Intrinsic value of Equity Lifestyle Properties - ELS

Previous Close

$86.82

  Intrinsic Value

$8.93

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+152%

Previous close

$86.82

 
Intrinsic value

$8.93

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+152%

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

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

We calculate the intrinsic value of ELS 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 7.5

 

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, %
  6.02
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  863
  913
  965
  1,020
  1,077
  1,136
  1,198
  1,263
  1,331
  1,403
  1,477
  1,555
  1,637
  1,722
  1,812
  1,906
  2,004
  2,107
  2,216
  2,329
  2,448
  2,573
  2,704
  2,841
  2,985
  3,136
  3,295
  3,461
  3,636
  3,819
  4,012
Variable operating expenses, $m
 
  261
  276
  292
  308
  325
  342
  361
  380
  401
  422
  443
  467
  491
  517
  543
  571
  601
  632
  664
  698
  733
  771
  810
  851
  894
  939
  987
  1,036
  1,089
  1,144
Fixed operating expenses, $m
 
  354
  362
  372
  381
  390
  400
  410
  420
  431
  442
  453
  464
  476
  487
  500
  512
  525
  538
  552
  565
  579
  594
  609
  624
  640
  656
  672
  689
  706
  724
Total operating expenses, $m
  584
  615
  638
  664
  689
  715
  742
  771
  800
  832
  864
  896
  931
  967
  1,004
  1,043
  1,083
  1,126
  1,170
  1,216
  1,263
  1,312
  1,365
  1,419
  1,475
  1,534
  1,595
  1,659
  1,725
  1,795
  1,868
Operating income, $m
  279
  298
  327
  357
  388
  421
  456
  492
  531
  571
  614
  659
  706
  756
  808
  863
  921
  982
  1,046
  1,114
  1,185
  1,260
  1,339
  1,422
  1,510
  1,602
  1,700
  1,802
  1,911
  2,024
  2,144
EBITDA, $m
  401
  428
  464
  501
  541
  582
  625
  671
  719
  769
  822
  878
  937
  998
  1,063
  1,131
  1,203
  1,278
  1,358
  1,441
  1,529
  1,622
  1,720
  1,822
  1,930
  2,044
  2,164
  2,290
  2,423
  2,562
  2,709
Interest expense (income), $m
  106
  105
  112
  119
  127
  135
  144
  152
  162
  172
  182
  192
  204
  215
  227
  240
  254
  268
  283
  298
  314
  331
  349
  368
  387
  408
  430
  452
  476
  501
  527
Earnings before tax, $m
  185
  194
  215
  238
  261
  286
  312
  340
  369
  400
  432
  467
  503
  540
  580
  623
  667
  714
  763
  816
  871
  929
  990
  1,054
  1,123
  1,194
  1,270
  1,350
  1,434
  1,523
  1,617
Tax expense, $m
  0
  52
  58
  64
  71
  77
  84
  92
  100
  108
  117
  126
  136
  146
  157
  168
  180
  193
  206
  220
  235
  251
  267
  285
  303
  322
  343
  365
  387
  411
  437
Net income, $m
  173
  141
  157
  173
  191
  209
  228
  248
  269
  292
  315
  341
  367
  395
  424
  454
  487
  521
  557
  595
  635
  678
  723
  770
  819
  872
  927
  986
  1,047
  1,112
  1,180

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  51
  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
  3,479
  3,623
  3,830
  4,047
  4,273
  4,509
  4,756
  5,014
  5,283
  5,566
  5,861
  6,171
  6,495
  6,834
  7,190
  7,562
  7,953
  8,362
  8,792
  9,242
  9,714
  10,209
  10,729
  11,273
  11,845
  12,445
  13,074
  13,735
  14,428
  15,155
  15,919
Adjusted assets (=assets-cash), $m
  3,428
  3,623
  3,830
  4,047
  4,273
  4,509
  4,756
  5,014
  5,283
  5,566
  5,861
  6,171
  6,495
  6,834
  7,190
  7,562
  7,953
  8,362
  8,792
  9,242
  9,714
  10,209
  10,729
  11,273
  11,845
  12,445
  13,074
  13,735
  14,428
  15,155
  15,919
Revenue / Adjusted assets
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
Average production assets, $m
  3,245
  3,433
  3,629
  3,834
  4,049
  4,272
  4,506
  4,750
  5,006
  5,274
  5,554
  5,847
  6,154
  6,476
  6,812
  7,166
  7,536
  7,924
  8,330
  8,757
  9,204
  9,673
  10,165
  10,682
  11,223
  11,792
  12,388
  13,014
  13,671
  14,360
  15,083
Working capital, $m
  0
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -131
  -137
  -144
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -215
  -225
  -237
Total debt, $m
  2,091
  2,233
  2,383
  2,539
  2,702
  2,872
  3,050
  3,236
  3,430
  3,634
  3,847
  4,070
  4,304
  4,548
  4,805
  5,074
  5,355
  5,650
  5,960
  6,284
  6,625
  6,982
  7,356
  7,749
  8,161
  8,594
  9,048
  9,524
  10,023
  10,548
  11,098
Total liabilities, $m
  2,470
  2,612
  2,762
  2,918
  3,081
  3,251
  3,429
  3,615
  3,809
  4,013
  4,226
  4,449
  4,683
  4,927
  5,184
  5,453
  5,734
  6,029
  6,339
  6,663
  7,004
  7,361
  7,735
  8,128
  8,540
  8,973
  9,427
  9,903
  10,402
  10,927
  11,477
Total equity, $m
  1,009
  1,011
  1,069
  1,129
  1,192
  1,258
  1,327
  1,399
  1,474
  1,553
  1,635
  1,722
  1,812
  1,907
  2,006
  2,110
  2,219
  2,333
  2,453
  2,578
  2,710
  2,848
  2,993
  3,145
  3,305
  3,472
  3,648
  3,832
  4,025
  4,228
  4,441
Total liabilities and equity, $m
  3,479
  3,623
  3,831
  4,047
  4,273
  4,509
  4,756
  5,014
  5,283
  5,566
  5,861
  6,171
  6,495
  6,834
  7,190
  7,563
  7,953
  8,362
  8,792
  9,241
  9,714
  10,209
  10,728
  11,273
  11,845
  12,445
  13,075
  13,735
  14,427
  15,155
  15,918
Debt-to-equity ratio
  2.072
  2.210
  2.230
  2.250
  2.270
  2.280
  2.300
  2.310
  2.330
  2.340
  2.350
  2.360
  2.380
  2.390
  2.400
  2.400
  2.410
  2.420
  2.430
  2.440
  2.440
  2.450
  2.460
  2.460
  2.470
  2.480
  2.480
  2.490
  2.490
  2.490
  2.500
Adjusted equity ratio
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  173
  141
  157
  173
  191
  209
  228
  248
  269
  292
  315
  341
  367
  395
  424
  454
  487
  521
  557
  595
  635
  678
  723
  770
  819
  872
  927
  986
  1,047
  1,112
  1,180
Depreciation, amort., depletion, $m
  122
  129
  137
  144
  152
  161
  170
  179
  188
  198
  209
  219
  230
  243
  255
  268
  282
  297
  312
  328
  345
  362
  381
  400
  420
  442
  464
  487
  512
  538
  565
Funds from operations, $m
  399
  271
  294
  318
  343
  370
  398
  427
  458
  490
  524
  560
  597
  637
  679
  723
  769
  818
  869
  923
  980
  1,040
  1,103
  1,170
  1,240
  1,314
  1,391
  1,473
  1,559
  1,650
  1,745
Change in working capital, $m
  46
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Cash from operations, $m
  353
  274
  297
  321
  346
  373
  401
  431
  462
  494
  528
  564
  602
  642
  684
  728
  775
  824
  876
  930
  987
  1,048
  1,111
  1,178
  1,248
  1,322
  1,401
  1,483
  1,569
  1,661
  1,757
Maintenance CAPEX, $m
  0
  -122
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -187
  -198
  -208
  -219
  -230
  -243
  -255
  -268
  -282
  -297
  -312
  -328
  -345
  -362
  -381
  -400
  -420
  -442
  -464
  -487
  -512
  -538
New CAPEX, $m
  -218
  -189
  -196
  -205
  -214
  -224
  -234
  -244
  -256
  -268
  -280
  -293
  -307
  -322
  -337
  -353
  -370
  -388
  -407
  -427
  -447
  -469
  -492
  -516
  -542
  -568
  -596
  -626
  -657
  -689
  -723
Cash from investing activities, $m
  -219
  -311
  -325
  -341
  -358
  -376
  -394
  -413
  -434
  -455
  -478
  -501
  -526
  -552
  -580
  -608
  -638
  -670
  -704
  -739
  -775
  -814
  -854
  -897
  -942
  -988
  -1,038
  -1,090
  -1,144
  -1,201
  -1,261
Free cash flow, $m
  134
  -36
  -28
  -20
  -11
  -2
  7
  17
  28
  39
  51
  63
  76
  90
  105
  120
  136
  154
  172
  191
  212
  234
  257
  281
  307
  334
  363
  393
  425
  459
  495
Issuance/(repayment) of debt, $m
  -55
  142
  149
  156
  163
  170
  178
  186
  195
  204
  213
  223
  234
  245
  256
  269
  282
  295
  310
  325
  340
  357
  374
  393
  412
  432
  454
  476
  500
  524
  550
Issuance/(repurchase) of shares, $m
  62
  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 from financing (excl. dividends), $m  
  3
  142
  149
  156
  163
  170
  178
  186
  195
  204
  213
  223
  234
  245
  256
  269
  282
  295
  310
  325
  340
  357
  374
  393
  412
  432
  454
  476
  500
  524
  550
Total cash flow (excl. dividends), $m
  137
  106
  121
  136
  152
  168
  185
  203
  223
  243
  264
  286
  310
  335
  361
  389
  418
  449
  482
  516
  552
  591
  631
  674
  719
  766
  816
  869
  925
  984
  1,046
Retained Cash Flow (-), $m
  -84
  -53
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -176
  -184
  -193
  -203
  -213
Prev. year cash balance distribution, $m
 
  51
  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
 
  104
  64
  76
  89
  102
  116
  131
  147
  164
  182
  200
  219
  240
  262
  285
  309
  335
  362
  390
  421
  453
  486
  522
  559
  599
  641
  685
  732
  781
  833
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  95
  52
  56
  57
  58
  57
  55
  52
  48
  43
  39
  34
  29
  24
  19
  15
  12
  9
  7
  5
  3
  2
  2
  1
  1
  0
  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
  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

Equity LifeStyle Properties, Inc. is a real estate investment trust (REIT). The Company is an owner and operator of lifestyle-oriented properties (properties) consisting primarily of manufactured home (MH) communities and recreational vehicle (RV) resorts and campgrounds. The Company operates through two segments: Property Operations and Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the properties. It leases individual developed areas (sites) with access to utilities for placement of factory built homes, cottages, cabins or RVs. As of December 31, 2016, the Company's property portfolio included 391 properties consisted of 146,610 residential sites. Its properties are designed for home options of various sizes and designs that are produced off-site by third-party manufacturers, installed and set on designated sites within the properties.

FINANCIAL RATIOS  of  Equity Lifestyle Properties (ELS)

Valuation Ratios
P/E Ratio 42.9
Price to Sales 8.6
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 21
Price to Free Cash Flow 55
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 86.3%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 207.2%
Total Debt to Equity 207.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 17.9%
Return On Equity - 3 Yr. Avg. 15.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 52.1%
Gross Margin - 3 Yr. Avg. 52.1%
EBITDA Margin 47.9%
EBITDA Margin - 3 Yr. Avg. 46.8%
Operating Margin 32.3%
Oper. Margin - 3 Yr. Avg. 31.1%
Pre-Tax Margin 21.4%
Pre-Tax Margin - 3 Yr. Avg. 18.9%
Net Profit Margin 20%
Net Profit Margin - 3 Yr. Avg. 17.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 93.1%

ELS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ELS stock intrinsic value calculation we used $863 million for the last fiscal year's total revenue generated by Equity Lifestyle Properties. The default revenue input number comes from 2016 income statement of Equity Lifestyle 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 ELS stock valuation model: a) initial revenue growth rate of 5.8% 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 9.9%, whose default value for ELS is calculated based on our internal credit rating of Equity Lifestyle 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 Equity Lifestyle 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 ELS stock the variable cost ratio is equal to 28.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $345 million in the base year in the intrinsic value calculation for ELS 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% for Equity Lifestyle Properties.

Corporate tax rate of 27% is the nominal tax rate for Equity Lifestyle 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 ELS 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 ELS are equal to 376%.

Life of production assets of 26.7 years is the average useful life of capital assets used in Equity Lifestyle 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 ELS is equal to -5.9%. 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 - $1009 million for Equity Lifestyle 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 86.809 million for Equity Lifestyle 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 Equity Lifestyle Properties at the current share price and the inputted number of shares is $7.5 billion.

RELATED COMPANIES Price Int.Val. Rating
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ESS Essex Property 261.02 23.53  str.sell
AMH American Homes 21.55 3.74  str.sell
EDR Education Real 37.09 6.16  str.sell
MAA Mid-America Ap 107.55 14.17  str.sell

COMPANY NEWS

▶ Equity Lifestyle Properties reports 3Q results   [Oct-16-17 04:31PM  Associated Press]
▶ ELS Reports Third Quarter Results   [04:16PM  Business Wire]
▶ ELS Updates on Hurricane Irma   [Sep-19-17 04:27PM  Business Wire]
▶ ELS Reports on Hurricane Irma Initial Assessment Underway   [Sep-11-17 09:51PM  Business Wire]
▶ ELS Declares Third Quarter Dividends   [Jul-25-17 04:16PM  Business Wire]
▶ Equity Lifestyle Properties reports 2Q results   [Jul-17-17 11:21PM  Associated Press]
▶ ELS Reports Second Quarter Results   [04:16PM  Business Wire]
▶ Key Reasons for Optimism on REITs   [May-23-17 03:44PM  Zacks]
▶ ELS Declares Second Quarter Dividends   [May-02-17 04:16PM  Business Wire]
▶ Equity Lifestyle Properties reports 1Q results   [Apr-17-17 04:24PM  Associated Press]
▶ ELS Reports First Quarter Results   [04:16PM  Business Wire]
▶ ELS to Participate at Citi CEO Conference   [09:15AM  Business Wire]
▶ 14 Dividend Stocks Rewarding Shareholders With A Raise   [Feb-27-17 11:49AM  Insider Monkey]
▶ ELS Declares First Quarter Dividends   [Feb-21-17 04:16PM  Business Wire]
▶ ELS Reports Fourth Quarter Results   [04:16PM  Business Wire]
▶ ELS Announces Tax Treatment of 2016 Distributions   [Jan-20-17 04:16PM  Business Wire]
▶ ELS Settles California Lawsuits   [04:16PM  Business Wire]
▶ Is Carlisle Companies Inc. (CSL) A Good Stock To Buy?   [Nov-27-16 05:50PM  at Insider Monkey]
▶ ELS Announces 2017 Dividends   [Nov-08-16 04:16PM  Business Wire]
Financial statements of ELS
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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