Intrinsic value of Community Healthcare Trust - CHCT

Previous Close

$30.22

  Intrinsic Value

$56.07

stock screener

  Rating & Target

str. buy

+86%

Previous close

$30.22

 
Intrinsic value

$56.07

 
Up/down potential

+86%

 
Rating

str. buy

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  48.20
  43.88
  39.99
  36.49
  33.34
  30.51
  27.96
  25.66
  23.60
  21.74
  20.06
  18.56
  17.20
  15.98
  14.88
  13.89
  13.01
  12.20
  11.48
  10.84
  10.25
  9.73
  9.25
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.03
Revenue, $m
  25
  55
  79
  110
  151
  201
  262
  336
  422
  521
  635
  762
  903
  1,059
  1,228
  1,411
  1,607
  1,816
  2,037
  2,271
  2,518
  2,776
  3,046
  3,328
  3,621
  3,927
  4,245
  4,576
  4,920
  5,277
  5,648
Variable operating expenses, $m
 
  39
  57
  79
  108
  144
  187
  239
  301
  372
  452
  543
  643
  754
  875
  1,005
  1,144
  1,293
  1,451
  1,618
  1,793
  1,977
  2,169
  2,370
  2,579
  2,797
  3,023
  3,259
  3,504
  3,758
  4,023
Fixed operating expenses, $m
 
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
Total operating expenses, $m
  21
  42
  60
  82
  111
  147
  190
  242
  305
  376
  456
  547
  647
  758
  879
  1,009
  1,148
  1,297
  1,455
  1,623
  1,798
  1,982
  2,174
  2,375
  2,584
  2,802
  3,028
  3,264
  3,510
  3,764
  4,029
Operating income, $m
  4
  12
  19
  28
  40
  54
  72
  93
  117
  146
  179
  216
  256
  301
  349
  402
  458
  518
  582
  649
  720
  794
  872
  953
  1,037
  1,125
  1,217
  1,312
  1,410
  1,513
  1,620
EBITDA, $m
  17
  60
  88
  124
  170
  228
  299
  383
  482
  597
  727
  874
  1,036
  1,215
  1,410
  1,620
  1,846
  2,086
  2,341
  2,611
  2,894
  3,191
  3,502
  3,826
  4,164
  4,516
  4,882
  5,263
  5,659
  6,070
  6,497
Interest expense (income), $m
  1
  4
  4
  4
  4
  4
  3
  3
  3
  3
  3
  2
  2
  2
  1
  1
  0
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
Earnings before tax, $m
  3
  8
  15
  24
  36
  51
  68
  89
  114
  143
  176
  213
  254
  299
  348
  401
  458
  518
  582
  650
  722
  796
  875
  956
  1,041
  1,130
  1,222
  1,318
  1,418
  1,521
  1,629
Tax expense, $m
  0
  2
  4
  7
  10
  14
  18
  24
  31
  39
  47
  58
  69
  81
  94
  108
  124
  140
  157
  176
  195
  215
  236
  258
  281
  305
  330
  356
  383
  411
  440
Net income, $m
  3
  6
  11
  18
  26
  37
  50
  65
  83
  104
  128
  156
  185
  218
  254
  293
  334
  378
  425
  475
  527
  581
  638
  698
  760
  825
  892
  962
  1,035
  1,111
  1,189

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
  -61
  -87
  -122
  -167
  -223
  -291
  -372
  -467
  -577
  -703
  -844
  -1,001
  -1,173
  -1,360
  -1,562
  -1,780
  -2,011
  -2,256
  -2,515
  -2,788
  -3,074
  -3,373
  -3,685
  -4,010
  -4,349
  -4,701
  -5,068
  -5,448
  -5,844
  -6,255
Adjusted assets (=assets-cash), $m
  250
  -61
  -87
  -122
  -167
  -223
  -291
  -372
  -467
  -577
  -703
  -844
  -1,001
  -1,173
  -1,360
  -1,562
  -1,780
  -2,011
  -2,256
  -2,515
  -2,788
  -3,074
  -3,373
  -3,685
  -4,010
  -4,349
  -4,701
  -5,068
  -5,448
  -5,844
  -6,255
Revenue / Adjusted assets
  0.100
  -0.902
  -0.908
  -0.902
  -0.904
  -0.901
  -0.900
  -0.903
  -0.904
  -0.903
  -0.903
  -0.903
  -0.902
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
  -0.903
Average production assets, $m
  182
  473
  681
  954
  1,302
  1,736
  2,265
  2,899
  3,643
  4,502
  5,481
  6,580
  7,801
  9,143
  10,605
  12,183
  13,875
  15,680
  17,594
  19,614
  21,739
  23,968
  26,300
  28,733
  31,270
  33,911
  36,659
  39,515
  42,483
  45,568
  48,773
Working capital, $m
  0
  -150
  -216
  -303
  -413
  -551
  -719
  -920
  -1,157
  -1,430
  -1,740
  -2,090
  -2,477
  -2,903
  -3,367
  -3,869
  -4,406
  -4,979
  -5,587
  -6,228
  -6,903
  -7,611
  -8,351
  -9,124
  -9,930
  -10,768
  -11,641
  -12,548
  -13,490
  -14,470
  -15,488
Total debt, $m
  51
  10
  10
  10
  10
  9
  9
  8
  8
  7
  6
  6
  5
  4
  2
  1
  0
  -1
  -3
  -4
  -6
  -8
  -10
  -11
  -13
  -15
  -18
  -20
  -22
  -24
  -27
Total liabilities, $m
  58
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -38
Total equity, $m
  194
  -60
  -87
  -122
  -166
  -221
  -289
  -370
  -464
  -574
  -699
  -839
  -995
  -1,166
  -1,352
  -1,553
  -1,769
  -1,999
  -2,243
  -2,500
  -2,771
  -3,055
  -3,353
  -3,663
  -3,986
  -4,323
  -4,673
  -5,037
  -5,416
  -5,809
  -6,218
Total liabilities and equity, $m
  252
  -60
  -88
  -123
  -167
  -222
  -291
  -372
  -467
  -577
  -703
  -844
  -1,001
  -1,173
  -1,360
  -1,562
  -1,780
  -2,011
  -2,257
  -2,515
  -2,788
  -3,073
  -3,373
  -3,685
  -4,010
  -4,349
  -4,701
  -5,067
  -5,449
  -5,844
  -6,256
Debt-to-equity ratio
  0.263
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.768
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  6
  11
  18
  26
  37
  50
  65
  83
  104
  128
  156
  185
  218
  254
  293
  334
  378
  425
  475
  527
  581
  638
  698
  760
  825
  892
  962
  1,035
  1,111
  1,189
Depreciation, amort., depletion, $m
  13
  48
  69
  96
  131
  174
  227
  290
  365
  451
  548
  658
  780
  914
  1,060
  1,218
  1,388
  1,568
  1,759
  1,961
  2,174
  2,397
  2,630
  2,873
  3,127
  3,391
  3,666
  3,951
  4,248
  4,557
  4,877
Funds from operations, $m
  15
  54
  80
  114
  157
  211
  277
  356
  448
  555
  677
  814
  966
  1,133
  1,315
  1,511
  1,722
  1,946
  2,185
  2,436
  2,701
  2,978
  3,268
  3,571
  3,887
  4,216
  4,558
  4,914
  5,283
  5,667
  6,066
Change in working capital, $m
  0
  -49
  -66
  -87
  -111
  -138
  -168
  -201
  -236
  -273
  -311
  -349
  -388
  -426
  -464
  -501
  -538
  -573
  -608
  -642
  -675
  -708
  -740
  -773
  -806
  -839
  -872
  -907
  -943
  -980
  -1,018
Cash from operations, $m
  15
  103
  146
  200
  267
  349
  445
  557
  684
  828
  988
  1,163
  1,353
  1,559
  1,779
  2,012
  2,259
  2,519
  2,792
  3,078
  3,376
  3,686
  4,009
  4,344
  4,693
  5,055
  5,430
  5,821
  6,226
  6,647
  7,084
Maintenance CAPEX, $m
  0
  -32
  -47
  -68
  -95
  -130
  -174
  -227
  -290
  -364
  -450
  -548
  -658
  -780
  -914
  -1,060
  -1,218
  -1,388
  -1,568
  -1,759
  -1,961
  -2,174
  -2,397
  -2,630
  -2,873
  -3,127
  -3,391
  -3,666
  -3,951
  -4,248
  -4,557
New CAPEX, $m
  -105
  -151
  -208
  -272
  -348
  -434
  -530
  -633
  -744
  -860
  -979
  -1,100
  -1,221
  -1,342
  -1,461
  -1,578
  -1,693
  -1,805
  -1,914
  -2,020
  -2,125
  -2,229
  -2,331
  -2,434
  -2,537
  -2,641
  -2,747
  -2,856
  -2,968
  -3,085
  -3,206
Cash from investing activities, $m
  -117
  -183
  -255
  -340
  -443
  -564
  -704
  -860
  -1,034
  -1,224
  -1,429
  -1,648
  -1,879
  -2,122
  -2,375
  -2,638
  -2,911
  -3,193
  -3,482
  -3,779
  -4,086
  -4,403
  -4,728
  -5,064
  -5,410
  -5,768
  -6,138
  -6,522
  -6,919
  -7,333
  -7,763
Free cash flow, $m
  -102
  -80
  -109
  -140
  -176
  -216
  -258
  -303
  -349
  -396
  -441
  -485
  -526
  -563
  -597
  -627
  -652
  -673
  -689
  -702
  -711
  -717
  -719
  -719
  -717
  -713
  -708
  -701
  -694
  -686
  -678
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Issuance/(repurchase) of shares, $m
  87
  -19
  -26
  -35
  -44
  -55
  -68
  -81
  -95
  -110
  -125
  -140
  -156
  -171
  -186
  -201
  -216
  -230
  -244
  -258
  -271
  -284
  -297
  -310
  -323
  -337
  -350
  -364
  -378
  -393
  -409
Cash from financing (excl. dividends), $m  
  120
  -19
  -26
  -35
  -44
  -55
  -68
  -81
  -96
  -111
  -126
  -141
  -157
  -172
  -187
  -202
  -217
  -231
  -245
  -260
  -273
  -286
  -299
  -312
  -325
  -339
  -352
  -366
  -380
  -395
  -411
Total cash flow (excl. dividends), $m
  18
  -100
  -136
  -175
  -221
  -271
  -326
  -384
  -445
  -506
  -567
  -626
  -682
  -735
  -784
  -829
  -869
  -904
  -935
  -961
  -984
  -1,003
  -1,018
  -1,032
  -1,043
  -1,052
  -1,060
  -1,068
  -1,075
  -1,082
  -1,089
Retained Cash Flow (-), $m
  -72
  19
  26
  35
  44
  55
  68
  81
  95
  110
  125
  140
  156
  171
  186
  201
  216
  230
  244
  258
  271
  284
  297
  310
  323
  337
  350
  364
  378
  393
  409
Prev. year cash balance distribution, $m
 
  41
  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
 
  19
  26
  35
  44
  55
  68
  81
  95
  110
  125
  140
  156
  171
  186
  201
  216
  230
  244
  258
  271
  284
  297
  310
  323
  337
  350
  364
  378
  393
  409
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  18
  24
  29
  35
  40
  45
  49
  52
  54
  54
  54
  52
  49
  46
  42
  37
  32
  28
  23
  19
  15
  12
  9
  7
  5
  4
  3
  2
  1
  1
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

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 130.9
Price to Sales 15.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 26.2
Price to Free Cash Flow -4.4
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 $37 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 48.2% 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 5.6%, 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 72.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 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 36.9% 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 3.9%.

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 863.5%.

Life of production assets of 10 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 -274.2%. 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 - $0 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 15 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

▶ Five Best Healthcare REITs to Buy Now   [Jun-14-18 06:00AM  Investopedia]
▶ Community Healthcare Trust: 1Q Earnings Snapshot   [May-09-18 05:06AM  Associated Press]
▶ Community Healthcare Trust, Inc. to Host Earnings Call   [Feb-23-18 07:45AM  ACCESSWIRE]
▶ Community Healthcare Trust reports 4Q results   [Feb-22-18 06:25PM  Associated Press]
▶ Community Healthcare Trust Set to Join S&P SmallCap 600   [Dec-18-17 05:50PM  PR Newswire]
▶ Weekly CEO Buys Highlight   [10:58AM  GuruFocus.com]
▶ Community Healthcare Trust reports 3Q results   [Nov-08-17 05:03AM  Associated Press]
▶ 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]
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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