Intrinsic value of Education Realty Trust - EDR

Previous Close

$37.73

  Intrinsic Value

$6.17

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

+92%

Previous close

$37.73

 
Intrinsic value

$6.17

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

+92%

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

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

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 2.7

 

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
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
Revenue, $m
  289
  340
  397
  458
  523
  593
  668
  747
  830
  917
  1,008
  1,104
  1,203
  1,307
  1,415
  1,527
  1,643
  1,765
  1,890
  2,021
  2,157
  2,299
  2,446
  2,599
  2,758
  2,925
  3,098
  3,278
  3,466
  3,663
  3,868
Variable operating expenses, $m
 
  281
  328
  378
  432
  490
  552
  617
  686
  758
  833
  912
  994
  1,079
  1,168
  1,261
  1,357
  1,457
  1,561
  1,670
  1,782
  1,899
  2,020
  2,147
  2,278
  2,416
  2,559
  2,708
  2,863
  3,025
  3,195
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
  281
  328
  378
  432
  490
  552
  617
  686
  758
  833
  912
  994
  1,079
  1,168
  1,261
  1,357
  1,457
  1,561
  1,670
  1,782
  1,899
  2,020
  2,147
  2,278
  2,416
  2,559
  2,708
  2,863
  3,025
  3,195
Operating income, $m
  38
  59
  69
  79
  91
  103
  116
  130
  144
  159
  175
  192
  209
  227
  246
  266
  286
  307
  329
  352
  375
  400
  426
  452
  480
  509
  539
  571
  603
  637
  673
EBITDA, $m
  119
  155
  180
  208
  238
  270
  304
  339
  377
  417
  458
  502
  547
  594
  643
  694
  747
  802
  859
  919
  980
  1,045
  1,112
  1,181
  1,254
  1,329
  1,408
  1,490
  1,575
  1,665
  1,758
Interest expense (income), $m
  11
  18
  23
  27
  33
  38
  44
  51
  57
  64
  72
  80
  88
  96
  105
  114
  124
  134
  144
  155
  166
  178
  190
  203
  216
  229
  244
  258
  274
  290
  307
Earnings before tax, $m
  21
  41
  46
  52
  58
  65
  72
  79
  87
  95
  103
  112
  122
  131
  141
  151
  162
  173
  185
  197
  209
  222
  236
  250
  264
  280
  296
  312
  329
  348
  366
Tax expense, $m
  0
  11
  12
  14
  16
  17
  19
  21
  23
  26
  28
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  60
  64
  67
  71
  75
  80
  84
  89
  94
  99
Net income, $m
  45
  30
  34
  38
  43
  47
  52
  58
  63
  69
  75
  82
  89
  96
  103
  110
  118
  126
  135
  144
  153
  162
  172
  182
  193
  204
  216
  228
  240
  254
  268

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
  2,910
  3,390
  3,911
  4,472
  5,071
  5,708
  6,382
  7,092
  7,837
  8,617
  9,433
  10,283
  11,169
  12,091
  13,050
  14,046
  15,082
  16,158
  17,276
  18,439
  19,647
  20,905
  22,214
  23,576
  24,996
  26,475
  28,018
  29,628
  31,307
  33,062
Adjusted assets (=assets-cash), $m
  2,472
  2,910
  3,390
  3,911
  4,472
  5,071
  5,708
  6,382
  7,092
  7,837
  8,617
  9,433
  10,283
  11,169
  12,091
  13,050
  14,046
  15,082
  16,158
  17,276
  18,439
  19,647
  20,905
  22,214
  23,576
  24,996
  26,475
  28,018
  29,628
  31,307
  33,062
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
  2,530
  2,948
  3,401
  3,888
  4,409
  4,963
  5,548
  6,166
  6,814
  7,492
  8,201
  8,941
  9,711
  10,512
  11,346
  12,212
  13,112
  14,048
  15,020
  16,031
  17,082
  18,175
  19,313
  20,498
  21,732
  23,018
  24,360
  25,759
  27,220
  28,745
Working capital, $m
  0
  -34
  -40
  -46
  -52
  -59
  -67
  -75
  -83
  -92
  -101
  -110
  -120
  -131
  -141
  -153
  -164
  -176
  -189
  -202
  -216
  -230
  -245
  -260
  -276
  -292
  -310
  -328
  -347
  -366
  -387
Total debt, $m
  517
  643
  781
  930
  1,090
  1,261
  1,444
  1,636
  1,839
  2,052
  2,276
  2,509
  2,752
  3,005
  3,269
  3,543
  3,828
  4,124
  4,432
  4,752
  5,084
  5,430
  5,790
  6,164
  6,554
  6,960
  7,383
  7,824
  8,284
  8,765
  9,267
Total liabilities, $m
  706
  832
  970
  1,119
  1,279
  1,450
  1,633
  1,825
  2,028
  2,241
  2,465
  2,698
  2,941
  3,194
  3,458
  3,732
  4,017
  4,313
  4,621
  4,941
  5,273
  5,619
  5,979
  6,353
  6,743
  7,149
  7,572
  8,013
  8,473
  8,954
  9,456
Total equity, $m
  1,800
  2,078
  2,421
  2,793
  3,193
  3,621
  4,076
  4,557
  5,063
  5,596
  6,153
  6,735
  7,342
  7,975
  8,633
  9,318
  10,029
  10,768
  11,537
  12,335
  13,165
  14,028
  14,926
  15,861
  16,834
  17,847
  18,903
  20,005
  21,154
  22,354
  23,606
Total liabilities and equity, $m
  2,506
  2,910
  3,391
  3,912
  4,472
  5,071
  5,709
  6,382
  7,091
  7,837
  8,618
  9,433
  10,283
  11,169
  12,091
  13,050
  14,046
  15,081
  16,158
  17,276
  18,438
  19,647
  20,905
  22,214
  23,577
  24,996
  26,475
  28,018
  29,627
  31,308
  33,062
Debt-to-equity ratio
  0.287
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  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
  30
  34
  38
  43
  47
  52
  58
  63
  69
  75
  82
  89
  96
  103
  110
  118
  126
  135
  144
  153
  162
  172
  182
  193
  204
  216
  228
  240
  254
  268
Depreciation, amort., depletion, $m
  81
  96
  112
  129
  147
  167
  188
  210
  233
  257
  283
  309
  337
  366
  397
  428
  461
  495
  530
  567
  605
  645
  686
  729
  774
  820
  869
  919
  972
  1,027
  1,085
Funds from operations, $m
  138
  126
  145
  167
  190
  214
  240
  267
  296
  327
  358
  392
  426
  462
  500
  539
  579
  621
  665
  710
  758
  807
  858
  911
  966
  1,024
  1,084
  1,147
  1,213
  1,281
  1,352
Change in working capital, $m
  5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
Cash from operations, $m
  133
  131
  151
  173
  196
  221
  247
  275
  305
  335
  368
  401
  436
  473
  510
  550
  591
  633
  678
  723
  771
  821
  873
  926
  982
  1,041
  1,102
  1,165
  1,231
  1,301
  1,373
Maintenance CAPEX, $m
  0
  -81
  -95
  -111
  -128
  -147
  -166
  -187
  -209
  -233
  -257
  -283
  -309
  -337
  -366
  -397
  -428
  -461
  -495
  -530
  -567
  -605
  -645
  -686
  -729
  -774
  -820
  -869
  -919
  -972
  -1,027
New CAPEX, $m
  -269
  -382
  -418
  -453
  -487
  -521
  -554
  -586
  -617
  -648
  -679
  -709
  -739
  -770
  -801
  -833
  -866
  -900
  -936
  -972
  -1,011
  -1,051
  -1,093
  -1,138
  -1,185
  -1,234
  -1,286
  -1,341
  -1,399
  -1,461
  -1,525
Cash from investing activities, $m
  -526
  -463
  -513
  -564
  -615
  -668
  -720
  -773
  -826
  -881
  -936
  -992
  -1,048
  -1,107
  -1,167
  -1,230
  -1,294
  -1,361
  -1,431
  -1,502
  -1,578
  -1,656
  -1,738
  -1,824
  -1,914
  -2,008
  -2,106
  -2,210
  -2,318
  -2,433
  -2,552
Free cash flow, $m
  -393
  -333
  -362
  -392
  -420
  -447
  -473
  -498
  -522
  -545
  -568
  -591
  -613
  -635
  -658
  -680
  -704
  -728
  -753
  -779
  -806
  -835
  -865
  -897
  -931
  -967
  -1,005
  -1,045
  -1,087
  -1,132
  -1,180
Issuance/(repayment) of debt, $m
  -123
  126
  137
  149
  160
  171
  182
  193
  203
  213
  223
  233
  243
  253
  264
  274
  285
  296
  308
  320
  332
  346
  360
  374
  390
  406
  423
  441
  460
  480
  502
Issuance/(repurchase) of shares, $m
  625
  282
  309
  334
  358
  380
  402
  423
  443
  463
  482
  500
  519
  537
  555
  574
  593
  613
  633
  655
  677
  701
  726
  752
  780
  809
  841
  874
  909
  946
  985
Cash from financing (excl. dividends), $m  
  497
  408
  446
  483
  518
  551
  584
  616
  646
  676
  705
  733
  762
  790
  819
  848
  878
  909
  941
  975
  1,009
  1,047
  1,086
  1,126
  1,170
  1,215
  1,264
  1,315
  1,369
  1,426
  1,487
Total cash flow (excl. dividends), $m
  104
  75
  84
  92
  98
  105
  112
  118
  125
  131
  137
  143
  149
  155
  161
  168
  174
  181
  188
  196
  204
  212
  220
  229
  239
  249
  259
  270
  282
  294
  307
Retained Cash Flow (-), $m
  -563
  -312
  -343
  -372
  -400
  -428
  -455
  -481
  -507
  -532
  -557
  -582
  -607
  -633
  -658
  -684
  -711
  -739
  -768
  -798
  -830
  -863
  -898
  -934
  -973
  -1,014
  -1,056
  -1,102
  -1,149
  -1,199
  -1,252
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
 
  -202
  -259
  -281
  -302
  -323
  -343
  -363
  -382
  -401
  -420
  -439
  -458
  -477
  -497
  -517
  -537
  -558
  -580
  -603
  -627
  -651
  -678
  -705
  -734
  -765
  -797
  -831
  -867
  -905
  -945
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
 
  -192
  -231
  -234
  -235
  -232
  -227
  -219
  -208
  -196
  -183
  -168
  -153
  -137
  -122
  -107
  -92
  -79
  -66
  -55
  -44
  -36
  -28
  -22
  -16
  -12
  -9
  -6
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  90.5
  82.5
  75.7
  69.8
  64.7
  60.4
  56.5
  53.1
  50.1
  47.5
  45.1
  42.9
  40.9
  39.1
  37.5
  36.0
  34.6
  33.3
  32.1
  31.0
  30.0
  29.0
  28.1
  27.2
  26.4
  25.6
  24.8
  24.1
  23.4
  22.8

EdR is a real estate investment trust. The firm invests in the real estate markets of United States. It invests collegiate housing communities. The firm develops, acquires, owns, and manages collegiate housing communities located near university campuses. The firm also provides third-party development consulting services, such as market analysis and evaluation of housing needs and options; co-operation with university in architectural design; negotiation of ground lease, development agreement, construction contract, architectural contract, and bond documents; oversight of architectural design process; co-ordination of governmental and university plan approvals; oversight of construction process; design, purchase, and installation of furniture; pre-opening marketing to students; and obtaining final approvals of construction. It was formerly known as Education Realty Trust, Inc. EdR was founded in 1964 and is based in Memphis, Tennessee.

FINANCIAL RATIOS  of  Education Realty Trust (EDR)

Valuation Ratios
P/E Ratio 61.3
Price to Sales 9.5
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow -20.3
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 17.8% 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 -10%. 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 72.849 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 $2.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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CNS Cohen&Steers 39.09 58.57  buy
PFG Principal Fina 62.93 143.45  str.buy
AMP Ameriprise Fin 138.80 219.72  str.buy
EPR EPR Properties 67.48 8.66  str.sell
BRT BRT Realty Tru 8.06 2.69  str.sell

COMPANY NEWS

▶ 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]
▶ 2 Stocks That Could Make You Rich   [Mar-17-17 10:47AM  Motley Fool]
▶ 2 Stocks That Could Make You Rich   [10:47AM  at Motley Fool]
▶ EdR to partner on $52M project near Iowa State University   [Mar-15-17 04:13PM  at bizjournals.com]
▶ EdR to partner on $52M project near Iowa State University   [04:13PM  American City Business Journals]
▶ EdR Announces Tax Treatment of 2016 Distributions   [Jan-23-17 04:59PM  PR Newswire]
▶ EdR Bolsters Leadership Team With Promotions   [Jan-20-17 04:01PM  PR Newswire]
▶ EdR Announces Quarterly Dividend of $0.38 Per Share   [Jan-12-17 04:03PM  PR Newswire]
▶ Is Education Realty Trust, Inc. (EDR) A Good Stock to Buy?   [Dec-13-16 04:24AM  at Insider Monkey]
▶ Do Hedge Funds Love HRG Group Inc (HRG)?   [03:15AM  at Insider Monkey]
▶ EdR Announces Third Quarter 2016 Results   [06:00AM  PR Newswire]
▶ Storrs Center Wins Prestigious AUREO Award of Excellence   [Oct-27-16 05:38PM  PR Newswire]
Stock chart of EDR 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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