Intrinsic value of Farmland Partners - FPI

Previous Close

$8.98

  Intrinsic Value

$15.47

stock screener

  Rating & Target

str. buy

+72%

  Value-price divergence*

+512%

Previous close

$8.98

 
Intrinsic value

$15.47

 
Up/down potential

+72%

 
Rating

str. buy

 
Value-price divergence*

+512%

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

We calculate the intrinsic value of FPI 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 0.3

 

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, %
  121.43
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  31
  50
  77
  115
  166
  235
  323
  433
  568
  731
  924
  1,147
  1,403
  1,691
  2,012
  2,365
  2,751
  3,169
  3,618
  4,098
  4,607
  5,146
  5,713
  6,308
  6,931
  7,581
  8,260
  8,966
  9,702
  10,466
  11,260
Variable operating expenses, $m
 
  21
  32
  48
  70
  98
  135
  181
  238
  306
  387
  481
  588
  708
  843
  991
  1,153
  1,328
  1,516
  1,717
  1,931
  2,156
  2,394
  2,643
  2,904
  3,177
  3,461
  3,757
  4,065
  4,385
  4,718
Fixed operating expenses, $m
 
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
Total operating expenses, $m
  15
  23
  34
  50
  72
  100
  137
  183
  240
  308
  390
  484
  591
  711
  846
  994
  1,156
  1,331
  1,519
  1,720
  1,934
  2,159
  2,397
  2,647
  2,908
  3,181
  3,465
  3,761
  4,069
  4,389
  4,722
Operating income, $m
  16
  27
  42
  64
  94
  134
  185
  249
  328
  422
  534
  664
  812
  980
  1,166
  1,371
  1,596
  1,838
  2,099
  2,378
  2,674
  2,986
  3,316
  3,661
  4,023
  4,401
  4,795
  5,206
  5,633
  6,077
  6,538
EBITDA, $m
  18
  51
  80
  120
  176
  249
  343
  461
  606
  780
  986
  1,225
  1,498
  1,807
  2,150
  2,528
  2,942
  3,389
  3,869
  4,383
  4,928
  5,504
  6,111
  6,747
  7,414
  8,110
  8,836
  9,592
  10,379
  11,197
  12,047
Interest expense (income), $m
  9
  11
  22
  37
  59
  89
  128
  178
  241
  319
  412
  522
  650
  796
  961
  1,145
  1,347
  1,568
  1,808
  2,065
  2,339
  2,631
  2,939
  3,264
  3,604
  3,961
  4,334
  4,722
  5,126
  5,547
  5,985
Earnings before tax, $m
  6
  16
  21
  27
  35
  46
  57
  71
  87
  104
  122
  142
  162
  183
  205
  226
  248
  270
  292
  313
  334
  355
  377
  398
  419
  440
  462
  484
  506
  529
  553
Tax expense, $m
  0
  4
  6
  7
  10
  12
  16
  19
  23
  28
  33
  38
  44
  49
  55
  61
  67
  73
  79
  85
  90
  96
  102
  107
  113
  119
  125
  131
  137
  143
  149
Net income, $m
  4
  11
  15
  20
  26
  33
  42
  52
  63
  76
  89
  103
  118
  134
  149
  165
  181
  197
  213
  228
  244
  259
  275
  290
  306
  321
  337
  353
  370
  386
  404

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
  656
  973
  1,503
  2,247
  3,260
  4,600
  6,324
  8,489
  11,146
  14,342
  18,116
  22,495
  27,503
  33,150
  39,442
  46,377
  53,947
  62,143
  70,950
  80,355
  90,343
  100,901
  112,018
  123,686
  135,900
  148,657
  161,959
  175,812
  190,226
  205,213
  220,789
Adjusted assets (=assets-cash), $m
  609
  973
  1,503
  2,247
  3,260
  4,600
  6,324
  8,489
  11,146
  14,342
  18,116
  22,495
  27,503
  33,150
  39,442
  46,377
  53,947
  62,143
  70,950
  80,355
  90,343
  100,901
  112,018
  123,686
  135,900
  148,657
  161,959
  175,812
  190,226
  205,213
  220,789
Revenue / Adjusted assets
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
Average production assets, $m
  455
  728
  1,125
  1,682
  2,441
  3,443
  4,734
  6,354
  8,343
  10,736
  13,560
  16,838
  20,587
  24,814
  29,523
  34,714
  40,381
  46,516
  53,108
  60,148
  67,624
  75,527
  83,848
  92,582
  101,724
  111,273
  121,231
  131,600
  142,389
  153,607
  165,267
Working capital, $m
  0
  -75
  -116
  -174
  -252
  -356
  -489
  -656
  -862
  -1,109
  -1,401
  -1,739
  -2,126
  -2,563
  -3,050
  -3,586
  -4,171
  -4,805
  -5,486
  -6,213
  -6,985
  -7,801
  -8,661
  -9,563
  -10,507
  -11,494
  -12,522
  -13,593
  -14,708
  -15,866
  -17,071
Total debt, $m
  309
  604
  1,034
  1,637
  2,459
  3,546
  4,944
  6,699
  8,855
  11,447
  14,507
  18,059
  22,120
  26,700
  31,803
  37,427
  43,566
  50,213
  57,356
  64,983
  73,083
  81,645
  90,662
  100,124
  110,030
  120,376
  131,164
  142,399
  154,088
  166,242
  178,875
Total liabilities, $m
  494
  789
  1,219
  1,822
  2,644
  3,731
  5,129
  6,884
  9,040
  11,632
  14,692
  18,244
  22,305
  26,885
  31,988
  37,612
  43,751
  50,398
  57,541
  65,168
  73,268
  81,830
  90,847
  100,309
  110,215
  120,561
  131,349
  142,584
  154,273
  166,427
  179,060
Total equity, $m
  162
  184
  284
  425
  616
  869
  1,195
  1,604
  2,107
  2,711
  3,424
  4,252
  5,198
  6,265
  7,455
  8,765
  10,196
  11,745
  13,410
  15,187
  17,075
  19,070
  21,171
  23,377
  25,685
  28,096
  30,610
  33,229
  35,953
  38,785
  41,729
Total liabilities and equity, $m
  656
  973
  1,503
  2,247
  3,260
  4,600
  6,324
  8,488
  11,147
  14,343
  18,116
  22,496
  27,503
  33,150
  39,443
  46,377
  53,947
  62,143
  70,951
  80,355
  90,343
  100,900
  112,018
  123,686
  135,900
  148,657
  161,959
  175,813
  190,226
  205,212
  220,789
Debt-to-equity ratio
  1.907
  3.280
  3.640
  3.860
  3.990
  4.080
  4.140
  4.180
  4.200
  4.220
  4.240
  4.250
  4.260
  4.260
  4.270
  4.270
  4.270
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.290
  4.290
  4.290
  4.290
Adjusted equity ratio
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  11
  15
  20
  26
  33
  42
  52
  63
  76
  89
  103
  118
  134
  149
  165
  181
  197
  213
  228
  244
  259
  275
  290
  306
  321
  337
  353
  370
  386
  404
Depreciation, amort., depletion, $m
  2
  24
  37
  56
  81
  115
  158
  212
  278
  358
  452
  561
  686
  827
  984
  1,157
  1,346
  1,551
  1,770
  2,005
  2,254
  2,518
  2,795
  3,086
  3,391
  3,709
  4,041
  4,387
  4,746
  5,120
  5,509
Funds from operations, $m
  1
  36
  53
  76
  107
  148
  200
  264
  341
  434
  541
  665
  805
  961
  1,134
  1,322
  1,527
  1,748
  1,983
  2,233
  2,498
  2,777
  3,070
  3,376
  3,696
  4,030
  4,378
  4,740
  5,116
  5,507
  5,913
Change in working capital, $m
  -4
  -28
  -41
  -58
  -78
  -104
  -133
  -167
  -205
  -247
  -292
  -339
  -387
  -437
  -486
  -536
  -585
  -634
  -681
  -727
  -772
  -816
  -860
  -902
  -944
  -986
  -1,028
  -1,071
  -1,114
  -1,159
  -1,204
Cash from operations, $m
  5
  64
  94
  134
  186
  252
  333
  431
  547
  681
  833
  1,003
  1,192
  1,397
  1,620
  1,859
  2,113
  2,381
  2,664
  2,961
  3,270
  3,593
  3,929
  4,278
  4,641
  5,017
  5,407
  5,811
  6,230
  6,665
  7,117
Maintenance CAPEX, $m
  0
  -15
  -24
  -37
  -56
  -81
  -115
  -158
  -212
  -278
  -358
  -452
  -561
  -686
  -827
  -984
  -1,157
  -1,346
  -1,551
  -1,770
  -2,005
  -2,254
  -2,518
  -2,795
  -3,086
  -3,391
  -3,709
  -4,041
  -4,387
  -4,746
  -5,120
New CAPEX, $m
  -137
  -273
  -397
  -557
  -759
  -1,003
  -1,290
  -1,620
  -1,989
  -2,392
  -2,824
  -3,278
  -3,748
  -4,227
  -4,710
  -5,191
  -5,667
  -6,135
  -6,592
  -7,040
  -7,476
  -7,903
  -8,322
  -8,734
  -9,142
  -9,549
  -9,957
  -10,370
  -10,789
  -11,218
  -11,660
Cash from investing activities, $m
  -137
  -288
  -421
  -594
  -815
  -1,084
  -1,405
  -1,778
  -2,201
  -2,670
  -3,182
  -3,730
  -4,309
  -4,913
  -5,537
  -6,175
  -6,824
  -7,481
  -8,143
  -8,810
  -9,481
  -10,157
  -10,840
  -11,529
  -12,228
  -12,940
  -13,666
  -14,411
  -15,176
  -15,964
  -16,780
Free cash flow, $m
  -132
  -224
  -327
  -461
  -629
  -832
  -1,072
  -1,347
  -1,654
  -1,990
  -2,349
  -2,727
  -3,118
  -3,516
  -3,917
  -4,316
  -4,711
  -5,099
  -5,479
  -5,849
  -6,211
  -6,564
  -6,910
  -7,250
  -7,587
  -7,923
  -8,260
  -8,600
  -8,945
  -9,299
  -9,663
Issuance/(repayment) of debt, $m
  123
  295
  430
  604
  822
  1,086
  1,398
  1,756
  2,155
  2,592
  3,060
  3,552
  4,061
  4,580
  5,103
  5,624
  6,140
  6,647
  7,143
  7,627
  8,100
  8,563
  9,016
  9,463
  9,905
  10,346
  10,788
  11,235
  11,689
  12,154
  12,633
Issuance/(repurchase) of shares, $m
  0
  57
  85
  121
  166
  220
  284
  357
  439
  528
  624
  724
  828
  934
  1,040
  1,145
  1,250
  1,352
  1,452
  1,549
  1,644
  1,736
  1,826
  1,915
  2,003
  2,090
  2,177
  2,265
  2,355
  2,446
  2,540
Cash from financing (excl. dividends), $m  
  163
  352
  515
  725
  988
  1,306
  1,682
  2,113
  2,594
  3,120
  3,684
  4,276
  4,889
  5,514
  6,143
  6,769
  7,390
  7,999
  8,595
  9,176
  9,744
  10,299
  10,842
  11,378
  11,908
  12,436
  12,965
  13,500
  14,044
  14,600
  15,173
Total cash flow (excl. dividends), $m
  31
  128
  187
  263
  358
  474
  610
  766
  940
  1,131
  1,335
  1,549
  1,771
  1,998
  2,226
  2,453
  2,678
  2,899
  3,115
  3,327
  3,533
  3,735
  3,933
  4,127
  4,320
  4,513
  4,706
  4,900
  5,099
  5,301
  5,510
Retained Cash Flow (-), $m
  -54
  -69
  -100
  -141
  -192
  -253
  -326
  -409
  -502
  -604
  -713
  -828
  -946
  -1,067
  -1,189
  -1,311
  -1,431
  -1,549
  -1,665
  -1,777
  -1,888
  -1,995
  -2,101
  -2,205
  -2,308
  -2,411
  -2,514
  -2,618
  -2,724
  -2,833
  -2,944
Prev. year cash balance distribution, $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
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
 
  106
  87
  123
  167
  221
  284
  357
  438
  527
  622
  722
  825
  930
  1,037
  1,142
  1,247
  1,350
  1,451
  1,549
  1,645
  1,739
  1,831
  1,922
  2,012
  2,102
  2,191
  2,282
  2,374
  2,469
  2,566
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  96
  71
  89
  107
  124
  137
  147
  151
  151
  145
  135
  122
  107
  90
  74
  59
  46
  34
  25
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.6
  62.8
  51.0
  42.0
  35.2
  29.9
  25.7
  22.4
  19.7
  17.5
  15.7
  14.2
  12.9
  11.8
  10.9
  10.1
  9.4
  8.9
  8.3
  7.9
  7.4
  7.1
  6.7
  6.4
  6.2
  5.9
  5.7
  5.5
  5.3
  5.1

Farmland Partners, Inc. is an internally managed real estate company. The Company owns and seeks to acquire farmland located in agricultural markets throughout North America. The Company is the sole member of the general partner of Farmland Partners Operating Partnership, LP (the Operating Partnership). All of the Company's assets are held by, and its operations are primarily conducted through, the Operating Partnership and the subsidiaries of the Operating Partnership. The Company's principal investment focus is on farmland located in agricultural markets throughout North America, however, it may seek to acquire farmland outside of North America. It also may acquire properties related to farming, such as grain storage facilities, grain elevators, feedlots, cold storage facilities, processing plants and distribution centers, as well as livestock farms or ranches. As of December 31, 2016, the Company owned approximately 115,489 acres, as well as eight grain storage facilities.

FINANCIAL RATIOS  of  Farmland Partners (FPI)

Valuation Ratios
P/E Ratio 39
Price to Sales 5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 31.2
Price to Free Cash Flow -1.2
Growth Rates
Sales Growth Rate 121.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.1%
Cap. Spend. - 3 Yr. Gr. Rate 167.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 190.7%
Total Debt to Equity 190.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity 3%
Return On Equity - 3 Yr. Avg. 0.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 93.5%
Gross Margin - 3 Yr. Avg. 95.5%
EBITDA Margin 54.8%
EBITDA Margin - 3 Yr. Avg. 34.9%
Operating Margin 51.6%
Oper. Margin - 3 Yr. Avg. 31.5%
Pre-Tax Margin 19.4%
Pre-Tax Margin - 3 Yr. Avg. 2.9%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. -1.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 175%

FPI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FPI stock intrinsic value calculation we used $31 million for the last fiscal year's total revenue generated by Farmland Partners. The default revenue input number comes from 2016 income statement of Farmland Partners. 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 FPI stock valuation model: a) initial revenue growth rate of 60% 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 10.1%, whose default value for FPI is calculated based on our internal credit rating of Farmland Partners, 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 Farmland Partners.
    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 FPI stock the variable cost ratio is equal to 41.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2 million in the base year in the intrinsic value calculation for FPI 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 3.6% for Farmland Partners.

Corporate tax rate of 27% is the nominal tax rate for Farmland Partners. 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 FPI 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 FPI are equal to 1467.7%.

Life of production assets of 227.5 years is the average useful life of capital assets used in Farmland Partners 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 FPI is equal to -151.6%. 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 - $162 million for Farmland Partners - 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 33.102 million for Farmland Partners 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 Farmland Partners at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Valuable Earnings Insight on 2 Value Names   [Jul-21-17 12:30PM  TheStreet.com]
▶ Farmland Partners reports 2Q results   [Jul-19-17 10:56PM  Associated Press]
▶ Top Ranked Income Stocks to Buy for May 9th   [May-09-17 07:20AM  Zacks]
▶ Farmland Partners reports 1Q loss   [05:02AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for May 5th   [May-05-17 05:56AM  Zacks]
▶ Top Ranked Income Stocks to Buy for April 17th   [Apr-17-17 11:37AM  Zacks]
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▶ Why Amazon, Pandora, Bank of America, and 2 More Are Trending   [Sep-12-16 01:18PM  at Insider Monkey]
Financial statements of FPI
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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