Intrinsic value of Michael Kors Holdings - KORS

Previous Close

$49.95

  Intrinsic Value

$70.43

stock screener

  Rating & Target

buy

+41%

  Value-price divergence*

+344%

Previous close

$49.95

 
Intrinsic value

$70.43

 
Up/down potential

+41%

 
Rating

buy

 
Value-price divergence*

+344%

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

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 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 7.7

 

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, %
  -4.63
  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
  4,494
  4,584
  4,689
  4,810
  4,945
  5,095
  5,260
  5,439
  5,633
  5,841
  6,066
  6,305
  6,561
  6,834
  7,123
  7,431
  7,756
  8,101
  8,466
  8,851
  9,257
  9,687
  10,139
  10,616
  11,119
  11,648
  12,205
  12,792
  13,409
  14,059
  14,742
Variable operating expenses, $m
 
  3,442
  3,521
  3,611
  3,713
  3,825
  3,948
  4,082
  4,227
  4,383
  4,551
  4,719
  4,910
  5,114
  5,331
  5,561
  5,804
  6,062
  6,335
  6,623
  6,928
  7,249
  7,587
  7,944
  8,320
  8,716
  9,134
  9,573
  10,034
  10,520
  11,032
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
  3,804
  3,442
  3,521
  3,611
  3,713
  3,825
  3,948
  4,082
  4,227
  4,383
  4,551
  4,719
  4,910
  5,114
  5,331
  5,561
  5,804
  6,062
  6,335
  6,623
  6,928
  7,249
  7,587
  7,944
  8,320
  8,716
  9,134
  9,573
  10,034
  10,520
  11,032
Operating income, $m
  690
  1,142
  1,168
  1,198
  1,233
  1,270
  1,312
  1,357
  1,406
  1,458
  1,515
  1,587
  1,651
  1,720
  1,793
  1,870
  1,952
  2,039
  2,131
  2,227
  2,330
  2,438
  2,552
  2,672
  2,798
  2,931
  3,072
  3,219
  3,375
  3,538
  3,710
EBITDA, $m
  910
  1,341
  1,371
  1,407
  1,446
  1,490
  1,538
  1,591
  1,647
  1,708
  1,774
  1,844
  1,919
  1,999
  2,083
  2,173
  2,269
  2,369
  2,476
  2,589
  2,708
  2,833
  2,965
  3,105
  3,252
  3,407
  3,570
  3,741
  3,922
  4,112
  4,311
Interest expense (income), $m
  4
  0
  1
  2
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  21
  24
  26
  29
  32
  36
  39
  43
  46
  51
  55
  59
  64
  69
  74
  80
  86
Earnings before tax, $m
  689
  1,142
  1,167
  1,197
  1,230
  1,266
  1,306
  1,350
  1,397
  1,448
  1,503
  1,573
  1,635
  1,701
  1,772
  1,847
  1,926
  2,010
  2,098
  2,192
  2,291
  2,395
  2,505
  2,621
  2,743
  2,872
  3,008
  3,150
  3,300
  3,458
  3,624
Tax expense, $m
  137
  308
  315
  323
  332
  342
  353
  364
  377
  391
  406
  425
  441
  459
  478
  499
  520
  543
  567
  592
  619
  647
  676
  708
  741
  775
  812
  851
  891
  934
  979
Net income, $m
  553
  833
  852
  874
  898
  924
  954
  985
  1,020
  1,057
  1,097
  1,148
  1,194
  1,242
  1,293
  1,348
  1,406
  1,467
  1,532
  1,600
  1,672
  1,748
  1,829
  1,913
  2,003
  2,097
  2,196
  2,300
  2,409
  2,525
  2,646

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  228
  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
  2,410
  2,225
  2,276
  2,335
  2,401
  2,473
  2,553
  2,640
  2,734
  2,836
  2,944
  3,061
  3,185
  3,317
  3,458
  3,607
  3,765
  3,933
  4,109
  4,296
  4,494
  4,702
  4,922
  5,153
  5,397
  5,654
  5,925
  6,210
  6,509
  6,825
  7,156
Adjusted assets (=assets-cash), $m
  2,182
  2,225
  2,276
  2,335
  2,401
  2,473
  2,553
  2,640
  2,734
  2,836
  2,944
  3,061
  3,185
  3,317
  3,458
  3,607
  3,765
  3,933
  4,109
  4,296
  4,494
  4,702
  4,922
  5,153
  5,397
  5,654
  5,925
  6,210
  6,509
  6,825
  7,156
Revenue / Adjusted assets
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
Average production assets, $m
  917
  935
  957
  981
  1,009
  1,039
  1,073
  1,109
  1,149
  1,192
  1,237
  1,286
  1,339
  1,394
  1,453
  1,516
  1,582
  1,653
  1,727
  1,806
  1,889
  1,976
  2,068
  2,166
  2,268
  2,376
  2,490
  2,610
  2,735
  2,868
  3,007
Working capital, $m
  599
  513
  525
  539
  554
  571
  589
  609
  631
  654
  679
  706
  735
  765
  798
  832
  869
  907
  948
  991
  1,037
  1,085
  1,136
  1,189
  1,245
  1,305
  1,367
  1,433
  1,502
  1,575
  1,651
Total debt, $m
  133
  12
  29
  47
  67
  90
  115
  142
  172
  204
  238
  274
  313
  354
  398
  445
  495
  547
  602
  661
  723
  788
  857
  929
  1,005
  1,086
  1,170
  1,260
  1,353
  1,452
  1,556
Total liabilities, $m
  817
  696
  713
  731
  751
  774
  799
  826
  856
  888
  922
  958
  997
  1,038
  1,082
  1,129
  1,179
  1,231
  1,286
  1,345
  1,407
  1,472
  1,541
  1,613
  1,689
  1,770
  1,854
  1,944
  2,037
  2,136
  2,240
Total equity, $m
  1,593
  1,529
  1,564
  1,604
  1,649
  1,699
  1,754
  1,814
  1,878
  1,948
  2,023
  2,103
  2,188
  2,279
  2,376
  2,478
  2,587
  2,702
  2,823
  2,952
  3,087
  3,230
  3,381
  3,540
  3,708
  3,885
  4,070
  4,266
  4,472
  4,688
  4,916
Total liabilities and equity, $m
  2,410
  2,225
  2,277
  2,335
  2,400
  2,473
  2,553
  2,640
  2,734
  2,836
  2,945
  3,061
  3,185
  3,317
  3,458
  3,607
  3,766
  3,933
  4,109
  4,297
  4,494
  4,702
  4,922
  5,153
  5,397
  5,655
  5,924
  6,210
  6,509
  6,824
  7,156
Debt-to-equity ratio
  0.083
  0.010
  0.020
  0.030
  0.040
  0.050
  0.070
  0.080
  0.090
  0.100
  0.120
  0.130
  0.140
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
Adjusted equity ratio
  0.626
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  553
  833
  852
  874
  898
  924
  954
  985
  1,020
  1,057
  1,097
  1,148
  1,194
  1,242
  1,293
  1,348
  1,406
  1,467
  1,532
  1,600
  1,672
  1,748
  1,829
  1,913
  2,003
  2,097
  2,196
  2,300
  2,409
  2,525
  2,646
Depreciation, amort., depletion, $m
  220
  199
  203
  208
  214
  220
  227
  234
  242
  250
  259
  257
  268
  279
  291
  303
  316
  331
  345
  361
  378
  395
  414
  433
  454
  475
  498
  522
  547
  574
  601
Funds from operations, $m
  1,102
  1,032
  1,056
  1,082
  1,111
  1,144
  1,180
  1,219
  1,262
  1,307
  1,356
  1,405
  1,461
  1,521
  1,584
  1,651
  1,722
  1,798
  1,877
  1,961
  2,050
  2,144
  2,242
  2,347
  2,456
  2,572
  2,694
  2,822
  2,956
  3,098
  3,247
Change in working capital, $m
  74
  10
  12
  13
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  32
  34
  36
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
  73
  77
Cash from operations, $m
  1,028
  1,022
  1,044
  1,068
  1,096
  1,127
  1,162
  1,199
  1,240
  1,284
  1,331
  1,379
  1,433
  1,490
  1,552
  1,617
  1,686
  1,759
  1,836
  1,918
  2,004
  2,096
  2,192
  2,293
  2,400
  2,513
  2,631
  2,756
  2,887
  3,025
  3,171
Maintenance CAPEX, $m
  0
  -183
  -187
  -191
  -196
  -202
  -208
  -215
  -222
  -230
  -238
  -247
  -257
  -268
  -279
  -291
  -303
  -316
  -331
  -345
  -361
  -378
  -395
  -414
  -433
  -454
  -475
  -498
  -522
  -547
  -574
New CAPEX, $m
  -170
  -18
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -88
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -132
  -139
Cash from investing activities, $m
  -651
  -201
  -209
  -216
  -224
  -233
  -242
  -252
  -262
  -273
  -284
  -296
  -309
  -324
  -338
  -354
  -369
  -386
  -405
  -424
  -444
  -466
  -487
  -511
  -536
  -562
  -589
  -618
  -648
  -679
  -713
Free cash flow, $m
  377
  821
  835
  853
  873
  895
  920
  948
  979
  1,012
  1,047
  1,082
  1,123
  1,167
  1,214
  1,263
  1,316
  1,372
  1,431
  1,494
  1,560
  1,630
  1,704
  1,782
  1,864
  1,951
  2,042
  2,138
  2,239
  2,346
  2,458
Issuance/(repayment) of debt, $m
  146
  12
  16
  18
  21
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  47
  49
  52
  55
  59
  62
  65
  69
  72
  76
  80
  85
  89
  94
  99
  104
Issuance/(repurchase) of shares, $m
  -996
  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  
  -844
  12
  16
  18
  21
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  47
  49
  52
  55
  59
  62
  65
  69
  72
  76
  80
  85
  89
  94
  99
  104
Total cash flow (excl. dividends), $m
  -472
  833
  851
  871
  893
  918
  945
  975
  1,008
  1,043
  1,081
  1,119
  1,162
  1,208
  1,258
  1,310
  1,366
  1,425
  1,487
  1,553
  1,622
  1,696
  1,773
  1,855
  1,941
  2,031
  2,127
  2,227
  2,333
  2,444
  2,562
Retained Cash Flow (-), $m
  403
  -31
  -35
  -40
  -45
  -50
  -55
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -102
  -109
  -115
  -122
  -128
  -136
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
  -228
Prev. year cash balance distribution, $m
 
  95
  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
 
  898
  816
  831
  848
  868
  891
  916
  943
  974
  1,006
  1,039
  1,077
  1,118
  1,161
  1,208
  1,257
  1,310
  1,365
  1,424
  1,487
  1,552
  1,622
  1,696
  1,773
  1,855
  1,941
  2,032
  2,127
  2,228
  2,334
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
 
  861
  747
  723
  698
  673
  646
  619
  590
  559
  528
  493
  459
  425
  390
  355
  319
  285
  251
  219
  189
  161
  135
  111
  90
  72
  57
  44
  33
  24
  18
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

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 14.1
Price to Sales 1.7
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow 9.1
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 $4494 million for the last fiscal year's total revenue generated by Michael Kors Holdings. The default revenue input number comes from 2017 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 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 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 75.1%.

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 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 5.9% 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 20.4%.

Life of production assets of 4.5 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 11.2%. 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 - $1593 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 153.464 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 $7.7 billion.

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COMPANY NEWS

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▶ [$$] Michael Kors' debut bond sale is so hot right now   [Oct-06-17 12:01AM  Financial Times]
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▶ Michael Kors Achieves a Timely Milestone   [03:50PM  Barrons.com]
▶ Discussing Wall Streets Take on Coach   [02:43PM  Market Realist]
▶ Michael Kors: Watch That Turn Signal   [01:21PM  Barrons.com]
▶ Stocks With Rising Relative Price Strength: Michael Kors   [03:00AM  Investor's Business Daily]
▶ Michael Kors: "The Sexier Story"   [Sep-26-17 02:17PM  CNBC]
▶ 4 Shoe Stocks In Bases, Buck Nike-Under Armour Slumps: Investing Action Plan   [Sep-21-17 04:13PM  Investor's Business Daily]
▶ Coach and Kors Have the Same Problem   [11:07AM  Barrons.com]
▶ Wall Street Relatively Flat in Premarket Trading   [Sep-20-17 12:47PM  GuruFocus.com]
▶ Michael Kors: Too Cheap?   [Sep-19-17 03:39PM  Barrons.com]
▶ Should your portfolio be enjoying a life of luxury?   [Sep-18-17 03:49PM  CNBC Videos]
▶ Jimmy Choo's shareholders approve $1.2 billion takeover   [03:20PM  American City Business Journals]
▶ Amazon partners with London Fashion Week designer   [11:25AM  Yahoo Finance Video]
▶ Global Markets Relatively Calm After North Korea Missile   [Sep-15-17 12:35PM  GuruFocus.com]
▶ Luxury Retailer Designing New Base After Soaring On Earnings   [11:12AM  Investor's Business Daily]
▶ Fashion Week: Kors Impresses On Runway and Wall Street   [Sep-14-17 01:40PM  Barrons.com]
▶ IBD Rating Upgrades: Michael Kors Shows Improved Technical Strength   [Sep-05-17 03:00AM  Investor's Business Daily]
▶ Wall Street Up Ahead of Jobs Report   [Sep-01-17 01:41PM  GuruFocus.com]
▶ Under Armour's stock dives on Kevin Durant's comments   [Aug-30-17 12:59PM  Yahoo Finance Video]
▶ Michael Kors, You're No Louis Vuitton   [03:59AM  Bloomberg]
▶ Analyzing Gaps 2Q17 Top-Line Performance   [Aug-18-17 01:22PM  Market Realist]
▶ Whats Driving Coachs North American Sales?   [09:08AM  Market Realist]
▶ These 5 underloved stocks are hidden gems   [07:47AM  MarketWatch]
▶ One of Costco's greatest perks is under siege   [01:04PM  Business Insider]
▶ Michael Kors Is Trying on a New Price Point   [08:45AM  TheStreet.com]
▶ Give Coach a Little Credit   [08:42AM  Bloomberg]
▶ Consumer Sector Post-Earnings Coverage for August 711, 2017   [Aug-14-17 03:36PM  Market Realist]
▶ Will Handbag Sales Stabilize Soon?   [10:57AM  Barrons.com]
▶ Understanding Michael Korss New Price Targets   [07:36AM  Market Realist]
▶ Macys, Kohls beat on earnings but shares tank   [Aug-10-17 01:34PM  Yahoo Finance Video]
Financial statements of KORS
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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