Intrinsic value of Columbia Property Trust - CXP

Previous Close

$22.60

  Intrinsic Value

$14.64

stock screener

  Rating & Target

sell

-35%

Previous close

$22.60

 
Intrinsic value

$14.64

 
Up/down potential

-35%

 
Rating

sell

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

We calculate the intrinsic value of CXP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -16.25
  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
  474
  295
  302
  309
  318
  328
  338
  350
  362
  376
  390
  405
  422
  439
  458
  478
  499
  521
  544
  569
  595
  623
  652
  683
  715
  749
  785
  823
  862
  904
  948
Variable operating expenses, $m
 
  214
  219
  224
  230
  237
  244
  252
  260
  269
  279
  277
  289
  300
  313
  327
  341
  356
  372
  389
  407
  426
  446
  467
  489
  512
  537
  562
  590
  618
  648
Fixed operating expenses, $m
 
  32
  32
  33
  34
  35
  35
  36
  37
  38
  39
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  55
  56
  57
  58
  60
Total operating expenses, $m
  393
  246
  251
  257
  264
  272
  279
  288
  297
  307
  318
  316
  329
  341
  355
  370
  385
  401
  418
  436
  455
  475
  496
  518
  541
  565
  592
  618
  647
  676
  708
Operating income, $m
  80
  49
  50
  52
  54
  57
  59
  62
  65
  69
  72
  89
  93
  98
  103
  108
  114
  120
  126
  133
  140
  148
  156
  165
  174
  183
  194
  204
  216
  228
  240
EBITDA, $m
  242
  524
  536
  550
  566
  583
  602
  623
  646
  670
  697
  725
  755
  787
  821
  858
  896
  937
  980
  1,026
  1,074
  1,125
  1,179
  1,236
  1,296
  1,359
  1,425
  1,495
  1,568
  1,646
  1,727
Interest expense (income), $m
  0
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
  98
Earnings before tax, $m
  92
  -49
  -47
  -46
  -44
  -41
  -39
  -36
  -33
  -29
  -25
  -9
  -5
  0
  5
  10
  16
  22
  28
  35
  43
  50
  58
  67
  76
  86
  96
  107
  118
  130
  142
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  4
  6
  8
  10
  11
  14
  16
  18
  21
  23
  26
  29
  32
  35
  38
Net income, $m
  84
  -49
  -47
  -46
  -44
  -41
  -39
  -36
  -33
  -29
  -25
  -9
  -5
  0
  4
  8
  12
  16
  21
  26
  31
  37
  43
  49
  56
  63
  70
  78
  86
  95
  104

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  216
  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
  4,300
  -1,992
  -2,038
  -2,090
  -2,149
  -2,214
  -2,285
  -2,363
  -2,447
  -2,538
  -2,636
  -2,740
  -2,851
  -2,969
  -3,095
  -3,229
  -3,370
  -3,520
  -3,678
  -3,846
  -4,022
  -4,209
  -4,406
  -4,613
  -4,831
  -5,061
  -5,303
  -5,558
  -5,826
  -6,109
  -6,405
Adjusted assets (=assets-cash), $m
  4,084
  -1,992
  -2,038
  -2,090
  -2,149
  -2,214
  -2,285
  -2,363
  -2,447
  -2,538
  -2,636
  -2,740
  -2,851
  -2,969
  -3,095
  -3,229
  -3,370
  -3,520
  -3,678
  -3,846
  -4,022
  -4,209
  -4,406
  -4,613
  -4,831
  -5,061
  -5,303
  -5,558
  -5,826
  -6,109
  -6,405
Revenue / Adjusted assets
  0.116
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
  -0.148
Average production assets, $m
  2,801
  4,624
  4,731
  4,852
  4,989
  5,140
  5,306
  5,487
  5,682
  5,893
  6,119
  6,361
  6,619
  6,894
  7,186
  7,496
  7,825
  8,172
  8,540
  8,929
  9,339
  9,772
  10,228
  10,709
  11,216
  11,750
  12,313
  12,904
  13,527
  14,182
  14,871
Working capital, $m
  0
  -1,975
  -2,021
  -2,073
  -2,131
  -2,196
  -2,266
  -2,344
  -2,427
  -2,517
  -2,614
  -2,717
  -2,827
  -2,945
  -3,070
  -3,202
  -3,342
  -3,491
  -3,648
  -3,814
  -3,989
  -4,174
  -4,369
  -4,575
  -4,791
  -5,019
  -5,260
  -5,512
  -5,778
  -6,058
  -6,353
Total debt, $m
  1,534
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
  1,063
Total liabilities, $m
  1,797
  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 equity, $m
  2,503
  -1,992
  -2,038
  -2,090
  -2,149
  -2,214
  -2,285
  -2,363
  -2,447
  -2,538
  -2,636
  -2,740
  -2,851
  -2,969
  -3,095
  -3,229
  -3,370
  -3,520
  -3,678
  -3,846
  -4,022
  -4,209
  -4,406
  -4,613
  -4,831
  -5,061
  -5,303
  -5,558
  -5,826
  -6,109
  -6,405
Total liabilities and equity, $m
  4,300
  -1,992
  -2,038
  -2,090
  -2,149
  -2,214
  -2,285
  -2,363
  -2,447
  -2,538
  -2,636
  -2,740
  -2,851
  -2,969
  -3,095
  -3,229
  -3,370
  -3,520
  -3,678
  -3,846
  -4,022
  -4,209
  -4,406
  -4,613
  -4,831
  -5,061
  -5,303
  -5,558
  -5,826
  -6,109
  -6,405
Debt-to-equity ratio
  0.613
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.560
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  84
  -49
  -47
  -46
  -44
  -41
  -39
  -36
  -33
  -29
  -25
  -9
  -5
  0
  4
  8
  12
  16
  21
  26
  31
  37
  43
  49
  56
  63
  70
  78
  86
  95
  104
Depreciation, amort., depletion, $m
  162
  475
  486
  498
  511
  526
  543
  561
  581
  602
  624
  636
  662
  689
  719
  750
  782
  817
  854
  893
  934
  977
  1,023
  1,071
  1,122
  1,175
  1,231
  1,290
  1,353
  1,418
  1,487
Funds from operations, $m
  200
  426
  438
  452
  468
  485
  504
  525
  548
  573
  599
  627
  657
  689
  722
  757
  794
  833
  875
  919
  965
  1,014
  1,065
  1,120
  1,177
  1,238
  1,301
  1,368
  1,439
  1,513
  1,591
Change in working capital, $m
  7
  -39
  -45
  -52
  -58
  -65
  -71
  -77
  -84
  -90
  -97
  -103
  -110
  -117
  -125
  -132
  -140
  -149
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -228
  -240
  -253
  -266
  -280
  -294
Cash from operations, $m
  193
  465
  484
  504
  526
  550
  575
  603
  632
  663
  696
  730
  768
  807
  847
  890
  934
  982
  1,032
  1,085
  1,140
  1,199
  1,260
  1,325
  1,394
  1,466
  1,541
  1,621
  1,705
  1,793
  1,885
Maintenance CAPEX, $m
  0
  -453
  -462
  -473
  -485
  -499
  -514
  -531
  -549
  -568
  -589
  -612
  -636
  -662
  -689
  -719
  -750
  -782
  -817
  -854
  -893
  -934
  -977
  -1,023
  -1,071
  -1,122
  -1,175
  -1,231
  -1,290
  -1,353
  -1,418
New CAPEX, $m
  -40
  -91
  -106
  -122
  -136
  -151
  -166
  -181
  -196
  -211
  -226
  -242
  -258
  -275
  -292
  -310
  -329
  -348
  -368
  -389
  -410
  -433
  -457
  -481
  -507
  -534
  -562
  -592
  -623
  -655
  -689
Cash from investing activities, $m
  526
  -544
  -568
  -595
  -621
  -650
  -680
  -712
  -745
  -779
  -815
  -854
  -894
  -937
  -981
  -1,029
  -1,079
  -1,130
  -1,185
  -1,243
  -1,303
  -1,367
  -1,434
  -1,504
  -1,578
  -1,656
  -1,737
  -1,823
  -1,913
  -2,008
  -2,107
Free cash flow, $m
  719
  -79
  -85
  -91
  -96
  -100
  -105
  -109
  -113
  -116
  -120
  -123
  -127
  -130
  -134
  -139
  -144
  -148
  -153
  -158
  -163
  -168
  -173
  -179
  -184
  -190
  -196
  -202
  -208
  -215
  -222
Issuance/(repayment) of debt, $m
  -330
  1
  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
Issuance/(repurchase) of shares, $m
  -54
  -35
  -46
  -52
  -59
  -65
  -71
  -78
  -84
  -91
  -97
  -104
  -111
  -118
  -126
  -134
  -141
  -150
  -158
  -167
  -177
  -186
  -197
  -207
  -218
  -230
  -242
  -255
  -268
  -282
  -297
Cash from financing (excl. dividends), $m  
  -387
  -34
  -46
  -52
  -59
  -65
  -71
  -78
  -84
  -91
  -97
  -104
  -111
  -118
  -126
  -134
  -141
  -150
  -158
  -167
  -177
  -186
  -197
  -207
  -218
  -230
  -242
  -255
  -268
  -282
  -297
Total cash flow (excl. dividends), $m
  331
  -113
  -131
  -143
  -154
  -165
  -176
  -187
  -197
  -207
  -217
  -228
  -238
  -248
  -260
  -273
  -285
  -298
  -311
  -325
  -340
  -354
  -370
  -386
  -403
  -420
  -438
  -457
  -477
  -497
  -519
Retained Cash Flow (-), $m
  111
  -13
  -2
  7
  15
  24
  33
  42
  52
  62
  72
  95
  107
  118
  126
  134
  141
  150
  158
  167
  177
  186
  197
  207
  218
  230
  242
  255
  268
  282
  297
Prev. year cash balance distribution, $m
 
  1,956
  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
 
  8
  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
 
  1,830
  -2
  7
  15
  24
  33
  42
  52
  62
  72
  95
  107
  118
  126
  134
  141
  150
  158
  167
  177
  186
  197
  207
  218
  230
  242
  255
  268
  282
  297
Discount rate, %
 
  12.50
  13.13
  13.78
  14.47
  15.19
  15.95
  16.75
  17.59
  18.47
  19.39
  20.36
  21.38
  22.45
  23.57
  24.75
  25.99
  27.29
  28.65
  30.08
  31.59
  33.17
  34.82
  36.57
  38.39
  40.31
  42.33
  44.45
  46.67
  49.00
  51.45
PV of cash for distribution, $m
 
  1,626
  -1
  5
  9
  12
  13
  14
  14
  13
  12
  12
  10
  9
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Columbia Property Trust, Inc. operates as a real estate investment trust (REIT), which owns and operates commercial real estate properties. The Company's primary objective is to generate long-term shareholder returns from a combination of steadily growing cash flows and appreciation in its net asset values, through the acquisition and ownership of office buildings located principally in high-barrier-to-entry markets. The Company's segments include New York, San Francisco, Atlanta, Washington, D.C., Boston, Los Angeles and all other office markets. The all other office markets segment consists of properties in similar, low-barrier to entry geographic locations, in which the Company does not plan to make further investments. The Company conducts its business primarily through Columbia Property Trust Operating Partnership, L.P. (Columbia Property Trust OP), which acquires, develops, owns, leases and operates real properties directly through subsidiaries or through joint ventures.

FINANCIAL RATIOS  of  Columbia Property Trust (CXP)

Valuation Ratios
P/E Ratio 32.9
Price to Sales 5.8
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate -16.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -51.8%
Cap. Spend. - 3 Yr. Gr. Rate -2.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 61.3%
Total Debt to Equity 61.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 3.3%
Return On Equity - 3 Yr. Avg. 1.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 62.9%
Gross Margin - 3 Yr. Avg. 63.9%
EBITDA Margin 53.6%
EBITDA Margin - 3 Yr. Avg. 45.9%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 17.1%
Pre-Tax Margin 19.4%
Pre-Tax Margin - 3 Yr. Avg. 10.4%
Net Profit Margin 17.7%
Net Profit Margin - 3 Yr. Avg. 9.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.7%
Payout Ratio 176.2%

CXP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CXP stock intrinsic value calculation we used $289 million for the last fiscal year's total revenue generated by Columbia Property Trust. The default revenue input number comes from 2016 income statement of Columbia Property 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 CXP 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 12.5%, whose default value for CXP is calculated based on our internal credit rating of Columbia Property 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 Columbia Property 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 CXP stock the variable cost ratio is equal to 72.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $31 million in the base year in the intrinsic value calculation for CXP 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 9.2% for Columbia Property Trust.

Corporate tax rate of 27% is the nominal tax rate for Columbia Property 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 CXP stock is equal to 2.6%.

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 CXP are equal to 1568.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Columbia Property 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 CXP is equal to -670.1%. 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 - $0 million for Columbia Property 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 121 million for Columbia Property 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 Columbia Property Trust at the current share price and the inputted number of shares is $2.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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CMCT CIM Commerical 15.30 3.98  str.sell
BXP Boston Propert 125.19 22.20  str.sell
CLI Mack-Cali Real 19.43 15.38  hold
BDN Brandywine Rea 16.19 9.08  sell
EQC Equity Commonw 31.23 9.78  str.sell
SIR Select Income 22.48 148.87  str.buy
LXP Lexington Real 8.69 10.55  buy

COMPANY NEWS

▶ Columbia Property Trust Declares Second Quarter Dividend   [May-15-18 04:15PM  Business Wire]
▶ Columbia: 1Q Earnings Snapshot   [Apr-26-18 07:09PM  Associated Press]
▶ Columbia reports 4Q results   [Feb-15-18 05:30PM  Associated Press]
▶ Columbia Property Trust Declares First Quarter Dividend   [Feb-08-18 06:30AM  Business Wire]
▶ 2 Small-Cap REITs Poised To Pop   [Dec-15-17 03:52PM  Forbes]
▶ Columbia Property Trust Declares Fourth Quarter Dividend   [Nov-13-17 06:00AM  Business Wire]
▶ Columbia reports 3Q results   [Oct-26-17 06:41PM  Associated Press]
▶ Columbia Property Trust and partner buy 1800 M for $421 million   [Oct-12-17 11:45AM  American City Business Journals]
▶ New Strong Sell Stocks for September 29th   [Sep-29-17 03:30AM  Zacks]
▶ New Strong Sell Stocks for September 26th   [Sep-26-17 08:22AM  Zacks]
▶ New Strong Sell Stocks for September 20th   [Sep-20-17 08:29AM  Zacks]
▶ New Strong Sell Stocks for September 15th   [Sep-15-17 08:16AM  Zacks]
▶ Columbia Property Trust Declares Third Quarter Dividend   [Aug-07-17 06:30AM  Business Wire]
▶ Columbia reports 2Q results   [Jul-28-17 12:12AM  Associated Press]
Financial statements of CXP
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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