Intrinsic value of Chatham Lodging Trust - CLDT

Previous Close

$22.65

  Intrinsic Value

$5.69

stock screener

  Rating & Target

str. sell

-75%

Previous close

$22.65

 
Intrinsic value

$5.69

 
Up/down potential

-75%

 
Rating

str. sell

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

We calculate the intrinsic value of CLDT 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 0.9

 

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, %
  6.14
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  294
  300
  307
  315
  324
  333
  344
  356
  368
  382
  397
  413
  429
  447
  466
  486
  507
  530
  554
  579
  606
  634
  663
  695
  727
  762
  798
  837
  877
  920
  964
Variable operating expenses, $m
 
  229
  235
  241
  247
  255
  263
  272
  282
  292
  304
  316
  328
  342
  357
  372
  388
  405
  424
  443
  463
  485
  507
  531
  556
  583
  611
  640
  671
  704
  738
Fixed operating expenses, $m
 
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
Total operating expenses, $m
  235
  239
  246
  252
  258
  266
  275
  284
  294
  304
  317
  329
  341
  356
  371
  386
  403
  420
  440
  459
  479
  502
  524
  549
  574
  602
  630
  659
  691
  724
  759
Operating income, $m
  59
  60
  62
  63
  65
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  196
  206
EBITDA, $m
  108
  60
  62
  63
  65
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  196
  206
Interest expense (income), $m
  27
  26
  27
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  59
  62
  65
  68
  71
  74
  78
  82
  86
Earnings before tax, $m
  31
  34
  35
  36
  37
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  80
  84
  88
  93
  98
  103
  108
  114
  120
Tax expense, $m
  -1
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
Net income, $m
  31
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  56
  58
  61
  64
  68
  71
  75
  79
  83
  87

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  1,303
  1,315
  1,346
  1,380
  1,419
  1,462
  1,509
  1,561
  1,616
  1,676
  1,740
  1,809
  1,883
  1,961
  2,044
  2,132
  2,226
  2,324
  2,429
  2,540
  2,656
  2,779
  2,909
  3,046
  3,190
  3,342
  3,502
  3,670
  3,848
  4,034
  4,230
Adjusted assets (=assets-cash), $m
  1,291
  1,315
  1,346
  1,380
  1,419
  1,462
  1,509
  1,561
  1,616
  1,676
  1,740
  1,809
  1,883
  1,961
  2,044
  2,132
  2,226
  2,324
  2,429
  2,540
  2,656
  2,779
  2,909
  3,046
  3,190
  3,342
  3,502
  3,670
  3,848
  4,034
  4,230
Revenue / Adjusted assets
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
  0.228
Average production assets, $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
Working capital, $m
  0
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
Total debt, $m
  583
  595
  610
  626
  645
  666
  689
  714
  741
  770
  801
  834
  870
  908
  948
  991
  1,036
  1,084
  1,135
  1,189
  1,245
  1,305
  1,368
  1,434
  1,504
  1,578
  1,656
  1,737
  1,823
  1,913
  2,008
Total liabilities, $m
  626
  638
  653
  669
  688
  709
  732
  757
  784
  813
  844
  877
  913
  951
  991
  1,034
  1,079
  1,127
  1,178
  1,232
  1,288
  1,348
  1,411
  1,477
  1,547
  1,621
  1,699
  1,780
  1,866
  1,956
  2,051
Total equity, $m
  677
  677
  693
  711
  731
  753
  777
  804
  832
  863
  896
  932
  970
  1,010
  1,053
  1,098
  1,146
  1,197
  1,251
  1,308
  1,368
  1,431
  1,498
  1,569
  1,643
  1,721
  1,804
  1,890
  1,981
  2,077
  2,178
Total liabilities and equity, $m
  1,303
  1,315
  1,346
  1,380
  1,419
  1,462
  1,509
  1,561
  1,616
  1,676
  1,740
  1,809
  1,883
  1,961
  2,044
  2,132
  2,225
  2,324
  2,429
  2,540
  2,656
  2,779
  2,909
  3,046
  3,190
  3,342
  3,503
  3,670
  3,847
  4,033
  4,229
Debt-to-equity ratio
  0.861
  0.880
  0.880
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
Adjusted equity ratio
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  56
  58
  61
  64
  68
  71
  75
  79
  83
  87
Depreciation, amort., depletion, $m
  49
  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
Funds from operations, $m
  92
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  56
  58
  61
  64
  68
  71
  75
  79
  83
  87
Change in working capital, $m
  4
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
Cash from operations, $m
  88
  25
  26
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  42
  45
  47
  49
  51
  54
  57
  60
  63
  66
  69
  73
  77
  81
  85
  89
Maintenance CAPEX, $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
New CAPEX, $m
  -23
  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 from investing activities, $m
  -21
  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
Free cash flow, $m
  67
  25
  26
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  42
  45
  47
  49
  51
  54
  57
  60
  63
  66
  69
  73
  77
  81
  85
  89
Issuance/(repayment) of debt, $m
  -23
  12
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  66
  70
  74
  78
  82
  86
  90
  95
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  2
  3
  4
  4
  5
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
Cash from financing (excl. dividends), $m  
  -23
  12
  15
  17
  19
  21
  23
  25
  27
  29
  31
  34
  37
  40
  43
  47
  49
  53
  57
  61
  64
  68
  72
  75
  80
  84
  89
  94
  98
  103
  109
Total cash flow (excl. dividends), $m
  44
  37
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  74
  79
  84
  89
  94
  100
  106
  112
  118
  124
  131
  138
  146
  153
  161
  170
  179
  188
  198
Retained Cash Flow (-), $m
  16
  -12
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
Prev. year cash balance distribution, $m
 
  12
  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
 
  37
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  34
  21
  20
  18
  17
  15
  14
  13
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
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
  99.8
  99.7
  99.4
  99.2
  98.9
  98.5
  98.2
  97.8
  97.4
  96.9
  96.5
  96.1
  95.6
  95.1
  94.7
  94.2
  93.7
  93.3
  92.8

Chatham Lodging Trust is a real estate investment trust. The Company invests primarily in upscale extended-stay and premium-branded select-service hotels. All of the Company's assets are held by, and all of its operations are conducted through Chatham Lodging, L.P. (the Operating Partnership). As of December 31, 2016, the Company owned 38 hotels with an aggregate of 5,712 rooms located in 15 states and the District of Columbia. As of December 31, 2016, the Company's hotels included upscale extended-stay hotels that operate under the Residence Inn by Marriott brand (15 hotels) and Homewood Suites by Hilton brand (nine hotels), as well as premium-branded select-service hotels that operate under the Courtyard by Marriott brand (four hotels), the Hampton Inn or Hampton Inn and Suites by Hilton brand (three hotels), the Hilton Garden Inn by Hilton brand (three hotels), the SpringHill Suites by Marriott brand (two hotels) and the Hyatt Place brand (two hotels).

FINANCIAL RATIOS  of  Chatham Lodging Trust (CLDT)

Valuation Ratios
P/E Ratio 28
Price to Sales 3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 13.4
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -87.9%
Cap. Spend. - 3 Yr. Gr. Rate -37.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 86.1%
Total Debt to Equity 86.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 7.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 77.6%
Gross Margin - 3 Yr. Avg. 78.6%
EBITDA Margin 36.4%
EBITDA Margin - 3 Yr. Avg. 45.4%
Operating Margin 20.1%
Oper. Margin - 3 Yr. Avg. 17.7%
Pre-Tax Margin 10.5%
Pre-Tax Margin - 3 Yr. Avg. 18.8%
Net Profit Margin 10.5%
Net Profit Margin - 3 Yr. Avg. 18.8%
Effective Tax Rate -3.2%
Eff/ Tax Rate - 3 Yr. Avg. -1.1%
Payout Ratio 171%

CLDT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLDT stock intrinsic value calculation we used $294 million for the last fiscal year's total revenue generated by Chatham Lodging Trust. The default revenue input number comes from 2016 income statement of Chatham Lodging 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 CLDT stock valuation model: a) initial revenue growth rate of 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 8%, whose default value for CLDT is calculated based on our internal credit rating of Chatham Lodging 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 Chatham Lodging 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 CLDT stock the variable cost ratio is equal to 76.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $10 million in the base year in the intrinsic value calculation for CLDT 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 4.5% for Chatham Lodging Trust.

Corporate tax rate of 27% is the nominal tax rate for Chatham Lodging 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 CLDT 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 CLDT are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Chatham Lodging 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 CLDT is equal to -4.1%. 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 - $677 million for Chatham Lodging 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 39.236 million for Chatham Lodging 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 Chatham Lodging Trust at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 6.67 20.77  str.buy
RLJ RLJ Lodging Tr 21.42 4.77  str.sell
HPT Hospitality Pr 29.90 4.76  str.sell
SHO Sunstone Hotel 16.65 2.76  str.sell
CHSP Chesapeake Lod 27.96 4.95  str.sell
XHR Xenia Hotels&R 21.46 3.82  str.sell
INN Summit Hotel P 14.94 3.44  str.sell

COMPANY NEWS

▶ Chatham Lodging Announces Monthly Dividend   [06:45AM  Business Wire]
▶ Florida hotel REIT buys Springfield's Embassy Suites by Hilton   [Dec-07-17 11:50AM  American City Business Journals]
▶ Chatham Lodging Acquires Hotel in Greater Charleston, S.C.   [Nov-16-17 06:45AM  Business Wire]
▶ Chatham Lodging Announces Monthly Dividend   [Nov-10-17 06:45AM  Business Wire]
▶ Hotel company to launch $110M stock offering   [Nov-07-17 09:05AM  American City Business Journals]
▶ Chatham Lodging reports 3Q results   [Oct-31-17 06:55AM  Associated Press]
▶ 10 Ideas for Generating Monthly Dividends   [Oct-12-17 04:44PM  TheStreet.com]
▶ Chatham Lodging Announces Monthly Dividend   [Oct-10-17 06:45AM  Business Wire]
▶ Chatham Lodging Announces Monthly Dividend   [Sep-08-17 06:45AM  Business Wire]
▶ Chatham Lodging Announces Monthly Dividend   [06:45AM  Business Wire]
▶ Chatham Lodging reports 2Q results   [Aug-02-17 09:22PM  Associated Press]
▶ Chatham Lodging Announces Monthly Dividend   [Jul-10-17 06:45AM  Business Wire]
▶ Chatham Lodging Announces Monthly Dividend   [Jun-12-17 06:45AM  Business Wire]
▶ Chatham Lodging Announces Monthly Dividend   [May-10-17 06:45AM  Business Wire]
▶ Chatham Lodging reports 1Q results   [May-09-17 06:54AM  Associated Press]
▶ Chatham Lodging Announces Monthly Dividend   [Apr-10-17 06:45AM  Business Wire]
▶ Chatham Lodging Announces Monthly Dividend   [06:45AM  Business Wire]
▶ 4 High-Yielding REITs For Retirement   [Feb-28-17 07:00AM  Forbes]
▶ 4 High-Yielding REITs For Retirement   [07:00AM  at Forbes]
▶ Chatham Lodging reports 4Q results   [05:02AM  Associated Press]
▶ Chatham Lodging Trust Announces Fourth Quarter 2016 Results   [Feb-22-17 08:59PM  Business Wire]
▶ Chatham Lodging Announces Monthly Dividend   [Feb-10-17 06:45AM  Business Wire]
▶ REIT Risk: The Lodging Sector Series   [Jan-23-17 07:00AM  at Forbes]
▶ Chatham Lodging Announces Monthly Dividend   [Jan-10-17 06:45AM  Business Wire]
▶ Hedge Funds Are Crazy About Chatham Lodging Trust (CLDT)   [Dec-11-16 05:53AM  at Insider Monkey]
▶ Chatham Lodging Announces Monthly Dividend   [Dec-09-16 06:45AM  Business Wire]
▶ Chatham Lodging Announces Monthly Dividend   [Nov-10-16 06:45AM  Business Wire]
▶ Hotel REIT stock falls 5% on disappointing bookings   [Oct-11-16 03:50PM  at bizjournals.com]
Financial statements of CLDT
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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