Intrinsic value of Michael Kors Holdings - KORS

Previous Close

$38.83

  Intrinsic Value

$285.45

stock screener

  Rating & Target

str. buy

+635%

Previous close

$38.83

 
Intrinsic value

$285.45

 
Up/down potential

+635%

 
Rating

str. buy

We calculate the intrinsic value of KORS 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 0001), $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 5.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  26.30
  24.17
  22.25
  20.53
  18.97
  17.58
  16.32
  15.19
  14.17
  13.25
  12.43
  11.68
  11.02
  10.41
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.11
  6.00
Revenue, $m
  5,960
  7,400
  9,047
  10,904
  12,973
  15,253
  17,742
  20,437
  23,333
  26,425
  29,709
  33,180
  36,835
  40,671
  44,686
  48,880
  53,254
  57,808
  62,546
  67,473
  72,594
  77,916
  83,446
  89,194
  95,169
  101,383
  107,847
  114,575
  121,581
  128,880
Variable operating expenses, $m
  4,331
  5,328
  6,467
  7,752
  9,184
  10,761
  12,483
  14,348
  16,351
  18,490
  20,554
  22,955
  25,484
  28,138
  30,916
  33,818
  36,843
  39,994
  43,273
  46,681
  50,224
  53,906
  57,732
  61,708
  65,842
  70,141
  74,614
  79,268
  84,115
  89,165
Fixed operating expenses, $m
  521
  533
  544
  556
  569
  581
  594
  607
  620
  634
  648
  662
  677
  692
  707
  722
  738
  755
  771
  788
  805
  823
  841
  860
  879
  898
  918
  938
  959
  980
Total operating expenses, $m
  4,852
  5,861
  7,011
  8,308
  9,753
  11,342
  13,077
  14,955
  16,971
  19,124
  21,202
  23,617
  26,161
  28,830
  31,623
  34,540
  37,581
  40,749
  44,044
  47,469
  51,029
  54,729
  58,573
  62,568
  66,721
  71,039
  75,532
  80,206
  85,074
  90,145
Operating income, $m
  1,107
  1,539
  2,035
  2,595
  3,221
  3,911
  4,665
  5,482
  6,361
  7,301
  8,507
  9,562
  10,674
  11,841
  13,063
  14,340
  15,672
  17,059
  18,503
  20,004
  21,565
  23,187
  24,873
  26,626
  28,448
  30,343
  32,316
  34,369
  36,507
  38,735
EBITDA, $m
  1,487
  1,962
  2,505
  3,119
  3,804
  4,560
  5,386
  6,281
  7,244
  8,273
  9,365
  10,521
  11,739
  13,017
  14,355
  15,753
  17,211
  18,730
  20,310
  21,954
  23,663
  25,439
  27,285
  29,203
  31,198
  33,273
  35,432
  37,680
  40,021
  42,460
Interest expense (income), $m
  4
  47
  76
  110
  148
  192
  240
  293
  351
  414
  482
  554
  631
  712
  797
  887
  981
  1,079
  1,181
  1,287
  1,398
  1,513
  1,632
  1,757
  1,886
  2,020
  2,160
  2,305
  2,456
  2,613
  2,777
Earnings before tax, $m
  1,060
  1,463
  1,925
  2,447
  3,029
  3,671
  4,372
  5,131
  5,947
  6,819
  7,953
  8,931
  9,962
  11,044
  12,176
  13,360
  14,593
  15,878
  17,216
  18,606
  20,052
  21,554
  23,116
  24,740
  26,428
  28,184
  30,011
  31,913
  33,894
  35,958
Tax expense, $m
  286
  395
  520
  661
  818
  991
  1,180
  1,385
  1,606
  1,841
  2,147
  2,411
  2,690
  2,982
  3,288
  3,607
  3,940
  4,287
  4,648
  5,024
  5,414
  5,820
  6,241
  6,680
  7,135
  7,610
  8,103
  8,616
  9,151
  9,709
Net income, $m
  774
  1,068
  1,405
  1,786
  2,211
  2,680
  3,191
  3,746
  4,341
  4,978
  5,805
  6,520
  7,272
  8,062
  8,889
  9,752
  10,653
  11,591
  12,567
  13,583
  14,638
  15,735
  16,875
  18,060
  19,292
  20,574
  21,908
  23,296
  24,743
  26,250

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  5,124
  6,363
  7,779
  9,376
  11,155
  13,115
  15,256
  17,573
  20,063
  22,721
  25,545
  28,530
  31,672
  34,971
  38,423
  42,029
  45,790
  49,706
  53,780
  58,017
  62,420
  66,996
  71,751
  76,693
  81,830
  87,173
  92,732
  98,517
  104,541
  110,817
Adjusted assets (=assets-cash), $m
  5,124
  6,363
  7,779
  9,376
  11,155
  13,115
  15,256
  17,573
  20,063
  22,721
  25,545
  28,530
  31,672
  34,971
  38,423
  42,029
  45,790
  49,706
  53,780
  58,017
  62,420
  66,996
  71,751
  76,693
  81,830
  87,173
  92,732
  98,517
  104,541
  110,817
Revenue / Adjusted assets
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
  1.163
Average production assets, $m
  1,567
  1,946
  2,379
  2,868
  3,412
  4,012
  4,666
  5,375
  6,137
  6,950
  7,813
  8,726
  9,688
  10,696
  11,752
  12,856
  14,006
  15,203
  16,450
  17,746
  19,092
  20,492
  21,946
  23,458
  25,029
  26,664
  28,364
  30,133
  31,976
  33,895
Working capital, $m
  429
  533
  651
  785
  934
  1,098
  1,277
  1,471
  1,680
  1,903
  2,139
  2,389
  2,652
  2,928
  3,217
  3,519
  3,834
  4,162
  4,503
  4,858
  5,227
  5,610
  6,008
  6,422
  6,852
  7,300
  7,765
  8,249
  8,754
  9,279
Total debt, $m
  1,411
  2,034
  2,746
  3,549
  4,444
  5,430
  6,507
  7,672
  8,925
  10,262
  11,682
  13,183
  14,764
  16,423
  18,160
  19,974
  21,865
  23,835
  25,885
  28,015
  30,230
  32,532
  34,924
  37,410
  39,994
  42,681
  45,477
  48,387
  51,417
  54,574
Total liabilities, $m
  2,578
  3,201
  3,913
  4,716
  5,611
  6,597
  7,674
  8,839
  10,091
  11,429
  12,849
  14,350
  15,931
  17,590
  19,327
  21,141
  23,032
  25,002
  27,051
  29,182
  31,397
  33,699
  36,091
  38,576
  41,161
  43,848
  46,644
  49,554
  52,584
  55,741
Total equity, $m
  2,547
  3,162
  3,866
  4,660
  5,544
  6,518
  7,582
  8,734
  9,971
  11,292
  12,696
  14,179
  15,741
  17,380
  19,096
  20,889
  22,758
  24,704
  26,729
  28,834
  31,023
  33,297
  35,660
  38,116
  40,670
  43,325
  46,088
  48,963
  51,957
  55,076
Total liabilities and equity, $m
  5,125
  6,363
  7,779
  9,376
  11,155
  13,115
  15,256
  17,573
  20,062
  22,721
  25,545
  28,529
  31,672
  34,970
  38,423
  42,030
  45,790
  49,706
  53,780
  58,016
  62,420
  66,996
  71,751
  76,692
  81,831
  87,173
  92,732
  98,517
  104,541
  110,817
Debt-to-equity ratio
  0.550
  0.640
  0.710
  0.760
  0.800
  0.830
  0.860
  0.880
  0.900
  0.910
  0.920
  0.930
  0.940
  0.940
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
Adjusted equity ratio
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  774
  1,068
  1,405
  1,786
  2,211
  2,680
  3,191
  3,746
  4,341
  4,978
  5,805
  6,520
  7,272
  8,062
  8,889
  9,752
  10,653
  11,591
  12,567
  13,583
  14,638
  15,735
  16,875
  18,060
  19,292
  20,574
  21,908
  23,296
  24,743
  26,250
Depreciation, amort., depletion, $m
  381
  422
  470
  523
  583
  649
  721
  799
  883
  972
  859
  959
  1,065
  1,175
  1,291
  1,413
  1,539
  1,671
  1,808
  1,950
  2,098
  2,252
  2,412
  2,578
  2,750
  2,930
  3,117
  3,311
  3,514
  3,725
Funds from operations, $m
  1,154
  1,490
  1,875
  2,310
  2,794
  3,329
  3,913
  4,545
  5,224
  5,950
  6,664
  7,479
  8,337
  9,238
  10,180
  11,165
  12,192
  13,262
  14,375
  15,533
  16,736
  17,987
  19,286
  20,638
  22,043
  23,504
  25,025
  26,608
  28,256
  29,974
Change in working capital, $m
  89
  104
  119
  134
  149
  164
  179
  194
  208
  223
  236
  250
  263
  276
  289
  302
  315
  328
  341
  355
  369
  383
  398
  414
  430
  447
  465
  484
  504
  526
Cash from operations, $m
  1,065
  1,387
  1,757
  2,176
  2,645
  3,165
  3,733
  4,351
  5,016
  5,727
  6,428
  7,229
  8,074
  8,961
  9,891
  10,863
  11,877
  12,934
  14,034
  15,178
  16,367
  17,603
  18,888
  20,224
  21,613
  23,057
  24,559
  26,123
  27,752
  29,449
Maintenance CAPEX, $m
  -137
  -172
  -214
  -261
  -315
  -375
  -441
  -513
  -591
  -674
  -764
  -859
  -959
  -1,065
  -1,175
  -1,291
  -1,413
  -1,539
  -1,671
  -1,808
  -1,950
  -2,098
  -2,252
  -2,412
  -2,578
  -2,750
  -2,930
  -3,117
  -3,311
  -3,514
New CAPEX, $m
  -325
  -379
  -433
  -488
  -544
  -600
  -655
  -709
  -762
  -813
  -864
  -913
  -961
  -1,009
  -1,056
  -1,103
  -1,150
  -1,198
  -1,246
  -1,296
  -1,347
  -1,400
  -1,454
  -1,512
  -1,571
  -1,634
  -1,700
  -1,769
  -1,843
  -1,920
Cash from investing activities, $m
  -462
  -551
  -647
  -749
  -859
  -975
  -1,096
  -1,222
  -1,353
  -1,487
  -1,628
  -1,772
  -1,920
  -2,074
  -2,231
  -2,394
  -2,563
  -2,737
  -2,917
  -3,104
  -3,297
  -3,498
  -3,706
  -3,924
  -4,149
  -4,384
  -4,630
  -4,886
  -5,154
  -5,434
Free cash flow, $m
  604
  836
  1,110
  1,426
  1,786
  2,190
  2,638
  3,129
  3,663
  4,239
  4,800
  5,457
  6,154
  6,888
  7,660
  8,469
  9,314
  10,197
  11,117
  12,074
  13,070
  14,106
  15,182
  16,301
  17,463
  18,672
  19,929
  21,237
  22,598
  24,016
Issuance/(repayment) of debt, $m
  536
  623
  712
  803
  895
  986
  1,077
  1,165
  1,252
  1,337
  1,420
  1,501
  1,581
  1,659
  1,737
  1,814
  1,891
  1,970
  2,049
  2,131
  2,215
  2,302
  2,392
  2,486
  2,584
  2,687
  2,796
  2,910
  3,030
  3,157
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  536
  623
  712
  803
  895
  986
  1,077
  1,165
  1,252
  1,337
  1,420
  1,501
  1,581
  1,659
  1,737
  1,814
  1,891
  1,970
  2,049
  2,131
  2,215
  2,302
  2,392
  2,486
  2,584
  2,687
  2,796
  2,910
  3,030
  3,157
Total cash flow (excl. dividends), $m
  1,140
  1,459
  1,822
  2,229
  2,681
  3,176
  3,714
  4,295
  4,916
  5,577
  6,221
  6,959
  7,734
  8,547
  9,396
  10,283
  11,206
  12,167
  13,166
  14,205
  15,285
  16,407
  17,574
  18,786
  20,048
  21,359
  22,725
  24,147
  25,628
  27,172
Retained Cash Flow (-), $m
  -529
  -616
  -704
  -794
  -884
  -974
  -1,064
  -1,152
  -1,237
  -1,321
  -1,403
  -1,483
  -1,562
  -1,639
  -1,716
  -1,792
  -1,869
  -1,946
  -2,025
  -2,106
  -2,188
  -2,274
  -2,363
  -2,456
  -2,553
  -2,655
  -2,763
  -2,875
  -2,994
  -3,119
Prev. year cash balance distribution, $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 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
  611
  843
  1,118
  1,436
  1,797
  2,202
  2,651
  3,143
  3,678
  4,255
  4,817
  5,475
  6,172
  6,908
  7,680
  8,490
  9,337
  10,221
  11,141
  12,100
  13,097
  14,133
  15,211
  16,330
  17,494
  18,704
  19,962
  21,272
  22,634
  24,053
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
  585
  772
  973
  1,182
  1,393
  1,598
  1,791
  1,965
  2,113
  2,231
  2,288
  2,337
  2,347
  2,319
  2,255
  2,158
  2,032
  1,882
  1,715
  1,538
  1,355
  1,173
  997
  832
  681
  546
  428
  329
  247
  181
Current shareholders' claim on cash, %
  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

Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women's apparel and accessories and men's apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing. The Retail operations consist of collection stores and lifestyle stores, including concessions and outlet stores, located primarily in the Americas (the United States, Canada and Latin America), Europe and Asia, as well as e-commerce. Wholesale revenues are principally derived from major department and specialty stores located throughout the Americas, Europe and Asia. The Company licenses its trademarks on products, such as fragrances, beauty, eyewear, leather goods, jewelry, watches, coats, men's suits, swimwear, furs and ties, as well as through geographic licenses.

FINANCIAL RATIOS  of  Michael Kors Holdings (KORS)

Valuation Ratios
P/E Ratio 10.9
Price to Sales 1.3
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 7.1
Growth Rates
Sales Growth Rate -4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 8.3%
Interest Coverage 173
Management Effectiveness
Return On Assets 22.4%
Ret/ On Assets - 3 Yr. Avg. 30.1%
Return On Total Capital 29.7%
Ret/ On T. Cap. - 3 Yr. Avg. 37.6%
Return On Equity 30.8%
Return On Equity - 3 Yr. Avg. 38%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 59.2%
Gross Margin - 3 Yr. Avg. 59.7%
EBITDA Margin 20.3%
EBITDA Margin - 3 Yr. Avg. 27%
Operating Margin 15.4%
Oper. Margin - 3 Yr. Avg. 23%
Pre-Tax Margin 15.3%
Pre-Tax Margin - 3 Yr. Avg. 23%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 16.8%
Effective Tax Rate 19.9%
Eff/ Tax Rate - 3 Yr. Avg. 26.1%
Payout Ratio 0%

KORS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KORS stock intrinsic value calculation we used $4718.6 million for the last fiscal year's total revenue generated by Michael Kors Holdings. The default revenue input number comes from 0001 income statement of Michael Kors Holdings. 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 KORS stock valuation model: a) initial revenue growth rate of 26.3% 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 KORS is calculated based on our internal credit rating of Michael Kors Holdings, 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 Michael Kors Holdings.
    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 KORS stock the variable cost ratio is equal to 73.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $510 million in the base year in the intrinsic value calculation for KORS 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 5.4% for Michael Kors Holdings.

Corporate tax rate of 27% is the nominal tax rate for Michael Kors Holdings. 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 KORS 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 KORS are equal to 26.3%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Michael Kors Holdings 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 KORS is equal to 7.2%. 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 - $2017.7 million for Michael Kors Holdings - 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 149.322 million for Michael Kors Holdings 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 Michael Kors Holdings at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

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