Intrinsic value of Global Net Lease - GNL

Previous Close

$20.86

  Intrinsic Value

$3,457

stock screener

  Rating & Target

str. buy

+999%

Previous close

$20.86

 
Intrinsic value

$3,457

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of GNL 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, %
  4.39
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.69
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
Revenue, $m
  214
  314
  375
  442
  516
  597
  683
  776
  875
  979
  1,089
  1,205
  1,326
  1,452
  1,584
  1,722
  1,865
  2,014
  2,169
  2,329
  2,497
  2,670
  2,851
  3,038
  3,234
  3,437
  3,649
  3,869
  4,099
  4,338
  4,588
Variable operating expenses, $m
 
  134
  159
  188
  219
  252
  289
  327
  369
  412
  458
  504
  555
  608
  663
  721
  781
  843
  908
  975
  1,045
  1,118
  1,194
  1,272
  1,354
  1,439
  1,528
  1,620
  1,716
  1,817
  1,921
Fixed operating expenses, $m
 
  64
  66
  67
  69
  70
  72
  73
  75
  77
  78
  80
  82
  84
  85
  87
  89
  91
  93
  95
  97
  99
  102
  104
  106
  109
  111
  113
  116
  118
  121
Total operating expenses, $m
  154
  198
  225
  255
  288
  322
  361
  400
  444
  489
  536
  584
  637
  692
  748
  808
  870
  934
  1,001
  1,070
  1,142
  1,217
  1,296
  1,376
  1,460
  1,548
  1,639
  1,733
  1,832
  1,935
  2,042
Operating income, $m
  60
  116
  150
  187
  229
  274
  323
  375
  431
  490
  552
  620
  689
  760
  835
  913
  995
  1,079
  1,167
  1,259
  1,354
  1,453
  1,555
  1,662
  1,773
  1,889
  2,010
  2,136
  2,267
  2,403
  2,546
EBITDA, $m
  154
  480
  584
  700
  827
  965
  1,113
  1,272
  1,442
  1,621
  1,810
  2,009
  2,217
  2,435
  2,662
  2,899
  3,145
  3,401
  3,668
  3,945
  4,232
  4,531
  4,842
  5,166
  5,502
  5,852
  6,217
  6,596
  6,992
  7,405
  7,836
Interest expense (income), $m
  36
  -367
  -448
  -536
  -633
  -738
  -853
  -977
  -1,110
  -1,250
  -1,400
  -1,557
  -1,722
  -1,895
  -2,076
  -2,265
  -2,462
  -2,666
  -2,879
  -3,100
  -3,330
  -3,569
  -3,818
  -4,076
  -4,344
  -4,623
  -4,914
  -5,217
  -5,532
  -5,860
  -6,202
Earnings before tax, $m
  52
  482
  598
  723
  862
  1,013
  1,176
  1,352
  1,541
  1,740
  1,952
  2,177
  2,411
  2,656
  2,912
  3,178
  3,456
  3,746
  4,047
  4,359
  4,684
  5,022
  5,373
  5,738
  6,118
  6,513
  6,924
  7,352
  7,798
  8,263
  8,748
Tax expense, $m
  4
  130
  161
  195
  233
  273
  318
  365
  416
  470
  527
  588
  651
  717
  786
  858
  933
  1,011
  1,093
  1,177
  1,265
  1,356
  1,451
  1,549
  1,652
  1,758
  1,869
  1,985
  2,105
  2,231
  2,362
Net income, $m
  47
  352
  437
  528
  629
  739
  859
  987
  1,125
  1,271
  1,425
  1,589
  1,760
  1,939
  2,125
  2,320
  2,523
  2,734
  2,954
  3,182
  3,419
  3,666
  3,922
  4,189
  4,466
  4,754
  5,054
  5,367
  5,693
  6,032
  6,386

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  70
  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
  2,891
  -566
  -676
  -799
  -932
  -1,077
  -1,234
  -1,401
  -1,579
  -1,767
  -1,966
  -2,174
  -2,393
  -2,621
  -2,860
  -3,108
  -3,366
  -3,635
  -3,914
  -4,205
  -4,506
  -4,820
  -5,146
  -5,485
  -5,837
  -6,204
  -6,586
  -6,984
  -7,398
  -7,830
  -8,281
Adjusted assets (=assets-cash), $m
  2,821
  -566
  -676
  -799
  -932
  -1,077
  -1,234
  -1,401
  -1,579
  -1,767
  -1,966
  -2,174
  -2,393
  -2,621
  -2,860
  -3,108
  -3,366
  -3,635
  -3,914
  -4,205
  -4,506
  -4,820
  -5,146
  -5,485
  -5,837
  -6,204
  -6,586
  -6,984
  -7,398
  -7,830
  -8,281
Revenue / Adjusted assets
  0.076
  -0.555
  -0.555
  -0.553
  -0.554
  -0.554
  -0.553
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
  -0.554
Average production assets, $m
  2,573
  3,616
  4,321
  5,101
  5,955
  6,881
  7,879
  8,948
  10,084
  11,287
  12,555
  13,888
  15,284
  16,743
  18,266
  19,852
  21,502
  23,219
  25,003
  26,858
  28,785
  30,788
  32,869
  35,034
  37,285
  39,629
  42,068
  44,609
  47,257
  50,018
  52,898
Working capital, $m
  0
  -1,176
  -1,405
  -1,658
  -1,936
  -2,237
  -2,561
  -2,909
  -3,278
  -3,669
  -4,081
  -4,515
  -4,968
  -5,443
  -5,938
  -6,453
  -6,990
  -7,548
  -8,128
  -8,731
  -9,357
  -10,008
  -10,685
  -11,388
  -12,120
  -12,882
  -13,675
  -14,501
  -15,362
  -16,259
  -17,195
Total debt, $m
  1,422
  -24
  -28
  -34
  -39
  -45
  -52
  -59
  -66
  -74
  -83
  -91
  -100
  -110
  -120
  -131
  -141
  -153
  -164
  -177
  -189
  -202
  -216
  -230
  -245
  -261
  -277
  -293
  -311
  -329
  -348
Total liabilities, $m
  1,544
  -24
  -28
  -34
  -39
  -45
  -52
  -59
  -66
  -74
  -83
  -91
  -100
  -110
  -120
  -131
  -141
  -153
  -164
  -177
  -189
  -202
  -216
  -230
  -245
  -261
  -277
  -293
  -311
  -329
  -348
Total equity, $m
  1,348
  -542
  -648
  -765
  -893
  -1,032
  -1,182
  -1,342
  -1,512
  -1,693
  -1,883
  -2,083
  -2,292
  -2,511
  -2,739
  -2,977
  -3,225
  -3,482
  -3,750
  -4,028
  -4,317
  -4,617
  -4,930
  -5,254
  -5,592
  -5,943
  -6,309
  -6,690
  -7,088
  -7,502
  -7,934
Total liabilities and equity, $m
  2,892
  -566
  -676
  -799
  -932
  -1,077
  -1,234
  -1,401
  -1,578
  -1,767
  -1,966
  -2,174
  -2,392
  -2,621
  -2,859
  -3,108
  -3,366
  -3,635
  -3,914
  -4,205
  -4,506
  -4,819
  -5,146
  -5,484
  -5,837
  -6,204
  -6,586
  -6,983
  -7,399
  -7,831
  -8,282
Debt-to-equity ratio
  1.055
  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
  0.473
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  352
  437
  528
  629
  739
  859
  987
  1,125
  1,271
  1,425
  1,589
  1,760
  1,939
  2,125
  2,320
  2,523
  2,734
  2,954
  3,182
  3,419
  3,666
  3,922
  4,189
  4,466
  4,754
  5,054
  5,367
  5,693
  6,032
  6,386
Depreciation, amort., depletion, $m
  94
  364
  435
  512
  598
  691
  790
  897
  1,011
  1,131
  1,258
  1,389
  1,528
  1,674
  1,827
  1,985
  2,150
  2,322
  2,500
  2,686
  2,878
  3,079
  3,287
  3,503
  3,729
  3,963
  4,207
  4,461
  4,726
  5,002
  5,290
Funds from operations, $m
  109
  716
  871
  1,041
  1,227
  1,430
  1,649
  1,884
  2,135
  2,402
  2,683
  2,978
  3,288
  3,613
  3,952
  4,305
  4,673
  5,056
  5,454
  5,868
  6,298
  6,745
  7,209
  7,692
  8,195
  8,717
  9,261
  9,828
  10,418
  11,034
  11,676
Change in working capital, $m
  -5
  -205
  -229
  -253
  -278
  -301
  -324
  -347
  -369
  -391
  -412
  -433
  -454
  -474
  -495
  -516
  -537
  -558
  -580
  -603
  -626
  -651
  -677
  -704
  -732
  -762
  -793
  -826
  -861
  -898
  -936
Cash from operations, $m
  114
  921
  1,100
  1,294
  1,504
  1,731
  1,974
  2,232
  2,505
  2,793
  3,095
  3,411
  3,742
  4,087
  4,447
  4,821
  5,210
  5,614
  6,034
  6,471
  6,924
  7,396
  7,886
  8,396
  8,926
  9,479
  10,054
  10,654
  11,279
  11,931
  12,612
Maintenance CAPEX, $m
  0
  -299
  -362
  -432
  -510
  -595
  -688
  -788
  -895
  -1,008
  -1,129
  -1,256
  -1,389
  -1,528
  -1,674
  -1,827
  -1,985
  -2,150
  -2,322
  -2,500
  -2,686
  -2,878
  -3,079
  -3,287
  -3,503
  -3,729
  -3,963
  -4,207
  -4,461
  -4,726
  -5,002
New CAPEX, $m
  0
  -627
  -705
  -780
  -854
  -927
  -998
  -1,068
  -1,136
  -1,203
  -1,268
  -1,333
  -1,396
  -1,459
  -1,522
  -1,586
  -1,651
  -1,717
  -1,784
  -1,854
  -1,927
  -2,003
  -2,082
  -2,165
  -2,252
  -2,343
  -2,439
  -2,541
  -2,648
  -2,761
  -2,880
Cash from investing activities, $m
  134
  -926
  -1,067
  -1,212
  -1,364
  -1,522
  -1,686
  -1,856
  -2,031
  -2,211
  -2,397
  -2,589
  -2,785
  -2,987
  -3,196
  -3,413
  -3,636
  -3,867
  -4,106
  -4,354
  -4,613
  -4,881
  -5,161
  -5,452
  -5,755
  -6,072
  -6,402
  -6,748
  -7,109
  -7,487
  -7,882
Free cash flow, $m
  248
  -5
  34
  82
  141
  209
  287
  376
  474
  581
  698
  823
  957
  1,100
  1,250
  1,408
  1,574
  1,747
  1,928
  2,116
  2,312
  2,515
  2,725
  2,944
  3,171
  3,407
  3,652
  3,906
  4,170
  4,445
  4,730
Issuance/(repayment) of debt, $m
  -116
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
Issuance/(repurchase) of shares, $m
  0
  -93
  -106
  -117
  -128
  -139
  -150
  -160
  -170
  -180
  -190
  -200
  -209
  -219
  -228
  -238
  -248
  -257
  -268
  -278
  -289
  -300
  -312
  -325
  -338
  -351
  -366
  -381
  -397
  -414
  -432
Cash from financing (excl. dividends), $m  
  -121
  -97
  -111
  -122
  -134
  -145
  -157
  -167
  -177
  -188
  -198
  -209
  -218
  -229
  -238
  -248
  -259
  -268
  -280
  -290
  -302
  -313
  -326
  -339
  -353
  -366
  -382
  -398
  -414
  -432
  -451
Total cash flow (excl. dividends), $m
  120
  -103
  -77
  -40
  7
  64
  131
  208
  296
  393
  499
  614
  739
  871
  1,012
  1,160
  1,316
  1,479
  1,649
  1,826
  2,010
  2,201
  2,400
  2,605
  2,819
  3,040
  3,270
  3,508
  3,756
  4,012
  4,279
Retained Cash Flow (-), $m
  -143
  93
  106
  117
  128
  139
  150
  160
  170
  180
  190
  200
  209
  219
  228
  238
  248
  257
  268
  278
  289
  300
  312
  325
  338
  351
  366
  381
  397
  414
  432
Prev. year cash balance distribution, $m
 
  449
  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
 
  -4
  0
  0
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
Cash available for distribution, $m
 
  440
  106
  117
  135
  203
  281
  368
  466
  573
  690
  814
  948
  1,090
  1,240
  1,398
  1,563
  1,736
  1,916
  2,104
  2,299
  2,501
  2,712
  2,930
  3,157
  3,392
  3,636
  3,889
  4,153
  4,427
  4,711
Discount rate, %
 
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
 
  440
  106
  117
  135
  203
  281
  368
  466
  573
  690
  814
  948
  1,090
  1,240
  1,398
  1,563
  1,736
  1,916
  2,104
  2,299
  2,501
  2,712
  2,930
  3,157
  3,392
  3,636
  3,889
  4,153
  4,427
  4,711
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

Global Net Lease, Inc. is a real estate investment trust. The Company's business consists of owning, managing, operating, leasing, acquiring, investing in and disposing of real estate assets. It owns and invests in commercial properties principally in the United States, the United Kingdom and continental Europe that are then leased to companies. It was formed to primarily acquire a portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant net-leased commercial properties. As of December 31, 2016, it owned 310 properties consisting of 22 million rentable square feet. As of December 31, 2016, its owned 310 properties, including 241 properties located in the United States and Puerto Rico, 43 properties located in the United Kingdom and 26 properties located across continental Europe. It may also originate or acquire first mortgage loans secured by real estate. Its business is conducted through Global Net Lease Operating Partnership, L.P.

FINANCIAL RATIOS  of  Global Net Lease (GNL)

Valuation Ratios
P/E Ratio 29.4
Price to Sales 6.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate 4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 55.6%
Total Debt to Equity 105.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. -0.4%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. -0.8%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. -1.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 81.8%
Gross Margin - 3 Yr. Avg. 85.7%
EBITDA Margin 85%
EBITDA Margin - 3 Yr. Avg. 45.2%
Operating Margin 28%
Oper. Margin - 3 Yr. Avg. -1.1%
Pre-Tax Margin 24.3%
Pre-Tax Margin - 3 Yr. Avg. -11%
Net Profit Margin 22%
Net Profit Margin - 3 Yr. Avg. -12.4%
Effective Tax Rate 7.7%
Eff/ Tax Rate - 3 Yr. Avg. 53.2%
Payout Ratio 255.3%

GNL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GNL stock intrinsic value calculation we used $259 million for the last fiscal year's total revenue generated by Global Net Lease. The default revenue input number comes from 2016 income statement of Global Net Lease. 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 GNL stock valuation model: a) initial revenue growth rate of 21.1% 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 0%, whose default value for GNL is calculated based on our internal credit rating of Global Net Lease, 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 Global Net Lease.
    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 GNL stock the variable cost ratio is equal to 42.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $63 million in the base year in the intrinsic value calculation for GNL 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 1885.9% for Global Net Lease.

Corporate tax rate of 27% is the nominal tax rate for Global Net Lease. 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 GNL stock is equal to -1.5%.

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 GNL are equal to 1153%.

Life of production assets of 10 years is the average useful life of capital assets used in Global Net Lease 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 GNL is equal to -374.8%. 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 - $0 million for Global Net Lease - 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 67 million for Global Net Lease 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 Global Net Lease at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ The 7 Best Dividend Stocks for Monthly Income   [Jun-20-18 10:18AM  InvestorPlace]
▶ /C O R R E C T I O N -- Global Net Lease, Inc./   [May-17-18 05:25PM  PR Newswire]
▶ Global Net Lease to be Added to S&P SmallCap 600   [Mar-09-18 06:00AM  PR Newswire]
▶ Global Net Lease Inc to Host Earnings Call   [Feb-27-18 09:30AM  ACCESSWIRE]
▶ Whats Installed For Global Net Lease Inc (NYSE:GNL)?   [Jan-01-18 06:05AM  Simply Wall St.]
▶ /C O R R E C T I O N -- Global Net Lease, Inc./   [Nov-06-17 11:42PM  PR Newswire]
▶ Global Net Lease reports 3Q results   [06:03PM  Associated Press]
▶ Global Net Lease reports 2Q results   [Aug-07-17 11:48PM  Associated Press]
▶ 5 Widely Held REITs You Should Dump Today   [Aug-06-17 08:33AM  Forbes]
▶ 5 Risky REITs to Sell Immediately, 2 Bargains to Buy Instead   [Aug-05-17 05:56AM  Harvest Exchange]
▶ Global Net Lease reports 1Q results   [May-08-17 06:18AM  Associated Press]
Financial statements of GNL
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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