Intrinsic value of Sally Beauty Holdings - SBH

Previous Close

$16.37

  Intrinsic Value

$5.74

stock screener

  Rating & Target

str. sell

-65%

Previous close

$16.37

 
Intrinsic value

$5.74

 
Up/down potential

-65%

 
Rating

str. sell

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

We calculate the intrinsic value of SBH 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 2.2

 

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, %
  3.10
  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
  3,953
  4,032
  4,125
  4,231
  4,350
  4,482
  4,626
  4,784
  4,954
  5,138
  5,335
  5,546
  5,771
  6,011
  6,266
  6,536
  6,823
  7,126
  7,446
  7,785
  8,143
  8,520
  8,918
  9,338
  9,780
  10,246
  10,736
  11,252
  11,795
  12,366
  12,967
Variable operating expenses, $m
 
  3,511
  3,590
  3,681
  3,783
  3,896
  4,021
  4,156
  4,302
  4,459
  4,629
  4,756
  4,949
  5,155
  5,373
  5,605
  5,851
  6,111
  6,385
  6,676
  6,983
  7,306
  7,648
  8,008
  8,387
  8,786
  9,206
  9,649
  10,114
  10,604
  11,119
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
  3,454
  3,511
  3,590
  3,681
  3,783
  3,896
  4,021
  4,156
  4,302
  4,459
  4,629
  4,756
  4,949
  5,155
  5,373
  5,605
  5,851
  6,111
  6,385
  6,676
  6,983
  7,306
  7,648
  8,008
  8,387
  8,786
  9,206
  9,649
  10,114
  10,604
  11,119
Operating income, $m
  498
  521
  534
  550
  566
  585
  606
  628
  653
  679
  707
  790
  822
  856
  893
  931
  972
  1,015
  1,061
  1,109
  1,160
  1,214
  1,271
  1,331
  1,394
  1,460
  1,530
  1,603
  1,681
  1,762
  1,848
EBITDA, $m
  598
  618
  632
  648
  667
  687
  709
  733
  759
  787
  818
  850
  884
  921
  960
  1,002
  1,046
  1,092
  1,141
  1,193
  1,248
  1,306
  1,367
  1,431
  1,499
  1,570
  1,645
  1,724
  1,807
  1,895
  1,987
Interest expense (income), $m
  139
  139
  98
  101
  105
  109
  114
  119
  125
  131
  138
  145
  153
  161
  170
  179
  189
  199
  210
  222
  234
  247
  261
  275
  290
  307
  323
  341
  360
  380
  400
Earnings before tax, $m
  354
  382
  437
  448
  462
  476
  492
  509
  528
  548
  569
  645
  670
  696
  723
  752
  783
  816
  851
  888
  926
  967
  1,010
  1,055
  1,103
  1,153
  1,206
  1,262
  1,321
  1,382
  1,447
Tax expense, $m
  131
  103
  118
  121
  125
  129
  133
  137
  142
  148
  154
  174
  181
  188
  195
  203
  212
  220
  230
  240
  250
  261
  273
  285
  298
  311
  326
  341
  357
  373
  391
Net income, $m
  223
  279
  319
  327
  337
  347
  359
  372
  385
  400
  415
  471
  489
  508
  528
  549
  572
  596
  621
  648
  676
  706
  737
  770
  805
  842
  881
  921
  964
  1,009
  1,056

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  87
  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
  2,132
  2,086
  2,134
  2,189
  2,250
  2,319
  2,393
  2,475
  2,563
  2,658
  2,760
  2,869
  2,986
  3,110
  3,242
  3,381
  3,530
  3,686
  3,852
  4,028
  4,213
  4,408
  4,614
  4,831
  5,060
  5,300
  5,554
  5,821
  6,102
  6,397
  6,708
Adjusted assets (=assets-cash), $m
  2,045
  2,086
  2,134
  2,189
  2,250
  2,319
  2,393
  2,475
  2,563
  2,658
  2,760
  2,869
  2,986
  3,110
  3,242
  3,381
  3,530
  3,686
  3,852
  4,028
  4,213
  4,408
  4,614
  4,831
  5,060
  5,300
  5,554
  5,821
  6,102
  6,397
  6,708
Revenue / Adjusted assets
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
  1.933
Average production assets, $m
  391
  399
  408
  419
  431
  444
  458
  474
  490
  509
  528
  549
  571
  595
  620
  647
  675
  705
  737
  771
  806
  844
  883
  924
  968
  1,014
  1,063
  1,114
  1,168
  1,224
  1,284
Working capital, $m
  684
  609
  623
  639
  657
  677
  699
  722
  748
  776
  806
  838
  871
  908
  946
  987
  1,030
  1,076
  1,124
  1,176
  1,230
  1,287
  1,347
  1,410
  1,477
  1,547
  1,621
  1,699
  1,781
  1,867
  1,958
Total debt, $m
  1,784
  1,253
  1,296
  1,346
  1,401
  1,463
  1,530
  1,603
  1,683
  1,768
  1,860
  1,958
  2,063
  2,175
  2,293
  2,419
  2,553
  2,694
  2,843
  3,001
  3,167
  3,343
  3,528
  3,724
  3,930
  4,146
  4,375
  4,615
  4,868
  5,134
  5,413
Total liabilities, $m
  2,408
  1,877
  1,920
  1,970
  2,025
  2,087
  2,154
  2,227
  2,307
  2,392
  2,484
  2,582
  2,687
  2,799
  2,917
  3,043
  3,177
  3,318
  3,467
  3,625
  3,791
  3,967
  4,152
  4,348
  4,554
  4,770
  4,999
  5,239
  5,492
  5,758
  6,037
Total equity, $m
  -276
  209
  213
  219
  225
  232
  239
  247
  256
  266
  276
  287
  299
  311
  324
  338
  353
  369
  385
  403
  421
  441
  461
  483
  506
  530
  555
  582
  610
  640
  671
Total liabilities and equity, $m
  2,132
  2,086
  2,133
  2,189
  2,250
  2,319
  2,393
  2,474
  2,563
  2,658
  2,760
  2,869
  2,986
  3,110
  3,241
  3,381
  3,530
  3,687
  3,852
  4,028
  4,212
  4,408
  4,613
  4,831
  5,060
  5,300
  5,554
  5,821
  6,102
  6,398
  6,708
Debt-to-equity ratio
  -6.464
  6.010
  6.080
  6.150
  6.230
  6.310
  6.390
  6.480
  6.570
  6.650
  6.740
  6.830
  6.910
  6.990
  7.070
  7.150
  7.230
  7.310
  7.380
  7.450
  7.520
  7.580
  7.650
  7.710
  7.770
  7.820
  7.880
  7.930
  7.980
  8.020
  8.070
Adjusted equity ratio
  -0.178
  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
  223
  279
  319
  327
  337
  347
  359
  372
  385
  400
  415
  471
  489
  508
  528
  549
  572
  596
  621
  648
  676
  706
  737
  770
  805
  842
  881
  921
  964
  1,009
  1,056
Depreciation, amort., depletion, $m
  100
  97
  98
  99
  100
  102
  103
  105
  107
  109
  111
  60
  62
  65
  67
  70
  73
  77
  80
  84
  88
  92
  96
  100
  105
  110
  116
  121
  127
  133
  140
Funds from operations, $m
  310
  376
  416
  426
  437
  449
  462
  476
  492
  508
  526
  531
  551
  572
  595
  620
  645
  673
  701
  732
  764
  798
  833
  871
  910
  952
  996
  1,042
  1,091
  1,142
  1,196
Change in working capital, $m
  -41
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
Cash from operations, $m
  351
  364
  402
  410
  419
  429
  440
  453
  466
  481
  496
  499
  517
  536
  557
  579
  602
  627
  653
  681
  710
  741
  773
  807
  844
  882
  922
  964
  1,009
  1,056
  1,105
Maintenance CAPEX, $m
  0
  -42
  -43
  -44
  -46
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -116
  -121
  -127
  -133
New CAPEX, $m
  -151
  -9
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -59
Cash from investing activities, $m
  -175
  -51
  -52
  -54
  -58
  -60
  -62
  -66
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -109
  -114
  -119
  -125
  -131
  -138
  -144
  -151
  -159
  -167
  -175
  -184
  -192
Free cash flow, $m
  176
  313
  350
  355
  362
  369
  378
  387
  398
  409
  421
  421
  435
  450
  467
  485
  503
  523
  544
  567
  591
  616
  642
  670
  699
  731
  763
  798
  834
  872
  913
Issuance/(repayment) of debt, $m
  -27
  -530
  43
  49
  55
  61
  67
  73
  79
  86
  92
  98
  105
  112
  119
  126
  133
  141
  149
  158
  167
  176
  185
  195
  206
  217
  228
  240
  253
  266
  280
Issuance/(repurchase) of shares, $m
  -191
  292
  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  
  -229
  -238
  43
  49
  55
  61
  67
  73
  79
  86
  92
  98
  105
  112
  119
  126
  133
  141
  149
  158
  167
  176
  185
  195
  206
  217
  228
  240
  253
  266
  280
Total cash flow (excl. dividends), $m
  -53
  75
  393
  405
  417
  431
  445
  461
  477
  495
  513
  519
  540
  562
  586
  610
  637
  664
  694
  725
  757
  791
  827
  865
  905
  947
  992
  1,038
  1,087
  1,138
  1,192
Retained Cash Flow (-), $m
  -22
  -571
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
Prev. year cash balance distribution, $m
 
  86
  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
 
  -410
  388
  399
  411
  424
  438
  452
  468
  485
  503
  508
  528
  550
  572
  596
  622
  649
  677
  707
  739
  772
  807
  844
  882
  923
  966
  1,011
  1,059
  1,109
  1,161
Discount rate, %
 
  12.90
  13.55
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.05
  32.60
  34.23
  35.94
  37.74
  39.62
  41.60
  43.68
  45.87
  48.16
  50.57
  53.10
PV of cash for distribution, $m
 
  -363
  301
  268
  236
  205
  175
  148
  123
  101
  81
  62
  48
  37
  27
  20
  14
  10
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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

Sally Beauty Holdings, Inc. is an international specialty retailer and distributor of professional beauty supplies with operations primarily in North America, South America and Europe. The Company operates through two business segments: Sally Beauty Supply and Beauty Systems Group (BSG). Sally Beauty Supply is a domestic and international chain of cash and carry retail stores, which offers professional beauty supplies to both salon professionals and retail customers primarily in North America, Puerto Rico, and parts of Europe and South America. BSG, including its franchise-based business Armstrong McCall, is a full service beauty supply distributor, which offers professional brands of beauty products directly to salons and salon professionals through its own sales force and professional-only stores (including franchise stores) in partially exclusive geographical territories in North America and parts of Europe.

FINANCIAL RATIOS  of  Sally Beauty Holdings (SBH)

Valuation Ratios
P/E Ratio 10.6
Price to Sales 0.6
Price to Book -8.6
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 11.8
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.1%
Cap. Spend. - 3 Yr. Gr. Rate 12.2%
Financial Strength
Quick Ratio 87
Current Ratio 0.2
LT Debt to Equity -646%
Total Debt to Equity -646.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 14.7%
Ret/ On Assets - 3 Yr. Avg. 15.2%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 16.1%
Return On Equity -77.7%
Return On Equity - 3 Yr. Avg. -75.4%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 49.7%
Gross Margin - 3 Yr. Avg. 49.6%
EBITDA Margin 15%
EBITDA Margin - 3 Yr. Avg. 15.2%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 9%
Pre-Tax Margin - 3 Yr. Avg. 9.7%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 37.3%
Payout Ratio 0%

SBH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBH stock intrinsic value calculation we used $3953 million for the last fiscal year's total revenue generated by Sally Beauty Holdings. The default revenue input number comes from 2016 income statement of Sally Beauty 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 SBH 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 12.9%, whose default value for SBH is calculated based on our internal credit rating of Sally Beauty 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 Sally Beauty 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 SBH stock the variable cost ratio is equal to 87.1%.

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 SBH 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 7.8% for Sally Beauty Holdings.

Corporate tax rate of 27% is the nominal tax rate for Sally Beauty 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 SBH 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 SBH are equal to 9.9%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Sally Beauty 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 SBH is equal to 15.1%. 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 - $-276 million for Sally Beauty 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 131.564 million for Sally Beauty 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 Sally Beauty Holdings at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
ULTA Ulta Beauty 214.87 255.52  buy
ELF e.l.f. Beauty 20.91 9.82  str.sell
COTY Coty Cl A 18.62 41.76  str.buy

COMPANY NEWS

▶ [$$] Bad Hair Day   [Dec-11-17 06:00AM  The Wall Street Journal]
▶ Sally Beauty misses Street 4Q forecasts   [07:00AM  Associated Press]
▶ Will Amazon Buy Sally Beauty Supply?   [02:50PM  Benzinga]
▶ 6 Gurus' Stocks With Negative Performances   [Oct-13-17 12:49PM  GuruFocus.com]
▶ Top Ranked Value Stocks to Buy for October 2nd   [Oct-02-17 08:21AM  Zacks]
▶ 3 Ultra Cheap Value Stocks   [Sep-27-17 09:24PM  Zacks]
▶ Weekly CEO Buys Highlights   [Aug-28-17 12:26PM  GuruFocus.com]
▶ Top Ranked Value Stocks to Buy for August 11th   [Aug-11-17 08:28AM  Zacks]
▶ Sally Beauty tops 3Q profit forecasts   [Aug-03-17 08:44AM  Associated Press]
▶ Cheap Stocks With Growing EPS   [Jun-22-17 03:29PM  GuruFocus.com]
▶ [$$] Losing Its Looks   [Jun-12-17 03:43PM  The Wall Street Journal]
▶ 6 Stocks With Rising EPS   [Jun-01-17 04:24PM  GuruFocus.com]
▶ Sally Beauty beats 2Q profit forecasts   [May-04-17 06:45AM  Associated Press]
▶ Sally Beauty Stock Sliding on Keybanc Downgrade   [Apr-24-17 10:16AM  TheStreet.com]
Financial statements of SBH
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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