Intrinsic value of Easterly Government Properties - DEA

Previous Close

$20.74

  Intrinsic Value

$3.58

stock screener

  Rating & Target

str. sell

-83%

  Value-price divergence*

-81%

Previous close

$20.74

 
Intrinsic value

$3.58

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence*

-81%

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

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

We calculate the intrinsic value of DEA 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 0.8

 

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, %
  47.89
  24.00
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
Revenue, $m
  105
  130
  159
  191
  227
  267
  311
  357
  408
  462
  519
  579
  642
  709
  779
  851
  927
  1,006
  1,088
  1,174
  1,263
  1,355
  1,451
  1,551
  1,654
  1,762
  1,874
  1,991
  2,112
  2,239
  2,371
Variable operating expenses, $m
 
  95
  117
  140
  167
  196
  228
  262
  299
  338
  380
  424
  471
  520
  571
  624
  680
  738
  798
  860
  926
  993
  1,063
  1,137
  1,213
  1,292
  1,374
  1,459
  1,548
  1,641
  1,738
Fixed operating expenses, $m
 
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  26
  27
  28
  29
  29
  30
  31
  31
Total operating expenses, $m
  92
  110
  133
  156
  184
  213
  245
  280
  317
  357
  399
  444
  491
  541
  592
  646
  702
  761
  821
  884
  951
  1,018
  1,089
  1,163
  1,240
  1,320
  1,403
  1,488
  1,578
  1,672
  1,769
Operating income, $m
  13
  19
  27
  35
  44
  54
  66
  78
  91
  104
  119
  135
  151
  169
  187
  206
  225
  246
  267
  289
  313
  337
  362
  388
  415
  443
  472
  502
  534
  567
  602
EBITDA, $m
  60
  78
  98
  121
  146
  174
  205
  238
  273
  311
  352
  394
  439
  486
  535
  587
  641
  697
  755
  815
  878
  943
  1,011
  1,082
  1,155
  1,232
  1,311
  1,394
  1,480
  1,570
  1,664
Interest expense (income), $m
  8
  10
  14
  19
  24
  30
  36
  43
  51
  59
  68
  77
  87
  97
  108
  119
  131
  143
  156
  169
  183
  198
  213
  228
  244
  261
  278
  297
  315
  335
  356
Earnings before tax, $m
  5
  9
  12
  16
  20
  24
  29
  34
  40
  45
  51
  58
  64
  71
  79
  86
  94
  103
  111
  120
  129
  139
  149
  159
  170
  182
  193
  206
  219
  232
  246
Tax expense, $m
  0
  2
  3
  4
  5
  7
  8
  9
  11
  12
  14
  16
  17
  19
  21
  23
  25
  28
  30
  32
  35
  38
  40
  43
  46
  49
  52
  56
  59
  63
  66
Net income, $m
  3
  7
  9
  12
  15
  18
  21
  25
  29
  33
  37
  42
  47
  52
  57
  63
  69
  75
  81
  88
  94
  101
  109
  116
  124
  133
  141
  150
  160
  169
  180

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  1,045
  1,289
  1,574
  1,895
  2,252
  2,646
  3,075
  3,539
  4,037
  4,569
  5,134
  5,731
  6,359
  7,019
  7,708
  8,429
  9,180
  9,962
  10,776
  11,622
  12,502
  13,415
  14,365
  15,352
  16,378
  17,445
  18,556
  19,711
  20,915
  22,168
  23,475
Adjusted assets (=assets-cash), $m
  1,040
  1,289
  1,574
  1,895
  2,252
  2,646
  3,075
  3,539
  4,037
  4,569
  5,134
  5,731
  6,359
  7,019
  7,708
  8,429
  9,180
  9,962
  10,776
  11,622
  12,502
  13,415
  14,365
  15,352
  16,378
  17,445
  18,556
  19,711
  20,915
  22,168
  23,475
Revenue / Adjusted assets
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
Average production assets, $m
  950
  1,178
  1,438
  1,732
  2,058
  2,418
  2,810
  3,234
  3,689
  4,176
  4,692
  5,237
  5,811
  6,414
  7,044
  7,703
  8,389
  9,104
  9,848
  10,621
  11,425
  12,260
  13,128
  14,030
  14,967
  15,942
  16,957
  18,013
  19,113
  20,258
  21,453
Working capital, $m
  0
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -45
  -48
  -52
  -56
  -61
  -65
  -70
  -74
  -79
  -85
  -90
  -96
  -101
  -107
  -114
Total debt, $m
  293
  409
  542
  692
  859
  1,042
  1,243
  1,460
  1,692
  1,941
  2,205
  2,483
  2,777
  3,085
  3,407
  3,743
  4,094
  4,459
  4,839
  5,235
  5,645
  6,072
  6,516
  6,976
  7,456
  7,954
  8,472
  9,012
  9,574
  10,160
  10,770
Total liabilities, $m
  486
  602
  735
  885
  1,052
  1,235
  1,436
  1,653
  1,885
  2,134
  2,398
  2,676
  2,970
  3,278
  3,600
  3,936
  4,287
  4,652
  5,032
  5,428
  5,838
  6,265
  6,709
  7,169
  7,649
  8,147
  8,665
  9,205
  9,767
  10,353
  10,963
Total equity, $m
  559
  687
  839
  1,010
  1,200
  1,410
  1,639
  1,886
  2,152
  2,435
  2,737
  3,055
  3,390
  3,741
  4,109
  4,493
  4,893
  5,310
  5,744
  6,195
  6,663
  7,150
  7,657
  8,183
  8,730
  9,298
  9,890
  10,506
  11,147
  11,816
  12,512
Total liabilities and equity, $m
  1,045
  1,289
  1,574
  1,895
  2,252
  2,645
  3,075
  3,539
  4,037
  4,569
  5,135
  5,731
  6,360
  7,019
  7,709
  8,429
  9,180
  9,962
  10,776
  11,623
  12,501
  13,415
  14,366
  15,352
  16,379
  17,445
  18,555
  19,711
  20,914
  22,169
  23,475
Debt-to-equity ratio
  0.524
  0.600
  0.650
  0.690
  0.720
  0.740
  0.760
  0.770
  0.790
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
Adjusted equity ratio
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  7
  9
  12
  15
  18
  21
  25
  29
  33
  37
  42
  47
  52
  57
  63
  69
  75
  81
  88
  94
  101
  109
  116
  124
  133
  141
  150
  160
  169
  180
Depreciation, amort., depletion, $m
  47
  58
  71
  86
  102
  120
  139
  160
  183
  207
  232
  259
  288
  318
  349
  381
  415
  451
  488
  526
  566
  607
  650
  695
  741
  789
  839
  892
  946
  1,003
  1,062
Funds from operations, $m
  47
  65
  80
  97
  116
  137
  160
  185
  211
  240
  270
  301
  335
  370
  406
  444
  484
  526
  569
  613
  660
  708
  759
  811
  865
  922
  981
  1,042
  1,106
  1,172
  1,242
Change in working capital, $m
  0
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Cash from operations, $m
  47
  66
  82
  99
  118
  139
  162
  187
  214
  242
  272
  304
  338
  373
  410
  448
  488
  529
  573
  618
  664
  713
  763
  816
  870
  927
  986
  1,048
  1,112
  1,178
  1,248
Maintenance CAPEX, $m
  0
  -47
  -58
  -71
  -86
  -102
  -120
  -139
  -160
  -183
  -207
  -232
  -259
  -288
  -318
  -349
  -381
  -415
  -451
  -488
  -526
  -566
  -607
  -650
  -695
  -741
  -789
  -839
  -892
  -946
  -1,003
New CAPEX, $m
  -2
  -228
  -260
  -293
  -326
  -359
  -392
  -424
  -456
  -486
  -516
  -545
  -574
  -602
  -630
  -658
  -686
  -715
  -744
  -773
  -804
  -835
  -868
  -902
  -938
  -975
  -1,015
  -1,056
  -1,100
  -1,146
  -1,194
Cash from investing activities, $m
  -170
  -275
  -318
  -364
  -412
  -461
  -512
  -563
  -616
  -669
  -723
  -777
  -833
  -890
  -948
  -1,007
  -1,067
  -1,130
  -1,195
  -1,261
  -1,330
  -1,401
  -1,475
  -1,552
  -1,633
  -1,716
  -1,804
  -1,895
  -1,992
  -2,092
  -2,197
Free cash flow, $m
  -123
  -209
  -237
  -266
  -294
  -322
  -349
  -376
  -402
  -427
  -450
  -473
  -496
  -517
  -538
  -559
  -580
  -601
  -622
  -643
  -665
  -688
  -711
  -736
  -762
  -789
  -818
  -848
  -880
  -914
  -949
Issuance/(repayment) of debt, $m
  55
  116
  133
  150
  167
  184
  200
  217
  233
  248
  264
  279
  293
  308
  322
  336
  351
  365
  380
  395
  411
  427
  443
  461
  479
  498
  518
  540
  562
  585
  610
Issuance/(repurchase) of shares, $m
  110
  126
  143
  159
  176
  192
  208
  223
  237
  251
  264
  276
  288
  299
  310
  321
  332
  342
  353
  363
  374
  386
  397
  410
  423
  436
  451
  466
  482
  499
  517
Cash from financing (excl. dividends), $m  
  160
  242
  276
  309
  343
  376
  408
  440
  470
  499
  528
  555
  581
  607
  632
  657
  683
  707
  733
  758
  785
  813
  840
  871
  902
  934
  969
  1,006
  1,044
  1,084
  1,127
Total cash flow (excl. dividends), $m
  38
  34
  39
  44
  49
  54
  58
  63
  68
  72
  77
  81
  86
  90
  94
  98
  102
  107
  111
  115
  120
  125
  129
  134
  140
  145
  151
  157
  164
  171
  178
Retained Cash Flow (-), $m
  -182
  -133
  -152
  -171
  -190
  -210
  -229
  -247
  -266
  -284
  -301
  -318
  -335
  -351
  -368
  -384
  -400
  -417
  -434
  -451
  -469
  -487
  -506
  -526
  -547
  -569
  -592
  -616
  -641
  -668
  -697
Prev. year cash balance distribution, $m
 
  5
  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
 
  -95
  -113
  -127
  -142
  -156
  -170
  -184
  -198
  -211
  -224
  -237
  -249
  -262
  -274
  -286
  -298
  -310
  -323
  -336
  -349
  -363
  -377
  -392
  -407
  -423
  -440
  -458
  -477
  -497
  -518
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  -88
  -98
  -102
  -104
  -104
  -102
  -98
  -93
  -87
  -80
  -72
  -64
  -56
  -48
  -41
  -34
  -28
  -22
  -17
  -13
  -10
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  86.4
  75.5
  66.8
  59.6
  53.7
  48.7
  44.6
  41.0
  37.9
  35.3
  33.0
  31.0
  29.2
  27.6
  26.2
  24.9
  23.8
  22.8
  21.8
  20.9
  20.1
  19.4
  18.7
  18.0
  17.4
  16.9
  16.3
  15.8
  15.4
  14.9

Easterly Government Properties, Inc. is an internally managed real estate investment trust (REIT). The Company focuses on the acquisition, development and management of Class A commercial properties that are leased to the United States Government agencies. The Company leases its properties to such agencies through the United States General Services Administration (GSA). The operations of the Company are carried on primarily through Easterly Government Properties, LP and the subsidiaries of the Operating Partnership. As of December 31, 2016, it had 43 operating properties in the United States, including 40 operating properties that are leased primarily to the United States Government tenant agencies and three operating properties that are entirely leased to private tenants, encompassing approximately 3.1 million square feet in the aggregate. In addition, the Company had one property under development encompassing approximately 0.1 million square feet as of December 31, 2016.

FINANCIAL RATIOS  of  Easterly Government Properties (DEA)

Valuation Ratios
P/E Ratio 254.9
Price to Sales 7.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 17
Growth Rates
Sales Growth Rate 47.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 52.4%
Total Debt to Equity 52.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 0.8%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 12%
Return On Equity 0.6%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 70.5%
Gross Margin - 3 Yr. Avg. 47.4%
EBITDA Margin 57.1%
EBITDA Margin - 3 Yr. Avg. 411.8%
Operating Margin 12.4%
Oper. Margin - 3 Yr. Avg. -16.2%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 376.5%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 1366.7%

DEA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DEA stock intrinsic value calculation we used $105 million for the last fiscal year's total revenue generated by Easterly Government Properties. The default revenue input number comes from 2016 income statement of Easterly Government Properties. 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 DEA stock valuation model: a) initial revenue growth rate of 24% 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 7%, whose default value for DEA is calculated based on our internal credit rating of Easterly Government Properties, 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 Easterly Government Properties.
    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 DEA stock the variable cost ratio is equal to 73.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $15 million in the base year in the intrinsic value calculation for DEA 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 3.5% for Easterly Government Properties.

Corporate tax rate of 27% is the nominal tax rate for Easterly Government Properties. 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 DEA 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 DEA are equal to 904.8%.

Life of production assets of 20.2 years is the average useful life of capital assets used in Easterly Government Properties 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 DEA is equal to -4.8%. 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 - $559 million for Easterly Government Properties - 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 39.027 million for Easterly Government Properties 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 Easterly Government Properties at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
EQC Equity Commonw 30.29 17.49  sell
SIR Select Income 24.67 5.81  str.sell
GOV Government Pro 19.49 2.44  str.sell
NRE NorthStar Real 13.75 2.62  str.sell
BDN Brandywine Rea 18.04 2.65  str.sell
FSP Franklin Stree 10.52 2.24  str.sell
FPO First Potomac 11.14 1.83  str.sell
VNO Vornado Realty 78.93 13.55  str.sell
HIW Highwoods Prop 52.59 5.14  str.sell
LXP Lexington Real 10.53 1.44  str.sell

COMPANY NEWS

▶ Easterly Government Properties reports 2Q results   [Aug-08-17 11:56PM  Associated Press]
▶ Easterly Government Properties Announces Quarterly Dividend   [Aug-03-17 09:00AM  Business Wire]
▶ Easterly Government Properties reports 1Q results   [May-09-17 06:52AM  Associated Press]
▶ Easterly Government Properties Announces Quarterly Dividend   [May-04-17 09:00AM  Business Wire]
▶ Easterly Government Properties Announces Quarterly Dividend   [Feb-24-17 09:00AM  Business Wire]
▶ Is Rudolph Technologies Inc (RTEC) A Good Stock To Buy?   [Dec-02-16 08:19AM  at Insider Monkey]
▶ Easterly Government Properties Announces Quarterly Dividend   [Nov-04-16 09:30AM  Business Wire]
▶ Easterly Government Properties Announces Quarterly Dividend   [Aug-04-16 09:00AM  Business Wire]
Financial statements of DEA
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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