Intrinsic value of Education Realty Trust - EDR

Previous Close

$36.20

  Intrinsic Value

$6.14

stock screener

  Rating & Target

str. sell

-83%

Previous close

$36.20

 
Intrinsic value

$6.14

 
Up/down potential

-83%

 
Rating

str. sell

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

We calculate the intrinsic value of EDR 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 2.6

 

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, %
  13.33
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  289
  329
  371
  416
  464
  514
  566
  621
  678
  738
  800
  865
  932
  1,001
  1,074
  1,149
  1,227
  1,309
  1,393
  1,482
  1,573
  1,669
  1,768
  1,872
  1,980
  2,093
  2,211
  2,334
  2,463
  2,597
  2,738
Variable operating expenses, $m
 
  272
  307
  344
  384
  425
  468
  513
  561
  610
  661
  714
  770
  827
  887
  949
  1,014
  1,081
  1,151
  1,224
  1,299
  1,378
  1,461
  1,546
  1,636
  1,729
  1,826
  1,928
  2,034
  2,145
  2,261
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
  251
  272
  307
  344
  384
  425
  468
  513
  561
  610
  661
  714
  770
  827
  887
  949
  1,014
  1,081
  1,151
  1,224
  1,299
  1,378
  1,461
  1,546
  1,636
  1,729
  1,826
  1,928
  2,034
  2,145
  2,261
Operating income, $m
  38
  57
  64
  72
  80
  89
  98
  108
  118
  128
  139
  150
  162
  174
  187
  200
  214
  228
  243
  258
  274
  290
  308
  326
  345
  364
  385
  406
  429
  452
  476
EBITDA, $m
  119
  149
  169
  189
  211
  234
  257
  282
  308
  335
  364
  393
  423
  455
  488
  522
  558
  595
  633
  673
  715
  758
  804
  851
  900
  951
  1,005
  1,061
  1,119
  1,180
  1,244
Interest expense (income), $m
  11
  18
  22
  25
  29
  33
  37
  42
  47
  51
  57
  62
  67
  73
  79
  85
  92
  98
  105
  113
  120
  128
  136
  145
  154
  163
  172
  183
  193
  204
  216
Earnings before tax, $m
  21
  39
  43
  47
  51
  56
  61
  66
  71
  77
  82
  89
  95
  101
  108
  115
  122
  129
  137
  145
  154
  162
  172
  181
  191
  201
  212
  224
  236
  248
  261
Tax expense, $m
  0
  10
  12
  13
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  52
  54
  57
  60
  64
  67
  70
Net income, $m
  45
  28
  31
  34
  38
  41
  44
  48
  52
  56
  60
  65
  69
  74
  79
  84
  89
  94
  100
  106
  112
  119
  125
  132
  139
  147
  155
  163
  172
  181
  190

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  2,506
  2,811
  3,174
  3,559
  3,965
  4,393
  4,840
  5,309
  5,798
  6,307
  6,838
  7,389
  7,963
  8,559
  9,178
  9,822
  10,491
  11,187
  11,910
  12,663
  13,447
  14,263
  15,113
  16,000
  16,925
  17,890
  18,897
  19,950
  21,049
  22,199
  23,401
Adjusted assets (=assets-cash), $m
  2,472
  2,811
  3,174
  3,559
  3,965
  4,393
  4,840
  5,309
  5,798
  6,307
  6,838
  7,389
  7,963
  8,559
  9,178
  9,822
  10,491
  11,187
  11,910
  12,663
  13,447
  14,263
  15,113
  16,000
  16,925
  17,890
  18,897
  19,950
  21,049
  22,199
  23,401
Revenue / Adjusted assets
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
  0.117
Average production assets, $m
  2,148
  2,444
  2,760
  3,094
  3,448
  3,819
  4,208
  4,616
  5,041
  5,484
  5,945
  6,425
  6,923
  7,441
  7,980
  8,540
  9,121
  9,726
  10,355
  11,010
  11,691
  12,401
  13,140
  13,911
  14,715
  15,554
  16,430
  17,345
  18,301
  19,300
  20,345
Working capital, $m
  0
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -80
  -87
  -94
  -102
  -110
  -118
  -127
  -136
  -145
  -154
  -164
  -175
  -186
  -197
  -209
  -221
  -234
  -247
  -261
  -275
  -291
  -306
  -323
Total debt, $m
  517
  615
  719
  829
  945
  1,067
  1,195
  1,329
  1,469
  1,615
  1,767
  1,924
  2,088
  2,259
  2,436
  2,620
  2,811
  3,010
  3,217
  3,433
  3,657
  3,890
  4,133
  4,387
  4,652
  4,928
  5,216
  5,517
  5,831
  6,160
  6,504
Total liabilities, $m
  706
  804
  908
  1,018
  1,134
  1,256
  1,384
  1,518
  1,658
  1,804
  1,956
  2,113
  2,277
  2,448
  2,625
  2,809
  3,000
  3,199
  3,406
  3,622
  3,846
  4,079
  4,322
  4,576
  4,841
  5,117
  5,405
  5,706
  6,020
  6,349
  6,693
Total equity, $m
  1,800
  2,007
  2,266
  2,541
  2,831
  3,136
  3,456
  3,791
  4,140
  4,503
  4,882
  5,276
  5,685
  6,111
  6,553
  7,013
  7,491
  7,987
  8,504
  9,041
  9,601
  10,184
  10,791
  11,424
  12,084
  12,773
  13,493
  14,244
  15,029
  15,850
  16,708
Total liabilities and equity, $m
  2,506
  2,811
  3,174
  3,559
  3,965
  4,392
  4,840
  5,309
  5,798
  6,307
  6,838
  7,389
  7,962
  8,559
  9,178
  9,822
  10,491
  11,186
  11,910
  12,663
  13,447
  14,263
  15,113
  16,000
  16,925
  17,890
  18,898
  19,950
  21,049
  22,199
  23,401
Debt-to-equity ratio
  0.287
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
Adjusted equity ratio
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  28
  31
  34
  38
  41
  44
  48
  52
  56
  60
  65
  69
  74
  79
  84
  89
  94
  100
  106
  112
  119
  125
  132
  139
  147
  155
  163
  172
  181
  190
Depreciation, amort., depletion, $m
  81
  93
  104
  117
  130
  144
  159
  174
  191
  207
  225
  242
  261
  281
  301
  322
  344
  367
  391
  415
  441
  468
  496
  525
  555
  587
  620
  655
  691
  728
  768
Funds from operations, $m
  138
  121
  136
  151
  168
  185
  204
  223
  243
  263
  285
  307
  330
  355
  380
  406
  433
  461
  491
  521
  553
  587
  621
  657
  695
  734
  775
  818
  863
  909
  958
Change in working capital, $m
  5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
Cash from operations, $m
  133
  126
  141
  157
  174
  191
  210
  229
  249
  270
  292
  315
  338
  363
  388
  415
  442
  471
  501
  532
  564
  598
  633
  669
  708
  747
  789
  832
  878
  925
  975
Maintenance CAPEX, $m
  0
  -81
  -92
  -104
  -117
  -130
  -144
  -159
  -174
  -190
  -207
  -224
  -242
  -261
  -281
  -301
  -322
  -344
  -367
  -391
  -415
  -441
  -468
  -496
  -525
  -555
  -587
  -620
  -655
  -691
  -728
New CAPEX, $m
  -269
  -296
  -316
  -335
  -353
  -371
  -389
  -407
  -425
  -443
  -461
  -480
  -499
  -518
  -539
  -560
  -582
  -605
  -629
  -655
  -681
  -710
  -739
  -771
  -804
  -839
  -876
  -915
  -956
  -999
  -1,045
Cash from investing activities, $m
  -526
  -377
  -408
  -439
  -470
  -501
  -533
  -566
  -599
  -633
  -668
  -704
  -741
  -779
  -820
  -861
  -904
  -949
  -996
  -1,046
  -1,096
  -1,151
  -1,207
  -1,267
  -1,329
  -1,394
  -1,463
  -1,535
  -1,611
  -1,690
  -1,773
Free cash flow, $m
  -393
  -252
  -267
  -282
  -296
  -310
  -324
  -337
  -350
  -363
  -376
  -389
  -403
  -417
  -431
  -446
  -462
  -478
  -495
  -513
  -533
  -553
  -575
  -597
  -621
  -647
  -674
  -703
  -733
  -765
  -799
Issuance/(repayment) of debt, $m
  -123
  98
  104
  110
  116
  122
  128
  134
  140
  146
  152
  158
  164
  170
  177
  184
  191
  199
  207
  215
  224
  233
  243
  254
  264
  276
  288
  301
  314
  329
  344
Issuance/(repurchase) of shares, $m
  625
  213
  228
  241
  253
  264
  275
  286
  297
  308
  319
  329
  340
  352
  364
  376
  389
  402
  416
  431
  447
  464
  482
  501
  521
  542
  564
  588
  613
  640
  668
Cash from financing (excl. dividends), $m  
  497
  311
  332
  351
  369
  386
  403
  420
  437
  454
  471
  487
  504
  522
  541
  560
  580
  601
  623
  646
  671
  697
  725
  755
  785
  818
  852
  889
  927
  969
  1,012
Total cash flow (excl. dividends), $m
  104
  59
  65
  69
  72
  76
  80
  83
  87
  91
  94
  98
  102
  106
  110
  114
  119
  123
  128
  133
  139
  145
  151
  157
  164
  171
  179
  186
  195
  204
  213
Retained Cash Flow (-), $m
  -563
  -241
  -259
  -275
  -290
  -305
  -320
  -334
  -349
  -364
  -379
  -394
  -409
  -426
  -442
  -460
  -478
  -497
  -517
  -538
  -560
  -583
  -607
  -633
  -660
  -689
  -719
  -751
  -785
  -821
  -858
Prev. year cash balance distribution, $m
 
  34
  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
 
  -148
  -195
  -206
  -218
  -229
  -240
  -251
  -262
  -273
  -284
  -296
  -308
  -320
  -332
  -346
  -359
  -373
  -388
  -404
  -421
  -438
  -457
  -476
  -496
  -518
  -541
  -565
  -590
  -617
  -645
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
 
  -140
  -174
  -172
  -169
  -165
  -159
  -151
  -143
  -134
  -124
  -113
  -103
  -92
  -82
  -71
  -62
  -53
  -44
  -37
  -30
  -24
  -19
  -15
  -11
  -8
  -6
  -4
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  92.4
  85.8
  80.0
  75.0
  70.5
  66.5
  63.0
  59.8
  56.9
  54.3
  51.9
  49.7
  47.7
  45.9
  44.2
  42.5
  41.1
  39.6
  38.3
  37.1
  35.9
  34.8
  33.7
  32.7
  31.7
  30.8
  29.9
  29.1
  28.3
  27.5

Education Realty Trust, Inc. (EdR) is a self-managed and self-advised real estate investment trust (REIT). The Trust is engaged in developing, acquiring, owning and managing collegiate housing communities located near university campuses. The Trust operates through three segments: collegiate housing leasing, development consulting services and management services. The Trust develops collegiate housing communities for its own account and also provides third-party development consulting services on collegiate housing development projects for universities and other third parties. As of December 31, 2016, the Trust owned 64 collegiate housing communities located in 22 states containing 32,729 beds in 12,294 apartment units on or near 38 university campuses. As of December 31, 2016, the Trust provided third-party management services for 22 collegiate housing communities located in 11 states containing 11,767 beds in 4,214 apartment units on or near 17 university campuses.

FINANCIAL RATIOS  of  Education Realty Trust (EDR)

Valuation Ratios
P/E Ratio 58.8
Price to Sales 9.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow -19.5
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 355.9%
Cap. Spend. - 3 Yr. Gr. Rate 19.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 28.7%
Total Debt to Equity 28.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 3%
Return On Equity - 3 Yr. Avg. 3.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 50.5%
Gross Margin - 3 Yr. Avg. 48.6%
EBITDA Margin 39.1%
EBITDA Margin - 3 Yr. Avg. 41.7%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 14.4%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 15.6%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 4.1%
Payout Ratio 228.9%

EDR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EDR stock intrinsic value calculation we used $289 million for the last fiscal year's total revenue generated by Education Realty Trust. The default revenue input number comes from 2016 income statement of Education Realty 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 EDR stock valuation model: a) initial revenue growth rate of 13.8% 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 5.6%, whose default value for EDR is calculated based on our internal credit rating of Education Realty 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 Education Realty 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 EDR stock the variable cost ratio is equal to 82.7%.

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 EDR 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 Education Realty Trust.

Corporate tax rate of 27% is the nominal tax rate for Education Realty 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 EDR 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 EDR are equal to 743.1%.

Life of production assets of 26.5 years is the average useful life of capital assets used in Education Realty 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 EDR is equal to -11.8%. 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 - $1800 million for Education Realty 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 73.131 million for Education Realty 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 Education Realty Trust at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Education Realty Trust reports 3Q results   [06:14AM  Associated Press]
▶ EdR Announces Third Quarter 2017 Results   [06:00AM  PR Newswire]
▶ EdR Announces Quarterly Dividend of $0.39 Per Share   [Oct-12-17 04:15PM  PR Newswire]
▶ EdR to Host Third Quarter 2017 Earnings Conference Call   [Sep-27-17 04:15PM  PR Newswire]
▶ EdR Announces Leasing Results for 2017-2018 Lease Term   [Sep-25-17 08:00AM  PR Newswire]
▶ EdR Credit Rating Upgraded to Baa2 by Moody's   [Sep-06-17 05:08PM  PR Newswire]
▶ Memphis apartment developers update status of Texas properties   [Aug-30-17 01:15PM  American City Business Journals]
▶ UC Berkeley building gets LEED certification with help of Memphis company   [Aug-11-17 12:20PM  American City Business Journals]
▶ Historic Bowles Hall Earns LEED Silver Certification   [Aug-03-17 04:15PM  PR Newswire]
▶ Education Realty Trust reports 2Q results   [Jul-31-17 11:01PM  Associated Press]
▶ EdR Announces Second Quarter 2017 Results   [06:00AM  PR Newswire]
▶ See Inside: Memphis-based company's new Texas development   [Jul-21-17 02:55PM  American City Business Journals]
▶ Dividend Hikes: National RetailAgain!   [12:09PM  Barrons.com]
▶ EdR to Host Second Quarter 2017 Earnings Conference Call   [Jun-29-17 04:15PM  PR Newswire]
▶ UC Davis wants thousands of new student housing units by 2020   [Jun-06-17 11:33AM  American City Business Journals]
▶ Memphis company developing $80 million Ivy League housing   [May-09-17 12:10PM  American City Business Journals]
▶ Education Realty Trust reports 1Q results   [May-01-17 07:16AM  Associated Press]
▶ EdR Announces First Quarter 2017 Results   [07:00AM  PR Newswire]
▶ EdR Announces Quarterly Dividend of $0.38 Per Share   [Apr-17-17 04:15PM  PR Newswire]
▶ EdR to Host First Quarter 2017 Earnings Conference Call   [Apr-06-17 05:20PM  PR Newswire]
▶ EdR Updates Leasing Progress for 2017/2018 Lease Term   [Apr-05-17 07:00AM  PR Newswire]
Financial statements of EDR
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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