Intrinsic value of PVH Corp. - PVH

Previous Close

$117.35

  Intrinsic Value

$187.34

stock screener

  Rating & Target

str. buy

+60%

Previous close

$117.35

 
Intrinsic value

$187.34

 
Up/down potential

+60%

 
Rating

str. buy

We calculate the intrinsic value of PVH 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 9.0

 

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, %
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  10,377
  11,960
  13,663
  15,481
  17,413
  19,456
  21,608
  23,866
  26,231
  28,701
  31,277
  33,960
  36,751
  39,653
  42,670
  45,805
  49,063
  52,449
  55,969
  59,629
  63,437
  67,400
  71,527
  75,826
  80,307
  84,980
  89,855
  94,943
  100,256
  105,808
Variable operating expenses, $m
  9,329
  10,638
  12,044
  13,547
  15,143
  16,831
  18,608
  20,474
  22,428
  24,468
  25,840
  28,057
  30,363
  32,761
  35,253
  37,844
  40,535
  43,333
  46,241
  49,265
  52,411
  55,685
  59,094
  62,646
  66,348
  70,209
  74,236
  78,440
  82,830
  87,416
Fixed operating expenses, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Total operating expenses, $m
  9,328
  10,637
  12,043
  13,546
  15,142
  16,830
  18,607
  20,473
  22,427
  24,467
  25,839
  28,056
  30,362
  32,760
  35,252
  37,843
  40,534
  43,332
  46,239
  49,263
  52,409
  55,683
  59,092
  62,644
  66,346
  70,207
  74,234
  78,438
  82,828
  87,414
Operating income, $m
  1,049
  1,324
  1,620
  1,936
  2,272
  2,627
  3,001
  3,393
  3,804
  4,234
  5,438
  5,904
  6,389
  6,894
  7,418
  7,963
  8,529
  9,118
  9,730
  10,366
  11,028
  11,717
  12,434
  13,182
  13,960
  14,773
  15,620
  16,505
  17,428
  18,393
EBITDA, $m
  2,013
  2,320
  2,650
  3,003
  3,378
  3,774
  4,191
  4,629
  5,087
  5,566
  6,066
  6,586
  7,127
  7,690
  8,275
  8,883
  9,515
  10,171
  10,854
  11,564
  12,302
  13,070
  13,871
  14,704
  15,573
  16,479
  17,424
  18,411
  19,441
  20,518
Interest expense (income), $m
  105
  166
  222
  283
  349
  419
  493
  572
  654
  741
  832
  927
  1,026
  1,129
  1,237
  1,348
  1,464
  1,585
  1,710
  1,840
  1,975
  2,116
  2,263
  2,415
  2,574
  2,739
  2,911
  3,091
  3,278
  3,474
  3,678
Earnings before tax, $m
  882
  1,101
  1,336
  1,587
  1,853
  2,134
  2,429
  2,739
  3,063
  3,402
  4,511
  4,878
  5,260
  5,657
  6,070
  6,499
  6,945
  7,408
  7,890
  8,391
  8,912
  9,454
  10,019
  10,608
  11,222
  11,862
  12,529
  13,226
  13,954
  14,715
Tax expense, $m
  238
  297
  361
  429
  500
  576
  656
  740
  827
  918
  1,218
  1,317
  1,420
  1,527
  1,639
  1,755
  1,875
  2,000
  2,130
  2,266
  2,406
  2,553
  2,705
  2,864
  3,030
  3,203
  3,383
  3,571
  3,768
  3,973
Net income, $m
  644
  804
  976
  1,159
  1,353
  1,558
  1,773
  2,000
  2,236
  2,483
  3,293
  3,561
  3,840
  4,130
  4,431
  4,744
  5,070
  5,408
  5,760
  6,125
  6,506
  6,902
  7,314
  7,744
  8,192
  8,659
  9,146
  9,655
  10,187
  10,742

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
  13,836
  15,947
  18,217
  20,642
  23,218
  25,942
  28,810
  31,822
  34,974
  38,268
  41,702
  45,279
  49,001
  52,871
  56,894
  61,074
  65,418
  69,932
  74,625
  79,506
  84,583
  89,867
  95,370
  101,102
  107,076
  113,306
  119,806
  126,591
  133,675
  141,077
Adjusted assets (=assets-cash), $m
  13,836
  15,947
  18,217
  20,642
  23,218
  25,942
  28,810
  31,822
  34,974
  38,268
  41,702
  45,279
  49,001
  52,871
  56,894
  61,074
  65,418
  69,932
  74,625
  79,506
  84,583
  89,867
  95,370
  101,102
  107,076
  113,306
  119,806
  126,591
  133,675
  141,077
Revenue / Adjusted assets
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
Average production assets, $m
  5,230
  6,028
  6,886
  7,803
  8,776
  9,806
  10,890
  12,029
  13,220
  14,465
  15,764
  17,116
  18,522
  19,985
  21,506
  23,086
  24,728
  26,434
  28,208
  30,053
  31,972
  33,970
  36,050
  38,216
  40,475
  42,830
  45,287
  47,851
  50,529
  53,327
Working capital, $m
  799
  921
  1,052
  1,192
  1,341
  1,498
  1,664
  1,838
  2,020
  2,210
  2,408
  2,615
  2,830
  3,053
  3,286
  3,527
  3,778
  4,039
  4,310
  4,591
  4,885
  5,190
  5,508
  5,839
  6,184
  6,543
  6,919
  7,311
  7,720
  8,147
Total debt, $m
  4,120
  5,247
  6,459
  7,754
  9,130
  10,584
  12,116
  13,724
  15,408
  17,167
  19,001
  20,911
  22,898
  24,965
  27,113
  29,345
  31,664
  34,075
  36,581
  39,188
  41,899
  44,721
  47,659
  50,720
  53,910
  57,237
  60,708
  64,331
  68,114
  72,067
Total liabilities, $m
  7,388
  8,516
  9,728
  11,023
  12,398
  13,853
  15,385
  16,993
  18,676
  20,435
  22,269
  24,179
  26,167
  28,233
  30,381
  32,613
  34,933
  37,344
  39,850
  42,456
  45,167
  47,989
  50,927
  53,988
  57,179
  60,505
  63,976
  67,599
  71,383
  75,335
Total equity, $m
  6,447
  7,431
  8,489
  9,619
  10,820
  12,089
  13,426
  14,829
  16,298
  17,833
  19,433
  21,100
  22,835
  24,638
  26,512
  28,460
  30,485
  32,588
  34,775
  37,050
  39,416
  41,878
  44,442
  47,113
  49,897
  52,801
  55,830
  58,991
  62,293
  65,742
Total liabilities and equity, $m
  13,835
  15,947
  18,217
  20,642
  23,218
  25,942
  28,811
  31,822
  34,974
  38,268
  41,702
  45,279
  49,002
  52,871
  56,893
  61,073
  65,418
  69,932
  74,625
  79,506
  84,583
  89,867
  95,369
  101,101
  107,076
  113,306
  119,806
  126,590
  133,676
  141,077
Debt-to-equity ratio
  0.640
  0.710
  0.760
  0.810
  0.840
  0.880
  0.900
  0.930
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
Adjusted equity ratio
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  644
  804
  976
  1,159
  1,353
  1,558
  1,773
  2,000
  2,236
  2,483
  3,293
  3,561
  3,840
  4,130
  4,431
  4,744
  5,070
  5,408
  5,760
  6,125
  6,506
  6,902
  7,314
  7,744
  8,192
  8,659
  9,146
  9,655
  10,187
  10,742
Depreciation, amort., depletion, $m
  964
  996
  1,030
  1,067
  1,106
  1,147
  1,190
  1,235
  1,283
  1,332
  628
  682
  738
  796
  857
  920
  985
  1,053
  1,124
  1,197
  1,274
  1,353
  1,436
  1,523
  1,613
  1,706
  1,804
  1,906
  2,013
  2,125
Funds from operations, $m
  1,609
  1,800
  2,006
  2,226
  2,458
  2,705
  2,963
  3,235
  3,519
  3,816
  3,921
  4,243
  4,578
  4,926
  5,288
  5,664
  6,055
  6,461
  6,883
  7,323
  7,780
  8,255
  8,750
  9,266
  9,804
  10,365
  10,951
  11,562
  12,200
  12,867
Change in working capital, $m
  113
  122
  131
  140
  149
  157
  166
  174
  182
  190
  198
  207
  215
  223
  232
  241
  251
  261
  271
  282
  293
  305
  318
  331
  345
  360
  375
  392
  409
  427
Cash from operations, $m
  1,496
  1,678
  1,875
  2,086
  2,310
  2,547
  2,798
  3,061
  3,337
  3,626
  3,723
  4,036
  4,363
  4,703
  5,056
  5,423
  5,804
  6,200
  6,612
  7,041
  7,486
  7,950
  8,433
  8,935
  9,459
  10,006
  10,575
  11,170
  11,791
  12,439
Maintenance CAPEX, $m
  -179
  -208
  -240
  -274
  -311
  -350
  -391
  -434
  -479
  -527
  -576
  -628
  -682
  -738
  -796
  -857
  -920
  -985
  -1,053
  -1,124
  -1,197
  -1,274
  -1,353
  -1,436
  -1,523
  -1,613
  -1,706
  -1,804
  -1,906
  -2,013
New CAPEX, $m
  -740
  -798
  -858
  -917
  -974
  -1,030
  -1,084
  -1,138
  -1,192
  -1,245
  -1,298
  -1,352
  -1,407
  -1,463
  -1,520
  -1,580
  -1,642
  -1,707
  -1,774
  -1,845
  -1,919
  -1,997
  -2,080
  -2,167
  -2,258
  -2,355
  -2,457
  -2,565
  -2,678
  -2,798
Cash from investing activities, $m
  -919
  -1,006
  -1,098
  -1,191
  -1,285
  -1,380
  -1,475
  -1,572
  -1,671
  -1,772
  -1,874
  -1,980
  -2,089
  -2,201
  -2,316
  -2,437
  -2,562
  -2,692
  -2,827
  -2,969
  -3,116
  -3,271
  -3,433
  -3,603
  -3,781
  -3,968
  -4,163
  -4,369
  -4,584
  -4,811
Free cash flow, $m
  577
  672
  777
  895
  1,025
  1,168
  1,323
  1,489
  1,666
  1,854
  1,848
  2,056
  2,274
  2,502
  2,739
  2,986
  3,242
  3,509
  3,785
  4,072
  4,370
  4,679
  4,999
  5,332
  5,678
  6,038
  6,412
  6,801
  7,206
  7,628
Issuance/(repayment) of debt, $m
  1,039
  1,127
  1,212
  1,295
  1,376
  1,455
  1,532
  1,608
  1,684
  1,759
  1,834
  1,910
  1,987
  2,067
  2,148
  2,232
  2,320
  2,411
  2,506
  2,606
  2,711
  2,822
  2,938
  3,061
  3,190
  3,327
  3,471
  3,623
  3,783
  3,952
Issuance/(repurchase) of shares, $m
  267
  180
  82
  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  
  1,306
  1,307
  1,294
  1,295
  1,376
  1,455
  1,532
  1,608
  1,684
  1,759
  1,834
  1,910
  1,987
  2,067
  2,148
  2,232
  2,320
  2,411
  2,506
  2,606
  2,711
  2,822
  2,938
  3,061
  3,190
  3,327
  3,471
  3,623
  3,783
  3,952
Total cash flow (excl. dividends), $m
  1,883
  1,979
  2,071
  2,189
  2,401
  2,622
  2,855
  3,097
  3,350
  3,613
  3,682
  3,966
  4,262
  4,568
  4,887
  5,218
  5,562
  5,920
  6,291
  6,678
  7,081
  7,500
  7,938
  8,393
  8,869
  9,365
  9,883
  10,424
  10,989
  11,581
Retained Cash Flow (-), $m
  -911
  -984
  -1,058
  -1,130
  -1,200
  -1,269
  -1,337
  -1,403
  -1,469
  -1,535
  -1,600
  -1,667
  -1,734
  -1,803
  -1,874
  -1,948
  -2,024
  -2,104
  -2,187
  -2,274
  -2,366
  -2,462
  -2,564
  -2,671
  -2,784
  -2,903
  -3,029
  -3,162
  -3,302
  -3,449
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
  972
  995
  1,013
  1,059
  1,200
  1,353
  1,518
  1,694
  1,880
  2,078
  2,082
  2,299
  2,527
  2,765
  3,013
  3,270
  3,538
  3,816
  4,104
  4,404
  4,715
  5,038
  5,374
  5,722
  6,085
  6,462
  6,854
  7,262
  7,688
  8,131
Discount rate, %
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
  919
  884
  841
  817
  854
  882
  899
  904
  897
  878
  771
  739
  697
  647
  590
  529
  466
  404
  343
  286
  233
  187
  146
  112
  84
  61
  43
  30
  20
  13
Current shareholders' claim on cash, %
  97.1
  95.5
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9
  94.9

PVH Corp. is an apparel company. The Company operates through three segments: Calvin Klein, which consists of the Calvin Klein North America and Calvin Klein International segments; Tommy Hilfiger, which consists of the Tommy Hilfiger North America and Tommy Hilfiger International segments, and Heritage Brands, which consists of the Heritage Brands Wholesale and Heritage Brands Retail segments. The Company's brand portfolio consists of various brand names, including Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Warner's, Olga and Eagle, which are owned, and Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, Sean John, MICHAEL Michael Kors, Michael Kors Collection and Chaps, which are licensed, as well as various other licensed and private label brands. The Company designs and markets dress shirts, neckwear, sportswear, jeanswear, intimate apparel, swim products and handbags, footwear and other related products.

FINANCIAL RATIOS  of  PVH Corp. (PVH)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 1.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.4%
Cap. Spend. - 3 Yr. Gr. Rate 0.8%
Financial Strength
Quick Ratio 38
Current Ratio 0
LT Debt to Equity 66.5%
Total Debt to Equity 66.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 53.3%
Gross Margin - 3 Yr. Avg. 52.6%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 18.5%
Eff/ Tax Rate - 3 Yr. Avg. 6%
Payout Ratio 2.2%

PVH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PVH stock intrinsic value calculation we used $8914.8 million for the last fiscal year's total revenue generated by PVH Corp.. The default revenue input number comes from 0001 income statement of PVH Corp.. 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 PVH stock valuation model: a) initial revenue growth rate of 16.4% 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 5.8%, whose default value for PVH is calculated based on our internal credit rating of PVH Corp., 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 PVH Corp..
    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 PVH stock the variable cost ratio is equal to 91.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $-1 million in the base year in the intrinsic value calculation for PVH 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 PVH Corp..

Corporate tax rate of 27% is the nominal tax rate for PVH Corp.. 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 PVH 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 PVH are equal to 50.4%.

Life of production assets of 25.1 years is the average useful life of capital assets used in PVH Corp. 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 PVH is equal to 7.7%. 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 - $5536.4 million for PVH Corp. - 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 77.086 million for PVH Corp. 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 PVH Corp. at the current share price and the inputted number of shares is $9.0 billion.

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GES Guess? 21.18 62.12  str.buy
KORS Michael Kors H 47.23 287.93  str.buy
VFC VF 84.07 152.85  str.buy
DLA Delta Apparel 17.71 4.23  str.sell
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COMPANY NEWS

▶ How Much is PVH Corps (NYSE:PVH) CEO Getting Paid?   [Oct-30-18 10:24AM  Simply Wall St.]
▶ Fears Finally Catch Up to the Market   [Oct-11-18 09:15AM  Zacks]
▶ Amazon overtakes Macy's in selling Calvin Klein and Tommy Hilfiger apparel   [Oct-10-18 02:27PM  American City Business Journals]
▶ 4 Manufacturing Companies Gurus Agree On   [05:04PM  GuruFocus.com]
▶ Wirecard Launches Try Before You Buy With PVH in Europe   [Oct-02-18 01:48AM  PR Newswire]
▶ Trash in the final trade   [Sep-27-18 01:16PM  CNBC Videos]
▶ Earnings winners...and losers in the blitz   [Aug-30-18 02:13PM  CNBC Videos]
▶ PVH and Guess? second quarter earnings   [04:41PM  CNBC Videos]
▶ PVH: Fiscal 2Q Earnings Snapshot   [04:25PM  Associated Press]
▶ PVH Corp (NYSE:PVH): Immense Growth Potential?   [07:53AM  Simply Wall St.]
▶ Avoid Gildan Stock Despite Its Post-Earnings Surge   [Aug-03-18 11:24AM  InvestorPlace]
▶ Tommy Hilfiger will reward you for wearing new smart clothing line   [Jul-26-18 01:01PM  Yahoo Finance Video]
▶ Five Retailers That Can Sidestep Tariff Woes   [Jul-12-18 11:27AM  Barrons.com]
▶ Shopping under the influence of testosterone   [10:38AM  Yahoo Finance Video]
▶ Three Retail Brands to Buy, One to Sell   [Jun-25-18 10:10AM  Barrons.com]
▶ Is PVH Corps (NYSE:PVH) Balance Sheet A Threat To Its Future?   [Jun-21-18 09:30AM  Simply Wall St.]
▶ Jim Cramer: Profit-Taking Is Healthy   [Jun-13-18 07:01PM  TheStreet.com]
▶ PVH Corp. Annual Meeting of Stockholders June 21, 2018   [Jun-11-18 04:24PM  Business Wire]
▶ Cooler heads will prevail on China tariffs: PVH CEO   [May-30-18 06:54PM  CNBC Videos]
▶ [$$] Apparel-Seller PVH Sees Growth Across its Businesses   [05:10PM  The Wall Street Journal]
▶ PVH: Fiscal 1Q Earnings Snapshot   [04:27PM  Associated Press]

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