Intrinsic value of Brookfield Property Partners - BPY

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$23.63

  Intrinsic Value

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  Value-price divergence*

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$23.63

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

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

We calculate the intrinsic value of BPY 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 6.2

 

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, %
  10.28
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  5,352
  5,387
  5,947
  6,533
  7,146
  7,784
  8,450
  9,141
  9,861
  10,609
  11,386
  12,193
  13,032
  13,905
  14,812
  15,756
  16,738
  17,761
  18,827
  19,938
  21,097
  22,305
  23,567
  24,885
  26,261
  27,700
  29,204
  30,778
  32,424
  34,147
  35,951
Variable operating expenses, $m
 
  4,795
  5,285
  5,797
  6,332
  6,890
  7,471
  8,076
  8,704
  9,358
  10,036
  10,653
  11,386
  12,149
  12,941
  13,766
  14,624
  15,518
  16,449
  17,420
  18,432
  19,488
  20,591
  21,742
  22,944
  24,201
  25,516
  26,891
  28,329
  29,834
  31,410
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
  4,921
  4,795
  5,285
  5,797
  6,332
  6,890
  7,471
  8,076
  8,704
  9,358
  10,036
  10,653
  11,386
  12,149
  12,941
  13,766
  14,624
  15,518
  16,449
  17,420
  18,432
  19,488
  20,591
  21,742
  22,944
  24,201
  25,516
  26,891
  28,329
  29,834
  31,410
Operating income, $m
  431
  592
  662
  736
  814
  894
  978
  1,066
  1,157
  1,251
  1,349
  1,540
  1,646
  1,756
  1,871
  1,990
  2,114
  2,243
  2,378
  2,518
  2,664
  2,817
  2,976
  3,143
  3,317
  3,498
  3,688
  3,887
  4,095
  4,313
  4,541
EBITDA, $m
  671
  680
  751
  825
  903
  983
  1,067
  1,155
  1,245
  1,340
  1,438
  1,540
  1,646
  1,756
  1,871
  1,990
  2,114
  2,243
  2,378
  2,518
  2,664
  2,817
  2,976
  3,143
  3,317
  3,498
  3,688
  3,887
  4,095
  4,313
  4,541
Interest expense (income), $m
  1,383
  1,268
  1,546
  1,859
  2,186
  2,528
  2,884
  3,255
  3,641
  4,042
  4,459
  4,892
  5,343
  5,811
  6,297
  6,803
  7,330
  7,878
  8,448
  9,043
  9,662
  10,309
  10,983
  11,687
  12,421
  13,189
  13,992
  14,831
  15,708
  16,626
  17,588
Earnings before tax, $m
  2,142
  -677
  -884
  -1,123
  -1,372
  -1,633
  -1,905
  -2,189
  -2,484
  -2,791
  -3,110
  -3,352
  -3,697
  -4,055
  -4,427
  -4,813
  -5,216
  -5,635
  -6,071
  -6,525
  -6,998
  -7,492
  -8,006
  -8,544
  -9,105
  -9,691
  -10,303
  -10,944
  -11,613
  -12,314
  -13,047
Tax expense, $m
  -575
  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
Net income, $m
  660
  -677
  -884
  -1,123
  -1,372
  -1,633
  -1,905
  -2,189
  -2,484
  -2,791
  -3,110
  -3,352
  -3,697
  -4,055
  -4,427
  -4,813
  -5,216
  -5,635
  -6,071
  -6,525
  -6,998
  -7,492
  -8,006
  -8,544
  -9,105
  -9,691
  -10,303
  -10,944
  -11,613
  -12,314
  -13,047

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,456
  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
  78,127
  78,070
  86,189
  94,688
  103,564
  112,819
  122,457
  132,484
  142,910
  153,747
  165,008
  176,711
  188,874
  201,518
  214,667
  228,347
  242,585
  257,412
  272,858
  288,958
  305,748
  323,266
  341,551
  360,647
  380,597
  401,448
  423,250
  446,053
  469,912
  494,883
  521,026
Adjusted assets (=assets-cash), $m
  76,671
  78,070
  86,189
  94,688
  103,564
  112,819
  122,457
  132,484
  142,910
  153,747
  165,008
  176,711
  188,874
  201,518
  214,667
  228,347
  242,585
  257,412
  272,858
  288,958
  305,748
  323,266
  341,551
  360,647
  380,597
  401,448
  423,250
  446,053
  469,912
  494,883
  521,026
Revenue / Adjusted assets
  0.070
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
  0.069
Average production assets, $m
  571
  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
Working capital, $m
  -4,164
  -2,128
  -2,349
  -2,581
  -2,823
  -3,075
  -3,338
  -3,611
  -3,895
  -4,190
  -4,497
  -4,816
  -5,148
  -5,492
  -5,851
  -6,224
  -6,612
  -7,016
  -7,437
  -7,876
  -8,333
  -8,811
  -9,309
  -9,829
  -10,373
  -10,941
  -11,536
  -12,157
  -12,807
  -13,488
  -14,201
Total debt, $m
  33,519
  35,964
  43,230
  50,836
  58,780
  67,064
  75,690
  84,664
  93,996
  103,695
  113,773
  124,247
  135,133
  146,449
  158,218
  170,462
  183,205
  196,474
  210,299
  224,708
  239,735
  255,414
  271,779
  288,870
  306,725
  325,387
  344,900
  365,309
  386,663
  409,012
  432,409
Total liabilities, $m
  70,585
  69,873
  77,139
  84,745
  92,689
  100,973
  109,599
  118,573
  127,905
  137,604
  147,682
  158,156
  169,042
  180,358
  192,127
  204,371
  217,114
  230,383
  244,208
  258,617
  273,644
  289,323
  305,688
  322,779
  340,634
  359,296
  378,809
  399,218
  420,572
  442,921
  466,318
Total equity, $m
  7,542
  8,197
  9,050
  9,942
  10,874
  11,846
  12,858
  13,911
  15,006
  16,143
  17,326
  18,555
  19,832
  21,159
  22,540
  23,976
  25,471
  27,028
  28,650
  30,341
  32,104
  33,943
  35,863
  37,868
  39,963
  42,152
  44,441
  46,836
  49,341
  51,963
  54,708
Total liabilities and equity, $m
  78,127
  78,070
  86,189
  94,687
  103,563
  112,819
  122,457
  132,484
  142,911
  153,747
  165,008
  176,711
  188,874
  201,517
  214,667
  228,347
  242,585
  257,411
  272,858
  288,958
  305,748
  323,266
  341,551
  360,647
  380,597
  401,448
  423,250
  446,054
  469,913
  494,884
  521,026
Debt-to-equity ratio
  4.444
  4.390
  4.780
  5.110
  5.410
  5.660
  5.890
  6.090
  6.260
  6.420
  6.570
  6.700
  6.810
  6.920
  7.020
  7.110
  7.190
  7.270
  7.340
  7.410
  7.470
  7.520
  7.580
  7.630
  7.680
  7.720
  7.760
  7.800
  7.840
  7.870
  7.900
Adjusted equity ratio
  0.079
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  660
  -677
  -884
  -1,123
  -1,372
  -1,633
  -1,905
  -2,189
  -2,484
  -2,791
  -3,110
  -3,352
  -3,697
  -4,055
  -4,427
  -4,813
  -5,216
  -5,635
  -6,071
  -6,525
  -6,998
  -7,492
  -8,006
  -8,544
  -9,105
  -9,691
  -10,303
  -10,944
  -11,613
  -12,314
  -13,047
Depreciation, amort., depletion, $m
  240
  89
  89
  89
  89
  89
  89
  89
  89
  89
  89
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  431
  -588
  -795
  -1,034
  -1,283
  -1,544
  -1,817
  -2,100
  -2,395
  -2,702
  -3,021
  -3,352
  -3,697
  -4,055
  -4,427
  -4,813
  -5,216
  -5,635
  -6,071
  -6,525
  -6,998
  -7,492
  -8,006
  -8,544
  -9,105
  -9,691
  -10,303
  -10,944
  -11,613
  -12,314
  -13,047
Change in working capital, $m
  -314
  -211
  -221
  -232
  -242
  -252
  -263
  -273
  -284
  -295
  -307
  -319
  -331
  -345
  -358
  -373
  -388
  -404
  -421
  -439
  -458
  -477
  -498
  -520
  -544
  -568
  -594
  -622
  -650
  -681
  -713
Cash from operations, $m
  745
  -377
  -574
  -802
  -1,042
  -1,292
  -1,554
  -1,827
  -2,111
  -2,407
  -2,714
  -3,033
  -3,365
  -3,710
  -4,068
  -4,441
  -4,828
  -5,230
  -5,650
  -6,086
  -6,540
  -7,014
  -7,508
  -8,023
  -8,561
  -9,122
  -9,709
  -10,322
  -10,963
  -11,633
  -12,334
Maintenance CAPEX, $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
New CAPEX, $m
  -7,926
  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 investing activities, $m
  -3,234
  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
Free cash flow, $m
  -2,489
  -377
  -574
  -802
  -1,042
  -1,292
  -1,554
  -1,827
  -2,111
  -2,407
  -2,714
  -3,033
  -3,365
  -3,710
  -4,068
  -4,441
  -4,828
  -5,230
  -5,650
  -6,086
  -6,540
  -7,014
  -7,508
  -8,023
  -8,561
  -9,122
  -9,709
  -10,322
  -10,963
  -11,633
  -12,334
Issuance/(repayment) of debt, $m
  1,865
  6,473
  7,267
  7,606
  7,944
  8,283
  8,626
  8,975
  9,331
  9,699
  10,079
  10,474
  10,886
  11,317
  11,769
  12,244
  12,743
  13,270
  13,824
  14,410
  15,027
  15,678
  16,366
  17,091
  17,855
  18,662
  19,512
  20,409
  21,354
  22,349
  23,398
Issuance/(repurchase) of shares, $m
  2,791
  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  
  2,906
  6,473
  7,267
  7,606
  7,944
  8,283
  8,626
  8,975
  9,331
  9,699
  10,079
  10,474
  10,886
  11,317
  11,769
  12,244
  12,743
  13,270
  13,824
  14,410
  15,027
  15,678
  16,366
  17,091
  17,855
  18,662
  19,512
  20,409
  21,354
  22,349
  23,398
Total cash flow (excl. dividends), $m
  421
  6,096
  6,693
  6,804
  6,902
  6,991
  7,072
  7,148
  7,220
  7,292
  7,365
  7,440
  7,520
  7,607
  7,700
  7,803
  7,915
  8,039
  8,175
  8,324
  8,487
  8,664
  8,858
  9,067
  9,294
  9,540
  9,803
  10,087
  10,391
  10,716
  11,063
Retained Cash Flow (-), $m
  -111
  -766
  -853
  -892
  -932
  -972
  -1,012
  -1,053
  -1,095
  -1,138
  -1,182
  -1,229
  -1,277
  -1,328
  -1,381
  -1,436
  -1,495
  -1,557
  -1,622
  -1,691
  -1,763
  -1,839
  -1,920
  -2,005
  -2,095
  -2,189
  -2,289
  -2,394
  -2,505
  -2,622
  -2,745
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
 
  5,329
  5,840
  5,912
  5,971
  6,019
  6,060
  6,095
  6,126
  6,154
  6,182
  6,212
  6,243
  6,279
  6,320
  6,367
  6,420
  6,482
  6,553
  6,633
  6,724
  6,825
  6,938
  7,062
  7,200
  7,350
  7,514
  7,693
  7,886
  8,094
  8,318
Discount rate, %
 
  12.70
  13.34
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.69
  21.72
  22.81
  23.95
  25.15
  26.40
  27.72
  29.11
  30.56
  32.09
  33.70
  35.38
  37.15
  39.01
  40.96
  43.01
  45.16
  47.41
  49.79
  52.27
PV of cash for distribution, $m
 
  4,729
  4,547
  3,990
  3,449
  2,936
  2,461
  2,028
  1,644
  1,309
  1,024
  785
  590
  434
  313
  220
  151
  101
  66
  42
  26
  15
  9
  5
  3
  1
  1
  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

Brookfield Property Partners L.P. owns, operates, and invests in commercial properties in North America, Europe, Australia, and Brazil. As of April 1, 2013, the company had interests in approximately 300 office and retail properties covering approximately 250 million square feet; approximately 15,600 multi-family units; and 29 million square feet of industrial space, as well as an 18 million square foot office development pipeline. It also has investments in distressed and under-performing real estate assets and businesses; and commercial real estate mortgages and mezzanine loans. The company is headquartered in Hamilton, Bermuda. Brookfield Property Partners L.P. (NYSE:BPY.WI) operates independently of Brookfield Asset Management Inc. as of April 15, 2013.

FINANCIAL RATIOS  of  Brookfield Property Partners (BPY)

Valuation Ratios
P/E Ratio 9.3
Price to Sales 1.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow -0.9
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -0.4%
Cap. Spend. - 3 Yr. Gr. Rate 20%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 376.9%
Total Debt to Equity 444.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 1.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 63.6%
Gross Margin - 3 Yr. Avg. 63.2%
EBITDA Margin 70.3%
EBITDA Margin - 3 Yr. Avg. 112.4%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 40%
Pre-Tax Margin - 3 Yr. Avg. 82.6%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 20.2%
Effective Tax Rate -26.8%
Eff/ Tax Rate - 3 Yr. Avg. -1.1%
Payout Ratio 0%

BPY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BPY stock intrinsic value calculation we used $4853 million for the last fiscal year's total revenue generated by Brookfield Property Partners. The default revenue input number comes from 2016 income statement of Brookfield Property Partners. 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 BPY stock valuation model: a) initial revenue growth rate of 11% 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 12.7%, whose default value for BPY is calculated based on our internal credit rating of Brookfield Property Partners, 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 Brookfield Property Partners.
    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 BPY stock the variable cost ratio is equal to 89.2%.

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 BPY 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 4.3% for Brookfield Property Partners.

Corporate tax rate of 27% is the nominal tax rate for Brookfield Property Partners. 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 BPY 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 BPY are equal to 0%.

Life of production assets of 2.7 years is the average useful life of capital assets used in Brookfield Property Partners 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 BPY is equal to -39.5%. 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 - $7431 million for Brookfield Property Partners - 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 261.492 million for Brookfield Property Partners 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 Brookfield Property Partners at the current share price and the inputted number of shares is $6.2 billion.


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Stock chart of BPY Financial statements of BPY Annual reports of BPY
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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