Intrinsic value of Wolverine World Wide - WWW

Previous Close

$32.97

  Intrinsic Value

$26.62

stock screener

  Rating & Target

hold

-19%

Previous close

$32.97

 
Intrinsic value

$26.62

 
Up/down potential

-19%

 
Rating

hold

We calculate the intrinsic value of WWW 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 3.1

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,397
  2,452
  2,515
  2,586
  2,664
  2,750
  2,844
  2,945
  3,055
  3,172
  3,297
  3,431
  3,574
  3,725
  3,886
  4,056
  4,236
  4,427
  4,628
  4,841
  5,065
  5,302
  5,551
  5,814
  6,091
  6,382
  6,689
  7,012
  7,351
  7,709
Variable operating expenses, $m
  446
  454
  463
  472
  483
  495
  508
  523
  538
  554
  461
  479
  499
  520
  543
  567
  592
  618
  647
  676
  708
  741
  776
  812
  851
  892
  935
  980
  1,027
  1,077
Fixed operating expenses, $m
  1,948
  1,991
  2,035
  2,079
  2,125
  2,172
  2,220
  2,268
  2,318
  2,369
  2,421
  2,475
  2,529
  2,585
  2,642
  2,700
  2,759
  2,820
  2,882
  2,945
  3,010
  3,076
  3,144
  3,213
  3,284
  3,356
  3,430
  3,505
  3,583
  3,661
Total operating expenses, $m
  2,394
  2,445
  2,498
  2,551
  2,608
  2,667
  2,728
  2,791
  2,856
  2,923
  2,882
  2,954
  3,028
  3,105
  3,185
  3,267
  3,351
  3,438
  3,529
  3,621
  3,718
  3,817
  3,920
  4,025
  4,135
  4,248
  4,365
  4,485
  4,610
  4,738
Operating income, $m
  3
  8
  18
  34
  56
  83
  116
  154
  198
  248
  415
  477
  545
  620
  701
  789
  885
  988
  1,100
  1,219
  1,347
  1,485
  1,632
  1,789
  1,956
  2,134
  2,325
  2,527
  2,742
  2,970
EBITDA, $m
  139
  144
  155
  172
  194
  222
  256
  295
  341
  392
  449
  512
  581
  658
  741
  831
  928
  1,033
  1,147
  1,268
  1,399
  1,539
  1,688
  1,848
  2,018
  2,199
  2,393
  2,598
  2,817
  3,049
Interest expense (income), $m
  34
  42
  44
  46
  48
  50
  52
  55
  58
  62
  65
  69
  73
  77
  82
  87
  92
  97
  103
  110
  116
  123
  130
  138
  146
  154
  163
  173
  183
  193
  204
Earnings before tax, $m
  -39
  -36
  -27
  -13
  6
  31
  61
  96
  137
  183
  346
  404
  468
  538
  614
  697
  788
  885
  990
  1,103
  1,224
  1,355
  1,494
  1,643
  1,802
  1,971
  2,152
  2,344
  2,548
  2,766
Tax expense, $m
  0
  0
  0
  0
  2
  8
  16
  26
  37
  49
  93
  109
  126
  145
  166
  188
  213
  239
  267
  298
  331
  366
  403
  444
  486
  532
  581
  633
  688
  747
Net income, $m
  -39
  -36
  -27
  -13
  4
  22
  44
  70
  100
  134
  253
  295
  342
  393
  448
  509
  575
  646
  723
  805
  894
  989
  1,090
  1,199
  1,315
  1,439
  1,571
  1,711
  1,860
  2,019

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
  2,287
  2,340
  2,400
  2,467
  2,542
  2,624
  2,714
  2,810
  2,915
  3,027
  3,146
  3,274
  3,410
  3,554
  3,708
  3,870
  4,042
  4,224
  4,416
  4,619
  4,833
  5,059
  5,297
  5,548
  5,812
  6,090
  6,383
  6,691
  7,015
  7,356
Adjusted assets (=assets-cash), $m
  2,287
  2,340
  2,400
  2,467
  2,542
  2,624
  2,714
  2,810
  2,915
  3,027
  3,146
  3,274
  3,410
  3,554
  3,708
  3,870
  4,042
  4,224
  4,416
  4,619
  4,833
  5,059
  5,297
  5,548
  5,812
  6,090
  6,383
  6,691
  7,015
  7,356
Revenue / Adjusted assets
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
  1.048
Average production assets, $m
  731
  748
  767
  789
  813
  839
  867
  898
  932
  967
  1,006
  1,046
  1,090
  1,136
  1,185
  1,237
  1,292
  1,350
  1,412
  1,476
  1,545
  1,617
  1,693
  1,773
  1,858
  1,947
  2,040
  2,139
  2,242
  2,351
Working capital, $m
  273
  280
  287
  295
  304
  314
  324
  336
  348
  362
  376
  391
  407
  425
  443
  462
  483
  505
  528
  552
  577
  604
  633
  663
  694
  728
  763
  799
  838
  879
Total debt, $m
  810
  843
  881
  923
  970
  1,022
  1,078
  1,139
  1,205
  1,275
  1,350
  1,430
  1,516
  1,607
  1,703
  1,806
  1,914
  2,028
  2,149
  2,277
  2,411
  2,553
  2,703
  2,861
  3,027
  3,202
  3,386
  3,580
  3,783
  3,998
Total liabilities, $m
  1,439
  1,472
  1,510
  1,552
  1,599
  1,651
  1,707
  1,768
  1,833
  1,904
  1,979
  2,059
  2,145
  2,236
  2,332
  2,434
  2,543
  2,657
  2,778
  2,905
  3,040
  3,182
  3,332
  3,490
  3,656
  3,831
  4,015
  4,208
  4,412
  4,627
Total equity, $m
  849
  868
  890
  915
  943
  974
  1,007
  1,043
  1,081
  1,123
  1,167
  1,215
  1,265
  1,319
  1,376
  1,436
  1,500
  1,567
  1,638
  1,714
  1,793
  1,877
  1,965
  2,058
  2,156
  2,259
  2,368
  2,482
  2,602
  2,729
Total liabilities and equity, $m
  2,288
  2,340
  2,400
  2,467
  2,542
  2,625
  2,714
  2,811
  2,914
  3,027
  3,146
  3,274
  3,410
  3,555
  3,708
  3,870
  4,043
  4,224
  4,416
  4,619
  4,833
  5,059
  5,297
  5,548
  5,812
  6,090
  6,383
  6,690
  7,014
  7,356
Debt-to-equity ratio
  0.950
  0.970
  0.990
  1.010
  1.030
  1.050
  1.070
  1.090
  1.110
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.280
  1.290
  1.310
  1.330
  1.340
  1.360
  1.380
  1.390
  1.400
  1.420
  1.430
  1.440
  1.450
  1.460
Adjusted equity ratio
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -39
  -36
  -27
  -13
  4
  22
  44
  70
  100
  134
  253
  295
  342
  393
  448
  509
  575
  646
  723
  805
  894
  989
  1,090
  1,199
  1,315
  1,439
  1,571
  1,711
  1,860
  2,019
Depreciation, amort., depletion, $m
  135
  136
  137
  137
  138
  139
  140
  141
  142
  143
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
Funds from operations, $m
  96
  100
  109
  124
  143
  162
  184
  211
  242
  277
  286
  330
  378
  430
  488
  550
  618
  691
  770
  854
  945
  1,043
  1,147
  1,258
  1,377
  1,504
  1,639
  1,782
  1,935
  2,098
Change in working capital, $m
  5
  6
  7
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
Cash from operations, $m
  91
  94
  102
  116
  134
  152
  174
  200
  230
  264
  272
  315
  362
  413
  470
  531
  597
  669
  747
  830
  920
  1,016
  1,118
  1,228
  1,345
  1,471
  1,604
  1,746
  1,896
  2,057
Maintenance CAPEX, $m
  -24
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
New CAPEX, $m
  -15
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -98
  -104
  -109
Cash from investing activities, $m
  -39
  -41
  -44
  -48
  -50
  -53
  -57
  -60
  -63
  -67
  -70
  -75
  -78
  -82
  -87
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
  -151
  -159
  -166
  -175
  -184
Free cash flow, $m
  52
  52
  58
  69
  83
  98
  117
  140
  166
  197
  201
  240
  283
  331
  383
  440
  501
  568
  640
  718
  802
  892
  988
  1,092
  1,202
  1,320
  1,445
  1,579
  1,722
  1,873
Issuance/(repayment) of debt, $m
  27
  33
  38
  42
  47
  52
  56
  61
  66
  70
  75
  80
  86
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
Issuance/(repurchase) of shares, $m
  57
  56
  50
  38
  23
  8
  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  
  84
  89
  88
  80
  70
  60
  56
  61
  66
  70
  75
  80
  86
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
Total cash flow (excl. dividends), $m
  136
  141
  145
  150
  154
  158
  173
  201
  232
  267
  277
  321
  369
  422
  479
  542
  609
  683
  761
  846
  937
  1,034
  1,138
  1,249
  1,368
  1,495
  1,629
  1,773
  1,925
  2,087
Retained Cash Flow (-), $m
  -57
  -56
  -50
  -38
  -28
  -30
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -126
Prev. year cash balance distribution, $m
  119
  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
  198
  86
  96
  111
  126
  128
  140
  165
  193
  226
  232
  273
  318
  368
  422
  481
  546
  615
  690
  771
  857
  950
  1,050
  1,156
  1,270
  1,391
  1,521
  1,659
  1,805
  1,961
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
  190
  78
  83
  92
  98
  93
  95
  103
  111
  118
  110
  117
  121
  124
  124
  122
  119
  113
  106
  98
  89
  79
  69
  59
  49
  41
  33
  26
  20
  15
Current shareholders' claim on cash, %
  98.0
  96.1
  94.4
  93.2
  92.5
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2

Wolverine World Wide, Inc. is a designer, manufacturer and marketer of a range of casual footwear and apparel, outdoor and athletic footwear and apparel, children's footwear, industrial work boots and apparel, and uniform shoes and boots. It operates in four segments: Wolverine Outdoor & Lifestyle Group, which offers Merrell footwear and apparel, Cat footwear, Hush Puppies footwear and apparel, and Chaco footwear; Wolverine Boston Group, which offers Sperry footwear and apparel, Saucony footwear and apparel, and Keds footwear and apparel; Wolverine Heritage Group, which offers Wolverine footwear and apparel, Bates uniform footwear, Harley-Davidson footwear and HyTest safety footwear, and Wolverine Multi-Brand Group, which offers Stride Rite footwear and apparel, and its multi-brand consumer-direct businesses. It also operates a performance leather business. The Wolverine Leathers Division markets pigskin leather for use primarily in the footwear industry.

FINANCIAL RATIOS  of  Wolverine World Wide (WWW)

Valuation Ratios
P/E Ratio 36.4
Price to Sales 1.3
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 13.3
Growth Rates
Sales Growth Rate -7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 80.7%
Total Debt to Equity 84.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 12.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 38.8%
Gross Margin - 3 Yr. Avg. 39.1%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 20.7%
Eff/ Tax Rate - 3 Yr. Avg. 24.2%
Payout Ratio 27.3%

WWW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WWW stock intrinsic value calculation we used $2350 million for the last fiscal year's total revenue generated by Wolverine World Wide. The default revenue input number comes from 0001 income statement of Wolverine World Wide. 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 WWW stock valuation model: a) initial revenue growth rate of 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 WWW is calculated based on our internal credit rating of Wolverine World Wide, 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 Wolverine World Wide.
    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 WWW stock the variable cost ratio is equal to 18.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1906 million in the base year in the intrinsic value calculation for WWW 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 Wolverine World Wide.

Corporate tax rate of 27% is the nominal tax rate for Wolverine World Wide. 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 WWW 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 WWW are equal to 30.5%.

Life of production assets of 34.7 years is the average useful life of capital assets used in Wolverine World Wide 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 WWW is equal to 11.4%. 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 - $949.6 million for Wolverine World Wide - 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 95.088 million for Wolverine World Wide 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 Wolverine World Wide at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ [$$] Why Ill always want to look like a superhero   [Nov-21-18 12:00AM  Financial Times]
▶ Wolverine: 3Q Earnings Snapshot   [08:32AM  Associated Press]
▶ Wolverine Worldwide Declares Quarterly Dividend   [Nov-01-18 05:20PM  PR Newswire]
▶ Wolverine: 2Q Earnings Snapshot   [06:50AM  Associated Press]
▶ Wolverine World Wide's Q2 Earnings Preview   [Aug-07-18 02:21PM  Benzinga]
▶ Wolverine Worldwide Declares Quarterly Dividend   [Aug-01-18 06:20PM  PR Newswire]
▶ [$$] Correction   [May-19-18 12:01AM  Barrons.com]
▶ 3 Investment Miracles   [May-15-18 07:00AM  Morningstar]
▶ Wolverine Gets a Quant Upgrade   [May-11-18 03:22PM  TheStreet.com]
▶ Benzinga Pro's 5 Stocks To Watch Today   [May-09-18 08:45AM  Benzinga]
▶ Wolverine: 1Q Earnings Snapshot   [06:46AM  Associated Press]
▶ [$$] Wolverine Could Face Mounting Cleanup Costs   [May-05-18 12:01AM  Barrons.com]
▶ Wolverine Worldwide Declares Quarterly Dividend   [May-03-18 04:15PM  PR Newswire]
▶ Is Wolverine World Wide Inc (NYSE:WWW) Undervalued?   [Apr-11-18 04:31PM  Simply Wall St.]
▶ Saucony, Dunkin' team up to create a truly Boston sneaker. Here's what it looks like.   [Mar-27-18 11:08AM  American City Business Journals]
▶ Wolverine reports 4Q loss   [06:59AM  Associated Press]
▶ Dow Leads As Apple Reverses Higher; India Sends Bitcoin Crashing   [Feb-01-18 01:35PM  Investor's Business Daily]
▶ Correction: Contaminated Water-Michigan story   [Jan-11-18 10:19AM  Associated Press]
▶ Wolverine World Wide Getting Closer To Key Technical Benchmark   [Nov-30-17 03:00AM  Investor's Business Daily]

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