Intrinsic value of Felcor Lodging Trust - FCH

Previous Close

$7.07

  Intrinsic Value

$0.41

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

-44%

Previous close

$7.07

 
Intrinsic value

$0.41

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

-44%

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

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

We calculate the intrinsic value of FCH 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, %
  -2.14
  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
  867
  884
  905
  928
  954
  983
  1,015
  1,049
  1,087
  1,127
  1,170
  1,216
  1,266
  1,318
  1,374
  1,434
  1,496
  1,563
  1,633
  1,708
  1,786
  1,869
  1,956
  2,048
  2,145
  2,247
  2,355
  2,468
  2,587
  2,712
  2,844
Variable operating expenses, $m
 
  836
  855
  877
  902
  929
  959
  992
  1,027
  1,065
  1,106
  1,150
  1,196
  1,246
  1,299
  1,355
  1,414
  1,477
  1,543
  1,614
  1,688
  1,766
  1,848
  1,935
  2,027
  2,124
  2,225
  2,332
  2,445
  2,563
  2,688
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
  789
  836
  855
  877
  902
  929
  959
  992
  1,027
  1,065
  1,106
  1,150
  1,196
  1,246
  1,299
  1,355
  1,414
  1,477
  1,543
  1,614
  1,688
  1,766
  1,848
  1,935
  2,027
  2,124
  2,225
  2,332
  2,445
  2,563
  2,688
Operating income, $m
  78
  49
  50
  51
  52
  54
  56
  58
  60
  62
  64
  67
  70
  73
  76
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  142
  149
  156
EBITDA, $m
  192
  165
  168
  173
  178
  183
  189
  195
  202
  210
  218
  226
  236
  245
  256
  267
  278
  291
  304
  318
  332
  348
  364
  381
  399
  418
  438
  459
  481
  505
  529
Interest expense (income), $m
  75
  74
  75
  77
  79
  82
  84
  87
  91
  94
  98
  102
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
  203
  213
  224
  235
  247
Earnings before tax, $m
  8
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
Tax expense, $m
  1
  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
Net income, $m
  5
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  47
  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
  1,707
  1,741
  1,781
  1,827
  1,878
  1,935
  1,997
  2,065
  2,139
  2,218
  2,304
  2,395
  2,492
  2,595
  2,705
  2,822
  2,946
  3,077
  3,215
  3,361
  3,516
  3,679
  3,851
  4,032
  4,223
  4,424
  4,635
  4,858
  5,092
  5,339
  5,598
Adjusted assets (=assets-cash), $m
  1,660
  1,741
  1,781
  1,827
  1,878
  1,935
  1,997
  2,065
  2,139
  2,218
  2,304
  2,395
  2,492
  2,595
  2,705
  2,822
  2,946
  3,077
  3,215
  3,361
  3,516
  3,679
  3,851
  4,032
  4,223
  4,424
  4,635
  4,858
  5,092
  5,339
  5,598
Revenue / Adjusted assets
  0.522
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
Average production assets, $m
  1,648
  1,681
  1,720
  1,764
  1,814
  1,869
  1,929
  1,995
  2,066
  2,142
  2,225
  2,313
  2,406
  2,506
  2,613
  2,725
  2,845
  2,971
  3,105
  3,246
  3,395
  3,553
  3,718
  3,893
  4,078
  4,272
  4,476
  4,691
  4,918
  5,156
  5,406
Working capital, $m
  0
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -140
  -146
  -154
Total debt, $m
  1,338
  1,367
  1,402
  1,442
  1,486
  1,536
  1,590
  1,649
  1,713
  1,782
  1,855
  1,935
  2,019
  2,109
  2,204
  2,305
  2,413
  2,526
  2,647
  2,774
  2,908
  3,049
  3,198
  3,355
  3,521
  3,696
  3,879
  4,073
  4,276
  4,490
  4,715
Total liabilities, $m
  1,482
  1,511
  1,546
  1,586
  1,630
  1,680
  1,734
  1,793
  1,857
  1,926
  1,999
  2,079
  2,163
  2,253
  2,348
  2,449
  2,557
  2,670
  2,791
  2,918
  3,052
  3,193
  3,342
  3,499
  3,665
  3,840
  4,023
  4,217
  4,420
  4,634
  4,859
Total equity, $m
  225
  230
  235
  241
  248
  255
  264
  273
  282
  293
  304
  316
  329
  343
  357
  373
  389
  406
  424
  444
  464
  486
  508
  532
  557
  584
  612
  641
  672
  705
  739
Total liabilities and equity, $m
  1,707
  1,741
  1,781
  1,827
  1,878
  1,935
  1,998
  2,066
  2,139
  2,219
  2,303
  2,395
  2,492
  2,596
  2,705
  2,822
  2,946
  3,076
  3,215
  3,362
  3,516
  3,679
  3,850
  4,031
  4,222
  4,424
  4,635
  4,858
  5,092
  5,339
  5,598
Debt-to-equity ratio
  5.947
  5.950
  5.960
  5.980
  5.990
  6.010
  6.030
  6.050
  6.070
  6.080
  6.100
  6.120
  6.140
  6.160
  6.170
  6.190
  6.210
  6.220
  6.240
  6.250
  6.270
  6.280
  6.290
  6.310
  6.320
  6.330
  6.340
  6.350
  6.360
  6.370
  6.380
Adjusted equity ratio
  0.107
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
Depreciation, amort., depletion, $m
  114
  116
  119
  122
  125
  129
  133
  138
  142
  148
  153
  159
  166
  173
  180
  188
  196
  205
  214
  224
  234
  245
  256
  269
  281
  295
  309
  324
  339
  356
  373
Funds from operations, $m
  116
  91
  93
  96
  98
  101
  104
  108
  112
  116
  120
  124
  129
  134
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  215
  225
  235
  246
  257
  270
  282
Change in working capital, $m
  -19
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  135
  92
  94
  97
  100
  103
  106
  110
  114
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
  276
  289
Maintenance CAPEX, $m
  0
  -114
  -116
  -119
  -122
  -125
  -129
  -133
  -138
  -142
  -148
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -256
  -269
  -281
  -295
  -309
  -324
  -339
  -356
New CAPEX, $m
  -82
  -33
  -39
  -44
  -50
  -55
  -60
  -66
  -71
  -77
  -82
  -88
  -94
  -100
  -106
  -113
  -119
  -126
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
  -251
Cash from investing activities, $m
  19
  -147
  -155
  -163
  -172
  -180
  -189
  -199
  -209
  -219
  -230
  -241
  -253
  -266
  -279
  -293
  -307
  -322
  -339
  -355
  -373
  -391
  -411
  -431
  -453
  -475
  -499
  -524
  -550
  -577
  -607
Free cash flow, $m
  154
  -55
  -60
  -66
  -72
  -77
  -83
  -89
  -95
  -101
  -108
  -115
  -121
  -129
  -136
  -144
  -152
  -161
  -170
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -272
  -286
  -301
  -317
Issuance/(repayment) of debt, $m
  -74
  29
  35
  40
  45
  49
  54
  59
  64
  69
  74
  79
  84
  90
  95
  101
  107
  114
  120
  127
  134
  141
  149
  157
  166
  174
  184
  193
  203
  214
  225
Issuance/(repurchase) of shares, $m
  -30
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  97
  102
  107
  113
  119
  125
Cash from financing (excl. dividends), $m  
  -106
  59
  66
  72
  79
  84
  91
  98
  105
  112
  119
  126
  134
  142
  150
  159
  168
  178
  187
  198
  209
  220
  232
  244
  258
  271
  286
  300
  316
  333
  350
Total cash flow (excl. dividends), $m
  48
  4
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
Retained Cash Flow (-), $m
  78
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
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
 
  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
 
  -26
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -78
  -83
  -87
  -91
Discount rate, %
 
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.10
  33.71
  35.40
  37.17
  39.02
  40.97
  43.02
  45.17
  47.43
  49.81
PV of cash for distribution, $m
 
  -23
  -20
  -18
  -16
  -14
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.0
  94.1
  91.2
  88.4
  85.5
  82.8
  80.0
  77.4
  74.7
  72.2
  69.7
  67.2
  64.8
  62.5
  60.2
  58.0
  55.9
  53.8
  51.8
  49.9
  48.0
  46.2
  44.4
  42.7
  41.0
  39.4
  37.9
  36.4
  35.0
  33.6

FelCor Lodging Trust Incorporated is a publicly owned real estate investment trust. The firm engages in investment and management of properties in the hospitality industry. It invests in the real estate markets of the United States. The firm primarily invests in hotels with a focus on the ownership of upper-upscale, full-service hotels and resorts. It was formerly known as FelCor Suite Hotels, Inc. FelCor Lodging Trust was founded in 1994 and is based in Irving, Texas.

FINANCIAL RATIOS  of  Felcor Lodging Trust (FCH)

Valuation Ratios
P/E Ratio 195.1
Price to Sales 1.1
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate -2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 70.8%
Cap. Spend. - 3 Yr. Gr. Rate -4.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 594.7%
Total Debt to Equity 594.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 1.9%
Return On Equity - 3 Yr. Avg. 9.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 64.7%
Gross Margin - 3 Yr. Avg. 64.5%
EBITDA Margin 22.7%
EBITDA Margin - 3 Yr. Avg. 25.3%
Operating Margin 9%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 0.9%
Pre-Tax Margin - 3 Yr. Avg. 3.6%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 12.5%
Eff/ Tax Rate - 3 Yr. Avg. -6.9%
Payout Ratio 1200%

FCH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FCH stock intrinsic value calculation we used $867 million for the last fiscal year's total revenue generated by Felcor Lodging Trust. The default revenue input number comes from 2016 income statement of Felcor Lodging 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 FCH 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 12.1%, whose default value for FCH is calculated based on our internal credit rating of Felcor Lodging 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 Felcor Lodging 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 FCH stock the variable cost ratio is equal to 94.5%.

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 FCH 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 5.5% for Felcor Lodging Trust.

Corporate tax rate of 27% is the nominal tax rate for Felcor Lodging 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 FCH 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 FCH are equal to 190.1%.

Life of production assets of 14.5 years is the average useful life of capital assets used in Felcor Lodging 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 FCH is equal to -5.4%. 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 - $225 million for Felcor Lodging 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 137.097 million for Felcor Lodging 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 Felcor Lodging Trust at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 6.06 17.49  str.buy
WYN Wyndham Worldw 96.15 58.46  sell
HLT Hilton Worldwi 60.82 166.52  str.buy
MAR Marriott Inter 97.84 530.50  str.buy
BLK BlackRock 419.94 1,367.78  str.buy
HPT Hospitality Pr 27.21 4.84  str.sell
RLJ RLJ Lodging Tr 19.70 5.83  str.sell

COMPANY NEWS

▶ FelCor Declares Prorated Dividend   [Aug-17-17 05:57PM  Business Wire]
▶ Vinoy owner votes to merge with another REIT   [Aug-16-17 01:10PM  American City Business Journals]
▶ RLJ Shareholders and FelCor Stockholders Approve Merger   [Aug-15-17 08:37PM  Business Wire]
▶ FelCor Lodging Trust reports 2Q results   [Aug-09-17 11:49PM  Associated Press]
▶ FelCor Reports Second Quarter 2017 Earnings   [08:37AM  Business Wire]
▶ [$$] Bad Reviews Threaten RLJs Proposed Hotel Deal   [12:48AM  The Wall Street Journal]
▶ [$$] Bad Reviews Threaten RLJ's Proposed Hotel Deal   [Aug-08-17 07:43AM  The Wall Street Journal]
▶ FelCor Sells Royalton New York   [Aug-01-17 05:57PM  Business Wire]
▶ FelCor Announces Second Quarter Earnings Release Date   [Jul-25-17 08:37AM  Business Wire]
▶ [$$] Blackstone Made Bid to Buy Hotel Investor RLJ Lodging Trust   [Jul-20-17 07:26PM  The Wall Street Journal]
▶ FelCor Sells Morgans New York   [Jul-18-17 12:30PM  Business Wire]
▶ This Is Why Dividend-Rich Hotel REITs Flew Today   [04:18PM  Investor's Business Daily]
▶ FelCor Declares Second Quarter Dividends   [Jun-28-17 08:37AM  Business Wire]
▶ Why Betting on REITs Could Be Risky Now   [May-23-17 05:48PM  Zacks]
▶ FelCor Lodging Trust reports 1Q results   [08:53AM  Associated Press]
▶ FelCor Reports First Quarter 2017 Earnings   [08:30AM  Business Wire]
▶ Ashford Trust Reports First Quarter 2017 Results   [May-04-17 04:15PM  PR Newswire]
▶ FelCor merging with Maryland hotel investment company in $1.18B deal   [02:40PM  American City Business Journals]
▶ RLJ Lodging Trust finds a merger partner, will become a $7B company   [11:17AM  American City Business Journals]
▶ FelCor Declares First Quarter Dividends   [Mar-23-17 08:37AM  Business Wire]
▶ FelCor tells Ashford it will consider cash sale   [Feb-27-17 06:00PM  at bizjournals.com]
▶ FelCor tells Ashford it will consider cash sale   [06:00PM  American City Business Journals]
▶ FelCor Reports Fourth Quarter 2016 Earnings   [08:37AM  Business Wire]
Stock chart of FCH Financial statements of FCH
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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