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TheStreet Open House
Tiffany & Co
TIF : NYSE : Services
$99.55 | %
Today's Range: 99.33 - 100.64
Avg. Daily Volume: 878,400
09/19/14 - 4:02 PM ET

Financial Analysis


TIFFANY & CO's gross profit margin for the second quarter of its fiscal year 2014 is essentially unchanged when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same quarter a year ago. TIFFANY & CO has weak liquidity. Currently, the Quick Ratio is 0.88 which shows a lack of ability to cover short-term cash needs. The company's liquidity has decreased from the same period last year, indicating deteriorating cash flow.

During the same period, stockholders' equity ("net worth") has increased by 7.64% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the future.

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Income Statement Q2 FY14 Q2 FY13
Net Sales ($mil)992.93925.88
EBITDA ($mil)255.88219.7
EBIT ($mil)208.52176.89
Net Income ($mil)124.12106.78


Balance Sheet Q2 FY14 Q2 FY13
Cash & Equiv. ($mil)398.43489.66
Total Assets ($mil)4935.834731.72
Total Debt ($mil)1025.5964.22
Equity ($mil)2930.382722.3


Profitability Q2 FY14 Q2 FY13
Gross Profit Margin64.7162.1
EBITDA Margin25.7623.72
Operating Margin21.019.1
Sales Turnover0.850.83
Return on Assets4.879.15
Return on Equity8.2115.91
Debt Q2 FY14 Q2 FY13
Current Ratio5.155.5
Debt/Capital0.260.26
Interest Expense0.00.0
Interest Coverage0.00.0


Share Data Q2 FY14 Q2 FY13
Shares outstanding (mil)129.3127.95
Div / share0.380.34
EPS0.960.83
Book value / share22.6621.28
Institutional Own % n/a n/a
Avg Daily Volume852442.01200430.0

Valuation


BUY. TIFFANY & CO's P/E ratio indicates a significant premium compared to an average of 23.04 for the Specialty Retail industry and a significant premium compared to the S&P 500 average of 19.69. To use another comparison, its price-to-book ratio of 4.46 indicates a significant premium versus the S&P 500 average of 2.72 and a significant discount versus the industry average of 6.47. The price-to-sales ratio is well above both the S&P 500 average and the industry average, indicating a premium. The valuation analysis reveals that, TIFFANY & CO seems to be trading at a premium to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
TIF 54.68 Peers 23.04   TIF 69.83 Peers 18.37

Premium. A higher P/E ratio than its peers can signify a more expensive stock or higher growth expectations.

TIF is trading at a significant premium to its peers.

 

Premium. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

TIF is trading at a significant premium to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
TIF 20.71 Peers 19.35   TIF 0.26 Peers 1.96

Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations.

TIF is trading at a premium to its peers.

 

Discount. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

TIF trades at a significant discount to its peers.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
TIF 4.46 Peers 6.47   TIF -45.11 Peers 20.38

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

TIF is trading at a significant discount to its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, TIF is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
TIF 3.10 Peers 1.34   TIF 7.79 Peers 6.68

Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

TIF is trading at a significant premium to its industry.

 

Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share.

TIF has a sales growth rate that exceeds its peers.

 

 

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