Intrinsic value of Community Healthcare Trust - CHCT

Previous Close

$27.37

  Intrinsic Value

$2.68

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+44%

Previous close

$27.37

 
Intrinsic value

$2.68

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+44%

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

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

We calculate the intrinsic value of CHCT 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 0.5

 

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, %
  177.78
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  25
  38
  55
  77
  106
  143
  188
  243
  307
  382
  468
  564
  672
  791
  921
  1,062
  1,214
  1,376
  1,548
  1,730
  1,921
  2,122
  2,333
  2,553
  2,782
  3,021
  3,270
  3,529
  3,797
  4,077
  4,367
Variable operating expenses, $m
 
  26
  37
  52
  72
  97
  128
  165
  209
  260
  318
  384
  457
  538
  626
  722
  825
  935
  1,052
  1,176
  1,306
  1,443
  1,586
  1,736
  1,892
  2,055
  2,224
  2,399
  2,582
  2,772
  2,970
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  21
  30
  41
  56
  76
  102
  133
  170
  214
  265
  323
  389
  462
  544
  632
  728
  831
  941
  1,058
  1,182
  1,313
  1,450
  1,593
  1,743
  1,899
  2,062
  2,232
  2,407
  2,590
  2,780
  2,978
Operating income, $m
  4
  8
  13
  20
  30
  41
  56
  73
  93
  117
  144
  175
  210
  248
  289
  334
  382
  434
  489
  547
  608
  672
  740
  810
  883
  959
  1,039
  1,121
  1,207
  1,296
  1,389
EBITDA, $m
  17
  27
  42
  60
  85
  115
  153
  199
  253
  315
  387
  468
  558
  658
  767
  885
  1,012
  1,147
  1,292
  1,444
  1,604
  1,773
  1,949
  2,134
  2,326
  2,526
  2,735
  2,951
  3,176
  3,410
  3,654
Interest expense (income), $m
  1
  2
  3
  4
  6
  8
  11
  15
  19
  25
  31
  38
  46
  54
  64
  75
  86
  98
  111
  125
  140
  156
  172
  189
  207
  226
  245
  265
  286
  308
  331
Earnings before tax, $m
  3
  6
  10
  16
  24
  33
  44
  58
  74
  93
  114
  138
  164
  193
  225
  260
  296
  336
  378
  422
  468
  517
  568
  621
  676
  734
  794
  856
  921
  988
  1,058
Tax expense, $m
  0
  2
  3
  4
  6
  9
  12
  16
  20
  25
  31
  37
  44
  52
  61
  70
  80
  91
  102
  114
  126
  139
  153
  168
  183
  198
  214
  231
  249
  267
  286
Net income, $m
  3
  4
  8
  12
  17
  24
  32
  42
  54
  68
  83
  100
  120
  141
  164
  189
  216
  245
  276
  308
  342
  377
  414
  453
  494
  536
  579
  625
  672
  721
  773

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  252
  375
  546
  772
  1,064
  1,431
  1,882
  2,427
  3,070
  3,819
  4,675
  5,643
  6,722
  7,912
  9,213
  10,622
  12,137
  13,756
  15,476
  17,295
  19,211
  21,223
  23,329
  25,529
  27,824
  30,214
  32,701
  35,287
  37,974
  40,767
  43,670
Adjusted assets (=assets-cash), $m
  250
  375
  546
  772
  1,064
  1,431
  1,882
  2,427
  3,070
  3,819
  4,675
  5,643
  6,722
  7,912
  9,213
  10,622
  12,137
  13,756
  15,476
  17,295
  19,211
  21,223
  23,329
  25,529
  27,824
  30,214
  32,701
  35,287
  37,974
  40,767
  43,670
Revenue / Adjusted assets
  0.100
  0.101
  0.101
  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
Average production assets, $m
  182
  272
  396
  560
  772
  1,039
  1,367
  1,762
  2,229
  2,772
  3,394
  4,097
  4,880
  5,744
  6,689
  7,711
  8,812
  9,987
  11,236
  12,556
  13,947
  15,408
  16,937
  18,534
  20,200
  21,935
  23,741
  25,618
  27,569
  29,597
  31,704
Working capital, $m
  0
  -3
  -4
  -6
  -9
  -11
  -15
  -19
  -25
  -31
  -37
  -45
  -54
  -63
  -74
  -85
  -97
  -110
  -124
  -138
  -154
  -170
  -187
  -204
  -223
  -242
  -262
  -282
  -304
  -326
  -349
Total debt, $m
  51
  80
  120
  172
  240
  325
  430
  556
  705
  879
  1,078
  1,302
  1,552
  1,829
  2,130
  2,457
  2,809
  3,184
  3,583
  4,006
  4,450
  4,917
  5,405
  5,916
  6,448
  7,003
  7,580
  8,179
  8,803
  9,451
  10,124
Total liabilities, $m
  58
  87
  127
  179
  247
  332
  437
  563
  712
  886
  1,085
  1,309
  1,559
  1,836
  2,137
  2,464
  2,816
  3,191
  3,590
  4,013
  4,457
  4,924
  5,412
  5,923
  6,455
  7,010
  7,587
  8,186
  8,810
  9,458
  10,131
Total equity, $m
  194
  288
  419
  593
  817
  1,099
  1,446
  1,864
  2,358
  2,933
  3,591
  4,334
  5,162
  6,077
  7,075
  8,158
  9,321
  10,565
  11,886
  13,283
  14,754
  16,299
  17,917
  19,607
  21,369
  23,204
  25,114
  27,100
  29,164
  31,309
  33,538
Total liabilities and equity, $m
  252
  375
  546
  772
  1,064
  1,431
  1,883
  2,427
  3,070
  3,819
  4,676
  5,643
  6,721
  7,913
  9,212
  10,622
  12,137
  13,756
  15,476
  17,296
  19,211
  21,223
  23,329
  25,530
  27,824
  30,214
  32,701
  35,286
  37,974
  40,767
  43,669
Debt-to-equity ratio
  0.263
  0.280
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
Adjusted equity ratio
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  4
  8
  12
  17
  24
  32
  42
  54
  68
  83
  100
  120
  141
  164
  189
  216
  245
  276
  308
  342
  377
  414
  453
  494
  536
  579
  625
  672
  721
  773
Depreciation, amort., depletion, $m
  13
  19
  28
  40
  55
  74
  98
  126
  159
  198
  242
  293
  349
  410
  478
  551
  629
  713
  803
  897
  996
  1,101
  1,210
  1,324
  1,443
  1,567
  1,696
  1,830
  1,969
  2,114
  2,265
Funds from operations, $m
  15
  24
  36
  52
  72
  98
  130
  168
  213
  266
  325
  393
  468
  551
  642
  740
  846
  958
  1,078
  1,205
  1,338
  1,478
  1,624
  1,777
  1,936
  2,102
  2,275
  2,455
  2,642
  2,836
  3,037
Change in working capital, $m
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
Cash from operations, $m
  15
  25
  37
  54
  75
  101
  134
  172
  218
  272
  332
  401
  477
  561
  653
  752
  858
  971
  1,092
  1,219
  1,353
  1,494
  1,641
  1,795
  1,955
  2,122
  2,295
  2,475
  2,663
  2,858
  3,060
Maintenance CAPEX, $m
  0
  -13
  -19
  -28
  -40
  -55
  -74
  -98
  -126
  -159
  -198
  -242
  -293
  -349
  -410
  -478
  -551
  -629
  -713
  -803
  -897
  -996
  -1,101
  -1,210
  -1,324
  -1,443
  -1,567
  -1,696
  -1,830
  -1,969
  -2,114
New CAPEX, $m
  -105
  -91
  -124
  -164
  -212
  -267
  -328
  -395
  -467
  -543
  -622
  -702
  -783
  -864
  -944
  -1,023
  -1,100
  -1,175
  -1,249
  -1,321
  -1,391
  -1,460
  -1,529
  -1,597
  -1,666
  -1,735
  -1,805
  -1,877
  -1,951
  -2,028
  -2,107
Cash from investing activities, $m
  -117
  -104
  -143
  -192
  -252
  -322
  -402
  -493
  -593
  -702
  -820
  -944
  -1,076
  -1,213
  -1,354
  -1,501
  -1,651
  -1,804
  -1,962
  -2,124
  -2,288
  -2,456
  -2,630
  -2,807
  -2,990
  -3,178
  -3,372
  -3,573
  -3,781
  -3,997
  -4,221
Free cash flow, $m
  -102
  -79
  -106
  -139
  -177
  -221
  -269
  -320
  -375
  -431
  -488
  -544
  -599
  -652
  -702
  -749
  -793
  -833
  -870
  -904
  -935
  -963
  -989
  -1,013
  -1,035
  -1,056
  -1,077
  -1,098
  -1,118
  -1,139
  -1,161
Issuance/(repayment) of debt, $m
  0
  29
  40
  52
  68
  85
  105
  126
  149
  174
  199
  224
  250
  276
  302
  327
  352
  376
  399
  422
  445
  467
  489
  510
  532
  554
  577
  600
  624
  648
  673
Issuance/(repurchase) of shares, $m
  87
  92
  123
  162
  207
  258
  315
  376
  440
  507
  575
  642
  709
  773
  835
  893
  947
  998
  1,045
  1,089
  1,130
  1,168
  1,203
  1,237
  1,269
  1,300
  1,330
  1,361
  1,392
  1,424
  1,457
Cash from financing (excl. dividends), $m  
  120
  121
  163
  214
  275
  343
  420
  502
  589
  681
  774
  866
  959
  1,049
  1,137
  1,220
  1,299
  1,374
  1,444
  1,511
  1,575
  1,635
  1,692
  1,747
  1,801
  1,854
  1,907
  1,961
  2,016
  2,072
  2,130
Total cash flow (excl. dividends), $m
  18
  42
  57
  76
  97
  123
  151
  182
  215
  250
  286
  323
  360
  397
  434
  470
  506
  540
  574
  607
  640
  672
  703
  735
  766
  798
  830
  863
  897
  932
  969
Retained Cash Flow (-), $m
  -72
  -96
  -131
  -174
  -224
  -282
  -347
  -418
  -494
  -575
  -658
  -743
  -829
  -914
  -999
  -1,082
  -1,164
  -1,243
  -1,321
  -1,397
  -1,472
  -1,545
  -1,618
  -1,690
  -1,762
  -1,835
  -1,910
  -1,986
  -2,064
  -2,145
  -2,229
Prev. year cash balance distribution, $m
 
  2
  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
 
  -52
  -74
  -98
  -127
  -159
  -196
  -236
  -279
  -325
  -372
  -420
  -468
  -517
  -565
  -612
  -658
  -703
  -747
  -790
  -832
  -873
  -914
  -955
  -996
  -1,038
  -1,080
  -1,123
  -1,167
  -1,213
  -1,260
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  -50
  -66
  -83
  -100
  -117
  -132
  -146
  -157
  -165
  -169
  -169
  -165
  -158
  -149
  -137
  -124
  -109
  -95
  -81
  -67
  -55
  -44
  -35
  -27
  -20
  -15
  -11
  -7
  -5
  -3
Current shareholders' claim on cash, %
  100
  84.3
  72.2
  62.7
  55.2
  49.1
  44.1
  40.1
  36.7
  33.8
  31.4
  29.4
  27.6
  26.1
  24.7
  23.6
  22.6
  21.6
  20.8
  20.1
  19.5
  18.9
  18.4
  17.9
  17.4
  17.0
  16.7
  16.3
  16.0
  15.7
  15.4

Community Healthcare Trust Incorporated is an integrated healthcare real estate company. The Company owns and acquires, or finances, real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers in non-urban markets. It has investments in healthcare real estate, including mortgage and other loans. The Company's medical office buildings are located in areas, such as, Florida, Georgia, Illinois, Kentucky, Ohio and Texas. Its physician clinics are located in Alabama, Florida, Kansas, Pennsylvania and Wisconsin. Its surgical centers and hospitals are located in areas, such as Louisiana, Michigan and Arizona. Its behavioral facilities are located in Indiana and Illinois. Its specialty centers are located in Texas, Colorado and Alabama, among others. As of December 31, 2016, the Company had interests in 57 real estate properties and one mortgage note, located in 22 states, totaling over 1.33 million square feet in the aggregate.

FINANCIAL RATIOS  of  Community Healthcare Trust (CHCT)

Valuation Ratios
P/E Ratio 118.5
Price to Sales 14.2
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow -4
Growth Rates
Sales Growth Rate 177.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.2%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 26.3%
Total Debt to Equity 26.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 1.9%
Return On Equity - 3 Yr. Avg. 0.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 80%
Gross Margin - 3 Yr. Avg. 80.4%
EBITDA Margin 68%
EBITDA Margin - 3 Yr. Avg. 54.1%
Operating Margin 16%
Oper. Margin - 3 Yr. Avg. 18.3%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 17%
Net Profit Margin 12%
Net Profit Margin - 3 Yr. Avg. 17%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 600%

CHCT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHCT stock intrinsic value calculation we used $25 million for the last fiscal year's total revenue generated by Community Healthcare Trust. The default revenue input number comes from 2016 income statement of Community Healthcare Trust. 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 CHCT stock valuation model: a) initial revenue growth rate of 50% 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 5.3%, whose default value for CHCT is calculated based on our internal credit rating of Community Healthcare Trust, 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 Community Healthcare Trust.
    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 CHCT stock the variable cost ratio is equal to 68%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for CHCT 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 Community Healthcare Trust.

Corporate tax rate of 27% is the nominal tax rate for Community Healthcare Trust. 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 CHCT 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 CHCT are equal to 726%.

Life of production assets of 14 years is the average useful life of capital assets used in Community Healthcare Trust 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 CHCT is equal to -8%. 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 - $194 million for Community Healthcare Trust - 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 18.112 million for Community Healthcare Trust 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 Community Healthcare Trust at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Community Healthcare Trust reports 2Q results   [Aug-08-17 11:55PM  Associated Press]
▶ Community Healthcare Trust reports 1Q results   [May-09-17 07:40PM  Associated Press]
▶ Community Healthcare Trust reports 4Q results   [Feb-23-17 07:45PM  Associated Press]
▶ Community Healthcare Trust Update on Recent Activities   [Jan-06-17 06:04PM  PR Newswire]
▶ [$$] This REIT Plans Up to $35 Million in Buys a Quarter   [Nov-14-16 02:19PM  at Barrons.com]
▶ 3 Small Cap REITs Poised To Profit   [Jun-06-16 07:00AM  at Forbes]
Financial statements of CHCT
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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