Intrinsic value of Education Realty Trust - EDR

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$40.77

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$40.77

 
Intrinsic value

$6.08

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence* premium content

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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 3.0

 

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
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  289
  319
  351
  384
  419
  455
  493
  532
  572
  614
  658
  704
  751
  800
  851
  905
  960
  1,018
  1,078
  1,141
  1,206
  1,275
  1,346
  1,421
  1,499
  1,580
  1,666
  1,755
  1,848
  1,946
  2,048
Variable operating expenses, $m
 
  264
  290
  318
  346
  376
  407
  439
  473
  508
  544
  581
  620
  661
  703
  747
  793
  841
  890
  942
  996
  1,053
  1,112
  1,174
  1,238
  1,305
  1,376
  1,449
  1,526
  1,607
  1,692
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
  264
  290
  318
  346
  376
  407
  439
  473
  508
  544
  581
  620
  661
  703
  747
  793
  841
  890
  942
  996
  1,053
  1,112
  1,174
  1,238
  1,305
  1,376
  1,449
  1,526
  1,607
  1,692
Operating income, $m
  38
  55
  61
  67
  73
  79
  85
  92
  99
  107
  114
  122
  131
  139
  148
  157
  167
  177
  188
  199
  210
  222
  234
  247
  261
  275
  290
  305
  322
  339
  356
EBITDA, $m
  119
  145
  160
  175
  190
  207
  224
  242
  260
  279
  299
  320
  341
  364
  387
  411
  436
  463
  490
  518
  548
  579
  612
  646
  681
  718
  757
  797
  840
  884
  931
Interest expense (income), $m
  11
  18
  21
  23
  26
  29
  32
  36
  39
  42
  46
  50
  54
  58
  62
  66
  71
  76
  80
  86
  91
  97
  102
  109
  115
  122
  129
  136
  144
  152
  160
Earnings before tax, $m
  21
  37
  40
  43
  46
  50
  53
  57
  60
  64
  68
  73
  77
  82
  86
  91
  96
  102
  107
  113
  119
  125
  132
  139
  146
  153
  161
  170
  178
  187
  197
Tax expense, $m
  0
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  37
  39
  41
  44
  46
  48
  51
  53
Net income, $m
  45
  27
  29
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  130
  137
  144

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
  2,729
  3,001
  3,285
  3,581
  3,889
  4,210
  4,543
  4,890
  5,250
  5,625
  6,014
  6,418
  6,839
  7,276
  7,732
  8,206
  8,700
  9,214
  9,751
  10,311
  10,896
  11,506
  12,144
  12,810
  13,507
  14,236
  14,998
  15,796
  16,631
  17,506
Adjusted assets (=assets-cash), $m
  2,472
  2,729
  3,001
  3,285
  3,581
  3,889
  4,210
  4,543
  4,890
  5,250
  5,625
  6,014
  6,418
  6,839
  7,276
  7,732
  8,206
  8,700
  9,214
  9,751
  10,311
  10,896
  11,506
  12,144
  12,810
  13,507
  14,236
  14,998
  15,796
  16,631
  17,506
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
  2,373
  2,609
  2,856
  3,113
  3,381
  3,660
  3,950
  4,251
  4,565
  4,890
  5,228
  5,580
  5,946
  6,326
  6,722
  7,134
  7,564
  8,011
  8,478
  8,965
  9,473
  10,004
  10,558
  11,138
  11,743
  12,377
  13,040
  13,733
  14,459
  15,220
Working capital, $m
  0
  -38
  -41
  -45
  -49
  -54
  -58
  -63
  -68
  -72
  -78
  -83
  -89
  -94
  -100
  -107
  -113
  -120
  -127
  -135
  -142
  -150
  -159
  -168
  -177
  -186
  -197
  -207
  -218
  -230
  -242
Total debt, $m
  517
  592
  669
  750
  835
  923
  1,015
  1,110
  1,210
  1,313
  1,420
  1,531
  1,647
  1,767
  1,892
  2,022
  2,158
  2,299
  2,446
  2,600
  2,760
  2,927
  3,102
  3,284
  3,475
  3,674
  3,882
  4,100
  4,329
  4,567
  4,818
Total liabilities, $m
  706
  781
  858
  939
  1,024
  1,112
  1,204
  1,299
  1,399
  1,502
  1,609
  1,720
  1,836
  1,956
  2,081
  2,211
  2,347
  2,488
  2,635
  2,789
  2,949
  3,116
  3,291
  3,473
  3,664
  3,863
  4,071
  4,289
  4,518
  4,756
  5,007
Total equity, $m
  1,800
  1,949
  2,143
  2,345
  2,557
  2,777
  3,006
  3,244
  3,491
  3,749
  4,016
  4,294
  4,583
  4,883
  5,195
  5,520
  5,859
  6,212
  6,579
  6,962
  7,362
  7,780
  8,215
  8,671
  9,146
  9,644
  10,164
  10,709
  11,278
  11,875
  12,499
Total liabilities and equity, $m
  2,506
  2,730
  3,001
  3,284
  3,581
  3,889
  4,210
  4,543
  4,890
  5,251
  5,625
  6,014
  6,419
  6,839
  7,276
  7,731
  8,206
  8,700
  9,214
  9,751
  10,311
  10,896
  11,506
  12,144
  12,810
  13,507
  14,235
  14,998
  15,796
  16,631
  17,506
Debt-to-equity ratio
  0.287
  0.300
  0.310
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.370
  0.370
  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
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
  27
  29
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  130
  137
  144
Depreciation, amort., depletion, $m
  81
  90
  99
  108
  118
  128
  138
  149
  161
  173
  185
  197
  211
  224
  239
  254
  269
  285
  302
  320
  338
  357
  378
  398
  420
  443
  467
  492
  518
  546
  574
Funds from operations, $m
  138
  117
  128
  140
  152
  164
  177
  191
  205
  219
  235
  250
  267
  284
  302
  320
  340
  360
  381
  402
  425
  449
  474
  500
  527
  555
  585
  616
  648
  682
  718
Change in working capital, $m
  5
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  133
  376
  132
  143
  156
  168
  182
  195
  210
  224
  240
  256
  272
  290
  308
  327
  346
  366
  388
  410
  433
  457
  482
  508
  536
  565
  595
  626
  659
  694
  730
Maintenance CAPEX, $m
  0
  -81
  -90
  -98
  -108
  -117
  -128
  -138
  -149
  -160
  -172
  -185
  -197
  -211
  -224
  -239
  -254
  -269
  -285
  -302
  -320
  -338
  -357
  -378
  -398
  -420
  -443
  -467
  -492
  -518
  -546
New CAPEX, $m
  -269
  -226
  -236
  -247
  -257
  -268
  -279
  -290
  -301
  -313
  -325
  -338
  -352
  -366
  -380
  -396
  -412
  -429
  -448
  -467
  -487
  -508
  -531
  -554
  -579
  -606
  -634
  -663
  -694
  -726
  -760
Cash from investing activities, $m
  -526
  -307
  -326
  -345
  -365
  -385
  -407
  -428
  -450
  -473
  -497
  -523
  -549
  -577
  -604
  -635
  -666
  -698
  -733
  -769
  -807
  -846
  -888
  -932
  -977
  -1,026
  -1,077
  -1,130
  -1,186
  -1,244
  -1,306
Free cash flow, $m
  -393
  69
  -194
  -202
  -209
  -217
  -225
  -233
  -241
  -249
  -258
  -267
  -277
  -286
  -297
  -308
  -320
  -332
  -345
  -359
  -374
  -390
  -406
  -423
  -442
  -461
  -482
  -504
  -526
  -551
  -576
Issuance/(repayment) of debt, $m
  -123
  75
  78
  81
  85
  88
  92
  95
  99
  103
  107
  111
  116
  120
  125
  130
  136
  141
  147
  154
  160
  167
  175
  182
  191
  199
  208
  218
  228
  239
  250
Issuance/(repurchase) of shares, $m
  625
  5
  310
  323
  336
  349
  362
  376
  389
  403
  418
  434
  450
  467
  484
  503
  523
  544
  566
  589
  614
  640
  667
  696
  727
  759
  794
  830
  868
  908
  950
Cash from financing (excl. dividends), $m  
  497
  80
  388
  404
  421
  437
  454
  471
  488
  506
  525
  545
  566
  587
  609
  633
  659
  685
  713
  743
  774
  807
  842
  878
  918
  958
  1,002
  1,048
  1,096
  1,147
  1,200
Total cash flow (excl. dividends), $m
  104
  144
  -116
  -121
  -125
  -129
  -133
  -137
  -142
  -146
  -151
  -156
  -161
  -166
  -172
  -178
  -184
  -191
  -198
  -206
  -214
  -222
  -231
  -241
  -251
  -262
  -273
  -286
  -298
  -312
  -326
Retained Cash Flow (-), $m
  -563
  -183
  -194
  -203
  -211
  -220
  -229
  -238
  -248
  -257
  -267
  -278
  -289
  -300
  -312
  -325
  -339
  -353
  -368
  -383
  -400
  -417
  -436
  -455
  -476
  -497
  -520
  -544
  -570
  -596
  -624
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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  99.8
  91.2
  83.6
  77.1
  71.2
  66.1
  61.5
  57.4
  53.7
  50.3
  47.3
  44.5
  42.0
  39.6
  37.4
  35.4
  33.6
  31.8
  30.2
  28.7
  27.3
  26.0
  24.7
  23.5
  22.4
  21.4
  20.4
  19.4
  18.6
  17.7

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 66.2
Price to Sales 10.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow -21.9
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 10.5% 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 73.929 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 $3.0 billion.


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COMPANY NEWS

▶ 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]
▶ EdR Announces Quarterly Dividend of $0.38 Per Share   [Oct-14-16 07:00AM  PR Newswire]
▶ College campuses are full and so are EdR properties   [08:35AM  at bizjournals.com]
▶ 5 Unusual Analyst Upgrades From This Tuesday   [Sep-20-16 01:20PM  at 24/7 Wall St.]
▶ EdR Begins Construction at Northern Michigan University   [Aug-04-16 05:03PM  PR Newswire]
▶ Big student housing work begins near Pitt, CMU   [Aug-03-16 06:20PM  at bizjournals.com]
▶ EdR Announces Second Quarter 2016 Results   [07:00AM  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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