Intrinsic value of Farmland Partners - FPI

Previous Close

$6.50

  Intrinsic Value

$18.72

stock screener

  Rating & Target

str. buy

+188%

Previous close

$6.50

 
Intrinsic value

$18.72

 
Up/down potential

+188%

 
Rating

str. buy

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  49.10
  44.69
  40.72
  37.15
  33.93
  31.04
  28.44
  26.09
  23.98
  22.09
  20.38
  18.84
  17.46
  16.21
  15.09
  14.08
  13.17
  12.35
  11.62
  10.96
  10.36
  9.83
  9.34
  8.91
  8.52
  8.17
  7.85
  7.56
  7.31
  7.08
Revenue, $m
  31
  69
  99
  140
  192
  257
  336
  432
  544
  675
  824
  992
  1,179
  1,385
  1,609
  1,852
  2,112
  2,391
  2,686
  2,998
  3,327
  3,671
  4,032
  4,409
  4,802
  5,211
  5,636
  6,078
  6,538
  7,016
  7,513
Variable operating expenses, $m
 
  34
  49
  70
  95
  128
  167
  215
  271
  336
  410
  494
  587
  689
  801
  922
  1,052
  1,191
  1,338
  1,493
  1,657
  1,828
  2,008
  2,196
  2,391
  2,595
  2,807
  3,027
  3,256
  3,494
  3,741
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
  15
  34
  49
  70
  95
  128
  167
  215
  271
  336
  410
  494
  587
  689
  801
  922
  1,052
  1,191
  1,338
  1,493
  1,657
  1,828
  2,008
  2,196
  2,391
  2,595
  2,807
  3,027
  3,256
  3,494
  3,741
Operating income, $m
  16
  34
  50
  70
  96
  129
  169
  217
  273
  339
  414
  498
  592
  695
  808
  930
  1,060
  1,200
  1,348
  1,505
  1,670
  1,843
  2,024
  2,213
  2,410
  2,616
  2,829
  3,051
  3,282
  3,522
  3,771
EBITDA, $m
  18
  170
  245
  345
  474
  634
  831
  1,067
  1,346
  1,669
  2,037
  2,453
  2,915
  3,423
  3,978
  4,579
  5,223
  5,911
  6,642
  7,413
  8,226
  9,078
  9,970
  10,901
  11,872
  12,884
  13,936
  15,030
  16,166
  17,348
  18,576
Interest expense (income), $m
  9
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
  21
Earnings before tax, $m
  6
  13
  29
  49
  75
  108
  148
  196
  252
  318
  393
  477
  571
  674
  787
  909
  1,039
  1,179
  1,327
  1,484
  1,649
  1,822
  2,003
  2,192
  2,389
  2,595
  2,808
  3,030
  3,261
  3,501
  3,750
Tax expense, $m
  0
  4
  8
  13
  20
  29
  40
  53
  68
  86
  106
  129
  154
  182
  212
  245
  281
  318
  358
  401
  445
  492
  541
  592
  645
  701
  758
  818
  881
  945
  1,013
Net income, $m
  4
  10
  21
  36
  55
  79
  108
  143
  184
  232
  287
  348
  417
  492
  574
  663
  759
  861
  969
  1,083
  1,204
  1,330
  1,462
  1,600
  1,744
  1,894
  2,050
  2,212
  2,381
  2,556
  2,738

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
  -39
  -56
  -79
  -108
  -145
  -190
  -244
  -308
  -382
  -466
  -561
  -667
  -784
  -911
  -1,048
  -1,195
  -1,353
  -1,520
  -1,697
  -1,883
  -2,078
  -2,282
  -2,495
  -2,717
  -2,949
  -3,190
  -3,440
  -3,700
  -3,971
  -4,252
Adjusted assets (=assets-cash), $m
  609
  -39
  -56
  -79
  -108
  -145
  -190
  -244
  -308
  -382
  -466
  -561
  -667
  -784
  -911
  -1,048
  -1,195
  -1,353
  -1,520
  -1,697
  -1,883
  -2,078
  -2,282
  -2,495
  -2,717
  -2,949
  -3,190
  -3,440
  -3,700
  -3,971
  -4,252
Revenue / Adjusted assets
  0.051
  -1.769
  -1.768
  -1.772
  -1.778
  -1.772
  -1.768
  -1.770
  -1.766
  -1.767
  -1.768
  -1.768
  -1.768
  -1.767
  -1.766
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
  -1.767
Average production assets, $m
  455
  1,352
  1,956
  2,752
  3,774
  5,055
  6,624
  8,508
  10,728
  13,300
  16,238
  19,547
  23,229
  27,284
  31,706
  36,490
  41,628
  47,111
  52,931
  59,082
  65,555
  72,348
  79,456
  86,880
  94,620
  102,679
  111,064
  119,781
  128,842
  138,258
  148,043
Working capital, $m
  0
  -787
  -1,139
  -1,603
  -2,198
  -2,944
  -3,858
  -4,955
  -6,247
  -7,746
  -9,456
  -11,383
  -13,528
  -15,889
  -18,464
  -21,250
  -24,242
  -27,436
  -30,825
  -34,407
  -38,177
  -42,133
  -46,272
  -50,595
  -55,103
  -59,796
  -64,679
  -69,756
  -75,033
  -80,516
  -86,214
Total debt, $m
  309
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
  10
Total liabilities, $m
  494
  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 equity, $m
  162
  -39
  -56
  -79
  -108
  -145
  -190
  -244
  -308
  -382
  -466
  -561
  -667
  -784
  -911
  -1,048
  -1,195
  -1,353
  -1,520
  -1,697
  -1,883
  -2,078
  -2,282
  -2,495
  -2,717
  -2,949
  -3,190
  -3,440
  -3,700
  -3,971
  -4,252
Total liabilities and equity, $m
  656
  -39
  -56
  -79
  -108
  -145
  -190
  -244
  -308
  -382
  -466
  -561
  -667
  -784
  -911
  -1,048
  -1,195
  -1,353
  -1,520
  -1,697
  -1,883
  -2,078
  -2,282
  -2,495
  -2,717
  -2,949
  -3,190
  -3,440
  -3,700
  -3,971
  -4,252
Debt-to-equity ratio
  1.907
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.189
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  10
  21
  36
  55
  79
  108
  143
  184
  232
  287
  348
  417
  492
  574
  663
  759
  861
  969
  1,083
  1,204
  1,330
  1,462
  1,600
  1,744
  1,894
  2,050
  2,212
  2,381
  2,556
  2,738
Depreciation, amort., depletion, $m
  2
  135
  196
  275
  377
  505
  662
  851
  1,073
  1,330
  1,624
  1,955
  2,323
  2,728
  3,171
  3,649
  4,163
  4,711
  5,293
  5,908
  6,556
  7,235
  7,946
  8,688
  9,462
  10,268
  11,106
  11,978
  12,884
  13,826
  14,804
Funds from operations, $m
  1
  145
  217
  311
  432
  584
  770
  994
  1,257
  1,562
  1,910
  2,303
  2,740
  3,220
  3,745
  4,312
  4,922
  5,572
  6,262
  6,992
  7,759
  8,565
  9,408
  10,288
  11,206
  12,162
  13,156
  14,190
  15,265
  16,382
  17,542
Change in working capital, $m
  -4
  -259
  -352
  -464
  -595
  -746
  -914
  -1,097
  -1,293
  -1,498
  -1,711
  -1,927
  -2,144
  -2,361
  -2,576
  -2,786
  -2,992
  -3,193
  -3,390
  -3,582
  -3,770
  -3,956
  -4,140
  -4,323
  -4,507
  -4,693
  -4,883
  -5,077
  -5,277
  -5,483
  -5,698
Cash from operations, $m
  5
  404
  568
  775
  1,028
  1,330
  1,684
  2,091
  2,550
  3,060
  3,621
  4,230
  4,884
  5,582
  6,320
  7,098
  7,914
  8,765
  9,652
  10,573
  11,529
  12,521
  13,548
  14,611
  15,714
  16,856
  18,039
  19,267
  20,542
  21,865
  23,240
Maintenance CAPEX, $m
  0
  -91
  -135
  -196
  -275
  -377
  -505
  -662
  -851
  -1,073
  -1,330
  -1,624
  -1,955
  -2,323
  -2,728
  -3,171
  -3,649
  -4,163
  -4,711
  -5,293
  -5,908
  -6,556
  -7,235
  -7,946
  -8,688
  -9,462
  -10,268
  -11,106
  -11,978
  -12,884
  -13,826
New CAPEX, $m
  -137
  -441
  -604
  -796
  -1,022
  -1,281
  -1,569
  -1,884
  -2,220
  -2,573
  -2,937
  -3,309
  -3,682
  -4,055
  -4,423
  -4,784
  -5,138
  -5,483
  -5,820
  -6,150
  -6,474
  -6,793
  -7,108
  -7,423
  -7,740
  -8,059
  -8,385
  -8,718
  -9,061
  -9,416
  -9,785
Cash from investing activities, $m
  -137
  -532
  -739
  -992
  -1,297
  -1,658
  -2,074
  -2,546
  -3,071
  -3,646
  -4,267
  -4,933
  -5,637
  -6,378
  -7,151
  -7,955
  -8,787
  -9,646
  -10,531
  -11,443
  -12,382
  -13,349
  -14,343
  -15,369
  -16,428
  -17,521
  -18,653
  -19,824
  -21,039
  -22,300
  -23,611
Free cash flow, $m
  -132
  -128
  -171
  -217
  -270
  -328
  -391
  -455
  -521
  -585
  -646
  -703
  -753
  -796
  -830
  -856
  -873
  -881
  -880
  -870
  -853
  -828
  -796
  -758
  -714
  -666
  -613
  -557
  -497
  -435
  -370
Issuance/(repayment) of debt, $m
  123
  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
Issuance/(repurchase) of shares, $m
  0
  -13
  -17
  -23
  -29
  -37
  -45
  -54
  -64
  -74
  -84
  -95
  -106
  -116
  -127
  -137
  -148
  -157
  -167
  -177
  -186
  -195
  -204
  -213
  -222
  -231
  -241
  -250
  -260
  -270
  -281
Cash from financing (excl. dividends), $m  
  163
  -13
  -17
  -23
  -29
  -37
  -45
  -54
  -64
  -74
  -84
  -95
  -106
  -116
  -127
  -137
  -148
  -157
  -167
  -177
  -186
  -195
  -204
  -213
  -222
  -231
  -241
  -250
  -260
  -270
  -281
Total cash flow (excl. dividends), $m
  31
  -140
  -188
  -240
  -299
  -365
  -436
  -510
  -585
  -659
  -731
  -798
  -859
  -912
  -958
  -994
  -1,021
  -1,038
  -1,047
  -1,047
  -1,038
  -1,023
  -1,000
  -971
  -936
  -897
  -854
  -807
  -758
  -705
  -651
Retained Cash Flow (-), $m
  -54
  13
  17
  23
  29
  37
  45
  54
  64
  74
  84
  95
  106
  116
  127
  137
  148
  157
  167
  177
  186
  195
  204
  213
  222
  231
  241
  250
  260
  270
  281
Prev. year cash balance distribution, $m
 
  26
  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
 
  13
  17
  23
  29
  37
  45
  54
  64
  74
  84
  95
  106
  116
  127
  137
  148
  157
  167
  177
  186
  195
  204
  213
  222
  231
  241
  250
  260
  270
  281
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  12
  16
  19
  23
  27
  30
  33
  35
  37
  37
  37
  36
  34
  32
  29
  26
  23
  20
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  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
  100.0

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 28.2
Price to Sales 3.6
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 22.6
Price to Free Cash Flow -0.9
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 $46 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 49.1% 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 5.5%, 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 49.8%.

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 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 215.2% 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 3%.

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 1970.6%.

Life of production assets of 10 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 -1147.6%. 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 - $0 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 31 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 $0.2 billion.

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COMPANY NEWS

▶ Online short-seller's report torpedoes Denver REIT's shares Wednesday   [09:39AM  American City Business Journals]
▶ Farmland Partners: 1Q Earnings Snapshot   [May-09-18 07:45PM  Associated Press]
▶ 5 of the Best Stocks Under $10 for 2018   [May-08-18 03:28PM  Zacks]
▶ 3 REIT Winners That Provided Some Stability   [11:00AM  TheStreet.com]
▶ Farmland Partners, Inc. to Host Earnings Call   [Mar-02-18 08:15AM  ACCESSWIRE]
▶ Olam bags $148.26m from farmland sale   [Dec-03-17 05:05PM  Singapore Business Review]
▶ Farmland Partners reports 3Q results   [Nov-08-17 05:55PM  Associated Press]
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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