Intrinsic value of City Office REIT - CIO

Previous Close

$12.75

  Intrinsic Value

$5,097

stock screener

  Rating & Target

str. buy

+999%

Previous close

$12.75

 
Intrinsic value

$5,097

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of CIO 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, %
  30.91
  47.00
  42.80
  39.02
  35.62
  32.56
  29.80
  27.32
  25.09
  23.08
  21.27
  19.64
  18.18
  16.86
  15.68
  14.61
  13.65
  12.78
  12.00
  11.30
  10.67
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.71
  7.44
  7.20
  6.98
Revenue, $m
  72
  156
  223
  309
  420
  556
  722
  919
  1,150
  1,415
  1,716
  2,053
  2,426
  2,835
  3,280
  3,759
  4,272
  4,818
  5,396
  6,006
  6,647
  7,319
  8,021
  8,754
  9,518
  10,313
  11,139
  11,998
  12,891
  13,819
  14,784
Variable operating expenses, $m
 
  84
  118
  163
  220
  291
  377
  479
  599
  737
  893
  1,065
  1,258
  1,470
  1,701
  1,949
  2,215
  2,498
  2,798
  3,115
  3,447
  3,796
  4,160
  4,540
  4,936
  5,348
  5,777
  6,222
  6,685
  7,166
  7,667
Fixed operating expenses, $m
 
  36
  37
  37
  38
  39
  40
  41
  42
  43
  44
  44
  45
  46
  47
  49
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
Total operating expenses, $m
  73
  120
  155
  200
  258
  330
  417
  520
  641
  780
  937
  1,109
  1,303
  1,516
  1,748
  1,998
  2,265
  2,549
  2,850
  3,168
  3,501
  3,851
  4,216
  4,598
  4,995
  5,408
  5,839
  6,285
  6,749
  7,232
  7,734
Operating income, $m
  0
  36
  68
  109
  161
  226
  305
  399
  509
  636
  780
  944
  1,123
  1,318
  1,531
  1,761
  2,007
  2,269
  2,546
  2,839
  3,146
  3,468
  3,805
  4,157
  4,523
  4,904
  5,301
  5,713
  6,142
  6,587
  7,050
EBITDA, $m
  30
  157
  238
  345
  480
  648
  852
  1,095
  1,379
  1,706
  2,077
  2,492
  2,953
  3,457
  4,005
  4,596
  5,229
  5,903
  6,616
  7,369
  8,160
  8,989
  9,856
  10,760
  11,702
  12,683
  13,703
  14,764
  15,866
  17,011
  18,201
Interest expense (income), $m
  14
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  3
  3
  4
  5
  6
  6
  7
  8
  9
  10
  12
  13
  14
  15
  17
  18
  20
  21
  23
  24
Earnings before tax, $m
  0
  36
  68
  109
  161
  225
  304
  398
  508
  634
  777
  941
  1,119
  1,314
  1,527
  1,755
  2,000
  2,261
  2,538
  2,829
  3,136
  3,457
  3,792
  4,143
  4,508
  4,888
  5,283
  5,694
  6,121
  6,564
  7,025
Tax expense, $m
  0
  10
  18
  29
  43
  61
  82
  107
  137
  171
  210
  254
  302
  355
  412
  474
  540
  611
  685
  764
  847
  933
  1,024
  1,119
  1,217
  1,320
  1,426
  1,537
  1,653
  1,772
  1,897
Net income, $m
  -1
  27
  49
  79
  117
  164
  222
  290
  370
  463
  568
  687
  817
  959
  1,114
  1,281
  1,460
  1,651
  1,852
  2,065
  2,289
  2,523
  2,768
  3,024
  3,291
  3,568
  3,856
  4,156
  4,468
  4,792
  5,129

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  661
  -122
  -174
  -242
  -329
  -436
  -566
  -720
  -901
  -1,109
  -1,345
  -1,609
  -1,901
  -2,222
  -2,570
  -2,946
  -3,348
  -3,776
  -4,229
  -4,707
  -5,209
  -5,736
  -6,286
  -6,861
  -7,459
  -8,082
  -8,730
  -9,403
  -10,103
  -10,830
  -11,586
Adjusted assets (=assets-cash), $m
  647
  -122
  -174
  -242
  -329
  -436
  -566
  -720
  -901
  -1,109
  -1,345
  -1,609
  -1,901
  -2,222
  -2,570
  -2,946
  -3,348
  -3,776
  -4,229
  -4,707
  -5,209
  -5,736
  -6,286
  -6,861
  -7,459
  -8,082
  -8,730
  -9,403
  -10,103
  -10,830
  -11,586
Revenue / Adjusted assets
  0.111
  -1.279
  -1.282
  -1.277
  -1.277
  -1.275
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
  -1.276
Average production assets, $m
  501
  1,175
  1,678
  2,333
  3,164
  4,195
  5,445
  6,932
  8,671
  10,673
  12,943
  15,485
  18,301
  21,386
  24,739
  28,353
  32,222
  36,341
  40,704
  45,305
  50,141
  55,208
  60,505
  66,033
  71,793
  77,788
  84,022
  90,504
  97,239
  104,239
  111,513
Working capital, $m
  0
  -690
  -985
  -1,370
  -1,858
  -2,462
  -3,196
  -4,069
  -5,090
  -6,265
  -7,598
  -9,090
  -10,743
  -12,555
  -14,523
  -16,644
  -18,916
  -21,334
  -23,894
  -26,596
  -29,434
  -32,409
  -35,519
  -38,764
  -42,145
  -45,664
  -49,324
  -53,129
  -57,083
  -61,192
  -65,462
Total debt, $m
  370
  2
  4
  7
  10
  15
  20
  27
  34
  43
  53
  64
  76
  90
  104
  120
  137
  155
  174
  194
  215
  237
  261
  285
  310
  336
  363
  391
  421
  451
  483
Total liabilities, $m
  407
  5
  7
  10
  14
  18
  24
  30
  38
  47
  56
  68
  80
  93
  108
  124
  141
  159
  178
  198
  219
  241
  264
  288
  313
  339
  367
  395
  424
  455
  487
Total equity, $m
  254
  -127
  -182
  -253
  -343
  -454
  -589
  -750
  -939
  -1,155
  -1,401
  -1,676
  -1,981
  -2,315
  -2,678
  -3,070
  -3,488
  -3,934
  -4,407
  -4,905
  -5,428
  -5,977
  -6,550
  -7,149
  -7,772
  -8,421
  -9,096
  -9,798
  -10,527
  -11,285
  -12,072
Total liabilities and equity, $m
  661
  -122
  -175
  -243
  -329
  -436
  -565
  -720
  -901
  -1,108
  -1,345
  -1,608
  -1,901
  -2,222
  -2,570
  -2,946
  -3,347
  -3,775
  -4,229
  -4,707
  -5,209
  -5,736
  -6,286
  -6,861
  -7,459
  -8,082
  -8,729
  -9,403
  -10,103
  -10,830
  -11,585
Debt-to-equity ratio
  1.457
  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
  0.371
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  27
  49
  79
  117
  164
  222
  290
  370
  463
  568
  687
  817
  959
  1,114
  1,281
  1,460
  1,651
  1,852
  2,065
  2,289
  2,523
  2,768
  3,024
  3,291
  3,568
  3,856
  4,156
  4,468
  4,792
  5,129
Depreciation, amort., depletion, $m
  30
  120
  171
  236
  319
  422
  547
  696
  870
  1,070
  1,297
  1,549
  1,830
  2,139
  2,474
  2,835
  3,222
  3,634
  4,070
  4,530
  5,014
  5,521
  6,051
  6,603
  7,179
  7,779
  8,402
  9,050
  9,724
  10,424
  11,151
Funds from operations, $m
  4
  147
  220
  315
  436
  587
  769
  986
  1,240
  1,533
  1,865
  2,235
  2,647
  3,098
  3,588
  4,117
  4,683
  5,285
  5,923
  6,596
  7,303
  8,044
  8,819
  9,627
  10,470
  11,347
  12,259
  13,207
  14,192
  15,216
  16,280
Change in working capital, $m
  -15
  -221
  -295
  -384
  -488
  -605
  -734
  -873
  -1,021
  -1,175
  -1,333
  -1,493
  -1,653
  -1,812
  -1,968
  -2,121
  -2,271
  -2,418
  -2,561
  -2,701
  -2,839
  -2,975
  -3,110
  -3,245
  -3,381
  -3,519
  -3,660
  -3,805
  -3,954
  -4,109
  -4,270
Cash from operations, $m
  19
  368
  515
  700
  924
  1,192
  1,503
  1,860
  2,261
  2,708
  3,197
  3,728
  4,300
  4,910
  5,556
  6,238
  6,954
  7,703
  8,484
  9,297
  10,142
  11,019
  11,929
  12,872
  13,851
  14,866
  15,919
  17,011
  18,146
  19,325
  20,550
Maintenance CAPEX, $m
  0
  -80
  -118
  -168
  -233
  -316
  -419
  -544
  -693
  -867
  -1,067
  -1,294
  -1,549
  -1,830
  -2,139
  -2,474
  -2,835
  -3,222
  -3,634
  -4,070
  -4,530
  -5,014
  -5,521
  -6,051
  -6,603
  -7,179
  -7,779
  -8,402
  -9,050
  -9,724
  -10,424
New CAPEX, $m
  -9
  -372
  -503
  -655
  -831
  -1,030
  -1,250
  -1,487
  -1,739
  -2,001
  -2,270
  -2,543
  -2,815
  -3,086
  -3,353
  -3,614
  -3,869
  -4,119
  -4,363
  -4,601
  -4,836
  -5,067
  -5,298
  -5,528
  -5,760
  -5,995
  -6,235
  -6,481
  -6,736
  -6,999
  -7,274
Cash from investing activities, $m
  -217
  -452
  -621
  -823
  -1,064
  -1,346
  -1,669
  -2,031
  -2,432
  -2,868
  -3,337
  -3,837
  -4,364
  -4,916
  -5,492
  -6,088
  -6,704
  -7,341
  -7,997
  -8,671
  -9,366
  -10,081
  -10,819
  -11,579
  -12,363
  -13,174
  -14,014
  -14,883
  -15,786
  -16,723
  -17,698
Free cash flow, $m
  -198
  -85
  -105
  -123
  -140
  -155
  -166
  -172
  -171
  -161
  -140
  -109
  -64
  -6
  65
  150
  249
  362
  487
  625
  776
  937
  1,110
  1,294
  1,488
  1,692
  1,905
  2,128
  2,360
  2,601
  2,852
Issuance/(repayment) of debt, $m
  30
  2
  2
  3
  4
  4
  5
  6
  8
  9
  10
  11
  12
  13
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
Issuance/(repurchase) of shares, $m
  195
  -40
  -54
  -71
  -90
  -112
  -135
  -161
  -188
  -217
  -246
  -275
  -305
  -334
  -363
  -391
  -419
  -446
  -472
  -498
  -524
  -549
  -574
  -598
  -624
  -649
  -675
  -702
  -729
  -758
  -787
Cash from financing (excl. dividends), $m  
  224
  -38
  -52
  -68
  -86
  -108
  -130
  -155
  -180
  -208
  -236
  -264
  -293
  -321
  -348
  -375
  -402
  -428
  -453
  -478
  -503
  -527
  -551
  -574
  -599
  -623
  -648
  -674
  -700
  -727
  -755
Total cash flow (excl. dividends), $m
  27
  -124
  -157
  -191
  -226
  -262
  -296
  -327
  -352
  -369
  -376
  -373
  -357
  -327
  -283
  -225
  -153
  -66
  34
  147
  273
  411
  560
  720
  890
  1,069
  1,257
  1,455
  1,660
  1,874
  2,096
Retained Cash Flow (-), $m
  -188
  40
  54
  71
  90
  112
  135
  161
  188
  217
  246
  275
  305
  334
  363
  391
  419
  446
  472
  498
  524
  549
  574
  598
  624
  649
  675
  702
  729
  758
  787
Prev. year cash balance distribution, $m
 
  87
  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
  77
  86
  96
  106
  117
  128
  140
  152
  165
  178
  192
  206
  221
Cash available for distribution, $m
 
  40
  54
  71
  90
  112
  135
  161
  188
  217
  246
  275
  305
  334
  363
  391
  419
  446
  506
  645
  797
  960
  1,134
  1,318
  1,513
  1,718
  1,932
  2,156
  2,389
  2,632
  2,884
Discount rate, %
 
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
 
  40
  54
  71
  90
  112
  135
  161
  188
  217
  246
  275
  305
  334
  363
  391
  419
  446
  506
  645
  797
  960
  1,134
  1,318
  1,513
  1,718
  1,932
  2,156
  2,389
  2,632
  2,884
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

City Office REIT, Inc. is a real estate investment trust. The Company is focused on acquiring, owning and operating office properties located primarily in metropolitan areas in the Southern and Western United States. It conducts its operations primarily through City Office REIT Operating Partnership, L.P. (the Operating Partnership). As of December 31, 2016, it owned 18 office complexes consisting of 37 office buildings with a total of approximately 4.4 million square feet of net rentable area (NRA) in the metropolitan areas of Boise, Dallas, Denver, Orlando, Phoenix, Portland and Tampa. Its properties include Park Tower, City Center, Intellicenter and Carillon Point in Tampa, Florida; Cherry Creek, Plaza 25, DTC Crossroads, Superior Pointe and Logan Tower in Denver, Colorado; Washington Group Plaza in Boise, Idaho; FRP Collection, Central Fairwinds and FRP Ingenuity Drive in Orlando, Florida; 190 Office Center and Lake Vista Pointe in Dallas, Texas, and SanTan in Phoenix, Arizona.

FINANCIAL RATIOS  of  City Office REIT (CIO)

Valuation Ratios
P/E Ratio -310.8
Price to Sales 4.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow 31.1
Growth Rates
Sales Growth Rate 30.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 80%
Cap. Spend. - 3 Yr. Gr. Rate 17.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 145.7%
Total Debt to Equity 145.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity -0.6%
Return On Equity - 3 Yr. Avg. -5.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 61.1%
Gross Margin - 3 Yr. Avg. 60.2%
EBITDA Margin 61.1%
EBITDA Margin - 3 Yr. Avg. 51.1%
Operating Margin -1.4%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -9.4%
Net Profit Margin -1.4%
Net Profit Margin - 3 Yr. Avg. -7.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -2100%

CIO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIO stock intrinsic value calculation we used $106 million for the last fiscal year's total revenue generated by City Office REIT. The default revenue input number comes from 2016 income statement of City Office 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 CIO stock valuation model: a) initial revenue growth rate of 47% 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 0%, whose default value for CIO is calculated based on our internal credit rating of City Office 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 City Office 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 CIO stock the variable cost ratio is equal to 54.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $35 million in the base year in the intrinsic value calculation for CIO 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 5.4% for City Office REIT.

Corporate tax rate of 27% is the nominal tax rate for City Office 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 CIO stock is equal to 1.6%.

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 CIO are equal to 754.3%.

Life of production assets of 10 years is the average useful life of capital assets used in City Office 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 CIO is equal to -442.8%. 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 - $0 million for City Office 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 30 million for City Office 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 City Office REIT at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Top Undervalued Real Estate Stocks To Buy Now   [May-07-18 11:02AM  Simply Wall St.]
▶ City Office REIT: 1Q Earnings Snapshot   [May-04-18 06:13AM  Associated Press]
▶ 4 Small Cap REITs Flying Under The Radar   [Apr-02-18 07:00AM  Forbes]
▶ City Office REIT reports 4Q results   [11:13AM  Associated Press]
▶ Is There Now An Opportunity In City Office REIT Inc (CIO)?   [Nov-06-17 09:12AM  Simply Wall St.]
▶ City Office REIT reports 3Q results   [06:31AM  Associated Press]
▶ 3 Junk Bond Funds Yielding Up To 10.2%   [Sep-17-17 08:04AM  Forbes]
▶ City Office REIT reports 2Q results   [Aug-04-17 02:36AM  Associated Press]
▶ City Office REIT reports 1Q results   [May-05-17 06:15AM  Associated Press]
▶ City Office REIT reports 4Q results   [06:23AM  Associated Press]
▶ How City Office REIT Inc (CIO) Ranks Amongst Its Peers   [Dec-19-16 09:53AM  at Insider Monkey]
Financial statements of CIO
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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