173
  9,812
  10,482
  11,182
  11,916
  12,684
  13,490
  14,334
  15,220
  16,149
  17,124
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  1,167
  1,105
  1,215
  1,289
  1,327
  1,330
  1,302
  1,246
  1,167
  1,070
  955
  841
  725
  611
  504
  407
  320
  246
  184
  135
  96
  66
  44
  29
  18
  11
  6
  4
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Hanesbrands Inc. is a marketer of basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia/Pacific under apparel brands, such as Hanes, Champion, Maidenform, DIM, Bali, Playtex, Bonds, JMS/Just My Size, Nur Die/Nur Der, L'eggs, Lovable, Wonderbra, Flexees, Gear for Sports and Berlei. The Company operates through four segments: Innerwear, Activewear, Direct to Consumer and International. The Innerwear segment focuses on core apparel products, such as intimate apparel, men's underwear, women's panties, children's underwear, socks and hosiery. The Company operates in the activewear market through its Champion, Hanes and JMS/Just My Size brands. The Direct to Consumer segment operations include its domestic Company-operated outlet stores and Website operations that sell its branded products directly to consumers in the United States. The International segment includes products that primarily span across the innerwear and activewear segments.

FINANCIAL RATIOS  of  Hanesbrands (HBI)

Valuation Ratios
P/E Ratio 14.7
Price to Sales 1.3
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate 5.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.2%
Cap. Spend. - 3 Yr. Gr. Rate 13.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 286.6%
Total Debt to Equity 305.7%
Interest Coverage 572
Management Effectiveness
Return On Assets 8.6%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 12.2%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 43.1%
Return On Equity - 3 Yr. Avg. 35.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 36.9%
EBITDA Margin 11.2%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 12.9%
Oper. Margin - 3 Yr. Avg. 11.3%
Pre-Tax Margin 9.5%
Pre-Tax Margin - 3 Yr. Avg. 8.8%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 6%
Eff/ Tax Rate - 3 Yr. Avg. 9.5%
Payout Ratio 31%

HBI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HBI stock intrinsic value calculation we used $6028 million for the last fiscal year's total revenue generated by Hanesbrands. The default revenue input number comes from 2016 income statement of Hanesbrands. 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 HBI stock valuation model: a) initial revenue growth rate of 11.8% 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 9.3%, whose default value for HBI is calculated based on our internal credit rating of Hanesbrands, 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 Hanesbrands.
    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 HBI stock the variable cost ratio is equal to 39.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2942 million in the base year in the intrinsic value calculation for HBI 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 Hanesbrands.

Corporate tax rate of 27% is the nominal tax rate for Hanesbrands. 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 HBI 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 HBI are equal to 16.5%.

Life of production assets of 19 years is the average useful life of capital assets used in Hanesbrands 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 HBI is equal to 24.3%. 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 - $1224 million for Hanesbrands - 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 364.41 million for Hanesbrands 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 Hanesbrands at the current share price and the inputted number of shares is $7.6 billion.

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▶ Hanesbrands shares sink after weak guidance   [Nov-01-17 04:56PM  MarketWatch]
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▶ Hanesbrands names new CFO   [Sep-25-17 11:05AM  American City Business Journals]
▶ HanesBrands Appoints Chief Financial Officer   [08:04AM  Business Wire]
▶ First-Ever National Legwear Day Kicks Off Fall Season   [Sep-21-17 01:29PM  Business Wire]
▶ Hanesbrands: Time to Lock In Profits?   [10:40AM  Barrons.com]
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▶ Hanes Offers Fans a Chance to Chill with Michael Jordan   [Sep-11-17 05:02PM  Business Wire]
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▶ Stocks Generating Improved Relative Strength: Hanesbrands   [Sep-05-17 03:00AM  Investor's Business Daily]
▶ Hanesbrands Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Aug-29-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Hanesbrands, Inc. : August 28, 2017   [Aug-28-17 05:29PM  Capital Cube]
▶ ETFs with exposure to Hanesbrands, Inc. : August 18, 2017   [Aug-18-17 05:06PM  Capital Cube]
▶ Justin Bieber is the face of new Hanes T-shirt collection   [Aug-17-17 02:35PM  American City Business Journals]
Financial statements of HBI
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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