Intrinsic value of Empire State Realty OP Un Series ES - ESBA

Previous Close

$16.88

  Intrinsic Value

$48.36

stock screener

  Rating & Target

str. buy

+186%

Previous close

$16.88

 
Intrinsic value

$48.36

 
Up/down potential

+186%

 
Rating

str. buy

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

We calculate the intrinsic value of ESBA 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, %
  3.04
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  678
  748
  786
  826
  868
  912
  958
  1,007
  1,058
  1,111
  1,167
  1,226
  1,287
  1,352
  1,420
  1,491
  1,566
  1,645
  1,727
  1,814
  1,905
  2,000
  2,101
  2,206
  2,316
  2,432
  2,554
  2,682
  2,816
  2,957
  3,105
Variable operating expenses, $m
 
  502
  527
  554
  581
  610
  640
  672
  705
  740
  777
  805
  845
  888
  932
  979
  1,028
  1,080
  1,134
  1,191
  1,250
  1,313
  1,379
  1,448
  1,521
  1,597
  1,677
  1,761
  1,849
  1,941
  2,038
Fixed operating expenses, $m
 
  39
  40
  41
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  55
  56
  57
  59
  60
  61
  63
  64
  65
  67
  68
  70
  71
  73
Total operating expenses, $m
  493
  541
  567
  595
  622
  652
  683
  716
  750
  786
  824
  853
  894
  938
  984
  1,032
  1,082
  1,135
  1,190
  1,248
  1,309
  1,373
  1,440
  1,511
  1,585
  1,662
  1,744
  1,829
  1,919
  2,012
  2,111
Operating income, $m
  185
  207
  219
  232
  246
  260
  275
  291
  307
  324
  343
  373
  393
  414
  436
  460
  484
  510
  537
  566
  596
  627
  660
  695
  732
  770
  811
  853
  898
  945
  994
EBITDA, $m
  340
  642
  676
  711
  748
  788
  829
  872
  917
  964
  1,014
  1,067
  1,122
  1,180
  1,240
  1,304
  1,371
  1,441
  1,515
  1,593
  1,674
  1,760
  1,850
  1,944
  2,043
  2,147
  2,257
  2,372
  2,492
  2,619
  2,752
Interest expense (income), $m
  69
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
Earnings before tax, $m
  113
  207
  220
  232
  246
  260
  275
  290
  306
  324
  342
  372
  392
  413
  435
  458
  482
  508
  535
  563
  593
  624
  657
  691
  727
  765
  805
  848
  892
  938
  987
Tax expense, $m
  6
  56
  59
  63
  66
  70
  74
  78
  83
  87
  92
  100
  106
  111
  117
  124
  130
  137
  144
  152
  160
  168
  177
  187
  196
  207
  217
  229
  241
  253
  266
Net income, $m
  107
  151
  160
  170
  179
  190
  200
  212
  224
  236
  249
  271
  286
  301
  317
  334
  352
  371
  390
  411
  433
  455
  479
  504
  531
  559
  588
  619
  651
  685
  721

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  554
  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
  3,891
  49
  52
  55
  57
  60
  63
  67
  70
  73
  77
  81
  85
  89
  94
  99
  104
  109
  114
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  195
  205
Adjusted assets (=assets-cash), $m
  3,337
  49
  52
  55
  57
  60
  63
  67
  70
  73
  77
  81
  85
  89
  94
  99
  104
  109
  114
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  195
  205
Revenue / Adjusted assets
  0.203
  15.265
  15.115
  15.018
  15.228
  15.200
  15.206
  15.030
  15.114
  15.219
  15.156
  15.136
  15.141
  15.191
  15.106
  15.061
  15.058
  15.092
  15.149
  15.117
  15.119
  15.152
  15.115
  15.110
  15.137
  15.106
  15.112
  15.153
  15.140
  15.164
  15.146
Average production assets, $m
  2,236
  4,236
  4,452
  4,678
  4,915
  5,164
  5,426
  5,700
  5,987
  6,289
  6,606
  6,939
  7,288
  7,655
  8,039
  8,443
  8,867
  9,312
  9,779
  10,269
  10,784
  11,325
  11,892
  12,488
  13,114
  13,770
  14,460
  15,184
  15,944
  16,742
  17,580
Working capital, $m
  0
  -1,536
  -1,614
  -1,696
  -1,782
  -1,872
  -1,967
  -2,066
  -2,170
  -2,280
  -2,395
  -2,515
  -2,642
  -2,775
  -2,914
  -3,060
  -3,214
  -3,375
  -3,545
  -3,722
  -3,909
  -4,105
  -4,311
  -4,527
  -4,753
  -4,991
  -5,241
  -5,504
  -5,779
  -6,069
  -6,372
Total debt, $m
  1,612
  -3
  0
  2
  5
  7
  10
  13
  16
  19
  22
  26
  29
  33
  37
  42
  46
  51
  56
  61
  66
  72
  78
  84
  91
  98
  105
  112
  120
  129
  138
Total liabilities, $m
  3,062
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  77
  80
  84
  89
  93
  98
  103
  108
  113
  119
  125
  131
  138
  145
  152
  160
  168
  176
  185
Total equity, $m
  829
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
Total liabilities and equity, $m
  3,891
  50
  52
  54
  58
  60
  63
  67
  70
  73
  77
  81
  86
  89
  93
  99
  103
  109
  114
  120
  126
  132
  139
  146
  153
  161
  169
  178
  187
  196
  206
Debt-to-equity ratio
  1.945
  -0.520
  -0.060
  0.380
  0.790
  1.190
  1.570
  1.920
  2.260
  2.590
  2.890
  3.190
  3.470
  3.730
  3.980
  4.220
  4.450
  4.670
  4.880
  5.070
  5.260
  5.440
  5.610
  5.770
  5.920
  6.070
  6.210
  6.340
  6.470
  6.590
  6.710
Adjusted equity ratio
  0.082
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  107
  151
  160
  170
  179
  190
  200
  212
  224
  236
  249
  271
  286
  301
  317
  334
  352
  371
  390
  411
  433
  455
  479
  504
  531
  559
  588
  619
  651
  685
  721
Depreciation, amort., depletion, $m
  155
  435
  456
  479
  503
  528
  554
  581
  610
  640
  672
  694
  729
  765
  804
  844
  887
  931
  978
  1,027
  1,078
  1,132
  1,189
  1,249
  1,311
  1,377
  1,446
  1,518
  1,594
  1,674
  1,758
Funds from operations, $m
  196
  586
  617
  648
  682
  717
  754
  793
  834
  876
  921
  965
  1,015
  1,067
  1,121
  1,178
  1,239
  1,302
  1,368
  1,438
  1,511
  1,588
  1,669
  1,753
  1,842
  1,936
  2,034
  2,137
  2,245
  2,359
  2,479
Change in working capital, $m
  -23
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -121
  -127
  -133
  -139
  -146
  -154
  -161
  -169
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -276
  -289
  -304
Cash from operations, $m
  219
  660
  695
  730
  768
  807
  849
  892
  938
  986
  1,036
  1,086
  1,141
  1,199
  1,261
  1,325
  1,392
  1,463
  1,537
  1,616
  1,698
  1,784
  1,874
  1,969
  2,069
  2,174
  2,284
  2,399
  2,521
  2,648
  2,782
Maintenance CAPEX, $m
  0
  -403
  -424
  -445
  -468
  -492
  -516
  -543
  -570
  -599
  -629
  -661
  -694
  -729
  -765
  -804
  -844
  -887
  -931
  -978
  -1,027
  -1,078
  -1,132
  -1,189
  -1,249
  -1,311
  -1,377
  -1,446
  -1,518
  -1,594
  -1,674
New CAPEX, $m
  -182
  -203
  -216
  -226
  -237
  -249
  -261
  -274
  -288
  -302
  -317
  -333
  -349
  -366
  -385
  -404
  -424
  -445
  -467
  -490
  -515
  -541
  -567
  -596
  -626
  -657
  -690
  -724
  -760
  -798
  -838
Cash from investing activities, $m
  -182
  -606
  -640
  -671
  -705
  -741
  -777
  -817
  -858
  -901
  -946
  -994
  -1,043
  -1,095
  -1,150
  -1,208
  -1,268
  -1,332
  -1,398
  -1,468
  -1,542
  -1,619
  -1,699
  -1,785
  -1,875
  -1,968
  -2,067
  -2,170
  -2,278
  -2,392
  -2,512
Free cash flow, $m
  37
  55
  55
  59
  63
  67
  71
  75
  80
  85
  90
  93
  98
  104
  110
  117
  124
  131
  139
  147
  156
  165
  174
  184
  195
  206
  217
  230
  242
  256
  270
Issuance/(repayment) of debt, $m
  -22
  -3
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Issuance/(repurchase) of shares, $m
  611
  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  
  585
  -3
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Total cash flow (excl. dividends), $m
  622
  52
  58
  61
  65
  69
  74
  78
  83
  88
  93
  96
  102
  108
  115
  121
  129
  136
  144
  152
  161
  170
  180
  190
  201
  213
  225
  237
  250
  264
  279
Retained Cash Flow (-), $m
  19
  -5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
Cash available for distribution, $m
 
  47
  57
  61
  65
  69
  73
  78
  83
  88
  93
  96
  101
  108
  114
  121
  128
  136
  143
  152
  161
  170
  180
  190
  201
  212
  224
  236
  250
  263
  278
Discount rate, %
 
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
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  0.00
  0.00
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  0.00
PV of cash for distribution, $m
 
  47
  57
  61
  65
  69
  73
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  83
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  93
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  101
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  143
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  250
  263
  278
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
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  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
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  100.0
  100.0
  100.0
  100.0
  100.0

Empire State Realty OP, L.P. is a self-administered and self-managed real estate investment trust. The Company owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building. Its segments include real estate segment and an observatory segment. The real estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of its real estate assets. The observatory segment operates the 86th and 102nd floor observatories at the Empire State Building. As of December 31, 2016, the Company's total portfolio included 10.1 million rentable square feet of office and retail space. As of December 31, 2016, the Company owned 14 office properties (including three long-term ground leasehold interests) encompassing approximately 9.4 million rentable square feet of office space.

FINANCIAL RATIOS  of  Empire State Realty OP Un Series ES (ESBA)

Valuation Ratios
P/E Ratio 22.6
Price to Sales 3.6
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow 65.4
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.2%
Cap. Spend. - 3 Yr. Gr. Rate 10%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 194.5%
Total Debt to Equity 194.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 12.8%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 57.4%
Gross Margin - 3 Yr. Avg. 54.7%
EBITDA Margin 49.7%
EBITDA Margin - 3 Yr. Avg. 47.5%
Operating Margin 27.3%
Oper. Margin - 3 Yr. Avg. 24.2%
Pre-Tax Margin 16.7%
Pre-Tax Margin - 3 Yr. Avg. 13.7%
Net Profit Margin 15.8%
Net Profit Margin - 3 Yr. Avg. 13%
Effective Tax Rate 5.3%
Eff/ Tax Rate - 3 Yr. Avg. 5.6%
Payout Ratio 106.5%

ESBA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESBA stock intrinsic value calculation we used $712 million for the last fiscal year's total revenue generated by Empire State Realty OP Un Series ES. The default revenue input number comes from 2016 income statement of Empire State Realty OP Un Series ES. 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 ESBA stock valuation model: a) initial revenue growth rate of 5.1% 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 0%, whose default value for ESBA is calculated based on our internal credit rating of Empire State Realty OP Un Series ES, 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 Empire State Realty OP Un Series ES.
    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 ESBA stock the variable cost ratio is equal to 67.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $38 million in the base year in the intrinsic value calculation for ESBA 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 5.4% for Empire State Realty OP Un Series ES.

Corporate tax rate of 27% is the nominal tax rate for Empire State Realty OP Un Series ES. 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 ESBA stock is equal to 2%.

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 ESBA are equal to 566.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Empire State Realty OP Un Series ES 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 ESBA is equal to -205.2%. 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 Empire State Realty OP Un Series ES - 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 296 million for Empire State Realty OP Un Series ES 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 Empire State Realty OP Un Series ES at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ Should You Buy Empire State Realty Trust Inc (NYSE:ESRT) Now?   [May-15-18 02:59PM  Simply Wall St.]
▶ Empire State Realty Trust: 1Q Earnings Snapshot   [Apr-25-18 05:37PM  Associated Press]
▶ New Strong Sell Stocks for April 13th   [Apr-13-18 06:38AM  Zacks]
▶ [$$] Yerak's Take: Pacifica Insiders Question Loan   [Apr-12-18 03:53PM  The Wall Street Journal]
▶ Empire State Realty Trust reports 4Q results   [Feb-21-18 07:25PM  Associated Press]
▶ Opening Bell, January 30, 2018   [Jan-30-18 09:29AM  CNBC Videos]
▶ 3 Top New York Stocks to Consider Buying Now   [Jan-24-18 06:52AM  Motley Fool]
▶ [$$] Pacifica Approves Using Los Angeles Building to Back Loan   [Jan-22-18 10:59AM  The Wall Street Journal]
▶ 5 Top Diversified REIT Stocks to Consider Buying Now   [Nov-13-17 07:03AM  Motley Fool]
▶ Empire State Realty Trust reports 3Q results   [Oct-31-17 05:25PM  Associated Press]
▶ Empire State Realty Trust reports 2Q results   [Jul-26-17 11:39PM  Associated Press]
▶ 5 Top Diversified REIT Stocks to Buy in 2017   [Jun-27-17 10:02AM  Motley Fool]
▶ Empire State Realty Trust reports 1Q results   [Apr-26-17 05:58PM  Associated Press]
▶ NYC to Get 1,020-Foot Skydeck Near Grand Central Terminal   [Dec-05-16 05:00AM  at Bloomberg]
▶ [$$] Qatar Buys Stake in Empire State Building   [12:50AM  at The Wall Street Journal]
▶ Qatar fund buys stake in Empire State Building   [Aug-23-16 09:17PM  at MarketWatch]
▶ [$$] Qatar Buys Stake in Empire State   [08:58PM  at The Wall Street Journal]
▶ Today's Bell Ringer, July 19th, 2016   [Jul-19-16 09:17AM  CNBC Videos]
▶ 5 REITs to Trade for Gains in 2016   [Jan-16-16 01:00PM  TheStreet.com]
▶ How the Empire State Building Makes Money (In One Chart)   [Sep-11  12:21PM  at Motley Fool]
▶ The 3 Best Stocks to Invest in New York Real Estate   [Sep-06  08:20PM  at Motley Fool]
▶ Mooring Mast Misses the Point   [Aug-31  12:08AM  at The Wall Street Journal]
▶ Raising the Glass at the Empire State Building   [12:07AM  at The Wall Street Journal]
▶ Raising the Glass at the Empire State Building   [Aug-30  08:35PM  at The Wall Street Journal]
▶ Manufacturing in New York shrinks by most since 2009   [Aug-17  10:11AM  at USA TODAY]
▶ A Striking Change of Leasing Agent for Empire State Building   [Aug-10  12:02AM  at The Wall Street Journal]
▶ A Striking Change of Leasing Agent for Empire State Building   [Aug-09  09:37PM  at The Wall Street Journal]
▶ Pitching It After Decades in Business   [Jun-18  11:01PM  at The Wall Street Journal]
▶ Pitching It After Decades in Business   [08:47PM  at The Wall Street Journal]
Financial statements of ESBA
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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