Intrinsic value of First Potomac Realty Trust - FPO

Previous Close

$11.13

  Intrinsic Value

$1.92

stock screener

  Rating & Target

str. sell

-83%

  Value-price divergence*

-61%

Previous close

$11.13

 
Intrinsic value

$1.92

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence*

-61%

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

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

We calculate the intrinsic value of FPO 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 0.6

 

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, %
  -7.51
  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
  160
  163
  167
  171
  176
  181
  187
  194
  201
  208
  216
  224
  234
  243
  254
  265
  276
  288
  301
  315
  330
  345
  361
  378
  396
  415
  435
  455
  477
  501
  525
Variable operating expenses, $m
 
  207
  212
  217
  223
  230
  238
  246
  254
  264
  274
  284
  295
  308
  321
  335
  349
  365
  381
  398
  417
  436
  457
  478
  501
  524
  550
  576
  604
  633
  664
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
  139
  207
  212
  217
  223
  230
  238
  246
  254
  264
  274
  284
  295
  308
  321
  335
  349
  365
  381
  398
  417
  436
  457
  478
  501
  524
  550
  576
  604
  633
  664
Operating income, $m
  21
  -44
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
EBITDA, $m
  83
  20
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
Interest expense (income), $m
  25
  26
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  57
  59
  62
  65
  69
  72
  75
  79
  83
  87
Earnings before tax, $m
  -2
  -70
  -71
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -92
  -95
  -99
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -226
Tax expense, $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
  0
Net income, $m
  -1
  -70
  -71
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -92
  -95
  -99
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -226

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  1,260
  1,275
  1,304
  1,338
  1,375
  1,417
  1,463
  1,513
  1,567
  1,625
  1,687
  1,754
  1,825
  1,901
  1,981
  2,067
  2,157
  2,253
  2,355
  2,462
  2,575
  2,694
  2,820
  2,953
  3,093
  3,240
  3,395
  3,558
  3,730
  3,910
  4,100
Adjusted assets (=assets-cash), $m
  1,246
  1,275
  1,304
  1,338
  1,375
  1,417
  1,463
  1,513
  1,567
  1,625
  1,687
  1,754
  1,825
  1,901
  1,981
  2,067
  2,157
  2,253
  2,355
  2,462
  2,575
  2,694
  2,820
  2,953
  3,093
  3,240
  3,395
  3,558
  3,730
  3,910
  4,100
Revenue / Adjusted assets
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
Average production assets, $m
  1,120
  1,142
  1,169
  1,199
  1,232
  1,270
  1,311
  1,355
  1,404
  1,456
  1,512
  1,571
  1,635
  1,703
  1,775
  1,852
  1,933
  2,019
  2,110
  2,206
  2,307
  2,414
  2,527
  2,646
  2,771
  2,903
  3,042
  3,188
  3,342
  3,504
  3,674
Working capital, $m
  0
  -14
  -15
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
Total debt, $m
  737
  756
  775
  797
  822
  850
  880
  913
  949
  987
  1,028
  1,072
  1,119
  1,169
  1,223
  1,279
  1,339
  1,402
  1,469
  1,540
  1,615
  1,694
  1,777
  1,865
  1,957
  2,055
  2,157
  2,265
  2,378
  2,498
  2,623
Total liabilities, $m
  824
  843
  862
  884
  909
  937
  967
  1,000
  1,036
  1,074
  1,115
  1,159
  1,206
  1,256
  1,310
  1,366
  1,426
  1,489
  1,556
  1,627
  1,702
  1,781
  1,864
  1,952
  2,044
  2,142
  2,244
  2,352
  2,465
  2,585
  2,710
Total equity, $m
  436
  432
  442
  454
  466
  480
  496
  513
  531
  551
  572
  595
  619
  644
  672
  701
  731
  764
  798
  835
  873
  913
  956
  1,001
  1,048
  1,098
  1,151
  1,206
  1,264
  1,326
  1,390
Total liabilities and equity, $m
  1,260
  1,275
  1,304
  1,338
  1,375
  1,417
  1,463
  1,513
  1,567
  1,625
  1,687
  1,754
  1,825
  1,900
  1,982
  2,067
  2,157
  2,253
  2,354
  2,462
  2,575
  2,694
  2,820
  2,953
  3,092
  3,240
  3,395
  3,558
  3,729
  3,911
  4,100
Debt-to-equity ratio
  1.690
  1.750
  1.750
  1.760
  1.760
  1.770
  1.770
  1.780
  1.790
  1.790
  1.800
  1.800
  1.810
  1.810
  1.820
  1.830
  1.830
  1.840
  1.840
  1.850
  1.850
  1.850
  1.860
  1.860
  1.870
  1.870
  1.870
  1.880
  1.880
  1.880
  1.890
Adjusted equity ratio
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  -70
  -71
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -92
  -95
  -99
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -226
Depreciation, amort., depletion, $m
  62
  64
  65
  67
  69
  71
  73
  76
  78
  81
  84
  87
  90
  94
  98
  102
  107
  112
  117
  122
  127
  133
  140
  146
  153
  160
  168
  176
  185
  194
  203
Funds from operations, $m
  57
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Change in working capital, $m
  -6
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  63
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Maintenance CAPEX, $m
  0
  -62
  -63
  -65
  -66
  -68
  -70
  -72
  -75
  -78
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -127
  -133
  -140
  -146
  -153
  -160
  -168
  -176
  -185
  -194
New CAPEX, $m
  -57
  -22
  -26
  -30
  -34
  -37
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
Cash from investing activities, $m
  120
  -84
  -89
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -144
  -151
  -158
  -166
  -175
  -183
  -193
  -203
  -213
  -223
  -234
  -246
  -259
  -271
  -285
  -299
  -314
  -330
  -347
  -364
Free cash flow, $m
  183
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -203
  -214
  -224
  -236
  -247
  -260
  -273
  -287
  -301
  -316
  -332
  -349
  -367
  -385
Issuance/(repayment) of debt, $m
  11
  19
  19
  22
  25
  28
  30
  33
  36
  38
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  102
  108
  113
  119
  126
Issuance/(repurchase) of shares, $m
  -160
  80
  81
  85
  88
  92
  96
  100
  104
  109
  114
  118
  123
  129
  135
  142
  149
  156
  163
  171
  179
  188
  197
  207
  217
  228
  239
  251
  264
  277
  291
Cash from financing (excl. dividends), $m  
  -151
  99
  100
  107
  113
  120
  126
  133
  140
  147
  155
  162
  170
  179
  188
  198
  209
  219
  230
  242
  254
  267
  280
  295
  309
  325
  341
  359
  377
  396
  417
Total cash flow (excl. dividends), $m
  32
  9
  6
  6
  7
  8
  8
  9
  10
  10
  11
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
Retained Cash Flow (-), $m
  189
  -80
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -277
  -291
Prev. year cash balance distribution, $m
 
  14
  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
 
  -57
  -76
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -153
  -161
  -169
  -177
  -185
  -194
  -204
  -214
  -224
  -236
  -247
  -259
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  -52
  -62
  -57
  -52
  -47
  -42
  -38
  -33
  -28
  -24
  -20
  -17
  -14
  -11
  -8
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  88.3
  78.0
  68.7
  60.5
  53.2
  46.7
  40.9
  35.8
  31.3
  27.3
  23.9
  20.8
  18.2
  15.8
  13.8
  12.0
  10.4
  9.1
  7.9
  6.9
  6.0
  5.2
  4.5
  3.9
  3.4
  2.9
  2.5
  2.2
  1.9
  1.7

First Potomac Realty Trust, a real estate investment trust (REIT), engages in the ownership, development, redevelopment, and operation of industrial properties and business parks in the Washington, D.C. metropolitan area, and other markets in Maryland and Virginia. As of March 31, 2008, it owned approximately 11.4 million square feet. The company qualifies as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. First Potomac Realty Trust was founded in 1997 and is based in Bethesda, Maryland.

FINANCIAL RATIOS  of  First Potomac Realty Trust (FPO)

Valuation Ratios
P/E Ratio -649.1
Price to Sales 4.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 108.2
Growth Rates
Sales Growth Rate -7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23%
Cap. Spend. - 3 Yr. Gr. Rate -10.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 169%
Total Debt to Equity 169%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.4%
Return On Equity -0.2%
Return On Equity - 3 Yr. Avg. -0.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 63.8%
Gross Margin - 3 Yr. Avg. 63%
EBITDA Margin 53.1%
EBITDA Margin - 3 Yr. Avg. 50.1%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. -2%
Pre-Tax Margin -1.3%
Pre-Tax Margin - 3 Yr. Avg. -3.7%
Net Profit Margin -0.6%
Net Profit Margin - 3 Yr. Avg. -3.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -3100%

FPO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FPO stock intrinsic value calculation we used $160 million for the last fiscal year's total revenue generated by First Potomac Realty Trust. The default revenue input number comes from 2016 income statement of First Potomac Realty 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 FPO 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 10%, whose default value for FPO is calculated based on our internal credit rating of First Potomac Realty 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 First Potomac Realty 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 FPO stock the variable cost ratio is equal to 126.9%.

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 FPO 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 First Potomac Realty Trust.

Corporate tax rate of 27% is the nominal tax rate for First Potomac Realty 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 FPO 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 FPO are equal to 700%.

Life of production assets of 18.1 years is the average useful life of capital assets used in First Potomac Realty 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 FPO is equal to -8.8%. 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 - $436 million for First Potomac Realty 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 55.794 million for First Potomac Realty 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 First Potomac Realty Trust at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
WRE Washington Rea 33.37 3.58  str.sell
SBRA Sabra Healthca 21.72 3.92  str.sell
SIR Select Income 23.42 5.89  str.sell
LXP Lexington Real 9.91 1.49  str.sell
BDN Brandywine Rea 16.80 2.70  str.sell
CLI Mack-Cali Real 23.82 4.33  str.sell
VNO Vornado Realty 75.90 12.17  str.sell
HIW Highwoods Prop 51.45 5.28  str.sell
FSP Franklin Stree 10.16 2.29  str.sell
EQC Equity Commonw 30.56 12.23  str.sell

COMPANY NEWS

▶ First Potomac cutting more than half of staff ahead of acquisition   [Aug-01-17 03:06PM  American City Business Journals]
▶ First Potomac Realty Trust reports 2Q results   [Jul-27-17 10:16PM  Associated Press]
▶ First Potomac co-founders Doug Donatelli and Nick Smith launch new venture   [Jul-19-17 04:42PM  American City Business Journals]
▶ First Potomac to be acquired by Government Properties for $1.4B   [09:37AM  American City Business Journals]
▶ First Potomac to be acquired by Government Properties for $1.4B   [09:25AM  American City Business Journals]
▶ Stock futures point to attempted rebound   [09:12AM  MarketWatch]
▶ First Potomac Realty Trust reports 1Q results   [Apr-27-17 07:12PM  Associated Press]
▶ This Bethesda-based developer just got a lot bigger, again   [Mar-06-17 01:54PM  at bizjournals.com]
▶ This Bethesda-based developer just got a lot bigger, again   [01:54PM  American City Business Journals]
▶ A year later, First Potomac reports improved outlook   [12:15PM  American City Business Journals]
▶ First Potomac Realty Trust reports 4Q results   [Feb-23-17 06:03PM  Associated Press]
▶ JBG Announces Key Additions to JBG SMITH Team   [Feb-01-17 09:00AM  PR Newswire]
▶ What Smart Money Thinks about First Potomac Realty Trust (FPO)?   [Dec-15-16 10:31AM  at Insider Monkey]
▶ First Potomac unloads former Greyhound site in NoMa   [Jun-01-16 01:52PM  at bizjournals.com]
Stock chart of FPO Financial statements of FPO
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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