Intrinsic value of Duke Realty - DRE

Previous Close

$28.86

  Intrinsic Value

$2.47

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

0%

Previous close

$28.86

 
Intrinsic value

$2.47

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

0%

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

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

We calculate the intrinsic value of DRE 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 10.1

 

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, %
  -4.95
  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
  902
  920
  941
  965
  993
  1,023
  1,056
  1,092
  1,131
  1,172
  1,217
  1,266
  1,317
  1,372
  1,430
  1,491
  1,557
  1,626
  1,699
  1,776
  1,858
  1,944
  2,035
  2,131
  2,232
  2,338
  2,450
  2,567
  2,691
  2,822
  2,959
Variable operating expenses, $m
 
  570
  583
  598
  614
  633
  653
  676
  700
  726
  754
  783
  815
  849
  885
  923
  964
  1,006
  1,052
  1,100
  1,150
  1,203
  1,260
  1,319
  1,381
  1,447
  1,516
  1,589
  1,666
  1,747
  1,832
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
  459
  570
  583
  598
  614
  633
  653
  676
  700
  726
  754
  783
  815
  849
  885
  923
  964
  1,006
  1,052
  1,100
  1,150
  1,203
  1,260
  1,319
  1,381
  1,447
  1,516
  1,589
  1,666
  1,747
  1,832
Operating income, $m
  443
  351
  359
  368
  378
  390
  402
  416
  431
  447
  464
  482
  502
  523
  545
  568
  593
  619
  647
  677
  708
  741
  775
  812
  850
  891
  933
  978
  1,025
  1,075
  1,127
EBITDA, $m
  760
  675
  690
  708
  728
  750
  774
  800
  829
  860
  893
  928
  966
  1,006
  1,048
  1,094
  1,142
  1,192
  1,246
  1,303
  1,362
  1,426
  1,492
  1,562
  1,636
  1,714
  1,796
  1,883
  1,974
  2,069
  2,170
Interest expense (income), $m
  163
  151
  155
  159
  164
  169
  175
  181
  188
  196
  204
  212
  221
  231
  242
  253
  265
  277
  290
  304
  319
  335
  351
  368
  387
  406
  426
  448
  470
  494
  519
Earnings before tax, $m
  313
  199
  203
  208
  214
  220
  227
  235
  243
  251
  260
  270
  280
  291
  303
  315
  329
  342
  357
  373
  389
  406
  424
  443
  463
  485
  507
  530
  555
  581
  608
Tax expense, $m
  0
  54
  55
  56
  58
  60
  61
  63
  66
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  101
  105
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
Net income, $m
  312
  145
  148
  152
  156
  161
  166
  171
  177
  183
  190
  197
  205
  213
  221
  230
  240
  250
  261
  272
  284
  296
  310
  324
  338
  354
  370
  387
  405
  424
  444

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  13
  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
  6,772
  6,918
  7,077
  7,259
  7,463
  7,689
  7,937
  8,208
  8,500
  8,815
  9,154
  9,516
  9,902
  10,313
  10,750
  11,214
  11,705
  12,225
  12,776
  13,357
  13,970
  14,618
  15,301
  16,021
  16,779
  17,578
  18,419
  19,304
  20,236
  21,216
  22,247
Adjusted assets (=assets-cash), $m
  6,759
  6,918
  7,077
  7,259
  7,463
  7,689
  7,937
  8,208
  8,500
  8,815
  9,154
  9,516
  9,902
  10,313
  10,750
  11,214
  11,705
  12,225
  12,776
  13,357
  13,970
  14,618
  15,301
  16,021
  16,779
  17,578
  18,419
  19,304
  20,236
  21,216
  22,247
Revenue / Adjusted assets
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
Average production assets, $m
  6,291
  6,417
  6,565
  6,734
  6,923
  7,133
  7,363
  7,614
  7,885
  8,178
  8,492
  8,827
  9,186
  9,567
  9,973
  10,403
  10,859
  11,341
  11,852
  12,391
  12,960
  13,561
  14,194
  14,862
  15,566
  16,307
  17,087
  17,908
  18,772
  19,681
  20,638
Working capital, $m
  0
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
Total debt, $m
  2,910
  2,987
  3,065
  3,153
  3,253
  3,364
  3,485
  3,617
  3,761
  3,915
  4,080
  4,257
  4,446
  4,647
  4,861
  5,088
  5,328
  5,582
  5,851
  6,135
  6,436
  6,752
  7,086
  7,438
  7,809
  8,200
  8,611
  9,044
  9,499
  9,979
  10,483
Total liabilities, $m
  3,306
  3,383
  3,461
  3,549
  3,649
  3,760
  3,881
  4,013
  4,157
  4,311
  4,476
  4,653
  4,842
  5,043
  5,257
  5,484
  5,724
  5,978
  6,247
  6,531
  6,832
  7,148
  7,482
  7,834
  8,205
  8,596
  9,007
  9,440
  9,895
  10,375
  10,879
Total equity, $m
  3,466
  3,535
  3,616
  3,709
  3,813
  3,929
  4,056
  4,194
  4,344
  4,505
  4,678
  4,862
  5,060
  5,270
  5,493
  5,730
  5,981
  6,247
  6,528
  6,825
  7,139
  7,470
  7,819
  8,187
  8,574
  8,982
  9,412
  9,865
  10,341
  10,841
  11,368
Total liabilities and equity, $m
  6,772
  6,918
  7,077
  7,258
  7,462
  7,689
  7,937
  8,207
  8,501
  8,816
  9,154
  9,515
  9,902
  10,313
  10,750
  11,214
  11,705
  12,225
  12,775
  13,356
  13,971
  14,618
  15,301
  16,021
  16,779
  17,578
  18,419
  19,305
  20,236
  21,216
  22,247
Debt-to-equity ratio
  0.840
  0.840
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
Adjusted equity ratio
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  312
  145
  148
  152
  156
  161
  166
  171
  177
  183
  190
  197
  205
  213
  221
  230
  240
  250
  261
  272
  284
  296
  310
  324
  338
  354
  370
  387
  405
  424
  444
Depreciation, amort., depletion, $m
  317
  324
  332
  340
  350
  360
  372
  385
  398
  413
  429
  446
  464
  483
  504
  525
  548
  573
  599
  626
  655
  685
  717
  751
  786
  824
  863
  904
  948
  994
  1,042
Funds from operations, $m
  460
  470
  480
  492
  506
  521
  538
  556
  575
  596
  619
  643
  669
  696
  725
  756
  788
  823
  859
  898
  938
  981
  1,027
  1,074
  1,124
  1,177
  1,233
  1,292
  1,353
  1,418
  1,486
Change in working capital, $m
  10
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  450
  470
  480
  493
  506
  522
  538
  556
  576
  597
  620
  644
  669
  697
  726
  757
  789
  824
  860
  899
  940
  983
  1,028
  1,076
  1,126
  1,179
  1,235
  1,293
  1,355
  1,420
  1,488
Maintenance CAPEX, $m
  0
  -318
  -324
  -332
  -340
  -350
  -360
  -372
  -385
  -398
  -413
  -429
  -446
  -464
  -483
  -504
  -525
  -548
  -573
  -599
  -626
  -655
  -685
  -717
  -751
  -786
  -824
  -863
  -904
  -948
  -994
New CAPEX, $m
  -99
  -126
  -148
  -169
  -189
  -210
  -230
  -251
  -271
  -292
  -314
  -336
  -358
  -381
  -405
  -430
  -456
  -483
  -510
  -539
  -569
  -601
  -634
  -668
  -704
  -741
  -780
  -821
  -864
  -909
  -956
Cash from investing activities, $m
  25
  -444
  -472
  -501
  -529
  -560
  -590
  -623
  -656
  -690
  -727
  -765
  -804
  -845
  -888
  -934
  -981
  -1,031
  -1,083
  -1,138
  -1,195
  -1,256
  -1,319
  -1,385
  -1,455
  -1,527
  -1,604
  -1,684
  -1,768
  -1,857
  -1,950
Free cash flow, $m
  475
  26
  9
  -8
  -23
  -38
  -52
  -66
  -80
  -94
  -107
  -121
  -135
  -149
  -163
  -177
  -192
  -207
  -223
  -239
  -256
  -273
  -291
  -309
  -328
  -348
  -369
  -391
  -414
  -437
  -462
Issuance/(repayment) of debt, $m
  -443
  77
  78
  89
  100
  111
  121
  132
  143
  154
  165
  177
  189
  201
  214
  227
  240
  254
  269
  284
  300
  317
  334
  352
  371
  391
  411
  433
  456
  479
  504
Issuance/(repurchase) of shares, $m
  220
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  7
  11
  16
  20
  25
  30
  34
  39
  44
  49
  54
  60
  65
  71
  77
  83
Cash from financing (excl. dividends), $m  
  -230
  77
  78
  89
  100
  111
  121
  132
  143
  154
  165
  177
  189
  201
  216
  234
  251
  270
  289
  309
  330
  351
  373
  396
  420
  445
  471
  498
  527
  556
  587
Total cash flow (excl. dividends), $m
  245
  102
  86
  81
  77
  73
  69
  66
  63
  60
  58
  56
  54
  52
  53
  56
  59
  63
  67
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
  119
  125
Retained Cash Flow (-), $m
  -284
  -82
  -81
  -93
  -104
  -116
  -127
  -138
  -150
  -161
  -173
  -185
  -197
  -210
  -223
  -237
  -251
  -266
  -281
  -297
  -314
  -331
  -349
  -368
  -388
  -408
  -430
  -452
  -476
  -501
  -527
Prev. year cash balance distribution, $m
 
  13
  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
 
  34
  5
  -12
  -28
  -43
  -58
  -72
  -87
  -101
  -115
  -129
  -143
  -158
  -170
  -181
  -192
  -203
  -215
  -227
  -239
  -253
  -266
  -281
  -296
  -312
  -328
  -345
  -363
  -382
  -402
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  31
  4
  -9
  -19
  -27
  -32
  -35
  -37
  -37
  -36
  -34
  -31
  -28
  -24
  -20
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  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
  99.9
  99.9
  99.8
  99.7
  99.5
  99.4
  99.2
  99.1
  98.9
  98.7
  98.4
  98.2
  98.0
  97.8
  97.5
  97.2

Duke Realty Corporation is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It offers a single point of responsibility for all aspects of a project, including leasing, asset management, construction and development. The firm primarily invests in commercial real estate sector. It was founded in 1972 and is headquartered in Indianapolis, Indiana with additional offices in Atlanta, Georgia; Baltimore, Maryland; Central Florida; Chicago, Illinois; Cincinnati, Ohio; Columbus, Ohio; Dallas, Texas; Houston, Texas; Minneapolis, Minnesota; Nashville, Tennessee; New Jersey; Northern and Southern California; Pennsylvania; Phoenix, Arizona; Raleigh, North Carolina; St. Louis, Missouri; Savannah, Georgia; Seattle, Washington; Washington D.C.; and South Florida.

FINANCIAL RATIOS  of  Duke Realty (DRE)

Valuation Ratios
P/E Ratio 32.8
Price to Sales 11.4
Price to Book 3
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow 29.2
Growth Rates
Sales Growth Rate -5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 147.5%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 84%
Total Debt to Equity 84%
Interest Coverage 3
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 66.1%
Gross Margin - 3 Yr. Avg. 61.8%
EBITDA Margin 87.9%
EBITDA Margin - 3 Yr. Avg. 80.9%
Operating Margin 49.1%
Oper. Margin - 3 Yr. Avg. 42.2%
Pre-Tax Margin 34.7%
Pre-Tax Margin - 3 Yr. Avg. 24.9%
Net Profit Margin 34.6%
Net Profit Margin - 3 Yr. Avg. 40.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.9%
Payout Ratio 81.7%

DRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DRE stock intrinsic value calculation we used $902 million for the last fiscal year's total revenue generated by Duke Realty. The default revenue input number comes from 2016 income statement of Duke Realty. 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 DRE 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 8%, whose default value for DRE is calculated based on our internal credit rating of Duke Realty, 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 Duke Realty.
    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 DRE stock the variable cost ratio is equal to 61.9%.

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 DRE 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 5.2% for Duke Realty.

Corporate tax rate of 27% is the nominal tax rate for Duke Realty. 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 DRE 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 DRE are equal to 697.5%.

Life of production assets of 19.8 years is the average useful life of capital assets used in Duke Realty 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 DRE is equal to -1.4%. 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 - $3466 million for Duke Realty - 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 350.72 million for Duke Realty 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 Duke Realty at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

▶ Duke Realty reports 2Q results   [12:07AM  Associated Press]
▶ Duke Realty Reports Second Quarter 2017 Results   [Jul-26-17 04:07PM  GlobeNewswire]
▶ 2 REITs that Can Benefit from 'Omnichannel' Retail Trend   [Jul-17-17 11:40AM  Barrons.com]
▶ Prologis on the Street: How Analysts See PLD Stock   [Jun-22-17 09:06AM  Market Realist]
▶ Prologiss Health by Leverage   [Jun-21-17 10:37AM  Market Realist]
▶ How Prologis Has Managed to Remain Afloat amid Online Hype   [Jun-19-17 03:34PM  Market Realist]
▶ What Duke Realty's medical office portfolio sale to Healthcare Trust means for N.C.   [May-01-17 03:15PM  American City Business Journals]
▶ Duke Realty reports 1Q results   [Apr-26-17 06:26PM  Associated Press]
▶ Is Duke Realty Corp (DRE) A Good Stock To Buy?   [Dec-11-16 05:42AM  at Insider Monkey]
▶ Is Interpublic Group of Companies Inc (IPG) a Good Stock To Buy?   [Dec-02-16 05:11AM  at Insider Monkey]
▶ Is Lincoln National Corporation (LNC) A Good Stock To Buy?   [Nov-27-16 01:48PM  at Insider Monkey]
▶ HQ campus for several Triangle companies sells for $59M   [Oct-07-16 07:25AM  at bizjournals.com]
Stock chart of DRE Financial statements of DRE
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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