Intrinsic value of VF - VFC

Previous Close

$91.13

  Intrinsic Value

$55.85

stock screener

  Rating & Target

sell

-39%

Previous close

$91.13

 
Intrinsic value

$55.85

 
Up/down potential

-39%

 
Rating

sell

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 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 36.0

 

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, %
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  12,650
  13,521
  14,427
  15,369
  16,350
  17,370
  18,432
  19,539
  20,693
  21,896
  23,151
  24,461
  25,829
  27,258
  28,752
  30,314
  31,948
  33,657
  35,446
  37,319
  39,280
  41,334
  43,486
  45,741
  48,105
  50,583
  53,181
  55,905
  58,761
  61,758
Variable operating expenses, $m
  10,447
  11,141
  11,862
  12,612
  13,392
  14,204
  15,050
  15,931
  16,849
  17,807
  18,427
  19,470
  20,559
  21,697
  22,886
  24,129
  25,430
  26,790
  28,214
  29,705
  31,266
  32,901
  34,614
  36,409
  38,291
  40,263
  42,331
  44,499
  46,773
  49,158
Fixed operating expenses, $m
  550
  562
  574
  587
  600
  613
  627
  640
  654
  669
  684
  699
  714
  730
  746
  762
  779
  796
  813
  831
  850
  868
  887
  907
  927
  947
  968
  989
  1,011
  1,033
Total operating expenses, $m
  10,997
  11,703
  12,436
  13,199
  13,992
  14,817
  15,677
  16,571
  17,503
  18,476
  19,111
  20,169
  21,273
  22,427
  23,632
  24,891
  26,209
  27,586
  29,027
  30,536
  32,116
  33,769
  35,501
  37,316
  39,218
  41,210
  43,299
  45,488
  47,784
  50,191
Operating income, $m
  1,653
  1,818
  1,991
  2,171
  2,358
  2,553
  2,756
  2,968
  3,189
  3,420
  4,040
  4,292
  4,556
  4,832
  5,120
  5,423
  5,739
  6,071
  6,418
  6,782
  7,164
  7,565
  7,985
  8,425
  8,888
  9,373
  9,882
  10,416
  10,977
  11,566
EBITDA, $m
  2,500
  2,698
  2,904
  3,119
  3,342
  3,575
  3,818
  4,071
  4,335
  4,611
  4,899
  5,199
  5,514
  5,843
  6,187
  6,547
  6,924
  7,319
  7,733
  8,167
  8,622
  9,098
  9,598
  10,122
  10,672
  11,249
  11,855
  12,490
  13,157
  13,858
Interest expense (income), $m
  0
  158
  182
  206
  232
  259
  287
  316
  346
  378
  411
  445
  481
  518
  557
  598
  640
  685
  732
  780
  831
  885
  941
  999
  1,060
  1,125
  1,192
  1,263
  1,337
  1,414
  1,496
Earnings before tax, $m
  1,495
  1,637
  1,785
  1,938
  2,099
  2,266
  2,440
  2,622
  2,811
  3,009
  3,595
  3,811
  4,038
  4,274
  4,522
  4,782
  5,054
  5,339
  5,638
  5,951
  6,280
  6,624
  6,986
  7,365
  7,763
  8,181
  8,619
  9,079
  9,563
  10,071
Tax expense, $m
  404
  442
  482
  523
  567
  612
  659
  708
  759
  813
  971
  1,029
  1,090
  1,154
  1,221
  1,291
  1,365
  1,442
  1,522
  1,607
  1,695
  1,789
  1,886
  1,988
  2,096
  2,209
  2,327
  2,451
  2,582
  2,719
Net income, $m
  1,091
  1,195
  1,303
  1,415
  1,532
  1,654
  1,781
  1,914
  2,052
  2,197
  2,624
  2,782
  2,947
  3,120
  3,301
  3,491
  3,690
  3,898
  4,116
  4,344
  4,584
  4,836
  5,099
  5,376
  5,667
  5,972
  6,292
  6,628
  6,981
  7,351

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
  10,666
  11,401
  12,165
  12,959
  13,786
  14,646
  15,541
  16,475
  17,447
  18,462
  19,520
  20,625
  21,778
  22,983
  24,243
  25,560
  26,937
  28,378
  29,887
  31,466
  33,120
  34,852
  36,666
  38,568
  40,561
  42,650
  44,840
  47,137
  49,546
  52,072
Adjusted assets (=assets-cash), $m
  10,666
  11,401
  12,165
  12,959
  13,786
  14,646
  15,541
  16,475
  17,447
  18,462
  19,520
  20,625
  21,778
  22,983
  24,243
  25,560
  26,937
  28,378
  29,887
  31,466
  33,120
  34,852
  36,666
  38,568
  40,561
  42,650
  44,840
  47,137
  49,546
  52,072
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
  4,693
  5,016
  5,352
  5,702
  6,066
  6,444
  6,838
  7,249
  7,677
  8,123
  8,589
  9,075
  9,582
  10,113
  10,667
  11,246
  11,853
  12,487
  13,150
  13,845
  14,573
  15,335
  16,133
  16,970
  17,847
  18,766
  19,730
  20,741
  21,800
  22,912
Working capital, $m
  1,012
  1,082
  1,154
  1,230
  1,308
  1,390
  1,475
  1,563
  1,655
  1,752
  1,852
  1,957
  2,066
  2,181
  2,300
  2,425
  2,556
  2,693
  2,836
  2,985
  3,142
  3,307
  3,479
  3,659
  3,848
  4,047
  4,254
  4,472
  4,701
  4,941
Total debt, $m
  3,362
  3,822
  4,300
  4,797
  5,315
  5,853
  6,414
  6,998
  7,607
  8,242
  8,904
  9,596
  10,318
  11,072
  11,861
  12,685
  13,548
  14,450
  15,394
  16,383
  17,418
  18,502
  19,638
  20,828
  22,076
  23,384
  24,755
  26,193
  27,701
  29,282
Total liabilities, $m
  6,677
  7,137
  7,615
  8,112
  8,630
  9,168
  9,729
  10,313
  10,922
  11,557
  12,219
  12,911
  13,633
  14,388
  15,176
  16,000
  16,863
  17,765
  18,709
  19,698
  20,733
  21,817
  22,953
  24,143
  25,391
  26,699
  28,070
  29,508
  31,016
  32,597
Total equity, $m
  3,989
  4,264
  4,550
  4,847
  5,156
  5,478
  5,813
  6,162
  6,525
  6,905
  7,300
  7,714
  8,145
  8,596
  9,067
  9,559
  10,075
  10,614
  11,178
  11,768
  12,387
  13,035
  13,713
  14,424
  15,170
  15,951
  16,770
  17,629
  18,530
  19,475
Total liabilities and equity, $m
  10,666
  11,401
  12,165
  12,959
  13,786
  14,646
  15,542
  16,475
  17,447
  18,462
  19,519
  20,625
  21,778
  22,984
  24,243
  25,559
  26,938
  28,379
  29,887
  31,466
  33,120
  34,852
  36,666
  38,567
  40,561
  42,650
  44,840
  47,137
  49,546
  52,072
Debt-to-equity ratio
  0.840
  0.900
  0.950
  0.990
  1.030
  1.070
  1.100
  1.140
  1.170
  1.190
  1.220
  1.240
  1.270
  1.290
  1.310
  1.330
  1.340
  1.360
  1.380
  1.390
  1.410
  1.420
  1.430
  1.440
  1.460
  1.470
  1.480
  1.490
  1.490
  1.500
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
  1,091
  1,195
  1,303
  1,415
  1,532
  1,654
  1,781
  1,914
  2,052
  2,197
  2,624
  2,782
  2,947
  3,120
  3,301
  3,491
  3,690
  3,898
  4,116
  4,344
  4,584
  4,836
  5,099
  5,376
  5,667
  5,972
  6,292
  6,628
  6,981
  7,351
Depreciation, amort., depletion, $m
  847
  880
  913
  948
  985
  1,023
  1,062
  1,103
  1,146
  1,191
  859
  907
  958
  1,011
  1,067
  1,125
  1,185
  1,249
  1,315
  1,385
  1,457
  1,533
  1,613
  1,697
  1,785
  1,877
  1,973
  2,074
  2,180
  2,291
Funds from operations, $m
  1,939
  2,075
  2,216
  2,363
  2,517
  2,677
  2,843
  3,017
  3,198
  3,387
  3,483
  3,690
  3,906
  4,132
  4,368
  4,616
  4,875
  5,146
  5,431
  5,729
  6,041
  6,369
  6,713
  7,073
  7,452
  7,848
  8,265
  8,702
  9,161
  9,643
Change in working capital, $m
  67
  70
  72
  75
  78
  82
  85
  89
  92
  96
  100
  105
  109
  114
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  208
  218
  229
  240
Cash from operations, $m
  1,872
  2,005
  2,144
  2,288
  2,438
  2,595
  2,758
  2,928
  3,106
  3,291
  3,383
  3,585
  3,796
  4,017
  4,249
  4,491
  4,744
  5,010
  5,288
  5,579
  5,884
  6,205
  6,541
  6,893
  7,262
  7,650
  8,057
  8,484
  8,932
  9,403
Maintenance CAPEX, $m
  -438
  -469
  -502
  -535
  -570
  -607
  -644
  -684
  -725
  -768
  -812
  -859
  -907
  -958
  -1,011
  -1,067
  -1,125
  -1,185
  -1,249
  -1,315
  -1,385
  -1,457
  -1,533
  -1,613
  -1,697
  -1,785
  -1,877
  -1,973
  -2,074
  -2,180
New CAPEX, $m
  -308
  -323
  -336
  -350
  -364
  -379
  -394
  -411
  -428
  -446
  -466
  -486
  -508
  -530
  -554
  -579
  -606
  -634
  -664
  -695
  -728
  -762
  -798
  -837
  -877
  -919
  -964
  -1,011
  -1,060
  -1,112
Cash from investing activities, $m
  -746
  -792
  -838
  -885
  -934
  -986
  -1,038
  -1,095
  -1,153
  -1,214
  -1,278
  -1,345
  -1,415
  -1,488
  -1,565
  -1,646
  -1,731
  -1,819
  -1,913
  -2,010
  -2,113
  -2,219
  -2,331
  -2,450
  -2,574
  -2,704
  -2,841
  -2,984
  -3,134
  -3,292
Free cash flow, $m
  1,125
  1,212
  1,306
  1,403
  1,504
  1,610
  1,720
  1,834
  1,953
  2,077
  2,105
  2,240
  2,381
  2,529
  2,683
  2,844
  3,013
  3,190
  3,375
  3,569
  3,772
  3,985
  4,209
  4,443
  4,689
  4,946
  5,217
  5,501
  5,799
  6,111
Issuance/(repayment) of debt, $m
  438
  460
  478
  497
  517
  538
  561
  584
  609
  635
  662
  691
  722
  754
  788
  824
  862
  902
  944
  989
  1,035
  1,084
  1,136
  1,190
  1,248
  1,308
  1,371
  1,438
  1,508
  1,581
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  
  438
  460
  478
  497
  517
  538
  561
  584
  609
  635
  662
  691
  722
  754
  788
  824
  862
  902
  944
  989
  1,035
  1,084
  1,136
  1,190
  1,248
  1,308
  1,371
  1,438
  1,508
  1,581
Total cash flow (excl. dividends), $m
  1,563
  1,672
  1,784
  1,901
  2,022
  2,148
  2,280
  2,418
  2,562
  2,712
  2,767
  2,931
  3,103
  3,283
  3,472
  3,669
  3,876
  4,092
  4,319
  4,558
  4,808
  5,070
  5,345
  5,633
  5,936
  6,254
  6,588
  6,938
  7,306
  7,693
Retained Cash Flow (-), $m
  -269
  -275
  -286
  -297
  -309
  -322
  -335
  -349
  -364
  -379
  -396
  -413
  -431
  -451
  -471
  -493
  -515
  -539
  -564
  -591
  -618
  -648
  -679
  -711
  -745
  -781
  -819
  -859
  -901
  -945
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
  83
  89
  95
  101
  108
  114
  122
  129
  137
  145
  153
  162
  171
  181
  191
  201
  212
  224
  236
  248
  261
  275
  289
  304
  320
  337
  354
  372
  391
  411
Cash available for distribution, $m
  1,294
  1,398
  1,498
  1,603
  1,713
  1,827
  1,945
  2,069
  2,198
  2,333
  2,371
  2,518
  2,672
  2,832
  3,000
  3,176
  3,360
  3,553
  3,755
  3,967
  4,189
  4,422
  4,666
  4,922
  5,191
  5,473
  5,769
  6,079
  6,406
  6,748
Discount rate, %
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
  1,237
  1,272
  1,292
  1,303
  1,305
  1,297
  1,280
  1,253
  1,216
  1,171
  1,071
  1,015
  952
  884
  812
  737
  661
  585
  511
  440
  373
  312
  256
  206
  163
  127
  97
  72
  52
  37
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 35.1
Price to Sales 3.1
Price to Book 7.6
Price to Tangible Book
Price to Cash Flow 25.5
Price to Free Cash Flow 30
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 million for the last fiscal year's total revenue generated by VF. The default revenue input number comes from 2017 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 7.1% 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 4.6%, 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 $538 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 0.7%.

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 37.1%.

Life of production assets of 10 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 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 - $3720 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 395 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 $36.0 billion.

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COMPANY NEWS

▶ 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]
▶ V.F. Corp Has a Bullish Set of Charts and Indicators   [Jul-26-18 03:49PM  TheStreet.com]
▶ Company News For Jul 23, 2018   [Jul-23-18 09:50AM  Zacks]
▶ Earnings Data Deluge   [10:42AM  Zacks]
▶ [$$] Vans and North Face Owner VF Post Earnings Gain   [08:24AM  The Wall Street Journal]
▶ V.F.: Fiscal 1Q Earnings Snapshot   [07:25AM  Associated Press]
▶ 5 Stocks on an Earnings Hot Streak   [Jul-18-18 04:09PM  Zacks]
▶ Why VF Corp. Call Prices Doubled, Before Earnings   [Jul-17-18 03:33PM  TheStreet.com]
▶ Why VF Corp Stock Is Gaining Today   [Jul-16-18 01:35PM  InvestorPlace]
▶ Why VF Corporation Stock Is Up 11% So Far This Year   [Jul-10-18 11:30AM  Motley Fool]
▶ 7 Stocks to Buy That Arent in the Dow But Should Be   [Jun-28-18 03:22PM  InvestorPlace]
▶ Should You Buy VF. Corporation (NYSE:VFC) At $82.96?   [Jun-05-18 01:14PM  Simply Wall St.]
▶ VF Corp. completes acquisition of footwear brand   [Jun-04-18 12:03PM  American City Business Journals]
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