Intrinsic value of Ashford Hospitality Trust - AHT

Previous Close

$6.70

  Intrinsic Value

$20.77

stock screener

  Rating & Target

str. buy

+210%

Previous close

$6.70

 
Intrinsic value

$20.77

 
Up/down potential

+210%

 
Rating

str. buy

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

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 0.7

 

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, %
  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
  832
  851
  873
  898
  925
  955
  987
  1,022
  1,060
  1,101
  1,145
  1,191
  1,240
  1,293
  1,349
  1,408
  1,471
  1,537
  1,607
  1,680
  1,758
  1,840
  1,927
  2,018
  2,114
  2,215
  2,322
  2,434
  2,552
  2,676
Interest expense (income), $m
  202
  197
  201
  206
  212
  219
  226
  234
  243
  252
  262
  273
  285
  297
  310
  324
  339
  355
  371
  389
  407
  427
  448
  470
  493
  517
  542
  569
  598
  627
  659
Earnings before tax, $m
  -57
  385
  395
  405
  417
  429
  443
  458
  474
  491
  509
  529
  550
  572
  596
  621
  647
  676
  705
  737
  770
  805
  841
  880
  921
  964
  1,010
  1,057
  1,107
  1,160
  1,216
Tax expense, $m
  2
  104
  107
  109
  112
  116
  120
  124
  128
  133
  137
  143
  148
  154
  161
  168
  175
  182
  190
  199
  208
  217
  227
  238
  249
  260
  273
  285
  299
  313
  328
Net income, $m
  -46
  281
  288
  296
  304
  313
  323
  334
  346
  358
  372
  386
  401
  418
  435
  453
  473
  493
  515
  538
  562
  587
  614
  643
  672
  704
  737
  772
  808
  847
  887

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
  4,386
  4,487
  4,602
  4,732
  4,875
  5,032
  5,204
  5,389
  5,589
  5,804
  6,033
  6,278
  6,539
  6,816
  7,110
  7,421
  7,751
  8,100
  8,469
  8,858
  9,268
  9,701
  10,158
  10,638
  11,145
  11,678
  12,239
  12,830
  13,451
  14,105
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
  281
  288
  296
  304
  313
  323
  334
  346
  358
  372
  386
  401
  418
  435
  453
  473
  493
  515
  538
  562
  587
  614
  643
  672
  704
  737
  772
  808
  847
  887
Depreciation, amort., depletion, $m
  244
  249
  255
  261
  269
  277
  286
  296
  306
  318
  330
  343
  357
  372
  387
  404
  422
  440
  460
  481
  503
  527
  551
  577
  604
  633
  664
  695
  729
  764
  801
Funds from operations, $m
  178
  531
  543
  557
  573
  590
  609
  630
  652
  676
  701
  729
  758
  789
  822
  857
  894
  934
  975
  1,019
  1,065
  1,114
  1,165
  1,220
  1,277
  1,337
  1,400
  1,467
  1,537
  1,611
  1,689
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
  538
  551
  567
  583
  602
  622
  644
  667
  692
  719
  747
  778
  810
  845
  881
  919
  960
  1,003
  1,049
  1,097
  1,147
  1,200
  1,257
  1,316
  1,378
  1,444
  1,513
  1,585
  1,661
  1,742
Maintenance CAPEX, $m
  0
  -244
  -249
  -255
  -261
  -269
  -277
  -286
  -296
  -306
  -318
  -330
  -343
  -357
  -372
  -387
  -404
  -422
  -440
  -460
  -481
  -503
  -527
  -551
  -577
  -604
  -633
  -664
  -695
  -729
  -764
New CAPEX, $m
  -207
  -85
  -101
  -115
  -129
  -143
  -157
  -171
  -186
  -200
  -214
  -229
  -245
  -261
  -277
  -294
  -312
  -330
  -349
  -369
  -389
  -411
  -433
  -456
  -481
  -506
  -533
  -561
  -591
  -621
  -654
Cash from investing activities, $m
  -8
  -329
  -350
  -370
  -390
  -412
  -434
  -457
  -482
  -506
  -532
  -559
  -588
  -618
  -649
  -681
  -716
  -752
  -789
  -829
  -870
  -914
  -960
  -1,007
  -1,058
  -1,110
  -1,166
  -1,225
  -1,286
  -1,350
  -1,418
Free cash flow, $m
  166
  208
  201
  196
  192
  189
  187
  186
  186
  186
  187
  188
  190
  193
  196
  200
  204
  209
  214
  220
  226
  233
  241
  249
  258
  267
  277
  288
  299
  311
  324
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
  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 from financing (excl. dividends), $m  
  57
  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
Total cash flow (excl. dividends), $m
  223
  284
  297
  306
  316
  326
  337
  349
  362
  376
  391
  407
  423
  441
  460
  480
  501
  523
  546
  571
  597
  624
  653
  684
  716
  749
  785
  822
  861
  903
  946
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
 
  612
  287
  294
  302
  311
  321
  331
  343
  355
  368
  382
  397
  413
  430
  449
  468
  488
  509
  532
  556
  581
  607
  635
  665
  696
  728
  763
  799
  837
  877
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
 
  546
  226
  202
  179
  157
  136
  117
  98
  82
  67
  54
  42
  33
  25
  18
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

Ashford Hospitality Trust, Inc. is an externally-advised real estate investment trust (REIT). The Company is focused on investing in the hospitality industry with a focus on full-service upscale and upper-upscale hotels in the United States. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership (Ashford Trust OP), its operating partnership. The Company's portfolio consists of 121 properties with over 25000 rooms; 86 hotel condominium units at WorldQuest Resort in Orlando, Florida; a 96.6% ownership in Ashford Quantitative Alternatives (U.S.), LP (the AQUA U.S. Fund); a 29.7% ownership in Ashford Inc., and a 13.3% ownership in OpenKey.

FINANCIAL RATIOS  of  Ashford Hospitality Trust (AHT)

Valuation Ratios
P/E Ratio -14
Price to Sales 0.4
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow -19.6
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 5.3% 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 288.2%.

Life of production assets of 17.6 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 97.431 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 $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
RLJ RLJ Lodging Tr 21.45 4.77  str.sell
CHSP Chesapeake Lod 28.01 4.95  str.sell
INN Summit Hotel P 14.96 3.44  str.sell
HST Host Hotels&Re 19.84 2.36  str.sell
HT Hersha Hospita 17.42 4.99  str.sell
PEB Pebblebrook Ho 37.60 5.82  str.sell
DRH Diamondrock Ho 11.26 2.29  str.sell
LHO LaSalle Hotel 28.05 5.65  str.sell
CLDT Chatham Lodgin 22.43 5.69  str.sell

COMPANY NEWS

▶ Ashford Hospitality Trust, Inc. to Host Earnings Call   [Nov-03-17 08:40AM  ACCESSWIRE]
▶ Ashford Hospitality Trust reports 3Q results   [Nov-02-17 07:05PM  Associated Press]
▶ Ashford Trust To Host Investor & Analyst Day   [Oct-02-17 08:00AM  PR Newswire]
▶ Ashford Trust Provides Update On Hurricane Irma   [Sep-13-17 09:42PM  PR Newswire]
▶ Ashford Hospitality Trust reports 2Q results   [02:28AM  Associated Press]
▶ Ashford Trust Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  PR Newswire]
▶ Ashford Hospitality Trusts Dividend Woes   [Jul-26-17 12:09PM  Market Realist]
▶ Ashford Trust Announces Sale Of Crowne Plaza Ravinia   [Jun-29-17 04:30PM  PR Newswire]
▶ 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]
Financial statements 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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