Intrinsic value of J.C. Penney - JCP

Previous Close

$3.20

  Intrinsic Value

$1.09

stock screener

  Rating & Target

str. sell

-66%

Previous close

$3.20

 
Intrinsic value

$1.09

 
Up/down potential

-66%

 
Rating

str. sell

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

We calculate the intrinsic value of JCP 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 1.0

 

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, %
  -0.62
  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
  12,547
  12,798
  13,092
  13,429
  13,807
  14,225
  14,684
  15,184
  15,726
  16,309
  16,935
  17,604
  18,319
  19,080
  19,888
  20,746
  21,655
  22,618
  23,635
  24,711
  25,846
  27,044
  28,308
  29,639
  31,043
  32,520
  34,076
  35,714
  37,438
  39,251
  41,158
Variable operating expenses, $m
 
  12,900
  13,197
  13,536
  13,917
  14,339
  14,802
  15,306
  15,852
  16,439
  17,070
  17,745
  18,466
  19,232
  20,047
  20,912
  21,829
  22,799
  23,824
  24,908
  26,053
  27,261
  28,534
  29,876
  31,291
  32,781
  34,349
  36,000
  37,737
  39,565
  41,487
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
  12,182
  12,900
  13,197
  13,536
  13,917
  14,339
  14,802
  15,306
  15,852
  16,439
  17,070
  17,745
  18,466
  19,232
  20,047
  20,912
  21,829
  22,799
  23,824
  24,908
  26,053
  27,261
  28,534
  29,876
  31,291
  32,781
  34,349
  36,000
  37,737
  39,565
  41,487
Operating income, $m
  365
  -102
  -105
  -107
  -110
  -114
  -117
  -121
  -126
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -189
  -198
  -207
  -216
  -226
  -237
  -248
  -260
  -273
  -286
  -300
  -314
  -329
EBITDA, $m
  974
  522
  534
  547
  563
  580
  599
  619
  641
  665
  690
  718
  747
  778
  811
  846
  883
  922
  964
  1,007
  1,054
  1,102
  1,154
  1,208
  1,265
  1,326
  1,389
  1,456
  1,526
  1,600
  1,678
Interest expense (income), $m
  0
  160
  162
  168
  175
  183
  192
  201
  211
  223
  235
  248
  261
  276
  292
  309
  326
  345
  365
  386
  408
  432
  457
  483
  510
  539
  570
  602
  636
  671
  709
Earnings before tax, $m
  2
  -262
  -267
  -276
  -286
  -297
  -309
  -323
  -337
  -353
  -370
  -388
  -408
  -429
  -451
  -475
  -500
  -526
  -554
  -584
  -615
  -648
  -683
  -720
  -758
  -799
  -842
  -888
  -935
  -985
  -1,038
Tax expense, $m
  1
  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
  1
  -262
  -267
  -276
  -286
  -297
  -309
  -323
  -337
  -353
  -370
  -388
  -408
  -429
  -451
  -475
  -500
  -526
  -554
  -584
  -615
  -648
  -683
  -720
  -758
  -799
  -842
  -888
  -935
  -985
  -1,038

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  887
  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
  9,118
  8,398
  8,591
  8,812
  9,059
  9,334
  9,635
  9,964
  10,319
  10,701
  11,112
  11,552
  12,020
  12,520
  13,050
  13,613
  14,210
  14,841
  15,509
  16,214
  16,959
  17,746
  18,575
  19,448
  20,369
  21,339
  22,360
  23,434
  24,565
  25,755
  27,006
Adjusted assets (=assets-cash), $m
  8,231
  8,398
  8,591
  8,812
  9,059
  9,334
  9,635
  9,964
  10,319
  10,701
  11,112
  11,552
  12,020
  12,520
  13,050
  13,613
  14,210
  14,841
  15,509
  16,214
  16,959
  17,746
  18,575
  19,448
  20,369
  21,339
  22,360
  23,434
  24,565
  25,755
  27,006
Revenue / Adjusted assets
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
Average production assets, $m
  4,958
  5,055
  5,171
  5,304
  5,454
  5,619
  5,800
  5,998
  6,212
  6,442
  6,689
  6,954
  7,236
  7,536
  7,856
  8,195
  8,554
  8,934
  9,336
  9,761
  10,209
  10,682
  11,182
  11,708
  12,262
  12,846
  13,460
  14,107
  14,788
  15,504
  16,257
Working capital, $m
  1,482
  896
  916
  940
  966
  996
  1,028
  1,063
  1,101
  1,142
  1,185
  1,232
  1,282
  1,336
  1,392
  1,452
  1,516
  1,583
  1,654
  1,730
  1,809
  1,893
  1,982
  2,075
  2,173
  2,276
  2,385
  2,500
  2,621
  2,748
  2,881
Total debt, $m
  4,836
  4,630
  4,804
  5,002
  5,225
  5,473
  5,744
  6,039
  6,359
  6,703
  7,073
  7,468
  7,890
  8,340
  8,817
  9,324
  9,861
  10,429
  11,030
  11,665
  12,335
  13,043
  13,789
  14,576
  15,404
  16,277
  17,196
  18,163
  19,181
  20,251
  21,378
Total liabilities, $m
  7,764
  7,558
  7,732
  7,930
  8,153
  8,401
  8,672
  8,967
  9,287
  9,631
  10,001
  10,396
  10,818
  11,268
  11,745
  12,252
  12,789
  13,357
  13,958
  14,593
  15,263
  15,971
  16,717
  17,504
  18,332
  19,205
  20,124
  21,091
  22,109
  23,179
  24,306
Total equity, $m
  1,354
  840
  859
  881
  906
  933
  964
  996
  1,032
  1,070
  1,111
  1,155
  1,202
  1,252
  1,305
  1,361
  1,421
  1,484
  1,551
  1,621
  1,696
  1,775
  1,857
  1,945
  2,037
  2,134
  2,236
  2,343
  2,457
  2,575
  2,701
Total liabilities and equity, $m
  9,118
  8,398
  8,591
  8,811
  9,059
  9,334
  9,636
  9,963
  10,319
  10,701
  11,112
  11,551
  12,020
  12,520
  13,050
  13,613
  14,210
  14,841
  15,509
  16,214
  16,959
  17,746
  18,574
  19,449
  20,369
  21,339
  22,360
  23,434
  24,566
  25,754
  27,007
Debt-to-equity ratio
  3.572
  5.510
  5.590
  5.680
  5.770
  5.860
  5.960
  6.060
  6.160
  6.260
  6.370
  6.470
  6.560
  6.660
  6.760
  6.850
  6.940
  7.030
  7.110
  7.190
  7.270
  7.350
  7.420
  7.490
  7.560
  7.630
  7.690
  7.750
  7.810
  7.860
  7.920
Adjusted equity ratio
  0.057
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  -262
  -267
  -276
  -286
  -297
  -309
  -323
  -337
  -353
  -370
  -388
  -408
  -429
  -451
  -475
  -500
  -526
  -554
  -584
  -615
  -648
  -683
  -720
  -758
  -799
  -842
  -888
  -935
  -985
  -1,038
Depreciation, amort., depletion, $m
  609
  624
  638
  655
  673
  694
  716
  740
  767
  795
  826
  858
  893
  930
  970
  1,012
  1,056
  1,103
  1,153
  1,205
  1,260
  1,319
  1,380
  1,445
  1,514
  1,586
  1,662
  1,742
  1,826
  1,914
  2,007
Funds from operations, $m
  111
  362
  372
  379
  388
  397
  407
  418
  430
  442
  456
  470
  485
  502
  519
  537
  556
  577
  598
  621
  645
  671
  697
  726
  755
  787
  819
  854
  890
  929
  969
Change in working capital, $m
  -223
  18
  21
  24
  26
  29
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  115
  121
  127
  133
Cash from operations, $m
  334
  345
  351
  356
  361
  368
  375
  383
  392
  401
  412
  423
  435
  448
  462
  477
  493
  510
  527
  546
  566
  587
  609
  632
  657
  683
  711
  739
  770
  802
  836
Maintenance CAPEX, $m
  0
  -612
  -624
  -638
  -655
  -673
  -694
  -716
  -740
  -767
  -795
  -826
  -858
  -893
  -930
  -970
  -1,012
  -1,056
  -1,103
  -1,153
  -1,205
  -1,260
  -1,319
  -1,380
  -1,445
  -1,514
  -1,586
  -1,662
  -1,742
  -1,826
  -1,914
New CAPEX, $m
  -427
  -98
  -116
  -133
  -149
  -165
  -181
  -198
  -214
  -230
  -247
  -264
  -282
  -300
  -319
  -339
  -359
  -380
  -402
  -425
  -448
  -473
  -499
  -526
  -554
  -584
  -615
  -647
  -681
  -716
  -753
Cash from investing activities, $m
  -316
  -710
  -740
  -771
  -804
  -838
  -875
  -914
  -954
  -997
  -1,042
  -1,090
  -1,140
  -1,193
  -1,249
  -1,309
  -1,371
  -1,436
  -1,505
  -1,578
  -1,653
  -1,733
  -1,818
  -1,906
  -1,999
  -2,098
  -2,201
  -2,309
  -2,423
  -2,542
  -2,667
Free cash flow, $m
  18
  -365
  -389
  -416
  -443
  -471
  -500
  -531
  -563
  -596
  -631
  -667
  -705
  -745
  -788
  -832
  -878
  -927
  -978
  -1,031
  -1,088
  -1,147
  -1,209
  -1,274
  -1,343
  -1,414
  -1,490
  -1,569
  -1,653
  -1,740
  -1,832
Issuance/(repayment) of debt, $m
  26
  72
  174
  199
  223
  247
  271
  295
  320
  344
  370
  395
  422
  449
  477
  507
  537
  568
  601
  635
  671
  708
  746
  786
  829
  873
  919
  967
  1,018
  1,071
  1,126
Issuance/(repurchase) of shares, $m
  2
  357
  286
  298
  310
  324
  339
  355
  373
  391
  411
  432
  455
  479
  504
  531
  559
  589
  621
  654
  690
  727
  766
  807
  851
  896
  944
  995
  1,048
  1,104
  1,163
Cash from financing (excl. dividends), $m  
  -31
  429
  460
  497
  533
  571
  610
  650
  693
  735
  781
  827
  877
  928
  981
  1,038
  1,096
  1,157
  1,222
  1,289
  1,361
  1,435
  1,512
  1,593
  1,680
  1,769
  1,863
  1,962
  2,066
  2,175
  2,289
Total cash flow (excl. dividends), $m
  -13
  63
  71
  81
  91
  100
  110
  120
  130
  140
  150
  161
  171
  183
  194
  206
  218
  231
  244
  258
  272
  287
  303
  320
  337
  355
  373
  393
  414
  435
  458
Retained Cash Flow (-), $m
  -45
  -357
  -286
  -298
  -310
  -324
  -339
  -355
  -373
  -391
  -411
  -432
  -455
  -479
  -504
  -531
  -559
  -589
  -621
  -654
  -690
  -727
  -766
  -807
  -851
  -896
  -944
  -995
  -1,048
  -1,104
  -1,163
Prev. year cash balance distribution, $m
 
  609
  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
 
  316
  -215
  -217
  -220
  -224
  -229
  -235
  -243
  -251
  -261
  -272
  -283
  -296
  -310
  -325
  -341
  -358
  -377
  -396
  -417
  -439
  -463
  -488
  -514
  -542
  -571
  -602
  -635
  -669
  -706
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  288
  -177
  -159
  -143
  -127
  -113
  -99
  -86
  -74
  -63
  -53
  -44
  -36
  -29
  -23
  -18
  -13
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  60.5
  41.3
  28.1
  18.9
  12.7
  8.5
  5.7
  3.8
  2.5
  1.6
  1.1
  0.7
  0.4
  0.3
  0.2
  0.1
  0.1
  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

J. C. Penney Company, Inc. is a holding company. The Company's business consists of selling merchandise and services to consumers through its department stores and its Website at jcpenney.com. Its department stores and Website generally serve the same type of customers, its Website offers virtually the same mix of merchandise as its store assortment and other categories, and its department stores generally accept returns from sales made in stores and through its Website. It fulfills online customer purchases by direct shipment to the customer from its distribution facilities and stores or from its suppliers' warehouses and by in store customer pick up. The Company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney, home furnishings and appliances. In addition, its department stores provide its customers with services, such as styling salon, optical, portrait photography and custom decorating.

FINANCIAL RATIOS  of  J.C. Penney (JCP)

Valuation Ratios
P/E Ratio 986.6
Price to Sales 0.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 3
Price to Free Cash Flow -10.6
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.4%
Cap. Spend. - 3 Yr. Gr. Rate -14.8%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 336.6%
Total Debt to Equity 357.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. -3.9%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. -5.6%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. -20.1%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 35.5%
EBITDA Margin 4.9%
EBITDA Margin - 3 Yr. Avg. 1.7%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. -0.1%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -3.2%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -3.3%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 15%
Payout Ratio 0%

JCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JCP stock intrinsic value calculation we used $12547 million for the last fiscal year's total revenue generated by J.C. Penney. The default revenue input number comes from 2017 income statement of J.C. Penney. 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 JCP 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 9.8%, whose default value for JCP is calculated based on our internal credit rating of J.C. Penney, 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 J.C. Penney.
    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 JCP stock the variable cost ratio is equal to 100.8%.

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 JCP 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 J.C. Penney.

Corporate tax rate of 27% is the nominal tax rate for J.C. Penney. 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 JCP 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 JCP are equal to 39.5%.

Life of production assets of 8.1 years is the average useful life of capital assets used in J.C. Penney 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 JCP 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 - $1354 million for J.C. Penney - 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 310.249 million for J.C. Penney 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 J.C. Penney at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
KSS Kohl's 50.46 48.03  hold
M Macy's 25.89 44.37  str.buy
JWN Nordstrom 45.84 35.40  hold
DDS Dillard's 57.98 103.13  str.buy
EBAY eBay 37.52 51.17  buy
SSI Stage Stores 1.90 49.44  str.buy

COMPANY NEWS

▶ J.C. Penney Goes Upscale with Pop-Up and Website   [Dec-12-17 10:24AM  Investopedia]
▶ Will 2018 Be J. C. Penney Company, Inc.'s Best Year Yet?   [Dec-10-17 07:48AM  Motley Fool]
▶ Why Macy's, J.C. Penney, and Kohl's Surged in November   [Dec-08-17 08:00PM  Motley Fool]
▶ Mall Santas can make $100/hr   [11:08AM  Yahoo Finance Video]
▶ Best Sectors to Sell Short in 2017   [Dec-07-17 12:21PM  Investopedia]
▶ 5 Turnaround Stocks That Are Making a Comeback   [Dec-06-17 03:47PM  InvestorPlace]
▶ 5 Stocks That Are Still Cheap in This Market   [Dec-04-17 03:30PM  InvestorPlace]
▶ J.C. Penney delivers good Black Friday news   [Nov-27-17 01:25PM  American City Business Journals]
▶ Black Friday winners and losers   [10:30AM  CNBC Videos]
▶ Shoppers mobilize on Thanksgiving, as retailers branch out   [Nov-23-17 08:29PM  Associated Press]
▶ J.C. Penney CEO Dumps Stock   [01:12PM  TheStreet.com]
▶ Is J.C. Penney Company, Inc. a Buy?   [10:13AM  Motley Fool]
▶ JCPenney Stock Is Destined for Pennies   [Nov-15-17 04:03PM  InvestorPlace]
▶ Bear of the Day: Herbalife (HLF)   [07:00AM  Zacks]
▶ How JCPenney Plans to Boost Future Sales   [09:01AM  Market Realist]
▶ M & JCP becoming 'relics' of retail past   [Nov-13-17 07:33PM  CNBC Videos]
▶ Why Sears Holdings Stock Slumped Today   [04:56PM  Motley Fool]
▶ Bricks vs. Clicks: Retail's Personal Connection   [11:57AM  Bloomberg Video]
Financial statements of JCP
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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