Intrinsic value of Federal Realty Investment Trust - FRT

Previous Close

$128.81

  Intrinsic Value

$6.76

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

+39%

Previous close

$128.81

 
Intrinsic value

$6.76

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

+39%

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

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

We calculate the intrinsic value of FRT 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 9.4

 

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, %
  7.80
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  802
  843
  886
  931
  978
  1,028
  1,080
  1,134
  1,191
  1,251
  1,314
  1,381
  1,450
  1,523
  1,600
  1,680
  1,764
  1,853
  1,946
  2,043
  2,146
  2,253
  2,366
  2,485
  2,609
  2,740
  2,877
  3,021
  3,172
  3,331
  3,498
Variable operating expenses, $m
 
  261
  275
  289
  303
  319
  335
  352
  369
  388
  407
  428
  450
  472
  496
  521
  547
  574
  603
  633
  665
  699
  734
  770
  809
  849
  892
  937
  983
  1,033
  1,084
Fixed operating expenses, $m
 
  244
  250
  256
  263
  269
  276
  283
  290
  297
  305
  312
  320
  328
  336
  345
  353
  362
  371
  380
  390
  400
  410
  420
  430
  441
  452
  464
  475
  487
  499
Total operating expenses, $m
  481
  505
  525
  545
  566
  588
  611
  635
  659
  685
  712
  740
  770
  800
  832
  866
  900
  936
  974
  1,013
  1,055
  1,099
  1,144
  1,190
  1,239
  1,290
  1,344
  1,401
  1,458
  1,520
  1,583
Operating income, $m
  321
  338
  361
  386
  412
  440
  469
  500
  532
  566
  602
  640
  681
  723
  767
  814
  864
  916
  971
  1,029
  1,091
  1,155
  1,223
  1,295
  1,370
  1,449
  1,533
  1,621
  1,714
  1,812
  1,914
EBITDA, $m
  515
  542
  576
  612
  649
  689
  731
  775
  821
  870
  921
  975
  1,032
  1,092
  1,155
  1,222
  1,292
  1,365
  1,443
  1,525
  1,611
  1,701
  1,797
  1,897
  2,002
  2,113
  2,230
  2,353
  2,483
  2,619
  2,762
Interest expense (income), $m
  90
  98
  104
  110
  117
  124
  131
  139
  147
  156
  165
  174
  184
  195
  206
  217
  229
  242
  255
  269
  284
  299
  315
  332
  350
  368
  388
  409
  430
  453
  477
Earnings before tax, $m
  226
  240
  258
  276
  295
  316
  338
  361
  385
  410
  437
  466
  496
  528
  562
  597
  635
  675
  716
  761
  807
  856
  908
  963
  1,020
  1,081
  1,145
  1,213
  1,284
  1,359
  1,438
Tax expense, $m
  0
  65
  70
  74
  80
  85
  91
  97
  104
  111
  118
  126
  134
  143
  152
  161
  171
  182
  193
  205
  218
  231
  245
  260
  275
  292
  309
  327
  347
  367
  388
Net income, $m
  250
  175
  188
  201
  216
  231
  246
  263
  281
  300
  319
  340
  362
  386
  410
  436
  464
  492
  523
  555
  589
  625
  663
  703
  745
  789
  836
  885
  937
  992
  1,050

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  23
  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
  5,423
  5,657
  5,945
  6,247
  6,564
  6,896
  7,245
  7,611
  7,996
  8,399
  8,822
  9,266
  9,733
  10,222
  10,736
  11,275
  11,841
  12,435
  13,059
  13,714
  14,401
  15,123
  15,881
  16,677
  17,512
  18,389
  19,310
  20,277
  21,292
  22,357
  23,476
Adjusted assets (=assets-cash), $m
  5,400
  5,657
  5,945
  6,247
  6,564
  6,896
  7,245
  7,611
  7,996
  8,399
  8,822
  9,266
  9,733
  10,222
  10,736
  11,275
  11,841
  12,435
  13,059
  13,714
  14,401
  15,123
  15,881
  16,677
  17,512
  18,389
  19,310
  20,277
  21,292
  22,357
  23,476
Revenue / Adjusted assets
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
Average production assets, $m
  4,743
  4,985
  5,239
  5,505
  5,784
  6,077
  6,385
  6,707
  7,046
  7,401
  7,774
  8,165
  8,576
  9,007
  9,460
  9,935
  10,434
  10,958
  11,507
  12,085
  12,690
  13,326
  13,994
  14,695
  15,431
  16,204
  17,016
  17,867
  18,762
  19,701
  20,687
Working capital, $m
  0
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
  -88
  -92
  -97
  -101
Total debt, $m
  2,798
  2,961
  3,145
  3,338
  3,540
  3,752
  3,975
  4,208
  4,453
  4,711
  4,981
  5,264
  5,561
  5,874
  6,201
  6,545
  6,907
  7,286
  7,684
  8,101
  8,540
  9,001
  9,484
  9,992
  10,525
  11,084
  11,672
  12,288
  12,936
  13,616
  14,330
Total liabilities, $m
  3,447
  3,609
  3,793
  3,986
  4,188
  4,400
  4,623
  4,856
  5,101
  5,359
  5,629
  5,912
  6,209
  6,522
  6,849
  7,193
  7,555
  7,934
  8,332
  8,749
  9,188
  9,649
  10,132
  10,640
  11,173
  11,732
  12,320
  12,936
  13,584
  14,264
  14,978
Total equity, $m
  1,977
  2,048
  2,152
  2,261
  2,376
  2,497
  2,623
  2,755
  2,894
  3,040
  3,194
  3,354
  3,523
  3,700
  3,886
  4,081
  4,286
  4,502
  4,727
  4,964
  5,213
  5,475
  5,749
  6,037
  6,339
  6,657
  6,990
  7,340
  7,708
  8,093
  8,498
Total liabilities and equity, $m
  5,424
  5,657
  5,945
  6,247
  6,564
  6,897
  7,246
  7,611
  7,995
  8,399
  8,823
  9,266
  9,732
  10,222
  10,735
  11,274
  11,841
  12,436
  13,059
  13,713
  14,401
  15,124
  15,881
  16,677
  17,512
  18,389
  19,310
  20,276
  21,292
  22,357
  23,476
Debt-to-equity ratio
  1.415
  1.450
  1.460
  1.480
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.620
  1.630
  1.630
  1.640
  1.640
  1.650
  1.660
  1.660
  1.670
  1.670
  1.670
  1.680
  1.680
  1.690
Adjusted equity ratio
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  250
  175
  188
  201
  216
  231
  246
  263
  281
  300
  319
  340
  362
  386
  410
  436
  464
  492
  523
  555
  589
  625
  663
  703
  745
  789
  836
  885
  937
  992
  1,050
Depreciation, amort., depletion, $m
  194
  204
  215
  226
  237
  249
  262
  275
  289
  303
  319
  335
  351
  369
  388
  407
  428
  449
  472
  495
  520
  546
  574
  602
  632
  664
  697
  732
  769
  807
  848
Funds from operations, $m
  418
  379
  403
  427
  453
  480
  508
  538
  570
  603
  638
  675
  714
  755
  798
  843
  891
  942
  995
  1,050
  1,109
  1,171
  1,236
  1,305
  1,377
  1,453
  1,533
  1,617
  1,706
  1,799
  1,897
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from operations, $m
  419
  380
  404
  428
  454
  481
  510
  540
  571
  605
  640
  677
  716
  757
  800
  846
  894
  944
  997
  1,053
  1,112
  1,174
  1,240
  1,308
  1,381
  1,457
  1,537
  1,622
  1,710
  1,804
  1,902
Maintenance CAPEX, $m
  0
  -194
  -204
  -215
  -226
  -237
  -249
  -262
  -275
  -289
  -303
  -319
  -335
  -351
  -369
  -388
  -407
  -428
  -449
  -472
  -495
  -520
  -546
  -574
  -602
  -632
  -664
  -697
  -732
  -769
  -807
New CAPEX, $m
  -580
  -242
  -254
  -266
  -279
  -293
  -307
  -323
  -339
  -355
  -373
  -391
  -411
  -431
  -453
  -475
  -499
  -524
  -550
  -577
  -606
  -636
  -668
  -701
  -736
  -773
  -811
  -852
  -894
  -939
  -986
Cash from investing activities, $m
  -590
  -436
  -458
  -481
  -505
  -530
  -556
  -585
  -614
  -644
  -676
  -710
  -746
  -782
  -822
  -863
  -906
  -952
  -999
  -1,049
  -1,101
  -1,156
  -1,214
  -1,275
  -1,338
  -1,405
  -1,475
  -1,549
  -1,626
  -1,708
  -1,793
Free cash flow, $m
  -171
  -56
  -54
  -53
  -51
  -49
  -47
  -45
  -42
  -39
  -36
  -33
  -30
  -26
  -22
  -17
  -12
  -7
  -2
  5
  11
  18
  26
  34
  42
  52
  62
  72
  84
  96
  109
Issuance/(repayment) of debt, $m
  135
  163
  184
  193
  202
  212
  223
  234
  245
  257
  270
  283
  297
  312
  328
  344
  361
  379
  398
  418
  439
  461
  483
  508
  533
  560
  587
  617
  648
  680
  714
Issuance/(repurchase) of shares, $m
  329
  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 from financing (excl. dividends), $m  
  441
  163
  184
  193
  202
  212
  223
  234
  245
  257
  270
  283
  297
  312
  328
  344
  361
  379
  398
  418
  439
  461
  483
  508
  533
  560
  587
  617
  648
  680
  714
Total cash flow (excl. dividends), $m
  270
  107
  130
  140
  151
  163
  176
  189
  203
  218
  234
  250
  268
  286
  306
  327
  349
  372
  396
  422
  450
  479
  509
  541
  575
  611
  649
  689
  731
  776
  823
Retained Cash Flow (-), $m
  -313
  -94
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -261
  -274
  -288
  -302
  -317
  -333
  -350
  -367
  -386
  -405
Prev. year cash balance distribution, $m
 
  23
  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
 
  37
  25
  31
  37
  43
  49
  56
  64
  72
  80
  89
  99
  109
  120
  132
  144
  157
  171
  185
  201
  217
  235
  253
  273
  294
  316
  339
  364
  390
  418
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  33
  21
  23
  25
  25
  26
  25
  24
  23
  21
  20
  17
  15
  13
  11
  9
  7
  6
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
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

Federal Realty Investment Trust is an equity real estate investment trust (REIT). The Company specializes in the ownership, management and redevelopment of retail and mixed-use properties located primarily in affluent communities in selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California and South Florida. As of December 31, 2016, the Company owned or had an interest in community and neighborhood shopping centers and mixed-use properties, which operated as 96 retail real estate projects and included approximately 22.6 million square feet. As of December 31, 2016, its 96 retail shopping center and mixed-use properties were located in 12 states and the District of Columbia. As of December 31, 2016, there were approximately 2,900 leases with tenants providing a range of retail products and services. These tenants range from sole proprietorships to national retailers, or corporate group of tenants.

FINANCIAL RATIOS  of  Federal Realty Investment Trust (FRT)

Valuation Ratios
P/E Ratio 37.1
Price to Sales 11.6
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow -57.6
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.7%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 141.5%
Total Debt to Equity 141.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 68.3%
Gross Margin - 3 Yr. Avg. 68.7%
EBITDA Margin 63.6%
EBITDA Margin - 3 Yr. Avg. 64.1%
Operating Margin 40%
Oper. Margin - 3 Yr. Avg. 38.6%
Pre-Tax Margin 28.2%
Pre-Tax Margin - 3 Yr. Avg. 26.1%
Net Profit Margin 31.2%
Net Profit Margin - 3 Yr. Avg. 27.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 107.2%

FRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRT stock intrinsic value calculation we used $802 million for the last fiscal year's total revenue generated by Federal Realty Investment Trust. The default revenue input number comes from 2016 income statement of Federal Realty Investment 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 FRT stock valuation model: a) initial revenue growth rate of 5.1% 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 9.1%, whose default value for FRT is calculated based on our internal credit rating of Federal Realty Investment 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 Federal Realty Investment 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 FRT stock the variable cost ratio is equal to 31%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $238 million in the base year in the intrinsic value calculation for FRT 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 Federal Realty Investment Trust.

Corporate tax rate of 27% is the nominal tax rate for Federal Realty Investment 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 FRT 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 FRT are equal to 591.4%.

Life of production assets of 24.4 years is the average useful life of capital assets used in Federal Realty Investment 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 FRT is equal to -2.9%. 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 - $1977 million for Federal Realty Investment 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 73.099 million for Federal Realty Investment 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 Federal Realty Investment Trust at the current share price and the inputted number of shares is $9.4 billion.

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COMPANY NEWS

▶ /Disregard Release /   [Oct-06-17 02:19PM  ACCESSWIRE]
▶ Bethesda's vacant City Sports storefront finally finds a taker   [Oct-05-17 09:02AM  American City Business Journals]
▶ Federal Realty Investment Trust reports 2Q results   [Aug-02-17 09:55PM  Associated Press]
▶ The D.C. area is getting a huge Anthropologie department store   [Jul-12-17 01:37PM  American City Business Journals]
▶ Tysons getting another Cava as Federal Realty expands shopping center   [Jun-22-17 11:55AM  American City Business Journals]
▶ Heres a look at Federal Realtys plans for Barcroft Plaza   [May-25-17 11:20AM  American City Business Journals]
▶ S&P Dividend Aristocrats: Which Stocks Make the List?   [May-05-17 07:20AM  Motley Fool]
▶ Federal Realty Investment Trust reports 1Q results   [May-03-17 04:28PM  Associated Press]
▶ Amazon expands brick-and-mortar bookstore to Silicon Valley   [Apr-21-17 02:30PM  American City Business Journals]
▶ Silicon Valley's first Amazon Books heads to San Jose   [Apr-20-17 06:21PM  American City Business Journals]
▶ 3 Dividend Stocks to Put on Your Shopping List   [Mar-23-17 09:29AM  Motley Fool]
▶ 2 Retail REIT Picks Selling At A Discount   [Mar-21-17 10:32AM  Barrons.com]
▶ 52-Week Company Lows   [Mar-02-17 12:43PM  GuruFocus.com]
▶ New Additions For A Dividend Growth ETF   [Mar-01-17 01:01PM  at Investopedia]
Financial statements of FRT
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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