Intrinsic value of Ashford Hospitality Trust - AHT

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$6.57

  Intrinsic Value

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  Value-price divergence*

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$6.57

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

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

We calculate the intrinsic value of AHT 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 0.6

 

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, %
  11.59
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,492
  1,522
  1,557
  1,597
  1,642
  1,692
  1,746
  1,806
  1,870
  1,939
  2,014
  2,093
  2,178
  2,269
  2,365
  2,467
  2,575
  2,690
  2,811
  2,938
  3,073
  3,216
  3,366
  3,525
  3,691
  3,867
  4,052
  4,247
  4,452
  4,667
  4,894
Variable operating expenses, $m
 
  939
  961
  985
  1,013
  1,044
  1,077
  1,114
  1,154
  1,197
  1,243
  1,292
  1,344
  1,400
  1,459
  1,522
  1,589
  1,659
  1,734
  1,813
  1,896
  1,984
  2,077
  2,175
  2,278
  2,386
  2,500
  2,620
  2,747
  2,880
  3,020
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
  1,317
  939
  961
  985
  1,013
  1,044
  1,077
  1,114
  1,154
  1,197
  1,243
  1,292
  1,344
  1,400
  1,459
  1,522
  1,589
  1,659
  1,734
  1,813
  1,896
  1,984
  2,077
  2,175
  2,278
  2,386
  2,500
  2,620
  2,747
  2,880
  3,020
Operating income, $m
  175
  583
  596
  612
  629
  648
  669
  692
  716
  743
  771
  802
  834
  869
  906
  945
  986
  1,030
  1,076
  1,125
  1,177
  1,232
  1,289
  1,350
  1,414
  1,481
  1,552
  1,627
  1,705
  1,788
  1,874
EBITDA, $m
  419
  796
  815
  836
  859
  885
  914
  945
  979
  1,015
  1,054
  1,096
  1,140
  1,187
  1,238
  1,291
  1,348
  1,408
  1,471
  1,538
  1,609
  1,683
  1,762
  1,845
  1,932
  2,024
  2,121
  2,223
  2,330
  2,443
  2,562
Interest expense (income), $m
  202
  164
  167
  171
  176
  182
  188
  194
  201
  209
  218
  227
  236
  246
  257
  269
  281
  294
  308
  323
  338
  355
  372
  390
  409
  429
  450
  473
  496
  521
  547
Earnings before tax, $m
  -57
  419
  429
  440
  453
  466
  481
  497
  515
  534
  554
  575
  598
  623
  648
  676
  705
  736
  768
  803
  839
  877
  918
  960
  1,005
  1,052
  1,102
  1,154
  1,209
  1,267
  1,328
Tax expense, $m
  2
  113
  116
  119
  122
  126
  130
  134
  139
  144
  149
  155
  161
  168
  175
  182
  190
  199
  207
  217
  227
  237
  248
  259
  271
  284
  297
  312
  326
  342
  358
Net income, $m
  -46
  306
  313
  321
  330
  340
  351
  363
  376
  389
  404
  420
  437
  454
  473
  493
  515
  537
  561
  586
  612
  640
  670
  701
  734
  768
  804
  842
  882
  925
  969

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  347
  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
  4,892
  4,640
  4,746
  4,868
  5,005
  5,157
  5,324
  5,505
  5,701
  5,913
  6,140
  6,382
  6,641
  6,917
  7,210
  7,521
  7,851
  8,200
  8,569
  8,959
  9,370
  9,805
  10,263
  10,745
  11,254
  11,790
  12,354
  12,948
  13,573
  14,230
  14,921
Adjusted assets (=assets-cash), $m
  4,545
  4,640
  4,746
  4,868
  5,005
  5,157
  5,324
  5,505
  5,701
  5,913
  6,140
  6,382
  6,641
  6,917
  7,210
  7,521
  7,851
  8,200
  8,569
  8,959
  9,370
  9,805
  10,263
  10,745
  11,254
  11,790
  12,354
  12,948
  13,573
  14,230
  14,921
Revenue / Adjusted assets
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
Average production assets, $m
  4,301
  2,264
  2,317
  2,376
  2,443
  2,517
  2,598
  2,687
  2,783
  2,886
  2,997
  3,115
  3,241
  3,376
  3,519
  3,671
  3,832
  4,002
  4,182
  4,372
  4,573
  4,785
  5,009
  5,244
  5,493
  5,754
  6,030
  6,319
  6,624
  6,945
  7,283
Working capital, $m
  0
  -355
  -363
  -372
  -383
  -394
  -407
  -421
  -436
  -452
  -469
  -488
  -508
  -529
  -551
  -575
  -600
  -627
  -655
  -685
  -716
  -749
  -784
  -821
  -860
  -901
  -944
  -990
  -1,037
  -1,088
  -1,140
Total debt, $m
  3,724
  3,800
  3,896
  4,006
  4,129
  4,265
  4,415
  4,578
  4,755
  4,945
  5,150
  5,368
  5,601
  5,849
  6,113
  6,393
  6,690
  7,004
  7,336
  7,687
  8,057
  8,448
  8,860
  9,295
  9,753
  10,235
  10,743
  11,277
  11,839
  12,431
  13,053
Total liabilities, $m
  4,100
  4,176
  4,272
  4,382
  4,505
  4,641
  4,791
  4,954
  5,131
  5,321
  5,526
  5,744
  5,977
  6,225
  6,489
  6,769
  7,066
  7,380
  7,712
  8,063
  8,433
  8,824
  9,236
  9,671
  10,129
  10,611
  11,119
  11,653
  12,215
  12,807
  13,429
Total equity, $m
  792
  464
  475
  487
  501
  516
  532
  550
  570
  591
  614
  638
  664
  692
  721
  752
  785
  820
  857
  896
  937
  980
  1,026
  1,075
  1,125
  1,179
  1,235
  1,295
  1,357
  1,423
  1,492
Total liabilities and equity, $m
  4,892
  4,640
  4,747
  4,869
  5,006
  5,157
  5,323
  5,504
  5,701
  5,912
  6,140
  6,382
  6,641
  6,917
  7,210
  7,521
  7,851
  8,200
  8,569
  8,959
  9,370
  9,804
  10,262
  10,746
  11,254
  11,790
  12,354
  12,948
  13,572
  14,230
  14,921
Debt-to-equity ratio
  4.702
  8.190
  8.210
  8.230
  8.250
  8.270
  8.290
  8.320
  8.340
  8.360
  8.390
  8.410
  8.430
  8.460
  8.480
  8.500
  8.520
  8.540
  8.560
  8.580
  8.600
  8.620
  8.630
  8.650
  8.670
  8.680
  8.700
  8.710
  8.720
  8.740
  8.750
Adjusted equity ratio
  0.098
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -46
  306
  313
  321
  330
  340
  351
  363
  376
  389
  404
  420
  437
  454
  473
  493
  515
  537
  561
  586
  612
  640
  670
  701
  734
  768
  804
  842
  882
  925
  969
Depreciation, amort., depletion, $m
  244
  214
  219
  224
  230
  237
  245
  253
  263
  272
  283
  294
  306
  318
  332
  346
  361
  378
  395
  412
  431
  451
  473
  495
  518
  543
  569
  596
  625
  655
  687
Funds from operations, $m
  178
  520
  532
  545
  561
  578
  596
  616
  638
  662
  687
  714
  742
  773
  805
  840
  876
  915
  955
  998
  1,044
  1,092
  1,142
  1,196
  1,252
  1,311
  1,373
  1,438
  1,507
  1,580
  1,656
Change in working capital, $m
  4
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
Cash from operations, $m
  174
  -1,684
  540
  555
  571
  589
  609
  630
  653
  678
  704
  732
  762
  794
  828
  863
  901
  941
  984
  1,028
  1,075
  1,125
  1,177
  1,232
  1,291
  1,352
  1,416
  1,484
  1,555
  1,630
  1,709
Maintenance CAPEX, $m
  0
  -209
  -214
  -219
  -224
  -230
  -237
  -245
  -253
  -263
  -272
  -283
  -294
  -306
  -318
  -332
  -346
  -361
  -378
  -395
  -412
  -431
  -451
  -473
  -495
  -518
  -543
  -569
  -596
  -625
  -655
New CAPEX, $m
  -207
  -44
  -52
  -60
  -67
  -74
  -81
  -88
  -96
  -103
  -111
  -118
  -126
  -135
  -143
  -152
  -161
  -170
  -180
  -190
  -201
  -212
  -224
  -236
  -248
  -261
  -275
  -290
  -305
  -321
  -337
Cash from investing activities, $m
  -8
  -253
  -266
  -279
  -291
  -304
  -318
  -333
  -349
  -366
  -383
  -401
  -420
  -441
  -461
  -484
  -507
  -531
  -558
  -585
  -613
  -643
  -675
  -709
  -743
  -779
  -818
  -859
  -901
  -946
  -992
Free cash flow, $m
  166
  -1,937
  274
  277
  280
  285
  290
  297
  304
  312
  321
  331
  342
  354
  366
  380
  394
  410
  426
  443
  462
  482
  502
  524
  548
  572
  598
  625
  654
  684
  716
Issuance/(repayment) of debt, $m
  -72
  76
  96
  110
  123
  137
  150
  163
  177
  190
  204
  218
  233
  248
  264
  280
  297
  314
  332
  351
  370
  391
  412
  435
  458
  482
  508
  534
  562
  592
  622
Issuance/(repurchase) of shares, $m
  149
  1,534
  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 from financing (excl. dividends), $m  
  57
  1,610
  96
  110
  123
  137
  150
  163
  177
  190
  204
  218
  233
  248
  264
  280
  297
  314
  332
  351
  370
  391
  412
  435
  458
  482
  508
  534
  562
  592
  622
Total cash flow (excl. dividends), $m
  223
  -1,862
  370
  387
  404
  421
  440
  460
  481
  502
  525
  550
  575
  602
  630
  660
  691
  724
  758
  794
  832
  872
  915
  959
  1,005
  1,054
  1,106
  1,160
  1,216
  1,276
  1,339
Retained Cash Flow (-), $m
  19
  -19
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
Prev. year cash balance distribution, $m
 
  347
  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
 
  0
  360
  374
  390
  406
  424
  442
  461
  481
  503
  525
  549
  574
  601
  628
  658
  689
  721
  755
  791
  829
  869
  911
  954
  1,001
  1,049
  1,100
  1,154
  1,210
  1,269
Discount rate, %
 
  12.00
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
PV of cash for distribution, $m
 
  0
  284
  258
  232
  206
  180
  156
  132
  111
  91
  74
  58
  45
  35
  26
  19
  13
  9
  6
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3
  18.3

Ashford Hospitality Trust, Inc. is a publicly owned real estate investment trust. The firm engages in investment and management of properties in the hospitality industry. It invests in the real estate markets of the United States. The firm primarily invests in hotels with a focus on the ownership of upper-upscale and upscale full-service and select service hotels in primary, secondary and resort markets. It also invests in mid-scale and luxury hotels. The firm invests across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans, construction loans, and sale-leaseback transactions. It primarily concentrates among Marriott, Hilton, Hyatt, and Starwood brands. Ashford Hospitality Trust, Inc. was founded in 1968 and is based in Dallas, Texas.

FINANCIAL RATIOS  of  Ashford Hospitality Trust (AHT)

Valuation Ratios
P/E Ratio -13.8
Price to Sales 0.4
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 3.6
Price to Free Cash Flow -19.2
Growth Rates
Sales Growth Rate 11.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -77.3%
Cap. Spend. - 3 Yr. Gr. Rate 2.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 470.2%
Total Debt to Equity 470.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital -1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity -5.7%
Return On Equity - 3 Yr. Avg. 9.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 32.2%
Gross Margin - 3 Yr. Avg. 31.9%
EBITDA Margin 26.1%
EBITDA Margin - 3 Yr. Avg. 33.3%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 19.5%
Pre-Tax Margin -3.8%
Pre-Tax Margin - 3 Yr. Avg. 4.8%
Net Profit Margin -3.1%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate -3.5%
Eff/ Tax Rate - 3 Yr. Avg. -2.3%
Payout Ratio -197.8%

AHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AHT stock intrinsic value calculation we used $1492 million for the last fiscal year's total revenue generated by Ashford Hospitality Trust. The default revenue input number comes from 2016 income statement of Ashford Hospitality Trust. 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 AHT stock valuation model: a) initial revenue growth rate of 2% 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 12%, whose default value for AHT is calculated based on our internal credit rating of Ashford Hospitality Trust, 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 Ashford Hospitality Trust.
    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 AHT stock the variable cost ratio is equal to 61.7%.

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 AHT 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 4.4% for Ashford Hospitality Trust.

Corporate tax rate of 27% is the nominal tax rate for Ashford Hospitality Trust. 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 AHT 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 AHT are equal to 148.8%.

Life of production assets of 10.6 years is the average useful life of capital assets used in Ashford Hospitality Trust 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 AHT is equal to -23.3%. 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 - $792 million for Ashford Hospitality Trust - 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 93.118 million for Ashford Hospitality Trust 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 Ashford Hospitality Trust at the current share price and the inputted number of shares is $0.6 billion.


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COMPANY NEWS

▶ Ashford Trust To Present At NAREIT's REITWeek 2017   [Jun-05-17 08:00AM  PR Newswire]
▶ Ashford Hospitality Trust reports 1Q results   [May-05-17 05:02AM  Associated Press]
▶ Ashford Trust Reports First Quarter 2017 Results   [May-04-17 04:15PM  PR Newswire]
▶ FelCor merging with Maryland hotel investment company in $1.18B deal   [Apr-24-17 02:40PM  American City Business Journals]
▶ FelCor tells Ashford it will consider cash sale   [06:00PM  at bizjournals.com]
▶ FelCor tells Ashford it will consider cash sale   [06:00PM  American City Business Journals]
▶ Is Ashford Hospitality Trust, Inc. (AHT) A Good Stock To Buy?   [Dec-09-16 04:27AM  at Insider Monkey]
▶ 3 Reliable Dividend Stocks Yielding 7% or More   [Nov-30-16 10:00AM  at Kiplinger]
▶ Ashford Trust Prices Public Offering Of Preferred Stock   [Oct-13-16 07:26PM  PR Newswire]
▶ Ashford Trust Completes Sale Of Palm Desert Hotels   [Oct-10-16 06:55AM  PR Newswire]
Stock chart of AHT Financial statements of AHT Annual reports of AHT
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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