Intrinsic value of Equity Lifestyle Properties - ELS

Previous Close

$87.25

  Intrinsic Value

$9.16

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+261%

Previous close

$87.25

 
Intrinsic value

$9.16

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+261%

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 7.6

 

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
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  863
  918
  976
  1,036
  1,098
  1,163
  1,231
  1,301
  1,375
  1,452
  1,533
  1,617
  1,705
  1,797
  1,893
  1,994
  2,099
  2,209
  2,325
  2,446
  2,573
  2,706
  2,846
  2,992
  3,145
  3,306
  3,475
  3,651
  3,837
  4,032
  4,236
Variable operating expenses, $m
 
  263
  279
  296
  314
  332
  352
  372
  393
  415
  438
  461
  486
  512
  540
  568
  598
  630
  663
  697
  734
  771
  811
  853
  897
  942
  990
  1,041
  1,094
  1,149
  1,208
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
  617
  641
  668
  695
  722
  752
  782
  813
  846
  880
  914
  950
  988
  1,027
  1,068
  1,110
  1,155
  1,201
  1,249
  1,299
  1,350
  1,405
  1,462
  1,521
  1,582
  1,646
  1,713
  1,783
  1,855
  1,932
Operating income, $m
  279
  302
  334
  368
  403
  440
  479
  519
  562
  607
  653
  703
  755
  809
  866
  926
  989
  1,055
  1,124
  1,197
  1,274
  1,355
  1,440
  1,530
  1,625
  1,724
  1,828
  1,938
  2,054
  2,176
  2,305
EBITDA, $m
  401
  432
  473
  515
  559
  605
  653
  704
  756
  812
  870
  931
  995
  1,062
  1,132
  1,206
  1,284
  1,366
  1,452
  1,542
  1,637
  1,736
  1,841
  1,951
  2,067
  2,189
  2,318
  2,453
  2,595
  2,744
  2,901
Interest expense (income), $m
  106
  105
  112
  121
  129
  138
  147
  157
  167
  178
  189
  200
  212
  225
  238
  252
  266
  281
  297
  314
  331
  349
  368
  388
  409
  431
  454
  478
  503
  530
  558
Earnings before tax, $m
  185
  197
  222
  247
  274
  302
  332
  362
  395
  429
  465
  503
  542
  584
  628
  674
  722
  773
  827
  884
  943
  1,006
  1,072
  1,142
  1,215
  1,293
  1,374
  1,460
  1,551
  1,646
  1,747
Tax expense, $m
  0
  53
  60
  67
  74
  82
  90
  98
  107
  116
  125
  136
  146
  158
  169
  182
  195
  209
  223
  239
  255
  272
  290
  308
  328
  349
  371
  394
  419
  445
  472
Net income, $m
  173
  144
  162
  181
  200
  221
  242
  265
  288
  313
  339
  367
  396
  426
  458
  492
  527
  565
  604
  645
  689
  734
  783
  834
  887
  944
  1,003
  1,066
  1,132
  1,202
  1,275

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
  3,644
  3,872
  4,109
  4,357
  4,615
  4,884
  5,164
  5,457
  5,763
  6,082
  6,416
  6,765
  7,130
  7,512
  7,911
  8,330
  8,768
  9,226
  9,707
  10,211
  10,739
  11,292
  11,872
  12,481
  13,119
  13,788
  14,490
  15,226
  15,998
  16,809
Adjusted assets (=assets-cash), $m
  3,428
  3,644
  3,872
  4,109
  4,357
  4,615
  4,884
  5,164
  5,457
  5,763
  6,082
  6,416
  6,765
  7,130
  7,512
  7,911
  8,330
  8,768
  9,226
  9,707
  10,211
  10,739
  11,292
  11,872
  12,481
  13,119
  13,788
  14,490
  15,226
  15,998
  16,809
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
  3,453
  3,669
  3,894
  4,128
  4,372
  4,627
  4,893
  5,170
  5,460
  5,763
  6,079
  6,410
  6,756
  7,117
  7,496
  7,892
  8,307
  8,742
  9,198
  9,675
  10,175
  10,700
  11,249
  11,826
  12,430
  13,064
  13,729
  14,427
  15,159
  15,927
Working capital, $m
  0
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -238
  -250
Total debt, $m
  2,091
  2,248
  2,413
  2,584
  2,762
  2,948
  3,142
  3,344
  3,555
  3,776
  4,006
  4,247
  4,498
  4,761
  5,037
  5,325
  5,627
  5,942
  6,273
  6,620
  6,983
  7,364
  7,763
  8,181
  8,620
  9,080
  9,562
  10,068
  10,599
  11,156
  11,740
Total liabilities, $m
  2,470
  2,627
  2,792
  2,963
  3,141
  3,327
  3,521
  3,723
  3,934
  4,155
  4,385
  4,626
  4,877
  5,140
  5,416
  5,704
  6,006
  6,321
  6,652
  6,999
  7,362
  7,743
  8,142
  8,560
  8,999
  9,459
  9,941
  10,447
  10,978
  11,535
  12,119
Total equity, $m
  1,009
  1,017
  1,080
  1,147
  1,216
  1,287
  1,363
  1,441
  1,522
  1,608
  1,697
  1,790
  1,887
  1,989
  2,096
  2,207
  2,324
  2,446
  2,574
  2,708
  2,849
  2,996
  3,151
  3,312
  3,482
  3,660
  3,847
  4,043
  4,248
  4,464
  4,690
Total liabilities and equity, $m
  3,479
  3,644
  3,872
  4,110
  4,357
  4,614
  4,884
  5,164
  5,456
  5,763
  6,082
  6,416
  6,764
  7,129
  7,512
  7,911
  8,330
  8,767
  9,226
  9,707
  10,211
  10,739
  11,293
  11,872
  12,481
  13,119
  13,788
  14,490
  15,226
  15,999
  16,809
Debt-to-equity ratio
  2.072
  2.210
  2.230
  2.250
  2.270
  2.290
  2.310
  2.320
  2.340
  2.350
  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
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
  144
  162
  181
  200
  221
  242
  265
  288
  313
  339
  367
  396
  426
  458
  492
  527
  565
  604
  645
  689
  734
  783
  834
  887
  944
  1,003
  1,066
  1,132
  1,202
  1,275
Depreciation, amort., depletion, $m
  122
  130
  138
  147
  155
  165
  174
  184
  194
  205
  217
  228
  240
  253
  267
  281
  296
  311
  327
  344
  362
  381
  401
  421
  443
  466
  489
  514
  540
  568
  597
Funds from operations, $m
  399
  274
  300
  327
  356
  385
  416
  449
  483
  518
  556
  595
  636
  679
  725
  773
  823
  876
  931
  990
  1,051
  1,116
  1,184
  1,255
  1,330
  1,409
  1,493
  1,580
  1,673
  1,770
  1,872
Change in working capital, $m
  46
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  353
  278
  304
  331
  359
  389
  420
  453
  487
  523
  560
  600
  641
  685
  730
  779
  829
  882
  938
  997
  1,058
  1,123
  1,192
  1,264
  1,339
  1,419
  1,503
  1,591
  1,683
  1,781
  1,884
Maintenance CAPEX, $m
  0
  -122
  -129
  -137
  -146
  -155
  -164
  -173
  -183
  -194
  -204
  -216
  -228
  -240
  -253
  -267
  -281
  -296
  -311
  -327
  -344
  -362
  -381
  -401
  -421
  -443
  -466
  -489
  -514
  -540
  -568
New CAPEX, $m
  -218
  -208
  -216
  -225
  -234
  -244
  -255
  -266
  -277
  -290
  -303
  -316
  -331
  -346
  -362
  -379
  -396
  -415
  -435
  -455
  -477
  -500
  -524
  -550
  -576
  -604
  -634
  -665
  -698
  -732
  -768
Cash from investing activities, $m
  -219
  -330
  -345
  -362
  -380
  -399
  -419
  -439
  -460
  -484
  -507
  -532
  -559
  -586
  -615
  -646
  -677
  -711
  -746
  -782
  -821
  -862
  -905
  -951
  -997
  -1,047
  -1,100
  -1,154
  -1,212
  -1,272
  -1,336
Free cash flow, $m
  134
  -52
  -42
  -32
  -21
  -10
  2
  14
  26
  40
  53
  68
  83
  99
  116
  133
  152
  171
  192
  214
  237
  261
  286
  313
  342
  371
  403
  436
  472
  509
  548
Issuance/(repayment) of debt, $m
  -55
  157
  164
  171
  178
  186
  194
  202
  211
  220
  230
  241
  252
  263
  275
  288
  302
  316
  331
  347
  363
  381
  399
  418
  439
  460
  482
  506
  531
  557
  584
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
  157
  164
  171
  178
  186
  194
  202
  211
  220
  230
  241
  252
  263
  275
  288
  302
  316
  331
  347
  363
  381
  399
  418
  439
  460
  482
  506
  531
  557
  584
Total cash flow (excl. dividends), $m
  137
  105
  123
  140
  157
  176
  195
  216
  237
  260
  284
  308
  334
  362
  391
  421
  454
  487
  523
  560
  600
  641
  685
  731
  780
  831
  885
  942
  1,002
  1,066
  1,132
Retained Cash Flow (-), $m
  -84
  -59
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -107
  -111
  -117
  -122
  -128
  -134
  -141
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -205
  -216
  -226
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
 
  98
  59
  73
  88
  104
  120
  138
  156
  175
  195
  215
  237
  260
  284
  310
  337
  365
  395
  426
  459
  494
  531
  570
  610
  653
  699
  747
  797
  850
  906
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
 
  89
  48
  54
  57
  59
  59
  58
  55
  51
  47
  42
  36
  31
  26
  21
  17
  13
  10
  7
  5
  4
  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 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 43.1
Price to Sales 8.6
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 21.1
Price to Free Cash Flow 55.3
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 6.4% 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 $7.6 billion.

RELATED COMPANIES Price Int.Val. Rating
SUI Sun Communitie 89.07 8.08  str.sell
UMH UMH Properties 15.19 2.75  str.sell
ESS Essex Property 262.70 23.58  str.sell
AMH American Homes 22.90 4.16  str.sell
EDR Education Real 38.08 6.17  str.sell
MAA Mid-America Ap 106.69 14.12  str.sell

COMPANY NEWS

▶ 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]
▶ 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]
Stock chart of ELS 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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