Intrinsic value of Global Net Lease - GNL

Previous Close

$16.13

  Intrinsic Value

$4.95

stock screener

  Rating & Target

str. sell

-69%

Previous close

$16.13

 
Intrinsic value

$4.95

 
Up/down potential

-69%

 
Rating

str. sell

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
  22.60
  20.84
  19.26
  17.83
  16.55
  15.39
  14.35
  13.42
  12.58
  11.82
  11.14
  10.52
  9.97
  9.47
  9.03
  8.62
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
Revenue, $m
  214
  262
  317
  378
  446
  519
  599
  685
  777
  875
  978
  1,087
  1,202
  1,321
  1,447
  1,577
  1,713
  1,855
  2,002
  2,155
  2,314
  2,479
  2,651
  2,829
  3,015
  3,208
  3,409
  3,618
  3,836
  4,063
  4,300
Variable operating expenses, $m
 
  221
  267
  318
  375
  437
  504
  576
  654
  736
  823
  914
  1,010
  1,111
  1,217
  1,326
  1,441
  1,560
  1,683
  1,812
  1,946
  2,085
  2,229
  2,379
  2,535
  2,698
  2,867
  3,043
  3,226
  3,417
  3,616
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
  154
  221
  267
  318
  375
  437
  504
  576
  654
  736
  823
  914
  1,010
  1,111
  1,217
  1,326
  1,441
  1,560
  1,683
  1,812
  1,946
  2,085
  2,229
  2,379
  2,535
  2,698
  2,867
  3,043
  3,226
  3,417
  3,616
Operating income, $m
  60
  42
  50
  60
  71
  83
  95
  109
  124
  139
  156
  173
  191
  210
  230
  251
  272
  295
  318
  343
  368
  394
  421
  450
  479
  510
  542
  575
  610
  646
  684
EBITDA, $m
  154
  157
  190
  226
  266
  310
  358
  410
  465
  523
  585
  650
  718
  790
  865
  943
  1,024
  1,109
  1,197
  1,288
  1,383
  1,482
  1,585
  1,691
  1,802
  1,918
  2,038
  2,163
  2,293
  2,429
  2,570
Interest expense (income), $m
  36
  47
  59
  72
  87
  103
  121
  140
  160
  183
  206
  231
  257
  285
  313
  343
  375
  408
  442
  477
  514
  552
  592
  633
  676
  720
  767
  815
  865
  918
  972
Earnings before tax, $m
  52
  -6
  -8
  -12
  -16
  -20
  -25
  -31
  -37
  -43
  -51
  -58
  -66
  -75
  -83
  -93
  -103
  -113
  -123
  -134
  -146
  -158
  -170
  -183
  -197
  -210
  -225
  -240
  -256
  -272
  -289
Tax expense, $m
  4
  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
  47
  -6
  -8
  -12
  -16
  -20
  -25
  -31
  -37
  -43
  -51
  -58
  -66
  -75
  -83
  -93
  -103
  -113
  -123
  -134
  -146
  -158
  -170
  -183
  -197
  -210
  -225
  -240
  -256
  -272
  -289

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
  3,452
  4,172
  4,975
  5,862
  6,832
  7,884
  9,015
  10,225
  11,511
  12,871
  14,304
  15,810
  17,386
  19,033
  20,751
  22,541
  24,403
  26,339
  28,352
  30,444
  32,617
  34,876
  37,224
  39,666
  42,206
  44,850
  47,603
  50,470
  53,458
  56,574
Adjusted assets (=assets-cash), $m
  2,821
  3,452
  4,172
  4,975
  5,862
  6,832
  7,884
  9,015
  10,225
  11,511
  12,871
  14,304
  15,810
  17,386
  19,033
  20,751
  22,541
  24,403
  26,339
  28,352
  30,444
  32,617
  34,876
  37,224
  39,666
  42,206
  44,850
  47,603
  50,470
  53,458
  56,574
Revenue / Adjusted assets
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
  0.076
Average production assets, $m
  2,573
  3,154
  3,812
  4,546
  5,356
  6,243
  7,204
  8,237
  9,343
  10,518
  11,761
  13,071
  14,446
  15,886
  17,391
  18,961
  20,596
  22,298
  24,067
  25,906
  27,818
  29,804
  31,868
  34,014
  36,245
  38,566
  40,982
  43,497
  46,117
  48,847
  51,695
Working capital, $m
  0
  131
  159
  189
  223
  260
  300
  343
  389
  437
  489
  544
  601
  661
  723
  789
  857
  927
  1,001
  1,077
  1,157
  1,239
  1,325
  1,415
  1,507
  1,604
  1,704
  1,809
  1,918
  2,031
  2,150
Total debt, $m
  1,422
  1,681
  2,057
  2,476
  2,939
  3,445
  3,994
  4,585
  5,216
  5,888
  6,598
  7,346
  8,132
  8,954
  9,814
  10,711
  11,645
  12,617
  13,628
  14,679
  15,771
  16,905
  18,084
  19,310
  20,585
  21,911
  23,291
  24,728
  26,224
  27,784
  29,411
Total liabilities, $m
  1,544
  1,802
  2,178
  2,597
  3,060
  3,566
  4,115
  4,706
  5,337
  6,009
  6,719
  7,467
  8,253
  9,075
  9,935
  10,832
  11,766
  12,738
  13,749
  14,800
  15,892
  17,026
  18,205
  19,431
  20,706
  22,032
  23,412
  24,849
  26,345
  27,905
  29,532
Total equity, $m
  1,348
  1,650
  1,994
  2,378
  2,802
  3,266
  3,768
  4,309
  4,887
  5,502
  6,152
  6,837
  7,557
  8,310
  9,098
  9,919
  10,774
  11,664
  12,590
  13,552
  14,552
  15,591
  16,671
  17,793
  18,960
  20,175
  21,438
  22,754
  24,125
  25,553
  27,042
Total liabilities and equity, $m
  2,892
  3,452
  4,172
  4,975
  5,862
  6,832
  7,883
  9,015
  10,224
  11,511
  12,871
  14,304
  15,810
  17,385
  19,033
  20,751
  22,540
  24,402
  26,339
  28,352
  30,444
  32,617
  34,876
  37,224
  39,666
  42,207
  44,850
  47,603
  50,470
  53,458
  56,574
Debt-to-equity ratio
  1.055
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
Adjusted equity ratio
  0.473
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  -6
  -8
  -12
  -16
  -20
  -25
  -31
  -37
  -43
  -51
  -58
  -66
  -75
  -83
  -93
  -103
  -113
  -123
  -134
  -146
  -158
  -170
  -183
  -197
  -210
  -225
  -240
  -256
  -272
  -289
Depreciation, amort., depletion, $m
  94
  115
  139
  166
  195
  228
  263
  301
  341
  384
  429
  477
  527
  580
  635
  692
  752
  814
  878
  945
  1,015
  1,088
  1,163
  1,241
  1,323
  1,408
  1,496
  1,587
  1,683
  1,783
  1,887
Funds from operations, $m
  109
  110
  131
  154
  180
  208
  238
  270
  304
  340
  379
  419
  461
  505
  551
  599
  649
  701
  755
  811
  869
  930
  993
  1,058
  1,126
  1,197
  1,271
  1,348
  1,428
  1,511
  1,598
Change in working capital, $m
  -5
  24
  27
  31
  34
  37
  40
  43
  46
  49
  52
  54
  57
  60
  63
  65
  68
  71
  74
  76
  79
  83
  86
  89
  93
  97
  100
  105
  109
  114
  118
Cash from operations, $m
  114
  85
  103
  124
  146
  171
  198
  227
  258
  292
  327
  364
  404
  445
  489
  534
  581
  630
  681
  735
  790
  847
  907
  969
  1,033
  1,101
  1,170
  1,243
  1,319
  1,397
  1,479
Maintenance CAPEX, $m
  0
  -94
  -115
  -139
  -166
  -195
  -228
  -263
  -301
  -341
  -384
  -429
  -477
  -527
  -580
  -635
  -692
  -752
  -814
  -878
  -945
  -1,015
  -1,088
  -1,163
  -1,241
  -1,323
  -1,408
  -1,496
  -1,587
  -1,683
  -1,783
New CAPEX, $m
  0
  -581
  -657
  -734
  -811
  -886
  -961
  -1,034
  -1,105
  -1,175
  -1,243
  -1,310
  -1,375
  -1,440
  -1,505
  -1,570
  -1,635
  -1,702
  -1,769
  -1,839
  -1,911
  -1,986
  -2,064
  -2,146
  -2,231
  -2,321
  -2,416
  -2,515
  -2,620
  -2,731
  -2,847
Cash from investing activities, $m
  134
  -675
  -772
  -873
  -977
  -1,081
  -1,189
  -1,297
  -1,406
  -1,516
  -1,627
  -1,739
  -1,852
  -1,967
  -2,085
  -2,205
  -2,327
  -2,454
  -2,583
  -2,717
  -2,856
  -3,001
  -3,152
  -3,309
  -3,472
  -3,644
  -3,824
  -4,011
  -4,207
  -4,414
  -4,630
Free cash flow, $m
  248
  -590
  -669
  -750
  -830
  -911
  -991
  -1,070
  -1,148
  -1,224
  -1,300
  -1,375
  -1,448
  -1,522
  -1,596
  -1,671
  -1,746
  -1,823
  -1,902
  -1,983
  -2,067
  -2,154
  -2,245
  -2,340
  -2,439
  -2,543
  -2,653
  -2,768
  -2,889
  -3,016
  -3,151
Issuance/(repayment) of debt, $m
  -116
  329
  376
  419
  463
  506
  549
  591
  631
  671
  710
  748
  786
  823
  860
  897
  934
  972
  1,011
  1,051
  1,092
  1,135
  1,179
  1,226
  1,275
  1,326
  1,380
  1,437
  1,497
  1,560
  1,627
Issuance/(repurchase) of shares, $m
  0
  308
  352
  396
  440
  484
  528
  572
  615
  658
  701
  743
  786
  828
  871
  914
  958
  1,003
  1,049
  1,096
  1,146
  1,197
  1,250
  1,306
  1,364
  1,425
  1,489
  1,556
  1,626
  1,700
  1,778
Cash from financing (excl. dividends), $m  
  -121
  637
  728
  815
  903
  990
  1,077
  1,163
  1,246
  1,329
  1,411
  1,491
  1,572
  1,651
  1,731
  1,811
  1,892
  1,975
  2,060
  2,147
  2,238
  2,332
  2,429
  2,532
  2,639
  2,751
  2,869
  2,993
  3,123
  3,260
  3,405
Total cash flow (excl. dividends), $m
  120
  47
  59
  66
  72
  79
  86
  92
  99
  105
  111
  117
  123
  129
  134
  140
  146
  152
  158
  164
  171
  177
  184
  192
  199
  207
  216
  225
  234
  244
  254
Retained Cash Flow (-), $m
  -143
  -308
  -352
  -396
  -440
  -484
  -528
  -572
  -615
  -658
  -701
  -743
  -786
  -828
  -871
  -914
  -958
  -1,003
  -1,049
  -1,096
  -1,146
  -1,197
  -1,250
  -1,306
  -1,364
  -1,425
  -1,489
  -1,556
  -1,626
  -1,700
  -1,778
Prev. year cash balance distribution, $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 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
 
  -261
  -294
  -330
  -367
  -405
  -442
  -479
  -516
  -553
  -590
  -626
  -663
  -699
  -736
  -774
  -812
  -851
  -891
  -932
  -975
  -1,019
  -1,066
  -1,114
  -1,164
  -1,217
  -1,273
  -1,331
  -1,392
  -1,456
  -1,524
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  -240
  -246
  -249
  -248
  -242
  -232
  -218
  -201
  -182
  -162
  -141
  -121
  -102
  -84
  -68
  -54
  -42
  -32
  -23
  -17
  -12
  -8
  -5
  -4
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.1
  61.9
  49.7
  40.5
  33.4
  27.9
  23.5
  20.0
  17.2
  14.8
  12.9
  11.3
  10.0
  8.8
  7.9
  7.0
  6.3
  5.7
  5.1
  4.7
  4.2
  3.8
  3.5
  3.2
  2.9
  2.7
  2.5
  2.3
  2.1
  1.9

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 22.7
Price to Sales 5
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 9.4
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 $214 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 22.6% 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 8.9%, 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 84.1%.

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 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 3.5% 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 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 GNL are equal to 1202.3%.

Life of production assets of 27.4 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 50%. 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 - $1348 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 68.027 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 $1.1 billion.

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COMPANY NEWS

▶ 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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