Intrinsic value of HSN - HSNI

Previous Close

$37.35

  Intrinsic Value

$32.43

stock screener

  Rating & Target

hold

-13%

  Value-price divergence*

+5%

Previous close

$37.35

 
Intrinsic value

$32.43

 
Up/down potential

-13%

 
Rating

hold

 
Value-price divergence*

+5%

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

We calculate the intrinsic value of HSNI 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 2.0

 

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, %
  -3.36
  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
  3,567
  3,638
  3,722
  3,818
  3,925
  4,044
  4,175
  4,317
  4,471
  4,637
  4,814
  5,005
  5,208
  5,424
  5,654
  5,898
  6,156
  6,430
  6,719
  7,025
  7,348
  7,688
  8,048
  8,426
  8,825
  9,245
  9,688
  10,153
  10,643
  11,159
  11,701
Variable operating expenses, $m
 
  1,321
  1,351
  1,386
  1,425
  1,468
  1,515
  1,567
  1,623
  1,683
  1,747
  1,815
  1,889
  1,967
  2,051
  2,139
  2,233
  2,332
  2,437
  2,548
  2,665
  2,789
  2,919
  3,056
  3,201
  3,353
  3,514
  3,683
  3,860
  4,047
  4,244
Fixed operating expenses, $m
 
  2,173
  2,227
  2,283
  2,340
  2,399
  2,459
  2,520
  2,583
  2,648
  2,714
  2,782
  2,851
  2,922
  2,996
  3,070
  3,147
  3,226
  3,306
  3,389
  3,474
  3,561
  3,650
  3,741
  3,834
  3,930
  4,029
  4,129
  4,233
  4,338
  4,447
Total operating expenses, $m
  3,362
  3,494
  3,578
  3,669
  3,765
  3,867
  3,974
  4,087
  4,206
  4,331
  4,461
  4,597
  4,740
  4,889
  5,047
  5,209
  5,380
  5,558
  5,743
  5,937
  6,139
  6,350
  6,569
  6,797
  7,035
  7,283
  7,543
  7,812
  8,093
  8,385
  8,691
Operating income, $m
  206
  145
  144
  149
  160
  178
  201
  230
  265
  306
  353
  408
  468
  534
  608
  688
  776
  872
  976
  1,088
  1,209
  1,339
  1,479
  1,629
  1,790
  1,961
  2,145
  2,341
  2,550
  2,773
  3,010
EBITDA, $m
  249
  189
  189
  195
  208
  226
  251
  282
  319
  362
  411
  467
  529
  598
  674
  758
  849
  948
  1,055
  1,171
  1,295
  1,430
  1,574
  1,728
  1,894
  2,071
  2,259
  2,461
  2,676
  2,904
  3,148
Interest expense (income), $m
  0
  17
  18
  19
  20
  21
  22
  23
  25
  27
  28
  30
  32
  34
  37
  39
  42
  45
  47
  51
  54
  57
  61
  65
  69
  73
  77
  82
  87
  92
  98
Earnings before tax, $m
  190
  128
  126
  130
  141
  157
  179
  207
  240
  280
  325
  378
  435
  500
  571
  649
  734
  827
  928
  1,037
  1,155
  1,282
  1,418
  1,564
  1,721
  1,888
  2,068
  2,259
  2,463
  2,680
  2,912
Tax expense, $m
  71
  34
  34
  35
  38
  42
  48
  56
  65
  75
  88
  102
  118
  135
  154
  175
  198
  223
  251
  280
  312
  346
  383
  422
  465
  510
  558
  610
  665
  724
  786
Net income, $m
  119
  93
  92
  95
  103
  114
  131
  151
  175
  204
  237
  276
  318
  365
  417
  474
  536
  604
  678
  757
  843
  936
  1,035
  1,142
  1,256
  1,379
  1,509
  1,649
  1,798
  1,957
  2,126

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  43
  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
  1,305
  1,287
  1,317
  1,351
  1,389
  1,431
  1,477
  1,528
  1,582
  1,641
  1,704
  1,771
  1,843
  1,919
  2,001
  2,087
  2,178
  2,275
  2,378
  2,486
  2,600
  2,721
  2,848
  2,982
  3,123
  3,271
  3,428
  3,593
  3,766
  3,949
  4,140
Adjusted assets (=assets-cash), $m
  1,262
  1,287
  1,317
  1,351
  1,389
  1,431
  1,477
  1,528
  1,582
  1,641
  1,704
  1,771
  1,843
  1,919
  2,001
  2,087
  2,178
  2,275
  2,378
  2,486
  2,600
  2,721
  2,848
  2,982
  3,123
  3,271
  3,428
  3,593
  3,766
  3,949
  4,140
Revenue / Adjusted assets
  2.826
  2.827
  2.826
  2.826
  2.826
  2.826
  2.827
  2.825
  2.826
  2.826
  2.825
  2.826
  2.826
  2.826
  2.826
  2.826
  2.826
  2.826
  2.825
  2.826
  2.826
  2.825
  2.826
  2.826
  2.826
  2.826
  2.826
  2.826
  2.826
  2.826
  2.826
Average production assets, $m
  466
  477
  488
  500
  514
  530
  547
  566
  586
  607
  631
  656
  682
  711
  741
  773
  806
  842
  880
  920
  963
  1,007
  1,054
  1,104
  1,156
  1,211
  1,269
  1,330
  1,394
  1,462
  1,533
Working capital, $m
  269
  255
  261
  267
  275
  283
  292
  302
  313
  325
  337
  350
  365
  380
  396
  413
  431
  450
  470
  492
  514
  538
  563
  590
  618
  647
  678
  711
  745
  781
  819
Total debt, $m
  510
  507
  533
  562
  594
  631
  670
  714
  761
  811
  865
  923
  985
  1,051
  1,121
  1,195
  1,273
  1,357
  1,445
  1,538
  1,636
  1,740
  1,849
  1,964
  2,086
  2,213
  2,348
  2,490
  2,639
  2,796
  2,961
Total liabilities, $m
  1,109
  1,107
  1,133
  1,162
  1,194
  1,231
  1,270
  1,314
  1,361
  1,411
  1,465
  1,523
  1,585
  1,651
  1,721
  1,795
  1,873
  1,957
  2,045
  2,138
  2,236
  2,340
  2,449
  2,564
  2,686
  2,813
  2,948
  3,090
  3,239
  3,396
  3,561
Total equity, $m
  195
  180
  184
  189
  194
  200
  207
  214
  221
  230
  239
  248
  258
  269
  280
  292
  305
  319
  333
  348
  364
  381
  399
  417
  437
  458
  480
  503
  527
  553
  580
Total liabilities and equity, $m
  1,304
  1,287
  1,317
  1,351
  1,388
  1,431
  1,477
  1,528
  1,582
  1,641
  1,704
  1,771
  1,843
  1,920
  2,001
  2,087
  2,178
  2,276
  2,378
  2,486
  2,600
  2,721
  2,848
  2,981
  3,123
  3,271
  3,428
  3,593
  3,766
  3,949
  4,141
Debt-to-equity ratio
  2.615
  2.810
  2.890
  2.970
  3.060
  3.150
  3.240
  3.340
  3.430
  3.530
  3.630
  3.720
  3.820
  3.910
  4.000
  4.090
  4.180
  4.260
  4.340
  4.420
  4.490
  4.570
  4.640
  4.710
  4.770
  4.830
  4.890
  4.950
  5.000
  5.060
  5.110
Adjusted equity ratio
  0.120
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  119
  93
  92
  95
  103
  114
  131
  151
  175
  204
  237
  276
  318
  365
  417
  474
  536
  604
  678
  757
  843
  936
  1,035
  1,142
  1,256
  1,379
  1,509
  1,649
  1,798
  1,957
  2,126
Depreciation, amort., depletion, $m
  43
  44
  45
  46
  47
  49
  50
  52
  54
  56
  58
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  126
  132
  138
Funds from operations, $m
  227
  137
  137
  141
  150
  163
  181
  203
  229
  260
  295
  335
  379
  429
  484
  543
  609
  680
  757
  840
  930
  1,026
  1,130
  1,241
  1,360
  1,488
  1,624
  1,769
  1,924
  2,088
  2,264
Change in working capital, $m
  -10
  5
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
Cash from operations, $m
  237
  132
  131
  134
  142
  155
  172
  193
  218
  248
  283
  321
  365
  414
  467
  526
  591
  661
  737
  819
  907
  1,003
  1,105
  1,215
  1,332
  1,458
  1,593
  1,736
  1,889
  2,052
  2,226
Maintenance CAPEX, $m
  0
  -42
  -43
  -44
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
New CAPEX, $m
  -42
  -11
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
Cash from investing activities, $m
  -42
  -53
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -89
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -132
  -138
  -145
  -151
  -159
  -167
  -175
  -184
  -194
  -203
Free cash flow, $m
  195
  80
  77
  78
  83
  93
  107
  125
  147
  174
  205
  240
  279
  324
  373
  428
  487
  552
  623
  699
  782
  871
  967
  1,070
  1,181
  1,299
  1,426
  1,561
  1,705
  1,859
  2,023
Issuance/(repayment) of debt, $m
  -125
  22
  25
  29
  33
  36
  40
  43
  47
  50
  54
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  157
  165
Issuance/(repurchase) of shares, $m
  -14
  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  
  -142
  22
  25
  29
  33
  36
  40
  43
  47
  50
  54
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  157
  165
Total cash flow (excl. dividends), $m
  52
  102
  103
  107
  116
  129
  147
  168
  194
  224
  259
  298
  341
  390
  443
  502
  566
  635
  711
  792
  880
  975
  1,076
  1,185
  1,302
  1,427
  1,560
  1,703
  1,854
  2,016
  2,188
Retained Cash Flow (-), $m
  -48
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
Prev. year cash balance distribution, $m
 
  18
  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
 
  117
  98
  102
  111
  123
  140
  161
  186
  216
  250
  288
  331
  379
  432
  490
  553
  622
  697
  777
  864
  958
  1,059
  1,167
  1,282
  1,406
  1,538
  1,680
  1,830
  1,991
  2,161
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  109
  86
  83
  82
  83
  86
  88
  91
  92
  93
  92
  90
  87
  82
  76
  69
  61
  53
  45
  38
  31
  25
  19
  14
  11
  8
  5
  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

HSN, Inc. is an interactive multi-channel retailer. The Company markets and sells a range of third party and merchandise directly to consumers through various platforms, including television home shopping programing broadcast on the HSN television networks and other direct-response television marketing; catalogs, consisting of the Cornerstone portfolio of print catalogs, which includes, Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements; Websites, which consist primarily of HSN.com, joymangano.com and the five branded Websites operated by Cornerstone; mobile devices; retail and outlet stores, and wholesale distribution of certain products to other retailers. It operates through two segments: HSN and Cornerstone. HSN offerings include jewelry, fashion, beauty and health (including beauty and fitness), and home and other (including home, electronics, culinary and other). Merchandise offered by Cornerstone consists of home furnishings, and apparel and accessories.

FINANCIAL RATIOS  of  HSN (HSNI)

Valuation Ratios
P/E Ratio 16.4
Price to Sales 0.5
Price to Book 10
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 10
Growth Rates
Sales Growth Rate -3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.1%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 248.7%
Total Debt to Equity 261.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 11.6%
Return On Total Capital 16%
Ret/ On T. Cap. - 3 Yr. Avg. 19.5%
Return On Equity 69.6%
Return On Equity - 3 Yr. Avg. 48.4%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 34.1%
Gross Margin - 3 Yr. Avg. 35.1%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 5.3%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. 4.2%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.4%
Payout Ratio 61.3%

HSNI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HSNI stock intrinsic value calculation we used $3567 million for the last fiscal year's total revenue generated by HSN. The default revenue input number comes from 2016 income statement of HSN. 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 HSNI 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 6.7%, whose default value for HSNI is calculated based on our internal credit rating of HSN, 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 HSN.
    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 HSNI stock the variable cost ratio is equal to 36.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2120 million in the base year in the intrinsic value calculation for HSNI 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 HSN.

Corporate tax rate of 27% is the nominal tax rate for HSN. 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 HSNI 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 HSNI are equal to 13.1%.

Life of production assets of 11.1 years is the average useful life of capital assets used in HSN 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 HSNI is equal to 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 - $195 million for HSN - 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 52.632 million for HSN 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 HSN at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ HSN's highest execs will go once QVC acquisition closes   [Oct-12-17 06:25PM  American City Business Journals]
▶ HSN, Inc. Value Analysis (NASDAQ:HSNI) : October 11, 2017   [Oct-11-17 12:23PM  Capital Cube]
▶ ETFs with exposure to HSN, Inc. : August 31, 2017   [Aug-31-17 06:45PM  Capital Cube]
▶ HSN beats 2Q profit forecasts   [Aug-03-17 11:08PM  Associated Press]
▶ Follow The Money: 5 Summer Blockbuster Media Deals   [Jul-21-17 08:54AM  Benzinga]
▶ QVC's top leader tells HSN workers there's a 'third way' to shop   [Jul-18-17 11:10AM  American City Business Journals]
▶ QVC to buy rival Home Shopping Network for $2.1B   [Jul-14-17 03:40PM  American City Business Journals]
▶ HSN host Andrew Lessman sounds off on QVC merger   [Jul-13-17 02:15PM  American City Business Journals]
▶ HSN, Inc.: Strong price momentum but will it sustain?   [Jul-07-17 01:26PM  Capital Cube]
▶ [$$] QVC to Acquire Rival HSN for More Than $2 Billion   [01:08AM  The Wall Street Journal]
▶ QVC parent buying HSN as shopping shifts online   [Jul-06-17 07:30PM  Associated Press]
▶ Cramer: Give Me Something to Pounce On   [07:01PM  TheStreet.com]
▶ Story Stocks from Briefing.com   [04:16PM  Briefing.com]
▶ [$$] QVC to Acquire Rival HSN for More Than $2 Billion   [03:38PM  The Wall Street Journal]
▶ Heres whos making money on the HSN-QVC deal   [02:40PM  American City Business Journals]
▶ QVC to Acquire Rival HSN in $2.1 Bln Deal   [02:13PM  Investopedia]
▶ Why Shares of HSN Inc. Surged Thursday   [02:05PM  Motley Fool]
▶ Nasdaq, FANG Stocks Trim Losses; Bond Exodus Continues   [01:34PM  Investor's Business Daily]
▶ For QVC and HSN, the Timing Is Right   [11:57AM  Bloomberg]
▶ HSN bought by biggest competitor in $2 billion deal   [09:23AM  American City Business Journals]
▶ ETFs with exposure to HSN, Inc. : July 3, 2017   [Jul-03-17 03:17PM  Capital Cube]
▶ ETFs with exposure to HSN, Inc. : June 22, 2017   [Jun-22-17 03:51PM  Capital Cube]
▶ Board member of one of Tampa Bays biggest companies now heads Yahoo successor   [Jun-16-17 12:40PM  American City Business Journals]
▶ Tracking value monster IAC's success   [Jun-08-17 06:47PM  CNBC Videos]
Financial statements of HSNI
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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