Jos A Bank Clothiers Inc

(JOSB) January 23, 2010

Figures in Millions except per share values
Company Overview
Jos. A. Bank Clothiers, Inc. (Jos. A. Bank) is a designer, retailer and direct marketer (through stores, catalog and Internet) of men�s tailored and casual clothing and
accessories. It sells all of its products exclusively under the Jos. A. Bank label through its 460 retail stores (as of January 31, 2009, which includes seven outlet stores
and 12 franchise stores) located throughout 42 states and the District of Columbia in the United States, as well as through the Company�s nationwide catalog and
Internet (www.josbank.com) operations. Its products are targeted at the male career professional and emphasize the Jos. A. Bank brand of tailored and casual clothing
and accessories. The Company�s products, which range from the original Jos. A. Bank Executive collection to the more luxurious Jos. A. Bank Signature collection to
the exclusive Jos. A. Bank Signature Gold collection. Jos. A. Bank operates through two segments: Stores and Direct Marketing.

Valuation
Current Price $ 43.47 Margin of Safety 5 Year Historical Price vs Intrinsic Value
60
NCAV $ 19.31 -56%

Total Net Reprod. Cost $ 33.38 -23%

50
Earnings Power Value (EPV) $ 49.37 14%

Discounted Cash Flow (DCF) $ 50.18 15% 40

Ben Graham Formula $ 54.96 26%
30

Key Statistics Valuation Ratios 20

Market Cap (millions) $ 795.28 P/E (TTM) 12.2
52-Week High $ 48.92 P/S (TTM) 1.1 10
52-Week Low $ 19.61 P/B (MRQ) 2.2 0
% off 52-Week Low 122% P/Tang. BV (MRQ) 2.2
FCF/EV (TTM) 7.5% 5/12/2003 5/12/2005 5/12/2007 5/12/2009
Cash Flows P/FCF (TTM) 12.9
Owner Earnings FCF EV/Sales (TTM) 0.9 Historical Price Intrinsic Value Buy Price
Owner Earnings FCF Avg Grwth 60.3% EV/FCF (TTM) 13.3
FCF
FCF Avg Grwth 15.5% Margins & Profitability Balance Sheet
Gross Cash and Equiv $ 41.90
Effectiveness Gross Margin Short-Term Investments $ 64.90
CROIC Operating Accts Rec $ 13.30
CROIC Avg 5.6% Operating Margin Inventory $ 251.90
FCF/S Net Profit Total Current Assets $ 389.50
FCF/S Avg 4.4% Net Margin Net PP&E $ 128.40
ROA Intangibles $ -
ROA Avg 12.5% Financial Strength (MRQ) Total Assets $ 518.60
ROE Quick Ratio 1.3
ROE Avg 23.9% Current Ratio 3.7 Total Current Liabilities $ 104.40
LT Debt to Equity 0.0 Long-Term Debt $ -
Efficiency Total Debt to Equity 0.0 Total Liabilities $ 161.00
Receivable Turnover (TTM) 50.3
Inventory Turnover (TTM) 1.2
Asset Turnover (TTM) 1.5