Specialty Retail – Other

Murphy USA, Inc. (NYSE: MUSA) – FYE 12/2017 UNDER VALUED The stock is currently trading at levels below my most recent $166 fair value estimate. Please See Linked Worksheet
Posted on 03/19/18

Sally Beauty Holdings, Inc.
The company had an average year with Sales flat and Cost of Sales down roughly 2%. Y-O-Y Free Cash Flow increased by 36% and the company still maintains a negative Book Value, Tangible Book Value, and Net Current Asset Value. The company was also able to increased Deferred Taxes by roughly 5% and spent $346M buying back stock while not spending a dime on dividends. Management continues with its reorganization plans for both domestic and international operations, but even with that, I simply don’t see much of an addition to the bottom line. So while I may have determined that the stock is under valued, I simply don’t find any reason to want to own it.

Sally Beauty Holdings, Inc. (NYSE: SBH) – FYE 09/2017 – UNDER VALUED – The stock is currently trading below my $43 fair value estimate – Please See Linked Worksheet

Titan Machinery, Inc. (Nasdaq: TITN) – FYE 01/2017

Ulta Salon Cosmetics and Fragrance, Inc. (Nasdaq: ULTA) – FYE 01/2017

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.