Intrinsic value of Equity Commonwealth - EQC

Previous Close

$31.23

  Intrinsic Value

$9.78

stock screener

  Rating & Target

str. sell

-69%

Previous close

$31.23

 
Intrinsic value

$9.78

 
Up/down potential

-69%

 
Rating

str. sell

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

We calculate the intrinsic value of EQC 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, %
  -29.93
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  501
  348
  356
  365
  375
  387
  399
  413
  427
  443
  460
  478
  498
  519
  541
  564
  589
  615
  642
  672
  702
  735
  769
  806
  844
  884
  926
  971
  1,017
  1,067
  1,119
Variable operating expenses, $m
 
  132
  135
  138
  142
  146
  150
  155
  160
  166
  172
  172
  179
  186
  194
  202
  211
  221
  230
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
  383
  401
Fixed operating expenses, $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
Total operating expenses, $m
  444
  132
  135
  138
  142
  146
  150
  155
  160
  166
  172
  172
  179
  186
  194
  202
  211
  221
  230
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
  383
  401
Operating income, $m
  57
  216
  221
  227
  234
  241
  249
  258
  267
  277
  288
  307
  319
  333
  347
  362
  377
  394
  412
  431
  450
  471
  493
  517
  541
  567
  594
  622
  652
  684
  717
EBITDA, $m
  181
  679
  695
  712
  732
  755
  779
  806
  834
  865
  898
  934
  972
  1,012
  1,055
  1,101
  1,149
  1,200
  1,254
  1,311
  1,371
  1,435
  1,502
  1,572
  1,647
  1,725
  1,808
  1,895
  1,986
  2,082
  2,183
Interest expense (income), $m
  85
  90
  90
  90
  90
  90
  90
  90
  90
  90
  90
  90
  91
  91
  91
  91
  91
  91
  91
  91
  91
  91
  92
  92
  92
  92
  92
  92
  93
  93
  93
Earnings before tax, $m
  234
  126
  131
  137
  144
  151
  159
  168
  177
  187
  198
  216
  229
  242
  256
  271
  287
  303
  321
  339
  359
  380
  402
  425
  449
  475
  502
  530
  560
  591
  624
Tax expense, $m
  1
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  58
  62
  65
  69
  73
  77
  82
  87
  92
  97
  103
  108
  115
  121
  128
  135
  143
  151
  160
  169
Net income, $m
  233
  92
  96
  100
  105
  110
  116
  122
  129
  137
  144
  158
  167
  177
  187
  198
  209
  221
  234
  248
  262
  277
  293
  310
  328
  347
  366
  387
  409
  432
  456

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,095
  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
  4,526
  -1,220
  -1,248
  -1,281
  -1,317
  -1,357
  -1,400
  -1,448
  -1,500
  -1,555
  -1,615
  -1,679
  -1,747
  -1,819
  -1,897
  -1,978
  -2,065
  -2,157
  -2,254
  -2,356
  -2,465
  -2,579
  -2,699
  -2,826
  -2,960
  -3,101
  -3,250
  -3,406
  -3,570
  -3,743
  -3,925
Adjusted assets (=assets-cash), $m
  2,431
  -1,220
  -1,248
  -1,281
  -1,317
  -1,357
  -1,400
  -1,448
  -1,500
  -1,555
  -1,615
  -1,679
  -1,747
  -1,819
  -1,897
  -1,978
  -2,065
  -2,157
  -2,254
  -2,356
  -2,465
  -2,579
  -2,699
  -2,826
  -2,960
  -3,101
  -3,250
  -3,406
  -3,570
  -3,743
  -3,925
Revenue / Adjusted assets
  0.206
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
  -0.285
Average production assets, $m
  2,545
  4,559
  4,664
  4,784
  4,918
  5,067
  5,231
  5,409
  5,602
  5,810
  6,033
  6,271
  6,526
  6,797
  7,085
  7,390
  7,714
  8,057
  8,419
  8,802
  9,207
  9,634
  10,084
  10,558
  11,058
  11,584
  12,139
  12,722
  13,336
  13,982
  14,661
Working capital, $m
  0
  -957
  -979
  -1,004
  -1,032
  -1,063
  -1,097
  -1,135
  -1,175
  -1,219
  -1,266
  -1,316
  -1,369
  -1,426
  -1,486
  -1,551
  -1,618
  -1,690
  -1,766
  -1,847
  -1,932
  -2,021
  -2,116
  -2,215
  -2,320
  -2,431
  -2,547
  -2,669
  -2,798
  -2,934
  -3,076
Total debt, $m
  1,142
  301
  301
  301
  301
  301
  302
  302
  302
  302
  302
  303
  303
  303
  304
  304
  304
  305
  305
  305
  306
  306
  307
  307
  308
  308
  309
  310
  310
  311
  312
Total liabilities, $m
  1,266
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Total equity, $m
  3,260
  -1,225
  -1,253
  -1,286
  -1,322
  -1,362
  -1,406
  -1,454
  -1,506
  -1,561
  -1,621
  -1,685
  -1,754
  -1,827
  -1,904
  -1,986
  -2,073
  -2,165
  -2,263
  -2,366
  -2,475
  -2,589
  -2,710
  -2,838
  -2,972
  -3,114
  -3,263
  -3,419
  -3,584
  -3,758
  -3,941
Total liabilities and equity, $m
  4,526
  -1,220
  -1,248
  -1,281
  -1,317
  -1,357
  -1,400
  -1,448
  -1,500
  -1,555
  -1,615
  -1,678
  -1,747
  -1,820
  -1,896
  -1,978
  -2,065
  -2,156
  -2,254
  -2,357
  -2,465
  -2,579
  -2,699
  -2,827
  -2,960
  -3,102
  -3,250
  -3,405
  -3,570
  -3,743
  -3,925
Debt-to-equity ratio
  0.350
  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
  0.479
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  233
  92
  96
  100
  105
  110
  116
  122
  129
  137
  144
  158
  167
  177
  187
  198
  209
  221
  234
  248
  262
  277
  293
  310
  328
  347
  366
  387
  409
  432
  456
Depreciation, amort., depletion, $m
  124
  463
  473
  485
  499
  514
  530
  548
  567
  588
  610
  627
  653
  680
  708
  739
  771
  806
  842
  880
  921
  963
  1,008
  1,056
  1,106
  1,158
  1,214
  1,272
  1,334
  1,398
  1,466
Funds from operations, $m
  136
  555
  569
  585
  604
  624
  646
  670
  696
  724
  755
  785
  820
  856
  895
  937
  981
  1,027
  1,076
  1,128
  1,183
  1,241
  1,302
  1,366
  1,434
  1,505
  1,580
  1,659
  1,742
  1,830
  1,922
Change in working capital, $m
  -27
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -94
  -100
  -105
  -110
  -116
  -122
  -129
  -136
  -143
Cash from operations, $m
  163
  574
  591
  611
  632
  655
  680
  707
  737
  768
  801
  835
  873
  913
  956
  1,001
  1,049
  1,099
  1,152
  1,208
  1,268
  1,330
  1,396
  1,465
  1,539
  1,615
  1,696
  1,782
  1,871
  1,965
  2,064
Maintenance CAPEX, $m
  0
  -446
  -456
  -466
  -478
  -492
  -507
  -523
  -541
  -560
  -581
  -603
  -627
  -653
  -680
  -708
  -739
  -771
  -806
  -842
  -880
  -921
  -963
  -1,008
  -1,056
  -1,106
  -1,158
  -1,214
  -1,272
  -1,334
  -1,398
New CAPEX, $m
  -3
  -95
  -105
  -120
  -135
  -149
  -164
  -178
  -193
  -208
  -223
  -239
  -255
  -271
  -288
  -306
  -324
  -343
  -363
  -383
  -404
  -427
  -450
  -474
  -500
  -526
  -554
  -583
  -614
  -646
  -679
Cash from investing activities, $m
  1,052
  -541
  -561
  -586
  -613
  -641
  -671
  -701
  -734
  -768
  -804
  -842
  -882
  -924
  -968
  -1,014
  -1,063
  -1,114
  -1,169
  -1,225
  -1,284
  -1,348
  -1,413
  -1,482
  -1,556
  -1,632
  -1,712
  -1,797
  -1,886
  -1,980
  -2,077
Free cash flow, $m
  1,215
  32
  30
  24
  19
  14
  10
  6
  3
  0
  -3
  -7
  -9
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -17
  -17
  -17
  -17
  -17
  -16
  -16
  -15
  -14
  -13
Issuance/(repayment) of debt, $m
  -560
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
Issuance/(repurchase) of shares, $m
  -345
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -134
  -141
  -149
  -157
  -165
  -174
  -183
Cash from financing (excl. dividends), $m  
  -905
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -127
  -133
  -140
  -148
  -156
  -164
  -173
  -182
Total cash flow (excl. dividends), $m
  310
  9
  2
  -8
  -17
  -26
  -34
  -41
  -49
  -56
  -62
  -71
  -77
  -83
  -89
  -95
  -101
  -107
  -113
  -119
  -125
  -132
  -138
  -144
  -151
  -158
  -165
  -172
  -179
  -187
  -195
Retained Cash Flow (-), $m
  108
  24
  28
  32
  36
  40
  44
  48
  52
  56
  60
  64
  68
  73
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  134
  141
  149
  157
  165
  174
  183
Prev. year cash balance distribution, $m
 
  1,201
  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
 
  21
  22
  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
 
  1,234
  30
  32
  36
  40
  44
  48
  52
  56
  60
  64
  68
  73
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  134
  141
  149
  157
  165
  174
  183
Discount rate, %
 
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
 
  1,065
  22
  20
  18
  17
  15
  12
  10
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  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 Commonwealth is an internally managed and self-advised real estate investment trust. The Company is engaged in the ownership and operation primarily of office buildings across the United States. The Company conducts its activities primarily through EQC Operating Trust (the Operating Trust). As of August 14, 2017, the Company's portfolio included 20 properties and 11 million square feet. As of December 31, 2016, its properties included Parkshore Plaza; 1225 Seventeenth Street; 1601 Dry Creek Drive; 97 Newberry Road; 33 Stiles Lane; 802 Delaware Avenue; 6600 North Military Trail; East Eisenhower Parkway; 2250 Pilot Knob Road; 411 Farwell Avenue; Cherrington Corporate Center; 1500 Market Street; Foster Plaza; 4515 Seton Center Parkway; Bridgepoint Square, and Research Park. As of December 31, 2016, the Company's land parcels included 625 Crane Street and Cabot Business Park Land.

FINANCIAL RATIOS  of  Equity Commonwealth (EQC)

Valuation Ratios
P/E Ratio 16.6
Price to Sales 7.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow 24.2
Growth Rates
Sales Growth Rate -29.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -54.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 35%
Total Debt to Equity 35%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 7%
Return On Equity - 3 Yr. Avg. 3.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 56.5%
EBITDA Margin 88.4%
EBITDA Margin - 3 Yr. Avg. 61.8%
Operating Margin 11.4%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 46.7%
Pre-Tax Margin - 3 Yr. Avg. 20.3%
Net Profit Margin 46.5%
Net Profit Margin - 3 Yr. Avg. 21.1%
Effective Tax Rate 0.4%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio 7.7%

EQC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EQC stock intrinsic value calculation we used $341 million for the last fiscal year's total revenue generated by Equity Commonwealth. The default revenue input number comes from 2016 income statement of Equity Commonwealth. 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 EQC stock valuation model: a) initial revenue growth rate of 2% 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 15.8%, whose default value for EQC is calculated based on our internal credit rating of Equity Commonwealth, 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 Commonwealth.
    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 EQC stock the variable cost ratio is equal to 37.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for EQC 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 29.9% for Equity Commonwealth.

Corporate tax rate of 27% is the nominal tax rate for Equity Commonwealth. 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 EQC stock is equal to 6.3%.

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 EQC are equal to 1310.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Equity Commonwealth 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 EQC is equal to -275%. 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 Commonwealth - 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 124 million for Equity Commonwealth 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 Commonwealth at the current share price and the inputted number of shares is $3.9 billion.

RELATED COMPANIES Price Int.Val. Rating
RMAX RE/MAX Holding 55.60 25.02  str.sell
EXPE Expedia Group 125.50 245.04  str.buy

COMPANY NEWS

▶ Equity Commonwealth Declares Series D Preferred Dividends   [Jul-12-18 04:15PM  Business Wire]
▶ 5 Stocks in Focus on New Analyst Coverage   [May-21-18 10:09AM  Zacks]
▶ Equity Commonwealth Continues Gutting Its Portfolio   [May-08-18 05:00PM  Motley Fool]
▶ Equity Commonwealth: 1Q Earnings Snapshot   [May-07-18 07:15PM  Associated Press]
▶ [$$] Sterling Bay Is in Advanced Talks to Buy Groupon Building in Chicago   [Dec-13-17 12:42AM  The Wall Street Journal]
▶ [$$] Sterling Bay Is in Advanced Talks to Buy Groupon Building in Chicago   [Dec-12-17 06:16PM  The Wall Street Journal]
▶ New Strong Sell Stocks for October 27th   [Oct-27-17 08:37AM  Zacks]
▶ Equity Commonwealth Continues Emptying Out Its Portfolio   [Oct-25-17 05:42PM  Motley Fool]
▶ Equity Commonwealth reports 3Q results   [Oct-24-17 05:05PM  Associated Press]
▶ Equity Commonwealth Declares Series D Preferred Dividends   [Oct-12-17 04:15PM  Business Wire]
▶ Equity Commonwealth reports 2Q results   [Jul-24-17 10:01PM  Associated Press]
▶ Equity Commonwealth Declares Series D Preferred Dividends   [Jun-30-17 04:05PM  Business Wire]
▶ [$$] Sam Zell Speaks His Mind   [Jun-18-17 03:00PM  The Wall Street Journal]
▶ Equity Commonwealth's Property Pare-Down Continues   [May-04-17 07:18PM  Motley Fool]
Financial statements of EQC
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.