Intrinsic value of Bluerock Residential Growth REIT - BRG

Previous Close

$10.10

  Intrinsic Value

$4.79

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

+44%

Previous close

$10.10

 
Intrinsic value

$4.79

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

+44%

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

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

We calculate the intrinsic value of BRG 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 0.2

 

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, %
  75.00
  58.80
  53.42
  48.58
  44.22
  40.30
  36.77
  33.59
  30.73
  28.16
  25.84
  23.76
  21.88
  20.19
  18.68
  17.31
  16.08
  14.97
  13.97
  13.08
  12.27
  11.54
  10.89
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
Revenue, $m
  77
  122
  188
  279
  402
  564
  771
  1,030
  1,347
  1,726
  2,173
  2,689
  3,277
  3,939
  4,675
  5,484
  6,365
  7,318
  8,341
  9,431
  10,588
  11,810
  13,096
  14,445
  15,856
  17,329
  18,864
  20,463
  22,127
  23,856
  25,653
Variable operating expenses, $m
 
  125
  192
  286
  412
  579
  791
  1,057
  1,382
  1,771
  2,229
  2,759
  3,362
  4,041
  4,796
  5,626
  6,531
  7,508
  8,558
  9,676
  10,864
  12,117
  13,436
  14,820
  16,268
  17,779
  19,355
  20,995
  22,702
  24,476
  26,320
Fixed operating expenses, $m
 
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total operating expenses, $m
  80
  126
  193
  287
  413
  580
  792
  1,058
  1,383
  1,772
  2,230
  2,760
  3,363
  4,042
  4,797
  5,627
  6,532
  7,510
  8,560
  9,678
  10,866
  12,119
  13,438
  14,822
  16,270
  17,781
  19,357
  20,997
  22,704
  24,478
  26,322
Operating income, $m
  -3
  -4
  -6
  -8
  -12
  -16
  -21
  -28
  -36
  -46
  -58
  -71
  -87
  -104
  -123
  -144
  -167
  -192
  -218
  -247
  -277
  -309
  -342
  -377
  -414
  -452
  -492
  -534
  -577
  -622
  -669
EBITDA, $m
  29
  47
  72
  107
  155
  218
  299
  400
  523
  671
  844
  1,045
  1,274
  1,531
  1,818
  2,133
  2,476
  2,846
  3,244
  3,669
  4,119
  4,594
  5,095
  5,619
  6,168
  6,742
  7,339
  7,961
  8,609
  9,281
  9,981
Interest expense (income), $m
  18
  25
  41
  65
  98
  142
  200
  275
  368
  482
  618
  779
  964
  1,176
  1,414
  1,678
  1,969
  2,286
  2,629
  2,996
  3,388
  3,804
  4,244
  4,706
  5,191
  5,698
  6,228
  6,780
  7,355
  7,953
  8,575
Earnings before tax, $m
  -3
  -29
  -47
  -73
  -109
  -158
  -221
  -303
  -404
  -528
  -676
  -850
  -1,051
  -1,279
  -1,537
  -1,822
  -2,136
  -2,478
  -2,847
  -3,243
  -3,665
  -4,113
  -4,586
  -5,083
  -5,605
  -6,151
  -6,720
  -7,314
  -7,932
  -8,575
  -9,244
Tax expense, $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
Net income, $m
  -4
  -29
  -47
  -73
  -109
  -158
  -221
  -303
  -404
  -528
  -676
  -850
  -1,051
  -1,279
  -1,537
  -1,822
  -2,136
  -2,478
  -2,847
  -3,243
  -3,665
  -4,113
  -4,586
  -5,083
  -5,605
  -6,151
  -6,720
  -7,314
  -7,932
  -8,575
  -9,244

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  82
  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
  1,241
  1,853
  2,842
  4,223
  6,091
  8,545
  11,687
  15,613
  20,411
  26,158
  32,918
  40,739
  49,655
  59,682
  70,828
  83,087
  96,444
  110,881
  126,374
  142,898
  160,428
  178,942
  198,423
  218,857
  240,236
  262,557
  285,825
  310,052
  335,255
  361,457
  388,689
Adjusted assets (=assets-cash), $m
  1,159
  1,853
  2,842
  4,223
  6,091
  8,545
  11,687
  15,613
  20,411
  26,158
  32,918
  40,739
  49,655
  59,682
  70,828
  83,087
  96,444
  110,881
  126,374
  142,898
  160,428
  178,942
  198,423
  218,857
  240,236
  262,557
  285,825
  310,052
  335,255
  361,457
  388,689
Revenue / Adjusted assets
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
Average production assets, $m
  764
  1,213
  1,861
  2,766
  3,988
  5,596
  7,653
  10,224
  13,366
  17,130
  21,557
  26,678
  32,516
  39,083
  46,382
  54,409
  63,157
  72,611
  82,756
  93,577
  105,056
  117,181
  129,938
  143,319
  157,319
  171,936
  187,173
  203,038
  219,542
  236,701
  254,534
Working capital, $m
  0
  -12
  -19
  -28
  -40
  -56
  -77
  -103
  -135
  -173
  -217
  -269
  -328
  -394
  -467
  -548
  -637
  -732
  -834
  -943
  -1,059
  -1,181
  -1,310
  -1,444
  -1,586
  -1,733
  -1,886
  -2,046
  -2,213
  -2,386
  -2,565
Total debt, $m
  711
  1,181
  1,852
  2,788
  4,054
  5,719
  7,849
  10,510
  13,764
  17,660
  22,244
  27,546
  33,591
  40,389
  47,946
  56,258
  65,314
  75,103
  85,607
  96,810
  108,695
  121,248
  134,456
  148,310
  162,805
  177,939
  193,715
  210,140
  227,228
  244,993
  263,456
Total liabilities, $m
  786
  1,256
  1,927
  2,863
  4,129
  5,794
  7,924
  10,585
  13,839
  17,735
  22,319
  27,621
  33,666
  40,464
  48,021
  56,333
  65,389
  75,178
  85,682
  96,885
  108,770
  121,323
  134,531
  148,385
  162,880
  178,014
  193,790
  210,215
  227,303
  245,068
  263,531
Total equity, $m
  455
  597
  915
  1,360
  1,961
  2,751
  3,763
  5,027
  6,572
  8,423
  10,600
  13,118
  15,989
  19,218
  22,807
  26,754
  31,055
  35,704
  40,692
  46,013
  51,658
  57,619
  63,892
  70,472
  77,356
  84,543
  92,036
  99,837
  107,952
  116,389
  125,158
Total liabilities and equity, $m
  1,241
  1,853
  2,842
  4,223
  6,090
  8,545
  11,687
  15,612
  20,411
  26,158
  32,919
  40,739
  49,655
  59,682
  70,828
  83,087
  96,444
  110,882
  126,374
  142,898
  160,428
  178,942
  198,423
  218,857
  240,236
  262,557
  285,826
  310,052
  335,255
  361,457
  388,689
Debt-to-equity ratio
  1.563
  1.980
  2.020
  2.050
  2.070
  2.080
  2.090
  2.090
  2.090
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
Adjusted equity ratio
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -29
  -47
  -73
  -109
  -158
  -221
  -303
  -404
  -528
  -676
  -850
  -1,051
  -1,279
  -1,537
  -1,822
  -2,136
  -2,478
  -2,847
  -3,243
  -3,665
  -4,113
  -4,586
  -5,083
  -5,605
  -6,151
  -6,720
  -7,314
  -7,932
  -8,575
  -9,244
Depreciation, amort., depletion, $m
  32
  51
  78
  116
  167
  234
  320
  428
  559
  717
  902
  1,116
  1,361
  1,635
  1,941
  2,277
  2,643
  3,038
  3,463
  3,915
  4,396
  4,903
  5,437
  5,997
  6,582
  7,194
  7,832
  8,495
  9,186
  9,904
  10,650
Funds from operations, $m
  41
  22
  31
  43
  58
  76
  99
  125
  155
  189
  226
  266
  310
  356
  404
  454
  507
  560
  616
  672
  730
  790
  851
  913
  977
  1,043
  1,111
  1,181
  1,254
  1,329
  1,406
Change in working capital, $m
  7
  -5
  -7
  -9
  -12
  -16
  -21
  -26
  -32
  -38
  -45
  -52
  -59
  -66
  -74
  -81
  -88
  -95
  -102
  -109
  -116
  -122
  -129
  -135
  -141
  -147
  -154
  -160
  -166
  -173
  -180
Cash from operations, $m
  34
  26
  37
  52
  70
  93
  120
  151
  187
  227
  271
  318
  369
  422
  478
  535
  595
  656
  718
  781
  846
  912
  979
  1,048
  1,119
  1,191
  1,265
  1,341
  1,420
  1,501
  1,586
Maintenance CAPEX, $m
  0
  -32
  -51
  -78
  -116
  -167
  -234
  -320
  -428
  -559
  -717
  -902
  -1,116
  -1,361
  -1,635
  -1,941
  -2,277
  -2,643
  -3,038
  -3,463
  -3,915
  -4,396
  -4,903
  -5,437
  -5,997
  -6,582
  -7,194
  -7,832
  -8,495
  -9,186
  -9,904
New CAPEX, $m
  -6
  -449
  -648
  -904
  -1,223
  -1,607
  -2,057
  -2,571
  -3,142
  -3,764
  -4,427
  -5,122
  -5,838
  -6,567
  -7,299
  -8,028
  -8,747
  -9,454
  -10,145
  -10,820
  -11,480
  -12,124
  -12,757
  -13,381
  -14,000
  -14,617
  -15,237
  -15,865
  -16,504
  -17,159
  -17,833
Cash from investing activities, $m
  -513
  -481
  -699
  -982
  -1,339
  -1,774
  -2,291
  -2,891
  -3,570
  -4,323
  -5,144
  -6,024
  -6,954
  -7,928
  -8,934
  -9,969
  -11,024
  -12,097
  -13,183
  -14,283
  -15,395
  -16,520
  -17,660
  -18,818
  -19,997
  -21,199
  -22,431
  -23,697
  -24,999
  -26,345
  -27,737
Free cash flow, $m
  -479
  -455
  -662
  -930
  -1,269
  -1,682
  -2,172
  -2,740
  -3,383
  -4,096
  -4,873
  -5,705
  -6,586
  -7,505
  -8,456
  -9,433
  -10,429
  -11,441
  -12,466
  -13,502
  -14,549
  -15,608
  -16,681
  -17,770
  -18,878
  -20,009
  -21,167
  -22,355
  -23,579
  -24,843
  -26,151
Issuance/(repayment) of debt, $m
  297
  470
  671
  936
  1,266
  1,664
  2,130
  2,662
  3,253
  3,897
  4,583
  5,303
  6,044
  6,799
  7,557
  8,311
  9,057
  9,788
  10,504
  11,203
  11,885
  12,553
  13,208
  13,854
  14,495
  15,134
  15,776
  16,426
  17,087
  17,765
  18,464
Issuance/(repurchase) of shares, $m
  212
  253
  366
  518
  710
  948
  1,233
  1,567
  1,949
  2,379
  2,853
  3,368
  3,921
  4,508
  5,126
  5,769
  6,437
  7,127
  7,836
  8,564
  9,310
  10,075
  10,859
  11,663
  12,489
  13,338
  14,213
  15,115
  16,047
  17,012
  18,013
Cash from financing (excl. dividends), $m  
  526
  723
  1,037
  1,454
  1,976
  2,612
  3,363
  4,229
  5,202
  6,276
  7,436
  8,671
  9,965
  11,307
  12,683
  14,080
  15,494
  16,915
  18,340
  19,767
  21,195
  22,628
  24,067
  25,517
  26,984
  28,472
  29,989
  31,541
  33,134
  34,777
  36,477
Total cash flow (excl. dividends), $m
  47
  268
  375
  524
  708
  931
  1,191
  1,488
  1,819
  2,179
  2,563
  2,965
  3,380
  3,802
  4,226
  4,648
  5,065
  5,474
  5,874
  6,265
  6,646
  7,020
  7,386
  7,747
  8,106
  8,463
  8,822
  9,186
  9,555
  9,934
  10,325
Retained Cash Flow (-), $m
  -179
  -253
  -366
  -518
  -710
  -948
  -1,233
  -1,567
  -1,949
  -2,379
  -2,853
  -3,368
  -3,921
  -4,508
  -5,126
  -5,769
  -6,437
  -7,127
  -7,836
  -8,564
  -9,310
  -10,075
  -10,859
  -11,663
  -12,489
  -13,338
  -14,213
  -15,115
  -16,047
  -17,012
  -18,013
Prev. year cash balance distribution, $m
 
  82
  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
 
  97
  9
  6
  -2
  -17
  -42
  -78
  -130
  -199
  -290
  -403
  -541
  -706
  -900
  -1,122
  -1,373
  -1,653
  -1,962
  -2,299
  -2,663
  -3,055
  -3,473
  -3,916
  -4,383
  -4,875
  -5,390
  -5,930
  -6,492
  -7,078
  -7,688
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  88
  8
  4
  -2
  -10
  -21
  -33
  -46
  -59
  -70
  -79
  -84
  -86
  -84
  -78
  -71
  -61
  -51
  -41
  -32
  -24
  -17
  -12
  -8
  -5
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  50.8
  27.1
  15.0
  8.6
  5.1
  3.1
  1.9
  1.2
  0.8
  0.6
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  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

Bluerock Residential Growth REIT, Inc. is an equity real estate investment trust launched and managed by Bluerock Multifamily Advisor, LLC. It invests in the real estate markets of United States. The firm makes its investments in the residential properties. Bluerock Residential Growth REIT, Inc. was founded in 2008, and is based in New York, New York.

FINANCIAL RATIOS  of  Bluerock Residential Growth REIT (BRG)

Valuation Ratios
P/E Ratio -49.4
Price to Sales 2.6
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 7.1
Growth Rates
Sales Growth Rate 75%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 156.3%
Total Debt to Equity 156.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital -0.4%
Ret/ On T. Cap. - 3 Yr. Avg. -0.8%
Return On Equity -1.1%
Return On Equity - 3 Yr. Avg. -3.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 61%
Gross Margin - 3 Yr. Avg. 58.9%
EBITDA Margin 61%
EBITDA Margin - 3 Yr. Avg. 63.2%
Operating Margin -3.9%
Oper. Margin - 3 Yr. Avg. -7.3%
Pre-Tax Margin -3.9%
Pre-Tax Margin - 3 Yr. Avg. -3%
Net Profit Margin -5.2%
Net Profit Margin - 3 Yr. Avg. -5.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -850%

BRG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRG stock intrinsic value calculation we used $77 million for the last fiscal year's total revenue generated by Bluerock Residential Growth REIT. The default revenue input number comes from 2016 income statement of Bluerock Residential Growth 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 BRG stock valuation model: a) initial revenue growth rate of 58.8% 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 9.8%, whose default value for BRG is calculated based on our internal credit rating of Bluerock Residential Growth 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 Bluerock Residential Growth 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 BRG stock the variable cost ratio is equal to 102.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1 million in the base year in the intrinsic value calculation for BRG 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 Bluerock Residential Growth REIT.

Corporate tax rate of 27% is the nominal tax rate for Bluerock Residential Growth 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 BRG 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 BRG are equal to 992.2%.

Life of production assets of 23.9 years is the average useful life of capital assets used in Bluerock Residential Growth 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 BRG is equal to -10%. 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 - $455 million for Bluerock Residential Growth 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 23.731 million for Bluerock Residential Growth 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 Bluerock Residential Growth REIT at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Bluerock reports 2Q results   [Aug-08-17 11:55PM  Associated Press]
▶ Bluerock reports 1Q results   [May-08-17 08:42AM  Associated Press]
▶ Bluerock reports 4Q results   [08:56AM  Associated Press]
▶ Top 5 Highest-Paying Dividend REITS of 2016 (CORR, BRG)   [Aug-17-16 10:00AM  at Investopedia]
▶ BRG Sells Multifamily Project in Newport News, VA   [Aug-15-16 02:00PM  PR Newswire]
Stock chart of BRG Financial statements of BRG
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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