Intrinsic value of CubeSmart - CUBE

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$24.03

  Intrinsic Value

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  Value-price divergence*

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

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

We calculate the intrinsic value of CUBE 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 4.3

 

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, %
  14.61
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  510
  590
  676
  769
  867
  972
  1,081
  1,197
  1,318
  1,445
  1,577
  1,715
  1,858
  2,007
  2,162
  2,323
  2,490
  2,664
  2,845
  3,033
  3,228
  3,432
  3,643
  3,864
  4,094
  4,333
  4,583
  4,844
  5,117
  5,401
  5,698
Variable operating expenses, $m
 
  272
  312
  354
  400
  448
  499
  552
  608
  666
  727
  790
  856
  925
  997
  1,071
  1,148
  1,228
  1,311
  1,398
  1,488
  1,582
  1,680
  1,781
  1,887
  1,998
  2,113
  2,233
  2,359
  2,490
  2,627
Fixed operating expenses, $m
 
  138
  142
  145
  149
  153
  157
  160
  164
  169
  173
  177
  182
  186
  191
  196
  200
  205
  211
  216
  221
  227
  232
  238
  244
  250
  257
  263
  270
  276
  283
Total operating expenses, $m
  367
  410
  454
  499
  549
  601
  656
  712
  772
  835
  900
  967
  1,038
  1,111
  1,188
  1,267
  1,348
  1,433
  1,522
  1,614
  1,709
  1,809
  1,912
  2,019
  2,131
  2,248
  2,370
  2,496
  2,629
  2,766
  2,910
Operating income, $m
  143
  180
  223
  269
  318
  371
  426
  485
  546
  610
  677
  747
  820
  896
  974
  1,056
  1,142
  1,230
  1,323
  1,419
  1,519
  1,623
  1,731
  1,844
  1,962
  2,085
  2,214
  2,348
  2,488
  2,635
  2,788
EBITDA, $m
  307
  369
  440
  516
  597
  683
  773
  869
  969
  1,074
  1,183
  1,297
  1,416
  1,540
  1,668
  1,802
  1,941
  2,086
  2,236
  2,392
  2,555
  2,724
  2,901
  3,085
  3,276
  3,476
  3,685
  3,903
  4,131
  4,369
  4,617
Interest expense (income), $m
  53
  59
  70
  81
  93
  106
  120
  134
  150
  166
  182
  200
  218
  237
  256
  277
  298
  320
  343
  367
  392
  417
  444
  472
  501
  532
  563
  596
  631
  667
  704
Earnings before tax, $m
  88
  121
  153
  188
  225
  265
  307
  350
  396
  445
  495
  547
  602
  659
  718
  780
  844
  910
  980
  1,052
  1,127
  1,205
  1,287
  1,372
  1,461
  1,554
  1,651
  1,752
  1,858
  1,968
  2,084
Tax expense, $m
  0
  33
  41
  51
  61
  71
  83
  95
  107
  120
  134
  148
  163
  178
  194
  211
  228
  246
  265
  284
  304
  325
  347
  370
  394
  420
  446
  473
  502
  531
  563
Net income, $m
  88
  88
  112
  137
  164
  193
  224
  256
  289
  325
  361
  400
  439
  481
  524
  569
  616
  665
  715
  768
  823
  880
  940
  1,002
  1,067
  1,134
  1,205
  1,279
  1,356
  1,437
  1,521

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  3,475
  4,014
  4,601
  5,230
  5,900
  6,609
  7,357
  8,143
  8,967
  9,828
  10,727
  11,664
  12,639
  13,652
  14,706
  15,802
  16,940
  18,123
  19,352
  20,631
  21,960
  23,344
  24,785
  26,285
  27,848
  29,479
  31,179
  32,953
  34,806
  36,741
  38,764
Adjusted assets (=assets-cash), $m
  3,472
  4,014
  4,601
  5,230
  5,900
  6,609
  7,357
  8,143
  8,967
  9,828
  10,727
  11,664
  12,639
  13,652
  14,706
  15,802
  16,940
  18,123
  19,352
  20,631
  21,960
  23,344
  24,785
  26,285
  27,848
  29,479
  31,179
  32,953
  34,806
  36,741
  38,764
Revenue / Adjusted assets
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
Average production assets, $m
  3,111
  3,599
  4,125
  4,689
  5,289
  5,925
  6,596
  7,301
  8,039
  8,812
  9,617
  10,457
  11,331
  12,240
  13,185
  14,167
  15,187
  16,248
  17,350
  18,496
  19,689
  20,929
  22,221
  23,566
  24,968
  26,429
  27,954
  29,544
  31,206
  32,941
  34,754
Working capital, $m
  0
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -31
  -32
  -34
Total debt, $m
  1,596
  1,879
  2,187
  2,517
  2,867
  3,239
  3,631
  4,043
  4,475
  4,926
  5,397
  5,888
  6,399
  6,930
  7,482
  8,056
  8,652
  9,272
  9,917
  10,586
  11,283
  12,008
  12,763
  13,549
  14,369
  15,223
  16,114
  17,044
  18,014
  19,028
  20,088
Total liabilities, $m
  1,820
  2,103
  2,411
  2,741
  3,091
  3,463
  3,855
  4,267
  4,699
  5,150
  5,621
  6,112
  6,623
  7,154
  7,706
  8,280
  8,876
  9,496
  10,141
  10,810
  11,507
  12,232
  12,987
  13,773
  14,593
  15,447
  16,338
  17,268
  18,238
  19,252
  20,312
Total equity, $m
  1,655
  1,911
  2,190
  2,490
  2,808
  3,146
  3,502
  3,876
  4,268
  4,678
  5,106
  5,552
  6,016
  6,499
  7,000
  7,522
  8,063
  8,626
  9,212
  9,820
  10,453
  11,112
  11,797
  12,512
  13,256
  14,032
  14,841
  15,686
  16,568
  17,489
  18,451
Total liabilities and equity, $m
  3,475
  4,014
  4,601
  5,231
  5,899
  6,609
  7,357
  8,143
  8,967
  9,828
  10,727
  11,664
  12,639
  13,653
  14,706
  15,802
  16,939
  18,122
  19,353
  20,630
  21,960
  23,344
  24,784
  26,285
  27,849
  29,479
  31,179
  32,954
  34,806
  36,741
  38,763
Debt-to-equity ratio
  0.964
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.090
Adjusted equity ratio
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  88
  88
  112
  137
  164
  193
  224
  256
  289
  325
  361
  400
  439
  481
  524
  569
  616
  665
  715
  768
  823
  880
  940
  1,002
  1,067
  1,134
  1,205
  1,279
  1,356
  1,437
  1,521
Depreciation, amort., depletion, $m
  164
  189
  217
  247
  278
  312
  347
  384
  423
  464
  506
  550
  596
  644
  694
  746
  799
  855
  913
  973
  1,036
  1,102
  1,170
  1,240
  1,314
  1,391
  1,471
  1,555
  1,642
  1,734
  1,829
Funds from operations, $m
  270
  277
  329
  384
  443
  505
  571
  640
  712
  788
  867
  950
  1,036
  1,125
  1,218
  1,315
  1,415
  1,520
  1,628
  1,741
  1,859
  1,981
  2,109
  2,242
  2,381
  2,525
  2,676
  2,834
  2,998
  3,171
  3,351
Change in working capital, $m
  6
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -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
  264
  502
  329
  385
  443
  506
  572
  641
  713
  789
  868
  951
  1,037
  1,126
  1,219
  1,316
  1,416
  1,521
  1,629
  1,743
  1,860
  1,983
  2,110
  2,243
  2,382
  2,527
  2,678
  2,835
  3,000
  3,172
  3,352
Maintenance CAPEX, $m
  0
  -164
  -189
  -217
  -247
  -278
  -312
  -347
  -384
  -423
  -464
  -506
  -550
  -596
  -644
  -694
  -746
  -799
  -855
  -913
  -973
  -1,036
  -1,102
  -1,170
  -1,240
  -1,314
  -1,391
  -1,471
  -1,555
  -1,642
  -1,734
New CAPEX, $m
  -398
  -488
  -527
  -564
  -600
  -636
  -671
  -705
  -739
  -772
  -806
  -840
  -874
  -909
  -945
  -982
  -1,020
  -1,060
  -1,102
  -1,146
  -1,192
  -1,241
  -1,291
  -1,345
  -1,402
  -1,461
  -1,524
  -1,591
  -1,661
  -1,735
  -1,813
Cash from investing activities, $m
  -544
  -652
  -716
  -781
  -847
  -914
  -983
  -1,052
  -1,123
  -1,195
  -1,270
  -1,346
  -1,424
  -1,505
  -1,589
  -1,676
  -1,766
  -1,859
  -1,957
  -2,059
  -2,165
  -2,277
  -2,393
  -2,515
  -2,642
  -2,775
  -2,915
  -3,062
  -3,216
  -3,377
  -3,547
Free cash flow, $m
  -280
  -150
  -386
  -396
  -404
  -408
  -411
  -411
  -410
  -406
  -401
  -395
  -388
  -379
  -370
  -360
  -350
  -339
  -328
  -317
  -305
  -294
  -283
  -271
  -260
  -249
  -238
  -227
  -216
  -205
  -194
Issuance/(repayment) of debt, $m
  305
  283
  308
  330
  351
  372
  392
  412
  432
  451
  471
  491
  511
  531
  552
  574
  596
  620
  644
  670
  697
  725
  755
  786
  819
  854
  891
  930
  971
  1,014
  1,060
Issuance/(repurchase) of shares, $m
  72
  122
  358
  366
  371
  374
  375
  374
  370
  365
  358
  350
  341
  331
  319
  308
  295
  282
  269
  255
  242
  228
  214
  199
  185
  171
  156
  142
  127
  112
  97
Cash from financing (excl. dividends), $m  
  377
  405
  666
  696
  722
  746
  767
  786
  802
  816
  829
  841
  852
  862
  871
  882
  891
  902
  913
  925
  939
  953
  969
  985
  1,004
  1,025
  1,047
  1,072
  1,098
  1,126
  1,157
Total cash flow (excl. dividends), $m
  96
  134
  -79
  -67
  -53
  -37
  -19
  1
  22
  45
  70
  96
  123
  152
  182
  214
  247
  281
  316
  353
  391
  431
  472
  515
  559
  605
  653
  703
  755
  809
  865
Retained Cash Flow (-), $m
  -12
  -259
  -280
  -299
  -319
  -338
  -356
  -374
  -392
  -410
  -428
  -446
  -464
  -483
  -502
  -521
  -542
  -563
  -585
  -609
  -633
  -659
  -686
  -714
  -744
  -776
  -809
  -845
  -882
  -921
  -963
Prev. year cash balance distribution, $m
 
  3
  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, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
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
  97.2
  90.7
  85.2
  80.6
  76.7
  73.4
  70.5
  68.0
  65.8
  63.9
  62.3
  60.9
  59.6
  58.5
  57.5
  56.7
  55.9
  55.3
  54.7
  54.2
  53.7
  53.3
  53.0
  52.7
  52.4
  52.2
  52.0
  51.9
  51.7
  51.6

CubeSmart is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It engages in ownership, operation, acquisition and development of self-storage facilities. The firm was formerly known as U-Store-It Trust. CubeSmart was founded in July 2004 and is based in Malvern, Pennsylvania.

FINANCIAL RATIOS  of  CubeSmart (CUBE)

Valuation Ratios
P/E Ratio 49.2
Price to Sales 8.5
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow -32.3
Growth Rates
Sales Growth Rate 14.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.7%
Cap. Spend. - 3 Yr. Gr. Rate 14.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 96.4%
Total Debt to Equity 96.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.3%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 67.5%
Gross Margin - 3 Yr. Avg. 65.9%
EBITDA Margin 59.8%
EBITDA Margin - 3 Yr. Avg. 59%
Operating Margin 28%
Oper. Margin - 3 Yr. Avg. 24.7%
Pre-Tax Margin 17.3%
Pre-Tax Margin - 3 Yr. Avg. 14%
Net Profit Margin 17.3%
Net Profit Margin - 3 Yr. Avg. 13.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 177.3%

CUBE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CUBE stock intrinsic value calculation we used $510 million for the last fiscal year's total revenue generated by CubeSmart. The default revenue input number comes from 2016 income statement of CubeSmart. 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 CUBE stock valuation model: a) initial revenue growth rate of 15.7% 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 8.2%, whose default value for CUBE is calculated based on our internal credit rating of CubeSmart, 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 CubeSmart.
    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 CUBE stock the variable cost ratio is equal to 46.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $135 million in the base year in the intrinsic value calculation for CUBE 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 3.7% for CubeSmart.

Corporate tax rate of 27% is the nominal tax rate for CubeSmart. 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 CUBE 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 CUBE are equal to 609.9%.

Life of production assets of 19 years is the average useful life of capital assets used in CubeSmart 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 CUBE is equal to -0.6%. 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 - $1655 million for CubeSmart - 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 179.45 million for CubeSmart 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 CubeSmart at the current share price and the inputted number of shares is $4.3 billion.


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COMPANY NEWS

▶ CubeSmart Declares Second Quarter 2017 Dividend   [May-31-17 04:00PM  GlobeNewswire]
▶ CubeSmart reports 1Q results   [Apr-27-17 05:08PM  Associated Press]
▶ [$$] US Aggregate index changes spur upsized bond sales   [Apr-04-17 12:17PM  Financial Times]
▶ [$$] Seven REITs With Strong Earnings   [Feb-27-17 03:13PM  at Barrons.com]
▶ CubeSmart reports 4Q results   [Feb-16-17 05:24PM  Associated Press]
▶ CubeSmart Declares First Quarter 2017 Dividend   [Feb-14-17 04:00PM  Marketwired]
▶ 2 High-Yield Dividend Stocks You Definitely Want to Consider   [Dec-29-16 12:39PM  at Motley Fool]
▶ A "Trump Windfall" Will Lift These Dividends 100%   [Dec-14-16 10:34AM  at Forbes]
▶ Is CubeSmart (CUBE) A Good Stock To Buy?   [Dec-02-16 12:30PM  at Insider Monkey]
▶ 10 Most Successful Hedge Fund Managers and Their Stock Picks   [Oct-01-16 10:22AM  at Insider Monkey]
▶ [$$] When Will the Fed Smack Down REITs?   [Sep-26-16 05:20PM  at Barrons.com]
▶ 4 Dividend Growers With Heavy Insider Buying   [Aug-31-16 10:37AM  at Forbes]
Stock chart of CUBE Financial statements of CUBE Annual reports of CUBE
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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