Intrinsic value of Mack-Cali Realty - CLI

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$26.87

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$26.87

 
Intrinsic value

$4.23

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of CLI 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 2.4

 

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, %
  3.03
  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
  613
  625
  640
  656
  675
  695
  717
  742
  768
  797
  827
  860
  895
  932
  972
  1,014
  1,058
  1,105
  1,155
  1,207
  1,263
  1,321
  1,383
  1,448
  1,517
  1,589
  1,665
  1,745
  1,829
  1,918
  2,011
Variable operating expenses, $m
 
  727
  743
  762
  784
  808
  834
  862
  893
  926
  961
  999
  1,040
  1,083
  1,129
  1,177
  1,229
  1,283
  1,341
  1,402
  1,467
  1,535
  1,606
  1,682
  1,762
  1,845
  1,934
  2,027
  2,124
  2,227
  2,336
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
  539
  727
  743
  762
  784
  808
  834
  862
  893
  926
  961
  999
  1,040
  1,083
  1,129
  1,177
  1,229
  1,283
  1,341
  1,402
  1,467
  1,535
  1,606
  1,682
  1,762
  1,845
  1,934
  2,027
  2,124
  2,227
  2,336
Operating income, $m
  74
  -101
  -104
  -106
  -109
  -113
  -116
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -178
  -187
  -195
  -204
  -213
  -223
  -234
  -245
  -257
  -269
  -282
  -295
  -310
  -325
EBITDA, $m
  261
  89
  91
  94
  96
  99
  102
  106
  110
  114
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  189
  197
  207
  216
  227
  238
  249
  261
  274
  287
Interest expense (income), $m
  122
  126
  129
  132
  136
  141
  146
  151
  157
  164
  171
  178
  186
  195
  204
  213
  223
  234
  246
  258
  271
  284
  298
  313
  329
  346
  363
  382
  401
  422
  443
Earnings before tax, $m
  130
  -228
  -233
  -239
  -246
  -253
  -262
  -272
  -282
  -293
  -305
  -317
  -331
  -345
  -361
  -377
  -394
  -413
  -432
  -453
  -475
  -498
  -522
  -547
  -574
  -603
  -632
  -664
  -697
  -732
  -768
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
  117
  -228
  -233
  -239
  -246
  -253
  -262
  -272
  -282
  -293
  -305
  -317
  -331
  -345
  -361
  -377
  -394
  -413
  -432
  -453
  -475
  -498
  -522
  -547
  -574
  -603
  -632
  -664
  -697
  -732
  -768

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  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
  4,297
  4,342
  4,442
  4,556
  4,684
  4,826
  4,982
  5,152
  5,335
  5,533
  5,746
  5,973
  6,215
  6,473
  6,748
  7,039
  7,347
  7,674
  8,019
  8,384
  8,769
  9,176
  9,604
  10,056
  10,532
  11,034
  11,561
  12,117
  12,702
  13,317
  13,964
Adjusted assets (=assets-cash), $m
  4,265
  4,342
  4,442
  4,556
  4,684
  4,826
  4,982
  5,152
  5,335
  5,533
  5,746
  5,973
  6,215
  6,473
  6,748
  7,039
  7,347
  7,674
  8,019
  8,384
  8,769
  9,176
  9,604
  10,056
  10,532
  11,034
  11,561
  12,117
  12,702
  13,317
  13,964
Revenue / Adjusted assets
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
Average production assets, $m
  3,450
  3,519
  3,600
  3,692
  3,796
  3,911
  4,038
  4,175
  4,324
  4,484
  4,656
  4,841
  5,037
  5,246
  5,469
  5,704
  5,954
  6,219
  6,499
  6,795
  7,107
  7,436
  7,784
  8,150
  8,536
  8,942
  9,370
  9,820
  10,294
  10,792
  11,317
Working capital, $m
  0
  -33
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -41
  -43
  -45
  -47
  -48
  -51
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
Total debt, $m
  2,340
  2,388
  2,453
  2,527
  2,610
  2,702
  2,803
  2,914
  3,033
  3,161
  3,299
  3,446
  3,604
  3,771
  3,949
  4,138
  4,338
  4,550
  4,774
  5,011
  5,261
  5,525
  5,803
  6,096
  6,405
  6,731
  7,073
  7,434
  7,813
  8,213
  8,633
Total liabilities, $m
  2,770
  2,818
  2,883
  2,957
  3,040
  3,132
  3,233
  3,344
  3,463
  3,591
  3,729
  3,876
  4,034
  4,201
  4,379
  4,568
  4,768
  4,980
  5,204
  5,441
  5,691
  5,955
  6,233
  6,526
  6,835
  7,161
  7,503
  7,864
  8,243
  8,643
  9,063
Total equity, $m
  1,527
  1,524
  1,559
  1,599
  1,644
  1,694
  1,749
  1,808
  1,873
  1,942
  2,017
  2,096
  2,182
  2,272
  2,368
  2,471
  2,579
  2,693
  2,815
  2,943
  3,078
  3,221
  3,371
  3,530
  3,697
  3,873
  4,058
  4,253
  4,458
  4,674
  4,901
Total liabilities and equity, $m
  4,297
  4,342
  4,442
  4,556
  4,684
  4,826
  4,982
  5,152
  5,336
  5,533
  5,746
  5,972
  6,216
  6,473
  6,747
  7,039
  7,347
  7,673
  8,019
  8,384
  8,769
  9,176
  9,604
  10,056
  10,532
  11,034
  11,561
  12,117
  12,701
  13,317
  13,964
Debt-to-equity ratio
  1.532
  1.570
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.620
  1.630
  1.640
  1.640
  1.650
  1.660
  1.670
  1.670
  1.680
  1.690
  1.700
  1.700
  1.710
  1.720
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
  1.750
  1.760
  1.760
Adjusted equity ratio
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  -228
  -233
  -239
  -246
  -253
  -262
  -272
  -282
  -293
  -305
  -317
  -331
  -345
  -361
  -377
  -394
  -413
  -432
  -453
  -475
  -498
  -522
  -547
  -574
  -603
  -632
  -664
  -697
  -732
  -768
Depreciation, amort., depletion, $m
  187
  191
  195
  200
  206
  212
  219
  226
  234
  243
  252
  262
  272
  284
  296
  308
  322
  336
  351
  367
  384
  402
  421
  441
  461
  483
  506
  531
  556
  583
  612
Funds from operations, $m
  33
  -37
  -38
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -62
  -65
  -69
  -72
  -77
  -81
  -86
  -90
  -96
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -157
Change in working capital, $m
  -67
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from operations, $m
  100
  59
  -37
  -38
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -122
  -129
  -136
  -144
  -152
Maintenance CAPEX, $m
  0
  -186
  -190
  -195
  -200
  -205
  -211
  -218
  -226
  -234
  -242
  -252
  -262
  -272
  -284
  -296
  -308
  -322
  -336
  -351
  -367
  -384
  -402
  -421
  -441
  -461
  -483
  -506
  -531
  -556
  -583
New CAPEX, $m
  -329
  -69
  -81
  -93
  -104
  -115
  -126
  -138
  -149
  -160
  -172
  -184
  -196
  -209
  -222
  -236
  -250
  -265
  -280
  -296
  -312
  -329
  -347
  -366
  -386
  -406
  -428
  -450
  -474
  -499
  -524
Cash from investing activities, $m
  -138
  -255
  -271
  -288
  -304
  -320
  -337
  -356
  -375
  -394
  -414
  -436
  -458
  -481
  -506
  -532
  -558
  -587
  -616
  -647
  -679
  -713
  -749
  -787
  -827
  -867
  -911
  -956
  -1,005
  -1,055
  -1,107
Free cash flow, $m
  -38
  -197
  -308
  -325
  -343
  -361
  -380
  -400
  -421
  -443
  -466
  -490
  -515
  -541
  -569
  -598
  -629
  -661
  -694
  -730
  -767
  -806
  -847
  -890
  -936
  -983
  -1,033
  -1,086
  -1,141
  -1,199
  -1,259
Issuance/(repayment) of debt, $m
  138
  48
  65
  74
  83
  92
  101
  110
  119
  128
  138
  147
  157
  168
  178
  189
  200
  212
  224
  237
  250
  264
  278
  293
  309
  325
  343
  361
  379
  399
  420
Issuance/(repurchase) of shares, $m
  0
  146
  278
  291
  304
  319
  334
  349
  366
  384
  402
  422
  442
  464
  487
  511
  537
  563
  591
  621
  652
  685
  719
  756
  794
  834
  876
  920
  966
  1,015
  1,067
Cash from financing (excl. dividends), $m  
  92
  194
  343
  365
  387
  411
  435
  459
  485
  512
  540
  569
  599
  632
  665
  700
  737
  775
  815
  858
  902
  949
  997
  1,049
  1,103
  1,159
  1,219
  1,281
  1,345
  1,414
  1,487
Total cash flow (excl. dividends), $m
  55
  -149
  -243
  -251
  -260
  -269
  -279
  -290
  -302
  -314
  -328
  -342
  -357
  -374
  -391
  -409
  -428
  -449
  -470
  -493
  -517
  -542
  -569
  -597
  -627
  -658
  -690
  -725
  -761
  -799
  -840
Retained Cash Flow (-), $m
  -71
  -29
  -35
  -40
  -45
  -50
  -55
  -60
  -64
  -69
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -115
  -121
  -128
  -135
  -143
  -150
  -159
  -167
  -176
  -185
  -195
  -205
  -216
  -227
Prev. year cash balance distribution, $m
 
  32
  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
 
  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
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  94.2
  84.5
  75.6
  67.5
  60.1
  53.5
  47.5
  42.1
  37.3
  33.0
  29.2
  25.7
  22.7
  20.0
  17.6
  15.5
  13.6
  12.0
  10.5
  9.2
  8.1
  7.1
  6.2
  5.4
  4.8
  4.2
  3.6
  3.2
  2.8
  2.4

Mack-Cali Realty Corporation is a real estate investment trust (REIT). It engages in the leasing, management, acquisition, development, and construction of commercial real estate properties in the United States. The firm invests in the real estate markets of the United States primarily in the northeastern United States, as well as in the District of Columbia. It primarily invests in office and office/flex buildings, totaling approximately 30.0 million square feet, and developable land. The firm’s properties also include industrial/warehouse buildings, retail properties, a hotel, and parcels of land leased. Mack-Cali Realty was incorporated in 1994 and is based in Cranford, New Jersey.

FINANCIAL RATIOS  of  Mack-Cali Realty (CLI)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 3.9
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow -10.5
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 88%
Cap. Spend. - 3 Yr. Gr. Rate 25.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 153.2%
Total Debt to Equity 153.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 56.4%
Gross Margin - 3 Yr. Avg. 54.4%
EBITDA Margin 71.6%
EBITDA Margin - 3 Yr. Avg. 49%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 3.3%
Pre-Tax Margin 21.2%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 19.1%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 51.3%

CLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLI stock intrinsic value calculation we used $613 million for the last fiscal year's total revenue generated by Mack-Cali Realty. The default revenue input number comes from 2016 income statement of Mack-Cali Realty. 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 CLI 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 10.1%, whose default value for CLI is calculated based on our internal credit rating of Mack-Cali Realty, 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 Mack-Cali Realty.
    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 CLI stock the variable cost ratio is equal to 116.2%.

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 CLI 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 Mack-Cali Realty.

Corporate tax rate of 27% is the nominal tax rate for Mack-Cali Realty. 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 CLI 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 CLI are equal to 562.8%.

Life of production assets of 18.5 years is the average useful life of capital assets used in Mack-Cali Realty 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 CLI is equal to -5.2%. 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 - $1527 million for Mack-Cali Realty - 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 90.173 million for Mack-Cali Realty 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 Mack-Cali Realty at the current share price and the inputted number of shares is $2.4 billion.


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COMPANY NEWS

▶ Mack-Cali reports 1Q results   [06:12PM  Associated Press]
▶ Mack-Cali Updates Capital Markets Activity   [May-08-17 05:43PM  PR Newswire]
▶ Mack-Cali Announces First Quarter Leasing Results   [May-04-17 07:29AM  PR Newswire]
▶ [$$] New Jersey Office Market Slump Worsens   [Apr-24-17 12:03AM  The Wall Street Journal]
▶ New addition proposed for Crystal House apartments   [Mar-06-17 05:00AM  at bizjournals.com]
▶ Roseland Subsidiary Announces Recent Activities   [Feb-27-17 06:09PM  PR Newswire]
▶ Mack-Cali Announces Recent Financing Activity   [Jan-27-17 03:35PM  PR Newswire]
▶ Here is What Hedge Funds Think About Mack Cali Realty Corp (CLI)   [Dec-08-16 11:30AM  at Insider Monkey]
▶ Mack-Cali Updates Capital Markets Activity   [Oct-20-16 02:26PM  PR Newswire]
Stock chart of CLI Financial statements of CLI Annual reports of CLI
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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