06-04-2017: Ascena Retail Group Inc. (ASNA):

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Recommendation

Ascena Retail Group Inc.

Ascena Retail Group, Inc. (ASNA) was picked by us for review in an attempt to maintain diversification in our portfolio. The problem with doing that is that stocks in a neglected industry group are often the worst performers, and the apparel group is no exception. Either we are looking at a super turnaround situation where a nearly penny stock which represents the nation's largest retailer of women's fashions, or we are looking at a company about to go bankrupt or be delisted. Ascena has been gobbling up competitors right and left, allowing them to retain their iconic brand names. But these individual brands were up for sale for a reason. Ascena claims to have attained synergy advantages of scale and size in bringing down costs and increasing selection, speeding up deliveries, and giving more individual customer attention.

What we find really odd is that companys like ASNA in this group feel threatened by competition from the giant on-line retailers like Amazon.Com in particular. This makes little sense to us. We feel most people who buy clothing would prefer to see, touch, feel, try on what they are buying rather than relying upon an internet description. Ascena is trying to update stores to emphasize this advantage with better layouts. Lane Bryant in particular is where this is happening. The company has issued a huge string of public relations news announcements about Lane Bryant store "re-openings" in individual cities across the country.

At the beginning of the year, ASNA was a $6 ot $7 stock, but now has plunged below $2 on disappointing earnings. However, projected earnings by analysts are much higher. The company received a poor Zenith Index rating indicating poor fundamentals, which are echoed by most researchers, almost all of whom are unfavorable.

Ascena has many iconic brands one sees often in discount shopping malls. Ascena Retail Group, Inc. (ASNA) is the nation's largest retail clothing store chain catering only to women. It operates in four segments, fashion, value, plus, and kids. "Fashion" includes stores like Ann Taylor, "value" includes stores like Dress Barn, "plus" stores like Catherine's for heavy-set women, and "kids" for children. Each segment has a unique position relative to competition in the "fashion" versus "price" matrix. It has one of the best websites explaining this positioning we have seen. This corporation has been on an extreme acquisition trail, gobbling up independent chains but allowing them totally to retain their identities. As it becomes bigger and bigger, it applies synergy (scale) advanages to bring down operating costs, and applies expertise to remodeling stores to meet changing demographics and competition.

The company has one of the best overall websites we've seen. It describes the corporation strategies, meeting the challenge of competition from other retailers, and in particular Amazon.Com. Each of its acquisitions with retained identities has its own website and internet marketing capability, and the company clearly recognizes that an "in-store" experience can trump attempts to buy on-line without actually being able to handle the garments beforehand, and is working to make that experience better. There are glitzy annual reports and CEO Letters to Shareholders in the website we have found lacking in some competitors, as America turns to "conference calls" by competitors in lieu, a trend we do not like in others.

Analysts seem to like the size aspect of this retail chain to make it "safer" as a stock than the individual competitors it acquired operating alone. Size and strength of the organization also allow it to offer increases dress sizes and variety of fashions.

Looking at the stock chart, our suggestion would be to sacrifice a dollar per share or two to wait until the stock builds some upward momentum before jumping in. Do not try to buy at the bottom nor sell at the top. Instead, increase your odds of success by letting someone else such as a large fund take the risk of jumping in first, and ride the upward momentum if some is generated to overcome selling pressure. Institutions are net sellers but we regard as positive that Dimensional Fund Advisors is among primary institutional holders who are buying.

At one time, one of the subsidiaries, Dress Barn, was a heavily-traded popular stock. At the time it was acquired by Ascena, Ascena's stock quotes seemed to get messed up a bit and there is a gap in there somewhere reflected by most data services of a year or more.



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Ascena Retail Group, Inc. (ASNA)                          Exchange: Nasdaq
933 MacArthur Boulevard
Mahwah, NJ 07430                 Sector: Services
United States                    Industry:Apparel Stores

Ascena Retail Group, Inc., through its subsidiaries, operates as a
specialty retailer of apparel, shoes, and accessories for women and
tween girls in the United States, Canada, and Puerto Rico. The company
operates through six segments: ANN, Justice, Lane Bryant, maurices,
dressbarn, and Catherines. It creates, designs, and develops a range of
merchandise, including apparel, accessories, footwear, and intimates;
lifestyle products comprising cosmetics, bedroom furnishings, and
electronics; and wear-to-work, casual sportswear, footwear, and social
occasion apparel. The company also offers casual clothing, career wear,
dressy apparel, and active wear, as well as special occasion and classic
apparel. Its principal brands comprise ANN TAYLOR, LOFT, ANN TAYLOR
LOFT, LOU & GREY, JUSTICE, LANE BRYANT, LANE BRYANT OUTLET, CACIQUE,
RIGHT FIT, MAURICES, DRESSBARN, CATHERINES, CATHERINES PLUS SIZES,
MAGGIE BARNES, LIZ&ME, SERENADA, DRESSBAR, 6th & LANE, and MAURICES IN
MOTION. As of July 30, 2016, the company operated approximately 4,900
stores. It also offers its products through its Websites, including
anntaylor.com, LOFT.com, louandgrey.com, shopjustice.com,
lanebryant.com, cacique.com, maurices.com, dressbarn.com, and
catherines.com. The company was formerly known as Dress Barn, Inc. and
changed its name to Ascena Retail Group, Inc. in January 2011. Ascena
Retail Group, Inc. was founded in 1962 and is based in Mahwah, New Jersey.

Last Trade:   1.73                           52-Week Range:   9.12 -   1.65
Employees: 16,000                            Avg.Volume:   4,159,369 Shares

Corporate Governance:
Pillar scores are Audit: 2; Board: 4; Shareholder Rights: 4; Compensation: 1.
         (A lower number means less governance risk.)

EPS:  0.04    Dividend Amount: $ 0.00          Yield:  0.00%
             Ex-Dividend Date: N/A             Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:  48.61              Forward P/E (est.):   5.30
                                           Target Price:   3.92

Qrtly Stock Price Growth (yoy): -75.50%               Beta:   1.75
Qrtly S&P Index   Growth (yoy):  -5.10%        Short Ratio:  10.12%
    Qrtly Revenue Growth (yoy):  15.08%         Shares Out:  191730000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:   9.70                    Debt/Equity:  82.39%
    Price/Book Value:   0.18        Operating Profit Margin:   3.21%
         Price/Sales:   0.05                  Profit Margin:   0.12%
         Market Cap:     335,524,000       Return on Equity:   0.43%
    Enterprise Value:               0      Return on Assets:   2.56%

    Operating Cash Flow:    499,200,000
         Free Cash Flow:    221,190,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             07/30/2016  07/25/2015   7/26/2014

  Total Revenue                              6,995,400   4,802,900   4,790,600
  Cost of Revenue                            3,066,700   2,133,700   2,130,600
  Gross Profit                               3,928,700   2,669,200   2,660,000

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative          3,398,800   2,347,800   2,208,600
  Non-Recurring Expenses                        77,400     338,100      47,000
  Other Operating Expenses                     358,700     218,200     193,600
  Total Operating Expenses                           0           0           0

Operating Income or Loss                        93,800    -234,900     210,800

Income from Continuing Operations:
  Total Other Income/Expenses Net                1,200         300        -800
  Earnings Before Interest & Taxes              95,000    -234,600     210,000
  Interest Expense                             103,300       6,000       6,500
  Income Before Taxes                           -8,300    -240,600     203,500
  Income Tax Expense                             3,600      -3,800      65,300
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                -11,900    -236,800     138,200

Non-recurring Events:
  Discontinued Operations                            0           0      -4,800
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   -11,900    -236,800     133,400
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              -11,900    -236,800     133,400




Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         07/30/2016    07/25/2015     7/26/2014

  Net Income                               -11,900      -236,800       138,200

Operating Activities:
  Depreciation                             485,600       218,200       193,600
  Adjustments to Net Income                -53,600       286,600       -13,800
  Changes in Accounts Recv'bls                   0             0             0
  Changes in Liabilities                   -73,300        94,500        89,000
  Changes in Investories                   111,400        63,900       -12,300
  Changes in other Oper'g Acts             -12,800         4,900       -15,200

Total Cash Flow f Operations               445,400       431,300       374,700

Investing Activities:
  Capital Exenditures                     -366,500      -312,500      -477,500
  Investments                               25,400         5,500       -27,400
  Other Cash Flows fr Investing         -1,494,600         8,900        42,200

Total Cash Flows from Investing         -1,835,700      -298,100      -462,700

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock                 -8,000         8,700        17,900
  Net Borrowings                         1,570,600       -56,000        36,400
  Other Cash Flows fr Financing                  0             0        42,200

Total Cash Flows from Financing          1,521,500       -49,500        58,500

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.               131,200        83,700       -29,500




Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          07/30/2016    07/25/2015     7/26/2014
Current Assets:
  Cash & Cash Equivalents                   371,800       240,600       156,900
  Short Term Investments                          0             0             0
  Net Receivables                                 0        88,500        46,700
  Inventory                                 649,300       489,300       553,200
  Other Current Assets                      218,900       131,500       166,800
  Total Current Assets                    1,240,000       949,900       923,600

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                1,630,100     1,170,000     1,110,600
  Goodwill                                1,279,300       319,700       581,400
  Intangible Assets                       1,268,700       388,300       435,400
  Accumulated Amortization                        0             0             0
  Other Assets                               88,200        78,300        72,800
  Deferred LT Asset Charges                       0             0             0

Total Assets                              5,506,300     2,906,200     3,123,800

Current Liabilities:
  Accounts Payable                          849,700       653,600       568,400
  Current Portion LT Debt                    54,000        54,000        54,000  Other Current Liabilities                 110,000        64,100        63,500
  Total Current Liabilities               1,013,700       771,700        685,900

  Long Term Debt                            849,700       653,600       568,400
  Other Liabilities                          54,000        54,000        54,000
  Deferred LT Liab. Charges                 110,000        64,100        63,500
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                         3,382,600     1,260,300     1,440,100

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                1,900         1,600         1,600
  Retained Earnings                         828,800       859,300     1,096,100
  Treasury Stock                                  0             0             0
  Capital Surplus                         1,050,300       669,800       642,200
  Other Stockhohlder Equity                 -17,700       -12,600        -2,200
  Total Stockholder Equity                1,863,300     1,518,100     1,737,700

Net Tangible Assets                        -684,700       810,100       720,900



Ascena Retail Group, Inc. (ASNA)            [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.5760          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    3.0000
Price/Sales Ratio < 2.3?   3.0000          Inventory/Sales < 5%?      0.5387
Sales < $1 Billion?        0.1430          Operating Margin < 7.5%?   2.3364

Balance Sheet Tests:
Debt/Equity < 0.40?        0.4855          Long-Term Debt Service:    1.3319
LTD Being Reduced?        -3.0000          Short-Term Debt Service:   0.9197
Current Ratio > 2?         0.6116          Working Capital >= 1.5?    1.2426
Leverage Ratio < 20%?      0.1555          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.1693
Share Equity Increase:     2.1010          Market Cap.< 1.5 Billion?  3.0000
                                           Intangibles < 3% Assets?   0.0648
Income Tests:
Profit Margin < 7.5%?      0.0160          EPS Annual Growth > 10%?   1.9899
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?     -1.6815
Enterprise Value/Revenue   0.0481          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      1.0000
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  0.9261
Stock Performance Tests:
Volatility > 25%?          3.0000          % Held by Insiders < 5%?   0.1972
Beta > 1.25?               1.4000          % Held by Institut. < 50?  0.6693
50 Da MA > 200 Da MA?     -2.6879          % Held by Institut. > 30?  2.4900
52-Wk Change vs. S&P 500: -3.0000          Short Ratio > 5?           2.0240
Price/Book Value < 3?      3.0000          Short % of Float > 20?     1.0835
Return on Assets > 17%?    0.1506          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  2.2569          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  3.0000
                                           Cash Flow / Assets > 10%?  3.0000

ASNA   Ascena Retail Group, Inc.           Overall Zenith Index:      1.1741


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Financial Statements

ASCENA RETAIL GROUP INC  (ASNA)             INCOME STATEMENT

Fiscal year ends in July.                            2012-07         2013-07         2014-07         2015-07         2016-07             TTM           

Revenue                                        3,353,299,968   4,714,899,968   4,790,600,192   4,802,899,968   6,995,400,192   6,908,199,936
Cost of revenue                                1,474,700,032   2,066,800,000   2,130,599,936   2,133,699,968   3,066,700,032   2,890,400,000
Gross profit                                   1,878,599,936   2,648,100,096   2,660,000,000   2,669,199,872   3,928,699,904   4,017,799,936


Operating expenses
Sales, General and administrative              1,478,599,936   2,172,199,936   2,208,600,064   2,347,800,064   3,398,799,872   3,432,900,096
Other operating expenses                         107,400,000     210,600,000     240,600,000     556,300,032     436,100,000     455,800,000
Total operating expenses                       1,586,000,000   2,382,799,872   2,449,200,128   2,904,100,096   3,834,899,968   3,888,699,904

Operating income                                 292,600,000     265,300,000     210,800,000    -234,900,000      93,800,000     129,100,000
Interest Expense                                   4,300,000      13,800,000       6,500,000       6,000,000     103,300,000     105,100,000
Other income (expense)                            -9,300,000      -8,900,000        -800,000         300,000       1,200,000         700,000
Income before income taxes                       279,000,000     242,600,000     203,500,000    -240,600,000      -8,300,000      24,700,000
Provision for income taxes                       107,200,000      87,400,000      65,300,000      -3,800,000       3,600,000      16,700,000
Net income from continuing operations            171,800,000     155,200,000     138,200,000    -236,800,000     -11,900,000       8,000,000
Net income from discontinuing ops                 -9,600,000      -3,900,000      -4,800,000               0               0               0
Net income                                       162,200,000     151,300,000     133,400,000    -236,800,000     -11,900,000       8,000,000
Net income available to common shareholders      162,200,000     151,300,000     133,400,000    -236,800,000     -11,900,000       8,000,000

Earnings per share
Basic                                                   1.06            0.96            0.83           -1.46           -0.06            0.04 
Diluted                                                 1.02            0.93            0.81           -1.46           -0.06            0.04 

Weighted average shares outstanding
Basic                                            153,500,000     157,300,000     160,600,000     162,600,000     192,200,000     194,350,000
Diluted                                          159,400,000     163,300,000     165,100,000     162,600,000     192,200,000     194,350,000

____________________________________________________________________________________________________________________________________________


ASCENA RETAIL GROUP INC  (ASNA)             BALANCE SHEET

Fiscal year ends in July.                            2012-07         2013-07         2014-07         2015-07         2016-07             

Assets

Current assets

Cash

Short-term investments                             1,400,000       3,000,000      30,400,000      13,400,000       1,800,000Total cash                                       165,700,000     189,400,000     187,300,000     254,000,000     373,600,000

Receivables                                       37,900,000      80,900,000               0      70,800,000      84,700,000
Inventories                                      533,400,000     540,899,968     553,200,000     489,300,000     649,299,968
Deferred income taxes                             48,700,000      53,000,000      46,700,000      88,500,000               0
Prepaid expenses                                  74,800,000      39,400,000     136,400,000      45,600,000     132,100,000
Other current assets                             179,700,000      39,200,000               0       1,700,000         300,000
Total current assets                           1,040,200,000     942,800,000     923,600,000     949,900,032   1,240,000,000

Non-current assets

Property, plant and equipment
Land                                              29,400,000      29,400,000      33,100,000      30,400,000      32,000,000
Fixtures and equipment                           517,800,000     614,099,968     783,000,000     928,899,968   1,290,300,032
Other properties                                 578,099,968     743,900,032     938,700,032     990,600,000   1,354,599,936
Property and equipment, at cost                1,125,299,968   1,387,399,936   1,754,800,000   1,949,900,032   2,676,900,096
Accumulated Depreciation                        -451,100,000    -562,600,000    -644,200,000    -779,900,032  -1,046,800,000
Property, plant and equipment, net               674,200,000     824,800,000   1,110,599,936   1,170,000,000   1,630,099,968

Equity and other investments                       3,200,000               0               0               0               0
Goodwill                                         593,200,000     581,400,000     581,400,000     319,700,000   1,279,299,968
Intangible assets                                453,700,000     451,100,000     435,400,000     388,300,000   1,268,700,032
Other long-term assets                            42,600,000      71,600,000      72,800,000      87,800,000      88,200,000
Total non-current assets                       1,766,899,968   1,928,899,968   2,200,199,936   1,965,799,936   4,266,299,904

Total assets                                   2,807,099,904   2,871,699,968   3,123,800,064   2,915,699,968   5,506,299,904 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                    4,200,000         600,000               0               0      54,000,000
Accounts payable                                 252,800,000     259,200,000     253,200,000     238,800,000     429,400,000
Taxes payable                                     26,900,000      25,400,000      22,000,000      25,800,000      40,700,000
Accrued liabilities                              240,400,000     277,900,000     293,200,000     379,000,000     345,400,000
Deferred revenues                                 42,700,000      61,200,000      63,500,000      64,100,000     110,000,000
Other current liabilities                        118,600,000      28,300,000               0      10,000,000      34,200,000
Total current liabilities                        685,600,000     652,600,000     631,900,032     717,699,968   1,013,699,968

Non-current liabilities
Long-term debt                                   322,400,000     135,000,000     172,000,000     116,000,000   1,594,499,968
Capital leases                                   240,500,000               0               0     241,400,000     387,100,000
Deferred taxes liabilities                        60,600,000     131,700,000     147,700,000     181,800,000     442,200,000
Other long-term liabilities                      157,100,000     396,000,000     434,500,000     140,700,000     205,500,000
Total non-current liabilities                    780,600,000     662,700,032     754,200,000     679,900,032   2,629,299,968

Total liabilities                              1,466,200,064   1,315,299,968   1,386,099,968   1,397,600,000   3,643,000,064 

Stockholders' equity

Common stock                                       1,500,000       1,600,000       1,600,000       1,600,000       1,900,000
Additional paid-in capital                       528,800,000     592,800,000     642,200,000     669,800,000   1,050,300,032
Retained earnings                                811,900,032     963,200,000   1,096,099,968     859,299,968     828,800,000
Accumulated other comprehensive income            -1,300,000      -1,200,000      -2,200,000     -12,600,000     -17,700,000
Total stockholders' equity                     1,340,899,968   1,556,400,000   1,737,699,968   1,518,099,968   1,863,299,968
Total liabilities and stockholders' equity     2,807,099,904   2,871,699,968   3,123,800,064   2,915,699,968   5,506,299,904

____________________________________________________________________________________________________________________________________________


ASCENA RETAIL GROUP INC  (ASNA)             Statement of CASH FLOW

Fiscal year ends in July. USD.                       2012-07         2013-07         2014-07         2015-07         2016-07             TTM           

Cash Flows From Operating Activities
Net income                                                 0     151,300,000     133,400,000    -236,800,000     -11,900,000       8,000,000
Depreciation & amortization                      107,400,000     176,000,000     193,600,000     218,200,000     358,700,000     377,000,000
Amortization of debt discount/premium and is               0               0               0               0     126,900,000               0
Investment/asset impairment charges                2,200,000       4,600,000      17,200,000     317,200,000      13,300,000      13,700,000
Deferred income taxes                             -5,300,000      -7,900,000     -17,800,000      -6,600,000     -26,800,000     -31,600,000
Stock based compensation                          28,400,000      29,500,000      30,600,000      18,200,000      26,200,000      27,400,000
Inventory                                         26,500,000     -10,100,000     -12,300,000      63,900,000     111,400,000     -16,200,000
Other working capital                             94,700,000     151,600,000      73,800,000      99,400,000     -86,100,000     169,300,000
Other non-cash items                             107,600,000     -45,000,000     -43,800,000     -42,200,000     -66,300,000     -48,400,000
Net cash provided by operating activities        361,500,000     450,000,000     374,700,000     431,300,000     445,400,000     499,200,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen    -150,400,000    -290,900,000    -477,500,000    -312,500,000    -366,500,000    -359,700,000
Acquisitions, net                               -683,900,032               0               0               0  -1,494,599,936               0
Purchases of investments                         -99,800,000      -2,800,000     -27,500,000     -22,300,000      -1,100,000        -200,000
Sales/Maturities of investments                  293,600,000       5,600,000         100,000      27,800,000      26,500,000         800,000
Other investing charges                           38,200,000      15,900,000      42,200,000       8,900,000               0               0
Net cash used for investing activities          -602,300,032    -272,200,000    -462,700,000    -298,100,000  -1,835,699,968    -359,100,000

Cash Flows From Financing Activities
Long-term debt issued                            322,000,000     446,700,000   1,249,200,000     832,300,032   3,274,500,096   1,383,900,032
Long-term debt repayment                        -144,200,000    -641,400,000  -1,212,800,000    -888,300,032  -1,703,900,032  -1,522,200,064
Excess tax benefit from stock based compe         11,700,000      14,100,000       4,200,000               0       1,500,000               0
Repurchases of treasury stock                    -37,200,000               0               0               0     -18,600,000               0
Other financing activities                         9,300,000      24,900,000      17,900,000       6,500,000     -32,000,000       3,900,000
Net cash provided by (used for) financing        161,600,000    -155,700,000      58,500,000     -49,500,000   1,521,500,032    -134,400,000

Net change in cash                               -79,200,000      22,100,000     -29,500,000      83,700,000     131,200,000       5,700,000
Cash at beginning of period                      243,500,000     164,300,000     186,400,000     156,900,000     240,600,000     293,800,000
Cash at end of period                            164,300,000     186,400,000     156,900,000     240,600,000     371,800,000     299,500,000

Free Cash Flow
Operating cash flow                              361,500,000     450,000,000     374,700,000     431,300,000     445,400,000     499,200,000
Capital expenditure                             -150,400,000    -290,900,000    -477,500,000    -312,500,000    -366,500,000    -359,700,000
Free cash flow                                   211,100,000     159,100,000    -102,800,000     118,800,000      78,900,000     139,500,000
____________________________________________________________________________________________________________________________________________



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Average to Current P/E Ratios
              (ASNA)     Ascena Retail Group Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     1.02    0.93    0.81   -1.46   -0.06
Average Price During Year:    25.42   18.34   16.83   13.38    7.86

                P/E Ratio:    24.92   19.72   20.77    9.17  131.04

 Average 5-Year P/E Ratio  =  41.13
             Current Price =  1.83

Previous 5 Quarter Earnings:  -0.12    0.08    0.07    0.07   -0.18

           Current Annualized (Last Four Quarters) Earnings = -4.000001E-02
                                                           ________
                                 Average PE / Current PE =    -0.90
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for ASCENA RETAIL GROUP:
Symbol? ASNA
Total Months Available:  42
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
   9.11    5.33      8.19    4.45      5.50    1.65

RANGE   =   9.11  TO    1.65            Close =   1.97
CHANNEL =   5.50  TO    5.33           Degree =   0
Volatility =   8.63%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

2 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer





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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor an downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News - 1
Comparison + 1
Industry - 1
Bond Issue + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings + 1
Cash Flow + 1
Average to Current P/E - 1
Ratios - 1
Market Grader - 1
Intrinsic Value DCF + 1
Tangible Book Value - 1
Projected Earnings + 1
Research Reports - 1
Analysts - 1
Executive Perquisites + 1
Insider Activity - 1
Institutional Activity + 1
Management Reporting + 1
Short Interest - 1
Sentiment - 1
Standard & Poor's - 1
Moving Average - 1
Right Time Study - 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant + 1
Point & Figure - 1
Wall Street Analyzer + 1
Marketspace Chart - 1
Time Series Chart + 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems - 1
Total - 6
Place 9,999 shares of Ascena Retail Group, Inc. (ASNA) on the Active List.