PVH  Phillips-van Heusen Corporatio...

Exchange

NYSE

Sector

Consumer Non-Durables

Industry

Apparel

Market Cap.

7.26B

Vuru Grade

60.52/100

Current Price

$91.57
+0.81 (+0.89%)

Growth Price

$151.94
Undervalued by 65.93%

Stability Price

$130.97
Undervalued by 43.02%

Company Metrics

  • P/E 12.81
  • P/S 0.88
  • P/B 1.5
  • EPS 7.15
  • Cash ROIC 5.45%
  • Cash Ratio 0.36
  • Dividend 0.15 / 0.17%
  • Avg. Vol. 1.36M
  • Shares 79.28M
  • Market Cap. 7.26B

Company Description

Phillips-Van Heusen Corporation designs and markets branded dress shirts, neckwear, sportswear, footwear, and other related products worldwide. The company's Calvin Klein Licensing segment licenses Calvin Klein Collection, ck Calvin Klein, and Calvin Klein brands for sportswear, jeanswear, underwear, fragrances, eyewear, men's tailored clothing, women's suits and dresses, hosiery, socks, footwear,... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

News

Agree To Purchase PVH Corp At $60, Earn 2.5% Annualized Using Options
Nasdaq - Feb 22, 2017
Investors considering a purchase of PVH Corp (Symbol: PVH) stock, but cautious about paying the going market price of $90.81/share, might benefit from considering selling puts among the alternative strategies at their disposal.
PVH Corp. (PVH) Ex-Dividend Date Scheduled for February 22, 2017
Nasdaq - Feb 21, 2017
PVH Corp. ( PVH ) will begin trading ex-dividend on February 22, 2017. A cash dividend payment of $0.038 per share is scheduled to be paid on March 24, 2017.
Today Analysts Focus on GameStop Corp. (GME), PVH Corp. (PVH) - StockNewsJournal
Stock Price of PVH Corp. (PVH) Increases 0.22% - Highland Mirror
PVH Corp. (PVH) Moves Higher on Volume Spike for February 24
Equities.com - 22 hours ago
PVH Corp. (PVH) traded on unusually high volume on Feb. 24, as the stock gained 0.89% to close at $91.57. On the day, PVH Corp. saw 2.21 million shares trade hands on 15,975 trades. Considering that the stock averages only a daily volume of 1.25 ...
PVH Corp. (PVH) Position Cut by Trexquant Investment LP - BNB Daily (blog)
The PVH Corp. (PVH) Position Cut by the CIBC Asset Management Inc - DailyQuint
PVH Corp. (PVH) Moves Higher on Volume Spike for February 08
Equities.com - Feb 8, 2017
PVH Corp. (PVH) traded on unusually high volume on Feb. 08, as the stock gained 2% to close at $87.19. On the day, PVH Corp. saw 2.85 million shares trade hands on 24,127 trades. Considering that the stock averages only a daily volume of 1.18 million ...
PVH Corp. (PVH) Dips 3.22% for January 27
Equities.com - Jan 27, 2017
Among the S&P 500's biggest fallers on Friday January 27 was PVH Corp. (PVH). The stock experienced a 3.22% decline to $90.30 with 1.05 million shares changing hands.
Buy or Sell? What Analysts Recommends: PVH Corp. (PVH), Paramount Group, Inc ...
StockNewsJournal - Feb 24, 2017
Investors who are keeping close eye on the stock of PVH Corp. (NYSE:PVH) established that the company was able to keep return on investment at 6.08 in the trailing twelve month while Reuters data showed that industry's average stands at 9.53 and sector ...
What's the Latest News on PVH Corporation?
Market Realist - Jan 27, 2017
PVH Corporation (PVH) has a market cap of $7.5 billion. It fell 1.6% and closed at $93.30 per share on January 26, 2017. The stock's weekly, monthly, and YTD (year-to-date) price movements were 1.9%, 3.6%, and 3.4%, respectively, on the same day.
Broker Outlook For The Week Ahead PVH Corp. (NYSE:PVH) - Fiscal Standard
Analysts Watch PVH Corp. (NYSE:PVH) And Issue New Targets - NewsDen
Stock Returns: PVH Corp. (NYSE:PVH) is Beating Michael Kors Holdings Limited ...
CML News - Feb 22, 2017
This is a snapshot to compare the stock returns for Michael Kors Holdings Limited (NYSE:KORS) versus PVH Corp. (NYSE:PVH) .
Forward Earnings Estimate of PVH Corp.(PVH)
Highland Mirror - Feb 10, 2017
PVH Corp. will release next earnings on Mar 22, 2017 with an estimated EPS consensus of $1.23. Based on the consensus of stock financial advisors the stock has a price target of $114.55.
The Case for and Against PVH Corp. (PVH)
StockNewsJournal - Feb 9, 2017
PVH Corp. (PVH) is an interesting player in the Consumer Goods space, with a focus on Textile - Apparel Clothing. The stock has been active on the tape, currently trading at $87.19, up from yesterday's close by 2.00%.
Avalon Global Asset Management LLC Acquires 5000 Shares of PVH Corp. (PVH) - Sports Perspectives
The Polianta Ltd Purchases New Position in PVH Corp. (PVH) - DailyQuint
Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for PVH to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate PVH's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$91.57 Current Price

$151.94 Growth Price (DCF)

Undervalued by 65.93%


Growth Rate Assumed by Market: -10.94%


Future Free Cash Flow Growth Rate: 15.0%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$130.97 Stability Price (EPV)

Undervalued by 43.02%


Discount Rate: 15.0%

$120.94 Book Price

Undervalued by 32.08%


Poor Cash Return on Invested Capital over the past 5 years

PVH has been unable to consistently generate sufficient returns from its investments in buildings, projects and equipment. This could be due to poor management, lack of an economic moat or the capital intensive nature of the business.

PVH has only created $5.45 of cash for every $100 invested.
Figures in USD. Fiscal year ends in January
20122013201420152016
Free Cash Flow 320.88M 358.98M 174.72M 533.30M 635.80M
divided by
Invested Capital 5.48B 5.73B 9.43B 9.02B 8.61B
Cash ROIC 5.86% 6.27% 1.85% 5.91% 7.38%

Satisfactory Return on Equity over the past 5 years

PVH has generated adequate returns with capital that shareholders have invested. This is sufficient and implies that management performance has been good.

PVH has generated $10.20 of Earnings for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in January
20122013201420152016
Net Income 317.88M 433.84M 143.48M 438.90M 572.40M
divided by
Stockholders' Equity 2.72B 3.25B 4.34B 4.36B 4.55B
Return on Equity 11.71% 13.34% 3.31% 10.06% 12.57%

Excellent Business Performance over the past 10 years

PVH has been able to maintain profitability in good times and bad. This could mean PVH has an extremely strong business or has the ability to scale down costs when needed. This should be a fairly resilient business, but double check for future sustainability by looking at its Risk Factors in the Annual Report.

PVH has created positive free cash flow for 9 or more of the past 10 years.
Figures in USD. Fiscal year ends in January
2007200820092010201120122013201420152016
Free Cash Flow 208.30M 126.29M 150.61M 190.60M 251.23M 320.88M 358.98M 174.72M 533.30M 635.80M

Weak Balance Sheet

PVH's financial position is not ideal. The key is to check whether PVH is using debt to fuel its growth and the sustainability of that tendency. Highly capital intensive businesses (see Economic Moat) follow this route, which can deeply impact the future prospects of the business.
Figures in USD. Fiscal year ends in January
2007200820092010201120122013201420152016
Cash 366.10M 269.91M 328.17M 480.88M 498.72M 233.20M 892.21M 593.16M 479.30M 556.40M
Current Assets 785.00M 836.22M 864.43M 994.88M 1.81B 1.74B 2.44B 3.00B 2.90B 2.81B
Total Assets 2.00B 2.17B 2.20B 2.34B 6.74B 6.75B 7.78B 11.58B 10.93B 10.70B
Current Liabilities 283.17M 360.15M 349.24M 362.88M 908.16M 1.04B 1.16B 1.55B 1.43B 1.53B
Total Liabilities 1.06B 1.22B 1.20B 1.17B 4.29B 4.04B 4.53B 7.24B 6.57B 6.14B
Stockholder' Equity 942.16M 956.28M 998.80M 1.17B 2.44B 2.72B 3.25B 4.34B 4.36B 4.55B
Current Ratio 2.77 2.32 2.48 2.74 1.99 1.67 2.10 1.93 2.03 1.84
TL-to-TA 0.53 0.56 0.55 0.50 0.64 0.60 0.58 0.63 0.60 0.57

Consistent Reinvestment of Profits over the past 10 years

PVH has consistently retained profits. This may put PVH in a strong position to invest for the future, by buying new machinery, investing in R&D or a number of other options. By effectively using these earnings, PVH can greatly improve their long-term economic picture.
Figures in USD. Fiscal year ends in January
2007200820092010201120122013201420152016
Retained Earnings 388.56M 558.54M 642.18M 796.28M 840.07M 1.15B 1.45B 1.57B 2.00B 2.56B
Retained Earnings Growth - 43.75% 14.98% 24.00% 5.50% 36.55% 26.03% 8.93% 27.09% 27.98%

Competitive Industry over the past 10 years

PVH is likely operating in an industry with medium to low barriers to entry. This may mean that PVH doesn't have a characteristic that's hard to replicate, such as exclusive distribution, branding or the ability to keep costs low. If Gross Margins are at least satisfactory, it's likely that PVH invests heavily in R&D and Sales, General & Administrative expenses.

Only $5.34 of every $100 of Revenue have been profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in January
2007200820092010201120122013201420152016
Net Income 155.23M 183.32M 91.77M 161.91M 53.81M 317.88M 433.84M 143.48M 438.90M 572.40M
divided by
Revenue 2.09B 2.43B 2.49B 2.40B 4.64B 5.89B 6.04B 8.19B 8.24B 8.02B
Net Profit Margin 7.42% 7.56% 3.68% 6.75% 1.16% 5.40% 7.18% 1.75% 5.33% 7.14%

Strong Pricing Power over the past 10 years

PVH has maintained substantial gross margins, suggesting that they have been able to set prices without consideration of the cost of goods sold. This potentially leaves flexibility in inflationary environments to raise prices on consumers and maintain profitability.

$55.78 of every $100 worth of sales have been Gross Profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in January
2007200820092010201120122013201420152016
Gross Profit 1.03B 1.19B 1.20B 1.18B 2.42B 5.89B 3.25B 4.22B 4.33B 4.16B
divided by
Revenue 2.09B 2.43B 2.49B 2.40B 4.64B 5.89B 6.04B 8.19B 8.24B 8.02B
Gross Margin 49.26% 49.11% 48.18% 49.30% 52.23% 100.00% 53.77% 51.54% 52.50% 51.89%

High Capital Intensity over the past 10 years

PVH spends large amounts of capital buying new equipment or investing in new facilities to stay competitive. Over the long term, those costs may have to be fuelled by debt. Look at the growth of Shareholders' Equity to see if this strategy is having a positive or negative impact.

75.15% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in January
2007200820092010201120122013201420152016
Capital Expenditure 46.16M 94.75M 88.14M 23.86M 101.00M 169.84M 210.55M 237.14M 255.80M 263.80M
divided by
Net Income 155.23M 183.32M 91.77M 161.91M 53.81M 317.88M 433.84M 143.48M 438.90M 572.40M
Capital Expenditure Ratio 29.74% 51.69% 96.04% 14.73% 187.71% 53.43% 48.53% 165.28% 58.28% 46.09%

Very Strong Dividend History over the past 10 years

PVH has consistently distributed a dividend for at least the past 10 years. Such a long dividend history suggests PVH is very established in its market and that its dividend distribution is likely to continue for a significant period of time.
Figures in USD. Fiscal year ends in January
2007200820092010201120122013201420152016
Dividend Paid 11.09M 8.45M 7.76M 7.81M 10.02M 10.87M 10.99M 12.29M 12.50M 12.50M
divided by
Shares Outstanding 53.48M 57.11M 52.20M 52.51M 67.38M 72.92M 73.88M 82.62M 83.30M 83.10M
Dividend Paid Per Share 0.21 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15
Price at Year End 36.90 19.11 41.10 63.69 70.49 108.22 134.69 127.36 73.15 90.24
Dividend Yield 0.56% 0.77% 0.36% 0.23% 0.21% 0.14% 0.11% 0.12% 0.21% 0.17%

History of Stock Buybacks over the past 10 years

PVH has some history of delivering increased value for shareholders in the form of stock buybacks. These have helped improve financial metrics and increase each shareholders' relative ownership stake in the company, due to fewer shares outstanding and holding the same number of shares.
Figures in USD. Fiscal year ends in January
2007200820092010201120122013201420152016
Shares Outstanding 53.48M 57.11M 52.20M 52.51M 67.38M 72.92M 73.88M 82.62M 83.30M 83.10M
Stock Bought Back - -6.35% 9.40% -0.58% -22.07% -7.60% -1.29% -10.58% -0.82% 0.24%
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