Intrinsic value of GGP - GGP

Previous Close

$23.28

  Intrinsic Value

$2.48

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

+29%

Previous close

$23.28

 
Intrinsic value

$2.48

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

+29%

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

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

We calculate the intrinsic value of GGP 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 20.3

 

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, %
  -2.41
  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
  2,346
  2,393
  2,448
  2,511
  2,582
  2,660
  2,746
  2,839
  2,940
  3,049
  3,166
  3,292
  3,425
  3,567
  3,719
  3,879
  4,049
  4,229
  4,419
  4,620
  4,833
  5,057
  5,293
  5,542
  5,804
  6,081
  6,371
  6,678
  7,000
  7,339
  7,696
Variable operating expenses, $m
 
  1,474
  1,508
  1,547
  1,590
  1,638
  1,691
  1,749
  1,811
  1,878
  1,951
  2,028
  2,110
  2,198
  2,291
  2,389
  2,494
  2,605
  2,722
  2,846
  2,977
  3,115
  3,260
  3,414
  3,575
  3,746
  3,925
  4,113
  4,312
  4,521
  4,740
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
  1,546
  1,474
  1,508
  1,547
  1,590
  1,638
  1,691
  1,749
  1,811
  1,878
  1,951
  2,028
  2,110
  2,198
  2,291
  2,389
  2,494
  2,605
  2,722
  2,846
  2,977
  3,115
  3,260
  3,414
  3,575
  3,746
  3,925
  4,113
  4,312
  4,521
  4,740
Operating income, $m
  800
  919
  940
  964
  991
  1,021
  1,054
  1,090
  1,129
  1,171
  1,216
  1,264
  1,315
  1,370
  1,428
  1,490
  1,555
  1,624
  1,697
  1,774
  1,856
  1,942
  2,032
  2,128
  2,229
  2,335
  2,447
  2,564
  2,688
  2,818
  2,955
EBITDA, $m
  1,502
  1,635
  1,673
  1,716
  1,764
  1,817
  1,876
  1,940
  2,009
  2,084
  2,164
  2,249
  2,340
  2,438
  2,541
  2,650
  2,767
  2,890
  3,020
  3,157
  3,302
  3,455
  3,617
  3,787
  3,966
  4,155
  4,354
  4,563
  4,783
  5,015
  5,258
Interest expense (income), $m
  567
  522
  536
  550
  566
  583
  603
  624
  648
  673
  700
  729
  760
  794
  829
  867
  907
  950
  994
  1,042
  1,092
  1,145
  1,201
  1,260
  1,322
  1,388
  1,457
  1,529
  1,606
  1,686
  1,771
Earnings before tax, $m
  1,026
  397
  404
  414
  426
  438
  452
  466
  482
  498
  516
  535
  555
  576
  599
  622
  648
  674
  703
  732
  764
  797
  831
  868
  907
  947
  990
  1,035
  1,082
  1,132
  1,184
Tax expense, $m
  1
  107
  109
  112
  115
  118
  122
  126
  130
  135
  139
  144
  150
  156
  162
  168
  175
  182
  190
  198
  206
  215
  224
  234
  245
  256
  267
  279
  292
  306
  320
Net income, $m
  1,288
  290
  295
  302
  311
  320
  330
  340
  352
  364
  377
  390
  405
  421
  437
  454
  473
  492
  513
  535
  557
  582
  607
  634
  662
  692
  723
  756
  790
  826
  865

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  475
  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
  22,733
  22,790
  23,314
  23,913
  24,586
  25,331
  26,149
  27,039
  28,003
  29,042
  30,157
  31,349
  32,621
  33,976
  35,416
  36,943
  38,562
  40,276
  42,088
  44,003
  46,025
  48,158
  50,408
  52,780
  55,278
  57,910
  60,681
  63,597
  66,666
  69,895
  73,291
Adjusted assets (=assets-cash), $m
  22,258
  22,790
  23,314
  23,913
  24,586
  25,331
  26,149
  27,039
  28,003
  29,042
  30,157
  31,349
  32,621
  33,976
  35,416
  36,943
  38,562
  40,276
  42,088
  44,003
  46,025
  48,158
  50,408
  52,780
  55,278
  57,910
  60,681
  63,597
  66,666
  69,895
  73,291
Revenue / Adjusted assets
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
Average production assets, $m
  17,622
  17,976
  18,389
  18,862
  19,392
  19,980
  20,625
  21,328
  22,088
  22,907
  23,786
  24,727
  25,730
  26,799
  27,934
  29,139
  30,416
  31,768
  33,198
  34,708
  36,303
  37,985
  39,760
  41,631
  43,601
  45,677
  47,863
  50,163
  52,584
  55,130
  57,809
Working capital, $m
  0
  -239
  -245
  -251
  -258
  -266
  -275
  -284
  -294
  -305
  -317
  -329
  -343
  -357
  -372
  -388
  -405
  -423
  -442
  -462
  -483
  -506
  -529
  -554
  -580
  -608
  -637
  -668
  -700
  -734
  -770
Total debt, $m
  12,642
  12,766
  13,093
  13,467
  13,886
  14,352
  14,862
  15,418
  16,019
  16,667
  17,363
  18,107
  18,901
  19,746
  20,644
  21,598
  22,608
  23,677
  24,808
  26,003
  27,265
  28,596
  30,000
  31,480
  33,039
  34,681
  36,410
  38,230
  40,145
  42,159
  44,278
Total liabilities, $m
  14,097
  14,221
  14,548
  14,922
  15,341
  15,807
  16,317
  16,873
  17,474
  18,122
  18,818
  19,562
  20,356
  21,201
  22,099
  23,053
  24,063
  25,132
  26,263
  27,458
  28,720
  30,051
  31,455
  32,935
  34,494
  36,136
  37,865
  39,685
  41,600
  43,614
  45,733
Total equity, $m
  8,636
  8,569
  8,766
  8,991
  9,244
  9,524
  9,832
  10,167
  10,529
  10,920
  11,339
  11,787
  12,266
  12,775
  13,316
  13,891
  14,499
  15,144
  15,825
  16,545
  17,305
  18,108
  18,954
  19,845
  20,785
  21,774
  22,816
  23,913
  25,066
  26,280
  27,557
Total liabilities and equity, $m
  22,733
  22,790
  23,314
  23,913
  24,585
  25,331
  26,149
  27,040
  28,003
  29,042
  30,157
  31,349
  32,622
  33,976
  35,415
  36,944
  38,562
  40,276
  42,088
  44,003
  46,025
  48,159
  50,409
  52,780
  55,279
  57,910
  60,681
  63,598
  66,666
  69,894
  73,290
Debt-to-equity ratio
  1.464
  1.490
  1.490
  1.500
  1.500
  1.510
  1.510
  1.520
  1.520
  1.530
  1.530
  1.540
  1.540
  1.550
  1.550
  1.550
  1.560
  1.560
  1.570
  1.570
  1.580
  1.580
  1.580
  1.590
  1.590
  1.590
  1.600
  1.600
  1.600
  1.600
  1.610
Adjusted equity ratio
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,288
  290
  295
  302
  311
  320
  330
  340
  352
  364
  377
  390
  405
  421
  437
  454
  473
  492
  513
  535
  557
  582
  607
  634
  662
  692
  723
  756
  790
  826
  865
Depreciation, amort., depletion, $m
  702
  716
  733
  751
  773
  796
  822
  850
  880
  913
  948
  985
  1,025
  1,068
  1,113
  1,161
  1,212
  1,266
  1,323
  1,383
  1,446
  1,513
  1,584
  1,659
  1,737
  1,820
  1,907
  1,999
  2,095
  2,196
  2,303
Funds from operations, $m
  1,187
  1,006
  1,027
  1,054
  1,083
  1,116
  1,151
  1,190
  1,232
  1,276
  1,324
  1,376
  1,430
  1,488
  1,550
  1,615
  1,685
  1,758
  1,835
  1,917
  2,004
  2,095
  2,191
  2,292
  2,399
  2,511
  2,630
  2,754
  2,885
  3,023
  3,168
Change in working capital, $m
  54
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
Cash from operations, $m
  1,133
  1,011
  1,033
  1,060
  1,090
  1,124
  1,160
  1,199
  1,242
  1,287
  1,336
  1,388
  1,443
  1,502
  1,565
  1,631
  1,702
  1,776
  1,855
  1,937
  2,025
  2,117
  2,215
  2,317
  2,425
  2,539
  2,659
  2,785
  2,917
  3,057
  3,203
Maintenance CAPEX, $m
  0
  -702
  -716
  -733
  -751
  -773
  -796
  -822
  -850
  -880
  -913
  -948
  -985
  -1,025
  -1,068
  -1,113
  -1,161
  -1,212
  -1,266
  -1,323
  -1,383
  -1,446
  -1,513
  -1,584
  -1,659
  -1,737
  -1,820
  -1,907
  -1,999
  -2,095
  -2,196
New CAPEX, $m
  -1,261
  -354
  -413
  -473
  -531
  -588
  -645
  -702
  -760
  -819
  -879
  -941
  -1,004
  -1,069
  -1,136
  -1,205
  -1,277
  -1,352
  -1,429
  -1,510
  -1,595
  -1,683
  -1,775
  -1,871
  -1,971
  -2,076
  -2,185
  -2,300
  -2,421
  -2,547
  -2,679
Cash from investing activities, $m
  550
  -1,056
  -1,129
  -1,206
  -1,282
  -1,361
  -1,441
  -1,524
  -1,610
  -1,699
  -1,792
  -1,889
  -1,989
  -2,094
  -2,204
  -2,318
  -2,438
  -2,564
  -2,695
  -2,833
  -2,978
  -3,129
  -3,288
  -3,455
  -3,630
  -3,813
  -4,005
  -4,207
  -4,420
  -4,642
  -4,875
Free cash flow, $m
  1,683
  -45
  -97
  -145
  -192
  -237
  -281
  -325
  -368
  -412
  -456
  -500
  -545
  -591
  -638
  -687
  -736
  -788
  -841
  -896
  -953
  -1,012
  -1,073
  -1,137
  -1,204
  -1,274
  -1,347
  -1,423
  -1,502
  -1,585
  -1,672
Issuance/(repayment) of debt, $m
  -835
  335
  327
  374
  420
  465
  510
  556
  602
  648
  695
  744
  794
  845
  898
  953
  1,010
  1,069
  1,131
  1,195
  1,262
  1,331
  1,404
  1,480
  1,559
  1,642
  1,729
  1,820
  1,915
  2,015
  2,119
Issuance/(repurchase) of shares, $m
  -34
  0
  0
  0
  0
  0
  0
  0
  11
  27
  42
  58
  73
  89
  104
  120
  136
  152
  169
  185
  203
  221
  239
  258
  278
  298
  319
  341
  364
  388
  412
Cash from financing (excl. dividends), $m  
  -863
  335
  327
  374
  420
  465
  510
  556
  613
  675
  737
  802
  867
  934
  1,002
  1,073
  1,146
  1,221
  1,300
  1,380
  1,465
  1,552
  1,643
  1,738
  1,837
  1,940
  2,048
  2,161
  2,279
  2,403
  2,531
Total cash flow (excl. dividends), $m
  820
  290
  230
  229
  228
  228
  229
  231
  244
  263
  282
  302
  322
  343
  364
  387
  410
  434
  459
  485
  512
  540
  570
  600
  633
  666
  701
  738
  777
  817
  860
Retained Cash Flow (-), $m
  -366
  -197
  -197
  -225
  -253
  -280
  -308
  -335
  -362
  -390
  -419
  -448
  -478
  -509
  -541
  -574
  -609
  -644
  -681
  -720
  -760
  -802
  -846
  -892
  -939
  -989
  -1,042
  -1,097
  -1,154
  -1,214
  -1,277
Prev. year cash balance distribution, $m
 
  264
  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
 
  357
  33
  4
  -25
  -52
  -78
  -104
  -118
  -128
  -137
  -146
  -156
  -166
  -177
  -188
  -199
  -211
  -223
  -235
  -248
  -262
  -276
  -291
  -307
  -323
  -340
  -358
  -377
  -397
  -417
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  325
  27
  3
  -16
  -30
  -39
  -44
  -43
  -38
  -34
  -29
  -25
  -21
  -17
  -13
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -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
  99.8
  99.7
  99.5
  99.2
  98.9
  98.6
  98.2
  97.8
  97.3
  96.9
  96.4
  95.9
  95.4
  94.9
  94.3
  93.7
  93.2
  92.6
  92.0
  91.4
  90.8
  90.2

General Growth Properties, Inc is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It engages in owning, managing, leasing, and redeveloping high-quality regional malls. General Growth Properties, Inc is based in Chicago, Illinois.

FINANCIAL RATIOS  of  GGP (GGP)

Valuation Ratios
P/E Ratio 16
Price to Sales 8.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 18.2
Price to Free Cash Flow -160.8
Growth Rates
Sales Growth Rate -2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio 2
Current Ratio NaN
LT Debt to Equity 143.9%
Total Debt to Equity 146.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 15.2%
Return On Equity - 3 Yr. Avg. 13.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69.9%
Gross Margin - 3 Yr. Avg. 69.3%
EBITDA Margin 97.8%
EBITDA Margin - 3 Yr. Avg. 88%
Operating Margin 34.1%
Oper. Margin - 3 Yr. Avg. 36.6%
Pre-Tax Margin 43.7%
Pre-Tax Margin - 3 Yr. Avg. 32.3%
Net Profit Margin 54.9%
Net Profit Margin - 3 Yr. Avg. 46.1%
Effective Tax Rate 0.1%
Eff/ Tax Rate - 3 Yr. Avg. -0.6%
Payout Ratio 54.5%

GGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GGP stock intrinsic value calculation we used $2346 million for the last fiscal year's total revenue generated by GGP. The default revenue input number comes from 2016 income statement of GGP. 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 GGP 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 9.7%, whose default value for GGP is calculated based on our internal credit rating of GGP, 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 GGP.
    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 GGP stock the variable cost ratio is equal to 61.6%.

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 GGP 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 4.2% for GGP.

Corporate tax rate of 27% is the nominal tax rate for GGP. 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 GGP 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 GGP are equal to 751.2%.

Life of production assets of 25.1 years is the average useful life of capital assets used in GGP 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 GGP is equal to -10%. 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 - $8636 million for GGP - 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 872.478 million for GGP 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 GGP at the current share price and the inputted number of shares is $20.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to GGP, Inc. : July 24, 2017   [Jul-24-17 04:05PM  Capital Cube]
▶ ETFs with exposure to GGP, Inc. : July 14, 2017   [Jul-14-17 02:33PM  Capital Cube]
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▶ America Has Room for 1 More Mall (at Least)   [Jul-02-17 09:40AM  Motley Fool]
▶ Goldman: buy this beaten-down REIT   [Jun-20-17 01:39PM  CNBC Videos]
▶ How AvalonBay Communities Leverages Its Balance Sheet   [Jun-16-17 09:06AM  Market Realist]
▶ ETFs with exposure to GGP, Inc. : June 15, 2017   [Jun-15-17 02:02PM  Capital Cube]
▶ GGP to Present at NAREITs REITWeek 2017 Investor Forum   [Jun-06-17 04:01PM  Business Wire]
▶ [$$] REITs: Should You Buy the Winners or the Losers?   [Jun-02-17 10:41PM  Barrons.com]
▶ How Wall Street Analysts View GGP   [07:35AM  Market Realist]
▶ GGPComparison with Other Retail REITs in Its Industry   [May-31-17 10:36AM  Market Realist]
▶ How Does GGP Manage Its Balance Sheet?   [09:06AM  Market Realist]
▶ GGP: A Rewarding Stock for Shareholders   [07:36AM  Market Realist]
▶ The Biggest Loser: GGP Slumps 4.4%   [May-26-17 05:13PM  Barrons.com]
▶ Investing in Simon Property Group: Relative Valuation   [May-22-17 10:36AM  Market Realist]
▶ Simon Property Group: A Must-Know Overview   [May-18-17 09:07AM  Market Realist]
▶ Why GGP Was the S&P 500s Top Gainer on May 1   [May-02-17 07:36AM  Market Realist]
▶ GGP Looks Undervalued as It Explores Alternatives   [May-01-17 01:19PM  Morningstar]
▶ [$$] Lampert's Seritage Play Could Lead to Big Gains   [Apr-22-17 12:51AM  Barrons.com]
▶ Stocks That Fell to 3-Year Lows in the Week of April 7   [Apr-09-17 03:34PM  GuruFocus.com]
▶ GGP Stock Trades Ex-Dividend Tuesday   [Apr-07-17 10:12AM  Investopedia]
▶ Carlo's Bakery Brings First Location to Atlanta, Georgia   [Apr-05-17 08:00AM  PR Newswire]
▶ [$$] Shopping for Mall REITs   [Apr-01-17 12:01AM  Barrons.com]
▶ [$$] Shopping for Mall REITs   [12:01AM  at Barrons.com]
▶ [$$] Sears Stock Stumbles After Going-Concern Warning   [Mar-23-17 12:50AM  The Wall Street Journal]
▶ [$$] Sears Stock Stumbles After Going-Concern Warning   [12:50AM  at The Wall Street Journal]
▶ [$$] Sears Stock Stumbles After Going-Concern Warning   [Mar-22-17 07:16PM  at The Wall Street Journal]
▶ 3 High-Quality Retail REITs at Selling at a Discount   [Mar-15-17 11:23AM  Barrons.com]
▶ GGP to Present at Citi 2017 Global Property CEO Conference   [Mar-01-17 04:01PM  Business Wire]
▶ What may happen to J.C. Penney stores in the Triangle   [Feb-24-17 03:18PM  at bizjournals.com]
▶ Meager Eats for REIT Investors?   [Feb-13-17 10:16AM  at Barrons.com]
Stock chart of GGP Financial statements of GGP Annual reports of GGP
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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