Title

Express, Inc: A Financial Analysis and Valuation

Date of Award

Winter 12-17-2020

Document Type

Project (696 or 796 registration)

Degree Name

Master of Science in Accounting & Finance

Department

Graduate Studies

Committee Chair

Mohamed Elbannen

Keywords

Express, Inc., valuation, analysis, financial, hold

Abstract

Express, Inc., based out of Columbus, Ohio, is a publicly traded company in the Retail Sector. As the leader in the Women’s Clothing Stores Industry, Express specializes in both men’s and women’s apparel and accessories. In addition to its traditional retail and outlet brick-and-mortar stores, Express sells merchandise through an e-commerce website and a mobile app. Express opened its first store in Chicago, Illinois in 1980. In 2001 they became a dual gender brand. In 2007 Express became a privately held company but eventually became publicly traded on the New York Stock Exchange in 2010. The company first launched express.com in 2008. Express opened their first factory outlet in 2014 and three years later their e-commerce sales surpassed $500 million. Currently, Express is one of the largest fashion apparel brands in the United States. In this report I will analyze and compare Express’s financials, history, and industry data to a benchmark company. I will use a spreadsheet in order to value to company as well. After this research and calculations, I have come to the conclusion that the company is undervalued at $4.32 per share when my valuation spreadsheet predicts the price should be $4.31 per share. Therefore, I would recommend a hold recommendation to investors, especially based on stock price trends over the years.

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