Intrinsic value of Equity Lifestyle Properties - ELS

Previous Close

$91.24

  Intrinsic Value

$9.35

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  Rating & Target

str. sell

-90%

Previous close

$91.24

 
Intrinsic value

$9.35

 
Up/down potential

-90%

 
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

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 8.0

 

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, %
  6.02
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  863
  924
  988
  1,054
  1,123
  1,195
  1,269
  1,347
  1,428
  1,512
  1,600
  1,692
  1,787
  1,887
  1,992
  2,101
  2,215
  2,334
  2,459
  2,590
  2,727
  2,870
  3,020
  3,177
  3,342
  3,515
  3,696
  3,886
  4,085
  4,294
  4,512
Variable operating expenses, $m
 
  264
  282
  301
  321
  341
  363
  385
  408
  432
  457
  482
  510
  538
  568
  599
  631
  665
  701
  738
  777
  818
  861
  906
  953
  1,002
  1,054
  1,108
  1,164
  1,224
  1,286
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
  702
  731
  763
  795
  828
  863
  899
  935
  974
  1,014
  1,055
  1,099
  1,143
  1,190
  1,239
  1,290
  1,342
  1,397
  1,455
  1,515
  1,577
  1,642
  1,710
  1,780
  1,853
  1,930
  2,010
Operating income, $m
  279
  306
  343
  381
  421
  463
  506
  552
  600
  649
  701
  757
  814
  874
  936
  1,002
  1,071
  1,144
  1,220
  1,300
  1,384
  1,472
  1,565
  1,663
  1,765
  1,873
  1,987
  2,106
  2,232
  2,364
  2,502
EBITDA, $m
  401
  437
  483
  531
  580
  632
  686
  742
  801
  863
  927
  995
  1,065
  1,139
  1,217
  1,298
  1,383
  1,473
  1,566
  1,665
  1,768
  1,877
  1,991
  2,110
  2,236
  2,368
  2,507
  2,653
  2,807
  2,968
  3,138
Interest expense (income), $m
  106
  105
  113
  122
  132
  142
  152
  163
  174
  185
  197
  210
  223
  237
  251
  266
  282
  298
  315
  333
  352
  371
  392
  413
  436
  459
  484
  510
  537
  565
  595
Earnings before tax, $m
  185
  202
  230
  259
  289
  321
  355
  389
  426
  464
  504
  547
  591
  637
  685
  736
  790
  846
  905
  967
  1,033
  1,101
  1,174
  1,250
  1,330
  1,414
  1,503
  1,596
  1,695
  1,798
  1,907
Tax expense, $m
  0
  54
  62
  70
  78
  87
  96
  105
  115
  125
  136
  148
  160
  172
  185
  199
  213
  228
  244
  261
  279
  297
  317
  337
  359
  382
  406
  431
  458
  486
  515
Net income, $m
  173
  147
  168
  189
  211
  235
  259
  284
  311
  339
  368
  399
  431
  465
  500
  538
  577
  618
  661
  706
  754
  804
  857
  912
  971
  1,032
  1,097
  1,165
  1,237
  1,313
  1,392

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
  3,668
  3,920
  4,183
  4,456
  4,741
  5,036
  5,344
  5,665
  6,000
  6,349
  6,713
  7,092
  7,489
  7,904
  8,337
  8,790
  9,263
  9,759
  10,278
  10,821
  11,389
  11,985
  12,609
  13,263
  13,948
  14,667
  15,420
  16,210
  17,038
  17,907
Adjusted assets (=assets-cash), $m
  3,428
  3,668
  3,920
  4,183
  4,456
  4,741
  5,036
  5,344
  5,665
  6,000
  6,349
  6,713
  7,092
  7,489
  7,904
  8,337
  8,790
  9,263
  9,759
  10,278
  10,821
  11,389
  11,985
  12,609
  13,263
  13,948
  14,667
  15,420
  16,210
  17,038
  17,907
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
  3,475
  3,715
  3,964
  4,222
  4,492
  4,772
  5,064
  5,368
  5,685
  6,015
  6,360
  6,720
  7,096
  7,489
  7,899
  8,328
  8,777
  9,247
  9,738
  10,253
  10,791
  11,356
  11,947
  12,567
  13,216
  13,897
  14,611
  15,359
  16,144
  16,967
Working capital, $m
  0
  -55
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
  -266
Total debt, $m
  2,091
  2,265
  2,448
  2,637
  2,834
  3,039
  3,252
  3,474
  3,706
  3,947
  4,198
  4,461
  4,735
  5,021
  5,319
  5,632
  5,958
  6,300
  6,657
  7,031
  7,423
  7,833
  8,262
  8,712
  9,183
  9,678
  10,196
  10,739
  11,308
  11,905
  12,532
Total liabilities, $m
  2,470
  2,644
  2,827
  3,016
  3,213
  3,418
  3,631
  3,853
  4,085
  4,326
  4,577
  4,840
  5,114
  5,400
  5,698
  6,011
  6,337
  6,679
  7,036
  7,410
  7,802
  8,212
  8,641
  9,091
  9,562
  10,057
  10,575
  11,118
  11,687
  12,284
  12,911
Total equity, $m
  1,009
  1,023
  1,094
  1,167
  1,243
  1,323
  1,405
  1,491
  1,581
  1,674
  1,771
  1,873
  1,979
  2,089
  2,205
  2,326
  2,452
  2,584
  2,723
  2,867
  3,019
  3,178
  3,344
  3,518
  3,700
  3,892
  4,092
  4,302
  4,522
  4,754
  4,996
Total liabilities and equity, $m
  3,479
  3,667
  3,921
  4,183
  4,456
  4,741
  5,036
  5,344
  5,666
  6,000
  6,348
  6,713
  7,093
  7,489
  7,903
  8,337
  8,789
  9,263
  9,759
  10,277
  10,821
  11,390
  11,985
  12,609
  13,262
  13,949
  14,667
  15,420
  16,209
  17,038
  17,907
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
  2.450
  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
  168
  189
  211
  235
  259
  284
  311
  339
  368
  399
  431
  465
  500
  538
  577
  618
  661
  706
  754
  804
  857
  912
  971
  1,032
  1,097
  1,165
  1,237
  1,313
  1,392
Depreciation, amort., depletion, $m
  122
  131
  140
  149
  159
  169
  180
  190
  202
  214
  226
  238
  252
  266
  280
  296
  312
  329
  346
  365
  384
  404
  425
  447
  471
  495
  520
  547
  575
  605
  635
Funds from operations, $m
  399
  278
  308
  338
  370
  404
  438
  475
  513
  552
  594
  637
  683
  731
  781
  833
  888
  946
  1,007
  1,071
  1,138
  1,208
  1,282
  1,360
  1,441
  1,527
  1,618
  1,712
  1,812
  1,917
  2,028
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
  282
  311
  342
  374
  408
  443
  479
  517
  557
  599
  643
  689
  737
  787
  840
  895
  953
  1,014
  1,079
  1,146
  1,217
  1,291
  1,369
  1,451
  1,537
  1,628
  1,724
  1,824
  1,930
  2,041
Maintenance CAPEX, $m
  0
  -122
  -130
  -139
  -148
  -158
  -168
  -179
  -190
  -201
  -213
  -225
  -238
  -252
  -266
  -280
  -296
  -312
  -329
  -346
  -365
  -384
  -404
  -425
  -447
  -471
  -495
  -520
  -547
  -575
  -605
New CAPEX, $m
  -218
  -231
  -239
  -249
  -259
  -269
  -280
  -292
  -304
  -317
  -330
  -345
  -360
  -376
  -393
  -410
  -429
  -449
  -470
  -491
  -515
  -539
  -564
  -591
  -620
  -649
  -681
  -714
  -748
  -785
  -823
Cash from investing activities, $m
  -219
  -353
  -369
  -388
  -407
  -427
  -448
  -471
  -494
  -518
  -543
  -570
  -598
  -628
  -659
  -690
  -725
  -761
  -799
  -837
  -880
  -923
  -968
  -1,016
  -1,067
  -1,120
  -1,176
  -1,234
  -1,295
  -1,360
  -1,428
Free cash flow, $m
  134
  -70
  -58
  -46
  -33
  -20
  -6
  9
  24
  39
  56
  73
  90
  109
  129
  149
  170
  193
  216
  241
  267
  294
  322
  352
  384
  417
  453
  490
  528
  570
  613
Issuance/(repayment) of debt, $m
  -55
  174
  182
  189
  197
  205
  213
  222
  231
  241
  251
  262
  274
  286
  299
  312
  327
  342
  357
  374
  392
  410
  429
  450
  471
  494
  518
  543
  569
  597
  626
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
  174
  182
  189
  197
  205
  213
  222
  231
  241
  251
  262
  274
  286
  299
  312
  327
  342
  357
  374
  392
  410
  429
  450
  471
  494
  518
  543
  569
  597
  626
Total cash flow (excl. dividends), $m
  137
  104
  124
  144
  164
  185
  207
  231
  255
  281
  307
  335
  364
  395
  427
  461
  497
  534
  573
  615
  658
  704
  752
  802
  856
  912
  971
  1,033
  1,098
  1,167
  1,239
Retained Cash Flow (-), $m
  -84
  -65
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -231
  -242
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
 
  90
  54
  70
  88
  106
  125
  145
  166
  187
  210
  233
  258
  284
  312
  340
  370
  402
  435
  470
  507
  545
  586
  628
  673
  720
  770
  822
  878
  936
  997
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
 
  82
  44
  51
  57
  60
  61
  61
  58
  55
  50
  45
  40
  34
  28
  23
  19
  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 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 $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 7.1% 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 87.539 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 $8.0 billion.

RELATED COMPANIES Price Int.Val. Rating
SUI Sun Communitie 95.06 7.47  str.sell
UMH UMH Properties 15.06 2.34  str.sell
ESS Essex Property 247.98 23.46  str.sell
AMH American Homes 21.91 3.75  str.sell
EDR Education Real 36.05 6.14  str.sell
MAA Mid-America Ap 102.57 14.11  str.sell

COMPANY NEWS

▶ 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]
▶ 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]
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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