Intrinsic value of Easterly Government Properties - DEA

Previous Close

$19.48

  Intrinsic Value

$10.64

stock screener

  Rating & Target

sell

-45%

Previous close

$19.48

 
Intrinsic value

$10.64

 
Up/down potential

-45%

 
Rating

sell

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

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

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, %
  47.89
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
Revenue, $m
  105
  164
  201
  244
  291
  344
  401
  464
  531
  603
  680
  761
  846
  936
  1,030
  1,129
  1,232
  1,339
  1,450
  1,566
  1,686
  1,811
  1,941
  2,076
  2,217
  2,363
  2,515
  2,673
  2,837
  3,009
  3,187
Variable operating expenses, $m
 
  106
  130
  157
  187
  220
  257
  296
  339
  385
  433
  483
  537
  594
  654
  717
  782
  850
  920
  994
  1,070
  1,150
  1,232
  1,318
  1,407
  1,500
  1,596
  1,697
  1,801
  1,910
  2,023
Fixed operating expenses, $m
 
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
  43
  44
  45
  46
Total operating expenses, $m
  92
  131
  155
  183
  213
  247
  284
  324
  368
  414
  463
  513
  568
  626
  687
  750
  816
  885
  956
  1,030
  1,107
  1,188
  1,271
  1,358
  1,447
  1,541
  1,638
  1,740
  1,845
  1,955
  2,069
Operating income, $m
  13
  33
  46
  61
  78
  97
  117
  139
  163
  189
  216
  247
  278
  310
  344
  379
  416
  454
  494
  536
  579
  624
  670
  719
  769
  822
  876
  933
  992
  1,054
  1,118
EBITDA, $m
  60
  192
  241
  297
  359
  428
  504
  586
  675
  769
  870
  977
  1,090
  1,208
  1,332
  1,462
  1,597
  1,738
  1,884
  2,037
  2,196
  2,360
  2,532
  2,710
  2,895
  3,087
  3,287
  3,496
  3,713
  3,939
  4,174
Interest expense (income), $m
  8
  -36
  -47
  -61
  -76
  -92
  -111
  -131
  -153
  -177
  -202
  -229
  -258
  -288
  -320
  -353
  -387
  -424
  -461
  -500
  -541
  -584
  -628
  -674
  -721
  -771
  -822
  -876
  -931
  -989
  -1,050
Earnings before tax, $m
  5
  69
  94
  122
  154
  189
  228
  271
  316
  366
  419
  477
  536
  598
  663
  732
  803
  878
  955
  1,036
  1,120
  1,207
  1,298
  1,392
  1,490
  1,592
  1,698
  1,809
  1,923
  2,043
  2,168
Tax expense, $m
  0
  19
  25
  33
  41
  51
  62
  73
  85
  99
  113
  129
  145
  161
  179
  198
  217
  237
  258
  280
  302
  326
  350
  376
  402
  430
  459
  488
  519
  552
  585
Net income, $m
  3
  51
  68
  89
  112
  138
  166
  197
  231
  267
  306
  348
  391
  437
  484
  534
  586
  641
  697
  756
  818
  881
  948
  1,016
  1,088
  1,162
  1,240
  1,320
  1,404
  1,491
  1,582

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
  -96
  -118
  -143
  -171
  -201
  -235
  -272
  -311
  -353
  -398
  -446
  -496
  -549
  -604
  -662
  -722
  -785
  -850
  -918
  -988
  -1,062
  -1,138
  -1,217
  -1,299
  -1,385
  -1,474
  -1,567
  -1,663
  -1,764
  -1,868
Adjusted assets (=assets-cash), $m
  1,040
  -96
  -118
  -143
  -171
  -201
  -235
  -272
  -311
  -353
  -398
  -446
  -496
  -549
  -604
  -662
  -722
  -785
  -850
  -918
  -988
  -1,062
  -1,138
  -1,217
  -1,299
  -1,385
  -1,474
  -1,567
  -1,663
  -1,764
  -1,868
Revenue / Adjusted assets
  0.101
  -1.708
  -1.703
  -1.706
  -1.702
  -1.711
  -1.706
  -1.706
  -1.707
  -1.708
  -1.709
  -1.706
  -1.706
  -1.705
  -1.705
  -1.705
  -1.706
  -1.706
  -1.706
  -1.706
  -1.706
  -1.705
  -1.706
  -1.706
  -1.707
  -1.706
  -1.706
  -1.706
  -1.706
  -1.706
  -1.706
Average production assets, $m
  950
  1,569
  1,928
  2,335
  2,791
  3,295
  3,847
  4,446
  5,091
  5,782
  6,517
  7,295
  8,116
  8,977
  9,880
  10,824
  11,809
  12,835
  13,902
  15,013
  16,167
  17,367
  18,613
  19,908
  21,255
  22,655
  24,112
  25,627
  27,205
  28,849
  30,562
Working capital, $m
  0
  -615
  -756
  -916
  -1,094
  -1,292
  -1,508
  -1,743
  -1,996
  -2,267
  -2,555
  -2,860
  -3,182
  -3,520
  -3,874
  -4,244
  -4,630
  -5,032
  -5,451
  -5,886
  -6,338
  -6,809
  -7,297
  -7,805
  -8,333
  -8,882
  -9,453
  -10,047
  -10,666
  -11,310
  -11,982
Total debt, $m
  293
  -3
  -4
  -6
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -77
  -81
Total liabilities, $m
  486
  -4
  -5
  -6
  -8
  -9
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -43
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -78
  -82
Total equity, $m
  559
  -92
  -113
  -136
  -163
  -193
  -225
  -260
  -298
  -338
  -381
  -426
  -474
  -525
  -577
  -633
  -690
  -750
  -813
  -877
  -945
  -1,015
  -1,088
  -1,164
  -1,242
  -1,324
  -1,409
  -1,498
  -1,590
  -1,686
  -1,786
Total liabilities and equity, $m
  1,045
  -96
  -118
  -142
  -171
  -202
  -235
  -272
  -312
  -354
  -399
  -446
  -496
  -549
  -604
  -662
  -722
  -785
  -850
  -917
  -988
  -1,062
  -1,138
  -1,218
  -1,299
  -1,385
  -1,474
  -1,567
  -1,663
  -1,764
  -1,868
Debt-to-equity ratio
  0.524
  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
  0.533
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  51
  68
  89
  112
  138
  166
  197
  231
  267
  306
  348
  391
  437
  484
  534
  586
  641
  697
  756
  818
  881
  948
  1,016
  1,088
  1,162
  1,240
  1,320
  1,404
  1,491
  1,582
Depreciation, amort., depletion, $m
  47
  159
  195
  236
  281
  331
  387
  447
  511
  580
  654
  730
  812
  898
  988
  1,082
  1,181
  1,283
  1,390
  1,501
  1,617
  1,737
  1,861
  1,991
  2,126
  2,266
  2,411
  2,563
  2,721
  2,885
  3,056
Funds from operations, $m
  47
  210
  263
  325
  393
  470
  553
  644
  742
  847
  959
  1,077
  1,203
  1,334
  1,472
  1,617
  1,767
  1,924
  2,088
  2,258
  2,434
  2,618
  2,809
  3,007
  3,213
  3,428
  3,651
  3,883
  4,125
  4,376
  4,639
Change in working capital, $m
  0
  -123
  -141
  -160
  -179
  -198
  -216
  -235
  -253
  -271
  -288
  -305
  -322
  -338
  -354
  -370
  -386
  -402
  -419
  -435
  -453
  -470
  -489
  -508
  -528
  -549
  -571
  -594
  -619
  -644
  -672
Cash from operations, $m
  47
  332
  404
  484
  572
  667
  770
  879
  995
  1,118
  1,247
  1,382
  1,524
  1,672
  1,826
  1,987
  2,153
  2,326
  2,506
  2,693
  2,887
  3,088
  3,298
  3,515
  3,741
  3,977
  4,222
  4,477
  4,743
  5,021
  5,310
Maintenance CAPEX, $m
  0
  -125
  -157
  -193
  -234
  -279
  -329
  -385
  -445
  -509
  -578
  -652
  -730
  -812
  -898
  -988
  -1,082
  -1,181
  -1,283
  -1,390
  -1,501
  -1,617
  -1,737
  -1,861
  -1,991
  -2,126
  -2,266
  -2,411
  -2,563
  -2,721
  -2,885
New CAPEX, $m
  -2
  -316
  -359
  -407
  -456
  -504
  -552
  -599
  -645
  -691
  -735
  -778
  -820
  -862
  -903
  -944
  -985
  -1,026
  -1,068
  -1,110
  -1,154
  -1,199
  -1,246
  -1,295
  -1,347
  -1,400
  -1,456
  -1,516
  -1,578
  -1,644
  -1,713
Cash from investing activities, $m
  -170
  -441
  -516
  -600
  -690
  -783
  -881
  -984
  -1,090
  -1,200
  -1,313
  -1,430
  -1,550
  -1,674
  -1,801
  -1,932
  -2,067
  -2,207
  -2,351
  -2,500
  -2,655
  -2,816
  -2,983
  -3,156
  -3,338
  -3,526
  -3,722
  -3,927
  -4,141
  -4,365
  -4,598
Free cash flow, $m
  -123
  -109
  -112
  -116
  -117
  -116
  -112
  -105
  -95
  -82
  -66
  -47
  -26
  -1
  26
  55
  86
  120
  155
  192
  231
  272
  314
  358
  404
  451
  500
  550
  603
  657
  712
Issuance/(repayment) of debt, $m
  55
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
Issuance/(repurchase) of shares, $m
  110
  -19
  -21
  -24
  -27
  -29
  -32
  -35
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
Cash from financing (excl. dividends), $m  
  160
  -20
  -22
  -25
  -28
  -30
  -33
  -37
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -96
  -100
  -105
Total cash flow (excl. dividends), $m
  38
  -128
  -134
  -141
  -145
  -147
  -146
  -142
  -134
  -124
  -111
  -95
  -76
  -54
  -30
  -3
  26
  57
  90
  124
  161
  199
  238
  279
  322
  366
  411
  458
  506
  556
  608
Retained Cash Flow (-), $m
  -182
  19
  21
  24
  27
  29
  32
  35
  38
  40
  43
  45
  48
  50
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
Prev. year cash balance distribution, $m
 
  73
  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
  26
  28
  31
  33
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
Cash available for distribution, $m
 
  19
  21
  24
  27
  29
  32
  35
  38
  40
  43
  45
  48
  50
  53
  55
  84
  117
  152
  189
  228
  269
  311
  355
  400
  447
  496
  546
  598
  652
  708
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  18
  19
  20
  21
  21
  21
  21
  21
  20
  19
  17
  16
  14
  13
  11
  14
  16
  17
  17
  16
  15
  13
  11
  9
  7
  5
  4
  3
  2
  1
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

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 239.4
Price to Sales 6.8
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 16
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 $131 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 24.9% 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 5.6%, 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 65%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $24 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 1365.7% 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 2.3%.

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 958.8%.

Life of production assets of 10 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 -375.9%. 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 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 40 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 31.23 9.78  str.sell
SIR Select Income 22.48 148.87  str.buy
GOV Government Pro 15.90 32.51  str.buy
BDN Brandywine Rea 16.19 9.08  sell
FSP Franklin Stree 8.49 6.76  hold
VNO Vornado Realty 72.19 24.92  str.sell
HIW Highwoods Prop 49.48 15.58  str.sell
LXP Lexington Real 8.69 10.55  buy

COMPANY NEWS

▶ New Strong Sell Stocks for July 9th   [Jul-09-18 07:54AM  Zacks]
▶ Easterly Government Properties: 1Q Earnings Snapshot   [May-08-18 06:43AM  Associated Press]
▶ Easterly Government Properties Announces Quarterly Dividend   [May-04-18 09:00AM  Business Wire]
▶ 4 Small Cap REITs Flying Under The Radar   [Apr-02-18 07:00AM  Forbes]
▶ 1 Easy Step Will Save You From A Dividend Cut   [Mar-28-18 08:37AM  Forbes]
▶ This REIT Is Printing Money   [10:39AM  Forbes]
▶ Easterly Government Properties Announces Quarterly Dividend   [Feb-22-18 09:00AM  Business Wire]
▶ How To Profit From The New Fed Chair   [Jan-11-18 08:23AM  Forbes]
▶ Why REITs Are Set To Soar In 2018 (VNQ)   [Jan-09-18 06:08AM  ETF Daily News]
▶ Why REITs Will Soar in 2018 (and 5 to Buy Now)   [03:56AM  Harvest Exchange]
▶ The Top High-Yield Dividend Plays For 2018 (VYG)   [Nov-27-17 06:02AM  ETF Daily News]
▶ Easterly Government Properties Announces Quarterly Dividend   [Nov-03-17 09:00AM  Business Wire]
▶ 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]
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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