Intrinsic value of CubeSmart - CUBE

Previous Close

$29.32

  Intrinsic Value

$2.30

stock screener

  Rating & Target

str. sell

-92%

Previous close

$29.32

 
Intrinsic value

$2.30

 
Up/down potential

-92%

 
Rating

str. sell

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

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 5.3

 

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
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  510
  558
  608
  660
  714
  770
  829
  890
  953
  1,019
  1,087
  1,158
  1,232
  1,309
  1,389
  1,472
  1,559
  1,650
  1,745
  1,843
  1,947
  2,054
  2,167
  2,285
  2,408
  2,537
  2,672
  2,813
  2,961
  3,115
  3,278
Variable operating expenses, $m
 
  257
  280
  304
  329
  355
  382
  410
  439
  470
  501
  534
  568
  603
  640
  679
  719
  761
  804
  850
  897
  947
  999
  1,053
  1,110
  1,169
  1,232
  1,297
  1,365
  1,436
  1,511
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
  395
  422
  449
  478
  508
  539
  570
  603
  639
  674
  711
  750
  789
  831
  875
  919
  966
  1,015
  1,066
  1,118
  1,174
  1,231
  1,291
  1,354
  1,419
  1,489
  1,560
  1,635
  1,712
  1,794
Operating income, $m
  143
  162
  186
  210
  236
  263
  290
  319
  349
  381
  413
  447
  483
  519
  558
  598
  640
  684
  730
  778
  828
  881
  936
  993
  1,054
  1,117
  1,183
  1,253
  1,326
  1,403
  1,483
EBITDA, $m
  307
  341
  381
  422
  465
  510
  556
  605
  655
  708
  762
  819
  878
  940
  1,004
  1,071
  1,141
  1,214
  1,290
  1,370
  1,453
  1,540
  1,631
  1,727
  1,827
  1,931
  2,041
  2,156
  2,277
  2,403
  2,536
Interest expense (income), $m
  53
  59
  65
  72
  79
  86
  93
  101
  109
  117
  126
  135
  144
  154
  164
  175
  186
  197
  209
  222
  235
  248
  263
  278
  293
  309
  326
  344
  363
  382
  403
Earnings before tax, $m
  88
  103
  121
  138
  157
  177
  197
  218
  240
  263
  287
  312
  338
  365
  394
  423
  454
  487
  521
  556
  593
  632
  673
  716
  761
  808
  857
  909
  964
  1,021
  1,081
Tax expense, $m
  0
  28
  33
  37
  42
  48
  53
  59
  65
  71
  78
  84
  91
  99
  106
  114
  123
  131
  141
  150
  160
  171
  182
  193
  205
  218
  231
  245
  260
  276
  292
Net income, $m
  88
  75
  88
  101
  115
  129
  144
  159
  175
  192
  210
  228
  247
  267
  287
  309
  332
  355
  380
  406
  433
  461
  491
  522
  555
  590
  626
  664
  703
  745
  789

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
  3,796
  4,136
  4,490
  4,858
  5,241
  5,640
  6,054
  6,484
  6,931
  7,395
  7,878
  8,381
  8,904
  9,449
  10,017
  10,608
  11,225
  11,869
  12,541
  13,242
  13,975
  14,741
  15,542
  16,380
  17,256
  18,174
  19,134
  20,140
  21,193
  22,297
Adjusted assets (=assets-cash), $m
  3,472
  3,796
  4,136
  4,490
  4,858
  5,241
  5,640
  6,054
  6,484
  6,931
  7,395
  7,878
  8,381
  8,904
  9,449
  10,017
  10,608
  11,225
  11,869
  12,541
  13,242
  13,975
  14,741
  15,542
  16,380
  17,256
  18,174
  19,134
  20,140
  21,193
  22,297
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
  3,403
  3,708
  4,025
  4,356
  4,699
  5,056
  5,427
  5,813
  6,214
  6,630
  7,063
  7,514
  7,983
  8,472
  8,981
  9,511
  10,064
  10,641
  11,243
  11,872
  12,530
  13,216
  13,934
  14,686
  15,471
  16,294
  17,155
  18,056
  19,001
  19,990
Working capital, $m
  0
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
Total debt, $m
  1,596
  1,765
  1,943
  2,129
  2,322
  2,523
  2,731
  2,948
  3,173
  3,408
  3,651
  3,904
  4,168
  4,442
  4,727
  5,025
  5,335
  5,658
  5,995
  6,347
  6,715
  7,099
  7,500
  7,920
  8,359
  8,818
  9,299
  9,802
  10,329
  10,881
  11,460
Total liabilities, $m
  1,820
  1,989
  2,167
  2,353
  2,546
  2,747
  2,955
  3,172
  3,397
  3,632
  3,875
  4,128
  4,392
  4,666
  4,951
  5,249
  5,559
  5,882
  6,219
  6,571
  6,939
  7,323
  7,724
  8,144
  8,583
  9,042
  9,523
  10,026
  10,553
  11,105
  11,684
Total equity, $m
  1,655
  1,807
  1,969
  2,137
  2,313
  2,495
  2,684
  2,881
  3,086
  3,299
  3,520
  3,750
  3,989
  4,238
  4,498
  4,768
  5,050
  5,343
  5,650
  5,969
  6,303
  6,652
  7,017
  7,398
  7,797
  8,214
  8,651
  9,108
  9,587
  10,088
  10,613
Total liabilities and equity, $m
  3,475
  3,796
  4,136
  4,490
  4,859
  5,242
  5,639
  6,053
  6,483
  6,931
  7,395
  7,878
  8,381
  8,904
  9,449
  10,017
  10,609
  11,225
  11,869
  12,540
  13,242
  13,975
  14,741
  15,542
  16,380
  17,256
  18,174
  19,134
  20,140
  21,193
  22,297
Debt-to-equity ratio
  0.964
  0.980
  0.990
  1.000
  1.000
  1.010
  1.020
  1.020
  1.030
  1.030
  1.040
  1.040
  1.040
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
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
  75
  88
  101
  115
  129
  144
  159
  175
  192
  210
  228
  247
  267
  287
  309
  332
  355
  380
  406
  433
  461
  491
  522
  555
  590
  626
  664
  703
  745
  789
Depreciation, amort., depletion, $m
  164
  179
  195
  212
  229
  247
  266
  286
  306
  327
  349
  372
  395
  420
  446
  473
  501
  530
  560
  592
  625
  659
  696
  733
  773
  814
  858
  903
  950
  1,000
  1,052
Funds from operations, $m
  270
  255
  283
  313
  344
  376
  410
  445
  481
  519
  559
  600
  642
  687
  733
  782
  832
  885
  940
  998
  1,058
  1,121
  1,187
  1,256
  1,328
  1,404
  1,483
  1,566
  1,654
  1,745
  1,841
Change in working capital, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  264
  255
  283
  313
  344
  377
  410
  445
  482
  520
  559
  600
  643
  687
  734
  782
  833
  885
  941
  998
  1,058
  1,122
  1,188
  1,257
  1,329
  1,405
  1,484
  1,567
  1,655
  1,746
  1,842
Maintenance CAPEX, $m
  0
  -164
  -179
  -195
  -212
  -229
  -247
  -266
  -286
  -306
  -327
  -349
  -372
  -395
  -420
  -446
  -473
  -501
  -530
  -560
  -592
  -625
  -659
  -696
  -733
  -773
  -814
  -858
  -903
  -950
  -1,000
New CAPEX, $m
  -398
  -292
  -305
  -318
  -330
  -344
  -357
  -371
  -386
  -401
  -417
  -433
  -451
  -469
  -488
  -509
  -530
  -553
  -577
  -602
  -629
  -657
  -687
  -718
  -751
  -786
  -822
  -861
  -902
  -944
  -989
Cash from investing activities, $m
  -544
  -456
  -484
  -513
  -542
  -573
  -604
  -637
  -672
  -707
  -744
  -782
  -823
  -864
  -908
  -955
  -1,003
  -1,054
  -1,107
  -1,162
  -1,221
  -1,282
  -1,346
  -1,414
  -1,484
  -1,559
  -1,636
  -1,719
  -1,805
  -1,894
  -1,989
Free cash flow, $m
  -280
  -201
  -201
  -199
  -198
  -196
  -194
  -192
  -190
  -187
  -185
  -182
  -180
  -177
  -175
  -173
  -170
  -168
  -166
  -164
  -162
  -160
  -159
  -157
  -156
  -154
  -153
  -151
  -150
  -149
  -147
Issuance/(repayment) of debt, $m
  305
  169
  178
  186
  193
  201
  209
  217
  225
  234
  243
  253
  263
  274
  285
  297
  310
  323
  337
  352
  368
  384
  401
  420
  439
  459
  481
  503
  527
  552
  578
Issuance/(repurchase) of shares, $m
  72
  79
  74
  68
  61
  53
  46
  38
  29
  21
  12
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  377
  248
  252
  254
  254
  254
  255
  255
  254
  255
  255
  255
  263
  274
  285
  297
  310
  323
  337
  352
  368
  384
  401
  420
  439
  459
  481
  503
  527
  552
  578
Total cash flow (excl. dividends), $m
  96
  47
  52
  54
  56
  58
  60
  63
  65
  68
  70
  73
  84
  97
  111
  125
  140
  155
  171
  188
  205
  224
  243
  263
  283
  305
  328
  352
  377
  403
  431
Retained Cash Flow (-), $m
  -12
  -155
  -162
  -169
  -175
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -270
  -282
  -294
  -306
  -320
  -334
  -349
  -365
  -381
  -399
  -417
  -437
  -457
  -479
  -501
  -525
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
 
  -105
  -110
  -115
  -120
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -156
  -152
  -149
  -145
  -142
  -139
  -135
  -132
  -129
  -125
  -122
  -119
  -115
  -112
  -109
  -105
  -102
  -98
  -94
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
 
  -97
  -94
  -89
  -83
  -77
  -71
  -65
  -58
  -52
  -46
  -39
  -32
  -26
  -20
  -15
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.5
  97.3
  96.2
  95.4
  94.7
  94.2
  93.7
  93.5
  93.3
  93.2
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1

CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers. Its storage facilities offer lockers, mini storage units and large 10 feet x 30 feet storage rooms. The Company offers various storage options, including household and personal storage, business storage, vehicle and car storage, recreational vehicle (RV) storage, boat storage, motorcycle storage, moving storage and military storage. It also offers CubeSmart Services. As of December 31, 2016, the Company owned 475 self-storage properties located in 23 states and in the District of Columbia. In addition, as of December 31, 2016, it had managed 316 stores for third parties. Its self-storage properties are located in metropolitan areas, as well as suburban areas.

FINANCIAL RATIOS  of  CubeSmart (CUBE)

Valuation Ratios
P/E Ratio 60
Price to Sales 10.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow -39.4
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 9.4% 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 180.143 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 $5.3 billion.

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COMPANY NEWS

▶ Stocks Generating Improved Relative Strength: Cubesmart   [Dec-12-17 03:00AM  Investor's Business Daily]
▶ 9 REITs Ready to Raise Their Payouts This December   [Nov-08-17 03:56AM  Harvest Exchange]
▶ Cubesmart Earns RS Rating Upgrade   [Nov-07-17 03:00AM  Investor's Business Daily]
▶ CubeSmart to Host Earnings Call   [Oct-27-17 08:40AM  ACCESSWIRE]
▶ 5 REITs That Are Just Right for Retirement   [05:56AM  Harvest Exchange]
▶ CubeSmart reports 3Q results   [Oct-26-17 05:01PM  Associated Press]
▶ CubeSmart Reports Third Quarter 2017 Results   [04:15PM  GlobeNewswire]
▶ 3 Cheap Stocks You Can Buy Right Now   [Aug-23-17 08:03AM  Motley Fool]
▶ Storage War Winner   [Aug-15-17 11:21AM  Forbes]
▶ 3 Dividends With 100%+ Upside   [Jul-31-17 05:56AM  Harvest Exchange]
▶ Investor Network: CubeSmart to Host Earnings Call   [Jul-28-17 09:10AM  ACCESSWIRE]
▶ CubeSmart reports 2Q results   [Jul-27-17 09:58PM  Associated Press]
▶ CubeSmart Declares Third Quarter 2017 Dividend   [Jul-25-17 04:05PM  GlobeNewswire]
▶ 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]
Financial statements 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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