Intrinsic value of Agree Realty - ADC

Previous Close

$48.83

  Intrinsic Value

$6.61

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

+84%

Previous close

$48.83

 
Intrinsic value

$6.61

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

+84%

Our model is not good at valuating stocks of financial companies, such as ADC.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ADC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  31.43
  35.00
  32.00
  29.30
  26.87
  24.68
  22.71
  20.94
  19.35
  17.91
  16.62
  15.46
  14.41
  13.47
  12.63
  11.86
  11.18
  10.56
  10.00
  9.50
  9.05
  8.65
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
Revenue, $m
  92
  124
  164
  212
  269
  335
  411
  498
  594
  700
  817
  943
  1,079
  1,224
  1,379
  1,543
  1,715
  1,896
  2,086
  2,284
  2,491
  2,706
  2,930
  3,163
  3,405
  3,657
  3,919
  4,191
  4,473
  4,767
  5,073
Variable operating expenses, $m
 
  53
  70
  90
  114
  142
  174
  211
  252
  297
  346
  400
  457
  519
  585
  654
  727
  804
  884
  968
  1,056
  1,147
  1,242
  1,341
  1,444
  1,551
  1,662
  1,777
  1,897
  2,021
  2,151
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  40
  53
  70
  90
  114
  142
  174
  211
  252
  297
  346
  400
  457
  519
  585
  654
  727
  804
  884
  968
  1,056
  1,147
  1,242
  1,341
  1,444
  1,551
  1,662
  1,777
  1,897
  2,021
  2,151
Operating income, $m
  51
  72
  94
  122
  155
  193
  237
  287
  342
  403
  470
  543
  621
  705
  794
  888
  988
  1,092
  1,201
  1,316
  1,435
  1,559
  1,688
  1,822
  1,962
  2,107
  2,257
  2,414
  2,577
  2,746
  2,922
EBITDA, $m
  74
  113
  150
  193
  245
  306
  375
  454
  542
  639
  745
  860
  984
  1,117
  1,258
  1,407
  1,564
  1,730
  1,903
  2,083
  2,272
  2,469
  2,673
  2,886
  3,107
  3,336
  3,575
  3,823
  4,081
  4,349
  4,628
Interest expense (income), $m
  14
  16
  22
  30
  39
  50
  63
  78
  95
  113
  134
  157
  181
  208
  236
  266
  298
  331
  367
  403
  442
  482
  524
  568
  613
  660
  709
  760
  813
  868
  925
Earnings before tax, $m
  46
  56
  73
  92
  116
  143
  174
  209
  248
  290
  336
  387
  440
  498
  558
  623
  690
  761
  835
  912
  993
  1,076
  1,164
  1,254
  1,348
  1,446
  1,548
  1,654
  1,764
  1,878
  1,997
Tax expense, $m
  0
  15
  20
  25
  31
  39
  47
  56
  67
  78
  91
  104
  119
  134
  151
  168
  186
  205
  225
  246
  268
  291
  314
  339
  364
  391
  418
  447
  476
  507
  539
Net income, $m
  45
  41
  53
  68
  85
  104
  127
  152
  181
  212
  246
  282
  321
  363
  408
  454
  504
  555
  609
  666
  725
  786
  849
  916
  984
  1,056
  1,130
  1,207
  1,288
  1,371
  1,458

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,142
  1,496
  1,975
  2,554
  3,240
  4,040
  4,958
  5,996
  7,156
  8,438
  9,841
  11,362
  13,000
  14,751
  16,614
  18,585
  20,662
  22,844
  25,129
  27,517
  30,008
  32,602
  35,303
  38,111
  41,030
  44,063
  47,215
  50,491
  53,896
  57,437
  61,121
Adjusted assets (=assets-cash), $m
  1,109
  1,496
  1,975
  2,554
  3,240
  4,040
  4,958
  5,996
  7,156
  8,438
  9,841
  11,362
  13,000
  14,751
  16,614
  18,585
  20,662
  22,844
  25,129
  27,517
  30,008
  32,602
  35,303
  38,111
  41,030
  44,063
  47,215
  50,491
  53,896
  57,437
  61,121
Revenue / Adjusted assets
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
Average production assets, $m
  928
  1,253
  1,654
  2,138
  2,713
  3,382
  4,151
  5,020
  5,991
  7,065
  8,239
  9,513
  10,884
  12,350
  13,909
  15,560
  17,299
  19,125
  21,038
  23,037
  25,123
  27,295
  29,556
  31,907
  34,351
  36,890
  39,529
  42,272
  45,123
  48,088
  51,172
Working capital, $m
  0
  -12
  -16
  -21
  -27
  -34
  -41
  -50
  -59
  -70
  -82
  -94
  -108
  -122
  -138
  -154
  -171
  -190
  -209
  -228
  -249
  -271
  -293
  -316
  -341
  -366
  -392
  -419
  -447
  -477
  -507
Total debt, $m
  401
  562
  760
  999
  1,283
  1,615
  1,994
  2,424
  2,905
  3,435
  4,016
  4,646
  5,324
  6,049
  6,820
  7,636
  8,496
  9,399
  10,345
  11,334
  12,365
  13,439
  14,557
  15,720
  16,928
  18,184
  19,489
  20,845
  22,255
  23,721
  25,246
Total liabilities, $m
  459
  620
  818
  1,057
  1,341
  1,673
  2,052
  2,482
  2,963
  3,493
  4,074
  4,704
  5,382
  6,107
  6,878
  7,694
  8,554
  9,457
  10,403
  11,392
  12,423
  13,497
  14,615
  15,778
  16,986
  18,242
  19,547
  20,903
  22,313
  23,779
  25,304
Total equity, $m
  683
  877
  1,157
  1,497
  1,899
  2,367
  2,905
  3,514
  4,193
  4,945
  5,767
  6,658
  7,618
  8,644
  9,736
  10,891
  12,108
  13,386
  14,725
  16,125
  17,584
  19,105
  20,687
  22,333
  24,043
  25,821
  27,668
  29,588
  31,583
  33,658
  35,817
Total liabilities and equity, $m
  1,142
  1,497
  1,975
  2,554
  3,240
  4,040
  4,957
  5,996
  7,156
  8,438
  9,841
  11,362
  13,000
  14,751
  16,614
  18,585
  20,662
  22,843
  25,128
  27,517
  30,007
  32,602
  35,302
  38,111
  41,029
  44,063
  47,215
  50,491
  53,896
  57,437
  61,121
Debt-to-equity ratio
  0.587
  0.640
  0.660
  0.670
  0.680
  0.680
  0.690
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
Adjusted equity ratio
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  41
  53
  68
  85
  104
  127
  152
  181
  212
  246
  282
  321
  363
  408
  454
  504
  555
  609
  666
  725
  786
  849
  916
  984
  1,056
  1,130
  1,207
  1,288
  1,371
  1,458
Depreciation, amort., depletion, $m
  23
  42
  55
  71
  90
  113
  138
  167
  200
  235
  275
  317
  363
  412
  464
  519
  577
  638
  701
  768
  837
  910
  985
  1,064
  1,145
  1,230
  1,318
  1,409
  1,504
  1,603
  1,706
Funds from operations, $m
  61
  83
  108
  139
  175
  217
  265
  320
  380
  447
  520
  599
  684
  775
  871
  973
  1,080
  1,193
  1,311
  1,434
  1,562
  1,696
  1,835
  1,979
  2,129
  2,286
  2,448
  2,616
  2,792
  2,974
  3,163
Change in working capital, $m
  -1
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
Cash from operations, $m
  62
  86
  112
  144
  181
  224
  273
  328
  390
  458
  532
  612
  698
  789
  887
  989
  1,098
  1,211
  1,330
  1,454
  1,583
  1,717
  1,857
  2,002
  2,154
  2,311
  2,474
  2,644
  2,820
  3,003
  3,194
Maintenance CAPEX, $m
  0
  -31
  -42
  -55
  -71
  -90
  -113
  -138
  -167
  -200
  -235
  -275
  -317
  -363
  -412
  -464
  -519
  -577
  -638
  -701
  -768
  -837
  -910
  -985
  -1,064
  -1,145
  -1,230
  -1,318
  -1,409
  -1,504
  -1,603
New CAPEX, $m
  -326
  -325
  -401
  -485
  -575
  -670
  -768
  -869
  -971
  -1,073
  -1,174
  -1,274
  -1,371
  -1,466
  -1,559
  -1,650
  -1,739
  -1,827
  -1,913
  -1,999
  -2,085
  -2,172
  -2,261
  -2,351
  -2,444
  -2,540
  -2,639
  -2,743
  -2,851
  -2,965
  -3,084
Cash from investing activities, $m
  -298
  -356
  -443
  -540
  -646
  -760
  -881
  -1,007
  -1,138
  -1,273
  -1,409
  -1,549
  -1,688
  -1,829
  -1,971
  -2,114
  -2,258
  -2,404
  -2,551
  -2,700
  -2,853
  -3,009
  -3,171
  -3,336
  -3,508
  -3,685
  -3,869
  -4,061
  -4,260
  -4,469
  -4,687
Free cash flow, $m
  -236
  -270
  -331
  -396
  -465
  -536
  -608
  -679
  -749
  -815
  -878
  -936
  -990
  -1,040
  -1,084
  -1,124
  -1,160
  -1,192
  -1,221
  -1,247
  -1,271
  -1,293
  -1,314
  -1,334
  -1,354
  -1,374
  -1,395
  -1,417
  -1,440
  -1,465
  -1,493
Issuance/(repayment) of debt, $m
  84
  161
  198
  240
  284
  331
  380
  430
  480
  531
  581
  630
  678
  725
  771
  816
  860
  903
  946
  989
  1,031
  1,074
  1,118
  1,163
  1,208
  1,256
  1,305
  1,356
  1,410
  1,466
  1,525
Issuance/(repurchase) of shares, $m
  227
  186
  228
  272
  318
  364
  411
  456
  499
  539
  576
  609
  638
  663
  684
  701
  714
  723
  730
  734
  735
  735
  733
  730
  726
  722
  717
  712
  708
  704
  701
Cash from financing (excl. dividends), $m  
  310
  347
  426
  512
  602
  695
  791
  886
  979
  1,070
  1,157
  1,239
  1,316
  1,388
  1,455
  1,517
  1,574
  1,626
  1,676
  1,723
  1,766
  1,809
  1,851
  1,893
  1,934
  1,978
  2,022
  2,068
  2,118
  2,170
  2,226
Total cash flow (excl. dividends), $m
  74
  77
  95
  115
  137
  159
  183
  207
  231
  255
  279
  303
  326
  349
  371
  392
  413
  434
  455
  475
  496
  516
  537
  559
  581
  604
  627
  652
  678
  705
  733
Retained Cash Flow (-), $m
  -232
  -227
  -281
  -339
  -402
  -469
  -538
  -608
  -680
  -751
  -822
  -892
  -960
  -1,026
  -1,091
  -1,155
  -1,217
  -1,278
  -1,339
  -1,399
  -1,460
  -1,521
  -1,582
  -1,646
  -1,710
  -1,778
  -1,847
  -1,920
  -1,996
  -2,075
  -2,159
Prev. year cash balance distribution, $m
 
  33
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -117
  -185
  -224
  -266
  -310
  -355
  -402
  -449
  -496
  -543
  -589
  -634
  -678
  -721
  -763
  -804
  -844
  -884
  -924
  -964
  -1,004
  -1,045
  -1,087
  -1,130
  -1,174
  -1,220
  -1,268
  -1,318
  -1,370
  -1,426
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  -110
  -161
  -179
  -194
  -206
  -213
  -215
  -212
  -205
  -194
  -180
  -163
  -145
  -127
  -109
  -91
  -75
  -61
  -48
  -37
  -28
  -21
  -15
  -11
  -7
  -5
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  86.6
  75.9
  67.4
  60.4
  54.7
  50.0
  46.1
  42.8
  40.0
  37.7
  35.6
  33.9
  32.3
  31.0
  29.9
  28.8
  27.9
  27.1
  26.4
  25.8
  25.2
  24.7
  24.2
  23.8
  23.4
  23.1
  22.8
  22.5
  22.2
  22.0

Agree Realty Corporation, a real estate investment trust (REIT), engages in the ownership, development, acquisition, and management of retail properties, which are primarily leased to national and regional retail companies in the United States. As of December 31, 2009, its portfolio consisted of 73 properties, including 61 freestanding net leased properties and 12 community shopping centers located in 16 states containing approximately 3.5 million square feet of gross leasable area. The company has elected to be treated as a REIT under the Internal Revenue Code. As a REIT, the company is not subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its stockholders. Agree Realty Corporation was founded in 1971 and is headquartered in Farmington Hills, Michigan.

FINANCIAL RATIOS  of  Agree Realty (ADC)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 13.9
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow -4.8
Growth Rates
Sales Growth Rate 31.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.1%
Cap. Spend. - 3 Yr. Gr. Rate 29.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 58.7%
Total Debt to Equity 58.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 91.3%
Gross Margin - 3 Yr. Avg. 91.2%
EBITDA Margin 90.2%
EBITDA Margin - 3 Yr. Avg. 86.4%
Operating Margin 56.5%
Oper. Margin - 3 Yr. Avg. 55.2%
Pre-Tax Margin 50%
Pre-Tax Margin - 3 Yr. Avg. 47.4%
Net Profit Margin 48.9%
Net Profit Margin - 3 Yr. Avg. 46%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 95.6%

ADC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADC stock intrinsic value calculation we used $92 million for the last fiscal year's total revenue generated by Agree Realty. The default revenue input number comes from 2016 income statement of Agree Realty. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ADC stock valuation model: a) initial revenue growth rate of 35% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7%, whose default value for ADC is calculated based on our internal credit rating of Agree Realty, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Agree Realty.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ADC stock the variable cost ratio is equal to 42.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ADC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for Agree Realty.

Corporate tax rate of 27% is the nominal tax rate for Agree Realty. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ADC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ADC are equal to 1008.7%.

Life of production assets of 40.3 years is the average useful life of capital assets used in Agree Realty operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ADC is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $683 million for Agree Realty - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 25.845 million for Agree Realty is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Agree Realty at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Agree Realty reports 2Q results   [Jul-24-17 09:20PM  Associated Press]
▶ ETFs with exposure to Agree Realty Corp. : July 14, 2017   [Jul-14-17 12:36PM  Capital Cube]
▶ Agree Realty Announces Pricing Of Common Stock Offering   [Jun-13-17 09:00AM  PR Newswire]
▶ Agree Realty Announces Common Stock Offering   [Jun-12-17 04:02PM  PR Newswire]
▶ Agree Realty Declares Increased Quarterly Cash Dividend   [May-22-17 08:15AM  PR Newswire]
▶ Agree Realty reports 1Q results   [Apr-24-17 04:26PM  Associated Press]
▶ Agree Realty Declares Quarterly Cash Dividend   [Feb-28-17 04:01PM  PR Newswire]
▶ Agree Realty reports 4Q results   [Feb-23-17 05:07PM  Associated Press]
▶ Is Atkore International Group Inc (ATKR) a Good Stock to Buy?   [Dec-12-16 06:04PM  at Insider Monkey]
▶ Agree Realty Declares Increased Quarterly Cash Dividend   [Dec-06-16 04:01PM  PR Newswire]
▶ Agree Realty Declares Quarterly Cash Dividend   [Sep-08-16 04:05PM  PR Newswire]
Stock chart of ADC Financial statements of ADC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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