Intrinsic value of Essex Property Trust - ESS

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$265.79

  Intrinsic Value

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  Value-price divergence*

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$265.79

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

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

We calculate the intrinsic value of ESS 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 17.4

 

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, %
  8.38
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  1,294
  1,369
  1,447
  1,529
  1,614
  1,704
  1,797
  1,894
  1,996
  2,103
  2,215
  2,332
  2,454
  2,582
  2,717
  2,858
  3,005
  3,160
  3,322
  3,492
  3,670
  3,858
  4,054
  4,260
  4,476
  4,702
  4,940
  5,190
  5,452
  5,726
  6,015
Variable operating expenses, $m
 
  534
  564
  596
  630
  664
  701
  739
  779
  820
  864
  909
  957
  1,007
  1,060
  1,114
  1,172
  1,232
  1,296
  1,362
  1,431
  1,504
  1,581
  1,661
  1,746
  1,834
  1,927
  2,024
  2,126
  2,233
  2,346
Fixed operating expenses, $m
 
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
  561
  575
  590
  604
  619
  635
  651
  667
  684
  701
  718
  736
  755
  774
  793
Total operating expenses, $m
  874
  921
  961
  1,003
  1,047
  1,092
  1,139
  1,188
  1,240
  1,292
  1,348
  1,405
  1,465
  1,528
  1,594
  1,661
  1,733
  1,807
  1,886
  1,966
  2,050
  2,139
  2,232
  2,328
  2,430
  2,535
  2,645
  2,760
  2,881
  3,007
  3,139
Operating income, $m
  420
  448
  486
  526
  568
  612
  658
  706
  757
  811
  867
  926
  989
  1,054
  1,123
  1,196
  1,272
  1,352
  1,437
  1,526
  1,620
  1,718
  1,822
  1,931
  2,046
  2,168
  2,295
  2,429
  2,571
  2,720
  2,876
EBITDA, $m
  862
  915
  979
  1,047
  1,118
  1,193
  1,271
  1,352
  1,438
  1,528
  1,623
  1,722
  1,826
  1,935
  2,050
  2,170
  2,297
  2,430
  2,570
  2,717
  2,872
  3,034
  3,205
  3,384
  3,573
  3,772
  3,980
  4,200
  4,430
  4,673
  4,928
Interest expense (income), $m
  204
  206
  220
  233
  248
  262
  278
  294
  311
  329
  347
  366
  387
  408
  430
  453
  478
  503
  530
  558
  587
  618
  651
  685
  720
  758
  797
  838
  881
  927
  974
Earnings before tax, $m
  443
  242
  266
  292
  320
  349
  380
  412
  446
  482
  520
  560
  602
  646
  693
  742
  794
  849
  907
  968
  1,032
  1,100
  1,171
  1,247
  1,326
  1,410
  1,498
  1,591
  1,689
  1,793
  1,902
Tax expense, $m
  5
  65
  72
  79
  86
  94
  103
  111
  121
  130
  140
  151
  163
  175
  187
  200
  214
  229
  245
  261
  279
  297
  316
  337
  358
  381
  405
  430
  456
  484
  514
Net income, $m
  415
  177
  194
  213
  234
  255
  277
  301
  326
  352
  380
  409
  439
  472
  506
  542
  580
  620
  662
  707
  753
  803
  855
  910
  968
  1,029
  1,094
  1,162
  1,233
  1,309
  1,388

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  65
  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
  12,217
  12,916
  13,654
  14,426
  15,231
  16,072
  16,952
  17,872
  18,834
  19,840
  20,894
  21,997
  23,152
  24,362
  25,629
  26,958
  28,350
  29,809
  31,340
  32,944
  34,627
  36,392
  38,244
  40,186
  42,224
  44,362
  46,605
  48,960
  51,430
  54,023
  56,745
Adjusted assets (=assets-cash), $m
  12,152
  12,916
  13,654
  14,426
  15,231
  16,072
  16,952
  17,872
  18,834
  19,840
  20,894
  21,997
  23,152
  24,362
  25,629
  26,958
  28,350
  29,809
  31,340
  32,944
  34,627
  36,392
  38,244
  40,186
  42,224
  44,362
  46,605
  48,960
  51,430
  54,023
  56,745
Revenue / Adjusted assets
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
Average production assets, $m
  10,373
  10,974
  11,602
  12,257
  12,942
  13,657
  14,404
  15,185
  16,003
  16,858
  17,753
  18,690
  19,672
  20,700
  21,777
  22,906
  24,089
  25,329
  26,629
  27,993
  29,422
  30,922
  32,495
  34,146
  35,877
  37,694
  39,600
  41,601
  43,700
  45,904
  48,216
Working capital, $m
  0
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -259
  -273
  -286
  -301
Total debt, $m
  5,563
  5,944
  6,311
  6,693
  7,093
  7,510
  7,946
  8,402
  8,879
  9,379
  9,901
  10,448
  11,021
  11,621
  12,250
  12,909
  13,600
  14,323
  15,082
  15,878
  16,713
  17,588
  18,507
  19,470
  20,481
  21,541
  22,654
  23,822
  25,047
  26,334
  27,684
Total liabilities, $m
  6,025
  6,406
  6,773
  7,155
  7,555
  7,972
  8,408
  8,864
  9,341
  9,841
  10,363
  10,910
  11,483
  12,083
  12,712
  13,371
  14,062
  14,785
  15,544
  16,340
  17,175
  18,050
  18,969
  19,932
  20,943
  22,003
  23,116
  24,284
  25,509
  26,796
  28,146
Total equity, $m
  6,192
  6,509
  6,882
  7,270
  7,676
  8,101
  8,544
  9,007
  9,492
  9,999
  10,530
  11,086
  11,668
  12,278
  12,917
  13,587
  14,288
  15,024
  15,795
  16,604
  17,452
  18,342
  19,275
  20,254
  21,281
  22,358
  23,489
  24,676
  25,921
  27,228
  28,599
Total liabilities and equity, $m
  12,217
  12,915
  13,655
  14,425
  15,231
  16,073
  16,952
  17,871
  18,833
  19,840
  20,893
  21,996
  23,151
  24,361
  25,629
  26,958
  28,350
  29,809
  31,339
  32,944
  34,627
  36,392
  38,244
  40,186
  42,224
  44,361
  46,605
  48,960
  51,430
  54,024
  56,745
Debt-to-equity ratio
  0.898
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  415
  177
  194
  213
  234
  255
  277
  301
  326
  352
  380
  409
  439
  472
  506
  542
  580
  620
  662
  707
  753
  803
  855
  910
  968
  1,029
  1,094
  1,162
  1,233
  1,309
  1,388
Depreciation, amort., depletion, $m
  442
  467
  494
  522
  551
  581
  613
  646
  681
  717
  755
  795
  837
  881
  927
  975
  1,025
  1,078
  1,133
  1,191
  1,252
  1,316
  1,383
  1,453
  1,527
  1,604
  1,685
  1,770
  1,860
  1,953
  2,052
Funds from operations, $m
  712
  644
  688
  735
  784
  836
  890
  947
  1,007
  1,069
  1,135
  1,204
  1,277
  1,353
  1,433
  1,517
  1,605
  1,698
  1,795
  1,898
  2,005
  2,119
  2,238
  2,363
  2,495
  2,633
  2,779
  2,932
  3,093
  3,262
  3,440
Change in working capital, $m
  -1
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
Cash from operations, $m
  713
  639
  692
  739
  789
  840
  895
  952
  1,012
  1,075
  1,141
  1,210
  1,283
  1,359
  1,439
  1,524
  1,612
  1,705
  1,803
  1,906
  2,014
  2,128
  2,248
  2,373
  2,506
  2,645
  2,791
  2,944
  3,106
  3,276
  3,455
Maintenance CAPEX, $m
  0
  -441
  -467
  -494
  -522
  -551
  -581
  -613
  -646
  -681
  -717
  -755
  -795
  -837
  -881
  -927
  -975
  -1,025
  -1,078
  -1,133
  -1,191
  -1,252
  -1,316
  -1,383
  -1,453
  -1,527
  -1,604
  -1,685
  -1,770
  -1,860
  -1,953
New CAPEX, $m
  -536
  -602
  -628
  -655
  -684
  -715
  -747
  -781
  -817
  -855
  -895
  -937
  -981
  -1,028
  -1,077
  -1,129
  -1,183
  -1,240
  -1,300
  -1,363
  -1,430
  -1,500
  -1,573
  -1,650
  -1,731
  -1,817
  -1,906
  -2,000
  -2,099
  -2,203
  -2,312
Cash from investing activities, $m
  -421
  -1,043
  -1,095
  -1,149
  -1,206
  -1,266
  -1,328
  -1,394
  -1,463
  -1,536
  -1,612
  -1,692
  -1,776
  -1,865
  -1,958
  -2,056
  -2,158
  -2,265
  -2,378
  -2,496
  -2,621
  -2,752
  -2,889
  -3,033
  -3,184
  -3,344
  -3,510
  -3,685
  -3,869
  -4,063
  -4,265
Free cash flow, $m
  292
  -404
  -403
  -410
  -417
  -425
  -434
  -442
  -452
  -461
  -472
  -483
  -494
  -506
  -519
  -532
  -545
  -560
  -575
  -590
  -607
  -624
  -641
  -660
  -679
  -699
  -720
  -741
  -764
  -787
  -811
Issuance/(repayment) of debt, $m
  247
  381
  366
  383
  399
  417
  436
  456
  477
  499
  523
  547
  573
  600
  629
  659
  691
  724
  759
  796
  835
  875
  918
  963
  1,011
  1,061
  1,113
  1,168
  1,225
  1,286
  1,350
Issuance/(repurchase) of shares, $m
  -56
  341
  409
  416
  424
  432
  441
  450
  459
  470
  480
  491
  503
  516
  529
  542
  557
  571
  587
  603
  620
  638
  656
  675
  695
  716
  738
  760
  783
  808
  833
Cash from financing (excl. dividends), $m  
  155
  722
  775
  799
  823
  849
  877
  906
  936
  969
  1,003
  1,038
  1,076
  1,116
  1,158
  1,201
  1,248
  1,295
  1,346
  1,399
  1,455
  1,513
  1,574
  1,638
  1,706
  1,777
  1,851
  1,928
  2,008
  2,094
  2,183
Total cash flow (excl. dividends), $m
  446
  -23
  -37
  -27
  -18
  -8
  3
  14
  25
  38
  51
  64
  79
  94
  110
  127
  145
  164
  184
  205
  228
  252
  277
  304
  332
  362
  393
  426
  462
  499
  539
Retained Cash Flow (-), $m
  46
  -382
  -372
  -389
  -406
  -424
  -443
  -464
  -485
  -507
  -531
  -556
  -582
  -610
  -639
  -669
  -702
  -736
  -771
  -809
  -848
  -890
  -933
  -979
  -1,027
  -1,078
  -1,131
  -1,187
  -1,245
  -1,307
  -1,372
Prev. year cash balance distribution, $m
 
  65
  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
 
  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
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for 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
Current shareholders' claim on cash, %
  100
  98.1
  95.9
  93.9
  92.0
  90.2
  88.5
  86.9
  85.3
  83.9
  82.5
  81.1
  79.8
  78.6
  77.4
  76.3
  75.2
  74.1
  73.1
  72.1
  71.2
  70.3
  69.4
  68.5
  67.7
  66.9
  66.1
  65.4
  64.7
  64.0
  63.3

Essex Property Trust, Inc. operates as a self-administered and self-managed real estate investment trust in the United States. It engages in the ownership, operation, management, acquisition, development, and redevelopment of apartment communities, as well as commercial properties. As of March 31, 2012, the company owned or had interests in 158 apartment communities; and 5 commercial buildings, as well as 5 development projects. Its communities are located in Los Angeles, Orange, Riverside, San Diego, Santa Barbara, and Ventura counties in southern California; and the San Francisco Bay area in northern California, as well as in the Seattle metropolitan area. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. Essex Property Trust, Inc. was founded in 1971 and is headquartered in Palo Alto, California.

FINANCIAL RATIOS  of  Essex Property Trust (ESS)

Valuation Ratios
P/E Ratio 42
Price to Sales 13.5
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 24.4
Price to Free Cash Flow 98.4
Growth Rates
Sales Growth Rate 8.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.4%
Cap. Spend. - 3 Yr. Gr. Rate 2.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 89.8%
Total Debt to Equity 89.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 6.7%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69.9%
Gross Margin - 3 Yr. Avg. 69.1%
EBITDA Margin 84.2%
EBITDA Margin - 3 Yr. Avg. 74.2%
Operating Margin 32.5%
Oper. Margin - 3 Yr. Avg. 27.7%
Pre-Tax Margin 34.2%
Pre-Tax Margin - 3 Yr. Avg. 22.9%
Net Profit Margin 32.1%
Net Profit Margin - 3 Yr. Avg. 21.4%
Effective Tax Rate 1.1%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 99%

ESS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESS stock intrinsic value calculation we used $1294 million for the last fiscal year's total revenue generated by Essex Property Trust. The default revenue input number comes from 2016 income statement of Essex Property Trust. 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 ESS stock valuation model: a) initial revenue growth rate of 5.8% 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 8.3%, whose default value for ESS is calculated based on our internal credit rating of Essex Property Trust, 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 Essex Property Trust.
    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 ESS stock the variable cost ratio is equal to 39%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $378 million in the base year in the intrinsic value calculation for ESS 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 3.7% for Essex Property Trust.

Corporate tax rate of 27% is the nominal tax rate for Essex Property Trust. 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 ESS 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 ESS are equal to 801.6%.

Life of production assets of 23.5 years is the average useful life of capital assets used in Essex Property Trust 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 ESS is equal to -5%. 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 - $6192 million for Essex Property Trust - 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 65.644 million for Essex Property Trust 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 Essex Property Trust at the current share price and the inputted number of shares is $17.4 billion.


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COMPANY NEWS

▶ Equity Residential: Weathering the Macroeconomic Headwinds   [May-24-17 04:10PM  Market Realist]
▶ Essex Property Trust Declares Quarterly Distributions   [May-18-17 04:15PM  Marketwired]
▶ Essex Property Trust reports 1Q results   [Apr-27-17 04:32PM  Associated Press]
▶ Essex Reports Characteristics of 2016 Dividends   [Jan-13-17 04:15PM  Marketwired]
▶ Essex Property Trust Declares Quarterly Distributions   [Dec-15-16 04:15PM  Marketwired]
▶ Is Rockwell Automation (ROK) Worth Another Look?   [Nov-26-16 01:22PM  at Insider Monkey]
▶ [$$] REIT Picks for a President Trump   [Nov-21-16 04:46PM  at Barrons.com]
▶ Essex Announces S&P Rating Upgrade to BBB+   [Oct-19-16 05:22PM  Marketwired]
▶ Essex Announces Moody's Rating Upgrade to Baa1   [Oct-11-16 04:15PM  Marketwired]
▶ *** DATA NOT AVAILABLE ***   [Sep-15-16 11:28AM  at noodls]
Stock chart of ESS Financial statements of ESS Annual reports of ESS
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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