Intrinsic value of Steven Madden - SHOO

Previous Close

$56.90

  Intrinsic Value

$40.57

stock screener

  Rating & Target

sell

-29%

Previous close

$56.90

 
Intrinsic value

$40.57

 
Up/down potential

-29%

 
Rating

sell

We calculate the intrinsic value of SHOO 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 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  1,708
  1,878
  2,056
  2,241
  2,434
  2,635
  2,844
  3,061
  3,286
  3,520
  3,764
  4,017
  4,280
  4,554
  4,839
  5,136
  5,445
  5,767
  6,103
  6,454
  6,820
  7,202
  7,601
  8,018
  8,454
  8,910
  9,387
  9,886
  10,409
  10,957
Variable operating expenses, $m
  1,498
  1,645
  1,797
  1,956
  2,122
  2,295
  2,474
  2,661
  2,855
  3,056
  3,235
  3,453
  3,679
  3,915
  4,160
  4,415
  4,681
  4,958
  5,246
  5,548
  5,862
  6,190
  6,534
  6,892
  7,267
  7,659
  8,069
  8,498
  8,948
  9,418
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
  1,498
  1,645
  1,797
  1,956
  2,122
  2,295
  2,474
  2,661
  2,855
  3,056
  3,235
  3,453
  3,679
  3,915
  4,160
  4,415
  4,681
  4,958
  5,246
  5,548
  5,862
  6,190
  6,534
  6,892
  7,267
  7,659
  8,069
  8,498
  8,948
  9,418
Operating income, $m
  210
  234
  259
  285
  312
  340
  369
  400
  431
  464
  528
  564
  601
  639
  679
  721
  765
  810
  857
  906
  958
  1,011
  1,067
  1,126
  1,187
  1,251
  1,318
  1,388
  1,462
  1,538
EBITDA, $m
  280
  308
  337
  367
  399
  432
  466
  501
  538
  577
  617
  658
  701
  746
  793
  841
  892
  945
  1,000
  1,057
  1,117
  1,180
  1,245
  1,313
  1,385
  1,459
  1,538
  1,619
  1,705
  1,795
Interest expense (income), $m
  1
  0
  1
  3
  5
  6
  8
  10
  12
  13
  15
  18
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  47
  50
  54
  58
  61
  66
  70
  74
  79
Earnings before tax, $m
  210
  232
  256
  280
  306
  332
  360
  388
  418
  449
  511
  544
  579
  615
  653
  692
  733
  775
  819
  866
  914
  964
  1,017
  1,072
  1,129
  1,190
  1,252
  1,318
  1,387
  1,460
Tax expense, $m
  57
  63
  69
  76
  82
  90
  97
  105
  113
  121
  138
  147
  156
  166
  176
  187
  198
  209
  221
  234
  247
  260
  275
  289
  305
  321
  338
  356
  375
  394
Net income, $m
  153
  170
  187
  204
  223
  242
  262
  283
  305
  328
  373
  397
  423
  449
  476
  505
  535
  566
  598
  632
  667
  704
  742
  782
  824
  868
  914
  962
  1,013
  1,065

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
  1,125
  1,237
  1,354
  1,476
  1,603
  1,736
  1,873
  2,016
  2,165
  2,319
  2,480
  2,646
  2,820
  3,000
  3,188
  3,383
  3,587
  3,799
  4,021
  4,251
  4,492
  4,744
  5,007
  5,282
  5,569
  5,869
  6,184
  6,513
  6,857
  7,218
Adjusted assets (=assets-cash), $m
  1,125
  1,237
  1,354
  1,476
  1,603
  1,736
  1,873
  2,016
  2,165
  2,319
  2,480
  2,646
  2,820
  3,000
  3,188
  3,383
  3,587
  3,799
  4,021
  4,251
  4,492
  4,744
  5,007
  5,282
  5,569
  5,869
  6,184
  6,513
  6,857
  7,218
Revenue / Adjusted assets
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
  1.518
Average production assets, $m
  400
  440
  481
  524
  570
  617
  665
  716
  769
  824
  881
  940
  1,002
  1,066
  1,132
  1,202
  1,274
  1,350
  1,428
  1,510
  1,596
  1,685
  1,779
  1,876
  1,978
  2,085
  2,197
  2,313
  2,436
  2,564
Working capital, $m
  48
  53
  58
  63
  68
  74
  80
  86
  92
  99
  105
  112
  120
  128
  135
  144
  152
  161
  171
  181
  191
  202
  213
  224
  237
  249
  263
  277
  291
  307
Total debt, $m
  27
  55
  84
  115
  147
  180
  214
  250
  287
  326
  366
  407
  451
  496
  543
  592
  643
  696
  751
  809
  869
  932
  998
  1,066
  1,138
  1,213
  1,292
  1,374
  1,460
  1,550
Total liabilities, $m
  281
  309
  339
  369
  401
  434
  468
  504
  541
  580
  620
  662
  705
  750
  797
  846
  897
  950
  1,005
  1,063
  1,123
  1,186
  1,252
  1,320
  1,392
  1,467
  1,546
  1,628
  1,714
  1,804
Total equity, $m
  844
  928
  1,016
  1,107
  1,203
  1,302
  1,405
  1,512
  1,624
  1,739
  1,860
  1,985
  2,115
  2,250
  2,391
  2,538
  2,690
  2,849
  3,015
  3,189
  3,369
  3,558
  3,755
  3,961
  4,177
  4,402
  4,638
  4,885
  5,143
  5,413
Total liabilities and equity, $m
  1,125
  1,237
  1,355
  1,476
  1,604
  1,736
  1,873
  2,016
  2,165
  2,319
  2,480
  2,647
  2,820
  3,000
  3,188
  3,384
  3,587
  3,799
  4,020
  4,252
  4,492
  4,744
  5,007
  5,281
  5,569
  5,869
  6,184
  6,513
  6,857
  7,217
Debt-to-equity ratio
  0.030
  0.060
  0.080
  0.100
  0.120
  0.140
  0.150
  0.170
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.290
Adjusted equity ratio
  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

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  153
  170
  187
  204
  223
  242
  262
  283
  305
  328
  373
  397
  423
  449
  476
  505
  535
  566
  598
  632
  667
  704
  742
  782
  824
  868
  914
  962
  1,013
  1,065
Depreciation, amort., depletion, $m
  70
  74
  78
  82
  87
  92
  97
  102
  107
  112
  88
  94
  100
  107
  113
  120
  127
  135
  143
  151
  160
  169
  178
  188
  198
  208
  220
  231
  244
  256
Funds from operations, $m
  223
  243
  265
  287
  310
  334
  359
  385
  412
  440
  461
  491
  523
  556
  590
  625
  662
  701
  741
  783
  827
  872
  920
  970
  1,022
  1,077
  1,134
  1,194
  1,256
  1,322
Change in working capital, $m
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
Cash from operations, $m
  219
  239
  260
  282
  305
  328
  353
  379
  406
  433
  454
  484
  515
  548
  582
  617
  654
  692
  732
  773
  816
  862
  909
  958
  1,010
  1,064
  1,121
  1,180
  1,242
  1,307
Maintenance CAPEX, $m
  -36
  -40
  -44
  -48
  -52
  -57
  -62
  -67
  -72
  -77
  -82
  -88
  -94
  -100
  -107
  -113
  -120
  -127
  -135
  -143
  -151
  -160
  -169
  -178
  -188
  -198
  -208
  -220
  -231
  -244
New CAPEX, $m
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -79
  -82
  -86
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -122
  -128
Cash from investing activities, $m
  -74
  -80
  -86
  -91
  -97
  -104
  -111
  -118
  -125
  -132
  -139
  -147
  -156
  -164
  -174
  -182
  -192
  -202
  -214
  -225
  -237
  -249
  -262
  -276
  -290
  -305
  -320
  -337
  -353
  -372
Free cash flow, $m
  145
  159
  174
  190
  207
  224
  243
  262
  281
  302
  315
  337
  360
  384
  408
  434
  461
  489
  518
  548
  580
  613
  647
  683
  720
  760
  800
  843
  888
  935
Issuance/(repayment) of debt, $m
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
Total cash flow (excl. dividends), $m
  171
  187
  204
  221
  239
  258
  277
  297
  318
  340
  355
  379
  403
  429
  455
  483
  512
  542
  573
  606
  640
  676
  713
  752
  792
  835
  879
  925
  974
  1,025
Retained Cash Flow (-), $m
  -80
  -84
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -215
  -225
  -236
  -247
  -258
  -270
Prev. year cash balance distribution, $m
  39
  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
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  135
Cash available for distribution, $m
  131
  103
  116
  129
  143
  158
  174
  190
  207
  225
  235
  254
  273
  293
  315
  336
  359
  383
  407
  433
  459
  487
  516
  546
  577
  609
  643
  679
  716
  755
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  125
  94
  101
  106
  111
  115
  117
  119
  119
  118
  111
  108
  104
  99
  92
  86
  78
  70
  63
  55
  48
  40
  34
  28
  22
  18
  14
  11
  8
  6
Current shareholders' claim on cash, %
  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

Steven Madden, Ltd. and its subsidiaries design, source, market and sell name brand and private label footwear for women, men and children, and name brand and private label fashion handbags and accessories. The Company operates through five segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost and Licensing. Its products are sold through its retail stores and e-commerce Websites within the United States, Canada, Mexico and South Africa, as well as department stores, specialty stores, luxury retailers, value priced retailers, national chains, merchants and catalog retailers. It provides merchandising support to its department store customers, including in-store fixtures and signage, supervision of displays and merchandising of its various product lines. Its brands include Madden Girl, Steve Madden Men's, Madden, Steven, Stevies and Steve Madden Kids, Betsey Johnson, Superga, FREEBIRD by Steve, Report, Mad Love, Dolce Vita, Brian Atwood and Blondo.

FINANCIAL RATIOS  of  Steven Madden (SHOO)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 2.5
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 22.3
Price to Free Cash Flow 24.9
Growth Rates
Sales Growth Rate -0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.8%
Cap. Spend. - 3 Yr. Gr. Rate -5.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 172
Management Effectiveness
Return On Assets 13%
Ret/ On Assets - 3 Yr. Avg. 12.6%
Return On Total Capital 17.1%
Ret/ On T. Cap. - 3 Yr. Avg. 16.8%
Return On Equity 17.1%
Return On Equity - 3 Yr. Avg. 16.8%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 37.3%
Gross Margin - 3 Yr. Avg. 36%
EBITDA Margin 13.8%
EBITDA Margin - 3 Yr. Avg. 13.8%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 12.2%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 29.2%
Eff/ Tax Rate - 3 Yr. Avg. 32.3%
Payout Ratio 0%

SHOO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHOO stock intrinsic value calculation we used $1546 million for the last fiscal year's total revenue generated by Steven Madden. The default revenue input number comes from 2017 income statement of Steven Madden. 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 SHOO stock valuation model: a) initial revenue growth rate of 10.5% 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 4.3%, whose default value for SHOO is calculated based on our internal credit rating of Steven Madden, 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 Steven Madden.
    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 SHOO stock the variable cost ratio is equal to 87.9%.

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 SHOO 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 Steven Madden.

Corporate tax rate of 27% is the nominal tax rate for Steven Madden. 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 SHOO stock is equal to 1.3%.

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 SHOO are equal to 23.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Steven Madden 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 SHOO is equal to 2.8%. 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 - $803 million for Steven Madden - 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 55 million for Steven Madden 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 Steven Madden at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Steven Madden: 2Q Earnings Snapshot   [07:22AM  Associated Press]
▶ Steven Madden's Q2 Earnings Preview   [Jul-30-18 03:22PM  Benzinga]
▶ Does Forbes Know What Self-Made Means? The Internet Says No   [Jul-12-18 02:54PM  TheStreet.com]
▶ Steven Madden: 1Q Earnings Snapshot   [07:30AM  Associated Press]
▶ Steve Madden Announces First Quarter Results   [06:59AM  Business Wire]
▶ Steven Madden beats Street 4Q forecasts   [Feb-27-18 07:21AM  Associated Press]
▶ Steven Madden Clears Key Benchmark, Hitting 80-Plus RS Rating   [Jan-11-18 03:00AM  Investor's Business Daily]
▶ National Retail Federation cheers tax reform passage   [Dec-20-17 02:37PM  MarketWatch]
▶ IBD Rating Upgrades: Steven Madden Flashes Improved Technical Strength   [Dec-18-17 03:00AM  Investor's Business Daily]
▶ Steven Madden meets 3Q profit forecasts   [07:19AM  Associated Press]
▶ Steven Madden Trying To Close In On Key Technical Measure   [Oct-25-17 03:00AM  Investor's Business Daily]
▶ Yahoo Finance Live: Market Movers - Oct 11th, 2017   [Oct-11-17 07:20AM  Yahoo Finance Video]
▶ The Market In 5 Minutes   [Aug-16-17 08:34AM  Benzinga]
▶ Steven Madden tops Street 2Q forecasts   [Aug-01-17 09:33PM  Associated Press]
▶ Steven Madden tops Street 2Q forecasts   [07:15AM  Associated Press]
▶ ETFs with exposure to Steven Madden Ltd. : July 25, 2017   [Jul-25-17 01:12PM  Capital Cube]
▶ ETFs with exposure to Steven Madden Ltd. : July 14, 2017   [Jul-14-17 04:49PM  Capital Cube]
▶ Top Stocks with Big Potential Catch-Up Moves   [May-30-17 03:35PM  Zacks]
▶ ETFs with exposure to Steven Madden Ltd. : May 12, 2017   [May-12-17 04:29PM  Capital Cube]
▶ Steve Madden Stock Rising on First Quarter Earnings Beat   [Apr-21-17 02:45PM  TheStreet.com]
▶ Steve Madden Climbs On Upbeat Q1 Earnings   [10:35AM  Barrons.com]
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