Intrinsic value of Skechers USA Cl A - SKX

Previous Close

$36.92

  Intrinsic Value

$39.40

stock screener

  Rating & Target

hold

+7%

Previous close

$36.92

 
Intrinsic value

$39.40

 
Up/down potential

+7%

 
Rating

hold

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

We calculate the intrinsic value of SKX 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 5.9

 

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, %
  13.22
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.91
  8.51
  8.16
  7.85
  7.56
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
Revenue, $m
  3,563
  4,140
  4,765
  5,435
  6,151
  6,910
  7,713
  8,557
  9,443
  10,371
  11,339
  12,349
  13,401
  14,495
  15,632
  16,814
  18,043
  19,319
  20,646
  22,025
  23,460
  24,952
  26,506
  28,123
  29,809
  31,566
  33,398
  35,309
  37,305
  39,388
  41,566
Variable operating expenses, $m
 
  3,681
  4,236
  4,832
  5,468
  6,143
  6,856
  7,607
  8,395
  9,220
  10,081
  10,978
  11,913
  12,886
  13,897
  14,948
  16,040
  17,175
  18,354
  19,581
  20,856
  22,183
  23,564
  25,002
  26,500
  28,062
  29,690
  31,390
  33,164
  35,016
  36,952
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
  3,193
  3,681
  4,236
  4,832
  5,468
  6,143
  6,856
  7,607
  8,395
  9,220
  10,081
  10,978
  11,913
  12,886
  13,897
  14,948
  16,040
  17,175
  18,354
  19,581
  20,856
  22,183
  23,564
  25,002
  26,500
  28,062
  29,690
  31,390
  33,164
  35,016
  36,952
Operating income, $m
  371
  460
  529
  603
  683
  767
  856
  950
  1,048
  1,151
  1,259
  1,371
  1,487
  1,609
  1,735
  1,866
  2,003
  2,144
  2,292
  2,445
  2,604
  2,770
  2,942
  3,122
  3,309
  3,504
  3,707
  3,919
  4,141
  4,372
  4,614
EBITDA, $m
  450
  551
  635
  724
  819
  920
  1,027
  1,140
  1,258
  1,381
  1,510
  1,645
  1,785
  1,931
  2,082
  2,240
  2,403
  2,573
  2,750
  2,934
  3,125
  3,324
  3,531
  3,746
  3,971
  4,205
  4,449
  4,703
  4,969
  5,247
  5,537
Interest expense (income), $m
  6
  5
  15
  25
  36
  48
  60
  73
  87
  102
  117
  133
  150
  167
  185
  204
  223
  243
  265
  286
  309
  333
  357
  383
  409
  437
  466
  496
  528
  561
  595
Earnings before tax, $m
  359
  455
  514
  578
  647
  719
  796
  876
  961
  1,049
  1,142
  1,238
  1,338
  1,442
  1,550
  1,663
  1,779
  1,901
  2,027
  2,158
  2,295
  2,437
  2,585
  2,739
  2,899
  3,067
  3,241
  3,423
  3,613
  3,811
  4,019
Tax expense, $m
  74
  123
  139
  156
  175
  194
  215
  237
  259
  283
  308
  334
  361
  389
  419
  449
  480
  513
  547
  583
  620
  658
  698
  739
  783
  828
  875
  924
  976
  1,029
  1,085
Net income, $m
  243
  332
  375
  422
  472
  525
  581
  640
  701
  766
  833
  903
  977
  1,053
  1,132
  1,214
  1,299
  1,388
  1,480
  1,576
  1,675
  1,779
  1,887
  1,999
  2,116
  2,239
  2,366
  2,499
  2,637
  2,782
  2,934

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  719
  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
  2,394
  1,947
  2,240
  2,555
  2,892
  3,249
  3,626
  4,023
  4,440
  4,876
  5,331
  5,806
  6,300
  6,815
  7,349
  7,905
  8,483
  9,083
  9,707
  10,355
  11,030
  11,731
  12,462
  13,222
  14,014
  14,840
  15,702
  16,600
  17,539
  18,518
  19,542
Adjusted assets (=assets-cash), $m
  1,675
  1,947
  2,240
  2,555
  2,892
  3,249
  3,626
  4,023
  4,440
  4,876
  5,331
  5,806
  6,300
  6,815
  7,349
  7,905
  8,483
  9,083
  9,707
  10,355
  11,030
  11,731
  12,462
  13,222
  14,014
  14,840
  15,702
  16,600
  17,539
  18,518
  19,542
Revenue / Adjusted assets
  2.127
  2.126
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
  2.127
Average production assets, $m
  465
  542
  624
  712
  806
  905
  1,010
  1,121
  1,237
  1,359
  1,485
  1,618
  1,756
  1,899
  2,048
  2,203
  2,364
  2,531
  2,705
  2,885
  3,073
  3,269
  3,472
  3,684
  3,905
  4,135
  4,375
  4,625
  4,887
  5,160
  5,445
Working capital, $m
  1,206
  575
  662
  755
  855
  960
  1,072
  1,189
  1,313
  1,442
  1,576
  1,717
  1,863
  2,015
  2,173
  2,337
  2,508
  2,685
  2,870
  3,062
  3,261
  3,468
  3,684
  3,909
  4,143
  4,388
  4,642
  4,908
  5,185
  5,475
  5,778
Total debt, $m
  75
  194
  331
  478
  635
  802
  978
  1,164
  1,358
  1,562
  1,775
  1,996
  2,227
  2,467
  2,717
  2,977
  3,246
  3,527
  3,818
  4,121
  4,436
  4,763
  5,105
  5,460
  5,830
  6,215
  6,618
  7,037
  7,476
  7,933
  8,411
Total liabilities, $m
  790
  909
  1,046
  1,193
  1,350
  1,517
  1,693
  1,879
  2,073
  2,277
  2,490
  2,711
  2,942
  3,182
  3,432
  3,692
  3,961
  4,242
  4,533
  4,836
  5,151
  5,478
  5,820
  6,175
  6,545
  6,930
  7,333
  7,752
  8,191
  8,648
  9,126
Total equity, $m
  1,604
  1,037
  1,194
  1,362
  1,541
  1,732
  1,933
  2,144
  2,366
  2,599
  2,842
  3,095
  3,358
  3,632
  3,917
  4,213
  4,521
  4,841
  5,174
  5,519
  5,879
  6,253
  6,642
  7,047
  7,470
  7,910
  8,369
  8,848
  9,348
  9,870
  10,416
Total liabilities and equity, $m
  2,394
  1,946
  2,240
  2,555
  2,891
  3,249
  3,626
  4,023
  4,439
  4,876
  5,332
  5,806
  6,300
  6,814
  7,349
  7,905
  8,482
  9,083
  9,707
  10,355
  11,030
  11,731
  12,462
  13,222
  14,015
  14,840
  15,702
  16,600
  17,539
  18,518
  19,542
Debt-to-equity ratio
  0.047
  0.190
  0.280
  0.350
  0.410
  0.460
  0.510
  0.540
  0.570
  0.600
  0.620
  0.650
  0.660
  0.680
  0.690
  0.710
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.770
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
Adjusted equity ratio
  0.532
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  243
  332
  375
  422
  472
  525
  581
  640
  701
  766
  833
  903
  977
  1,053
  1,132
  1,214
  1,299
  1,388
  1,480
  1,576
  1,675
  1,779
  1,887
  1,999
  2,116
  2,239
  2,366
  2,499
  2,637
  2,782
  2,934
Depreciation, amort., depletion, $m
  79
  92
  106
  121
  137
  153
  171
  190
  210
  230
  252
  274
  298
  322
  347
  373
  401
  429
  458
  489
  521
  554
  589
  624
  662
  701
  742
  784
  828
  875
  923
Funds from operations, $m
  321
  424
  481
  543
  609
  679
  752
  830
  911
  996
  1,085
  1,178
  1,274
  1,374
  1,479
  1,587
  1,700
  1,817
  1,938
  2,065
  2,196
  2,333
  2,475
  2,624
  2,778
  2,939
  3,107
  3,283
  3,466
  3,657
  3,857
Change in working capital, $m
  -41
  80
  87
  93
  99
  106
  112
  117
  123
  129
  135
  140
  146
  152
  158
  164
  171
  177
  184
  192
  199
  207
  216
  225
  234
  244
  255
  266
  277
  290
  303
Cash from operations, $m
  362
  344
  394
  450
  509
  573
  641
  712
  788
  867
  950
  1,037
  1,128
  1,222
  1,321
  1,423
  1,529
  1,639
  1,754
  1,873
  1,997
  2,126
  2,260
  2,399
  2,544
  2,695
  2,853
  3,017
  3,188
  3,367
  3,554
Maintenance CAPEX, $m
  0
  -79
  -92
  -106
  -121
  -137
  -153
  -171
  -190
  -210
  -230
  -252
  -274
  -298
  -322
  -347
  -373
  -401
  -429
  -458
  -489
  -521
  -554
  -589
  -624
  -662
  -701
  -742
  -784
  -828
  -875
New CAPEX, $m
  -119
  -77
  -82
  -88
  -94
  -99
  -105
  -111
  -116
  -121
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -196
  -203
  -212
  -221
  -230
  -240
  -250
  -261
  -273
  -285
Cash from investing activities, $m
  -146
  -156
  -174
  -194
  -215
  -236
  -258
  -282
  -306
  -331
  -357
  -384
  -412
  -441
  -471
  -502
  -534
  -568
  -603
  -639
  -677
  -717
  -757
  -801
  -845
  -892
  -941
  -992
  -1,045
  -1,101
  -1,160
Free cash flow, $m
  216
  187
  221
  256
  295
  337
  382
  431
  482
  536
  593
  653
  716
  781
  850
  921
  995
  1,071
  1,151
  1,234
  1,320
  1,409
  1,502
  1,599
  1,699
  1,803
  1,912
  2,025
  2,143
  2,266
  2,394
Issuance/(repayment) of debt, $m
  -10
  127
  137
  147
  157
  167
  176
  185
  195
  204
  213
  222
  231
  240
  250
  260
  270
  280
  291
  303
  315
  328
  341
  355
  370
  386
  402
  420
  438
  458
  478
Issuance/(repurchase) of shares, $m
  5
  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  
  -4
  127
  137
  147
  157
  167
  176
  185
  195
  204
  213
  222
  231
  240
  250
  260
  270
  280
  291
  303
  315
  328
  341
  355
  370
  386
  402
  420
  438
  458
  478
Total cash flow (excl. dividends), $m
  211
  314
  358
  403
  452
  504
  558
  616
  676
  740
  806
  875
  947
  1,022
  1,099
  1,180
  1,264
  1,352
  1,442
  1,537
  1,635
  1,737
  1,843
  1,954
  2,069
  2,189
  2,314
  2,445
  2,581
  2,724
  2,872
Retained Cash Flow (-), $m
  -276
  -144
  -156
  -168
  -179
  -190
  -201
  -212
  -222
  -232
  -243
  -253
  -263
  -274
  -285
  -296
  -308
  -320
  -332
  -346
  -359
  -374
  -389
  -405
  -422
  -440
  -459
  -479
  -500
  -522
  -546
Prev. year cash balance distribution, $m
 
  711
  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
 
  881
  201
  235
  273
  313
  357
  404
  454
  507
  563
  622
  683
  748
  814
  884
  957
  1,032
  1,110
  1,191
  1,275
  1,363
  1,454
  1,548
  1,647
  1,749
  1,855
  1,966
  2,081
  2,201
  2,327
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
 
  845
  184
  205
  225
  243
  259
  273
  284
  291
  295
  295
  292
  284
  273
  260
  243
  224
  204
  183
  162
  141
  121
  101
  84
  68
  54
  42
  32
  24
  18
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

Skechers U.S.A., Inc. is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales. Its lifestyle brands include Skechers USA, Skechers Sport, Skechers Active and Skechers Sport Active, Skechers Originals, BOBS from Skechers and Mark Nason. Its Performance Brands include Skechers Performance, Skechers Kids and Skechers Work. Its footwear is sold through a range of department stores and specialty retail stores and mid-tier retailers, boutiques, among others. As of February 1, 2017, the Company owned and operated 117 concept stores, 163 factory outlet stores and 134 warehouse outlet stores in the United States, and 101 concept stores, 51 factory outlet stores, and five warehouse outlet stores internationally.

FINANCIAL RATIOS  of  Skechers USA Cl A (SKX)

Valuation Ratios
P/E Ratio 23.5
Price to Sales 1.6
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 15.8
Price to Free Cash Flow 23.5
Growth Rates
Sales Growth Rate 13.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 23.8%
Financial Strength
Quick Ratio 90
Current Ratio 0
LT Debt to Equity 4.2%
Total Debt to Equity 4.7%
Interest Coverage 61
Management Effectiveness
Return On Assets 11.2%
Ret/ On Assets - 3 Yr. Avg. 11.2%
Return On Total Capital 15.7%
Ret/ On T. Cap. - 3 Yr. Avg. 15.3%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 45.9%
Gross Margin - 3 Yr. Avg. 45.4%
EBITDA Margin 12.5%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 21%
Payout Ratio 0%

SKX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SKX stock intrinsic value calculation we used $3563 million for the last fiscal year's total revenue generated by Skechers USA Cl A. The default revenue input number comes from 2016 income statement of Skechers USA Cl A. 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 SKX stock valuation model: a) initial revenue growth rate of 16.2% 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 4.3%, whose default value for SKX is calculated based on our internal credit rating of Skechers USA Cl A, 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 Skechers USA Cl A.
    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 SKX stock the variable cost ratio is equal to 88.9%.

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 SKX 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 7.5% for Skechers USA Cl A.

Corporate tax rate of 27% is the nominal tax rate for Skechers USA Cl A. 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 SKX 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 SKX are equal to 13.1%.

Life of production assets of 5.9 years is the average useful life of capital assets used in Skechers USA Cl A 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 SKX is equal to 13.9%. 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 - $1604 million for Skechers USA Cl A - 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 158.576 million for Skechers USA Cl A 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 Skechers USA Cl A at the current share price and the inputted number of shares is $5.9 billion.

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COMPANY NEWS

▶ Is It Too Late to Buy Skechers Stock?   [Dec-12-17 06:10PM  Motley Fool]
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▶ Skechers hires former Disney and Mattel exec as CFO   [Nov-15-17 03:40PM  American City Business Journals]
▶ 4 Things Skechers Management Wants You to Know   [Nov-13-17 10:19PM  Motley Fool]
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Financial statements of SKX
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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