Intrinsic value of Boston Properties - BXP

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$125.57

  Intrinsic Value

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  Value-price divergence*

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$125.57

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

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

We calculate the intrinsic value of BXP 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 19.2

 

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, %
  2.41
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  2,551
  2,588
  2,692
  2,803
  2,920
  3,045
  3,178
  3,318
  3,466
  3,623
  3,789
  3,964
  4,148
  4,343
  4,548
  4,764
  4,991
  5,231
  5,483
  5,748
  6,027
  6,320
  6,628
  6,952
  7,293
  7,652
  8,028
  8,424
  8,840
  9,276
  9,735
Variable operating expenses, $m
 
  1,597
  1,661
  1,729
  1,802
  1,879
  1,961
  2,047
  2,139
  2,236
  2,338
  2,446
  2,560
  2,680
  2,806
  2,939
  3,080
  3,227
  3,383
  3,546
  3,718
  3,899
  4,090
  4,290
  4,500
  4,721
  4,953
  5,197
  5,454
  5,724
  6,007
Fixed operating expenses, $m
 
  133
  137
  140
  143
  147
  151
  155
  158
  162
  166
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  260
  266
  273
Total operating expenses, $m
  1,725
  1,730
  1,798
  1,869
  1,945
  2,026
  2,112
  2,202
  2,297
  2,398
  2,504
  2,617
  2,735
  2,859
  2,990
  3,127
  3,273
  3,425
  3,586
  3,754
  3,931
  4,117
  4,314
  4,519
  4,735
  4,962
  5,200
  5,450
  5,714
  5,990
  6,280
Operating income, $m
  825
  858
  894
  933
  975
  1,019
  1,066
  1,116
  1,169
  1,225
  1,285
  1,348
  1,414
  1,484
  1,558
  1,636
  1,719
  1,806
  1,897
  1,994
  2,095
  2,202
  2,315
  2,433
  2,558
  2,690
  2,828
  2,973
  3,126
  3,287
  3,456
EBITDA, $m
  1,519
  1,523
  1,586
  1,654
  1,725
  1,802
  1,883
  1,969
  2,060
  2,157
  2,259
  2,366
  2,480
  2,600
  2,727
  2,861
  3,001
  3,150
  3,306
  3,471
  3,644
  3,826
  4,018
  4,220
  4,433
  4,656
  4,891
  5,138
  5,398
  5,671
  5,958
Interest expense (income), $m
  434
  459
  485
  512
  540
  570
  602
  635
  671
  709
  749
  791
  835
  882
  932
  984
  1,039
  1,096
  1,157
  1,221
  1,289
  1,360
  1,434
  1,513
  1,595
  1,682
  1,773
  1,869
  1,969
  2,075
  2,186
Earnings before tax, $m
  570
  399
  409
  422
  435
  449
  465
  481
  498
  517
  536
  557
  579
  602
  627
  653
  680
  709
  740
  772
  806
  843
  881
  921
  963
  1,008
  1,055
  1,105
  1,157
  1,212
  1,270
Tax expense, $m
  0
  108
  110
  114
  117
  121
  125
  130
  135
  140
  145
  150
  156
  163
  169
  176
  184
  191
  200
  208
  218
  227
  238
  249
  260
  272
  285
  298
  312
  327
  343
Net income, $m
  513
  291
  299
  308
  318
  328
  339
  351
  364
  377
  391
  407
  423
  439
  457
  476
  496
  518
  540
  564
  589
  615
  643
  672
  703
  736
  770
  806
  845
  885
  927

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  357
  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
  18,852
  18,356
  19,092
  19,876
  20,711
  21,597
  22,536
  23,531
  24,584
  25,697
  26,872
  28,113
  29,421
  30,801
  32,255
  33,787
  35,399
  37,097
  38,884
  40,764
  42,742
  44,821
  47,009
  49,308
  51,725
  54,266
  56,937
  59,743
  62,692
  65,791
  69,046
Adjusted assets (=assets-cash), $m
  18,495
  18,356
  19,092
  19,876
  20,711
  21,597
  22,536
  23,531
  24,584
  25,697
  26,872
  28,113
  29,421
  30,801
  32,255
  33,787
  35,399
  37,097
  38,884
  40,764
  42,742
  44,821
  47,009
  49,308
  51,725
  54,266
  56,937
  59,743
  62,692
  65,791
  69,046
Revenue / Adjusted assets
  0.138
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
Average production assets, $m
  15,741
  16,230
  16,881
  17,575
  18,313
  19,096
  19,927
  20,807
  21,738
  22,721
  23,761
  24,858
  26,015
  27,235
  28,520
  29,874
  31,300
  32,802
  34,382
  36,044
  37,793
  39,632
  41,566
  43,599
  45,736
  47,983
  50,344
  52,826
  55,433
  58,173
  61,051
Working capital, $m
  0
  -753
  -783
  -816
  -850
  -886
  -925
  -966
  -1,009
  -1,054
  -1,103
  -1,153
  -1,207
  -1,264
  -1,323
  -1,386
  -1,452
  -1,522
  -1,595
  -1,673
  -1,754
  -1,839
  -1,929
  -2,023
  -2,122
  -2,227
  -2,336
  -2,451
  -2,572
  -2,699
  -2,833
Total debt, $m
  9,796
  9,708
  10,236
  10,798
  11,397
  12,032
  12,705
  13,419
  14,174
  14,972
  15,814
  16,704
  17,642
  18,631
  19,674
  20,772
  21,928
  23,146
  24,427
  25,775
  27,193
  28,684
  30,252
  31,901
  33,634
  35,456
  37,371
  39,383
  41,497
  43,719
  46,053
Total liabilities, $m
  13,065
  13,161
  13,689
  14,251
  14,850
  15,485
  16,158
  16,872
  17,627
  18,425
  19,267
  20,157
  21,095
  22,084
  23,127
  24,225
  25,381
  26,599
  27,880
  29,228
  30,646
  32,137
  33,705
  35,354
  37,087
  38,909
  40,824
  42,836
  44,950
  47,172
  49,506
Total equity, $m
  5,786
  5,195
  5,403
  5,625
  5,861
  6,112
  6,378
  6,659
  6,957
  7,272
  7,605
  7,956
  8,326
  8,717
  9,128
  9,562
  10,018
  10,498
  11,004
  11,536
  12,096
  12,684
  13,303
  13,954
  14,638
  15,357
  16,113
  16,907
  17,742
  18,619
  19,540
Total liabilities and equity, $m
  18,851
  18,356
  19,092
  19,876
  20,711
  21,597
  22,536
  23,531
  24,584
  25,697
  26,872
  28,113
  29,421
  30,801
  32,255
  33,787
  35,399
  37,097
  38,884
  40,764
  42,742
  44,821
  47,008
  49,308
  51,725
  54,266
  56,937
  59,743
  62,692
  65,791
  69,046
Debt-to-equity ratio
  1.693
  1.870
  1.890
  1.920
  1.940
  1.970
  1.990
  2.020
  2.040
  2.060
  2.080
  2.100
  2.120
  2.140
  2.160
  2.170
  2.190
  2.200
  2.220
  2.230
  2.250
  2.260
  2.270
  2.290
  2.300
  2.310
  2.320
  2.330
  2.340
  2.350
  2.360
Adjusted equity ratio
  0.294
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  513
  291
  299
  308
  318
  328
  339
  351
  364
  377
  391
  407
  423
  439
  457
  476
  496
  518
  540
  564
  589
  615
  643
  672
  703
  736
  770
  806
  845
  885
  927
Depreciation, amort., depletion, $m
  694
  665
  692
  720
  751
  783
  817
  853
  891
  931
  974
  1,019
  1,066
  1,116
  1,169
  1,224
  1,283
  1,344
  1,409
  1,477
  1,549
  1,624
  1,704
  1,787
  1,874
  1,967
  2,063
  2,165
  2,272
  2,384
  2,502
Funds from operations, $m
  935
  956
  990
  1,028
  1,068
  1,111
  1,156
  1,204
  1,255
  1,308
  1,365
  1,425
  1,489
  1,556
  1,626
  1,701
  1,779
  1,862
  1,949
  2,041
  2,138
  2,239
  2,346
  2,459
  2,578
  2,702
  2,833
  2,971
  3,116
  3,269
  3,429
Change in working capital, $m
  -102
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -127
  -134
Cash from operations, $m
  1,037
  918
  1,021
  1,060
  1,102
  1,147
  1,194
  1,245
  1,298
  1,354
  1,413
  1,476
  1,542
  1,612
  1,686
  1,764
  1,845
  1,932
  2,022
  2,118
  2,219
  2,325
  2,436
  2,553
  2,677
  2,806
  2,943
  3,086
  3,237
  3,396
  3,563
Maintenance CAPEX, $m
  0
  -640
  -665
  -692
  -720
  -751
  -783
  -817
  -853
  -891
  -931
  -974
  -1,019
  -1,066
  -1,116
  -1,169
  -1,224
  -1,283
  -1,344
  -1,409
  -1,477
  -1,549
  -1,624
  -1,704
  -1,787
  -1,874
  -1,967
  -2,063
  -2,165
  -2,272
  -2,384
New CAPEX, $m
  -959
  -608
  -651
  -694
  -738
  -783
  -831
  -880
  -931
  -984
  -1,039
  -1,097
  -1,157
  -1,220
  -1,286
  -1,354
  -1,426
  -1,501
  -1,580
  -1,662
  -1,749
  -1,839
  -1,934
  -2,033
  -2,137
  -2,247
  -2,361
  -2,481
  -2,607
  -2,740
  -2,878
Cash from investing activities, $m
  -1,329
  -1,248
  -1,316
  -1,386
  -1,458
  -1,534
  -1,614
  -1,697
  -1,784
  -1,875
  -1,970
  -2,071
  -2,176
  -2,286
  -2,402
  -2,523
  -2,650
  -2,784
  -2,924
  -3,071
  -3,226
  -3,388
  -3,558
  -3,737
  -3,924
  -4,121
  -4,328
  -4,544
  -4,772
  -5,012
  -5,262
Free cash flow, $m
  -292
  -330
  -295
  -325
  -356
  -387
  -419
  -452
  -486
  -521
  -557
  -595
  -633
  -674
  -716
  -759
  -805
  -852
  -902
  -953
  -1,007
  -1,063
  -1,122
  -1,183
  -1,248
  -1,315
  -1,385
  -1,458
  -1,535
  -1,616
  -1,700
Issuance/(repayment) of debt, $m
  662
  519
  528
  562
  598
  635
  674
  713
  755
  798
  843
  889
  938
  989
  1,042
  1,098
  1,156
  1,217
  1,281
  1,348
  1,418
  1,491
  1,568
  1,649
  1,733
  1,822
  1,915
  2,012
  2,114
  2,222
  2,334
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  2
  11
  20
  29
  38
  47
  56
  65
  75
  85
  95
  105
  116
  126
  137
  149
  161
  173
  185
  198
  212
  226
  240
  255
  271
  287
Cash from financing (excl. dividends), $m  
  597
  519
  528
  562
  598
  637
  685
  733
  784
  836
  890
  945
  1,003
  1,064
  1,127
  1,193
  1,261
  1,333
  1,407
  1,485
  1,567
  1,652
  1,741
  1,834
  1,931
  2,034
  2,141
  2,252
  2,369
  2,493
  2,621
Total cash flow (excl. dividends), $m
  305
  189
  232
  237
  243
  248
  255
  262
  269
  277
  286
  295
  305
  315
  327
  339
  351
  365
  379
  395
  411
  428
  446
  465
  486
  507
  530
  554
  579
  606
  634
Retained Cash Flow (-), $m
  -77
  -210
  -208
  -222
  -236
  -251
  -266
  -282
  -298
  -315
  -333
  -351
  -370
  -390
  -411
  -433
  -456
  -480
  -506
  -532
  -560
  -589
  -619
  -651
  -684
  -719
  -756
  -794
  -835
  -877
  -921
Prev. year cash balance distribution, $m
 
  724
  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
 
  703
  24
  15
  6
  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, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  643
  20
  11
  4
  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
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.7
  99.6
  99.4
  99.1
  98.9
  98.6
  98.4
  98.0
  97.7
  97.4
  97.0
  96.7
  96.3
  95.9
  95.6
  95.2
  94.8
  94.4
  93.9
  93.5
  93.1
  92.7
  92.3

Boston Properties, Inc., a real estate investment trust (REIT), together with its subsidiaries, engages in the ownership and development of office properties. Its properties are located in Boston, Massachusetts; Washington, D.C.; midtown Manhattan, New York; San Francisco, California; and Princeton, New Jersey. As of December 31, 2008, the company owned interests in 147 properties, totaling approximately 49.8 million net rentable square feet and structured parking for vehicles containing approximately 11.2 million square feet. Its properties also included 143 office properties, 1 hotel, and 3 retail properties. In addition, the company owned or controlled an undeveloped land totaling approximately 509.3 acres. Boston Properties, Inc. has elected to be taxed as REIT under the Internal Revenue Code and would not be subject to federal income taxes, if it distributes approximately at least 90% of its taxable income to its shareholders. The company was founded in 1970 and is based in Boston, Massachusetts.

FINANCIAL RATIOS  of  Boston Properties (BXP)

Valuation Ratios
P/E Ratio 37.6
Price to Sales 7.6
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 247.6
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.7%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 169.3%
Total Debt to Equity 169.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 8.9%
Return On Equity - 3 Yr. Avg. 9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 63.9%
Gross Margin - 3 Yr. Avg. 63.8%
EBITDA Margin 66.6%
EBITDA Margin - 3 Yr. Avg. 73%
Operating Margin 32.4%
Oper. Margin - 3 Yr. Avg. 32.9%
Pre-Tax Margin 22.3%
Pre-Tax Margin - 3 Yr. Avg. 25.5%
Net Profit Margin 20.1%
Net Profit Margin - 3 Yr. Avg. 20.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 131%

BXP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BXP stock intrinsic value calculation we used $2491 million for the last fiscal year's total revenue generated by Boston Properties. The default revenue input number comes from 2016 income statement of Boston Properties. 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 BXP stock valuation model: a) initial revenue growth rate of 3.9% 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 9.3%, whose default value for BXP is calculated based on our internal credit rating of Boston Properties, 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 Boston Properties.
    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 BXP 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 $130 million in the base year in the intrinsic value calculation for BXP 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 Boston Properties.

Corporate tax rate of 27% is the nominal tax rate for Boston Properties. 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 BXP 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 BXP are equal to 627.1%.

Life of production assets of 24.4 years is the average useful life of capital assets used in Boston Properties 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 BXP is equal to -29.1%. 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 - $5709 million for Boston Properties - 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 152.858 million for Boston Properties 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 Boston Properties at the current share price and the inputted number of shares is $19.2 billion.


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COMPANY NEWS

▶ How Prologis Has Managed to Remain Afloat amid Online Hype   [Jun-19-17 03:34PM  Market Realist]
▶ Boston Properties Declares Regular Quarterly Dividends   [Jun-16-17 04:01PM  Business Wire]
▶ Reston Town Center restaurant scores a win in paid parking lawsuit   [Jun-14-17 05:50PM  American City Business Journals]
▶ Boston Properties Renews ATM Equity Offering Program   [Jun-02-17 05:10PM  Business Wire]
▶ Boston Properties relents on paid parking at Reston Town Center   [May-31-17 03:08PM  American City Business Journals]
▶ Exclusive: Salesforce, WeWork in talks for big leases at Salesforce Tower   [May-25-17 01:55PM  American City Business Journals]
▶ Boston Properties reports 1Q results   [Apr-25-17 06:12PM  Associated Press]
▶ Restaurant suing over paid parking at Reston Town Center   [Mar-23-17 04:08PM  at bizjournals.com]
▶ Restaurant suing over paid parking at Reston Town Center   [04:08PM  American City Business Journals]
▶ Behind WeWorks Billion Dollar Valuation (RGU, BXP)   [Mar-21-17 01:57PM  Investopedia]
▶ Boston Properties Declares Regular Quarterly Dividends   [Mar-16-17 04:36PM  Business Wire]
▶ Boston Properties aims to shed Southwest D.C. office building   [Mar-14-17 04:37PM  at bizjournals.com]
▶ Boston Properties aims to shed Southwest D.C. office building   [04:37PM  American City Business Journals]
▶ Reston Town Center merchants push back on paid parking   [Feb-03-17 04:13PM  at bizjournals.com]
▶ Noteholders snap up Vornado's Skyline for $200 million   [Dec-21-16 12:22PM  at bizjournals.com]
▶ Boston Properties boosts dividend 15%   [09:00AM  at MarketWatch]
▶ Reston Town Center to institute paid parking Jan. 3   [09:02AM  at bizjournals.com]
▶ Should You Avoid Boston Properties, Inc. (BXP)?   [Dec-02-16 01:26PM  at Insider Monkey]
Stock chart of BXP Financial statements of BXP Annual reports of BXP
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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