Intrinsic value of DCT Industrial Trust - DCT

Previous Close

$63.61

  Intrinsic Value

$219.05

stock screener

  Rating & Target

str. buy

+244%

Previous close

$63.61

 
Intrinsic value

$219.05

 
Up/down potential

+244%

 
Rating

str. buy

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

We calculate the intrinsic value of DCT 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, %
  10.70
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  393
  458
  494
  531
  570
  610
  651
  695
  740
  787
  835
  886
  939
  994
  1,052
  1,112
  1,175
  1,240
  1,309
  1,380
  1,455
  1,533
  1,615
  1,701
  1,790
  1,884
  1,983
  2,086
  2,194
  2,307
  2,426
Variable operating expenses, $m
 
  224
  241
  258
  275
  293
  312
  332
  353
  374
  396
  405
  429
  454
  480
  508
  536
  566
  598
  630
  664
  700
  737
  777
  817
  860
  905
  952
  1,002
  1,053
  1,108
Fixed operating expenses, $m
 
  96
  98
  100
  103
  105
  107
  109
  112
  114
  117
  119
  122
  125
  127
  130
  133
  136
  139
  142
  145
  148
  152
  155
  158
  162
  166
  169
  173
  177
  181
Total operating expenses, $m
  285
  320
  339
  358
  378
  398
  419
  441
  465
  488
  513
  524
  551
  579
  607
  638
  669
  702
  737
  772
  809
  848
  889
  932
  975
  1,022
  1,071
  1,121
  1,175
  1,230
  1,289
Operating income, $m
  108
  138
  155
  173
  192
  212
  232
  253
  275
  298
  322
  362
  388
  416
  444
  474
  505
  538
  572
  608
  645
  685
  726
  769
  814
  862
  912
  964
  1,019
  1,077
  1,138
EBITDA, $m
  269
  590
  641
  695
  750
  808
  868
  930
  995
  1,063
  1,133
  1,207
  1,283
  1,363
  1,447
  1,534
  1,625
  1,720
  1,819
  1,923
  2,032
  2,146
  2,265
  2,390
  2,521
  2,658
  2,802
  2,952
  3,110
  3,276
  3,450
Interest expense (income), $m
  57
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
Earnings before tax, $m
  99
  137
  155
  173
  191
  211
  231
  252
  274
  297
  321
  361
  387
  414
  443
  472
  503
  536
  570
  606
  643
  682
  723
  766
  812
  859
  909
  961
  1,016
  1,073
  1,134
Tax expense, $m
  1
  37
  42
  47
  52
  57
  62
  68
  74
  80
  87
  97
  104
  112
  119
  128
  136
  145
  154
  164
  174
  184
  195
  207
  219
  232
  245
  259
  274
  290
  306
Net income, $m
  93
  100
  113
  126
  140
  154
  169
  184
  200
  217
  234
  263
  282
  302
  323
  345
  367
  391
  416
  442
  469
  498
  528
  560
  593
  627
  663
  702
  742
  784
  828

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  3,808
  -1,104
  -1,190
  -1,280
  -1,373
  -1,469
  -1,570
  -1,674
  -1,783
  -1,896
  -2,013
  -2,135
  -2,263
  -2,396
  -2,535
  -2,679
  -2,830
  -2,988
  -3,153
  -3,325
  -3,506
  -3,694
  -3,891
  -4,098
  -4,314
  -4,540
  -4,777
  -5,026
  -5,286
  -5,559
  -5,845
Adjusted assets (=assets-cash), $m
  3,798
  -1,104
  -1,190
  -1,280
  -1,373
  -1,469
  -1,570
  -1,674
  -1,783
  -1,896
  -2,013
  -2,135
  -2,263
  -2,396
  -2,535
  -2,679
  -2,830
  -2,988
  -3,153
  -3,325
  -3,506
  -3,694
  -3,891
  -4,098
  -4,314
  -4,540
  -4,777
  -5,026
  -5,286
  -5,559
  -5,845
Revenue / Adjusted assets
  0.103
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
  -0.415
Average production assets, $m
  3,494
  4,369
  4,709
  5,063
  5,431
  5,813
  6,210
  6,622
  7,052
  7,498
  7,963
  8,448
  8,952
  9,478
  10,027
  10,599
  11,197
  11,821
  12,473
  13,155
  13,868
  14,613
  15,393
  16,210
  17,065
  17,961
  18,899
  19,881
  20,911
  21,991
  23,122
Working capital, $m
  0
  -2,118
  -2,283
  -2,454
  -2,632
  -2,817
  -3,010
  -3,210
  -3,418
  -3,634
  -3,860
  -4,094
  -4,339
  -4,594
  -4,860
  -5,137
  -5,427
  -5,729
  -6,045
  -6,376
  -6,721
  -7,083
  -7,461
  -7,857
  -8,271
  -8,705
  -9,160
  -9,636
  -10,135
  -10,659
  -11,207
Total debt, $m
  1,629
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  67
  70
Total liabilities, $m
  1,946
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  67
  70
Total equity, $m
  1,862
  -1,118
  -1,205
  -1,295
  -1,389
  -1,487
  -1,589
  -1,694
  -1,804
  -1,918
  -2,037
  -2,161
  -2,290
  -2,425
  -2,565
  -2,712
  -2,864
  -3,024
  -3,191
  -3,365
  -3,548
  -3,738
  -3,938
  -4,147
  -4,366
  -4,595
  -4,835
  -5,086
  -5,350
  -5,626
  -5,915
Total liabilities and equity, $m
  3,808
  -1,105
  -1,191
  -1,280
  -1,373
  -1,469
  -1,570
  -1,674
  -1,783
  -1,895
  -2,013
  -2,135
  -2,263
  -2,396
  -2,535
  -2,680
  -2,830
  -2,988
  -3,153
  -3,325
  -3,506
  -3,694
  -3,891
  -4,098
  -4,314
  -4,541
  -4,778
  -5,026
  -5,287
  -5,559
  -5,845
Debt-to-equity ratio
  0.875
  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
  0.488
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  93
  100
  113
  126
  140
  154
  169
  184
  200
  217
  234
  263
  282
  302
  323
  345
  367
  391
  416
  442
  469
  498
  528
  560
  593
  627
  663
  702
  742
  784
  828
Depreciation, amort., depletion, $m
  161
  452
  486
  521
  558
  596
  636
  677
  720
  765
  811
  845
  895
  948
  1,003
  1,060
  1,120
  1,182
  1,247
  1,315
  1,387
  1,461
  1,539
  1,621
  1,707
  1,796
  1,890
  1,988
  2,091
  2,199
  2,312
Funds from operations, $m
  245
  552
  599
  647
  698
  750
  805
  861
  920
  982
  1,046
  1,108
  1,178
  1,250
  1,326
  1,405
  1,487
  1,573
  1,663
  1,758
  1,856
  1,959
  2,067
  2,181
  2,299
  2,423
  2,553
  2,690
  2,833
  2,983
  3,140
Change in working capital, $m
  24
  -159
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -235
  -245
  -255
  -266
  -277
  -290
  -303
  -316
  -330
  -345
  -361
  -378
  -396
  -414
  -434
  -455
  -476
  -499
  -523
  -548
Cash from operations, $m
  221
  711
  764
  819
  876
  935
  997
  1,061
  1,128
  1,198
  1,271
  1,343
  1,422
  1,505
  1,592
  1,682
  1,777
  1,876
  1,980
  2,088
  2,202
  2,321
  2,446
  2,576
  2,713
  2,857
  3,008
  3,166
  3,332
  3,506
  3,688
Maintenance CAPEX, $m
  0
  -405
  -437
  -471
  -506
  -543
  -581
  -621
  -662
  -705
  -750
  -796
  -845
  -895
  -948
  -1,003
  -1,060
  -1,120
  -1,182
  -1,247
  -1,315
  -1,387
  -1,461
  -1,539
  -1,621
  -1,707
  -1,796
  -1,890
  -1,988
  -2,091
  -2,199
New CAPEX, $m
  -289
  -323
  -340
  -354
  -368
  -382
  -397
  -413
  -429
  -447
  -465
  -484
  -505
  -526
  -549
  -572
  -598
  -624
  -652
  -682
  -713
  -746
  -780
  -817
  -855
  -895
  -938
  -983
  -1,030
  -1,079
  -1,132
Cash from investing activities, $m
  -313
  -728
  -777
  -825
  -874
  -925
  -978
  -1,034
  -1,091
  -1,152
  -1,215
  -1,280
  -1,350
  -1,421
  -1,497
  -1,575
  -1,658
  -1,744
  -1,834
  -1,929
  -2,028
  -2,133
  -2,241
  -2,356
  -2,476
  -2,602
  -2,734
  -2,873
  -3,018
  -3,170
  -3,331
Free cash flow, $m
  -92
  -17
  -14
  -6
  2
  10
  19
  28
  37
  46
  56
  62
  73
  84
  95
  107
  119
  132
  145
  159
  173
  188
  204
  220
  237
  255
  274
  293
  314
  335
  358
Issuance/(repayment) of debt, $m
  74
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
Issuance/(repurchase) of shares, $m
  109
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -140
  -146
  -153
  -160
  -167
  -174
  -182
  -191
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -276
  -290
Cash from financing (excl. dividends), $m  
  164
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -127
  -133
  -138
  -144
  -151
  -158
  -165
  -172
  -180
  -189
  -198
  -207
  -216
  -226
  -237
  -248
  -260
  -273
  -287
Total cash flow (excl. dividends), $m
  72
  -98
  -100
  -95
  -91
  -86
  -82
  -77
  -72
  -67
  -61
  -60
  -55
  -49
  -43
  -38
  -32
  -26
  -20
  -13
  -7
  0
  7
  14
  21
  29
  37
  45
  54
  62
  72
Retained Cash Flow (-), $m
  -110
  83
  87
  90
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
  251
  263
  276
  290
Prev. year cash balance distribution, $m
 
  1,034
  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
 
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  21
  23
  24
  25
  26
  28
  29
  31
  32
Cash available for distribution, $m
 
  1,019
  87
  90
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  140
  146
  153
  160
  167
  174
  182
  191
  206
  223
  240
  258
  277
  296
  317
  339
  361
Discount rate, %
 
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
 
  1,019
  87
  90
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  140
  146
  153
  160
  167
  174
  182
  191
  206
  223
  240
  258
  277
  296
  317
  339
  361
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

DCT Industrial Trust Inc. (DCT) is an industrial real estate company. The Company specializes in the ownership, acquisition, development, leasing and management of bulk-distribution and light-industrial properties located in various distribution markets in the United States. The Company operates through three segments: East, Central and West. As of December 31, 2016, the Company owned interests in approximately 74.0 million square feet of properties leased to various customers, including 64.7 million square feet consisting of 401 consolidated operating properties that were 97.2% occupied; 7.8 million square feet consisting of 23 unconsolidated properties that were 97.8% occupied; 0.3 million square feet consisting of three consolidated properties under redevelopment, and 1.2 million square feet consisting of four consolidated properties. As of December 31, 2016, the Company's total consolidated portfolio consisted of 408 properties with an average size of 162,000 square feet.

FINANCIAL RATIOS  of  DCT Industrial Trust (DCT)

Valuation Ratios
P/E Ratio 62.6
Price to Sales 14.8
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 26.3
Price to Free Cash Flow -85.6
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.6%
Cap. Spend. - 3 Yr. Gr. Rate 13.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 87.5%
Total Debt to Equity 87.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 5.1%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 75.3%
Gross Margin - 3 Yr. Avg. 73.6%
EBITDA Margin 80.7%
EBITDA Margin - 3 Yr. Avg. 81.1%
Operating Margin 27.5%
Oper. Margin - 3 Yr. Avg. 21.6%
Pre-Tax Margin 25.2%
Pre-Tax Margin - 3 Yr. Avg. 22.7%
Net Profit Margin 23.7%
Net Profit Margin - 3 Yr. Avg. 21.6%
Effective Tax Rate 1%
Eff/ Tax Rate - 3 Yr. Avg. -0.1%
Payout Ratio 111.8%

DCT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DCT stock intrinsic value calculation we used $424 million for the last fiscal year's total revenue generated by DCT Industrial Trust. The default revenue input number comes from 2016 income statement of DCT Industrial 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 DCT stock valuation model: a) initial revenue growth rate of 8.1% 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 0%, whose default value for DCT is calculated based on our internal credit rating of DCT Industrial 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 DCT Industrial 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 DCT stock the variable cost ratio is equal to 49.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $94 million in the base year in the intrinsic value calculation for DCT 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 DCT Industrial Trust.

Corporate tax rate of 27% is the nominal tax rate for DCT Industrial 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 DCT stock is equal to 1.4%.

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 DCT are equal to 953.2%.

Life of production assets of 10 years is the average useful life of capital assets used in DCT Industrial 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 DCT is equal to -462%. 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 DCT Industrial 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 93 million for DCT Industrial 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 DCT Industrial Trust at the current share price and the inputted number of shares is $5.9 billion.

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COMPANY NEWS

▶ As America's hiring spree continues, these Denver companies are leading the charge   [Jul-16-18 04:35PM  American City Business Journals]
▶ 4 of the Best REITs to Buy Now   [May-09-18 10:38AM  InvestorPlace]
▶ DCT: 1Q Earnings Snapshot   [05:03AM  Associated Press]
▶ Prologis to Buy DCT Industrial Trust for $8.4 Billion   [12:24AM  The Wall Street Journal]
▶ [$$] Prologis to Buy DCT Industrial Trust for $8.4 Billion   [Apr-29-18 06:52PM  The Wall Street Journal]
▶ Longtime Houston industrial exec launches private development company   [Apr-02-18 03:40PM  American City Business Journals]
▶ DCT Industrial Trust Inc. to Host Earnings Call   [Feb-02-18 07:50AM  ACCESSWIRE]
▶ DCT reports 4Q results   [Feb-01-18 05:03PM  Associated Press]
▶ Stocks With Rising Relative Strength: DCT Industrial Trust   [Dec-28-17 03:00AM  Investor's Business Daily]
▶ DCT Industrial Trust: Cramer's Top Takeaways   [06:27AM  TheStreet.com]
▶ DCT Industrial Trust Inc. to Host Earnings Call   [Nov-03-17 09:20AM  ACCESSWIRE]
▶ DCT Industrial Trust® Reports Third Quarter 2017 Results   [Nov-02-17 07:16PM  Business Wire]
▶ DCT reports 3Q results   [04:57PM  Associated Press]
Financial statements of DCT
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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