Intrinsic value of Equity Lifestyle Properties - ELS

Previous Close

$91.29

  Intrinsic Value

$26.48

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  Rating & Target

str. sell

-71%

Previous close

$91.29

 
Intrinsic value

$26.48

 
Up/down potential

-71%

 
Rating

str. sell

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  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
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  863
  983
  1,044
  1,107
  1,173
  1,242
  1,313
  1,388
  1,466
  1,548
  1,633
  1,722
  1,815
  1,912
  2,014
  2,121
  2,233
  2,350
  2,472
  2,601
  2,735
  2,876
  3,024
  3,179
  3,342
  3,512
  3,691
  3,879
  4,076
  4,282
  4,499
Variable operating expenses, $m
 
  564
  599
  635
  672
  711
  752
  794
  839
  885
  934
  980
  1,033
  1,088
  1,146
  1,207
  1,270
  1,337
  1,407
  1,480
  1,556
  1,637
  1,721
  1,809
  1,902
  1,999
  2,100
  2,207
  2,319
  2,437
  2,560
Fixed operating expenses, $m
 
  89
  91
  93
  95
  97
  99
  101
  104
  106
  108
  111
  113
  115
  118
  121
  123
  126
  129
  132
  134
  137
  140
  144
  147
  150
  153
  157
  160
  164
  167
Total operating expenses, $m
  584
  653
  690
  728
  767
  808
  851
  895
  943
  991
  1,042
  1,091
  1,146
  1,203
  1,264
  1,328
  1,393
  1,463
  1,536
  1,612
  1,690
  1,774
  1,861
  1,953
  2,049
  2,149
  2,253
  2,364
  2,479
  2,601
  2,727
Operating income, $m
  279
  330
  354
  380
  406
  434
  462
  492
  524
  557
  591
  631
  669
  709
  750
  793
  839
  887
  937
  989
  1,044
  1,102
  1,163
  1,227
  1,294
  1,364
  1,438
  1,515
  1,597
  1,682
  1,772
EBITDA, $m
  401
  716
  764
  814
  865
  919
  976
  1,035
  1,097
  1,161
  1,228
  1,299
  1,373
  1,450
  1,531
  1,616
  1,705
  1,798
  1,895
  1,997
  2,105
  2,217
  2,335
  2,459
  2,589
  2,726
  2,869
  3,019
  3,177
  3,342
  3,516
Interest expense (income), $m
  106
  131
  131
  131
  131
  131
  130
  130
  130
  130
  130
  130
  130
  130
  130
  130
  129
  129
  129
  129
  129
  129
  128
  128
  128
  128
  128
  128
  127
  127
  127
Earnings before tax, $m
  185
  200
  224
  249
  275
  303
  332
  362
  393
  426
  461
  502
  539
  579
  620
  664
  710
  757
  808
  860
  916
  974
  1,034
  1,098
  1,165
  1,236
  1,310
  1,388
  1,469
  1,555
  1,645
Tax expense, $m
  0
  54
  60
  67
  74
  82
  90
  98
  106
  115
  124
  135
  146
  156
  168
  179
  192
  205
  218
  232
  247
  263
  279
  297
  315
  334
  354
  375
  397
  420
  444
Net income, $m
  173
  146
  163
  182
  201
  221
  242
  264
  287
  311
  336
  366
  394
  423
  453
  485
  518
  553
  590
  628
  668
  711
  755
  802
  851
  902
  956
  1,013
  1,073
  1,135
  1,201

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
  -225
  -239
  -254
  -269
  -284
  -301
  -318
  -336
  -355
  -374
  -394
  -416
  -438
  -461
  -486
  -511
  -538
  -566
  -596
  -627
  -659
  -693
  -728
  -766
  -805
  -846
  -889
  -934
  -981
  -1,031
Adjusted assets (=assets-cash), $m
  3,428
  -225
  -239
  -254
  -269
  -284
  -301
  -318
  -336
  -355
  -374
  -394
  -416
  -438
  -461
  -486
  -511
  -538
  -566
  -596
  -627
  -659
  -693
  -728
  -766
  -805
  -846
  -889
  -934
  -981
  -1,031
Revenue / Adjusted assets
  0.252
  -4.369
  -4.368
  -4.358
  -4.361
  -4.373
  -4.362
  -4.365
  -4.363
  -4.361
  -4.366
  -4.371
  -4.363
  -4.365
  -4.369
  -4.364
  -4.370
  -4.368
  -4.367
  -4.364
  -4.362
  -4.364
  -4.364
  -4.367
  -4.363
  -4.363
  -4.363
  -4.363
  -4.364
  -4.365
  -4.364
Average production assets, $m
  3,245
  3,812
  4,047
  4,292
  4,548
  4,814
  5,091
  5,381
  5,684
  6,000
  6,330
  6,675
  7,036
  7,414
  7,809
  8,223
  8,656
  9,109
  9,585
  10,083
  10,604
  11,151
  11,725
  12,326
  12,957
  13,618
  14,311
  15,039
  15,802
  16,603
  17,443
Working capital, $m
  0
  -2,668
  -2,832
  -3,004
  -3,182
  -3,369
  -3,563
  -3,766
  -3,977
  -4,198
  -4,429
  -4,671
  -4,924
  -5,188
  -5,464
  -5,754
  -6,057
  -6,374
  -6,707
  -7,055
  -7,421
  -7,803
  -8,205
  -8,625
  -9,067
  -9,529
  -10,015
  -10,524
  -11,058
  -11,618
  -12,206
Total debt, $m
  2,091
  102
  102
  102
  101
  101
  101
  101
  101
  101
  101
  101
  101
  101
  101
  101
  101
  100
  100
  100
  100
  100
  100
  100
  99
  99
  99
  99
  99
  99
  98
Total liabilities, $m
  2,470
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Total equity, $m
  1,009
  -224
  -238
  -253
  -268
  -283
  -300
  -317
  -335
  -353
  -373
  -393
  -414
  -436
  -460
  -484
  -509
  -536
  -564
  -593
  -624
  -656
  -690
  -725
  -763
  -801
  -842
  -885
  -930
  -977
  -1,027
Total liabilities and equity, $m
  3,479
  -225
  -239
  -254
  -269
  -284
  -301
  -318
  -336
  -354
  -374
  -395
  -416
  -438
  -462
  -486
  -511
  -538
  -566
  -595
  -627
  -659
  -693
  -728
  -766
  -804
  -845
  -889
  -934
  -981
  -1,031
Debt-to-equity ratio
  2.072
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.279
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996
  0.996

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  173
  146
  163
  182
  201
  221
  242
  264
  287
  311
  336
  366
  394
  423
  453
  485
  518
  553
  590
  628
  668
  711
  755
  802
  851
  902
  956
  1,013
  1,073
  1,135
  1,201
Depreciation, amort., depletion, $m
  122
  386
  409
  434
  459
  486
  514
  543
  573
  605
  638
  668
  704
  741
  781
  822
  866
  911
  958
  1,008
  1,060
  1,115
  1,172
  1,233
  1,296
  1,362
  1,431
  1,504
  1,580
  1,660
  1,744
Funds from operations, $m
  399
  532
  573
  616
  660
  707
  756
  807
  860
  916
  974
  1,034
  1,097
  1,164
  1,234
  1,307
  1,384
  1,464
  1,548
  1,636
  1,729
  1,826
  1,928
  2,034
  2,146
  2,264
  2,387
  2,517
  2,653
  2,795
  2,945
Change in working capital, $m
  46
  -158
  -165
  -171
  -179
  -186
  -194
  -203
  -212
  -221
  -231
  -242
  -253
  -264
  -277
  -289
  -303
  -317
  -333
  -348
  -365
  -383
  -401
  -421
  -441
  -463
  -485
  -509
  -534
  -560
  -588
Cash from operations, $m
  353
  690
  737
  787
  839
  893
  950
  1,010
  1,072
  1,137
  1,205
  1,275
  1,350
  1,428
  1,510
  1,596
  1,687
  1,781
  1,881
  1,985
  2,094
  2,209
  2,329
  2,455
  2,588
  2,727
  2,873
  3,026
  3,187
  3,356
  3,533
Maintenance CAPEX, $m
  0
  -359
  -381
  -405
  -429
  -455
  -481
  -509
  -538
  -568
  -600
  -633
  -668
  -704
  -741
  -781
  -822
  -866
  -911
  -958
  -1,008
  -1,060
  -1,115
  -1,172
  -1,233
  -1,296
  -1,362
  -1,431
  -1,504
  -1,580
  -1,660
New CAPEX, $m
  -218
  -225
  -235
  -245
  -255
  -266
  -278
  -290
  -303
  -316
  -330
  -345
  -361
  -378
  -395
  -414
  -433
  -454
  -475
  -498
  -522
  -547
  -573
  -601
  -631
  -661
  -694
  -728
  -763
  -801
  -840
Cash from investing activities, $m
  -219
  -584
  -616
  -650
  -684
  -721
  -759
  -799
  -841
  -884
  -930
  -978
  -1,029
  -1,082
  -1,136
  -1,195
  -1,255
  -1,320
  -1,386
  -1,456
  -1,530
  -1,607
  -1,688
  -1,773
  -1,864
  -1,957
  -2,056
  -2,159
  -2,267
  -2,381
  -2,500
Free cash flow, $m
  134
  106
  121
  137
  155
  172
  191
  211
  231
  253
  275
  297
  321
  347
  374
  402
  431
  462
  494
  528
  564
  601
  640
  681
  725
  770
  817
  867
  920
  975
  1,033
Issuance/(repayment) of debt, $m
  -55
  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
Issuance/(repurchase) of shares, $m
  62
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
Cash from financing (excl. dividends), $m  
  3
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
Total cash flow (excl. dividends), $m
  137
  93
  107
  123
  139
  157
  175
  194
  213
  234
  255
  277
  300
  325
  350
  377
  406
  435
  466
  499
  533
  569
  606
  646
  687
  731
  776
  824
  875
  927
  983
Retained Cash Flow (-), $m
  -84
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
Prev. year cash balance distribution, $m
 
  211
  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
 
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
Cash available for distribution, $m
 
  317
  121
  137
  154
  172
  191
  211
  231
  252
  275
  297
  321
  347
  374
  402
  431
  462
  494
  528
  564
  601
  640
  681
  724
  770
  817
  867
  920
  975
  1,032
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
 
  300
  108
  115
  120
  124
  126
  127
  126
  123
  119
  114
  107
  100
  92
  83
  74
  65
  56
  48
  40
  33
  26
  21
  16
  12
  9
  6
  5
  3
  2
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 45.1
Price to Sales 9
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 57.8
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 $925 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 6.3% 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 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 57.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $87 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 128.6% 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 1%.

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 387.7%.

Life of production assets of 10 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 -271.3%. 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 - $0 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 87 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 $7.9 billion.

RELATED COMPANIES Price Int.Val. Rating
SUI Sun Communitie 97.00 62.42  sell
UMH UMH Properties 15.60 0.30  str.sell
ESS Essex Property 229.35 16.95  str.sell
AMH American Homes 22.67 0.97  str.sell
MAA Mid-America Ap 97.90 1,195.37  str.buy

COMPANY NEWS

▶ Investors eye bright spots in REIT sector   [Jul-13-18 04:28PM  Reuters]
▶ ELS Declares Second Quarter Dividends   [May-01-18 04:16PM  Business Wire]
▶ Equity Lifestyle Properties: 1Q Earnings Snapshot   [Apr-23-18 04:47PM  Associated Press]
▶ ELS Reports First Quarter Results   [04:16PM  Business Wire]
▶ ELS to Participate at Citi CEO Conference   [Mar-02-18 09:15AM  Business Wire]
▶ ELS Declares First Quarter Dividends   [Feb-27-18 04:16PM  Business Wire]
▶ ELS Reports Fourth Quarter Results   [Jan-29-18 04:16PM  Business Wire]
▶ ELS Announces Tax Treatment of 2017 Distributions   [Jan-26-18 04:29PM  Business Wire]
▶ ELS Announces 2018 Dividends   [Nov-02-17 09:15AM  Business Wire]
▶ 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]
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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