Intrinsic value of DDR Corp - DDR

Previous Close

$13.68

  Intrinsic Value

$8.19

stock screener

  Rating & Target

sell

-40%

Previous close

$13.68

 
Intrinsic value

$8.19

 
Up/down potential

-40%

 
Rating

sell

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

We calculate the intrinsic value of DDR 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, %
  -2.14
  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
  1,006
  940
  962
  987
  1,015
  1,045
  1,079
  1,116
  1,156
  1,198
  1,244
  1,294
  1,346
  1,402
  1,461
  1,525
  1,591
  1,662
  1,737
  1,816
  1,899
  1,987
  2,080
  2,178
  2,281
  2,390
  2,504
  2,624
  2,751
  2,884
  3,024
Variable operating expenses, $m
 
  798
  815
  835
  858
  883
  910
  940
  972
  1,007
  1,044
  1,050
  1,093
  1,138
  1,186
  1,237
  1,291
  1,349
  1,410
  1,474
  1,541
  1,613
  1,688
  1,768
  1,851
  1,939
  2,032
  2,130
  2,233
  2,341
  2,455
Fixed operating expenses, $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
Total operating expenses, $m
  850
  798
  815
  835
  858
  883
  910
  940
  972
  1,007
  1,044
  1,050
  1,093
  1,138
  1,186
  1,237
  1,291
  1,349
  1,410
  1,474
  1,541
  1,613
  1,688
  1,768
  1,851
  1,939
  2,032
  2,130
  2,233
  2,341
  2,455
Operating income, $m
  156
  143
  147
  151
  157
  162
  169
  176
  183
  191
  200
  244
  254
  264
  275
  287
  300
  313
  327
  342
  358
  374
  392
  410
  430
  450
  472
  494
  518
  543
  570
EBITDA, $m
  546
  998
  1,021
  1,048
  1,077
  1,110
  1,146
  1,185
  1,227
  1,272
  1,321
  1,373
  1,429
  1,488
  1,552
  1,618
  1,689
  1,764
  1,844
  1,928
  2,016
  2,110
  2,208
  2,312
  2,422
  2,537
  2,658
  2,786
  2,921
  3,062
  3,211
Interest expense (income), $m
  222
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
  173
Earnings before tax, $m
  -10
  -31
  -26
  -21
  -16
  -10
  -4
  3
  11
  19
  27
  71
  81
  91
  103
  115
  127
  140
  155
  169
  185
  202
  219
  238
  257
  278
  299
  322
  346
  371
  397
Tax expense, $m
  2
  0
  0
  0
  0
  0
  0
  1
  3
  5
  7
  19
  22
  25
  28
  31
  34
  38
  42
  46
  50
  54
  59
  64
  69
  75
  81
  87
  93
  100
  107
Net income, $m
  60
  -31
  -26
  -21
  -16
  -10
  -4
  2
  8
  14
  20
  52
  59
  67
  75
  84
  93
  103
  113
  124
  135
  147
  160
  173
  188
  203
  218
  235
  252
  271
  290

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  30
  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
  8,198
  -3,243
  -3,317
  -3,403
  -3,498
  -3,605
  -3,721
  -3,848
  -3,985
  -4,133
  -4,291
  -4,461
  -4,642
  -4,835
  -5,040
  -5,257
  -5,487
  -5,731
  -5,989
  -6,262
  -6,549
  -6,853
  -7,173
  -7,510
  -7,866
  -8,240
  -8,635
  -9,050
  -9,486
  -9,946
  -10,429
Adjusted assets (=assets-cash), $m
  8,168
  -3,243
  -3,317
  -3,403
  -3,498
  -3,605
  -3,721
  -3,848
  -3,985
  -4,133
  -4,291
  -4,461
  -4,642
  -4,835
  -5,040
  -5,257
  -5,487
  -5,731
  -5,989
  -6,262
  -6,549
  -6,853
  -7,173
  -7,510
  -7,866
  -8,240
  -8,635
  -9,050
  -9,486
  -9,946
  -10,429
Revenue / Adjusted assets
  0.123
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
  -0.290
Average production assets, $m
  7,749
  8,212
  8,401
  8,617
  8,859
  9,128
  9,422
  9,743
  10,091
  10,465
  10,866
  11,296
  11,755
  12,243
  12,761
  13,312
  13,895
  14,513
  15,166
  15,856
  16,584
  17,353
  18,164
  19,018
  19,919
  20,867
  21,865
  22,916
  24,022
  25,186
  26,409
Working capital, $m
  0
  -4,360
  -4,460
  -4,575
  -4,703
  -4,846
  -5,003
  -5,173
  -5,357
  -5,556
  -5,769
  -5,997
  -6,241
  -6,500
  -6,775
  -7,068
  -7,377
  -7,705
  -8,052
  -8,418
  -8,805
  -9,213
  -9,644
  -10,097
  -10,575
  -11,079
  -11,609
  -12,167
  -12,754
  -13,372
  -14,021
Total debt, $m
  4,494
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
  384
Total liabilities, $m
  4,960
  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
  3,238
  -3,243
  -3,317
  -3,403
  -3,498
  -3,605
  -3,721
  -3,848
  -3,985
  -4,133
  -4,291
  -4,461
  -4,642
  -4,835
  -5,040
  -5,257
  -5,487
  -5,731
  -5,989
  -6,262
  -6,549
  -6,853
  -7,173
  -7,510
  -7,866
  -8,240
  -8,635
  -9,050
  -9,486
  -9,946
  -10,429
Total liabilities and equity, $m
  8,198
  -3,243
  -3,317
  -3,403
  -3,498
  -3,605
  -3,721
  -3,848
  -3,985
  -4,133
  -4,291
  -4,461
  -4,642
  -4,835
  -5,040
  -5,257
  -5,487
  -5,731
  -5,989
  -6,262
  -6,549
  -6,853
  -7,173
  -7,510
  -7,866
  -8,240
  -8,635
  -9,050
  -9,486
  -9,946
  -10,429
Debt-to-equity ratio
  1.388
  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
  0.393
  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
  60
  -31
  -26
  -21
  -16
  -10
  -4
  2
  8
  14
  20
  52
  59
  67
  75
  84
  93
  103
  113
  124
  135
  147
  160
  173
  188
  203
  218
  235
  252
  271
  290
Depreciation, amort., depletion, $m
  390
  856
  875
  896
  920
  947
  977
  1,009
  1,044
  1,081
  1,121
  1,130
  1,175
  1,224
  1,276
  1,331
  1,390
  1,451
  1,517
  1,586
  1,658
  1,735
  1,816
  1,902
  1,992
  2,087
  2,187
  2,292
  2,402
  2,519
  2,641
Funds from operations, $m
  434
  825
  849
  875
  904
  937
  973
  1,011
  1,051
  1,095
  1,141
  1,181
  1,235
  1,291
  1,351
  1,415
  1,482
  1,554
  1,629
  1,709
  1,794
  1,883
  1,976
  2,075
  2,180
  2,289
  2,405
  2,527
  2,655
  2,789
  2,931
Change in working capital, $m
  -29
  -85
  -100
  -115
  -129
  -143
  -156
  -170
  -184
  -199
  -213
  -228
  -243
  -259
  -275
  -292
  -310
  -328
  -347
  -366
  -387
  -408
  -430
  -454
  -478
  -503
  -530
  -558
  -587
  -618
  -650
Cash from operations, $m
  463
  911
  949
  990
  1,033
  1,080
  1,129
  1,181
  1,236
  1,293
  1,354
  1,410
  1,478
  1,550
  1,627
  1,707
  1,792
  1,882
  1,976
  2,076
  2,180
  2,291
  2,407
  2,529
  2,658
  2,793
  2,935
  3,084
  3,242
  3,407
  3,581
Maintenance CAPEX, $m
  0
  -805
  -821
  -840
  -862
  -886
  -913
  -942
  -974
  -1,009
  -1,046
  -1,087
  -1,130
  -1,175
  -1,224
  -1,276
  -1,331
  -1,390
  -1,451
  -1,517
  -1,586
  -1,658
  -1,735
  -1,816
  -1,902
  -1,992
  -2,087
  -2,187
  -2,292
  -2,402
  -2,519
New CAPEX, $m
  -309
  -165
  -189
  -216
  -242
  -269
  -295
  -321
  -347
  -374
  -402
  -430
  -458
  -488
  -519
  -550
  -583
  -618
  -653
  -690
  -729
  -769
  -811
  -855
  -900
  -948
  -998
  -1,051
  -1,106
  -1,163
  -1,224
Cash from investing activities, $m
  472
  -970
  -1,010
  -1,056
  -1,104
  -1,155
  -1,208
  -1,263
  -1,321
  -1,383
  -1,448
  -1,517
  -1,588
  -1,663
  -1,743
  -1,826
  -1,914
  -2,008
  -2,104
  -2,207
  -2,315
  -2,427
  -2,546
  -2,671
  -2,802
  -2,940
  -3,085
  -3,238
  -3,398
  -3,565
  -3,743
Free cash flow, $m
  935
  -59
  -61
  -66
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -107
  -110
  -113
  -117
  -120
  -123
  -125
  -128
  -131
  -134
  -136
  -139
  -142
  -145
  -147
  -150
  -153
  -156
  -159
  -162
Issuance/(repayment) of debt, $m
  -646
  -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
  14
  -59
  -75
  -85
  -96
  -106
  -116
  -127
  -137
  -148
  -159
  -170
  -181
  -193
  -205
  -217
  -230
  -244
  -258
  -272
  -288
  -304
  -320
  -337
  -356
  -374
  -394
  -415
  -437
  -459
  -483
Cash from financing (excl. dividends), $m  
  -633
  -60
  -75
  -85
  -96
  -106
  -116
  -127
  -137
  -148
  -159
  -170
  -181
  -193
  -205
  -217
  -230
  -244
  -258
  -272
  -288
  -304
  -320
  -337
  -356
  -374
  -394
  -415
  -437
  -459
  -483
Total cash flow (excl. dividends), $m
  302
  -118
  -136
  -152
  -167
  -181
  -195
  -208
  -223
  -238
  -252
  -276
  -291
  -306
  -321
  -337
  -353
  -369
  -386
  -403
  -421
  -440
  -459
  -479
  -500
  -522
  -544
  -568
  -593
  -618
  -645
Retained Cash Flow (-), $m
  217
  28
  49
  64
  80
  96
  112
  127
  137
  148
  159
  170
  181
  193
  205
  217
  230
  244
  258
  272
  288
  304
  320
  337
  356
  374
  394
  415
  437
  459
  483
Prev. year cash balance distribution, $m
 
  3,184
  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
 
  11
  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
 
  3,094
  49
  64
  80
  96
  112
  127
  137
  148
  159
  170
  181
  193
  205
  217
  230
  244
  258
  272
  288
  304
  320
  337
  356
  374
  394
  415
  437
  459
  483
Discount rate, %
 
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
 
  2,672
  36
  40
  41
  40
  37
  33
  28
  22
  18
  14
  10
  7
  5
  4
  2
  2
  1
  1
  0
  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

DDR Corp. is a self-administered and self-managed real estate investment trust. It operates through two segments: shopping centers and loan investments. It is in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers. As of December 31, 2016, it owned and managed approximately 106 million total square feet of gross leasable area (GLA). As of December 31, 2016, the portfolio properties included 319 shopping centers (including 152 centers owned through joint ventures). As of December 31, 2016, the portfolio properties also included over 650 acres of undeveloped land, including parcels located adjacent to certain of the shopping centers. As of December 31, 2016, the portfolio properties aggregated to 75.8 million square feet of Company-owned GLA located in 35 states, plus Puerto Rico. These centers are in the Southeast and Midwest, with significant concentrations in Florida, Georgia, Ohio and North Carolina, as well as Puerto Rico.

FINANCIAL RATIOS  of  DDR Corp (DDR)

Valuation Ratios
P/E Ratio 83.3
Price to Sales 5
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 32.5
Growth Rates
Sales Growth Rate -2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.9%
Cap. Spend. - 3 Yr. Gr. Rate -22%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 138.8%
Total Debt to Equity 138.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 1.8%
Return On Equity - 3 Yr. Avg. 0.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 72.5%
Gross Margin - 3 Yr. Avg. 71.8%
EBITDA Margin 59.8%
EBITDA Margin - 3 Yr. Avg. 56.2%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin -1%
Pre-Tax Margin - 3 Yr. Avg. -7.1%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate -20%
Eff/ Tax Rate - 3 Yr. Avg. -4.6%
Payout Ratio 490%

DDR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DDR stock intrinsic value calculation we used $922 million for the last fiscal year's total revenue generated by DDR Corp. The default revenue input number comes from 2016 income statement of DDR Corp. 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 DDR 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 15.8%, whose default value for DDR is calculated based on our internal credit rating of DDR Corp, 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 DDR Corp.
    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 DDR stock the variable cost ratio is equal to 84.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DDR 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 45% for DDR Corp.

Corporate tax rate of 27% is the nominal tax rate for DDR Corp. 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 DDR stock is equal to 1.2%.

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 DDR are equal to 873.2%.

Life of production assets of 10 years is the average useful life of capital assets used in DDR Corp 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 DDR is equal to -463.6%. 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 - $0 million for DDR Corp - 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 368 million for DDR Corp 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 DDR Corp at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ For sale: Orlando retail properties go on the market after REIT spinoff   [Jul-10-18 03:40PM  American City Business Journals]
▶ DDR Announces Completion of Spin-Off of Retail Value Inc.   [Jul-02-18 08:00AM  Business Wire]
▶ [$$] DDR Director Buys $102 Million More in Stock   [Jun-27-18 07:30AM  Barrons.com]
▶ DDR To Spin-Off Retail Value On July 1   [Jun-06-18 11:36AM  Forbes]
▶ Insider Buys Of The Week: ADS, Tesla, Teva And More   [May-13-18 09:52AM  Benzinga]
▶ [$$] REITs Feel the Churn as They Shake Up Management Teams   [May-09-18 12:15AM  The Wall Street Journal]
▶ [$$] REITs Feel the Churn as They Shake Up Management Teams   [01:14PM  The Wall Street Journal]
▶ How to Spot a Dividend Yield Trap   [Apr-30-18 10:49AM  Motley Fool]
▶ 2 Stocks to Avoid (and 1 to Buy)   [08:03AM  Motley Fool]
▶ DDR: 1Q Earnings Snapshot   [Apr-24-18 04:19PM  Associated Press]
▶ DDR Corp. to Host Earnings Call   [12:45PM  ACCESSWIRE]
▶ Farewell Toys R Us, We Will Miss You   [Mar-12-18 07:00AM  Forbes]
▶ DDR reports 4Q results   [Feb-15-18 04:41PM  Associated Press]
▶ DDR Corp. to Host Earnings Call   [12:20PM  ACCESSWIRE]
▶ Company Profile for DDR Corp.   [Jan-19-18 10:40AM  Business Wire]
▶ Is DDR a Good Pick for Value Investors?   [Jan-04-18 10:00AM  Zacks]
▶ Greenway Plaza-area Costco retail center sold   [Dec-27-17 08:50AM  American City Business Journals]
▶ Why Crocs, Under Armour, and DDR Jumped Today   [Dec-15-17 04:30PM  Motley Fool]
▶ Stocks That Fell to 3-Year Lows in the Week of Dec. 1   [Dec-04-17 10:16AM  GuruFocus.com]
▶ Stocks That Fell to 3-Year Lows in the Week of Dec. 1   [Dec-01-17 10:38PM  GuruFocus.com]
▶ DDR Reports Third Quarter 2017 Operating Results   [Nov-02-17 07:45AM  PR Newswire]
▶ DDR Corp. to Host Earnings Call   [06:40AM  ACCESSWIRE]
▶ Top Ranked Value Stocks to Buy for October 30th   [Oct-30-17 09:31AM  Zacks]
▶ Top Ranked Value Stocks to Buy for October 5th   [Oct-05-17 08:24AM  Zacks]
Financial statements of DDR
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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