Intrinsic value of VF - VFC

Previous Close

$87.09

  Intrinsic Value

$149.72

stock screener

  Rating & Target

str. buy

+72%

Previous close

$87.09

 
Intrinsic value

$149.72

 
Up/down potential

+72%

 
Rating

str. buy

We calculate the intrinsic value of VFC 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 34.5

 

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, %
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.71
  11.93
  11.24
  10.62
  10.06
  9.55
  9.09
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
Revenue, $m
  14,516
  17,580
  21,008
  24,800
  28,953
  33,460
  38,316
  43,513
  49,041
  54,894
  61,065
  67,548
  74,341
  81,440
  88,847
  96,564
  104,595
  112,947
  121,629
  130,652
  140,028
  149,772
  159,900
  170,432
  181,387
  192,787
  204,656
  217,019
  229,903
  243,337
Variable operating expenses, $m
  11,933
  14,372
  17,100
  20,118
  23,424
  27,012
  30,877
  35,013
  39,414
  44,073
  48,606
  53,767
  59,173
  64,825
  70,720
  76,863
  83,255
  89,903
  96,814
  103,996
  111,459
  119,215
  127,277
  135,660
  144,380
  153,454
  162,901
  172,742
  182,997
  193,690
Fixed operating expenses, $m
  548
  560
  572
  585
  598
  611
  624
  638
  652
  666
  681
  696
  711
  727
  743
  759
  776
  793
  810
  828
  847
  865
  884
  904
  924
  944
  965
  986
  1,007
  1,030
Total operating expenses, $m
  12,481
  14,932
  17,672
  20,703
  24,022
  27,623
  31,501
  35,651
  40,066
  44,739
  49,287
  54,463
  59,884
  65,552
  71,463
  77,622
  84,031
  90,696
  97,624
  104,824
  112,306
  120,080
  128,161
  136,564
  145,304
  154,398
  163,866
  173,728
  184,004
  194,720
Operating income, $m
  2,036
  2,649
  3,336
  4,097
  4,931
  5,838
  6,815
  7,861
  8,975
  10,155
  11,778
  13,086
  14,456
  15,889
  17,384
  18,942
  20,564
  22,251
  24,005
  25,828
  27,722
  29,692
  31,739
  33,869
  36,084
  38,389
  40,790
  43,291
  45,898
  48,617
EBITDA, $m
  2,631
  3,290
  4,028
  4,846
  5,743
  6,717
  7,767
  8,891
  10,088
  11,355
  12,692
  14,097
  15,569
  17,108
  18,714
  20,387
  22,129
  23,941
  25,825
  27,783
  29,818
  31,933
  34,133
  36,419
  38,799
  41,275
  43,853
  46,539
  49,339
  52,259
Interest expense (income), $m
  0
  158
  235
  322
  420
  528
  646
  775
  913
  1,061
  1,219
  1,386
  1,561
  1,746
  1,940
  2,142
  2,353
  2,573
  2,802
  3,040
  3,288
  3,545
  3,812
  4,090
  4,379
  4,679
  4,991
  5,316
  5,654
  6,007
  6,374
Earnings before tax, $m
  1,878
  2,414
  3,014
  3,677
  4,403
  5,192
  6,040
  6,948
  7,914
  8,936
  10,392
  11,524
  12,710
  13,949
  15,242
  16,589
  17,991
  19,449
  20,965
  22,540
  24,178
  25,880
  27,649
  29,490
  31,405
  33,398
  35,474
  37,637
  39,892
  42,243
Tax expense, $m
  507
  652
  814
  993
  1,189
  1,402
  1,631
  1,876
  2,137
  2,413
  2,806
  3,112
  3,432
  3,766
  4,115
  4,479
  4,857
  5,251
  5,660
  6,086
  6,528
  6,988
  7,465
  7,962
  8,479
  9,018
  9,578
  10,162
  10,771
  11,406
Net income, $m
  1,371
  1,762
  2,200
  2,684
  3,214
  3,790
  4,409
  5,072
  5,777
  6,524
  7,586
  8,413
  9,278
  10,183
  11,127
  12,110
  13,133
  14,198
  15,304
  16,454
  17,650
  18,892
  20,184
  21,528
  22,926
  24,381
  25,896
  27,475
  29,121
  30,837

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
  12,239
  14,823
  17,714
  20,911
  24,412
  28,213
  32,307
  36,689
  41,350
  46,285
  51,488
  56,955
  62,682
  68,668
  74,913
  81,420
  88,192
  95,234
  102,554
  110,162
  118,067
  126,283
  134,823
  143,703
  152,940
  162,552
  172,560
  182,984
  193,848
  205,174
Adjusted assets (=assets-cash), $m
  12,239
  14,823
  17,714
  20,911
  24,412
  28,213
  32,307
  36,689
  41,350
  46,285
  51,488
  56,955
  62,682
  68,668
  74,913
  81,420
  88,192
  95,234
  102,554
  110,162
  118,067
  126,283
  134,823
  143,703
  152,940
  162,552
  172,560
  182,984
  193,848
  205,174
Revenue / Adjusted assets
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
Average production assets, $m
  3,281
  3,973
  4,748
  5,605
  6,543
  7,562
  8,660
  9,834
  11,083
  12,406
  13,801
  15,266
  16,801
  18,406
  20,079
  21,823
  23,639
  25,526
  27,488
  29,527
  31,646
  33,848
  36,137
  38,518
  40,993
  43,570
  46,252
  49,046
  51,958
  54,994
Working capital, $m
  2,221
  2,690
  3,214
  3,794
  4,430
  5,119
  5,862
  6,657
  7,503
  8,399
  9,343
  10,335
  11,374
  12,460
  13,594
  14,774
  16,003
  17,281
  18,609
  19,990
  21,424
  22,915
  24,465
  26,076
  27,752
  29,496
  31,312
  33,204
  35,175
  37,231
Total debt, $m
  4,347
  5,964
  7,773
  9,775
  11,967
  14,346
  16,909
  19,652
  22,570
  25,659
  28,916
  32,338
  35,924
  39,671
  43,580
  47,654
  51,893
  56,301
  60,884
  65,646
  70,595
  75,738
  81,084
  86,643
  92,425
  98,443
  104,707
  111,233
  118,033
  125,124
Total liabilities, $m
  7,662
  9,279
  11,089
  13,090
  15,282
  17,661
  20,224
  22,967
  25,885
  28,975
  32,232
  35,654
  39,239
  42,986
  46,896
  50,969
  55,208
  59,616
  64,199
  68,961
  73,910
  79,053
  84,399
  89,958
  95,741
  101,758
  108,023
  114,548
  121,349
  128,439
Total equity, $m
  4,578
  5,544
  6,625
  7,821
  9,130
  10,552
  12,083
  13,722
  15,465
  17,311
  19,257
  21,301
  23,443
  25,682
  28,018
  30,451
  32,984
  35,617
  38,355
  41,200
  44,157
  47,230
  50,424
  53,745
  57,200
  60,795
  64,537
  68,436
  72,499
  76,735
Total liabilities and equity, $m
  12,240
  14,823
  17,714
  20,911
  24,412
  28,213
  32,307
  36,689
  41,350
  46,286
  51,489
  56,955
  62,682
  68,668
  74,914
  81,420
  88,192
  95,233
  102,554
  110,161
  118,067
  126,283
  134,823
  143,703
  152,941
  162,553
  172,560
  182,984
  193,848
  205,174
Debt-to-equity ratio
  0.950
  1.080
  1.170
  1.250
  1.310
  1.360
  1.400
  1.430
  1.460
  1.480
  1.500
  1.520
  1.530
  1.540
  1.560
  1.560
  1.570
  1.580
  1.590
  1.590
  1.600
  1.600
  1.610
  1.610
  1.620
  1.620
  1.620
  1.630
  1.630
  1.630
Adjusted equity ratio
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,371
  1,762
  2,200
  2,684
  3,214
  3,790
  4,409
  5,072
  5,777
  6,524
  7,586
  8,413
  9,278
  10,183
  11,127
  12,110
  13,133
  14,198
  15,304
  16,454
  17,650
  18,892
  20,184
  21,528
  22,926
  24,381
  25,896
  27,475
  29,121
  30,837
Depreciation, amort., depletion, $m
  596
  641
  693
  749
  812
  879
  952
  1,029
  1,112
  1,200
  914
  1,011
  1,113
  1,219
  1,330
  1,445
  1,565
  1,690
  1,820
  1,955
  2,096
  2,242
  2,393
  2,551
  2,715
  2,885
  3,063
  3,248
  3,441
  3,642
Funds from operations, $m
  1,966
  2,404
  2,893
  3,434
  4,026
  4,669
  5,361
  6,102
  6,890
  7,723
  8,500
  9,424
  10,391
  11,402
  12,456
  13,555
  14,699
  15,888
  17,125
  18,410
  19,745
  21,134
  22,577
  24,079
  25,641
  27,266
  28,959
  30,723
  32,562
  34,479
Change in working capital, $m
  414
  469
  524
  580
  635
  690
  743
  795
  846
  896
  944
  992
  1,039
  1,086
  1,133
  1,181
  1,229
  1,278
  1,328
  1,380
  1,435
  1,491
  1,550
  1,611
  1,676
  1,744
  1,816
  1,892
  1,971
  2,055
Cash from operations, $m
  1,552
  1,935
  2,368
  2,854
  3,391
  3,979
  4,618
  5,307
  6,044
  6,828
  7,556
  8,432
  9,352
  10,315
  11,323
  12,374
  13,470
  14,610
  15,796
  17,029
  18,311
  19,643
  21,028
  22,467
  23,964
  25,522
  27,143
  28,832
  30,591
  32,424
Maintenance CAPEX, $m
  -177
  -217
  -263
  -314
  -371
  -433
  -501
  -573
  -651
  -734
  -822
  -914
  -1,011
  -1,113
  -1,219
  -1,330
  -1,445
  -1,565
  -1,690
  -1,820
  -1,955
  -2,096
  -2,242
  -2,393
  -2,551
  -2,715
  -2,885
  -3,063
  -3,248
  -3,441
New CAPEX, $m
  -608
  -693
  -775
  -857
  -938
  -1,019
  -1,097
  -1,174
  -1,249
  -1,323
  -1,395
  -1,465
  -1,535
  -1,604
  -1,674
  -1,744
  -1,815
  -1,888
  -1,962
  -2,039
  -2,119
  -2,202
  -2,289
  -2,380
  -2,476
  -2,576
  -2,682
  -2,794
  -2,912
  -3,036
Cash from investing activities, $m
  -785
  -910
  -1,038
  -1,171
  -1,309
  -1,452
  -1,598
  -1,747
  -1,900
  -2,057
  -2,217
  -2,379
  -2,546
  -2,717
  -2,893
  -3,074
  -3,260
  -3,453
  -3,652
  -3,859
  -4,074
  -4,298
  -4,531
  -4,773
  -5,027
  -5,291
  -5,567
  -5,857
  -6,160
  -6,477
Free cash flow, $m
  768
  1,025
  1,330
  1,682
  2,081
  2,527
  3,020
  3,559
  4,143
  4,771
  5,340
  6,052
  6,806
  7,598
  8,430
  9,301
  10,210
  11,157
  12,144
  13,170
  14,237
  15,345
  16,497
  17,694
  18,938
  20,231
  21,576
  22,975
  24,431
  25,947
Issuance/(repayment) of debt, $m
  1,423
  1,617
  1,809
  2,001
  2,192
  2,379
  2,563
  2,743
  2,918
  3,089
  3,257
  3,422
  3,585
  3,747
  3,910
  4,073
  4,239
  4,408
  4,583
  4,762
  4,949
  5,143
  5,346
  5,559
  5,782
  6,017
  6,265
  6,526
  6,800
  7,091
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  
  1,423
  1,617
  1,809
  2,001
  2,192
  2,379
  2,563
  2,743
  2,918
  3,089
  3,257
  3,422
  3,585
  3,747
  3,910
  4,073
  4,239
  4,408
  4,583
  4,762
  4,949
  5,143
  5,346
  5,559
  5,782
  6,017
  6,265
  6,526
  6,800
  7,091
Total cash flow (excl. dividends), $m
  2,191
  2,642
  3,140
  3,684
  4,273
  4,906
  5,583
  6,302
  7,061
  7,860
  8,597
  9,475
  10,391
  11,346
  12,340
  13,374
  14,449
  15,566
  16,726
  17,932
  19,185
  20,488
  21,843
  23,253
  24,720
  26,248
  27,840
  29,500
  31,231
  33,038
Retained Cash Flow (-), $m
  -858
  -966
  -1,081
  -1,196
  -1,309
  -1,422
  -1,531
  -1,639
  -1,743
  -1,846
  -1,946
  -2,045
  -2,142
  -2,239
  -2,336
  -2,433
  -2,533
  -2,634
  -2,738
  -2,845
  -2,957
  -3,073
  -3,194
  -3,321
  -3,455
  -3,595
  -3,743
  -3,899
  -4,063
  -4,236
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
  1,333
  1,676
  2,059
  2,488
  2,963
  3,485
  4,052
  4,663
  5,318
  6,015
  6,651
  7,430
  8,249
  9,107
  10,004
  10,940
  11,916
  12,932
  13,988
  15,087
  16,229
  17,415
  18,649
  19,932
  21,265
  22,653
  24,097
  25,601
  27,168
  28,802
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
  1,278
  1,534
  1,792
  2,048
  2,297
  2,529
  2,737
  2,915
  3,055
  3,153
  3,158
  3,171
  3,136
  3,057
  2,937
  2,780
  2,593
  2,382
  2,154
  1,917
  1,679
  1,445
  1,222
  1,015
  827
  661
  517
  396
  297
  217
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

V.F. Corporation (VF) is engaged in the design, production, procurement, marketing and distribution of branded lifestyle apparel, footwear and related products. The Company's segments include Outdoor & Action Sports, Jeanswear, Imagewear and Sportswear. Its Outdoor & Action Sports Coalition is a group of authentic outdoor and activity-based lifestyle brands. Its product offerings include apparel, footwear, equipment, backpacks, luggage and accessories. Its Imagewear coalition consists of the Image business. Its Wrangler brand offers denim, apparel, accessories and footwear through mass merchants, specialty stores and department stores in the United States, VF-operated stores and online at www.wrangler.com. The Sportswear coalition consists of the Nautica and Kipling brand businesses in North America (the Kipling brand outside of North America is managed by the Outdoor & Action Sports coalition).

FINANCIAL RATIOS  of  VF (VFC)

Valuation Ratios
P/E Ratio 33.6
Price to Sales 3
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 24.4
Price to Free Cash Flow 28.7
Growth Rates
Sales Growth Rate -0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30.8%
Cap. Spend. - 3 Yr. Gr. Rate -7.5%
Financial Strength
Quick Ratio 4
Current Ratio 0.2
LT Debt to Equity 41.3%
Total Debt to Equity 46.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.1%
Ret/ On Assets - 3 Yr. Avg. 11.4%
Return On Total Capital 14.8%
Ret/ On T. Cap. - 3 Yr. Avg. 15.5%
Return On Equity 20.8%
Return On Equity - 3 Yr. Avg. 20.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 48.4%
Gross Margin - 3 Yr. Avg. 48.4%
EBITDA Margin 14.1%
EBITDA Margin - 3 Yr. Avg. 15.8%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 17.2%
Eff/ Tax Rate - 3 Yr. Avg. 20.9%
Payout Ratio 59.2%

VFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VFC stock intrinsic value calculation we used $11811.177 million for the last fiscal year's total revenue generated by VF. The default revenue input number comes from 0001 income statement of VF. 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 VFC stock valuation model: a) initial revenue growth rate of 22.9% 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 VFC is calculated based on our internal credit rating of VF, 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 VF.
    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 VFC stock the variable cost ratio is equal to 82.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $536 million in the base year in the intrinsic value calculation for VFC 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 VF.

Corporate tax rate of 27% is the nominal tax rate for VF. 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 VFC 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 VFC are equal to 22.6%.

Life of production assets of 15.1 years is the average useful life of capital assets used in VF 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 VFC is equal to 15.3%. 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 - $3719.9 million for VF - 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 396.461 million for VF 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 VF at the current share price and the inputted number of shares is $34.5 billion.

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COMPANY NEWS

▶ Now May Be the Time to Book Some Profits on VF Corp.   [Oct-18-18 01:18PM  TheStreet.com]
▶ VF Corp. Has Turned Lower; How Far Down Is Up for Debate   [Oct-10-18 02:44PM  TheStreet.com]
▶ Cramer's consumer discretionary 'power ranking'   [Oct-09-18 06:58PM  CNBC Videos]
▶ [$$] VF Corp. Selling Reef Brand to Charlesbank-Backed Rockport   [Oct-04-18 11:59AM  The Wall Street Journal]
▶ VF to sell Reef brand to The Rockport Group   [08:59AM  American City Business Journals]
▶ Who Really Owns VF Corporation (NYSE:VFC)?   [Oct-02-18 01:37PM  Simply Wall St.]
▶ Editor's Notebook: Denver scores big with VF move to LoDo   [Sep-20-18 10:00AM  American City Business Journals]
▶ VF Corp. moving its global headquarters to Denver   [Sep-19-18 09:35AM  MarketWatch]
▶ Wrangler adopts water-eliminating dyeing process   [06:20AM  American City Business Journals]
▶ VF Corp. reveals its new downtown Denver home   [Sep-18-18 09:42AM  American City Business Journals]
▶ VF's Vans sets $5B target for 2023   [Sep-13-18 02:46PM  American City Business Journals]
▶ VF Corp. HQ move to Denver culminates 8 years of eco-devo focus for Hickenlooper   [Sep-05-18 01:25PM  American City Business Journals]
▶ VF Corp. CEO opens up on why Denver beat Portland to be company HQ   [09:09AM  American City Business Journals]
▶ 7 Growth Stocks to Buy Now   [Aug-23-18 02:52PM  InvestorPlace]
▶ Is This Denim Spinoff a Good Idea?   [08:47AM  Motley Fool]
▶ How will the arrival of VF Corp. impact the downtown Denver office market?   [Aug-20-18 05:00PM  American City Business Journals]
▶ VF Corp. through the years   [Aug-17-18 06:43AM  American City Business Journals]
▶ VF Corp.'s move to Denver could leave a huge hole on Alameda's waterfront   [Aug-15-18 05:49PM  American City Business Journals]
▶ What can be expected from VF's jeanswear spinoff company?   [07:15AM  American City Business Journals]
▶ Company News For Aug 14, 2018   [10:32AM  Zacks]
▶ Pride aside, locals take historical view of VF Corp.'s HQ move, spinoff   [07:00AM  American City Business Journals]
▶ [$$] Wrangler Owner VF Plans to Spin Off Jeans Business   [Aug-13-18 08:09PM  The Wall Street Journal]
▶ Business Highlights   [05:25PM  Associated Press]
▶ [$$] Wrangler Owner VF Plans to Spin Off Jeans Business   [04:48PM  The Wall Street Journal]
▶ Nielsen and Sysco climb while VF and Dycom slip   [04:32PM  Associated Press]
▶ Uvalde losing 156 jobs as Dickies moves plant south of the border   [04:10PM  American City Business Journals]
▶ VF Corporation Is Splitting Into Two Companies   [01:25PM  Meredith Videos]
▶ The Late Morning Rundown: August 13, 2018   [12:00PM  CNBC Videos]
▶ Lee Jeans headquarters will move from KC as parent splits   [07:58AM  American City Business Journals]
▶ Report: Lee Jeans parent considers sale or spinoff of iconic brand   [Aug-12-18 11:09AM  American City Business Journals]
▶ [$$] Wrangler Owner Looks to Exit Jeans Business   [Aug-10-18 07:49PM  The Wall Street Journal]
▶ [$$] Wrangler Owner Looks to Exit Jeans Business   [03:29PM  The Wall Street Journal]
▶ Michael Kors Is Just Below A Buy Point After Near Breakout On Strong Earnings   [Aug-08-18 03:54PM  Investor's Business Daily]
▶ Why V.F. Corporation Stock Gained 13% Last Month   [Aug-06-18 10:40AM  Motley Fool]
▶ Laughter aplenty: Scenes from TBJ's Most Admired CEOs awards   [Jul-27-18 04:09PM  American City Business Journals]

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