Intrinsic value of L Brands - LB

Previous Close

$29.64

  Intrinsic Value

$22.64

stock screener

  Rating & Target

sell

-24%

Previous close

$29.64

 
Intrinsic value

$22.64

 
Up/down potential

-24%

 
Rating

sell

We calculate the intrinsic value of LB 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 8.3

 

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, %
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  13,617
  14,641
  15,705
  16,811
  17,961
  19,156
  20,399
  21,692
  23,038
  24,439
  25,900
  27,423
  29,011
  30,668
  32,397
  34,204
  36,092
  38,065
  40,128
  42,286
  44,545
  46,908
  49,383
  51,975
  54,689
  57,534
  60,515
  63,639
  66,914
  70,348
Variable operating expenses, $m
  11,438
  12,285
  13,165
  14,080
  15,031
  16,019
  17,047
  18,117
  19,230
  20,389
  21,421
  22,681
  23,994
  25,364
  26,795
  28,289
  29,851
  31,482
  33,189
  34,974
  36,842
  38,797
  40,843
  42,987
  45,232
  47,585
  50,050
  52,634
  55,343
  58,183
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
  11,438
  12,285
  13,165
  14,080
  15,031
  16,019
  17,047
  18,117
  19,230
  20,389
  21,421
  22,681
  23,994
  25,364
  26,795
  28,289
  29,851
  31,482
  33,189
  34,974
  36,842
  38,797
  40,843
  42,987
  45,232
  47,585
  50,050
  52,634
  55,343
  58,183
Operating income, $m
  2,179
  2,356
  2,540
  2,731
  2,930
  3,137
  3,352
  3,575
  3,808
  4,050
  4,479
  4,742
  5,017
  5,303
  5,602
  5,915
  6,241
  6,582
  6,939
  7,312
  7,703
  8,112
  8,540
  8,988
  9,457
  9,949
  10,464
  11,005
  11,571
  12,165
EBITDA, $m
  2,854
  3,068
  3,291
  3,523
  3,764
  4,014
  4,275
  4,545
  4,828
  5,121
  5,427
  5,746
  6,079
  6,426
  6,789
  7,167
  7,563
  7,976
  8,409
  8,861
  9,334
  9,830
  10,348
  10,891
  11,460
  12,056
  12,681
  13,336
  14,022
  14,741
Interest expense (income), $m
  387
  406
  336
  378
  421
  466
  512
  561
  612
  664
  719
  776
  835
  897
  962
  1,029
  1,099
  1,173
  1,249
  1,330
  1,413
  1,501
  1,593
  1,689
  1,790
  1,895
  2,005
  2,121
  2,242
  2,369
  2,502
Earnings before tax, $m
  1,773
  2,020
  2,162
  2,310
  2,464
  2,624
  2,790
  2,964
  3,144
  3,331
  3,703
  3,907
  4,120
  4,342
  4,573
  4,815
  5,068
  5,333
  5,610
  5,899
  6,202
  6,519
  6,851
  7,198
  7,562
  7,944
  8,344
  8,763
  9,202
  9,663
Tax expense, $m
  479
  545
  584
  624
  665
  709
  753
  800
  849
  900
  1,000
  1,055
  1,112
  1,172
  1,235
  1,300
  1,368
  1,440
  1,515
  1,593
  1,674
  1,760
  1,850
  1,943
  2,042
  2,145
  2,253
  2,366
  2,485
  2,609
Net income, $m
  1,295
  1,475
  1,579
  1,687
  1,799
  1,916
  2,037
  2,163
  2,295
  2,432
  2,703
  2,852
  3,007
  3,169
  3,339
  3,515
  3,700
  3,893
  4,095
  4,306
  4,527
  4,759
  5,001
  5,255
  5,520
  5,799
  6,091
  6,397
  6,718
  7,054

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
  8,785
  9,446
  10,133
  10,846
  11,588
  12,359
  13,160
  13,995
  14,863
  15,767
  16,710
  17,692
  18,717
  19,786
  20,902
  22,067
  23,285
  24,558
  25,889
  27,281
  28,738
  30,263
  31,860
  33,532
  35,284
  37,119
  39,042
  41,057
  43,170
  45,386
Adjusted assets (=assets-cash), $m
  8,785
  9,446
  10,133
  10,846
  11,588
  12,359
  13,160
  13,995
  14,863
  15,767
  16,710
  17,692
  18,717
  19,786
  20,902
  22,067
  23,285
  24,558
  25,889
  27,281
  28,738
  30,263
  31,860
  33,532
  35,284
  37,119
  39,042
  41,057
  43,170
  45,386
Revenue / Adjusted assets
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
Average production assets, $m
  3,990
  4,290
  4,602
  4,926
  5,262
  5,613
  5,977
  6,356
  6,750
  7,161
  7,589
  8,035
  8,500
  8,986
  9,492
  10,022
  10,575
  11,153
  11,758
  12,390
  13,052
  13,744
  14,469
  15,229
  16,024
  16,857
  17,731
  18,646
  19,606
  20,612
Working capital, $m
  -177
  -190
  -204
  -219
  -233
  -249
  -265
  -282
  -299
  -318
  -337
  -356
  -377
  -399
  -421
  -445
  -469
  -495
  -522
  -550
  -579
  -610
  -642
  -676
  -711
  -748
  -787
  -827
  -870
  -915
Total debt, $m
  4,799
  5,393
  6,011
  6,653
  7,321
  8,015
  8,736
  9,487
  10,269
  11,083
  11,931
  12,815
  13,737
  14,699
  15,703
  16,752
  17,848
  18,994
  20,192
  21,445
  22,757
  24,129
  25,566
  27,071
  28,647
  30,299
  32,030
  33,844
  35,745
  37,739
Total liabilities, $m
  7,907
  8,501
  9,119
  9,761
  10,429
  11,123
  11,844
  12,595
  13,377
  14,191
  15,039
  15,923
  16,845
  17,807
  18,811
  19,860
  20,956
  22,102
  23,300
  24,553
  25,865
  27,237
  28,674
  30,179
  31,755
  33,407
  35,138
  36,952
  38,853
  40,847
Total equity, $m
  879
  945
  1,013
  1,085
  1,159
  1,236
  1,316
  1,399
  1,486
  1,577
  1,671
  1,769
  1,872
  1,979
  2,090
  2,207
  2,328
  2,456
  2,589
  2,728
  2,874
  3,026
  3,186
  3,353
  3,528
  3,712
  3,904
  4,106
  4,317
  4,539
Total liabilities and equity, $m
  8,786
  9,446
  10,132
  10,846
  11,588
  12,359
  13,160
  13,994
  14,863
  15,768
  16,710
  17,692
  18,717
  19,786
  20,901
  22,067
  23,284
  24,558
  25,889
  27,281
  28,739
  30,263
  31,860
  33,532
  35,283
  37,119
  39,042
  41,058
  43,170
  45,386
Debt-to-equity ratio
  5.460
  5.710
  5.930
  6.130
  6.320
  6.490
  6.640
  6.780
  6.910
  7.030
  7.140
  7.240
  7.340
  7.430
  7.510
  7.590
  7.670
  7.730
  7.800
  7.860
  7.920
  7.970
  8.020
  8.070
  8.120
  8.160
  8.200
  8.240
  8.280
  8.320
Adjusted equity ratio
  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
  1,295
  1,475
  1,579
  1,687
  1,799
  1,916
  2,037
  2,163
  2,295
  2,432
  2,703
  2,852
  3,007
  3,169
  3,339
  3,515
  3,700
  3,893
  4,095
  4,306
  4,527
  4,759
  5,001
  5,255
  5,520
  5,799
  6,091
  6,397
  6,718
  7,054
Depreciation, amort., depletion, $m
  675
  712
  751
  792
  834
  877
  923
  970
  1,020
  1,071
  949
  1,004
  1,063
  1,123
  1,187
  1,253
  1,322
  1,394
  1,470
  1,549
  1,631
  1,718
  1,809
  1,904
  2,003
  2,107
  2,216
  2,331
  2,451
  2,576
Funds from operations, $m
  1,969
  2,187
  2,330
  2,478
  2,633
  2,793
  2,960
  3,134
  3,315
  3,503
  3,652
  3,856
  4,070
  4,293
  4,525
  4,768
  5,022
  5,287
  5,565
  5,855
  6,159
  6,477
  6,810
  7,158
  7,523
  7,906
  8,307
  8,728
  9,168
  9,630
Change in working capital, $m
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
Cash from operations, $m
  1,982
  2,200
  2,344
  2,493
  2,648
  2,809
  2,976
  3,151
  3,332
  3,521
  3,671
  3,876
  4,090
  4,314
  4,548
  4,792
  5,046
  5,313
  5,591
  5,883
  6,188
  6,507
  6,842
  7,192
  7,559
  7,943
  8,346
  8,768
  9,211
  9,675
Maintenance CAPEX, $m
  -462
  -499
  -536
  -575
  -616
  -658
  -702
  -747
  -794
  -844
  -895
  -949
  -1,004
  -1,063
  -1,123
  -1,187
  -1,253
  -1,322
  -1,394
  -1,470
  -1,549
  -1,631
  -1,718
  -1,809
  -1,904
  -2,003
  -2,107
  -2,216
  -2,331
  -2,451
New CAPEX, $m
  -293
  -300
  -312
  -324
  -337
  -350
  -364
  -379
  -394
  -411
  -428
  -446
  -465
  -486
  -507
  -529
  -553
  -578
  -605
  -632
  -662
  -693
  -725
  -759
  -795
  -833
  -873
  -915
  -960
  -1,006
Cash from investing activities, $m
  -755
  -799
  -848
  -899
  -953
  -1,008
  -1,066
  -1,126
  -1,188
  -1,255
  -1,323
  -1,395
  -1,469
  -1,549
  -1,630
  -1,716
  -1,806
  -1,900
  -1,999
  -2,102
  -2,211
  -2,324
  -2,443
  -2,568
  -2,699
  -2,836
  -2,980
  -3,131
  -3,291
  -3,457
Free cash flow, $m
  1,227
  1,401
  1,495
  1,593
  1,695
  1,801
  1,910
  2,025
  2,143
  2,267
  2,348
  2,481
  2,621
  2,766
  2,918
  3,076
  3,241
  3,413
  3,593
  3,781
  3,978
  4,183
  4,399
  4,624
  4,860
  5,107
  5,365
  5,636
  5,920
  6,218
Issuance/(repayment) of debt, $m
  -995
  595
  618
  642
  667
  694
  722
  751
  782
  814
  848
  884
  922
  962
  1,004
  1,049
  1,096
  1,146
  1,198
  1,253
  1,311
  1,372
  1,437
  1,505
  1,576
  1,652
  1,731
  1,814
  1,902
  1,994
Issuance/(repurchase) of shares, $m
  337
  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  
  -658
  595
  618
  642
  667
  694
  722
  751
  782
  814
  848
  884
  922
  962
  1,004
  1,049
  1,096
  1,146
  1,198
  1,253
  1,311
  1,372
  1,437
  1,505
  1,576
  1,652
  1,731
  1,814
  1,902
  1,994
Total cash flow (excl. dividends), $m
  568
  1,996
  2,113
  2,235
  2,362
  2,495
  2,632
  2,775
  2,925
  3,081
  3,196
  3,366
  3,543
  3,728
  3,922
  4,125
  4,337
  4,559
  4,791
  5,034
  5,289
  5,556
  5,836
  6,129
  6,436
  6,758
  7,096
  7,450
  7,822
  8,212
Retained Cash Flow (-), $m
  -1,632
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -146
  -152
  -160
  -167
  -175
  -184
  -192
  -202
  -211
  -222
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
  -1,063
  1,930
  2,045
  2,164
  2,288
  2,417
  2,552
  2,692
  2,838
  2,990
  3,102
  3,267
  3,440
  3,621
  3,810
  4,008
  4,215
  4,431
  4,658
  4,895
  5,143
  5,403
  5,676
  5,962
  6,261
  6,575
  6,904
  7,249
  7,611
  7,990
Discount rate, %
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
  -969
  1,590
  1,508
  1,414
  1,311
  1,200
  1,085
  967
  850
  736
  618
  518
  427
  345
  273
  212
  161
  119
  86
  61
  42
  28
  18
  11
  7
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

L Brands, Inc. operates specialty retail business. The Company is focused on women's intimate and other apparel, personal care, beauty and home fragrance categories. Its segments include Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International. It sells its merchandise through company-owned specialty retail stores in the United States, Canada, the United Kingdom and Greater China, which are mall-based; through Websites, and through international franchise, license and wholesale partners. It operates in the retail brands, which include Victoria's Secret, PINK, Bath & Body Works and La Senza. La Senza is a specialty retailer of women's intimate apparel. It sells its La Senza products at over 120 La Senza stores in Canada. Henri Bendel sells handbags, jewelry and other accessory products through New York and 28 other stores. Mast Global is a merchandise sourcing and production function serving the Company and its international partners.

FINANCIAL RATIOS  of  L Brands (LB)

Valuation Ratios
P/E Ratio 7.3
Price to Sales 0.7
Price to Book -11.6
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 9.4
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.2%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio 54
Current Ratio 0.1
LT Debt to Equity -781.9%
Total Debt to Equity -786.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 17.1%
Ret/ On Assets - 3 Yr. Avg. 17.4%
Return On Total Capital 22.1%
Ret/ On T. Cap. - 3 Yr. Avg. 23%
Return On Equity -234.4%
Return On Equity - 3 Yr. Avg. -622.1%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 40.8%
Gross Margin - 3 Yr. Avg. 41.9%
EBITDA Margin 20.7%
EBITDA Margin - 3 Yr. Avg. 21.2%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 17%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 14.6%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 9.5%
Effective Tax Rate 31.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 109.5%

LB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LB stock intrinsic value calculation we used $12632 million for the last fiscal year's total revenue generated by L Brands. The default revenue input number comes from 0001 income statement of L Brands. 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 LB stock valuation model: a) initial revenue growth rate of 7.8% 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 9.7%, whose default value for LB is calculated based on our internal credit rating of L Brands, 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 L Brands.
    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 LB stock the variable cost ratio is equal to 84.1%.

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 LB 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 7% for L Brands.

Corporate tax rate of 27% is the nominal tax rate for L Brands. 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 LB 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 LB are equal to 29.3%.

Life of production assets of 8 years is the average useful life of capital assets used in L Brands 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 LB is equal to -1.3%. 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 - $-753 million for L Brands - 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 278.803 million for L Brands 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 L Brands at the current share price and the inputted number of shares is $8.3 billion.

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COMPANY NEWS

▶ L Brands Stock Soars on Strong September Sales   [Oct-11-18 02:00PM  InvestorPlace]
▶ [$$] L Brands Explores Options for La Senza Chain   [09:05AM  The Wall Street Journal]
▶ L Brands Reports September 2018 Sales   [07:30AM  GlobeNewswire]
▶ 6 Heavy Stocks in Gurus' Portfolios   [Oct-08-18 05:08PM  GuruFocus.com]
▶ How The 3-Weeks-Tight Pattern Gives You An Extra Buy Point   [Oct-03-18 06:15PM  Investor's Business Daily]
▶ 6 Predictable Stocks With Wide Margins of Safety   [Oct-01-18 07:15PM  GuruFocus.com]
▶ New Strong Sell Stocks for September 27th   [Sep-27-18 08:12AM  Zacks]
▶ Bear of the Day: L Brands (LB)   [06:49AM  Zacks]
▶ [$$] Bendels Closing Brings Nostalgia, and One Last Chance to Shop   [Sep-19-18 08:27PM  The Wall Street Journal]
▶ Company News For Sep 17, 2018   [10:08AM  Zacks]
▶ Henri Bendel is the latest luxury retailer to close   [01:35PM  American City Business Journals]
▶ Henri Bendel to close in January   [10:30AM  Reuters Videos]
▶ [$$] Henri Bendel to Close After 123 Years   [Sep-13-18 07:47PM  The Wall Street Journal]
▶ L Brands Reports August 2018 Sales   [Sep-06-18 07:15AM  GlobeNewswire]
▶ [$$] Don't Be Tempted by L Brands' Fat Yield   [Aug-24-18 07:34PM  Barrons.com]
▶ Company News For Aug 24, 2018   [10:19AM  Zacks]
▶ [$$] Victorias Secret Misses Out on Retailings Surge   [Aug-23-18 08:25PM  The Wall Street Journal]
▶ [$$] Victoria's Secret Misses Out on Retailing's Surge   [05:55PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:13PM  Motley Fool]
▶ Why L Brands Stock Tanked Today   [03:07PM  Motley Fool]
▶ L Brands, Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ L Brands (LB) Q2 Earnings Surpass Estimates   [Aug-22-18 06:40PM  Zacks]
▶ L Brands sales up, but earnings down as executive retires   [06:10PM  American City Business Journals]
▶ L Brands: Fiscal 2Q Earnings Snapshot   [05:35PM  Associated Press]

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