Intrinsic value of TJX - TJX

Previous Close

$110.80

  Intrinsic Value

$107.43

stock screener

  Rating & Target

hold

-3%

Previous close

$110.80

 
Intrinsic value

$107.43

 
Up/down potential

-3%

 
Rating

hold

We calculate the intrinsic value of TJX 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 69.5

 

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, %
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
Revenue, $m
  40,025
  44,404
  48,998
  53,805
  58,825
  64,059
  69,509
  75,179
  81,073
  87,200
  93,567
  100,183
  107,060
  114,209
  121,643
  129,379
  137,430
  145,814
  154,549
  163,655
  173,150
  183,058
  193,401
  204,202
  215,488
  227,283
  239,616
  252,517
  266,015
  280,143
Variable operating expenses, $m
  35,421
  39,295
  43,359
  47,612
  52,054
  56,684
  61,506
  66,522
  71,737
  77,158
  82,780
  88,634
  94,718
  101,043
  107,621
  114,464
  121,587
  129,005
  136,733
  144,789
  153,190
  161,956
  171,106
  180,662
  190,646
  201,082
  211,994
  223,407
  235,349
  247,848
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
  35,421
  39,295
  43,359
  47,612
  52,054
  56,684
  61,506
  66,522
  71,737
  77,158
  82,780
  88,634
  94,718
  101,043
  107,621
  114,464
  121,587
  129,005
  136,733
  144,789
  153,190
  161,956
  171,106
  180,662
  190,646
  201,082
  211,994
  223,407
  235,349
  247,848
Operating income, $m
  4,604
  5,109
  5,638
  6,193
  6,771
  7,375
  8,003
  8,657
  9,336
  10,042
  10,786
  11,549
  12,342
  13,166
  14,023
  14,915
  15,843
  16,809
  17,816
  18,866
  19,961
  21,103
  22,295
  23,540
  24,841
  26,201
  27,623
  29,110
  30,666
  32,295
EBITDA, $m
  5,409
  6,000
  6,621
  7,271
  7,949
  8,656
  9,393
  10,159
  10,956
  11,784
  12,644
  13,538
  14,467
  15,433
  16,438
  17,483
  18,571
  19,704
  20,885
  22,115
  23,398
  24,737
  26,135
  27,594
  29,119
  30,713
  32,380
  34,123
  35,947
  37,856
Interest expense (income), $m
  73
  120
  176
  235
  297
  361
  429
  499
  572
  648
  727
  810
  895
  984
  1,076
  1,172
  1,272
  1,376
  1,484
  1,596
  1,713
  1,836
  1,963
  2,096
  2,235
  2,380
  2,531
  2,690
  2,855
  3,028
  3,209
Earnings before tax, $m
  4,484
  4,932
  5,403
  5,896
  6,410
  6,946
  7,504
  8,084
  8,688
  9,315
  9,977
  10,654
  11,358
  12,090
  12,851
  13,643
  14,467
  15,326
  16,220
  17,152
  18,125
  19,140
  20,199
  21,305
  22,461
  23,670
  24,933
  26,255
  27,638
  29,085
Tax expense, $m
  1,211
  1,332
  1,459
  1,592
  1,731
  1,875
  2,026
  2,183
  2,346
  2,515
  2,694
  2,877
  3,067
  3,264
  3,470
  3,684
  3,906
  4,138
  4,379
  4,631
  4,894
  5,168
  5,454
  5,752
  6,065
  6,391
  6,732
  7,089
  7,462
  7,853
Net income, $m
  3,273
  3,601
  3,944
  4,304
  4,679
  5,070
  5,478
  5,902
  6,342
  6,800
  7,283
  7,777
  8,291
  8,825
  9,381
  9,959
  10,561
  11,188
  11,841
  12,521
  13,231
  13,972
  14,745
  15,553
  16,397
  17,279
  18,201
  19,166
  20,176
  21,232

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
  15,690
  17,406
  19,207
  21,092
  23,060
  25,111
  27,248
  29,470
  31,781
  34,183
  36,678
  39,272
  41,968
  44,770
  47,685
  50,717
  53,873
  57,160
  60,584
  64,153
  67,876
  71,759
  75,814
  80,048
  84,472
  89,096
  93,930
  98,987
  104,279
  109,817
Adjusted assets (=assets-cash), $m
  15,690
  17,406
  19,207
  21,092
  23,060
  25,111
  27,248
  29,470
  31,781
  34,183
  36,678
  39,272
  41,968
  44,770
  47,685
  50,717
  53,873
  57,160
  60,584
  64,153
  67,876
  71,759
  75,814
  80,048
  84,472
  89,096
  93,930
  98,987
  104,279
  109,817
Revenue / Adjusted assets
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
Average production assets, $m
  5,403
  5,994
  6,615
  7,264
  7,941
  8,648
  9,384
  10,149
  10,945
  11,772
  12,632
  13,525
  14,453
  15,418
  16,422
  17,466
  18,553
  19,685
  20,864
  22,093
  23,375
  24,713
  26,109
  27,567
  29,091
  30,683
  32,348
  34,090
  35,912
  37,819
Working capital, $m
  120
  133
  147
  161
  176
  192
  209
  226
  243
  262
  281
  301
  321
  343
  365
  388
  412
  437
  464
  491
  519
  549
  580
  613
  646
  682
  719
  758
  798
  840
Total debt, $m
  3,268
  4,357
  5,498
  6,693
  7,941
  9,241
  10,596
  12,005
  13,470
  14,993
  16,575
  18,219
  19,928
  21,705
  23,553
  25,475
  27,476
  29,560
  31,731
  33,994
  36,354
  38,816
  41,387
  44,071
  46,876
  49,808
  52,873
  56,079
  59,434
  62,945
Total liabilities, $m
  9,947
  11,036
  12,177
  13,372
  14,620
  15,921
  17,275
  18,684
  20,149
  21,672
  23,254
  24,898
  26,608
  28,384
  30,232
  32,154
  34,155
  36,239
  38,410
  40,673
  43,033
  45,496
  48,066
  50,750
  53,555
  56,487
  59,552
  62,758
  66,113
  69,624
Total equity, $m
  5,743
  6,371
  7,030
  7,720
  8,440
  9,191
  9,973
  10,786
  11,632
  12,511
  13,424
  14,374
  15,360
  16,386
  17,453
  18,562
  19,717
  20,920
  22,174
  23,480
  24,842
  26,264
  27,748
  29,298
  30,917
  32,609
  34,379
  36,229
  38,166
  40,193
Total liabilities and equity, $m
  15,690
  17,407
  19,207
  21,092
  23,060
  25,112
  27,248
  29,470
  31,781
  34,183
  36,678
  39,272
  41,968
  44,770
  47,685
  50,716
  53,872
  57,159
  60,584
  64,153
  67,875
  71,760
  75,814
  80,048
  84,472
  89,096
  93,931
  98,987
  104,279
  109,817
Debt-to-equity ratio
  0.570
  0.680
  0.780
  0.870
  0.940
  1.010
  1.060
  1.110
  1.160
  1.200
  1.230
  1.270
  1.300
  1.320
  1.350
  1.370
  1.390
  1.410
  1.430
  1.450
  1.460
  1.480
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
Adjusted equity ratio
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,273
  3,601
  3,944
  4,304
  4,679
  5,070
  5,478
  5,902
  6,342
  6,800
  7,283
  7,777
  8,291
  8,825
  9,381
  9,959
  10,561
  11,188
  11,841
  12,521
  13,231
  13,972
  14,745
  15,553
  16,397
  17,279
  18,201
  19,166
  20,176
  21,232
Depreciation, amort., depletion, $m
  805
  892
  983
  1,078
  1,178
  1,282
  1,390
  1,503
  1,620
  1,741
  1,858
  1,989
  2,125
  2,267
  2,415
  2,569
  2,728
  2,895
  3,068
  3,249
  3,438
  3,634
  3,840
  4,054
  4,278
  4,512
  4,757
  5,013
  5,281
  5,562
Funds from operations, $m
  4,078
  4,492
  4,927
  5,382
  5,857
  6,352
  6,868
  7,404
  7,962
  8,541
  9,141
  9,766
  10,417
  11,093
  11,796
  12,528
  13,289
  14,083
  14,909
  15,770
  16,669
  17,606
  18,585
  19,607
  20,675
  21,791
  22,958
  24,179
  25,457
  26,794
Change in working capital, $m
  12
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  40
  42
Cash from operations, $m
  4,065
  4,479
  4,913
  5,368
  5,842
  6,337
  6,851
  7,387
  7,944
  8,523
  9,121
  9,746
  10,396
  11,071
  11,774
  12,505
  13,265
  14,057
  14,883
  15,743
  16,640
  17,576
  18,554
  19,575
  20,641
  21,756
  22,921
  24,140
  25,416
  26,751
Maintenance CAPEX, $m
  -712
  -795
  -882
  -973
  -1,068
  -1,168
  -1,272
  -1,380
  -1,493
  -1,610
  -1,731
  -1,858
  -1,989
  -2,125
  -2,267
  -2,415
  -2,569
  -2,728
  -2,895
  -3,068
  -3,249
  -3,438
  -3,634
  -3,840
  -4,054
  -4,278
  -4,512
  -4,757
  -5,013
  -5,281
New CAPEX, $m
  -560
  -591
  -620
  -649
  -678
  -707
  -736
  -765
  -796
  -827
  -860
  -893
  -928
  -965
  -1,004
  -1,044
  -1,087
  -1,132
  -1,179
  -1,229
  -1,282
  -1,338
  -1,396
  -1,458
  -1,523
  -1,592
  -1,665
  -1,742
  -1,822
  -1,907
Cash from investing activities, $m
  -1,272
  -1,386
  -1,502
  -1,622
  -1,746
  -1,875
  -2,008
  -2,145
  -2,289
  -2,437
  -2,591
  -2,751
  -2,917
  -3,090
  -3,271
  -3,459
  -3,656
  -3,860
  -4,074
  -4,297
  -4,531
  -4,776
  -5,030
  -5,298
  -5,577
  -5,870
  -6,177
  -6,499
  -6,835
  -7,188
Free cash flow, $m
  2,793
  3,093
  3,412
  3,746
  4,096
  4,462
  4,844
  5,242
  5,656
  6,086
  6,531
  6,996
  7,479
  7,981
  8,503
  9,045
  9,610
  10,197
  10,809
  11,446
  12,109
  12,801
  13,523
  14,277
  15,063
  15,885
  16,744
  17,642
  18,581
  19,563
Issuance/(repayment) of debt, $m
  1,038
  1,088
  1,142
  1,195
  1,248
  1,301
  1,354
  1,409
  1,465
  1,523
  1,582
  1,644
  1,709
  1,777
  1,848
  1,922
  2,001
  2,084
  2,171
  2,263
  2,360
  2,462
  2,570
  2,684
  2,805
  2,932
  3,065
  3,206
  3,355
  3,511
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  
  1,038
  1,088
  1,142
  1,195
  1,248
  1,301
  1,354
  1,409
  1,465
  1,523
  1,582
  1,644
  1,709
  1,777
  1,848
  1,922
  2,001
  2,084
  2,171
  2,263
  2,360
  2,462
  2,570
  2,684
  2,805
  2,932
  3,065
  3,206
  3,355
  3,511
Total cash flow (excl. dividends), $m
  3,831
  4,182
  4,553
  4,941
  5,344
  5,763
  6,198
  6,651
  7,121
  7,609
  8,113
  8,640
  9,188
  9,758
  10,351
  10,968
  11,611
  12,281
  12,980
  13,708
  14,469
  15,264
  16,094
  16,961
  17,868
  18,817
  19,809
  20,848
  21,935
  23,074
Retained Cash Flow (-), $m
  -594
  -628
  -659
  -690
  -720
  -751
  -782
  -813
  -846
  -879
  -913
  -949
  -987
  -1,026
  -1,067
  -1,110
  -1,155
  -1,203
  -1,253
  -1,306
  -1,362
  -1,422
  -1,484
  -1,550
  -1,619
  -1,692
  -1,770
  -1,851
  -1,937
  -2,027
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
  3,236
  3,553
  3,894
  4,251
  4,624
  5,012
  5,416
  5,837
  6,275
  6,730
  7,200
  7,691
  8,201
  8,732
  9,284
  9,858
  10,456
  11,078
  11,726
  12,402
  13,107
  13,842
  14,610
  15,412
  16,249
  17,124
  18,040
  18,997
  19,999
  21,047
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
  3,103
  3,253
  3,389
  3,500
  3,584
  3,637
  3,659
  3,648
  3,605
  3,528
  3,419
  3,282
  3,118
  2,931
  2,726
  2,505
  2,275
  2,040
  1,806
  1,576
  1,356
  1,149
  958
  785
  632
  500
  387
  294
  218
  158
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

The TJX Companies, Inc. (TJX) is an off-price apparel and home fashions retailer in the United States and across the world. The Company operates through four segments: Marmaxx, HomeGoods, TJX Canada and TJX International. T.J. Maxx and Marshalls chains in the United States were collectively the off-price retailer in the United States with a total of 2,221 stores, as of January 28, 2017. The HomeGoods chain was an off-price retailer of home fashions in the United States with 579 stores. The TJX Canada segment operates the Winners, HomeSense and Marshalls chains in Canada. Winners is the off-price apparel and home fashions retailer in Canada. HomeSense offers home fashions off-price concept in Canada. The TJX International segment operates the T.K. Maxx and HomeSense chains in Europe. With 503 stores, T.K. Maxx operated in the United Kingdom, Ireland, Germany, Poland, Austria and the Netherlands.

FINANCIAL RATIOS  of  TJX (TJX)

Valuation Ratios
P/E Ratio 31.2
Price to Sales 2.2
Price to Book 15.9
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 27.8
Growth Rates
Sales Growth Rate 7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 53.3%
Total Debt to Equity 53.3%
Interest Coverage 52
Management Effectiveness
Return On Assets 19.2%
Ret/ On Assets - 3 Yr. Avg. 20.4%
Return On Total Capital 35.6%
Ret/ On T. Cap. - 3 Yr. Avg. 37.5%
Return On Equity 52.1%
Return On Equity - 3 Yr. Avg. 52.5%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 29%
Gross Margin - 3 Yr. Avg. 28.8%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 11.3%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 38.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 28.3%

TJX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TJX stock intrinsic value calculation we used $35864.664 million for the last fiscal year's total revenue generated by TJX. The default revenue input number comes from 0001 income statement of TJX. 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 TJX stock valuation model: a) initial revenue growth rate of 11.6% 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 TJX is calculated based on our internal credit rating of TJX, 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 TJX.
    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 TJX stock the variable cost ratio is equal to 88.5%.

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 TJX 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 TJX.

Corporate tax rate of 27% is the nominal tax rate for TJX. 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 TJX 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 TJX are equal to 13.5%.

Life of production assets of 6.8 years is the average useful life of capital assets used in TJX 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 TJX is equal to 0.3%. 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 - $5148.309 million for TJX - 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 626.928 million for TJX 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 TJX at the current share price and the inputted number of shares is $69.5 billion.

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COMPANY NEWS

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▶ 3 Things TJX Companies Wants You to Know   [Aug-26-18 05:10PM  Motley Fool]
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