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

Previous Close

$20.79

  Intrinsic Value

$45.10

stock screener

  Rating & Target

str. buy

+117%

  Value-price divergence*

+166%

Previous close

$20.79

 
Intrinsic value

$45.10

 
Up/down potential

+117%

 
Rating

str. buy

 
Value-price divergence*

+166%

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

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

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

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 1.0

 

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, %
  3.04
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  678
  723
  769
  818
  868
  921
  975
  1,032
  1,092
  1,154
  1,219
  1,287
  1,358
  1,432
  1,509
  1,590
  1,675
  1,763
  1,856
  1,953
  2,055
  2,162
  2,274
  2,391
  2,514
  2,643
  2,778
  2,920
  3,069
  3,225
  3,389
Variable operating expenses, $m
 
  552
  584
  618
  653
  690
  728
  767
  809
  852
  897
  895
  944
  996
  1,050
  1,106
  1,165
  1,227
  1,291
  1,359
  1,430
  1,504
  1,582
  1,663
  1,749
  1,839
  1,933
  2,031
  2,135
  2,243
  2,357
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
  493
  552
  584
  618
  653
  690
  728
  767
  809
  852
  897
  895
  944
  996
  1,050
  1,106
  1,165
  1,227
  1,291
  1,359
  1,430
  1,504
  1,582
  1,663
  1,749
  1,839
  1,933
  2,031
  2,135
  2,243
  2,357
Operating income, $m
  185
  171
  185
  200
  215
  231
  248
  265
  283
  302
  322
  392
  413
  436
  459
  484
  510
  537
  565
  595
  626
  658
  692
  728
  765
  805
  846
  889
  934
  982
  1,032
EBITDA, $m
  348
  363
  386
  410
  436
  462
  490
  518
  548
  579
  612
  646
  681
  718
  757
  798
  841
  885
  932
  980
  1,032
  1,085
  1,141
  1,200
  1,262
  1,327
  1,394
  1,466
  1,540
  1,619
  1,701
Interest expense (income), $m
  69
  69
  75
  84
  94
  103
  113
  124
  134
  146
  158
  170
  183
  196
  211
  225
  241
  257
  274
  292
  310
  329
  350
  371
  394
  417
  442
  467
  494
  523
  552
Earnings before tax, $m
  113
  102
  110
  116
  122
  128
  135
  142
  149
  156
  164
  222
  230
  239
  249
  259
  269
  280
  291
  303
  316
  329
  342
  357
  372
  388
  404
  422
  440
  459
  479
Tax expense, $m
  6
  27
  30
  31
  33
  35
  36
  38
  40
  42
  44
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  124
  129
Net income, $m
  107
  74
  80
  84
  89
  93
  98
  103
  109
  114
  120
  162
  168
  175
  182
  189
  196
  204
  213
  221
  230
  240
  250
  260
  271
  283
  295
  308
  321
  335
  350

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
  3,560
  3,790
  4,028
  4,277
  4,535
  4,805
  5,086
  5,379
  5,685
  6,005
  6,339
  6,687
  7,052
  7,433
  7,832
  8,249
  8,686
  9,144
  9,623
  10,125
  10,651
  11,202
  11,780
  12,386
  13,021
  13,687
  14,385
  15,118
  15,886
  16,693
Adjusted assets (=assets-cash), $m
  3,337
  3,560
  3,790
  4,028
  4,277
  4,535
  4,805
  5,086
  5,379
  5,685
  6,005
  6,339
  6,687
  7,052
  7,433
  7,832
  8,249
  8,686
  9,144
  9,623
  10,125
  10,651
  11,202
  11,780
  12,386
  13,021
  13,687
  14,385
  15,118
  15,886
  16,693
Revenue / Adjusted assets
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
Average production assets, $m
  2,236
  2,384
  2,537
  2,697
  2,863
  3,036
  3,217
  3,405
  3,601
  3,806
  4,020
  4,244
  4,477
  4,721
  4,976
  5,243
  5,523
  5,815
  6,122
  6,443
  6,779
  7,131
  7,500
  7,887
  8,292
  8,717
  9,163
  9,631
  10,121
  10,636
  11,176
Working capital, $m
  0
  -590
  -629
  -668
  -709
  -752
  -797
  -844
  -892
  -943
  -996
  -1,051
  -1,109
  -1,170
  -1,233
  -1,299
  -1,368
  -1,441
  -1,517
  -1,596
  -1,679
  -1,766
  -1,858
  -1,954
  -2,054
  -2,159
  -2,270
  -2,386
  -2,507
  -2,635
  -2,768
Total debt, $m
  1,612
  1,754
  1,961
  2,175
  2,399
  2,632
  2,874
  3,127
  3,391
  3,667
  3,954
  4,255
  4,569
  4,897
  5,240
  5,599
  5,974
  6,368
  6,779
  7,211
  7,662
  8,136
  8,632
  9,152
  9,697
  10,269
  10,868
  11,497
  12,156
  12,848
  13,573
Total liabilities, $m
  3,062
  3,204
  3,411
  3,625
  3,849
  4,082
  4,324
  4,577
  4,841
  5,117
  5,404
  5,705
  6,019
  6,347
  6,690
  7,049
  7,424
  7,818
  8,229
  8,661
  9,112
  9,586
  10,082
  10,602
  11,147
  11,719
  12,318
  12,947
  13,606
  14,298
  15,023
Total equity, $m
  829
  356
  379
  403
  428
  454
  480
  509
  538
  569
  600
  634
  669
  705
  743
  783
  825
  869
  914
  962
  1,012
  1,065
  1,120
  1,178
  1,239
  1,302
  1,369
  1,439
  1,512
  1,589
  1,669
Total liabilities and equity, $m
  3,891
  3,560
  3,790
  4,028
  4,277
  4,536
  4,804
  5,086
  5,379
  5,686
  6,004
  6,339
  6,688
  7,052
  7,433
  7,832
  8,249
  8,687
  9,143
  9,623
  10,124
  10,651
  11,202
  11,780
  12,386
  13,021
  13,687
  14,386
  15,118
  15,887
  16,692
Debt-to-equity ratio
  1.945
  4.930
  5.170
  5.400
  5.610
  5.800
  5.980
  6.150
  6.300
  6.450
  6.590
  6.710
  6.830
  6.940
  7.050
  7.150
  7.240
  7.330
  7.410
  7.490
  7.570
  7.640
  7.710
  7.770
  7.830
  7.890
  7.940
  7.990
  8.040
  8.090
  8.130
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
  74
  80
  84
  89
  93
  98
  103
  109
  114
  120
  162
  168
  175
  182
  189
  196
  204
  213
  221
  230
  240
  250
  260
  271
  283
  295
  308
  321
  335
  350
Depreciation, amort., depletion, $m
  163
  192
  201
  211
  221
  231
  242
  253
  265
  277
  290
  254
  268
  283
  298
  314
  331
  348
  367
  386
  406
  427
  449
  472
  497
  522
  549
  577
  606
  637
  669
Funds from operations, $m
  196
  266
  281
  295
  309
  324
  340
  356
  373
  391
  410
  416
  436
  457
  480
  503
  527
  553
  579
  607
  636
  667
  699
  733
  768
  805
  844
  884
  927
  972
  1,019
Change in working capital, $m
  -23
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
  -127
  -134
Cash from operations, $m
  219
  303
  319
  334
  351
  367
  385
  403
  422
  442
  463
  471
  494
  518
  543
  569
  596
  625
  655
  687
  720
  754
  790
  829
  868
  910
  954
  1,000
  1,049
  1,099
  1,153
Maintenance CAPEX, $m
  0
  -134
  -143
  -152
  -161
  -171
  -182
  -193
  -204
  -216
  -228
  -241
  -254
  -268
  -283
  -298
  -314
  -331
  -348
  -367
  -386
  -406
  -427
  -449
  -472
  -497
  -522
  -549
  -577
  -606
  -637
New CAPEX, $m
  -182
  -148
  -154
  -160
  -166
  -173
  -181
  -188
  -196
  -205
  -214
  -223
  -233
  -244
  -255
  -267
  -279
  -293
  -306
  -321
  -336
  -352
  -369
  -387
  -406
  -425
  -446
  -468
  -490
  -515
  -540
Cash from investing activities, $m
  -182
  -282
  -297
  -312
  -327
  -344
  -363
  -381
  -400
  -421
  -442
  -464
  -487
  -512
  -538
  -565
  -593
  -624
  -654
  -688
  -722
  -758
  -796
  -836
  -878
  -922
  -968
  -1,017
  -1,067
  -1,121
  -1,177
Free cash flow, $m
  37
  21
  23
  23
  23
  23
  22
  22
  22
  21
  21
  7
  6
  6
  5
  4
  3
  2
  1
  -1
  -2
  -4
  -6
  -7
  -9
  -11
  -14
  -16
  -19
  -21
  -24
Issuance/(repayment) of debt, $m
  -22
  142
  206
  215
  224
  233
  243
  253
  264
  275
  288
  300
  314
  328
  343
  359
  376
  393
  412
  431
  452
  473
  496
  520
  545
  572
  599
  629
  659
  692
  726
Issuance/(repurchase) of shares, $m
  611
  7
  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
  149
  206
  215
  224
  233
  243
  253
  264
  275
  288
  300
  314
  328
  343
  359
  376
  393
  412
  431
  452
  473
  496
  520
  545
  572
  599
  629
  659
  692
  726
Total cash flow (excl. dividends), $m
  622
  170
  229
  238
  246
  255
  265
  275
  286
  297
  308
  307
  320
  334
  348
  363
  379
  395
  412
  430
  449
  470
  491
  513
  536
  560
  586
  613
  641
  671
  702
Retained Cash Flow (-), $m
  19
  -81
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
Prev. year cash balance distribution, $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
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
 
  643
  206
  214
  221
  230
  238
  247
  256
  266
  277
  274
  285
  297
  310
  323
  337
  351
  367
  383
  399
  417
  435
  455
  475
  497
  519
  543
  568
  594
  621
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  600
  178
  170
  161
  151
  141
  130
  118
  107
  96
  81
  71
  61
  52
  44
  36
  29
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1

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 27.8
Price to Sales 4.4
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 80.5
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 50.9%
EBITDA Margin - 3 Yr. Avg. 48.6%
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 $678 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 6.6% 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 7.2%, 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 76.8%.

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 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 4.3% 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 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 ESBA are equal to 329.8%.

Life of production assets of 16.7 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 -81.7%. 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 - $829 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 50.391 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 $1.0 billion.

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COMPANY NEWS

▶ 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]
▶ Wall Street Poised to Start the Week Higher   [09:38AM  at MarketWatch]
▶ Stock Futures Ready To Rock; Boston Scientific Gets FDA Nod   [08:58AM  at Investor's Business Daily]
▶ Lightning Round: MGM, Buffalo Wild Wings & more   [Sep-26  06:48PM  at CNBC]
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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