Intrinsic value of Armada Hoffler Properties - AHH

Previous Close

$13.39

  Intrinsic Value

$28.63

stock screener

  Rating & Target

str. buy

+114%

  Value-price divergence*

+662%

Previous close

$13.39

 
Intrinsic value

$28.63

 
Up/down potential

+114%

 
Rating

str. buy

 
Value-price divergence*

+662%

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

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

We calculate the intrinsic value of AHH 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 0.7

 

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, %
  2.38
  51.70
  47.03
  42.83
  39.04
  35.64
  32.58
  29.82
  27.34
  25.10
  23.09
  21.28
  19.65
  18.19
  16.87
  15.68
  14.62
  13.65
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
Revenue, $m
  258
  391
  575
  822
  1,143
  1,550
  2,055
  2,668
  3,397
  4,250
  5,231
  6,345
  7,592
  8,973
  10,486
  12,131
  13,904
  15,803
  17,823
  19,964
  22,221
  24,594
  27,081
  29,680
  32,393
  35,219
  38,160
  41,220
  44,400
  47,705
  51,140
Variable operating expenses, $m
 
  350
  515
  736
  1,023
  1,387
  1,839
  2,388
  3,040
  3,804
  4,682
  5,679
  6,795
  8,031
  9,385
  10,857
  12,444
  14,143
  15,952
  17,868
  19,888
  22,012
  24,237
  26,564
  28,991
  31,521
  34,154
  36,892
  39,738
  42,696
  45,770
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
  232
  350
  515
  736
  1,023
  1,387
  1,839
  2,388
  3,040
  3,804
  4,682
  5,679
  6,795
  8,031
  9,385
  10,857
  12,444
  14,143
  15,952
  17,868
  19,888
  22,012
  24,237
  26,564
  28,991
  31,521
  34,154
  36,892
  39,738
  42,696
  45,770
Operating income, $m
  27
  41
  60
  86
  120
  163
  216
  280
  357
  446
  549
  666
  797
  942
  1,101
  1,274
  1,460
  1,659
  1,871
  2,096
  2,333
  2,582
  2,843
  3,116
  3,401
  3,698
  4,007
  4,328
  4,662
  5,009
  5,370
EBITDA, $m
  62
  94
  138
  198
  275
  373
  494
  641
  816
  1,021
  1,257
  1,525
  1,825
  2,157
  2,520
  2,916
  3,342
  3,798
  4,284
  4,798
  5,341
  5,911
  6,509
  7,133
  7,785
  8,464
  9,171
  9,907
  10,671
  11,466
  12,291
Interest expense (income), $m
  15
  18
  33
  54
  82
  119
  165
  222
  292
  374
  471
  582
  709
  850
  1,006
  1,178
  1,365
  1,566
  1,781
  2,010
  2,253
  2,509
  2,778
  3,060
  3,354
  3,662
  3,983
  4,316
  4,663
  5,024
  5,398
Earnings before tax, $m
  43
  23
  27
  32
  38
  44
  51
  58
  65
  72
  78
  84
  89
  92
  95
  96
  95
  94
  91
  86
  80
  74
  66
  57
  47
  36
  24
  12
  -1
  -15
  -29
Tax expense, $m
  0
  6
  7
  9
  10
  12
  14
  16
  18
  19
  21
  23
  24
  25
  26
  26
  26
  25
  24
  23
  22
  20
  18
  15
  13
  10
  7
  3
  0
  0
  0
Net income, $m
  28
  17
  20
  23
  28
  32
  37
  42
  48
  53
  57
  61
  65
  67
  69
  70
  70
  68
  66
  63
  59
  54
  48
  41
  34
  26
  18
  9
  -1
  -15
  -29

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  982
  1,466
  2,155
  3,078
  4,280
  5,806
  7,697
  9,992
  12,723
  15,917
  19,593
  23,763
  28,434
  33,606
  39,275
  45,435
  52,075
  59,185
  66,754
  74,771
  83,226
  92,113
  101,426
  111,161
  121,320
  131,906
  142,923
  154,382
  166,293
  178,672
  191,536
Adjusted assets (=assets-cash), $m
  960
  1,466
  2,155
  3,078
  4,280
  5,806
  7,697
  9,992
  12,723
  15,917
  19,593
  23,763
  28,434
  33,606
  39,275
  45,435
  52,075
  59,185
  66,754
  74,771
  83,226
  92,113
  101,426
  111,161
  121,320
  131,906
  142,923
  154,382
  166,293
  178,672
  191,536
Revenue / Adjusted assets
  0.269
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
Average production assets, $m
  667
  1,012
  1,488
  2,125
  2,954
  4,007
  5,312
  6,896
  8,782
  10,986
  13,523
  16,401
  19,625
  23,195
  27,108
  31,359
  35,942
  40,849
  46,073
  51,607
  57,442
  63,576
  70,003
  76,723
  83,735
  91,041
  98,645
  106,553
  114,775
  123,319
  132,197
Working capital, $m
  0
  -33
  -49
  -70
  -97
  -132
  -175
  -227
  -289
  -361
  -445
  -539
  -645
  -763
  -891
  -1,031
  -1,182
  -1,343
  -1,515
  -1,697
  -1,889
  -2,091
  -2,302
  -2,523
  -2,753
  -2,994
  -3,244
  -3,504
  -3,774
  -4,055
  -4,347
Total debt, $m
  522
  956
  1,552
  2,351
  3,390
  4,710
  6,346
  8,331
  10,694
  13,457
  16,636
  20,243
  24,283
  28,757
  33,661
  38,989
  44,733
  50,883
  57,430
  64,365
  71,679
  79,366
  87,421
  95,842
  104,630
  113,786
  123,316
  133,228
  143,532
  154,239
  165,366
Total liabilities, $m
  834
  1,268
  1,864
  2,663
  3,702
  5,022
  6,658
  8,643
  11,006
  13,769
  16,948
  20,555
  24,595
  29,069
  33,973
  39,301
  45,045
  51,195
  57,742
  64,677
  71,991
  79,678
  87,733
  96,154
  104,942
  114,098
  123,628
  133,540
  143,844
  154,551
  165,678
Total equity, $m
  148
  198
  291
  416
  578
  784
  1,039
  1,349
  1,718
  2,149
  2,645
  3,208
  3,839
  4,537
  5,302
  6,134
  7,030
  7,990
  9,012
  10,094
  11,236
  12,435
  13,692
  15,007
  16,378
  17,807
  19,295
  20,842
  22,450
  24,121
  25,857
Total liabilities and equity, $m
  982
  1,466
  2,155
  3,079
  4,280
  5,806
  7,697
  9,992
  12,724
  15,918
  19,593
  23,763
  28,434
  33,606
  39,275
  45,435
  52,075
  59,185
  66,754
  74,771
  83,227
  92,113
  101,425
  111,161
  121,320
  131,905
  142,923
  154,382
  166,294
  178,672
  191,535
Debt-to-equity ratio
  3.527
  4.830
  5.340
  5.660
  5.870
  6.010
  6.110
  6.180
  6.230
  6.260
  6.290
  6.310
  6.330
  6.340
  6.350
  6.360
  6.360
  6.370
  6.370
  6.380
  6.380
  6.380
  6.380
  6.390
  6.390
  6.390
  6.390
  6.390
  6.390
  6.390
  6.400
Adjusted equity ratio
  0.131
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  17
  20
  23
  28
  32
  37
  42
  48
  53
  57
  61
  65
  67
  69
  70
  70
  68
  66
  63
  59
  54
  48
  41
  34
  26
  18
  9
  -1
  -15
  -29
Depreciation, amort., depletion, $m
  35
  53
  78
  111
  155
  210
  278
  361
  460
  575
  708
  859
  1,027
  1,214
  1,419
  1,642
  1,882
  2,139
  2,412
  2,702
  3,007
  3,329
  3,665
  4,017
  4,384
  4,767
  5,165
  5,579
  6,009
  6,456
  6,921
Funds from operations, $m
  69
  70
  98
  135
  182
  242
  315
  403
  507
  628
  765
  920
  1,092
  1,282
  1,488
  1,712
  1,951
  2,207
  2,478
  2,765
  3,066
  3,382
  3,713
  4,058
  4,418
  4,793
  5,182
  5,587
  6,008
  6,442
  6,893
Change in working capital, $m
  9
  -11
  -16
  -21
  -27
  -35
  -43
  -52
  -62
  -72
  -83
  -95
  -106
  -117
  -129
  -140
  -151
  -161
  -172
  -182
  -192
  -202
  -211
  -221
  -231
  -240
  -250
  -260
  -270
  -281
  -292
Cash from operations, $m
  60
  81
  113
  156
  209
  277
  358
  456
  569
  700
  849
  1,015
  1,198
  1,399
  1,617
  1,851
  2,102
  2,368
  2,650
  2,947
  3,258
  3,584
  3,924
  4,279
  4,649
  5,033
  5,432
  5,848
  6,279
  6,723
  7,185
Maintenance CAPEX, $m
  0
  -35
  -53
  -78
  -111
  -155
  -210
  -278
  -361
  -460
  -575
  -708
  -859
  -1,027
  -1,214
  -1,419
  -1,642
  -1,882
  -2,139
  -2,412
  -2,702
  -3,007
  -3,329
  -3,665
  -4,017
  -4,384
  -4,767
  -5,165
  -5,579
  -6,009
  -6,456
New CAPEX, $m
  -260
  -345
  -476
  -637
  -830
  -1,053
  -1,305
  -1,584
  -1,885
  -2,204
  -2,537
  -2,878
  -3,224
  -3,570
  -3,913
  -4,251
  -4,583
  -4,907
  -5,224
  -5,533
  -5,836
  -6,133
  -6,427
  -6,720
  -7,012
  -7,306
  -7,604
  -7,909
  -8,221
  -8,544
  -8,878
Cash from investing activities, $m
  -226
  -380
  -529
  -715
  -941
  -1,208
  -1,515
  -1,862
  -2,246
  -2,664
  -3,112
  -3,586
  -4,083
  -4,597
  -5,127
  -5,670
  -6,225
  -6,789
  -7,363
  -7,945
  -8,538
  -9,140
  -9,756
  -10,385
  -11,029
  -11,690
  -12,371
  -13,074
  -13,800
  -14,553
  -15,334
Free cash flow, $m
  -166
  -299
  -416
  -559
  -731
  -931
  -1,157
  -1,407
  -1,677
  -1,964
  -2,264
  -2,572
  -2,884
  -3,198
  -3,510
  -3,819
  -4,123
  -4,421
  -4,713
  -4,999
  -5,280
  -5,557
  -5,832
  -6,105
  -6,380
  -6,657
  -6,938
  -7,226
  -7,521
  -7,830
  -8,150
Issuance/(repayment) of debt, $m
  130
  434
  596
  798
  1,040
  1,320
  1,636
  1,985
  2,363
  2,763
  3,180
  3,607
  4,040
  4,474
  4,904
  5,328
  5,744
  6,150
  6,547
  6,935
  7,314
  7,687
  8,055
  8,421
  8,788
  9,156
  9,530
  9,912
  10,303
  10,708
  11,127
Issuance/(repurchase) of shares, $m
  68
  51
  73
  101
  135
  174
  218
  267
  321
  379
  439
  502
  566
  631
  696
  762
  827
  892
  956
  1,019
  1,083
  1,146
  1,209
  1,273
  1,337
  1,403
  1,470
  1,538
  1,609
  1,686
  1,765
Cash from financing (excl. dividends), $m  
  196
  485
  669
  899
  1,175
  1,494
  1,854
  2,252
  2,684
  3,142
  3,619
  4,109
  4,606
  5,105
  5,600
  6,090
  6,571
  7,042
  7,503
  7,954
  8,397
  8,833
  9,264
  9,694
  10,125
  10,559
  11,000
  11,450
  11,912
  12,394
  12,892
Total cash flow (excl. dividends), $m
  29
  187
  254
  340
  443
  562
  697
  846
  1,007
  1,177
  1,355
  1,537
  1,722
  1,907
  2,090
  2,271
  2,448
  2,621
  2,790
  2,955
  3,117
  3,276
  3,433
  3,589
  3,745
  3,902
  4,061
  4,224
  4,391
  4,563
  4,742
Retained Cash Flow (-), $m
  -98
  -67
  -93
  -125
  -162
  -206
  -255
  -310
  -369
  -431
  -496
  -563
  -631
  -698
  -765
  -832
  -896
  -960
  -1,022
  -1,082
  -1,141
  -1,200
  -1,257
  -1,314
  -1,371
  -1,429
  -1,487
  -1,547
  -1,609
  -1,686
  -1,765
Prev. year cash balance distribution, $m
 
  18
  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
 
  136
  161
  216
  281
  356
  442
  536
  638
  746
  859
  974
  1,091
  1,208
  1,325
  1,439
  1,551
  1,661
  1,768
  1,873
  1,975
  2,076
  2,176
  2,275
  2,374
  2,473
  2,574
  2,677
  2,782
  2,878
  2,977
Discount rate, %
 
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.84
  17.69
  18.57
  19.50
  20.47
  21.50
  22.57
  23.70
  24.88
  26.13
  27.44
  28.81
  30.25
  31.76
  33.35
  35.02
  36.77
  38.60
  40.53
  42.56
  44.69
  46.92
PV of cash for distribution, $m
 
  122
  128
  151
  171
  186
  196
  198
  194
  184
  169
  150
  129
  107
  87
  68
  52
  38
  27
  19
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.5
  85.9
  80.1
  75.1
  70.7
  66.8
  63.4
  60.4
  57.8
  55.4
  53.3
  51.4
  49.7
  48.2
  46.8
  45.5
  44.4
  43.3
  42.3
  41.4
  40.5
  39.7
  39.0
  38.2
  37.6
  36.9
  36.3
  35.8
  35.2
  34.7

Armada Hoffler Properties, Inc. is a publicly owned real estate investment trust. It invests in real estate markets of Mid-Atlantic United States. The firm is involved in developing, building, owning and managing high-quality, institutional-grade office, retail, and multifamily properties. Armada Hoffler Properties, Inc. was formed on October 12, 2012 and is based in Virginia Beach, Virginia.

FINANCIAL RATIOS  of  Armada Hoffler Properties (AHH)

Valuation Ratios
P/E Ratio 17.9
Price to Sales 1.9
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow -2.5
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 106.3%
Cap. Spend. - 3 Yr. Gr. Rate 40.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 352.7%
Total Debt to Equity 352.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 28.3%
Return On Equity - 3 Yr. Avg. 26.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 28.3%
Gross Margin - 3 Yr. Avg. 26.7%
EBITDA Margin 36%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 16.7%
Pre-Tax Margin - 3 Yr. Avg. 12.2%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 121.4%

AHH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AHH stock intrinsic value calculation we used $258 million for the last fiscal year's total revenue generated by Armada Hoffler Properties. The default revenue input number comes from 2016 income statement of Armada Hoffler Properties. 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 AHH stock valuation model: a) initial revenue growth rate of 51.7% 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 11.4%, whose default value for AHH is calculated based on our internal credit rating of Armada Hoffler Properties, 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 Armada Hoffler Properties.
    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 AHH stock the variable cost ratio is equal to 89.5%.

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 AHH 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 3.5% for Armada Hoffler Properties.

Corporate tax rate of 27% is the nominal tax rate for Armada Hoffler Properties. 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 AHH 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 AHH are equal to 258.5%.

Life of production assets of 19.1 years is the average useful life of capital assets used in Armada Hoffler Properties 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 AHH is equal to -8.5%. 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 - $148 million for Armada Hoffler Properties - 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 53.219 million for Armada Hoffler Properties 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 Armada Hoffler Properties at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Armada Hoffler Properties Added to S&P SmallCap 600 Index   [Jun-13-17 04:26PM  Business Wire]
▶ New Strong Sell Stocks for February 17th   [Feb-17-17 09:33AM  Zacks]
▶ Is Armada Hoffler Properties Inc (AHH) A Good Stock To Buy?   [Dec-12-16 01:53AM  at Insider Monkey]
Stock chart of AHH Financial statements of AHH Annual reports of AHH
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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