Intrinsic value of Armada Hoffler Properties - AHH

Previous Close

$13.61

  Intrinsic Value

$19.92

stock screener

  Rating & Target

buy

+46%

  Value-price divergence*

+1393%

Previous close

$13.61

 
Intrinsic value

$19.92

 
Up/down potential

+46%

 
Rating

buy

 
Value-price divergence*

+1393%

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 0.9

 

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
  45.60
  41.54
  37.89
  34.60
  31.64
  28.97
  26.58
  24.42
  22.48
  20.73
  19.16
  17.74
  16.47
  15.32
  14.29
  13.36
  12.52
  11.77
  11.09
  10.48
  9.94
  9.44
  9.00
  8.60
  8.24
  7.91
  7.62
  7.36
  7.12
  6.91
Revenue, $m
  258
  376
  532
  733
  987
  1,299
  1,675
  2,121
  2,638
  3,231
  3,901
  4,649
  5,473
  6,375
  7,351
  8,401
  9,524
  10,717
  11,978
  13,307
  14,702
  16,163
  17,689
  19,281
  20,938
  22,663
  24,457
  26,322
  28,259
  30,272
  32,365
Variable operating expenses, $m
 
  336
  476
  656
  883
  1,163
  1,499
  1,898
  2,361
  2,892
  3,492
  4,161
  4,899
  5,705
  6,579
  7,519
  8,524
  9,591
  10,720
  11,910
  13,158
  14,466
  15,832
  17,256
  18,740
  20,284
  21,889
  23,558
  25,292
  27,094
  28,967
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
  336
  476
  656
  883
  1,163
  1,499
  1,898
  2,361
  2,892
  3,492
  4,161
  4,899
  5,705
  6,579
  7,519
  8,524
  9,591
  10,720
  11,910
  13,158
  14,466
  15,832
  17,256
  18,740
  20,284
  21,889
  23,558
  25,292
  27,094
  28,967
Operating income, $m
  27
  39
  56
  77
  104
  136
  176
  223
  277
  339
  410
  488
  575
  669
  772
  882
  1,000
  1,125
  1,258
  1,397
  1,544
  1,697
  1,857
  2,024
  2,199
  2,380
  2,568
  2,764
  2,967
  3,179
  3,398
EBITDA, $m
  62
  90
  128
  176
  237
  312
  403
  510
  634
  777
  938
  1,117
  1,315
  1,532
  1,767
  2,019
  2,289
  2,576
  2,879
  3,198
  3,533
  3,885
  4,251
  4,634
  5,032
  5,447
  5,878
  6,326
  6,792
  7,276
  7,779
Interest expense (income), $m
  15
  18
  32
  49
  72
  101
  136
  179
  229
  287
  354
  430
  515
  608
  710
  820
  939
  1,066
  1,201
  1,343
  1,494
  1,651
  1,817
  1,989
  2,169
  2,357
  2,552
  2,754
  2,965
  3,184
  3,412
Earnings before tax, $m
  43
  21
  24
  28
  32
  36
  40
  44
  48
  52
  55
  58
  60
  61
  62
  62
  61
  59
  57
  54
  50
  46
  41
  35
  29
  23
  16
  9
  2
  -6
  -14
Tax expense, $m
  0
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  16
  17
  17
  17
  16
  16
  15
  15
  14
  12
  11
  10
  8
  6
  4
  3
  1
  0
  0
Net income, $m
  28
  15
  18
  20
  23
  26
  29
  32
  35
  38
  40
  42
  44
  45
  45
  45
  45
  43
  42
  39
  37
  33
  30
  26
  22
  17
  12
  7
  1
  -6
  -14

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
  1,396
  1,977
  2,725
  3,668
  4,829
  6,228
  7,883
  9,808
  12,013
  14,503
  17,281
  20,347
  23,697
  27,328
  31,232
  35,405
  39,838
  44,528
  49,468
  54,654
  60,085
  65,758
  71,675
  77,838
  84,251
  90,919
  97,850
  105,052
  112,537
  120,316
Adjusted assets (=assets-cash), $m
  960
  1,396
  1,977
  2,725
  3,668
  4,829
  6,228
  7,883
  9,808
  12,013
  14,503
  17,281
  20,347
  23,697
  27,328
  31,232
  35,405
  39,838
  44,528
  49,468
  54,654
  60,085
  65,758
  71,675
  77,838
  84,251
  90,919
  97,850
  105,052
  112,537
  120,316
Revenue / Adjusted assets
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
Average production assets, $m
  667
  971
  1,374
  1,895
  2,551
  3,358
  4,331
  5,482
  6,820
  8,353
  10,085
  12,017
  14,148
  16,478
  19,003
  21,718
  24,619
  27,702
  30,963
  34,398
  38,005
  41,781
  45,726
  49,840
  54,126
  58,585
  63,222
  68,041
  73,050
  78,254
  83,663
Working capital, $m
  0
  -32
  -45
  -62
  -84
  -110
  -142
  -180
  -224
  -275
  -332
  -395
  -465
  -542
  -625
  -714
  -810
  -911
  -1,018
  -1,131
  -1,250
  -1,374
  -1,504
  -1,639
  -1,780
  -1,926
  -2,079
  -2,237
  -2,402
  -2,573
  -2,751
Total debt, $m
  522
  902
  1,406
  2,056
  2,876
  3,884
  5,100
  6,538
  8,211
  10,127
  12,291
  14,705
  17,369
  20,281
  23,436
  26,829
  30,455
  34,308
  38,383
  42,675
  47,182
  51,901
  56,832
  61,974
  67,329
  72,902
  78,696
  84,719
  90,978
  97,483
  104,242
Total liabilities, $m
  834
  1,214
  1,718
  2,368
  3,188
  4,196
  5,412
  6,850
  8,523
  10,439
  12,603
  15,017
  17,681
  20,593
  23,748
  27,141
  30,767
  34,620
  38,695
  42,987
  47,494
  52,213
  57,144
  62,286
  67,641
  73,214
  79,008
  85,031
  91,290
  97,795
  104,554
Total equity, $m
  148
  183
  259
  357
  481
  633
  816
  1,033
  1,285
  1,574
  1,900
  2,264
  2,665
  3,104
  3,580
  4,091
  4,638
  5,219
  5,833
  6,480
  7,160
  7,871
  8,614
  9,389
  10,197
  11,037
  11,910
  12,818
  13,762
  14,742
  15,761
Total liabilities and equity, $m
  982
  1,397
  1,977
  2,725
  3,669
  4,829
  6,228
  7,883
  9,808
  12,013
  14,503
  17,281
  20,346
  23,697
  27,328
  31,232
  35,405
  39,839
  44,528
  49,467
  54,654
  60,084
  65,758
  71,675
  77,838
  84,251
  90,918
  97,849
  105,052
  112,537
  120,315
Debt-to-equity ratio
  3.527
  4.930
  5.430
  5.760
  5.980
  6.140
  6.250
  6.330
  6.390
  6.440
  6.470
  6.500
  6.520
  6.530
  6.550
  6.560
  6.570
  6.570
  6.580
  6.590
  6.590
  6.590
  6.600
  6.600
  6.600
  6.610
  6.610
  6.610
  6.610
  6.610
  6.610
Adjusted equity ratio
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  15
  18
  20
  23
  26
  29
  32
  35
  38
  40
  42
  44
  45
  45
  45
  45
  43
  42
  39
  37
  33
  30
  26
  22
  17
  12
  7
  1
  -6
  -14
Depreciation, amort., depletion, $m
  35
  51
  72
  99
  134
  176
  227
  287
  357
  437
  528
  629
  741
  863
  995
  1,137
  1,289
  1,450
  1,621
  1,801
  1,990
  2,187
  2,394
  2,609
  2,834
  3,067
  3,310
  3,562
  3,825
  4,097
  4,380
Funds from operations, $m
  69
  66
  90
  120
  157
  202
  256
  319
  392
  475
  568
  671
  785
  908
  1,040
  1,182
  1,333
  1,494
  1,663
  1,840
  2,026
  2,221
  2,424
  2,635
  2,855
  3,084
  3,322
  3,569
  3,826
  4,091
  4,367
Change in working capital, $m
  9
  -10
  -13
  -17
  -22
  -27
  -32
  -38
  -44
  -50
  -57
  -64
  -70
  -77
  -83
  -89
  -95
  -101
  -107
  -113
  -119
  -124
  -130
  -135
  -141
  -147
  -152
  -158
  -165
  -171
  -178
Cash from operations, $m
  60
  76
  103
  137
  178
  228
  288
  357
  436
  526
  625
  735
  855
  984
  1,123
  1,272
  1,429
  1,595
  1,770
  1,953
  2,145
  2,345
  2,554
  2,771
  2,996
  3,231
  3,475
  3,728
  3,991
  4,263
  4,545
Maintenance CAPEX, $m
  0
  -35
  -51
  -72
  -99
  -134
  -176
  -227
  -287
  -357
  -437
  -528
  -629
  -741
  -863
  -995
  -1,137
  -1,289
  -1,450
  -1,621
  -1,801
  -1,990
  -2,187
  -2,394
  -2,609
  -2,834
  -3,067
  -3,310
  -3,562
  -3,825
  -4,097
New CAPEX, $m
  -260
  -304
  -403
  -521
  -656
  -807
  -973
  -1,151
  -1,339
  -1,533
  -1,732
  -1,932
  -2,132
  -2,330
  -2,524
  -2,715
  -2,901
  -3,083
  -3,261
  -3,435
  -3,606
  -3,776
  -3,945
  -4,114
  -4,285
  -4,459
  -4,637
  -4,820
  -5,008
  -5,205
  -5,409
Cash from investing activities, $m
  -226
  -339
  -454
  -593
  -755
  -941
  -1,149
  -1,378
  -1,626
  -1,890
  -2,169
  -2,460
  -2,761
  -3,071
  -3,387
  -3,710
  -4,038
  -4,372
  -4,711
  -5,056
  -5,407
  -5,766
  -6,132
  -6,508
  -6,894
  -7,293
  -7,704
  -8,130
  -8,570
  -9,030
  -9,506
Free cash flow, $m
  -166
  -263
  -351
  -456
  -577
  -712
  -861
  -1,021
  -1,189
  -1,364
  -1,544
  -1,725
  -1,906
  -2,086
  -2,264
  -2,438
  -2,609
  -2,777
  -2,941
  -3,103
  -3,262
  -3,421
  -3,579
  -3,738
  -3,899
  -4,062
  -4,230
  -4,402
  -4,580
  -4,767
  -4,962
Issuance/(repayment) of debt, $m
  130
  380
  504
  651
  819
  1,009
  1,216
  1,438
  1,673
  1,916
  2,164
  2,414
  2,664
  2,912
  3,155
  3,393
  3,626
  3,853
  4,075
  4,293
  4,507
  4,719
  4,930
  5,142
  5,356
  5,573
  5,795
  6,023
  6,259
  6,504
  6,760
Issuance/(repurchase) of shares, $m
  68
  41
  58
  78
  100
  126
  154
  185
  217
  251
  286
  322
  358
  394
  430
  466
  502
  538
  573
  608
  643
  678
  713
  749
  786
  823
  862
  901
  942
  986
  1,033
Cash from financing (excl. dividends), $m  
  196
  421
  562
  729
  919
  1,135
  1,370
  1,623
  1,890
  2,167
  2,450
  2,736
  3,022
  3,306
  3,585
  3,859
  4,128
  4,391
  4,648
  4,901
  5,150
  5,397
  5,643
  5,891
  6,142
  6,396
  6,657
  6,924
  7,201
  7,490
  7,793
Total cash flow (excl. dividends), $m
  29
  158
  211
  273
  343
  422
  509
  602
  701
  802
  906
  1,011
  1,116
  1,219
  1,321
  1,421
  1,518
  1,613
  1,706
  1,798
  1,887
  1,976
  2,065
  2,153
  2,243
  2,334
  2,427
  2,522
  2,621
  2,724
  2,831
Retained Cash Flow (-), $m
  -98
  -57
  -76
  -98
  -124
  -152
  -183
  -217
  -252
  -289
  -326
  -364
  -402
  -439
  -476
  -511
  -547
  -581
  -614
  -647
  -679
  -711
  -743
  -775
  -807
  -840
  -874
  -908
  -944
  -986
  -1,033
Prev. year cash balance distribution, $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
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
 
  123
  135
  174
  220
  270
  326
  386
  448
  513
  580
  647
  714
  780
  846
  909
  972
  1,033
  1,092
  1,151
  1,208
  1,265
  1,321
  1,378
  1,435
  1,494
  1,553
  1,614
  1,678
  1,738
  1,798
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
 
  111
  108
  122
  134
  141
  144
  143
  136
  126
  114
  99
  84
  69
  55
  43
  32
  24
  17
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.6
  89.7
  85.3
  81.4
  77.9
  74.7
  71.9
  69.4
  67.1
  65.1
  63.3
  61.6
  60.1
  58.7
  57.4
  56.2
  55.1
  54.1
  53.1
  52.2
  51.4
  50.6
  49.9
  49.1
  48.5
  47.8
  47.2
  46.6
  46.1
  45.5

Armada Hoffler Properties, Inc. is a real estate company. The Company is engaged in developing, building, owning and managing institutional-grade office, retail and multifamily properties in various markets throughout the Mid-Atlantic and Southeastern United States. In addition to the ownership of its operating property portfolio, the Company develops and builds properties for its own account and through joint ventures between the Company and unaffiliated partners. It also provides general contracting services to third parties. Its construction and development experience includes mid- and high-rise office buildings, retail strip malls and retail power centers, multifamily apartment communities, hotels and conference centers, single- and multi-tenant industrial, distribution and manufacturing facilities, educational, medical and special purpose facilities, government projects, parking garages and mixed-use town centers.

FINANCIAL RATIOS  of  Armada Hoffler Properties (AHH)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 2
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow -2.6
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 45.6% 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 63.168 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 $0.9 billion.

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COMPANY NEWS

▶ Armada Hoffler Properties reports 2Q results   [Aug-01-17 10:56PM  Associated Press]
▶ Armada Hoffler Properties Dividend Yield   [Jul-26-17 12:09PM  Market Realist]
▶ 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]
Financial statements 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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