Intrinsic value of Apple Hospitality REIT - APLE

Previous Close

$17.97

  Intrinsic Value

$3.90

stock screener

  Rating & Target

str. sell

-78%

Previous close

$17.97

 
Intrinsic value

$3.90

 
Up/down potential

-78%

 
Rating

str. sell

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

We calculate the intrinsic value of APLE 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  15.92
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
Revenue, $m
  1,041
  1,226
  1,429
  1,648
  1,885
  2,137
  2,406
  2,690
  2,989
  3,303
  3,632
  3,975
  4,334
  4,707
  5,096
  5,500
  5,920
  6,356
  6,810
  7,281
  7,771
  8,280
  8,810
  9,362
  9,936
  10,534
  11,158
  11,808
  12,486
  13,194
  13,934
Variable operating expenses, $m
 
  806
  939
  1,083
  1,238
  1,404
  1,581
  1,767
  1,964
  2,170
  2,386
  2,612
  2,847
  3,093
  3,348
  3,613
  3,889
  4,176
  4,474
  4,784
  5,105
  5,440
  5,788
  6,151
  6,528
  6,921
  7,331
  7,758
  8,204
  8,669
  9,154
Fixed operating expenses, $m
 
  180
  185
  190
  194
  199
  204
  209
  214
  220
  225
  231
  237
  243
  249
  255
  261
  268
  274
  281
  288
  296
  303
  311
  318
  326
  334
  343
  351
  360
  369
Total operating expenses, $m
  856
  986
  1,124
  1,273
  1,432
  1,603
  1,785
  1,976
  2,178
  2,390
  2,611
  2,843
  3,084
  3,336
  3,597
  3,868
  4,150
  4,444
  4,748
  5,065
  5,393
  5,736
  6,091
  6,462
  6,846
  7,247
  7,665
  8,101
  8,555
  9,029
  9,523
Operating income, $m
  185
  240
  305
  376
  452
  534
  621
  713
  811
  913
  1,020
  1,133
  1,250
  1,372
  1,499
  1,632
  1,769
  1,912
  2,061
  2,216
  2,377
  2,545
  2,719
  2,901
  3,090
  3,287
  3,493
  3,707
  3,931
  4,165
  4,410
EBITDA, $m
  333
  415
  508
  610
  720
  838
  963
  1,096
  1,236
  1,383
  1,537
  1,698
  1,866
  2,041
  2,224
  2,413
  2,611
  2,816
  3,029
  3,251
  3,482
  3,722
  3,971
  4,231
  4,502
  4,785
  5,079
  5,386
  5,707
  6,041
  6,391
Interest expense (income), $m
  42
  48
  58
  68
  79
  91
  104
  117
  132
  147
  163
  179
  197
  215
  234
  254
  274
  295
  317
  340
  364
  389
  415
  442
  470
  499
  529
  561
  593
  628
  664
Earnings before tax, $m
  145
  192
  248
  308
  373
  443
  517
  596
  679
  766
  858
  953
  1,053
  1,157
  1,265
  1,378
  1,495
  1,617
  1,744
  1,876
  2,013
  2,155
  2,304
  2,459
  2,620
  2,788
  2,964
  3,147
  3,338
  3,538
  3,746
Tax expense, $m
  0
  52
  67
  83
  101
  120
  140
  161
  183
  207
  232
  257
  284
  312
  342
  372
  404
  437
  471
  506
  543
  582
  622
  664
  707
  753
  800
  850
  901
  955
  1,012
Net income, $m
  145
  140
  181
  225
  272
  323
  378
  435
  496
  559
  626
  696
  769
  845
  924
  1,006
  1,091
  1,180
  1,273
  1,369
  1,469
  1,574
  1,682
  1,795
  1,913
  2,035
  2,164
  2,297
  2,437
  2,582
  2,735

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  4,980
  5,867
  6,837
  7,887
  9,018
  10,226
  11,510
  12,869
  14,300
  15,803
  17,377
  19,021
  20,736
  22,523
  24,382
  26,315
  28,324
  30,412
  32,582
  34,837
  37,181
  39,618
  42,154
  44,793
  47,541
  50,404
  53,387
  56,498
  59,743
  63,131
  66,668
Adjusted assets (=assets-cash), $m
  4,980
  5,867
  6,837
  7,887
  9,018
  10,226
  11,510
  12,869
  14,300
  15,803
  17,377
  19,021
  20,736
  22,523
  24,382
  26,315
  28,324
  30,412
  32,582
  34,837
  37,181
  39,618
  42,154
  44,793
  47,541
  50,404
  53,387
  56,498
  59,743
  63,131
  66,668
Revenue / Adjusted assets
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
Average production assets, $m
  4,233
  4,986
  5,810
  6,703
  7,663
  8,690
  9,781
  10,936
  12,152
  13,429
  14,767
  16,164
  17,621
  19,140
  20,719
  22,362
  24,069
  25,844
  27,688
  29,604
  31,596
  33,668
  35,822
  38,065
  40,400
  42,833
  45,368
  48,012
  50,769
  53,648
  56,654
Working capital, $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
  0
Total debt, $m
  1,338
  1,600
  1,885
  2,194
  2,526
  2,881
  3,259
  3,658
  4,079
  4,521
  4,984
  5,467
  5,971
  6,497
  7,043
  7,611
  8,202
  8,816
  9,454
  10,117
  10,806
  11,523
  12,268
  13,044
  13,852
  14,694
  15,571
  16,485
  17,440
  18,435
  19,475
Total liabilities, $m
  1,463
  1,725
  2,010
  2,319
  2,651
  3,006
  3,384
  3,783
  4,204
  4,646
  5,109
  5,592
  6,096
  6,622
  7,168
  7,736
  8,327
  8,941
  9,579
  10,242
  10,931
  11,648
  12,393
  13,169
  13,977
  14,819
  15,696
  16,610
  17,565
  18,560
  19,600
Total equity, $m
  3,517
  4,142
  4,827
  5,569
  6,367
  7,220
  8,126
  9,085
  10,096
  11,157
  12,268
  13,429
  14,640
  15,901
  17,213
  18,578
  19,997
  21,471
  23,003
  24,595
  26,250
  27,971
  29,761
  31,624
  33,564
  35,585
  37,691
  39,887
  42,179
  44,570
  47,067
Total liabilities and equity, $m
  4,980
  5,867
  6,837
  7,888
  9,018
  10,226
  11,510
  12,868
  14,300
  15,803
  17,377
  19,021
  20,736
  22,523
  24,381
  26,314
  28,324
  30,412
  32,582
  34,837
  37,181
  39,619
  42,154
  44,793
  47,541
  50,404
  53,387
  56,497
  59,744
  63,130
  66,667
Debt-to-equity ratio
  0.380
  0.390
  0.390
  0.390
  0.400
  0.400
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
Adjusted equity ratio
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  145
  140
  181
  225
  272
  323
  378
  435
  496
  559
  626
  696
  769
  845
  924
  1,006
  1,091
  1,180
  1,273
  1,369
  1,469
  1,574
  1,682
  1,795
  1,913
  2,035
  2,164
  2,297
  2,437
  2,582
  2,735
Depreciation, amort., depletion, $m
  148
  174
  203
  234
  268
  304
  342
  382
  425
  470
  516
  565
  616
  669
  724
  782
  842
  904
  968
  1,035
  1,105
  1,177
  1,253
  1,331
  1,413
  1,498
  1,586
  1,679
  1,775
  1,876
  1,981
Funds from operations, $m
  359
  315
  384
  459
  540
  627
  720
  817
  921
  1,029
  1,142
  1,261
  1,385
  1,514
  1,648
  1,788
  1,933
  2,084
  2,241
  2,404
  2,574
  2,751
  2,935
  3,126
  3,325
  3,533
  3,750
  3,976
  4,212
  4,458
  4,716
Change in working capital, $m
  27
  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 operations, $m
  332
  315
  384
  459
  540
  627
  720
  817
  921
  1,029
  1,142
  1,261
  1,385
  1,514
  1,648
  1,788
  1,933
  2,084
  2,241
  2,404
  2,574
  2,751
  2,935
  3,126
  3,325
  3,533
  3,750
  3,976
  4,212
  4,458
  4,716
Maintenance CAPEX, $m
  0
  -148
  -174
  -203
  -234
  -268
  -304
  -342
  -382
  -425
  -470
  -516
  -565
  -616
  -669
  -724
  -782
  -842
  -904
  -968
  -1,035
  -1,105
  -1,177
  -1,253
  -1,331
  -1,413
  -1,498
  -1,586
  -1,679
  -1,775
  -1,876
New CAPEX, $m
  -65
  -754
  -824
  -893
  -961
  -1,027
  -1,091
  -1,154
  -1,216
  -1,277
  -1,337
  -1,397
  -1,457
  -1,518
  -1,580
  -1,643
  -1,707
  -1,774
  -1,844
  -1,916
  -1,992
  -2,071
  -2,155
  -2,243
  -2,335
  -2,432
  -2,535
  -2,644
  -2,758
  -2,879
  -3,006
Cash from investing activities, $m
  -170
  -902
  -998
  -1,096
  -1,195
  -1,295
  -1,395
  -1,496
  -1,598
  -1,702
  -1,807
  -1,913
  -2,022
  -2,134
  -2,249
  -2,367
  -2,489
  -2,616
  -2,748
  -2,884
  -3,027
  -3,176
  -3,332
  -3,496
  -3,666
  -3,845
  -4,033
  -4,230
  -4,437
  -4,654
  -4,882
Free cash flow, $m
  162
  -587
  -614
  -637
  -655
  -667
  -676
  -679
  -678
  -673
  -665
  -653
  -638
  -620
  -601
  -579
  -556
  -532
  -506
  -480
  -453
  -426
  -398
  -369
  -341
  -312
  -283
  -254
  -225
  -195
  -166
Issuance/(repayment) of debt, $m
  80
  262
  285
  309
  332
  355
  378
  399
  421
  442
  463
  483
  504
  525
  547
  568
  591
  614
  638
  663
  689
  717
  746
  776
  808
  842
  877
  915
  954
  996
  1,040
Issuance/(repurchase) of shares, $m
  -9
  485
  504
  517
  526
  530
  529
  524
  515
  502
  485
  465
  442
  417
  389
  359
  327
  294
  259
  223
  186
  147
  108
  68
  27
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  67
  747
  789
  826
  858
  885
  907
  923
  936
  944
  948
  948
  946
  942
  936
  927
  918
  908
  897
  886
  875
  864
  854
  844
  835
  842
  877
  915
  954
  996
  1,040
Total cash flow (excl. dividends), $m
  229
  160
  174
  189
  203
  217
  231
  244
  258
  270
  283
  296
  309
  321
  334
  348
  361
  376
  390
  406
  422
  439
  456
  475
  494
  530
  594
  661
  729
  800
  874
Retained Cash Flow (-), $m
  -870
  -625
  -684
  -742
  -798
  -853
  -907
  -959
  -1,010
  -1,061
  -1,111
  -1,161
  -1,211
  -1,261
  -1,312
  -1,365
  -1,419
  -1,474
  -1,532
  -1,592
  -1,655
  -1,721
  -1,790
  -1,863
  -1,940
  -2,021
  -2,106
  -2,196
  -2,291
  -2,391
  -2,497
Prev. year cash balance distribution, $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 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
 
  -465
  -510
  -553
  -595
  -636
  -676
  -715
  -753
  -791
  -828
  -865
  -902
  -940
  -978
  -1,017
  -1,057
  -1,098
  -1,141
  -1,186
  -1,233
  -1,282
  -1,334
  -1,388
  -1,446
  -1,491
  -1,512
  -1,536
  -1,562
  -1,591
  -1,623
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  -438
  -450
  -453
  -451
  -442
  -428
  -409
  -386
  -359
  -331
  -300
  -269
  -238
  -208
  -179
  -152
  -127
  -104
  -84
  -67
  -52
  -40
  -30
  -22
  -16
  -11
  -7
  -5
  -3
  -2
Current shareholders' claim on cash, %
  100
  89.3
  80.8
  73.9
  68.3
  63.7
  59.9
  56.7
  54.1
  51.8
  49.9
  48.3
  47.0
  45.9
  44.9
  44.1
  43.5
  42.9
  42.5
  42.1
  41.8
  41.6
  41.5
  41.4
  41.4
  41.4
  41.4
  41.4
  41.4
  41.4
  41.4

Apple Hospitality REIT, Inc. is a hospitality real estate investment trust. The Company invests in real estate, primarily in the lodging sector, in the United States. As of December 5, 2017, the Company owned 239 hotels, with more than 30,300 guestrooms, diversified across the Hilton and Marriott families of brands with locations in urban, high-end suburban and developing markets across 34 states. The Company's hotels include various brands, such as Hilton Garden Inn, Courtyard, Homewood Suites, Residence Inn, SpringHill Suites, TownePlace Suites, Fairfield Inn, Home2 Suites, Marriott, Embassy Suites, Hilton and Renaissance. The Company's hotels are located in various states of the United States, such as Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, Nebraska, New Jersey, North Carolina, Ohio, South Carolina, Texas, Utah and Virginia.

FINANCIAL RATIOS  of  Apple Hospitality REIT (APLE)

Valuation Ratios
P/E Ratio 27.6
Price to Sales 3.8
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 15
Growth Rates
Sales Growth Rate 15.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.8%
Cap. Spend. - 3 Yr. Gr. Rate 16.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 38%
Total Debt to Equity 38%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.3%
Return On Equity 4.7%
Return On Equity - 3 Yr. Avg. 3.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 54.9%
Gross Margin - 3 Yr. Avg. 54.6%
EBITDA Margin 32.2%
EBITDA Margin - 3 Yr. Avg. 27.4%
Operating Margin 17.8%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 13.9%
Pre-Tax Margin - 3 Yr. Avg. 9.4%
Net Profit Margin 13.9%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 7.7%
Payout Ratio 157.9%

APLE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APLE stock intrinsic value calculation we used $1041 million for the last fiscal year's total revenue generated by Apple Hospitality REIT. The default revenue input number comes from 2016 income statement of Apple Hospitality REIT. 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 APLE stock valuation model: a) initial revenue growth rate of 17.8% 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 6.2%, whose default value for APLE is calculated based on our internal credit rating of Apple Hospitality REIT, 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 Apple Hospitality REIT.
    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 APLE stock the variable cost ratio is equal to 65.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $176 million in the base year in the intrinsic value calculation for APLE 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 3.6% for Apple Hospitality REIT.

Corporate tax rate of 27% is the nominal tax rate for Apple Hospitality REIT. 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 APLE 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 APLE are equal to 406.6%.

Life of production assets of 28.6 years is the average useful life of capital assets used in Apple Hospitality REIT 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 APLE is equal to 0%. 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 - $3517 million for Apple Hospitality REIT - 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 225.395 million for Apple Hospitality REIT 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 Apple Hospitality REIT at the current share price and the inputted number of shares is $4.1 billion.

RELATED COMPANIES Price Int.Val. Rating
SOHO Sotherly Hotel 5.95 4.31  sell
SHO Sunstone Hotel 14.88 2.72  str.sell
CLDT Chatham Lodgin 20.84 5.44  str.sell
HPT Hospitality Pr 26.50 4.72  str.sell
CHSP Chesapeake Lod 25.99 4.88  str.sell
INN Summit Hotel P 13.89 9.27  sell
AHT Ashford Hospit 5.80 20.50  str.buy
RLJ RLJ Lodging Tr 21.24 10.88  str.sell

COMPANY NEWS

▶ Apple Hospitality REIT Announces March 2018 Distribution   [Feb-20-18 09:00AM  Business Wire]
▶ Apple Hospitality REIT Announces February 2018 Distribution   [Jan-19-18 09:00AM  Business Wire]
▶ Apple Hospitality REIT Announces January 2018 Distribution   [Dec-21-17 09:00AM  Business Wire]
▶ Apple Hospitality REIT Announces December 2017 Distribution   [Nov-20-17 09:00AM  Business Wire]
▶ Apple Hospitality REIT Inc to Host Earnings Call   [Nov-07-17 08:30AM  ACCESSWIRE]
▶ Apple Hospitality REIT Announces November 2017 Distribution   [Oct-19-17 09:00AM  Business Wire]
▶ Apple Hospitality REIT Announces October 2017 Distribution   [Sep-22-17 09:00AM  Business Wire]
▶ Apple Hospitality REIT Provides Hurricane Irma Update   [Sep-15-17 09:00AM  Business Wire]
▶ Apple Hospitality REIT Provides Hurricane Harvey Update   [Sep-06-17 09:00AM  Business Wire]
▶ Here's How To Really Retire Rich   [Aug-29-17 08:20AM  Forbes]
▶ 2 Top Finance Stocks Under $20   [Aug-06-17 10:33AM  Motley Fool]
▶ Apple Hospitality REITs Dividend Trends   [Jul-26-17 12:09PM  Market Realist]
▶ Apple Hospitality REIT Announces August 2017 Distribution   [Jul-20-17 09:00AM  Business Wire]
▶ Apple Hospitality REIT Announces July 2017 Distribution   [Jun-21-17 09:00AM  Business Wire]
▶ 5 Top Hotel REITs for 2017   [May-26-17 03:42PM  Motley Fool]
▶ A 6.5% Yield Paying Monthly Dividends   [May-22-17 11:20AM  GuruFocus.com]
▶ 3 Top Hotel Stocks to Buy in 2017   [May-19-17 01:43PM  Motley Fool]
▶ 2 Bargain Hotel REITs To Buy, 1 To Sell   [May-07-17 09:33AM  Forbes]
▶ 5 Top Dividend Stocks in Real Estate   [08:03AM  Motley Fool]
▶ Apple Hospitality REIT Announces May 2017 Distribution   [Apr-20-17 09:00AM  Business Wire]
▶ Apple Hospitality Remains a Welcoming Place to Invest   [Apr-05-17 01:00PM  TheStreet.com]
▶ 3 Stocks to Buy with Dividends Yielding More than 5%   [Mar-12-17 09:23AM  Motley Fool]
▶ Apple Hospitality REIT Announces March 2017 Distribution   [Feb-21-17 09:00AM  Business Wire]
▶ 5 Stocks That Cut You a Check Each Month   [Feb-19-17 09:39AM  at Motley Fool]
▶ REIT Risk: The Lodging Sector Series   [Jan-23-17 07:00AM  at Forbes]
Financial statements of APLE
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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