Intrinsic value of DCT Industrial Trust - DCT

Previous Close

$57.40

  Intrinsic Value

$5.13

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

-16%

Previous close

$57.40

 
Intrinsic value

$5.13

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

-16%

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

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

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

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 5.2

 

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
  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
  5.45
  5.41
  5.37
Revenue, $m
  393
  443
  497
  553
  612
  674
  738
  806
  876
  950
  1,026
  1,105
  1,187
  1,273
  1,362
  1,454
  1,550
  1,650
  1,754
  1,862
  1,975
  2,092
  2,215
  2,343
  2,476
  2,615
  2,761
  2,913
  3,071
  3,238
  3,411
Variable operating expenses, $m
 
  71
  79
  88
  98
  108
  118
  129
  140
  152
  164
  177
  190
  204
  218
  233
  248
  264
  281
  298
  316
  335
  354
  375
  396
  418
  442
  466
  491
  518
  546
Fixed operating expenses, $m
 
  240
  246
  252
  258
  265
  271
  278
  285
  292
  300
  307
  315
  323
  331
  339
  347
  356
  365
  374
  383
  393
  403
  413
  423
  434
  445
  456
  467
  479
  491
Total operating expenses, $m
  285
  311
  325
  340
  356
  373
  389
  407
  425
  444
  464
  484
  505
  527
  549
  572
  595
  620
  646
  672
  699
  728
  757
  788
  819
  852
  887
  922
  958
  997
  1,037
Operating income, $m
  108
  133
  171
  212
  256
  301
  349
  399
  451
  505
  562
  621
  683
  747
  813
  883
  955
  1,030
  1,108
  1,190
  1,276
  1,365
  1,458
  1,555
  1,657
  1,763
  1,874
  1,991
  2,113
  2,241
  2,375
EBITDA, $m
  269
  314
  375
  439
  506
  577
  651
  729
  810
  894
  982
  1,074
  1,169
  1,268
  1,371
  1,478
  1,590
  1,706
  1,827
  1,953
  2,085
  2,222
  2,365
  2,515
  2,671
  2,834
  3,005
  3,184
  3,371
  3,567
  3,772
Interest expense (income), $m
  57
  59
  68
  77
  88
  98
  109
  121
  133
  145
  159
  172
  186
  201
  216
  232
  249
  266
  284
  302
  322
  342
  363
  385
  408
  432
  457
  483
  510
  538
  568
Earnings before tax, $m
  99
  74
  103
  135
  168
  203
  240
  278
  318
  360
  404
  449
  496
  546
  597
  650
  706
  764
  825
  888
  954
  1,023
  1,095
  1,170
  1,249
  1,331
  1,418
  1,508
  1,603
  1,702
  1,807
Tax expense, $m
  1
  20
  28
  36
  45
  55
  65
  75
  86
  97
  109
  121
  134
  147
  161
  176
  191
  206
  223
  240
  258
  276
  296
  316
  337
  359
  383
  407
  433
  460
  488
Net income, $m
  93
  54
  75
  98
  123
  148
  175
  203
  232
  263
  295
  328
  362
  398
  436
  475
  515
  558
  602
  648
  696
  747
  799
  854
  912
  972
  1,035
  1,101
  1,170
  1,243
  1,319

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
  4,304
  4,821
  5,367
  5,940
  6,541
  7,170
  7,826
  8,509
  9,220
  9,959
  10,728
  11,527
  12,358
  13,221
  14,117
  15,050
  16,020
  17,030
  18,080
  19,175
  20,315
  21,505
  22,745
  24,040
  25,391
  26,803
  28,278
  29,820
  31,433
  33,120
Adjusted assets (=assets-cash), $m
  3,798
  4,304
  4,821
  5,367
  5,940
  6,541
  7,170
  7,826
  8,509
  9,220
  9,959
  10,728
  11,527
  12,358
  13,221
  14,117
  15,050
  16,020
  17,030
  18,080
  19,175
  20,315
  21,505
  22,745
  24,040
  25,391
  26,803
  28,278
  29,820
  31,433
  33,120
Revenue / Adjusted assets
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
Average production assets, $m
  3,494
  3,941
  4,414
  4,914
  5,439
  5,989
  6,564
  7,165
  7,790
  8,441
  9,119
  9,823
  10,554
  11,314
  12,104
  12,926
  13,779
  14,667
  15,592
  16,554
  17,556
  18,600
  19,689
  20,825
  22,010
  23,247
  24,540
  25,890
  27,302
  28,779
  30,324
Working capital, $m
  0
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
Total debt, $m
  1,629
  1,887
  2,151
  2,431
  2,725
  3,032
  3,354
  3,690
  4,039
  4,404
  4,782
  5,176
  5,585
  6,010
  6,452
  6,911
  7,389
  7,885
  8,402
  8,940
  9,501
  10,085
  10,693
  11,328
  11,991
  12,683
  13,406
  14,161
  14,951
  15,777
  16,640
Total liabilities, $m
  1,946
  2,204
  2,468
  2,748
  3,042
  3,349
  3,671
  4,007
  4,356
  4,721
  5,099
  5,493
  5,902
  6,327
  6,769
  7,228
  7,706
  8,202
  8,719
  9,257
  9,818
  10,402
  11,010
  11,645
  12,308
  13,000
  13,723
  14,478
  15,268
  16,094
  16,957
Total equity, $m
  1,862
  2,100
  2,353
  2,619
  2,899
  3,192
  3,499
  3,819
  4,152
  4,499
  4,860
  5,235
  5,625
  6,031
  6,452
  6,889
  7,344
  7,818
  8,310
  8,823
  9,357
  9,914
  10,494
  11,100
  11,731
  12,391
  13,080
  13,800
  14,552
  15,339
  16,163
Total liabilities and equity, $m
  3,808
  4,304
  4,821
  5,367
  5,941
  6,541
  7,170
  7,826
  8,508
  9,220
  9,959
  10,728
  11,527
  12,358
  13,221
  14,117
  15,050
  16,020
  17,029
  18,080
  19,175
  20,316
  21,504
  22,745
  24,039
  25,391
  26,803
  28,278
  29,820
  31,433
  33,120
Debt-to-equity ratio
  0.875
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.030
  1.030
  1.030
  1.030
Adjusted equity ratio
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  93
  54
  75
  98
  123
  148
  175
  203
  232
  263
  295
  328
  362
  398
  436
  475
  515
  558
  602
  648
  696
  747
  799
  854
  912
  972
  1,035
  1,101
  1,170
  1,243
  1,319
Depreciation, amort., depletion, $m
  161
  182
  203
  226
  251
  276
  303
  330
  359
  389
  420
  453
  486
  521
  558
  596
  635
  676
  719
  763
  809
  857
  907
  960
  1,014
  1,071
  1,131
  1,193
  1,258
  1,326
  1,397
Funds from operations, $m
  245
  236
  279
  325
  373
  424
  478
  533
  591
  652
  715
  780
  849
  920
  993
  1,070
  1,150
  1,234
  1,320
  1,411
  1,505
  1,604
  1,706
  1,814
  1,926
  2,043
  2,166
  2,294
  2,428
  2,569
  2,716
Change in working capital, $m
  24
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  221
  237
  280
  326
  375
  426
  479
  535
  593
  654
  717
  782
  851
  922
  996
  1,073
  1,153
  1,236
  1,323
  1,414
  1,508
  1,607
  1,710
  1,817
  1,929
  2,047
  2,169
  2,298
  2,432
  2,573
  2,721
Maintenance CAPEX, $m
  0
  -161
  -182
  -203
  -226
  -251
  -276
  -303
  -330
  -359
  -389
  -420
  -453
  -486
  -521
  -558
  -596
  -635
  -676
  -719
  -763
  -809
  -857
  -907
  -960
  -1,014
  -1,071
  -1,131
  -1,193
  -1,258
  -1,326
New CAPEX, $m
  -289
  -447
  -474
  -500
  -525
  -550
  -575
  -600
  -626
  -651
  -677
  -704
  -732
  -760
  -790
  -821
  -854
  -888
  -924
  -962
  -1,002
  -1,044
  -1,089
  -1,136
  -1,185
  -1,237
  -1,293
  -1,351
  -1,412
  -1,477
  -1,545
Cash from investing activities, $m
  -313
  -608
  -656
  -703
  -751
  -801
  -851
  -903
  -956
  -1,010
  -1,066
  -1,124
  -1,185
  -1,246
  -1,311
  -1,379
  -1,450
  -1,523
  -1,600
  -1,681
  -1,765
  -1,853
  -1,946
  -2,043
  -2,145
  -2,251
  -2,364
  -2,482
  -2,605
  -2,735
  -2,871
Free cash flow, $m
  -92
  -371
  -375
  -377
  -377
  -375
  -372
  -368
  -363
  -356
  -349
  -342
  -333
  -325
  -316
  -306
  -297
  -287
  -277
  -267
  -257
  -247
  -236
  -226
  -216
  -205
  -194
  -184
  -173
  -162
  -150
Issuance/(repayment) of debt, $m
  74
  258
  265
  279
  294
  308
  322
  336
  350
  364
  379
  394
  409
  425
  442
  459
  477
  497
  517
  538
  560
  584
  609
  635
  663
  692
  723
  755
  790
  826
  864
Issuance/(repurchase) of shares, $m
  109
  194
  177
  168
  157
  145
  132
  117
  101
  84
  66
  47
  28
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  164
  452
  442
  447
  451
  453
  454
  453
  451
  448
  445
  441
  437
  432
  442
  459
  477
  497
  517
  538
  560
  584
  609
  635
  663
  692
  723
  755
  790
  826
  864
Total cash flow (excl. dividends), $m
  72
  81
  67
  71
  74
  78
  81
  85
  88
  92
  96
  99
  103
  107
  126
  153
  181
  210
  240
  271
  304
  337
  372
  409
  447
  487
  528
  572
  617
  664
  714
Retained Cash Flow (-), $m
  -110
  -248
  -252
  -266
  -280
  -293
  -307
  -320
  -333
  -347
  -361
  -375
  -390
  -405
  -421
  -438
  -455
  -473
  -493
  -513
  -534
  -557
  -580
  -605
  -632
  -660
  -689
  -720
  -753
  -787
  -823
Prev. year cash balance distribution, $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
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
 
  -158
  -186
  -196
  -206
  -216
  -225
  -235
  -245
  -255
  -265
  -276
  -287
  -298
  -295
  -285
  -274
  -264
  -253
  -242
  -231
  -219
  -208
  -196
  -185
  -173
  -161
  -148
  -136
  -123
  -110
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  -145
  -157
  -151
  -143
  -133
  -123
  -112
  -101
  -90
  -79
  -68
  -58
  -49
  -39
  -29
  -21
  -16
  -11
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.4
  93.6
  91.2
  89.3
  87.8
  86.5
  85.5
  84.7
  84.0
  83.6
  83.3
  83.2
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1
  83.1

DCT Industrial Trust Inc. operates as a publicly owned real estate investment trust. The firm provides its services to companies. Through its fund, it engages in the ownership, operation, and development of real estate properties. The firm specializes in the ownership, acquisition, development, and management of institutional capital management program. It invests in the real estate markets of United States and Mexico. The firm is also invests in selected international markets. It primarily invests in commercial real estate properties, including generic distribution warehouses and light industrial properties. The firm was formerly known as Dividend Capital Trust Inc. DCT Industrial Trust was founded in 2002 and is based in Denver, Colorado with additional offices in Atlanta, Georgia and Dallas, Texas.

FINANCIAL RATIOS  of  DCT Industrial Trust (DCT)

Valuation Ratios
P/E Ratio 56.5
Price to Sales 13.4
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow -77.3
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 $393 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 12.8% 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 8.3%, 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 16%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $234 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 3.6% 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 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 DCT are equal to 888.9%.

Life of production assets of 21.7 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 -2.5%. 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 - $1862 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 90.738 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 $5.2 billion.

RELATED COMPANIES Price Int.Val. Rating
FR First Industri 30.47 2.66  str.sell
WRE Washington Rea 33.37 3.58  str.sell
STAG STAG Industria 27.65 3.12  str.sell
DRE Duke Realty 28.90 2.47  str.sell
MNR Monmouth Real 15.13 2.14  str.sell
REXR Rexford Indust 28.81 3.56  str.sell
EGP EastGroup Prop 86.25 4.83  str.sell
DLR Digital Realty 116.49 6.80  str.sell
COR CoreSite Realt 111.70 25.22  str.sell
PLD Prologis 62.25 7.16  str.sell

COMPANY NEWS

▶ DCT reports 2Q results   [03:11AM  Associated Press]
▶ DCT Industrial Trust® Reports Second Quarter 2017 Results   [Aug-03-17 04:10PM  Business Wire]
▶ 2 Undercover Dividends With 100%+ Upside   [Jul-09-17 09:15AM  Forbes]
▶ DCT reports 1Q results   [May-04-17 05:36PM  Associated Press]
▶ How Trump's election led to Atlanta real estate deal   [Feb-17-17 03:10PM  at bizjournals.com]
▶ Is DCT Industrial Trust Inc (DCT) A Good Stock To Buy?   [Dec-19-16 11:31PM  at Insider Monkey]
Stock chart of DCT 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.