Intrinsic value of Lumber Liquidators Holdings - LL

Previous Close

$29.48

  Intrinsic Value

$39.45

stock screener

  Rating & Target

buy

+34%

Previous close

$29.48

 
Intrinsic value

$39.45

 
Up/down potential

+34%

 
Rating

buy

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

We calculate the intrinsic value of LL 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 0.8

 

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, %
  -1.84
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  961
  1,066
  1,176
  1,291
  1,411
  1,536
  1,666
  1,802
  1,943
  2,089
  2,241
  2,399
  2,564
  2,735
  2,912
  3,097
  3,290
  3,490
  3,699
  3,917
  4,144
  4,381
  4,628
  4,886
  5,156
  5,438
  5,733
  6,042
  6,365
  6,703
  7,056
Variable operating expenses, $m
 
  473
  522
  573
  626
  681
  739
  799
  861
  926
  994
  1,063
  1,136
  1,211
  1,290
  1,372
  1,457
  1,546
  1,639
  1,735
  1,836
  1,941
  2,050
  2,164
  2,284
  2,409
  2,540
  2,676
  2,819
  2,969
  3,126
Fixed operating expenses, $m
 
  659
  676
  692
  710
  727
  746
  764
  783
  803
  823
  844
  865
  886
  909
  931
  955
  978
  1,003
  1,028
  1,054
  1,080
  1,107
  1,135
  1,163
  1,192
  1,222
  1,252
  1,284
  1,316
  1,349
Total operating expenses, $m
  1,054
  1,132
  1,198
  1,265
  1,336
  1,408
  1,485
  1,563
  1,644
  1,729
  1,817
  1,907
  2,001
  2,097
  2,199
  2,303
  2,412
  2,524
  2,642
  2,763
  2,890
  3,021
  3,157
  3,299
  3,447
  3,601
  3,762
  3,928
  4,103
  4,285
  4,475
Operating income, $m
  -94
  -66
  -22
  25
  75
  127
  181
  238
  298
  360
  424
  493
  563
  637
  714
  794
  878
  966
  1,058
  1,154
  1,255
  1,360
  1,471
  1,587
  1,709
  1,837
  1,972
  2,113
  2,262
  2,418
  2,582
EBITDA, $m
  -76
  -52
  -6
  43
  94
  147
  203
  262
  323
  387
  454
  523
  596
  671
  750
  833
  919
  1,010
  1,104
  1,203
  1,307
  1,416
  1,529
  1,649
  1,774
  1,906
  2,044
  2,189
  2,342
  2,502
  2,671
Interest expense (income), $m
  0
  1
  2
  3
  4
  6
  7
  8
  9
  10
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  43
  45
  48
  51
  54
Earnings before tax, $m
  -94
  -68
  -24
  22
  71
  121
  175
  230
  289
  349
  413
  480
  549
  621
  696
  775
  857
  943
  1,033
  1,127
  1,226
  1,330
  1,438
  1,552
  1,672
  1,797
  1,929
  2,068
  2,214
  2,367
  2,528
Tax expense, $m
  -25
  0
  0
  6
  19
  33
  47
  62
  78
  94
  111
  130
  148
  168
  188
  209
  231
  255
  279
  304
  331
  359
  388
  419
  451
  485
  521
  558
  598
  639
  683
Net income, $m
  -69
  -68
  -24
  16
  52
  89
  128
  168
  211
  255
  301
  350
  401
  453
  508
  566
  626
  688
  754
  823
  895
  971
  1,050
  1,133
  1,220
  1,312
  1,408
  1,510
  1,616
  1,728
  1,845

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  483
  524
  579
  635
  694
  756
  820
  887
  956
  1,028
  1,103
  1,181
  1,262
  1,346
  1,433
  1,524
  1,619
  1,718
  1,820
  1,928
  2,039
  2,156
  2,278
  2,405
  2,538
  2,676
  2,822
  2,973
  3,132
  3,299
  3,473
Adjusted assets (=assets-cash), $m
  473
  524
  579
  635
  694
  756
  820
  887
  956
  1,028
  1,103
  1,181
  1,262
  1,346
  1,433
  1,524
  1,619
  1,718
  1,820
  1,928
  2,039
  2,156
  2,278
  2,405
  2,538
  2,676
  2,822
  2,973
  3,132
  3,299
  3,473
Revenue / Adjusted assets
  2.032
  2.034
  2.031
  2.033
  2.033
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.031
  2.032
  2.032
  2.032
  2.032
  2.032
  2.031
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
Average production assets, $m
  61
  67
  74
  81
  89
  97
  105
  114
  122
  132
  141
  151
  162
  172
  183
  195
  207
  220
  233
  247
  261
  276
  292
  308
  325
  343
  361
  381
  401
  422
  445
Working capital, $m
  167
  174
  192
  210
  230
  250
  272
  294
  317
  341
  365
  391
  418
  446
  475
  505
  536
  569
  603
  638
  675
  714
  754
  796
  840
  886
  935
  985
  1,037
  1,093
  1,150
Total debt, $m
  40
  68
  96
  127
  158
  191
  225
  261
  298
  336
  376
  417
  460
  505
  552
  600
  651
  704
  758
  815
  875
  937
  1,002
  1,070
  1,141
  1,215
  1,292
  1,373
  1,457
  1,546
  1,639
Total liabilities, $m
  252
  280
  308
  339
  370
  403
  437
  473
  510
  548
  588
  629
  672
  717
  764
  812
  863
  916
  970
  1,027
  1,087
  1,149
  1,214
  1,282
  1,353
  1,427
  1,504
  1,585
  1,669
  1,758
  1,851
Total equity, $m
  231
  245
  270
  297
  324
  353
  383
  414
  446
  480
  515
  551
  589
  628
  669
  712
  756
  802
  850
  900
  952
  1,007
  1,064
  1,123
  1,185
  1,250
  1,318
  1,389
  1,463
  1,540
  1,622
Total liabilities and equity, $m
  483
  525
  578
  636
  694
  756
  820
  887
  956
  1,028
  1,103
  1,180
  1,261
  1,345
  1,433
  1,524
  1,619
  1,718
  1,820
  1,927
  2,039
  2,156
  2,278
  2,405
  2,538
  2,677
  2,822
  2,974
  3,132
  3,298
  3,473
Debt-to-equity ratio
  0.173
  0.280
  0.360
  0.430
  0.490
  0.540
  0.590
  0.630
  0.670
  0.700
  0.730
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.890
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.000
  1.010
Adjusted equity ratio
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -69
  -68
  -24
  16
  52
  89
  128
  168
  211
  255
  301
  350
  401
  453
  508
  566
  626
  688
  754
  823
  895
  971
  1,050
  1,133
  1,220
  1,312
  1,408
  1,510
  1,616
  1,728
  1,845
Depreciation, amort., depletion, $m
  18
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  30
  32
  34
  37
  39
  41
  44
  47
  49
  52
  55
  58
  62
  65
  69
  72
  76
  80
  84
  89
Funds from operations, $m
  -45
  -53
  -8
  33
  70
  109
  150
  192
  236
  282
  330
  380
  433
  488
  545
  605
  667
  732
  801
  872
  947
  1,026
  1,108
  1,195
  1,285
  1,381
  1,481
  1,586
  1,696
  1,812
  1,934
Change in working capital, $m
  -17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
Cash from operations, $m
  -28
  -70
  -26
  15
  51
  89
  128
  170
  213
  258
  306
  355
  406
  460
  516
  574
  636
  700
  767
  837
  910
  987
  1,068
  1,153
  1,241
  1,335
  1,433
  1,535
  1,644
  1,757
  1,877
Maintenance CAPEX, $m
  0
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -84
New CAPEX, $m
  -9
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
Cash from investing activities, $m
  -8
  -18
  -20
  -22
  -24
  -26
  -27
  -30
  -32
  -33
  -36
  -38
  -40
  -43
  -45
  -49
  -51
  -54
  -57
  -61
  -63
  -67
  -71
  -74
  -79
  -83
  -88
  -91
  -96
  -101
  -106
Free cash flow, $m
  -36
  -89
  -46
  -7
  27
  63
  101
  140
  182
  225
  270
  316
  365
  417
  470
  526
  585
  646
  710
  777
  847
  920
  997
  1,078
  1,163
  1,252
  1,345
  1,444
  1,547
  1,656
  1,770
Issuance/(repayment) of debt, $m
  20
  28
  29
  30
  31
  33
  34
  36
  37
  38
  40
  41
  43
  45
  47
  49
  50
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
Issuance/(repurchase) of shares, $m
  1
  92
  49
  10
  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  
  19
  120
  78
  40
  31
  33
  34
  36
  37
  38
  40
  41
  43
  45
  47
  49
  50
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
Total cash flow (excl. dividends), $m
  -16
  30
  32
  33
  58
  96
  135
  176
  219
  263
  310
  358
  409
  462
  517
  575
  635
  698
  764
  834
  906
  982
  1,062
  1,146
  1,234
  1,326
  1,423
  1,525
  1,632
  1,744
  1,863
Retained Cash Flow (-), $m
  47
  -92
  -49
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
Prev. year cash balance distribution, $m
 
  10
  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
 
  -51
  -18
  7
  31
  67
  105
  145
  186
  229
  275
  322
  371
  422
  476
  532
  591
  652
  716
  784
  854
  928
  1,005
  1,086
  1,172
  1,261
  1,355
  1,454
  1,558
  1,667
  1,781
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  -48
  -15
  5
  23
  46
  65
  80
  91
  99
  104
  105
  103
  98
  92
  84
  76
  66
  57
  48
  39
  31
  25
  19
  14
  10
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  89.7
  85.0
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1
  84.1

Lumber Liquidators Holdings, Inc. is a multi-channel specialty retailer of hardwood flooring, and hardwood flooring enhancements and accessories. The Company offers hardwood species, engineered hardwood, laminate and resilient vinyl flooring direct to the consumer. Its product categories include Solid and Engineered Hardwood; Laminate; Bamboo, Cork, Vinyl Plank and Other, Moldings and Accessories, and Non-Merchandise Services. It features the renewable flooring products, bamboo and cork, and provides a selection of flooring enhancements and accessories, including moldings, noise-reducing underlay, adhesives and flooring tools. It operates in a holding company structure with Lumber Liquidators Holdings, Inc. serving as its parent company and certain direct and indirect subsidiaries, including Lumber Liquidators, Inc., Lumber Liquidators Services, LLC, Lumber Liquidators Production, LLC, and Lumber Liquidators Canada ULC, conducting its operations.

FINANCIAL RATIOS  of  Lumber Liquidators Holdings (LL)

Valuation Ratios
P/E Ratio -12.1
Price to Sales 0.9
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow -29.7
Price to Free Cash Flow -22.5
Growth Rates
Sales Growth Rate -1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -59.1%
Cap. Spend. - 3 Yr. Gr. Rate -20.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 17.3%
Total Debt to Equity 17.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.7%
Ret/ On Assets - 3 Yr. Avg. -4.3%
Return On Total Capital -24.3%
Ret/ On T. Cap. - 3 Yr. Avg. -7.5%
Return On Equity -27.1%
Return On Equity - 3 Yr. Avg. -8.6%
Asset Turnover 2
Profitability Ratios
Gross Margin 31.6%
Gross Margin - 3 Yr. Avg. 33.4%
EBITDA Margin -7.9%
EBITDA Margin - 3 Yr. Avg. -1.1%
Operating Margin -9.7%
Oper. Margin - 3 Yr. Avg. -2.7%
Pre-Tax Margin -9.8%
Pre-Tax Margin - 3 Yr. Avg. -2.8%
Net Profit Margin -7.2%
Net Profit Margin - 3 Yr. Avg. -2.3%
Effective Tax Rate 26.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 0%

LL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LL stock intrinsic value calculation we used $961 million for the last fiscal year's total revenue generated by Lumber Liquidators Holdings. The default revenue input number comes from 2016 income statement of Lumber Liquidators 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 LL stock valuation model: a) initial revenue growth rate of 10.9% 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 6.6%, whose default value for LL is calculated based on our internal credit rating of Lumber Liquidators 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 Lumber Liquidators 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 LL stock the variable cost ratio is equal to 44.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $643 million in the base year in the intrinsic value calculation for LL 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 Lumber Liquidators Holdings.

Corporate tax rate of 27% is the nominal tax rate for Lumber Liquidators 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 LL 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 LL are equal to 6.3%.

Life of production assets of 3.9 years is the average useful life of capital assets used in Lumber Liquidators 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 LL is equal to 16.3%. 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 - $231 million for Lumber Liquidators 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 28.414 million for Lumber Liquidators 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 Lumber Liquidators Holdings at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Lumber Liquidators Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ Lumber Liquidators Sees RS Rating Climb To 72   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ Floored: Why Lumber Liquidators' Pain Won't Spread   [Oct-31-17 11:36AM  Barrons.com]
▶ Lumber Liquidators reports 3Q loss   [06:24AM  Associated Press]
▶ [$$] Lumber Liquidators Near Settlement in Class-Action Suit   [Oct-24-17 07:50PM  The Wall Street Journal]
▶ Why Lumber Liquidators Jumped Nearly 52% in August   [Sep-13-17 11:12AM  Motley Fool]
▶ Stocks Up 1%; S&P Index Changes Stir These Stocks   [01:33PM  Investor's Business Daily]
▶ 3 Stocks That Are Up 125% or More in 2017   [09:15AM  Motley Fool]
▶ Lumber Liquidators Gets Price Target Hike   [Aug-18-17 05:39AM  Investor's Business Daily]
▶ 3 Stocks That Doubled So Far in 2017   [Aug-14-17 09:03PM  Motley Fool]
▶ Lumber Liquidators: What Do You Do For an Encore?   [Aug-02-17 10:47AM  Barrons.com]
▶ Lumber Liquidators beats Street 2Q forecasts   [Aug-01-17 09:32PM  Associated Press]
▶ Lumber Liquidators Skyrockets On First Post-Scandal Profit   [04:06PM  Investor's Business Daily]
▶ Lumber Liquidators Doles out Pain for Short Sellers   [01:58PM  The Wall Street Journal]
▶ Big movers in the blitz   [01:26PM  CNBC Videos]
▶ Why Lumber Liquidators is Soaring   [01:11PM  Barrons.com]
▶ Have You Hugged a Short-Selling Activist Today?   [Jul-02-17 08:03AM  Motley Fool]
▶ 3 Small-Cap Stocks for the Long Term   [Jun-22-17 09:11AM  Motley Fool]
▶ 3 Growth Stocks for Daring Investors   [May-30-17 05:50PM  Motley Fool]
▶ 3 Value Stocks for Daring Investors   [08:17AM  Motley Fool]
▶ Lumber Liquidators: Too Far, Too Fast?   [May-11-17 03:43PM  Barrons.com]
Financial statements of LL
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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