Intrinsic value of Equity Lifestyle Properties - ELS

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$85.72

  Intrinsic Value

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  Value-price divergence*

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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 7.4

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  863
  923
  986
  1,051
  1,119
  1,190
  1,264
  1,340
  1,420
  1,503
  1,590
  1,681
  1,775
  1,874
  1,977
  2,085
  2,198
  2,316
  2,440
  2,569
  2,704
  2,846
  2,995
  3,150
  3,313
  3,484
  3,664
  3,851
  4,049
  4,255
  4,472
Variable operating expenses, $m
 
  264
  282
  301
  320
  340
  361
  383
  406
  429
  454
  479
  506
  534
  564
  594
  627
  660
  695
  732
  771
  811
  854
  898
  945
  993
  1,044
  1,098
  1,154
  1,213
  1,275
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
  618
  644
  673
  701
  730
  761
  793
  826
  860
  896
  932
  970
  1,010
  1,051
  1,094
  1,139
  1,185
  1,233
  1,284
  1,336
  1,390
  1,448
  1,507
  1,569
  1,633
  1,700
  1,770
  1,843
  1,919
  1,999
Operating income, $m
  279
  306
  342
  379
  419
  460
  502
  547
  594
  643
  694
  749
  805
  864
  926
  991
  1,059
  1,131
  1,206
  1,285
  1,368
  1,455
  1,547
  1,643
  1,745
  1,851
  1,964
  2,082
  2,206
  2,336
  2,473
EBITDA, $m
  401
  437
  481
  528
  577
  628
  681
  737
  795
  856
  919
  986
  1,055
  1,128
  1,205
  1,285
  1,369
  1,457
  1,550
  1,647
  1,749
  1,856
  1,969
  2,087
  2,211
  2,342
  2,479
  2,624
  2,776
  2,935
  3,103
Interest expense (income), $m
  106
  105
  113
  122
  131
  141
  151
  162
  173
  184
  196
  209
  221
  235
  249
  264
  279
  295
  312
  330
  349
  368
  388
  409
  432
  455
  480
  505
  532
  560
  590
Earnings before tax, $m
  185
  201
  229
  257
  287
  318
  351
  385
  421
  459
  498
  540
  584
  629
  677
  727
  780
  835
  894
  955
  1,020
  1,087
  1,159
  1,234
  1,313
  1,396
  1,484
  1,576
  1,674
  1,776
  1,884
Tax expense, $m
  0
  54
  62
  69
  78
  86
  95
  104
  114
  124
  135
  146
  158
  170
  183
  196
  211
  226
  241
  258
  275
  294
  313
  333
  355
  377
  401
  426
  452
  479
  509
Net income, $m
  173
  147
  167
  188
  210
  232
  256
  281
  308
  335
  364
  394
  426
  459
  494
  531
  569
  610
  652
  697
  744
  794
  846
  901
  959
  1,019
  1,083
  1,151
  1,222
  1,296
  1,375

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
  3,664
  3,913
  4,173
  4,442
  4,722
  5,014
  5,318
  5,635
  5,965
  6,310
  6,669
  7,045
  7,437
  7,846
  8,275
  8,722
  9,191
  9,681
  10,194
  10,731
  11,294
  11,883
  12,501
  13,148
  13,827
  14,538
  15,284
  16,066
  16,886
  17,746
Adjusted assets (=assets-cash), $m
  3,428
  3,664
  3,913
  4,173
  4,442
  4,722
  5,014
  5,318
  5,635
  5,965
  6,310
  6,669
  7,045
  7,437
  7,846
  8,275
  8,722
  9,191
  9,681
  10,194
  10,731
  11,294
  11,883
  12,501
  13,148
  13,827
  14,538
  15,284
  16,066
  16,886
  17,746
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
  3,472
  3,708
  3,954
  4,209
  4,475
  4,751
  5,039
  5,339
  5,652
  5,979
  6,319
  6,675
  7,046
  7,435
  7,840
  8,265
  8,709
  9,173
  9,659
  10,168
  10,701
  11,260
  11,845
  12,458
  13,101
  13,775
  14,481
  15,222
  15,999
  16,814
Working capital, $m
  0
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -195
  -206
  -216
  -227
  -239
  -251
  -264
Total debt, $m
  2,091
  2,263
  2,443
  2,629
  2,824
  3,026
  3,236
  3,456
  3,684
  3,922
  4,170
  4,430
  4,700
  4,983
  5,278
  5,587
  5,910
  6,248
  6,601
  6,971
  7,358
  7,764
  8,189
  8,634
  9,101
  9,590
  10,103
  10,640
  11,204
  11,796
  12,416
Total liabilities, $m
  2,470
  2,642
  2,822
  3,008
  3,203
  3,405
  3,615
  3,835
  4,063
  4,301
  4,549
  4,809
  5,079
  5,362
  5,657
  5,966
  6,289
  6,627
  6,980
  7,350
  7,737
  8,143
  8,568
  9,013
  9,480
  9,969
  10,482
  11,019
  11,583
  12,175
  12,795
Total equity, $m
  1,009
  1,022
  1,092
  1,164
  1,239
  1,318
  1,399
  1,484
  1,572
  1,664
  1,760
  1,861
  1,965
  2,075
  2,189
  2,309
  2,434
  2,564
  2,701
  2,844
  2,994
  3,151
  3,315
  3,488
  3,668
  3,858
  4,056
  4,264
  4,482
  4,711
  4,951
Total liabilities and equity, $m
  3,479
  3,664
  3,914
  4,172
  4,442
  4,723
  5,014
  5,319
  5,635
  5,965
  6,309
  6,670
  7,044
  7,437
  7,846
  8,275
  8,723
  9,191
  9,681
  10,194
  10,731
  11,294
  11,883
  12,501
  13,148
  13,827
  14,538
  15,283
  16,065
  16,886
  17,746
Debt-to-equity ratio
  2.072
  2.210
  2.240
  2.260
  2.280
  2.300
  2.310
  2.330
  2.340
  2.360
  2.370
  2.380
  2.390
  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
  2.500
  2.500
  2.500
  2.510
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
  147
  167
  188
  210
  232
  256
  281
  308
  335
  364
  394
  426
  459
  494
  531
  569
  610
  652
  697
  744
  794
  846
  901
  959
  1,019
  1,083
  1,151
  1,222
  1,296
  1,375
Depreciation, amort., depletion, $m
  122
  131
  140
  149
  158
  168
  179
  190
  201
  212
  225
  237
  250
  264
  278
  294
  310
  326
  344
  362
  381
  401
  422
  444
  467
  491
  516
  542
  570
  599
  630
Funds from operations, $m
  399
  278
  307
  337
  368
  401
  435
  471
  508
  547
  588
  631
  676
  723
  773
  824
  879
  936
  996
  1,059
  1,125
  1,195
  1,268
  1,344
  1,425
  1,510
  1,599
  1,693
  1,792
  1,896
  2,005
Change in working capital, $m
  46
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from operations, $m
  353
  326
  310
  341
  372
  405
  439
  475
  513
  552
  594
  636
  682
  729
  779
  831
  886
  943
  1,003
  1,067
  1,133
  1,203
  1,276
  1,354
  1,435
  1,520
  1,610
  1,704
  1,803
  1,908
  2,018
Maintenance CAPEX, $m
  0
  -122
  -130
  -139
  -148
  -158
  -168
  -178
  -189
  -200
  -212
  -224
  -237
  -250
  -264
  -278
  -294
  -310
  -326
  -344
  -362
  -381
  -401
  -422
  -444
  -467
  -491
  -516
  -542
  -570
  -599
New CAPEX, $m
  -218
  -228
  -236
  -245
  -255
  -266
  -277
  -288
  -300
  -313
  -326
  -341
  -356
  -371
  -388
  -406
  -424
  -444
  -464
  -486
  -509
  -533
  -558
  -585
  -613
  -643
  -674
  -707
  -741
  -777
  -815
Cash from investing activities, $m
  -219
  -350
  -366
  -384
  -403
  -424
  -445
  -466
  -489
  -513
  -538
  -565
  -593
  -621
  -652
  -684
  -718
  -754
  -790
  -830
  -871
  -914
  -959
  -1,007
  -1,057
  -1,110
  -1,165
  -1,223
  -1,283
  -1,347
  -1,414
Free cash flow, $m
  134
  -23
  -56
  -44
  -31
  -18
  -5
  9
  24
  39
  55
  72
  89
  108
  127
  147
  168
  190
  213
  237
  262
  289
  317
  347
  378
  411
  445
  482
  520
  561
  603
Issuance/(repayment) of debt, $m
  -55
  172
  180
  187
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  295
  309
  323
  338
  353
  370
  387
  406
  425
  445
  467
  489
  513
  538
  564
  591
  620
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
  172
  180
  187
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  295
  309
  323
  338
  353
  370
  387
  406
  425
  445
  467
  489
  513
  538
  564
  591
  620
Total cash flow (excl. dividends), $m
  137
  149
  124
  143
  163
  184
  206
  229
  253
  278
  304
  331
  360
  390
  422
  455
  490
  527
  566
  607
  650
  695
  742
  792
  845
  900
  958
  1,019
  1,084
  1,152
  1,224
Retained Cash Flow (-), $m
  -84
  -64
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -181
  -189
  -198
  -208
  -218
  -229
  -240
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
 
  135
  54
  71
  88
  106
  124
  144
  164
  185
  208
  231
  255
  281
  308
  336
  366
  397
  429
  464
  500
  538
  578
  620
  664
  711
  760
  811
  866
  923
  984
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
 
  123
  45
  52
  57
  60
  61
  60
  58
  54
  50
  45
  39
  33
  28
  23
  18
  14
  11
  8
  6
  4
  3
  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 publicly owned real estate investment trust (REIT). The firm engages in the ownership and operation of lifestyle oriented properties. Its portfolio of properties include various amenities and common facilities, such as a clubhouse, a swimming pool, laundry facilities, and cable television service, sauna/whirlpool spas, golf courses, tennis, shuffleboard and basketball courts, and exercise rooms. The firm leases developed sites to owners of manufactured homes referred to as resort homes, park models referred to as resort cottages, and recreational vehicles. It primarily invests in the markets of the United States. The firm primarily invests in land with lower maintenance costs and customer turnover costs, high quality real estate in and around major metropolitan areas, high barriers to entry, retirement and vacation destinations, growth markets, and appreciating component of real estate2. It was formerly known as Home Communities, Inc. The firm was founded in 1992 and is based in Chicago, Illinois with additional offices in Clearwater, Florida, Phoenix, Arizona, and Aurora, Colorado.

FINANCIAL RATIOS  of  Equity Lifestyle Properties (ELS)

Valuation Ratios
P/E Ratio 42.4
Price to Sales 8.5
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow 54.3
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 7% 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 86.77 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 $7.4 billion.


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COMPANY NEWS

▶ 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]
▶ ELS Reports Third Quarter Results   [04:16PM  Business Wire]
▶ ELS Reports Minimal Impact From Hurricane Matthew   [Oct-10-16 09:10AM  Business Wire]
▶ ELS Declares Third Quarter Dividends   [Aug-09-16 04:15PM  Business Wire]
▶ ELS Reports Second Quarter Results   [04:16PM  Business Wire]
▶ Equity Lifestyle Trades Ex-Dividend Wednesday (ELS)   [Jun-22-16 10:05AM  at Investopedia]
▶ ELS Declares Second Quarter Dividends   [May-10-16 04:16PM  Business Wire]
Stock chart of ELS Financial statements of ELS Annual reports 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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