Intrinsic value of RH - RH

Previous Close

$100.84

  Intrinsic Value

$85.20

stock screener

  Rating & Target

hold

-16%

Previous close

$100.84

 
Intrinsic value

$85.20

 
Up/down potential

-16%

 
Rating

hold

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

We calculate the intrinsic value of RH 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 2.1

 

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, %
  1.23
  13.30
  12.47
  11.72
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
Revenue, $m
  2,135
  2,419
  2,721
  3,040
  3,375
  3,728
  4,097
  4,483
  4,885
  5,304
  5,739
  6,192
  6,663
  7,153
  7,661
  8,190
  8,739
  9,310
  9,905
  10,523
  11,168
  11,839
  12,538
  13,268
  14,029
  14,823
  15,652
  16,519
  17,425
  18,371
  19,362
Variable operating expenses, $m
 
  2,204
  2,476
  2,765
  3,068
  3,387
  3,721
  4,069
  4,433
  4,811
  5,205
  5,597
  6,023
  6,465
  6,925
  7,402
  7,899
  8,415
  8,953
  9,512
  10,094
  10,700
  11,333
  11,992
  12,680
  13,398
  14,147
  14,931
  15,749
  16,605
  17,500
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
  2,082
  2,204
  2,476
  2,765
  3,068
  3,387
  3,721
  4,069
  4,433
  4,811
  5,205
  5,597
  6,023
  6,465
  6,925
  7,402
  7,899
  8,415
  8,953
  9,512
  10,094
  10,700
  11,333
  11,992
  12,680
  13,398
  14,147
  14,931
  15,749
  16,605
  17,500
Operating income, $m
  53
  215
  244
  275
  307
  341
  377
  414
  452
  493
  534
  595
  641
  688
  737
  787
  840
  895
  952
  1,012
  1,074
  1,138
  1,206
  1,276
  1,349
  1,425
  1,505
  1,588
  1,675
  1,766
  1,862
EBITDA, $m
  110
  286
  321
  359
  399
  440
  484
  529
  577
  626
  678
  731
  787
  845
  905
  967
  1,032
  1,100
  1,170
  1,243
  1,319
  1,398
  1,481
  1,567
  1,657
  1,750
  1,848
  1,951
  2,058
  2,170
  2,287
Interest expense (income), $m
  17
  27
  33
  39
  46
  53
  60
  68
  76
  85
  93
  102
  112
  122
  132
  142
  153
  165
  177
  189
  202
  215
  229
  244
  259
  275
  292
  309
  327
  346
  366
Earnings before tax, $m
  9
  188
  211
  235
  261
  288
  316
  346
  376
  408
  441
  493
  529
  566
  605
  645
  687
  730
  776
  823
  872
  923
  976
  1,032
  1,090
  1,150
  1,213
  1,279
  1,348
  1,421
  1,496
Tax expense, $m
  4
  51
  57
  64
  70
  78
  85
  93
  102
  110
  119
  133
  143
  153
  163
  174
  185
  197
  209
  222
  235
  249
  264
  279
  294
  311
  328
  345
  364
  384
  404
Net income, $m
  5
  137
  154
  172
  191
  210
  231
  252
  275
  298
  322
  360
  386
  413
  442
  471
  501
  533
  566
  601
  636
  674
  713
  753
  795
  840
  886
  934
  984
  1,037
  1,092

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  230
  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
  2,193
  2,223
  2,501
  2,794
  3,102
  3,426
  3,766
  4,120
  4,490
  4,875
  5,275
  5,691
  6,124
  6,574
  7,041
  7,527
  8,032
  8,557
  9,104
  9,672
  10,264
  10,881
  11,524
  12,194
  12,894
  13,624
  14,386
  15,183
  16,015
  16,886
  17,796
Adjusted assets (=assets-cash), $m
  1,963
  2,223
  2,501
  2,794
  3,102
  3,426
  3,766
  4,120
  4,490
  4,875
  5,275
  5,691
  6,124
  6,574
  7,041
  7,527
  8,032
  8,557
  9,104
  9,672
  10,264
  10,881
  11,524
  12,194
  12,894
  13,624
  14,386
  15,183
  16,015
  16,886
  17,796
Revenue / Adjusted assets
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
  1.088
Average production assets, $m
  674
  764
  860
  960
  1,067
  1,178
  1,295
  1,417
  1,544
  1,676
  1,814
  1,957
  2,106
  2,260
  2,421
  2,588
  2,762
  2,942
  3,130
  3,325
  3,529
  3,741
  3,962
  4,193
  4,433
  4,684
  4,946
  5,220
  5,506
  5,805
  6,118
Working capital, $m
  722
  556
  626
  699
  776
  857
  942
  1,031
  1,124
  1,220
  1,320
  1,424
  1,533
  1,645
  1,762
  1,884
  2,010
  2,141
  2,278
  2,420
  2,569
  2,723
  2,884
  3,052
  3,227
  3,409
  3,600
  3,799
  4,008
  4,225
  4,453
Total debt, $m
  778
  946
  1,125
  1,315
  1,515
  1,725
  1,945
  2,175
  2,414
  2,664
  2,923
  3,193
  3,474
  3,765
  4,068
  4,383
  4,710
  5,050
  5,404
  5,773
  6,156
  6,556
  6,973
  7,407
  7,860
  8,333
  8,827
  9,343
  9,883
  10,447
  11,037
Total liabilities, $m
  1,273
  1,441
  1,620
  1,810
  2,010
  2,220
  2,440
  2,670
  2,909
  3,159
  3,418
  3,688
  3,969
  4,260
  4,563
  4,878
  5,205
  5,545
  5,899
  6,268
  6,651
  7,051
  7,468
  7,902
  8,355
  8,828
  9,322
  9,838
  10,378
  10,942
  11,532
Total equity, $m
  920
  783
  880
  983
  1,092
  1,206
  1,326
  1,450
  1,580
  1,716
  1,857
  2,003
  2,156
  2,314
  2,479
  2,650
  2,827
  3,012
  3,205
  3,405
  3,613
  3,830
  4,056
  4,292
  4,539
  4,796
  5,064
  5,344
  5,637
  5,944
  6,264
Total liabilities and equity, $m
  2,193
  2,224
  2,500
  2,793
  3,102
  3,426
  3,766
  4,120
  4,489
  4,875
  5,275
  5,691
  6,125
  6,574
  7,042
  7,528
  8,032
  8,557
  9,104
  9,673
  10,264
  10,881
  11,524
  12,194
  12,894
  13,624
  14,386
  15,182
  16,015
  16,886
  17,796
Debt-to-equity ratio
  0.846
  1.210
  1.280
  1.340
  1.390
  1.430
  1.470
  1.500
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.640
  1.650
  1.670
  1.680
  1.690
  1.700
  1.700
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
  1.750
  1.760
  1.760
Adjusted equity ratio
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  137
  154
  172
  191
  210
  231
  252
  275
  298
  322
  360
  386
  413
  442
  471
  501
  533
  566
  601
  636
  674
  713
  753
  795
  840
  886
  934
  984
  1,037
  1,092
Depreciation, amort., depletion, $m
  57
  70
  77
  84
  91
  99
  107
  116
  125
  134
  143
  136
  146
  157
  168
  180
  192
  204
  217
  231
  245
  260
  275
  291
  308
  325
  343
  362
  382
  403
  425
Funds from operations, $m
  5
  208
  231
  256
  282
  309
  338
  368
  399
  432
  465
  496
  532
  570
  610
  651
  693
  737
  784
  831
  881
  933
  988
  1,044
  1,103
  1,165
  1,229
  1,296
  1,367
  1,440
  1,517
Change in working capital, $m
  -74
  65
  69
  73
  77
  81
  85
  89
  92
  96
  100
  104
  108
  113
  117
  122
  126
  131
  137
  142
  148
  154
  161
  168
  175
  183
  191
  199
  208
  218
  228
Cash from operations, $m
  79
  142
  162
  183
  205
  228
  253
  279
  307
  335
  365
  392
  424
  458
  493
  529
  567
  606
  647
  689
  733
  779
  827
  876
  928
  982
  1,038
  1,097
  1,158
  1,222
  1,289
Maintenance CAPEX, $m
  0
  -47
  -53
  -60
  -67
  -74
  -82
  -90
  -98
  -107
  -116
  -126
  -136
  -146
  -157
  -168
  -180
  -192
  -204
  -217
  -231
  -245
  -260
  -275
  -291
  -308
  -325
  -343
  -362
  -382
  -403
New CAPEX, $m
  -158
  -90
  -95
  -101
  -106
  -111
  -117
  -122
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -204
  -212
  -221
  -230
  -240
  -251
  -262
  -274
  -286
  -299
  -313
Cash from investing activities, $m
  -322
  -137
  -148
  -161
  -173
  -185
  -199
  -212
  -225
  -239
  -254
  -269
  -285
  -301
  -318
  -335
  -354
  -373
  -392
  -412
  -435
  -457
  -481
  -505
  -531
  -559
  -587
  -617
  -648
  -681
  -716
Free cash flow, $m
  -243
  5
  13
  22
  32
  43
  55
  68
  81
  96
  111
  123
  139
  157
  175
  194
  213
  234
  255
  276
  299
  322
  346
  371
  397
  423
  451
  480
  510
  541
  573
Issuance/(repayment) of debt, $m
  -1
  168
  180
  190
  200
  210
  220
  230
  239
  249
  260
  270
  280
  291
  303
  315
  327
  340
  354
  368
  384
  400
  417
  434
  453
  473
  494
  516
  539
  564
  590
Issuance/(repurchase) of shares, $m
  3
  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  
  -2
  168
  180
  190
  200
  210
  220
  230
  239
  249
  260
  270
  280
  291
  303
  315
  327
  340
  354
  368
  384
  400
  417
  434
  453
  473
  494
  516
  539
  564
  590
Total cash flow (excl. dividends), $m
  -244
  173
  193
  212
  232
  253
  275
  297
  321
  345
  371
  392
  420
  448
  478
  509
  541
  574
  609
  645
  682
  722
  763
  805
  850
  896
  945
  996
  1,049
  1,105
  1,163
Retained Cash Flow (-), $m
  -34
  -93
  -98
  -103
  -109
  -114
  -119
  -125
  -130
  -135
  -141
  -147
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -217
  -226
  -236
  -246
  -257
  -268
  -280
  -293
  -306
  -320
Prev. year cash balance distribution, $m
 
  230
  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
 
  310
  95
  109
  123
  139
  155
  172
  191
  210
  230
  246
  267
  290
  313
  338
  363
  389
  416
  445
  474
  505
  536
  569
  604
  639
  677
  716
  756
  798
  843
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  292
  84
  90
  94
  97
  99
  100
  99
  96
  93
  87
  81
  75
  68
  61
  54
  46
  39
  33
  27
  22
  17
  13
  10
  7
  5
  4
  2
  2
  1
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

RH, formerly Restoration Hardware Holdings, Inc., is a retailer in the home furnishings marketplace. As of January 28, 2017, the Company had two segments: RH Segment and Waterworks. It offers merchandise assortments across a range of categories, including furniture, lighting, textiles, bathware, decor, outdoor and garden, tableware, and child and teen furnishings. The Company classifies its sales into furniture and non-furniture product lines. The Furniture category includes both indoor and outdoor furniture. The Non-furniture category includes lighting, textiles, fittings, fixtures, surfaces, accessories and home decor. The Company's business is integrated across its channels of distribution consisting of its stores, Source Books and Websites. The Company also owns a controlling interest in Design Investors WW Acquisition Company, LLC, which owns the business operating under the name 'Waterworks'.

FINANCIAL RATIOS  of  RH (RH)

Valuation Ratios
P/E Ratio 823.5
Price to Sales 1.9
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 52.1
Price to Free Cash Flow -52.1
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.9%
Cap. Spend. - 3 Yr. Gr. Rate 10.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 84.6%
Total Debt to Equity 84.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 0.6%
Return On Equity - 3 Yr. Avg. 8.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 31.9%
Gross Margin - 3 Yr. Avg. 34.9%
EBITDA Margin 3.9%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 0.4%
Pre-Tax Margin - 3 Yr. Avg. 5.2%
Net Profit Margin 0.2%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate 44.4%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

RH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RH stock intrinsic value calculation we used $2135 million for the last fiscal year's total revenue generated by RH. The default revenue input number comes from 2017 income statement of RH. 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 RH stock valuation model: a) initial revenue growth rate of 13.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.1%, whose default value for RH is calculated based on our internal credit rating of RH, 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 RH.
    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 RH stock the variable cost ratio is equal to 91.2%.

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 RH 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 RH.

Corporate tax rate of 27% is the nominal tax rate for RH. 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 RH 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 RH are equal to 31.6%.

Life of production assets of 14.4 years is the average useful life of capital assets used in RH 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 RH is equal to 23%. 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 - $920 million for RH - 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 21.124 million for RH 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 RH at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
PIR Pier 1 Imports 5.84 9.76  str.buy
HOME At Home Group 29.01 46.22  str.buy
HVT Haverty Furnit 23.75 17.36  sell
WSM Williams-Sonom 52.30 62.46  hold
BBBY Bed Bath&Beyon 23.56 102.67  str.buy
KIRK Kirkland's 12.48 23.08  str.buy

COMPANY NEWS

▶ RHs Valuation Multiple Rose on Strong 3Q17 Earnings?   [Dec-12-17 07:31AM  Market Realist]
▶ Why RH Stock Rose in 3Q17   [Dec-08-17 04:30PM  Market Realist]
▶ This Retail Model Just Might Be Crazy Enough To Work As Converts Mount   [Dec-06-17 04:09PM  Investor's Business Daily]
▶ 3 Reasons RH Is a Great Retail Pick   [11:15AM  InvestorPlace]
▶ RH Overcomes Hurricanes, Sees Earnings Soar   [Dec-05-17 06:56PM  Motley Fool]
▶ Restoration Hardware meets 3Q profit forecasts   [04:23PM  Associated Press]
▶ Black Friday a dream or nightmare for retailers?   [Nov-22-17 05:00PM  CNBC Videos]
▶ RH: All the Right MovesFor Now   [03:02PM  Barrons.com]
▶ Restoration Hardware Shouldn't Rest on Its Laurels   [Nov-20-17 08:00AM  Bloomberg]
▶ One Earnings Report Restored RH Stocks Old Glory Short It!   [Nov-17-17 10:30AM  InvestorPlace]
▶ You Havent Missed the Rally in RH Stock Yet   [04:32PM  InvestorPlace]
▶ Here's Why RH Is Surging Toward A Record High Today   [04:02PM  Investor's Business Daily]
▶ RH's Early Insight Looks Good   [05:50PM  Morningstar]
▶ RH raises Q3 guidance   [04:32PM  CNBC Videos]
▶ How Salesforce-Google will help buck Amazon   [Nov-07-17 06:58PM  CNBC Videos]
▶ Amazon gets into furniture: 3 trades   [05:00PM  CNBC Videos]
▶ 10 Best Contemporary High End Modern Furniture Brands in USA   [Nov-06-17 10:00AM  Insider Monkey]
▶ RH Unveils RH Toronto, The Gallery at Yorkdale   [Oct-27-17 11:00AM  Business Wire]
▶ RH Unveils 2017 Interiors Collection   [Oct-26-17 08:00AM  Business Wire]
▶ [$$] RH: Pricey Wares, Pricey Shares   [Oct-14-17 12:01AM  Barrons.com]
▶ All You Need To Know About RHs (RH) Risks   [Oct-07-17 10:19AM  Simply Wall St.]
▶ Weekly CEO Buys Highlights   [Oct-02-17 12:08PM  GuruFocus.com]
▶ RH: Pick a Side Already!   [10:42AM  Barrons.com]
▶ Can GOOGL Stock Survive Another Ad Fraud Scandal?   [Sep-19-17 06:20AM  InvestorPlace]
▶ 3 "Model" Zacks Strong Buy or Buy Stocks   [Sep-15-17 04:23PM  Zacks]
Financial statements of RH
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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