Intrinsic value of City Office REIT - CIO

Previous Close

$12.48

  Intrinsic Value

$2.18

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

-40%

Previous close

$12.48

 
Intrinsic value

$2.18

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

-40%

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

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

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

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 0.4

 

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
  56.30
  51.17
  46.55
  42.40
  38.66
  35.29
  32.26
  29.54
  27.08
  24.87
  22.89
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.68
  7.42
Revenue, $m
  72
  113
  170
  249
  355
  492
  666
  881
  1,141
  1,450
  1,811
  2,225
  2,695
  3,220
  3,801
  4,437
  5,127
  5,871
  6,667
  7,514
  8,410
  9,355
  10,348
  11,388
  12,475
  13,609
  14,791
  16,021
  17,300
  18,629
  20,011
Variable operating expenses, $m
 
  105
  158
  232
  331
  458
  620
  820
  1,062
  1,350
  1,686
  2,072
  2,509
  2,998
  3,538
  4,131
  4,773
  5,466
  6,207
  6,995
  7,830
  8,709
  9,634
  10,602
  11,614
  12,670
  13,770
  14,915
  16,106
  17,344
  18,630
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
  73
  105
  158
  232
  331
  458
  620
  820
  1,062
  1,350
  1,686
  2,072
  2,509
  2,998
  3,538
  4,131
  4,773
  5,466
  6,207
  6,995
  7,830
  8,709
  9,634
  10,602
  11,614
  12,670
  13,770
  14,915
  16,106
  17,344
  18,630
Operating income, $m
  0
  8
  12
  17
  24
  34
  46
  61
  79
  100
  125
  154
  186
  222
  262
  306
  354
  405
  460
  518
  580
  645
  714
  786
  861
  939
  1,021
  1,105
  1,194
  1,285
  1,381
EBITDA, $m
  30
  55
  83
  121
  172
  239
  323
  428
  554
  704
  879
  1,081
  1,309
  1,564
  1,846
  2,155
  2,490
  2,851
  3,238
  3,649
  4,084
  4,543
  5,025
  5,530
  6,058
  6,609
  7,183
  7,780
  8,402
  9,047
  9,718
Interest expense (income), $m
  14
  14
  23
  36
  54
  77
  107
  146
  193
  251
  319
  399
  490
  594
  710
  839
  979
  1,132
  1,296
  1,472
  1,659
  1,857
  2,066
  2,285
  2,515
  2,756
  3,006
  3,267
  3,539
  3,822
  4,116
Earnings before tax, $m
  0
  -7
  -12
  -19
  -29
  -43
  -61
  -85
  -114
  -151
  -194
  -245
  -304
  -372
  -448
  -532
  -625
  -727
  -836
  -953
  -1,079
  -1,212
  -1,352
  -1,500
  -1,655
  -1,817
  -1,986
  -2,162
  -2,345
  -2,536
  -2,735
Tax expense, $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
  0
Net income, $m
  -1
  -7
  -12
  -19
  -29
  -43
  -61
  -85
  -114
  -151
  -194
  -245
  -304
  -372
  -448
  -532
  -625
  -727
  -836
  -953
  -1,079
  -1,212
  -1,352
  -1,500
  -1,655
  -1,817
  -1,986
  -2,162
  -2,345
  -2,536
  -2,735

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
  1,014
  1,533
  2,246
  3,198
  4,435
  6,000
  7,936
  10,280
  13,064
  16,313
  20,047
  24,277
  29,008
  34,241
  39,971
  46,191
  52,892
  60,062
  67,689
  75,765
  84,278
  93,223
  102,594
  112,388
  122,606
  133,252
  144,331
  155,853
  167,830
  180,277
Adjusted assets (=assets-cash), $m
  647
  1,014
  1,533
  2,246
  3,198
  4,435
  6,000
  7,936
  10,280
  13,064
  16,313
  20,047
  24,277
  29,008
  34,241
  39,971
  46,191
  52,892
  60,062
  67,689
  75,765
  84,278
  93,223
  102,594
  112,388
  122,606
  133,252
  144,331
  155,853
  167,830
  180,277
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
  501
  783
  1,184
  1,735
  2,470
  3,425
  4,634
  6,129
  7,939
  10,090
  12,599
  15,483
  18,750
  22,404
  26,445
  30,871
  35,675
  40,850
  46,388
  52,279
  58,516
  65,091
  72,000
  79,237
  86,801
  94,693
  102,915
  111,472
  120,371
  129,622
  139,235
Working capital, $m
  0
  -11
  -17
  -25
  -36
  -49
  -67
  -88
  -114
  -145
  -181
  -223
  -269
  -322
  -380
  -444
  -513
  -587
  -667
  -751
  -841
  -935
  -1,035
  -1,139
  -1,248
  -1,361
  -1,479
  -1,602
  -1,730
  -1,863
  -2,001
Total debt, $m
  370
  601
  927
  1,376
  1,975
  2,753
  3,737
  4,955
  6,429
  8,180
  10,224
  12,573
  15,233
  18,209
  21,500
  25,105
  29,017
  33,232
  37,742
  42,540
  47,619
  52,974
  58,600
  64,494
  70,655
  77,082
  83,778
  90,747
  97,995
  105,528
  113,357
Total liabilities, $m
  407
  638
  964
  1,413
  2,012
  2,790
  3,774
  4,992
  6,466
  8,217
  10,261
  12,610
  15,270
  18,246
  21,537
  25,142
  29,054
  33,269
  37,779
  42,577
  47,656
  53,011
  58,637
  64,531
  70,692
  77,119
  83,815
  90,784
  98,032
  105,565
  113,394
Total equity, $m
  254
  376
  569
  833
  1,187
  1,645
  2,226
  2,944
  3,814
  4,847
  6,052
  7,437
  9,007
  10,762
  12,703
  14,829
  17,137
  19,623
  22,283
  25,113
  28,109
  31,267
  34,586
  38,062
  41,696
  45,487
  49,436
  53,547
  57,822
  62,265
  66,883
Total liabilities and equity, $m
  661
  1,014
  1,533
  2,246
  3,199
  4,435
  6,000
  7,936
  10,280
  13,064
  16,313
  20,047
  24,277
  29,008
  34,240
  39,971
  46,191
  52,892
  60,062
  67,690
  75,765
  84,278
  93,223
  102,593
  112,388
  122,606
  133,251
  144,331
  155,854
  167,830
  180,277
Debt-to-equity ratio
  1.457
  1.600
  1.630
  1.650
  1.660
  1.670
  1.680
  1.680
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
  1.690
Adjusted equity ratio
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  -7
  -12
  -19
  -29
  -43
  -61
  -85
  -114
  -151
  -194
  -245
  -304
  -372
  -448
  -532
  -625
  -727
  -836
  -953
  -1,079
  -1,212
  -1,352
  -1,500
  -1,655
  -1,817
  -1,986
  -2,162
  -2,345
  -2,536
  -2,735
Depreciation, amort., depletion, $m
  30
  47
  71
  104
  148
  205
  277
  367
  475
  604
  754
  927
  1,123
  1,342
  1,584
  1,849
  2,136
  2,446
  2,778
  3,130
  3,504
  3,898
  4,311
  4,745
  5,198
  5,670
  6,163
  6,675
  7,208
  7,762
  8,337
Funds from operations, $m
  4
  40
  59
  85
  119
  162
  216
  282
  361
  453
  560
  682
  818
  970
  1,136
  1,316
  1,511
  1,720
  1,942
  2,177
  2,425
  2,686
  2,959
  3,245
  3,543
  3,854
  4,177
  4,513
  4,862
  5,225
  5,603
Change in working capital, $m
  -15
  -4
  -6
  -8
  -11
  -14
  -17
  -21
  -26
  -31
  -36
  -41
  -47
  -53
  -58
  -64
  -69
  -74
  -80
  -85
  -90
  -95
  -99
  -104
  -109
  -113
  -118
  -123
  -128
  -133
  -138
Cash from operations, $m
  19
  44
  65
  93
  129
  176
  233
  304
  387
  484
  596
  723
  865
  1,022
  1,194
  1,380
  1,580
  1,794
  2,021
  2,262
  2,515
  2,781
  3,059
  3,349
  3,652
  3,967
  4,295
  4,636
  4,990
  5,358
  5,741
Maintenance CAPEX, $m
  0
  -30
  -47
  -71
  -104
  -148
  -205
  -277
  -367
  -475
  -604
  -754
  -927
  -1,123
  -1,342
  -1,584
  -1,849
  -2,136
  -2,446
  -2,778
  -3,130
  -3,504
  -3,898
  -4,311
  -4,745
  -5,198
  -5,670
  -6,163
  -6,675
  -7,208
  -7,762
New CAPEX, $m
  -9
  -282
  -401
  -551
  -735
  -955
  -1,209
  -1,495
  -1,810
  -2,150
  -2,510
  -2,884
  -3,267
  -3,654
  -4,042
  -4,426
  -4,804
  -5,175
  -5,537
  -5,891
  -6,237
  -6,575
  -6,908
  -7,237
  -7,565
  -7,892
  -8,222
  -8,557
  -8,899
  -9,250
  -9,613
Cash from investing activities, $m
  -217
  -312
  -448
  -622
  -839
  -1,103
  -1,414
  -1,772
  -2,177
  -2,625
  -3,114
  -3,638
  -4,194
  -4,777
  -5,384
  -6,010
  -6,653
  -7,311
  -7,983
  -8,669
  -9,367
  -10,079
  -10,806
  -11,548
  -12,310
  -13,090
  -13,892
  -14,720
  -15,574
  -16,458
  -17,375
Free cash flow, $m
  -198
  -268
  -383
  -529
  -710
  -927
  -1,180
  -1,469
  -1,790
  -2,141
  -2,517
  -2,915
  -3,329
  -3,755
  -4,189
  -4,630
  -5,073
  -5,517
  -5,962
  -6,407
  -6,853
  -7,299
  -7,747
  -8,200
  -8,657
  -9,123
  -9,597
  -10,083
  -10,584
  -11,100
  -11,634
Issuance/(repayment) of debt, $m
  30
  231
  326
  449
  599
  778
  984
  1,218
  1,474
  1,751
  2,044
  2,348
  2,660
  2,976
  3,292
  3,604
  3,913
  4,215
  4,510
  4,798
  5,079
  5,355
  5,626
  5,894
  6,161
  6,427
  6,696
  6,969
  7,247
  7,534
  7,829
Issuance/(repurchase) of shares, $m
  195
  143
  204
  284
  382
  502
  642
  803
  984
  1,184
  1,400
  1,630
  1,874
  2,127
  2,389
  2,658
  2,933
  3,212
  3,496
  3,783
  4,075
  4,370
  4,670
  4,976
  5,288
  5,608
  5,935
  6,272
  6,620
  6,980
  7,353
Cash from financing (excl. dividends), $m  
  224
  374
  530
  733
  981
  1,280
  1,626
  2,021
  2,458
  2,935
  3,444
  3,978
  4,534
  5,103
  5,681
  6,262
  6,846
  7,427
  8,006
  8,581
  9,154
  9,725
  10,296
  10,870
  11,449
  12,035
  12,631
  13,241
  13,867
  14,514
  15,182
Total cash flow (excl. dividends), $m
  27
  106
  148
  203
  271
  352
  446
  552
  668
  793
  926
  1,064
  1,205
  1,348
  1,491
  1,633
  1,773
  1,910
  2,043
  2,174
  2,302
  2,426
  2,549
  2,671
  2,791
  2,912
  3,034
  3,158
  3,284
  3,414
  3,547
Retained Cash Flow (-), $m
  -188
  -143
  -204
  -284
  -382
  -502
  -642
  -803
  -984
  -1,184
  -1,400
  -1,630
  -1,874
  -2,127
  -2,389
  -2,658
  -2,933
  -3,212
  -3,496
  -3,783
  -4,075
  -4,370
  -4,670
  -4,976
  -5,288
  -5,608
  -5,935
  -6,272
  -6,620
  -6,980
  -7,353
Prev. year cash balance distribution, $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
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
 
  -23
  -56
  -80
  -111
  -149
  -196
  -251
  -316
  -390
  -474
  -566
  -668
  -779
  -898
  -1,025
  -1,160
  -1,303
  -1,453
  -1,609
  -1,773
  -1,944
  -2,121
  -2,305
  -2,497
  -2,695
  -2,901
  -3,115
  -3,336
  -3,566
  -3,805
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  -21
  -46
  -59
  -73
  -86
  -98
  -108
  -115
  -118
  -118
  -115
  -108
  -98
  -87
  -75
  -63
  -51
  -40
  -31
  -23
  -17
  -12
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  70.6
  51.2
  37.9
  28.7
  22.1
  17.4
  13.9
  11.2
  9.2
  7.7
  6.5
  5.5
  4.7
  4.1
  3.6
  3.1
  2.8
  2.5
  2.2
  2.0
  1.8
  1.6
  1.5
  1.3
  1.2
  1.1
  1.0
  0.9
  0.9
  0.8

City Office REIT, Inc. is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It acquires, own and operate high-quality office properties. City Office REIT, Inc. was formed on November 26, 2013 and is based in the Vancouver, Canada.

FINANCIAL RATIOS  of  City Office REIT (CIO)

Valuation Ratios
P/E Ratio -304.3
Price to Sales 4.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 30.4
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 $72 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 56.3% 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 9.6%, 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 93.1%.

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 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 3.9% 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 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 CIO are equal to 695.8%.

Life of production assets of 16.7 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 -10%. 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 - $254 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 29.07 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.

RELATED COMPANIES Price Int.Val. Rating
DNB Dun&Bradstreet 110.06 10.96  str.sell
UNH UnitedHealth G 190.82 203.69  hold

COMPANY NEWS

▶ 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]
▶ Downtown Tampa's original office tower sold for $79.75 million   [Nov-04-16 12:59PM  at bizjournals.com]
▶ City Office REIT Improves Transparency with Yardi Voyager   [Oct-25-16 08:00AM  Business Wire]
Stock chart of CIO 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.