Intrinsic value of Four Corners Property Trust - FCPT

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$23.53

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$23.53

 
Intrinsic value

$1.91

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of FCPT 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 1.4

 

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, %
  275.76
  55.00
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
Revenue, $m
  124
  192
  288
  419
  593
  818
  1,100
  1,447
  1,866
  2,361
  2,936
  3,594
  4,338
  5,168
  6,083
  7,083
  8,166
  9,331
  10,576
  11,898
  13,297
  14,770
  16,316
  17,935
  19,627
  21,391
  23,229
  25,140
  27,128
  29,195
  31,342
Variable operating expenses, $m
 
  82
  123
  179
  253
  349
  470
  618
  797
  1,008
  1,254
  1,535
  1,852
  2,207
  2,597
  3,024
  3,487
  3,984
  4,516
  5,080
  5,678
  6,307
  6,967
  7,658
  8,381
  9,134
  9,919
  10,735
  11,584
  12,466
  13,383
Fixed operating expenses, $m
 
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Total operating expenses, $m
  64
  93
  135
  191
  265
  361
  483
  631
  810
  1,022
  1,268
  1,549
  1,867
  2,222
  2,613
  3,040
  3,503
  4,001
  4,533
  5,098
  5,696
  6,325
  6,986
  7,677
  8,401
  9,154
  9,940
  10,756
  11,606
  12,489
  13,406
Operating income, $m
  60
  99
  154
  229
  328
  456
  618
  816
  1,056
  1,339
  1,668
  2,045
  2,471
  2,946
  3,470
  4,043
  4,663
  5,330
  6,043
  6,800
  7,601
  8,445
  9,330
  10,258
  11,226
  12,237
  13,289
  14,384
  15,523
  16,706
  17,936
EBITDA, $m
  81
  143
  220
  326
  465
  646
  873
  1,152
  1,488
  1,886
  2,349
  2,879
  3,477
  4,144
  4,880
  5,685
  6,556
  7,493
  8,495
  9,559
  10,684
  11,869
  13,113
  14,416
  15,777
  17,197
  18,675
  20,213
  21,813
  23,475
  25,203
Interest expense (income), $m
  13
  15
  25
  37
  55
  78
  108
  146
  192
  248
  314
  391
  479
  578
  689
  811
  945
  1,090
  1,245
  1,411
  1,588
  1,775
  1,972
  2,178
  2,394
  2,620
  2,856
  3,101
  3,357
  3,622
  3,898
Earnings before tax, $m
  77
  83
  129
  191
  273
  378
  509
  670
  864
  1,091
  1,354
  1,654
  1,992
  2,368
  2,781
  3,231
  3,718
  4,240
  4,798
  5,389
  6,013
  6,670
  7,359
  8,079
  8,832
  9,616
  10,433
  11,283
  12,166
  13,084
  14,038
Tax expense, $m
  -80
  23
  35
  52
  74
  102
  138
  181
  233
  295
  366
  447
  538
  639
  751
  872
  1,004
  1,145
  1,295
  1,455
  1,623
  1,801
  1,987
  2,181
  2,385
  2,596
  2,817
  3,046
  3,285
  3,533
  3,790
Net income, $m
  157
  61
  94
  140
  199
  276
  372
  489
  630
  796
  988
  1,208
  1,454
  1,728
  2,030
  2,359
  2,714
  3,095
  3,502
  3,934
  4,389
  4,869
  5,372
  5,898
  6,447
  7,020
  7,616
  8,236
  8,881
  9,551
  10,247

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  937
  1,413
  2,120
  3,084
  4,363
  6,012
  8,088
  10,641
  13,718
  17,357
  21,587
  26,430
  31,898
  37,998
  44,727
  52,079
  60,045
  68,610
  77,762
  87,486
  97,769
  108,601
  119,972
  131,878
  144,316
  157,288
  170,798
  184,856
  199,473
  214,667
  230,455
Adjusted assets (=assets-cash), $m
  910
  1,413
  2,120
  3,084
  4,363
  6,012
  8,088
  10,641
  13,718
  17,357
  21,587
  26,430
  31,898
  37,998
  44,727
  52,079
  60,045
  68,610
  77,762
  87,486
  97,769
  108,601
  119,972
  131,878
  144,316
  157,288
  170,798
  184,856
  199,473
  214,667
  230,455
Revenue / Adjusted assets
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
Average production assets, $m
  863
  1,337
  2,005
  2,918
  4,127
  5,688
  7,651
  10,067
  12,978
  16,420
  20,422
  25,003
  30,176
  35,947
  42,313
  49,268
  56,803
  64,906
  73,564
  82,763
  92,491
  102,738
  113,496
  124,759
  136,526
  148,797
  161,578
  174,876
  188,705
  203,078
  218,014
Working capital, $m
  0
  -42
  -63
  -91
  -129
  -178
  -240
  -315
  -407
  -515
  -640
  -784
  -946
  -1,127
  -1,326
  -1,544
  -1,780
  -2,034
  -2,305
  -2,594
  -2,899
  -3,220
  -3,557
  -3,910
  -4,279
  -4,663
  -5,064
  -5,481
  -5,914
  -6,364
  -6,833
Total debt, $m
  439
  700
  1,067
  1,568
  2,231
  3,087
  4,165
  5,490
  7,087
  8,975
  11,171
  13,684
  16,522
  19,688
  23,180
  26,996
  31,130
  35,576
  40,325
  45,372
  50,709
  56,331
  62,233
  68,412
  74,867
  81,599
  88,611
  95,907
  103,494
  111,379
  119,573
Total liabilities, $m
  472
  733
  1,100
  1,601
  2,264
  3,120
  4,198
  5,523
  7,120
  9,008
  11,204
  13,717
  16,555
  19,721
  23,213
  27,029
  31,163
  35,609
  40,358
  45,405
  50,742
  56,364
  62,266
  68,445
  74,900
  81,632
  88,644
  95,940
  103,527
  111,412
  119,606
Total equity, $m
  465
  680
  1,020
  1,484
  2,099
  2,892
  3,890
  5,119
  6,599
  8,349
  10,383
  12,713
  15,343
  18,277
  21,514
  25,050
  28,882
  33,002
  37,403
  42,081
  47,027
  52,237
  57,707
  63,433
  69,416
  75,655
  82,154
  88,916
  95,947
  103,255
  110,849
Total liabilities and equity, $m
  937
  1,413
  2,120
  3,085
  4,363
  6,012
  8,088
  10,642
  13,719
  17,357
  21,587
  26,430
  31,898
  37,998
  44,727
  52,079
  60,045
  68,611
  77,761
  87,486
  97,769
  108,601
  119,973
  131,878
  144,316
  157,287
  170,798
  184,856
  199,474
  214,667
  230,455
Debt-to-equity ratio
  0.944
  1.030
  1.050
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
Adjusted equity ratio
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  157
  61
  94
  140
  199
  276
  372
  489
  630
  796
  988
  1,208
  1,454
  1,728
  2,030
  2,359
  2,714
  3,095
  3,502
  3,934
  4,389
  4,869
  5,372
  5,898
  6,447
  7,020
  7,616
  8,236
  8,881
  9,551
  10,247
Depreciation, amort., depletion, $m
  21
  45
  67
  97
  138
  190
  255
  336
  433
  547
  681
  833
  1,006
  1,198
  1,410
  1,642
  1,893
  2,164
  2,452
  2,759
  3,083
  3,425
  3,783
  4,159
  4,551
  4,960
  5,386
  5,829
  6,290
  6,769
  7,267
Funds from operations, $m
  59
  106
  161
  237
  337
  466
  627
  825
  1,063
  1,344
  1,669
  2,041
  2,460
  2,927
  3,440
  4,001
  4,608
  5,259
  5,954
  6,692
  7,472
  8,294
  9,155
  10,057
  10,998
  11,980
  13,002
  14,066
  15,171
  16,320
  17,515
Change in working capital, $m
  -12
  -15
  -21
  -29
  -38
  -49
  -62
  -76
  -91
  -108
  -125
  -144
  -162
  -181
  -200
  -218
  -236
  -254
  -271
  -288
  -305
  -321
  -337
  -353
  -369
  -385
  -401
  -417
  -433
  -450
  -468
Cash from operations, $m
  71
  155
  182
  265
  375
  514
  688
  901
  1,154
  1,452
  1,795
  2,185
  2,622
  3,107
  3,640
  4,219
  4,844
  5,513
  6,226
  6,981
  7,777
  8,615
  9,492
  10,410
  11,367
  12,364
  13,403
  14,482
  15,605
  16,771
  17,983
Maintenance CAPEX, $m
  0
  -29
  -45
  -67
  -97
  -138
  -190
  -255
  -336
  -433
  -547
  -681
  -833
  -1,006
  -1,198
  -1,410
  -1,642
  -1,893
  -2,164
  -2,452
  -2,759
  -3,083
  -3,425
  -3,783
  -4,159
  -4,551
  -4,960
  -5,386
  -5,829
  -6,290
  -6,769
New CAPEX, $m
  0
  -474
  -668
  -912
  -1,209
  -1,560
  -1,964
  -2,416
  -2,911
  -3,442
  -4,002
  -4,581
  -5,173
  -5,770
  -6,366
  -6,956
  -7,535
  -8,103
  -8,658
  -9,199
  -9,728
  -10,247
  -10,758
  -11,263
  -11,767
  -12,271
  -12,781
  -13,299
  -13,828
  -14,373
  -14,937
Cash from investing activities, $m
  -59
  -503
  -713
  -979
  -1,306
  -1,698
  -2,154
  -2,671
  -3,247
  -3,875
  -4,549
  -5,262
  -6,006
  -6,776
  -7,564
  -8,366
  -9,177
  -9,996
  -10,822
  -11,651
  -12,487
  -13,330
  -14,183
  -15,046
  -15,926
  -16,822
  -17,741
  -18,685
  -19,657
  -20,663
  -21,706
Free cash flow, $m
  12
  -348
  -531
  -714
  -932
  -1,184
  -1,465
  -1,770
  -2,092
  -2,423
  -2,754
  -3,078
  -3,385
  -3,669
  -3,924
  -4,147
  -4,334
  -4,484
  -4,595
  -4,670
  -4,710
  -4,715
  -4,690
  -4,637
  -4,558
  -4,458
  -4,338
  -4,202
  -4,053
  -3,892
  -3,723
Issuance/(repayment) of debt, $m
  38
  261
  367
  501
  664
  856
  1,077
  1,325
  1,597
  1,888
  2,195
  2,513
  2,838
  3,166
  3,492
  3,816
  4,134
  4,445
  4,750
  5,047
  5,337
  5,622
  5,902
  6,179
  6,455
  6,732
  7,012
  7,296
  7,586
  7,885
  8,194
Issuance/(repurchase) of shares, $m
  1
  302
  504
  677
  883
  1,121
  1,386
  1,673
  1,975
  2,285
  2,594
  2,893
  3,177
  3,437
  3,668
  3,867
  4,031
  4,158
  4,248
  4,301
  4,319
  4,304
  4,258
  4,184
  4,086
  3,965
  3,825
  3,668
  3,497
  3,315
  3,123
Cash from financing (excl. dividends), $m  
  39
  563
  871
  1,178
  1,547
  1,977
  2,463
  2,998
  3,572
  4,173
  4,789
  5,406
  6,015
  6,603
  7,160
  7,683
  8,165
  8,603
  8,998
  9,348
  9,656
  9,926
  10,160
  10,363
  10,541
  10,697
  10,837
  10,964
  11,083
  11,200
  11,317
Total cash flow (excl. dividends), $m
  51
  -87
  -164
  -213
  -268
  -327
  -387
  -445
  -495
  -535
  -559
  -564
  -546
  -503
  -432
  -331
  -200
  -38
  154
  376
  627
  906
  1,212
  1,542
  1,897
  2,275
  2,674
  3,094
  3,533
  3,993
  4,471
Retained Cash Flow (-), $m
  -23
  -242
  -340
  -464
  -615
  -793
  -998
  -1,228
  -1,480
  -1,750
  -2,035
  -2,329
  -2,630
  -2,934
  -3,237
  -3,537
  -3,831
  -4,120
  -4,402
  -4,677
  -4,946
  -5,210
  -5,470
  -5,727
  -5,983
  -6,239
  -6,498
  -6,762
  -7,031
  -7,308
  -7,594
Prev. year cash balance distribution, $m
 
  27
  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, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  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
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
  81.7
  65.9
  54.2
  45.4
  38.7
  33.5
  29.4
  26.1
  23.5
  21.3
  19.6
  18.1
  16.9
  15.8
  15.0
  14.2
  13.6
  13.0
  12.6
  12.2
  11.8
  11.5
  11.2
  11.0
  10.8
  10.6
  10.5
  10.4
  10.2
  10.1

Four Corners Property Trust, Inc. is a real estate investment trust. The firm invests in real estate markets of United States. It engages in ownership, acquisition, and leasing of restaurant properties. The firm owns, acquires and leases restaurant and other retail properties on a triple-net basis. Four Corners Property Trust, Inc. is based in Mill Valley, California.

FINANCIAL RATIOS  of  Four Corners Property Trust (FCPT)

Valuation Ratios
P/E Ratio 9
Price to Sales 11.4
Price to Book 3
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 19.9
Growth Rates
Sales Growth Rate 275.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 94.4%
Total Debt to Equity 94.4%
Interest Coverage 7
Management Effectiveness
Return On Assets 19.7%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 18.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 34.6%
Return On Equity - 3 Yr. Avg. 12.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 89.5%
EBITDA Margin - 3 Yr. Avg. 45.8%
Operating Margin 48.4%
Oper. Margin - 3 Yr. Avg. 24.2%
Pre-Tax Margin 62.1%
Pre-Tax Margin - 3 Yr. Avg. 29.8%
Net Profit Margin 126.6%
Net Profit Margin - 3 Yr. Avg. 48.3%
Effective Tax Rate -103.9%
Eff/ Tax Rate - 3 Yr. Avg. -23.5%
Payout Ratio 77.7%

FCPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FCPT stock intrinsic value calculation we used $124 million for the last fiscal year's total revenue generated by Four Corners Property Trust. The default revenue input number comes from 2016 income statement of Four Corners 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 FCPT stock valuation model: a) initial revenue growth rate of 55% 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 7.6%, whose default value for FCPT is calculated based on our internal credit rating of Four Corners 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 Four Corners 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 FCPT stock the variable cost ratio is equal to 42.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for FCPT 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 3.5% for Four Corners Property Trust.

Corporate tax rate of 27% is the nominal tax rate for Four Corners 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 FCPT 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 FCPT are equal to 695.6%.

Life of production assets of 41.1 years is the average useful life of capital assets used in Four Corners 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 FCPT is equal to -21.8%. 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 - $465 million for Four Corners 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 60.885 million for Four Corners 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 Four Corners Property Trust at the current share price and the inputted number of shares is $1.4 billion.


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