Intrinsic value of EPR Properties - EPR

Previous Close

$70.69

  Intrinsic Value

$7.31

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+17%

Previous close

$70.69

 
Intrinsic value

$7.31

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+17%

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

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

We calculate the intrinsic value of EPR 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 5.3

 

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, %
  17.10
  25.40
  23.36
  21.52
  19.87
  18.38
  17.05
  15.84
  14.76
  13.78
  12.90
  12.11
  11.40
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
Revenue, $m
  493
  618
  763
  927
  1,111
  1,315
  1,539
  1,783
  2,046
  2,328
  2,629
  2,947
  3,283
  3,637
  4,007
  4,394
  4,799
  5,220
  5,659
  6,115
  6,589
  7,082
  7,594
  8,127
  8,680
  9,255
  9,853
  10,476
  11,124
  11,799
  12,502
Variable operating expenses, $m
 
  51
  63
  77
  92
  109
  128
  148
  170
  193
  218
  244
  272
  301
  332
  364
  397
  432
  469
  506
  546
  586
  629
  673
  719
  766
  816
  867
  921
  977
  1,035
Fixed operating expenses, $m
 
  142
  146
  150
  153
  157
  161
  165
  169
  174
  178
  182
  187
  192
  196
  201
  206
  212
  217
  222
  228
  233
  239
  245
  251
  258
  264
  271
  278
  284
  292
Total operating expenses, $m
  177
  193
  209
  227
  245
  266
  289
  313
  339
  367
  396
  426
  459
  493
  528
  565
  603
  644
  686
  728
  774
  819
  868
  918
  970
  1,024
  1,080
  1,138
  1,199
  1,261
  1,327
Operating income, $m
  317
  424
  553
  700
  865
  1,049
  1,251
  1,470
  1,708
  1,962
  2,233
  2,521
  2,825
  3,144
  3,479
  3,829
  4,195
  4,576
  4,973
  5,386
  5,816
  6,262
  6,726
  7,208
  7,710
  8,231
  8,773
  9,338
  9,925
  10,538
  11,175
EBITDA, $m
  425
  578
  743
  931
  1,142
  1,377
  1,634
  1,914
  2,217
  2,542
  2,888
  3,255
  3,642
  4,050
  4,477
  4,924
  5,390
  5,876
  6,382
  6,909
  7,457
  8,026
  8,617
  9,232
  9,871
  10,536
  11,227
  11,946
  12,695
  13,475
  14,289
Interest expense (income), $m
  96
  107
  136
  169
  208
  251
  298
  351
  407
  469
  535
  605
  679
  757
  840
  926
  1,016
  1,110
  1,209
  1,311
  1,417
  1,528
  1,643
  1,762
  1,886
  2,015
  2,149
  2,289
  2,434
  2,585
  2,742
Earnings before tax, $m
  226
  318
  418
  531
  658
  798
  952
  1,120
  1,300
  1,493
  1,699
  1,916
  2,146
  2,387
  2,639
  2,903
  3,179
  3,466
  3,765
  4,076
  4,399
  4,734
  5,083
  5,446
  5,823
  6,216
  6,624
  7,049
  7,491
  7,953
  8,433
Tax expense, $m
  1
  86
  113
  143
  178
  216
  257
  302
  351
  403
  459
  517
  579
  644
  713
  784
  858
  936
  1,016
  1,100
  1,188
  1,278
  1,373
  1,470
  1,572
  1,678
  1,788
  1,903
  2,023
  2,147
  2,277
Net income, $m
  225
  232
  305
  387
  480
  583
  695
  817
  949
  1,090
  1,240
  1,399
  1,566
  1,742
  1,927
  2,120
  2,321
  2,530
  2,748
  2,975
  3,211
  3,456
  3,711
  3,976
  4,251
  4,538
  4,836
  5,146
  5,469
  5,805
  6,156

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  4,865
  6,061
  7,477
  9,086
  10,892
  12,894
  15,092
  17,483
  20,063
  22,828
  25,773
  28,895
  32,190
  35,654
  39,285
  43,083
  47,047
  51,178
  55,478
  59,950
  64,600
  69,432
  74,453
  79,672
  85,096
  90,735
  96,601
  102,704
  109,058
  115,675
  122,570
Adjusted assets (=assets-cash), $m
  4,846
  6,061
  7,477
  9,086
  10,892
  12,894
  15,092
  17,483
  20,063
  22,828
  25,773
  28,895
  32,190
  35,654
  39,285
  43,083
  47,047
  51,178
  55,478
  59,950
  64,600
  69,432
  74,453
  79,672
  85,096
  90,735
  96,601
  102,704
  109,058
  115,675
  122,570
Revenue / Adjusted assets
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
Average production assets, $m
  3,683
  4,618
  5,697
  6,923
  8,299
  9,825
  11,499
  13,321
  15,287
  17,393
  19,638
  22,016
  24,527
  27,166
  29,933
  32,827
  35,847
  38,994
  42,271
  45,679
  49,221
  52,903
  56,729
  60,705
  64,838
  69,135
  73,604
  78,255
  83,096
  88,138
  93,391
Working capital, $m
  0
  -24
  -30
  -36
  -43
  -51
  -60
  -70
  -80
  -91
  -103
  -115
  -128
  -142
  -156
  -171
  -187
  -204
  -221
  -238
  -257
  -276
  -296
  -317
  -339
  -361
  -384
  -409
  -434
  -460
  -488
Total debt, $m
  2,486
  3,159
  3,942
  4,832
  5,830
  6,937
  8,153
  9,475
  10,902
  12,431
  14,060
  15,786
  17,608
  19,524
  21,532
  23,632
  25,824
  28,108
  30,486
  32,960
  35,531
  38,203
  40,980
  43,866
  46,865
  49,984
  53,227
  56,603
  60,116
  63,775
  67,588
Total liabilities, $m
  2,679
  3,352
  4,135
  5,025
  6,023
  7,130
  8,346
  9,668
  11,095
  12,624
  14,253
  15,979
  17,801
  19,717
  21,725
  23,825
  26,017
  28,301
  30,679
  33,153
  35,724
  38,396
  41,173
  44,059
  47,058
  50,177
  53,420
  56,796
  60,309
  63,968
  67,781
Total equity, $m
  2,186
  2,709
  3,342
  4,062
  4,869
  5,764
  6,746
  7,815
  8,968
  10,204
  11,521
  12,916
  14,389
  15,937
  17,561
  19,258
  21,030
  22,876
  24,799
  26,798
  28,876
  31,036
  33,281
  35,613
  38,038
  40,559
  43,181
  45,909
  48,749
  51,707
  54,789
Total liabilities and equity, $m
  4,865
  6,061
  7,477
  9,087
  10,892
  12,894
  15,092
  17,483
  20,063
  22,828
  25,774
  28,895
  32,190
  35,654
  39,286
  43,083
  47,047
  51,177
  55,478
  59,951
  64,600
  69,432
  74,454
  79,672
  85,096
  90,736
  96,601
  102,705
  109,058
  115,675
  122,570
Debt-to-equity ratio
  1.137
  1.170
  1.180
  1.190
  1.200
  1.200
  1.210
  1.210
  1.220
  1.220
  1.220
  1.220
  1.220
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
Adjusted equity ratio
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  225
  232
  305
  387
  480
  583
  695
  817
  949
  1,090
  1,240
  1,399
  1,566
  1,742
  1,927
  2,120
  2,321
  2,530
  2,748
  2,975
  3,211
  3,456
  3,711
  3,976
  4,251
  4,538
  4,836
  5,146
  5,469
  5,805
  6,156
Depreciation, amort., depletion, $m
  108
  154
  190
  231
  277
  328
  383
  444
  510
  580
  655
  734
  818
  906
  998
  1,094
  1,195
  1,300
  1,409
  1,523
  1,641
  1,763
  1,891
  2,024
  2,161
  2,304
  2,453
  2,608
  2,770
  2,938
  3,113
Funds from operations, $m
  276
  386
  495
  618
  757
  910
  1,079
  1,262
  1,459
  1,670
  1,895
  2,133
  2,384
  2,648
  2,925
  3,214
  3,516
  3,830
  4,157
  4,498
  4,852
  5,220
  5,602
  5,999
  6,412
  6,842
  7,289
  7,754
  8,239
  8,743
  9,269
Change in working capital, $m
  -30
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
Cash from operations, $m
  306
  391
  500
  625
  764
  918
  1,087
  1,271
  1,469
  1,681
  1,906
  2,145
  2,397
  2,662
  2,939
  3,229
  3,531
  3,846
  4,174
  4,516
  4,870
  5,239
  5,622
  6,020
  6,434
  6,864
  7,312
  7,779
  8,264
  8,770
  9,297
Maintenance CAPEX, $m
  0
  -123
  -154
  -190
  -231
  -277
  -327
  -383
  -444
  -510
  -580
  -655
  -734
  -818
  -906
  -998
  -1,094
  -1,195
  -1,300
  -1,409
  -1,523
  -1,641
  -1,763
  -1,891
  -2,024
  -2,161
  -2,304
  -2,453
  -2,608
  -2,770
  -2,938
New CAPEX, $m
  -633
  -936
  -1,079
  -1,226
  -1,376
  -1,526
  -1,675
  -1,822
  -1,966
  -2,107
  -2,244
  -2,379
  -2,510
  -2,639
  -2,767
  -2,894
  -3,020
  -3,147
  -3,276
  -3,408
  -3,543
  -3,682
  -3,826
  -3,976
  -4,133
  -4,297
  -4,469
  -4,650
  -4,841
  -5,042
  -5,254
Cash from investing activities, $m
  -662
  -1,059
  -1,233
  -1,416
  -1,607
  -1,803
  -2,002
  -2,205
  -2,410
  -2,617
  -2,824
  -3,034
  -3,244
  -3,457
  -3,673
  -3,892
  -4,114
  -4,342
  -4,576
  -4,817
  -5,066
  -5,323
  -5,589
  -5,867
  -6,157
  -6,458
  -6,773
  -7,103
  -7,449
  -7,812
  -8,192
Free cash flow, $m
  -356
  -668
  -732
  -791
  -842
  -884
  -915
  -934
  -941
  -935
  -918
  -888
  -847
  -795
  -734
  -663
  -583
  -496
  -402
  -301
  -195
  -84
  32
  153
  278
  406
  539
  675
  814
  958
  1,105
Issuance/(repayment) of debt, $m
  515
  673
  783
  890
  998
  1,107
  1,215
  1,322
  1,427
  1,529
  1,629
  1,726
  1,822
  1,916
  2,008
  2,100
  2,192
  2,284
  2,378
  2,473
  2,571
  2,672
  2,777
  2,886
  3,000
  3,119
  3,244
  3,375
  3,514
  3,659
  3,813
Issuance/(repurchase) of shares, $m
  137
  310
  328
  332
  327
  312
  287
  251
  204
  146
  77
  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  
  637
  983
  1,111
  1,222
  1,325
  1,419
  1,502
  1,573
  1,631
  1,675
  1,706
  1,726
  1,822
  1,916
  2,008
  2,100
  2,192
  2,284
  2,378
  2,473
  2,571
  2,672
  2,777
  2,886
  3,000
  3,119
  3,244
  3,375
  3,514
  3,659
  3,813
Total cash flow (excl. dividends), $m
  281
  316
  379
  430
  483
  536
  588
  639
  690
  740
  788
  838
  975
  1,120
  1,275
  1,438
  1,609
  1,788
  1,976
  2,172
  2,376
  2,588
  2,809
  3,039
  3,277
  3,525
  3,782
  4,050
  4,328
  4,617
  4,918
Retained Cash Flow (-), $m
  -112
  -542
  -633
  -719
  -807
  -895
  -982
  -1,069
  -1,153
  -1,236
  -1,317
  -1,396
  -1,473
  -1,548
  -1,623
  -1,698
  -1,772
  -1,846
  -1,922
  -1,999
  -2,078
  -2,160
  -2,245
  -2,333
  -2,425
  -2,521
  -2,622
  -2,728
  -2,840
  -2,958
  -3,082
Prev. year cash balance distribution, $m
 
  19
  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
 
  -208
  -254
  -289
  -324
  -359
  -395
  -429
  -463
  -496
  -529
  -557
  -498
  -428
  -349
  -260
  -163
  -58
  54
  173
  298
  428
  565
  706
  853
  1,004
  1,160
  1,322
  1,488
  1,659
  1,836
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  -191
  -213
  -219
  -220
  -216
  -208
  -197
  -182
  -165
  -147
  -128
  -93
  -64
  -41
  -23
  -11
  -3
  2
  4
  5
  5
  5
  4
  3
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  94.4
  89.9
  86.4
  83.6
  81.4
  79.8
  78.6
  77.7
  77.2
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0

EPR Properties is a specialty real estate investment trust. The Company's investment portfolio includes primarily entertainment, education and recreation properties. The Company's segments include Entertainment, Education, Recreation and Other. The Entertainment segment consists of investments in megaplex theatres, entertainment retail centers, family entertainment centers and other retail parcels. The Education segment consists of investments in public charter schools, early education centers and K-12 private schools. The Recreation segment consists of investments in ski areas, waterparks, golf entertainment complexes and other recreation. The Other segment consists primarily of land under ground lease, property under development and land held for development. As of December 31, 2016, the Company's owned real estate portfolio of megaplex theatres consisted of approximately 10.6 million square feet.

FINANCIAL RATIOS  of  EPR Properties (EPR)

Valuation Ratios
P/E Ratio 20
Price to Sales 9.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow -13.8
Growth Rates
Sales Growth Rate 17.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.7%
Cap. Spend. - 3 Yr. Gr. Rate 14.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 113.7%
Total Debt to Equity 113.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 95.5%
Gross Margin - 3 Yr. Avg. 94.5%
EBITDA Margin 87.2%
EBITDA Margin - 3 Yr. Avg. 87.6%
Operating Margin 64.1%
Oper. Margin - 3 Yr. Avg. 63.7%
Pre-Tax Margin 45.8%
Pre-Tax Margin - 3 Yr. Avg. 46.3%
Net Profit Margin 45.6%
Net Profit Margin - 3 Yr. Avg. 46.2%
Effective Tax Rate 0.4%
Eff/ Tax Rate - 3 Yr. Avg. 1.1%
Payout Ratio 118.2%

EPR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EPR stock intrinsic value calculation we used $493 million for the last fiscal year's total revenue generated by EPR Properties. The default revenue input number comes from 2016 income statement of EPR 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 EPR stock valuation model: a) initial revenue growth rate of 25.4% 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 8.8%, whose default value for EPR is calculated based on our internal credit rating of EPR 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 EPR 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 EPR stock the variable cost ratio is equal to 8.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $139 million in the base year in the intrinsic value calculation for EPR 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 4.3% for EPR Properties.

Corporate tax rate of 27% is the nominal tax rate for EPR 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 EPR 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 EPR are equal to 747%.

Life of production assets of 34.1 years is the average useful life of capital assets used in EPR 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 EPR is equal to -3.9%. 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 - $2186 million for EPR 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 74.765 million for EPR 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 EPR Properties at the current share price and the inputted number of shares is $5.3 billion.

RELATED COMPANIES Price Int.Val. Rating
RGC Regal Entertai 16.56 1.18  str.sell
SKIS Peak Resorts 4.90 19.02  str.buy
CNK Cinemark Holdi 35.80 36.33  hold
AMC AMC Entertainm 14.25 151.70  str.buy
BLK BlackRock 476.79 1,173.08  str.buy
BRT BRT Apartments 10.09 2.76  str.sell
ACC American Campu 43.77 6.32  str.sell
EDR Education Real 36.55 6.16  str.sell
SKT Tanger Factory 25.46 2.83  str.sell
RPAI Retail Propert 12.98 2.29  str.sell

COMPANY NEWS

▶ 10 Ideas for Generating Monthly Dividends   [Oct-12-17 04:44PM  TheStreet.com]
▶ 3 'Commission-Free' 5%+ Yields To Buy Now   [Oct-10-17 09:16AM  Forbes]
▶ 3 Buys For Yields Up To 5.8% And 50% Upside   [Sep-26-17 08:30AM  Forbes]
▶ Forget Snap Inc (SNAP): Buy These Money Makers Instead   [Sep-20-17 07:11AM  InvestorPlace]
▶ Cramer Remix: The wrong reason to buy Nvidia   [Sep-18-17 07:22PM  CNBC Videos]
▶ City selects firm to build $60M Wet 'n' Wild Fort Lauderdale   [Aug-23-17 03:00PM  American City Business Journals]
▶ EPR Properties reports 2Q results   [Aug-04-17 02:50AM  Associated Press]
▶ EPR Properties Reports Second Quarter 2017 Results   [Aug-03-17 04:02PM  Business Wire]
▶ 4 Hidden Gem REITs Paying Up To 6.6%   [Jul-27-17 09:12AM  Forbes]
▶ ETFs with exposure to EPR Properties : July 24, 2017   [Jul-24-17 03:44PM  Capital Cube]
▶ ETFs with exposure to EPR Properties : July 14, 2017   [Jul-14-17 02:15PM  Capital Cube]
▶ 3 Stocks That Pay You Each Month   [Jul-05-17 08:42AM  Motley Fool]
▶ 5 Top Diversified REIT Stocks to Buy in 2017   [Jun-27-17 10:02AM  Motley Fool]
▶ 2017 CFO of the Year honorees: Mark Peterson   [Jun-23-17 06:20AM  American City Business Journals]
▶ EPR Properties to Present at NAREIT REITWeek 2017   [Jun-05-17 01:43PM  Business Wire]
▶ 3 Stocks to Buy With Dividends Yielding More Than 5%   [May-31-17 08:43AM  Motley Fool]
▶ ETFs with exposure to EPR Properties : May 23, 2017   [May-23-17 12:41PM  Capital Cube]
▶ 5 Top Retail REIT Stocks to Buy in 2017   [03:53PM  Motley Fool]
▶ EPR Properties: Cramer's Top Takeaways   [06:28AM  TheStreet.com]
▶ EPR Properties reports 1Q results   [May-02-17 05:56PM  Associated Press]
▶ New owners snatch up water park north of Houston   [09:30AM  American City Business Journals]
▶ ETFs with exposure to EPR Properties : April 7, 2017   [Apr-07-17 04:26PM  Capital Cube]
▶ EPR Properties purchases WetnWild Hawaii for undisclosed amount   [Apr-06-17 08:22PM  American City Business Journals]
▶ 5 Top Dividend Stocks in Diversified REITs   [Apr-03-17 01:23PM  Motley Fool]
▶ 3 Stocks to Buy with Dividends Yielding More than 5%   [Mar-12-17 09:23AM  Motley Fool]
▶ Retail REIT EPR Properties Could Test Its Long-Term Uptrend   [Mar-09-17 02:33PM  TheStreet.com]
Financial statements of EPR
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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