Intrinsic value of Mack-Cali Realty - CLI

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$28.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$28.25

 
Intrinsic value

$4.22

 
Up/down potential

-85%

 
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 2.5

 

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
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  613
  647
  682
  719
  757
  798
  840
  884
  931
  979
  1,030
  1,083
  1,139
  1,198
  1,259
  1,323
  1,391
  1,462
  1,536
  1,614
  1,696
  1,782
  1,872
  1,966
  2,065
  2,170
  2,279
  2,393
  2,514
  2,640
  2,773
Variable operating expenses, $m
 
  751
  792
  835
  880
  927
  976
  1,027
  1,081
  1,137
  1,197
  1,258
  1,323
  1,391
  1,462
  1,537
  1,616
  1,698
  1,784
  1,875
  1,970
  2,069
  2,174
  2,284
  2,399
  2,520
  2,647
  2,780
  2,920
  3,067
  3,221
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
  751
  792
  835
  880
  927
  976
  1,027
  1,081
  1,137
  1,197
  1,258
  1,323
  1,391
  1,462
  1,537
  1,616
  1,698
  1,784
  1,875
  1,970
  2,069
  2,174
  2,284
  2,399
  2,520
  2,647
  2,780
  2,920
  3,067
  3,221
Operating income, $m
  74
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
  -193
  -203
  -214
  -225
  -236
  -248
  -261
  -274
  -288
  -302
  -318
  -334
  -350
  -368
  -387
  -406
  -426
  -448
EBITDA, $m
  261
  92
  97
  103
  108
  114
  120
  126
  133
  140
  147
  155
  163
  171
  180
  189
  198
  209
  219
  230
  242
  254
  267
  281
  295
  310
  325
  342
  359
  377
  396
Interest expense (income), $m
  122
  126
  134
  143
  152
  161
  171
  181
  192
  203
  215
  227
  240
  254
  268
  283
  299
  315
  333
  351
  370
  390
  410
  432
  455
  479
  505
  531
  559
  589
  619
Earnings before tax, $m
  130
  -231
  -245
  -259
  -274
  -290
  -307
  -324
  -343
  -362
  -382
  -402
  -424
  -447
  -472
  -497
  -524
  -551
  -581
  -611
  -643
  -677
  -713
  -750
  -789
  -830
  -873
  -918
  -965
  -1,015
  -1,067
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
  -231
  -245
  -259
  -274
  -290
  -307
  -324
  -343
  -362
  -382
  -402
  -424
  -447
  -472
  -497
  -524
  -551
  -581
  -611
  -643
  -677
  -713
  -750
  -789
  -830
  -873
  -918
  -965
  -1,015
  -1,067

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
  4,491
  4,736
  4,992
  5,260
  5,540
  5,833
  6,140
  6,462
  6,799
  7,152
  7,522
  7,910
  8,317
  8,743
  9,190
  9,659
  10,151
  10,667
  11,209
  11,777
  12,373
  12,998
  13,654
  14,343
  15,066
  15,825
  16,621
  17,457
  18,334
  19,256
Adjusted assets (=assets-cash), $m
  4,265
  4,491
  4,736
  4,992
  5,260
  5,540
  5,833
  6,140
  6,462
  6,799
  7,152
  7,522
  7,910
  8,317
  8,743
  9,190
  9,659
  10,151
  10,667
  11,209
  11,777
  12,373
  12,998
  13,654
  14,343
  15,066
  15,825
  16,621
  17,457
  18,334
  19,256
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
  3,640
  3,838
  4,046
  4,263
  4,490
  4,727
  4,976
  5,237
  5,510
  5,796
  6,096
  6,411
  6,740
  7,086
  7,448
  7,828
  8,227
  8,645
  9,084
  9,544
  10,027
  10,534
  11,066
  11,624
  12,210
  12,825
  13,470
  14,148
  14,859
  15,605
Working capital, $m
  0
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -144
Total debt, $m
  2,340
  2,485
  2,644
  2,810
  2,983
  3,165
  3,356
  3,555
  3,764
  3,983
  4,212
  4,452
  4,704
  4,968
  5,244
  5,535
  5,839
  6,158
  6,493
  6,844
  7,213
  7,600
  8,006
  8,432
  8,879
  9,348
  9,840
  10,357
  10,900
  11,469
  12,067
Total liabilities, $m
  2,770
  2,915
  3,074
  3,240
  3,413
  3,595
  3,786
  3,985
  4,194
  4,413
  4,642
  4,882
  5,134
  5,398
  5,674
  5,965
  6,269
  6,588
  6,923
  7,274
  7,643
  8,030
  8,436
  8,862
  9,309
  9,778
  10,270
  10,787
  11,330
  11,899
  12,497
Total equity, $m
  1,527
  1,576
  1,662
  1,752
  1,846
  1,944
  2,047
  2,155
  2,268
  2,386
  2,510
  2,640
  2,776
  2,919
  3,069
  3,226
  3,390
  3,563
  3,744
  3,934
  4,134
  4,343
  4,562
  4,793
  5,034
  5,288
  5,555
  5,834
  6,127
  6,435
  6,759
Total liabilities and equity, $m
  4,297
  4,491
  4,736
  4,992
  5,259
  5,539
  5,833
  6,140
  6,462
  6,799
  7,152
  7,522
  7,910
  8,317
  8,743
  9,191
  9,659
  10,151
  10,667
  11,208
  11,777
  12,373
  12,998
  13,655
  14,343
  15,066
  15,825
  16,621
  17,457
  18,334
  19,256
Debt-to-equity ratio
  1.532
  1.580
  1.590
  1.600
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.690
  1.700
  1.710
  1.720
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
  1.750
  1.760
  1.760
  1.770
  1.770
  1.780
  1.780
  1.780
  1.790
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
  -231
  -245
  -259
  -274
  -290
  -307
  -324
  -343
  -362
  -382
  -402
  -424
  -447
  -472
  -497
  -524
  -551
  -581
  -611
  -643
  -677
  -713
  -750
  -789
  -830
  -873
  -918
  -965
  -1,015
  -1,067
Depreciation, amort., depletion, $m
  187
  197
  208
  219
  231
  243
  256
  269
  283
  298
  314
  330
  347
  364
  383
  403
  423
  445
  467
  491
  516
  542
  569
  598
  628
  660
  693
  728
  765
  803
  844
Funds from operations, $m
  33
  -34
  -37
  -40
  -44
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -89
  -94
  -100
  -107
  -113
  -120
  -128
  -135
  -143
  -152
  -161
  -170
  -180
  -190
  -201
  -212
  -224
Change in working capital, $m
  -67
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  100
  63
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -131
  -139
  -147
  -155
  -164
  -174
  -184
  -194
  -205
  -217
Maintenance CAPEX, $m
  0
  -186
  -197
  -207
  -219
  -230
  -243
  -256
  -269
  -283
  -298
  -313
  -330
  -347
  -364
  -383
  -403
  -423
  -445
  -467
  -491
  -516
  -542
  -569
  -598
  -628
  -660
  -693
  -728
  -765
  -803
New CAPEX, $m
  -329
  -190
  -198
  -207
  -217
  -227
  -238
  -249
  -261
  -273
  -286
  -300
  -314
  -330
  -346
  -362
  -380
  -399
  -418
  -439
  -460
  -483
  -507
  -532
  -558
  -586
  -615
  -645
  -677
  -711
  -746
Cash from investing activities, $m
  -138
  -376
  -395
  -414
  -436
  -457
  -481
  -505
  -530
  -556
  -584
  -613
  -644
  -677
  -710
  -745
  -783
  -822
  -863
  -906
  -951
  -999
  -1,049
  -1,101
  -1,156
  -1,214
  -1,275
  -1,338
  -1,405
  -1,476
  -1,549
Free cash flow, $m
  -38
  -314
  -430
  -453
  -477
  -503
  -529
  -557
  -586
  -617
  -649
  -683
  -719
  -756
  -795
  -836
  -880
  -925
  -972
  -1,022
  -1,075
  -1,130
  -1,187
  -1,248
  -1,312
  -1,379
  -1,449
  -1,522
  -1,600
  -1,681
  -1,766
Issuance/(repayment) of debt, $m
  138
  145
  159
  166
  174
  182
  190
  199
  209
  219
  229
  240
  252
  264
  277
  290
  304
  319
  335
  351
  369
  387
  406
  426
  447
  469
  492
  517
  542
  569
  598
Issuance/(repurchase) of shares, $m
  0
  218
  357
  377
  398
  419
  442
  466
  491
  517
  544
  573
  603
  635
  668
  703
  740
  778
  819
  861
  905
  952
  1,001
  1,053
  1,107
  1,163
  1,223
  1,285
  1,351
  1,420
  1,492
Cash from financing (excl. dividends), $m  
  92
  363
  516
  543
  572
  601
  632
  665
  700
  736
  773
  813
  855
  899
  945
  993
  1,044
  1,097
  1,154
  1,212
  1,274
  1,339
  1,407
  1,479
  1,554
  1,632
  1,715
  1,802
  1,893
  1,989
  2,090
Total cash flow (excl. dividends), $m
  55
  -169
  -271
  -287
  -304
  -321
  -339
  -358
  -378
  -398
  -420
  -443
  -467
  -492
  -519
  -546
  -575
  -606
  -637
  -671
  -706
  -743
  -782
  -822
  -865
  -909
  -956
  -1,006
  -1,057
  -1,112
  -1,169
Retained Cash Flow (-), $m
  -71
  -81
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -220
  -230
  -242
  -254
  -266
  -280
  -293
  -308
  -323
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
  92.0
  81.0
  71.3
  62.7
  55.2
  48.6
  42.8
  37.6
  33.1
  29.1
  25.6
  22.5
  19.8
  17.4
  15.3
  13.5
  11.9
  10.4
  9.2
  8.0
  7.1
  6.2
  5.5
  4.8
  4.2
  3.7
  3.2
  2.9
  2.5
  2.2

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 21.7
Price to Sales 4.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 25.3
Price to Free Cash Flow -11.1
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 5.5% 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 90.2 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 $2.5 billion.


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COMPANY NEWS

▶ [$$] New Jersey Office Market Slump Worsens   [Apr-23-17 08:59PM  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
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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