Intrinsic value of BRT Apartments - BRT

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$7.96

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$7.96

 
Intrinsic value

$3.85

 
Up/down potential

-52%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of BRT 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 0.1

 

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, %
  22.08
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  94
  111
  130
  150
  172
  196
  221
  247
  275
  305
  336
  368
  401
  436
  473
  511
  550
  591
  634
  678
  724
  772
  821
  873
  927
  983
  1,042
  1,103
  1,166
  1,233
  1,302
Variable operating expenses, $m
 
  125
  146
  169
  194
  221
  249
  279
  311
  344
  378
  415
  453
  492
  533
  576
  621
  667
  715
  765
  817
  871
  927
  985
  1,046
  1,109
  1,175
  1,244
  1,316
  1,390
  1,469
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
  108
  125
  146
  169
  194
  221
  249
  279
  311
  344
  378
  415
  453
  492
  533
  576
  621
  667
  715
  765
  817
  871
  927
  985
  1,046
  1,109
  1,175
  1,244
  1,316
  1,390
  1,469
Operating income, $m
  -14
  -14
  -17
  -19
  -22
  -25
  -28
  -32
  -35
  -39
  -43
  -47
  -51
  -56
  -61
  -65
  -70
  -76
  -81
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -158
  -167
EBITDA, $m
  12
  17
  19
  22
  26
  29
  33
  37
  41
  45
  50
  55
  60
  65
  70
  76
  82
  88
  94
  101
  108
  115
  122
  130
  138
  146
  155
  164
  173
  183
  193
Interest expense (income), $m
  28
  31
  38
  45
  53
  61
  70
  80
  90
  101
  112
  124
  137
  149
  163
  177
  192
  207
  222
  239
  256
  274
  292
  311
  331
  352
  373
  396
  419
  444
  469
Earnings before tax, $m
  33
  -45
  -54
  -64
  -75
  -86
  -99
  -112
  -125
  -140
  -155
  -171
  -188
  -205
  -223
  -242
  -262
  -282
  -304
  -326
  -349
  -372
  -397
  -423
  -450
  -478
  -507
  -537
  -569
  -601
  -636
Tax expense, $m
  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
  0
  0
  0
  0
Net income, $m
  31
  -45
  -54
  -64
  -75
  -86
  -99
  -112
  -125
  -140
  -155
  -171
  -188
  -205
  -223
  -242
  -262
  -282
  -304
  -326
  -349
  -372
  -397
  -423
  -450
  -478
  -507
  -537
  -569
  -601
  -636

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  875
  1,001
  1,170
  1,354
  1,551
  1,763
  1,989
  2,228
  2,480
  2,745
  3,023
  3,313
  3,616
  3,931
  4,260
  4,601
  4,956
  5,326
  5,709
  6,108
  6,522
  6,953
  7,401
  7,867
  8,352
  8,858
  9,385
  9,934
  10,507
  11,105
  11,729
Adjusted assets (=assets-cash), $m
  848
  1,001
  1,170
  1,354
  1,551
  1,763
  1,989
  2,228
  2,480
  2,745
  3,023
  3,313
  3,616
  3,931
  4,260
  4,601
  4,956
  5,326
  5,709
  6,108
  6,522
  6,953
  7,401
  7,867
  8,352
  8,858
  9,385
  9,934
  10,507
  11,105
  11,729
Revenue / Adjusted assets
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
Average production assets, $m
  676
  799
  934
  1,080
  1,238
  1,408
  1,588
  1,778
  1,980
  2,191
  2,413
  2,644
  2,886
  3,138
  3,400
  3,673
  3,956
  4,251
  4,557
  4,875
  5,206
  5,550
  5,907
  6,279
  6,667
  7,070
  7,491
  7,929
  8,387
  8,864
  9,362
Working capital, $m
  0
  -32
  -37
  -43
  -49
  -56
  -63
  -71
  -79
  -87
  -96
  -106
  -115
  -125
  -136
  -147
  -158
  -170
  -182
  -195
  -208
  -221
  -236
  -251
  -266
  -282
  -299
  -316
  -335
  -354
  -374
Total debt, $m
  625
  756
  900
  1,057
  1,226
  1,407
  1,600
  1,804
  2,019
  2,245
  2,482
  2,730
  2,989
  3,258
  3,539
  3,831
  4,134
  4,449
  4,777
  5,117
  5,471
  5,839
  6,221
  6,619
  7,034
  7,466
  7,916
  8,385
  8,874
  9,385
  9,918
Total liabilities, $m
  724
  855
  999
  1,156
  1,325
  1,506
  1,699
  1,903
  2,118
  2,344
  2,581
  2,829
  3,088
  3,357
  3,638
  3,930
  4,233
  4,548
  4,876
  5,216
  5,570
  5,938
  6,320
  6,718
  7,133
  7,565
  8,015
  8,484
  8,973
  9,484
  10,017
Total equity, $m
  151
  146
  171
  198
  227
  257
  290
  325
  362
  401
  441
  484
  528
  574
  622
  672
  724
  778
  834
  892
  952
  1,015
  1,081
  1,149
  1,219
  1,293
  1,370
  1,450
  1,534
  1,621
  1,712
Total liabilities and equity, $m
  875
  1,001
  1,170
  1,354
  1,552
  1,763
  1,989
  2,228
  2,480
  2,745
  3,022
  3,313
  3,616
  3,931
  4,260
  4,602
  4,957
  5,326
  5,710
  6,108
  6,522
  6,953
  7,401
  7,867
  8,352
  8,858
  9,385
  9,934
  10,507
  11,105
  11,729
Debt-to-equity ratio
  4.139
  5.170
  5.270
  5.350
  5.410
  5.460
  5.510
  5.540
  5.580
  5.600
  5.620
  5.640
  5.660
  5.680
  5.690
  5.700
  5.710
  5.720
  5.730
  5.740
  5.750
  5.750
  5.760
  5.760
  5.770
  5.770
  5.780
  5.780
  5.780
  5.790
  5.790
Adjusted equity ratio
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  -45
  -54
  -64
  -75
  -86
  -99
  -112
  -125
  -140
  -155
  -171
  -188
  -205
  -223
  -242
  -262
  -282
  -304
  -326
  -349
  -372
  -397
  -423
  -450
  -478
  -507
  -537
  -569
  -601
  -636
Depreciation, amort., depletion, $m
  26
  31
  36
  42
  48
  54
  61
  68
  76
  84
  93
  102
  111
  121
  131
  141
  152
  163
  175
  188
  200
  213
  227
  242
  256
  272
  288
  305
  323
  341
  360
Funds from operations, $m
  7
  -15
  -18
  -23
  -27
  -32
  -38
  -43
  -49
  -56
  -62
  -69
  -77
  -85
  -93
  -101
  -110
  -119
  -128
  -138
  -148
  -159
  -170
  -181
  -193
  -206
  -219
  -232
  -246
  -261
  -276
Change in working capital, $m
  -3
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
Cash from operations, $m
  10
  74
  -13
  -17
  -21
  -25
  -30
  -36
  -41
  -47
  -54
  -60
  -67
  -75
  -82
  -90
  -98
  -107
  -116
  -125
  -135
  -145
  -156
  -166
  -178
  -190
  -202
  -214
  -228
  -242
  -256
Maintenance CAPEX, $m
  0
  -26
  -31
  -36
  -42
  -48
  -54
  -61
  -68
  -76
  -84
  -93
  -102
  -111
  -121
  -131
  -141
  -152
  -163
  -175
  -188
  -200
  -213
  -227
  -242
  -256
  -272
  -288
  -305
  -323
  -341
New CAPEX, $m
  -349
  -123
  -135
  -147
  -158
  -169
  -180
  -191
  -201
  -211
  -222
  -232
  -242
  -252
  -262
  -273
  -283
  -295
  -306
  -318
  -331
  -344
  -358
  -372
  -387
  -404
  -421
  -438
  -457
  -477
  -498
Cash from investing activities, $m
  -136
  -149
  -166
  -183
  -200
  -217
  -234
  -252
  -269
  -287
  -306
  -325
  -344
  -363
  -383
  -404
  -424
  -447
  -469
  -493
  -519
  -544
  -571
  -599
  -629
  -660
  -693
  -726
  -762
  -800
  -839
Free cash flow, $m
  -126
  -75
  -179
  -199
  -220
  -242
  -265
  -287
  -311
  -335
  -359
  -385
  -411
  -437
  -465
  -494
  -523
  -554
  -586
  -619
  -653
  -689
  -727
  -766
  -807
  -849
  -894
  -941
  -990
  -1,041
  -1,095
Issuance/(repayment) of debt, $m
  139
  131
  144
  157
  169
  181
  193
  204
  215
  226
  237
  248
  259
  270
  281
  292
  303
  315
  328
  340
  354
  368
  383
  398
  415
  432
  450
  469
  489
  511
  533
Issuance/(repurchase) of shares, $m
  -2
  0
  59
  69
  80
  92
  105
  118
  132
  147
  163
  179
  196
  214
  233
  252
  272
  293
  314
  337
  360
  384
  409
  436
  463
  492
  521
  552
  584
  618
  653
Cash from financing (excl. dividends), $m  
  138
  131
  203
  226
  249
  273
  298
  322
  347
  373
  400
  427
  455
  484
  514
  544
  575
  608
  642
  677
  714
  752
  792
  834
  878
  924
  971
  1,021
  1,073
  1,129
  1,186
Total cash flow (excl. dividends), $m
  12
  56
  -34
  -43
  -51
  -61
  -72
  -83
  -96
  -109
  -122
  -137
  -152
  -168
  -185
  -202
  -220
  -239
  -258
  -278
  -299
  -321
  -344
  -368
  -392
  -418
  -444
  -472
  -501
  -531
  -562
Retained Cash Flow (-), $m
  -28
  -22
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
Prev. year cash balance distribution, $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
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
 
  61
  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
Discount rate, %
 
  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
  51.86
PV of cash for distribution, $m
 
  54
  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
Current shareholders' claim on cash, %
  100
  100.0
  64.7
  41.8
  27.0
  17.4
  11.3
  7.3
  4.7
  3.0
  2.0
  1.3
  0.8
  0.5
  0.3
  0.2
  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

BRT Realty Trust, a real estate investment trust (REIT), owns, operates, and develops multi-family properties in the United States. It operates through two segments, Multi-Family Real Estate and Other Real Estate. The company also owns, operates, and develops commercial, mixed use, and other real estate assets. As of December 1, 2015, it owned 30 multi-family properties located in 11 states with an aggregate of 8,807 units. The company also owned an 8.7 acre vacant parcel of land in South Daytona Beach, Florida; 17 cooperative apartments in 2 buildings in upper Manhattan, New York; and a subordinated leasehold interest in a portion of a shopping center in Yonkers, New York. BRT Realty Trust is qualified as a REIT under the Internal Revenue Code. As a REIT, its net income would be exempt from federal taxation to the extent that it is distributed as dividends to shareholders. BRT Realty Trust was founded in 1972 and is based in Great Neck, New York.

FINANCIAL RATIOS  of  BRT Apartments (BRT)

Valuation Ratios
P/E Ratio 3.4
Price to Sales 1.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow -0.3
Growth Rates
Sales Growth Rate 22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 142.4%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 413.9%
Total Debt to Equity 413.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 22.6%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 53.2%
Gross Margin - 3 Yr. Avg. 47.8%
EBITDA Margin 92.6%
EBITDA Margin - 3 Yr. Avg. 67.3%
Operating Margin -14.9%
Oper. Margin - 3 Yr. Avg. -15.7%
Pre-Tax Margin 35.1%
Pre-Tax Margin - 3 Yr. Avg. 7.4%
Net Profit Margin 33%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 3%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 0%

BRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRT stock intrinsic value calculation we used $94 million for the last fiscal year's total revenue generated by BRT Apartments. The default revenue input number comes from 2016 income statement of BRT Apartments. 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 BRT stock valuation model: a) initial revenue growth rate of 18.2% 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 12.6%, whose default value for BRT is calculated based on our internal credit rating of BRT Apartments, 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 BRT Apartments.
    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 BRT stock the variable cost ratio is equal to 112.8%.

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 BRT 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% for BRT Apartments.

Corporate tax rate of 27% is the nominal tax rate for BRT Apartments. 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 BRT 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 BRT are equal to 719.1%.

Life of production assets of 26 years is the average useful life of capital assets used in BRT Apartments 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 BRT is equal to -28.7%. 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 - $151 million for BRT Apartments - 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 14.063 million for BRT Apartments 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 BRT Apartments at the current share price and the inputted number of shares is $0.1 billion.


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COMPANY NEWS

▶ BRT reports 1Q results   [Feb-08-17 06:28PM  Associated Press]
▶ BRT posts 4Q profit   [Dec-13-16 04:54PM  Associated Press]
▶ BRT Realty Trust Completes Six Multi-Family Transactions   [Dec-12-16 04:30PM  Marketwired]
▶ BRT Realty Trust Announces Multi-Family Transactions   [Oct-27-16 04:30PM  Marketwired]
▶ Here is What Hedge Funds Think About SCYNEXIS Inc (SCYX)   [Nov-27  06:30AM  at Insider Monkey]
▶ This Metric Says To Be Wary Of BRT Realty Trust (BRT)   [Nov-23  02:53PM  at Insider Monkey]
▶ 10-Q for BRT Realty Trust   [Aug-08  08:10PM  at Company Spotlight]
▶ BRT Realty Trust Reports Third Quarter 2015 Results   [Aug-05  05:21PM  Marketwired]
▶ 10-Q for BRT Realty Trust   [May-10  08:11PM  at Company Spotlight]
▶ Brimstone's Nedbank deal matures   [Feb-26  01:43AM  at noodls]
▶ 10-Q for BRT Realty Trust   [Feb-08  07:07PM  at Company Spotlight]
▶ 10-K for BRT Realty Trust   [Dec-14  07:07PM  Company Spotlight]
▶ BRT REALTY TRUST Files SEC form 10-K, Annual Report   [Dec-12  04:16PM  EDGAR Online]
▶ BRT REALTY TRUST Files SEC form 8-K, Other Events   [Oct-31  04:29PM  EDGAR Online]
▶ BRT REALTY TRUST Files SEC form 10-Q, Quarterly Report   [Aug-08  12:39PM  EDGAR Online]
▶ Apple, GM among J.P. Morgan's top stock picks   [Jun-26  04:55PM  at MarketWatch]
Stock chart of BRT Financial statements of BRT
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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