Intrinsic value of Gazit-Globe - GZT

Previous Close

$9.05

  Intrinsic Value

$5.79

stock screener

  Rating & Target

sell

-36%

Previous close

$9.05

 
Intrinsic value

$5.79

 
Up/down potential

-36%

 
Rating

sell

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

We calculate the intrinsic value of GZT 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
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  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
  0
  1,271
  1,300
  1,334
  1,371
  1,413
  1,458
  1,508
  1,562
  1,620
  1,682
  1,748
  1,819
  1,895
  1,975
  2,060
  2,151
  2,246
  2,347
  2,454
  2,567
  2,686
  2,811
  2,943
  3,083
  3,229
  3,384
  3,547
  3,718
  3,898
  4,087
Variable operating expenses, $m
 
  878
  897
  920
  945
  973
  1,004
  1,038
  1,074
  1,113
  1,155
  1,178
  1,226
  1,277
  1,331
  1,389
  1,449
  1,514
  1,582
  1,654
  1,730
  1,810
  1,895
  1,984
  2,078
  2,177
  2,281
  2,390
  2,506
  2,627
  2,755
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
  0
  878
  897
  920
  945
  973
  1,004
  1,038
  1,074
  1,113
  1,155
  1,178
  1,226
  1,277
  1,331
  1,389
  1,449
  1,514
  1,582
  1,654
  1,730
  1,810
  1,895
  1,984
  2,078
  2,177
  2,281
  2,390
  2,506
  2,627
  2,755
Operating income, $m
  0
  393
  403
  414
  426
  439
  454
  470
  488
  507
  527
  570
  593
  618
  644
  672
  701
  732
  765
  800
  837
  876
  916
  960
  1,005
  1,053
  1,103
  1,156
  1,212
  1,271
  1,332
EBITDA, $m
  0
  503
  515
  528
  543
  559
  577
  597
  618
  641
  666
  692
  720
  750
  782
  815
  851
  889
  929
  971
  1,016
  1,063
  1,113
  1,165
  1,220
  1,278
  1,339
  1,404
  1,472
  1,543
  1,618
Interest expense (income), $m
  0
  555
  575
  601
  630
  663
  700
  740
  784
  832
  883
  938
  997
  1,059
  1,126
  1,197
  1,272
  1,352
  1,436
  1,526
  1,620
  1,720
  1,825
  1,936
  2,053
  2,176
  2,305
  2,442
  2,586
  2,737
  2,896
Earnings before tax, $m
  0
  -162
  -172
  -187
  -204
  -224
  -246
  -270
  -296
  -325
  -356
  -368
  -403
  -441
  -482
  -525
  -571
  -620
  -671
  -726
  -783
  -844
  -908
  -976
  -1,048
  -1,123
  -1,202
  -1,286
  -1,374
  -1,466
  -1,563
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
  0
  -162
  -172
  -187
  -204
  -224
  -246
  -270
  -296
  -325
  -356
  -368
  -403
  -441
  -482
  -525
  -571
  -620
  -671
  -726
  -783
  -844
  -908
  -976
  -1,048
  -1,123
  -1,202
  -1,286
  -1,374
  -1,466
  -1,563

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  0
  23,108
  23,639
  24,247
  24,929
  25,684
  26,514
  27,417
  28,394
  29,447
  30,577
  31,786
  33,076
  34,450
  35,910
  37,459
  39,100
  40,838
  42,675
  44,617
  46,667
  48,830
  51,112
  53,516
  56,050
  58,718
  61,527
  64,484
  67,596
  70,870
  74,313
Adjusted assets (=assets-cash), $m
  0
  23,108
  23,639
  24,247
  24,929
  25,684
  26,514
  27,417
  28,394
  29,447
  30,577
  31,786
  33,076
  34,450
  35,910
  37,459
  39,100
  40,838
  42,675
  44,617
  46,667
  48,830
  51,112
  53,516
  56,050
  58,718
  61,527
  64,484
  67,596
  70,870
  74,313
Revenue / Adjusted assets
  0.000
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
Average production assets, $m
  0
  887
  908
  931
  957
  986
  1,018
  1,053
  1,090
  1,130
  1,174
  1,220
  1,270
  1,323
  1,379
  1,438
  1,501
  1,568
  1,638
  1,713
  1,792
  1,875
  1,962
  2,054
  2,152
  2,254
  2,362
  2,476
  2,595
  2,721
  2,853
Working capital, $m
  0
  -578
  -592
  -607
  -624
  -643
  -664
  -686
  -711
  -737
  -765
  -795
  -828
  -862
  -899
  -937
  -978
  -1,022
  -1,068
  -1,117
  -1,168
  -1,222
  -1,279
  -1,339
  -1,403
  -1,469
  -1,540
  -1,614
  -1,692
  -1,774
  -1,860
Total debt, $m
  0
  10,643
  11,121
  11,668
  12,282
  12,962
  13,709
  14,521
  15,401
  16,349
  17,366
  18,454
  19,615
  20,851
  22,165
  23,559
  25,036
  26,600
  28,254
  30,002
  31,847
  33,793
  35,847
  38,011
  40,291
  42,692
  45,221
  47,882
  50,683
  53,629
  56,728
Total liabilities, $m
  0
  20,797
  21,275
  21,822
  22,436
  23,116
  23,862
  24,675
  25,555
  26,502
  27,519
  28,608
  29,769
  31,005
  32,319
  33,713
  35,190
  36,754
  38,408
  40,155
  42,000
  43,947
  46,000
  48,164
  50,445
  52,846
  55,375
  58,036
  60,837
  63,783
  66,882
Total equity, $m
  0
  2,311
  2,364
  2,425
  2,493
  2,568
  2,651
  2,742
  2,839
  2,945
  3,058
  3,179
  3,308
  3,445
  3,591
  3,746
  3,910
  4,084
  4,268
  4,462
  4,667
  4,883
  5,111
  5,352
  5,605
  5,872
  6,153
  6,448
  6,760
  7,087
  7,431
Total liabilities and equity, $m
  0
  23,108
  23,639
  24,247
  24,929
  25,684
  26,513
  27,417
  28,394
  29,447
  30,577
  31,787
  33,077
  34,450
  35,910
  37,459
  39,100
  40,838
  42,676
  44,617
  46,667
  48,830
  51,111
  53,516
  56,050
  58,718
  61,528
  64,484
  67,597
  70,870
  74,313
Debt-to-equity ratio
  0.000
  4.610
  4.700
  4.810
  4.930
  5.050
  5.170
  5.300
  5.420
  5.550
  5.680
  5.810
  5.930
  6.050
  6.170
  6.290
  6.400
  6.510
  6.620
  6.720
  6.820
  6.920
  7.010
  7.100
  7.190
  7.270
  7.350
  7.430
  7.500
  7.570
  7.630
Adjusted equity ratio
  0.000
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -162
  -172
  -187
  -204
  -224
  -246
  -270
  -296
  -325
  -356
  -368
  -403
  -441
  -482
  -525
  -571
  -620
  -671
  -726
  -783
  -844
  -908
  -976
  -1,048
  -1,123
  -1,202
  -1,286
  -1,374
  -1,466
  -1,563
Depreciation, amort., depletion, $m
  0
  110
  112
  114
  117
  120
  123
  126
  130
  134
  139
  122
  127
  132
  138
  144
  150
  157
  164
  171
  179
  187
  196
  205
  215
  225
  236
  248
  260
  272
  285
Funds from operations, $m
  0
  -52
  -60
  -73
  -87
  -104
  -123
  -143
  -166
  -191
  -217
  -246
  -276
  -309
  -344
  -381
  -421
  -463
  -507
  -554
  -604
  -657
  -712
  -771
  -832
  -897
  -966
  -1,038
  -1,114
  -1,194
  -1,278
Change in working capital, $m
  0
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
Cash from operations, $m
  0
  -41
  -47
  -58
  -70
  -85
  -102
  -121
  -142
  -164
  -189
  -216
  -244
  -275
  -308
  -343
  -380
  -419
  -461
  -506
  -553
  -603
  -655
  -711
  -769
  -831
  -896
  -964
  -1,036
  -1,112
  -1,192
Maintenance CAPEX, $m
  0
  -87
  -89
  -91
  -93
  -96
  -99
  -102
  -105
  -109
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -248
  -260
  -272
New CAPEX, $m
  0
  -17
  -20
  -23
  -26
  -29
  -32
  -35
  -38
  -40
  -43
  -46
  -50
  -53
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -114
  -119
  -126
  -132
Cash from investing activities, $m
  0
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -149
  -156
  -163
  -172
  -180
  -188
  -197
  -207
  -217
  -228
  -239
  -250
  -262
  -275
  -288
  -302
  -317
  -333
  -350
  -367
  -386
  -404
Free cash flow, $m
  0
  -145
  -156
  -172
  -190
  -210
  -232
  -257
  -284
  -314
  -345
  -379
  -416
  -455
  -496
  -540
  -587
  -636
  -689
  -744
  -803
  -865
  -930
  -999
  -1,072
  -1,148
  -1,229
  -1,314
  -1,403
  -1,497
  -1,596
Issuance/(repayment) of debt, $m
  0
  359
  478
  547
  614
  680
  746
  813
  880
  948
  1,017
  1,088
  1,161
  1,236
  1,314
  1,394
  1,477
  1,564
  1,654
  1,747
  1,845
  1,947
  2,053
  2,164
  2,280
  2,402
  2,528
  2,661
  2,801
  2,946
  3,099
Issuance/(repurchase) of shares, $m
  0
  355
  225
  248
  272
  299
  329
  360
  394
  430
  469
  489
  532
  579
  628
  680
  735
  793
  855
  920
  988
  1,060
  1,136
  1,217
  1,301
  1,390
  1,483
  1,581
  1,685
  1,793
  1,908
Cash from financing (excl. dividends), $m  
  0
  714
  703
  795
  886
  979
  1,075
  1,173
  1,274
  1,378
  1,486
  1,577
  1,693
  1,815
  1,942
  2,074
  2,212
  2,357
  2,509
  2,667
  2,833
  3,007
  3,189
  3,381
  3,581
  3,792
  4,011
  4,242
  4,486
  4,739
  5,007
Total cash flow (excl. dividends), $m
  0
  568
  548
  623
  697
  770
  843
  916
  989
  1,064
  1,141
  1,197
  1,278
  1,360
  1,446
  1,534
  1,626
  1,721
  1,820
  1,923
  2,031
  2,143
  2,259
  2,382
  2,509
  2,643
  2,783
  2,929
  3,082
  3,242
  3,411
Retained Cash Flow (-), $m
  0
  -355
  -225
  -248
  -272
  -299
  -329
  -360
  -394
  -430
  -469
  -489
  -532
  -579
  -628
  -680
  -735
  -793
  -855
  -920
  -988
  -1,060
  -1,136
  -1,217
  -1,301
  -1,390
  -1,483
  -1,581
  -1,685
  -1,793
  -1,908
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
 
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  21
  22
  22
  23
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
Cash available for distribution, $m
 
  213
  322
  375
  424
  470
  514
  555
  595
  634
  672
  709
  745
  782
  818
  854
  891
  928
  965
  1,003
  1,042
  1,082
  1,123
  1,165
  1,208
  1,253
  1,300
  1,348
  1,397
  1,449
  1,503
Discount rate, %
 
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.10
  33.71
  35.40
  37.17
  39.02
  40.97
  43.02
  45.17
  47.43
  49.81
PV of cash for distribution, $m
 
  190
  254
  258
  251
  237
  217
  194
  169
  144
  120
  98
  78
  61
  46
  34
  25
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  83.3
  74.5
  66.2
  58.3
  51.0
  44.2
  38.0
  32.4
  27.4
  23.0
  19.3
  16.1
  13.3
  10.9
  8.9
  7.2
  5.8
  4.6
  3.7
  2.9
  2.3
  1.8
  1.4
  1.1
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2

Gazit-Globe Ltd. is a real estate company specialized in retail premises. The Company is engaged in the acquisition, development and management of properties. Its segments include Finland, Norway, Sweden, and Estonia and Denmark. It focuses on supermarket-anchored shopping centers in urban growth markets. It operates internationally through its publicly traded and privately held subsidiaries. It operates in more than 20 countries, and owns and manages approximately 430 properties with a gross leasable area of approximately 6.5 million square meters. The Company's properties include Kista Galleria, Iso Omena, Potrero Center, Yorkville Village, Atrium Promenada, Serramonte Shopping Center, Galeria Dominikanska, Westbury Plaza, Northgate Centre, San Pelegrino Shopping Mall, G Tzameret, Kosice Optima Shopping Center, Coens Galerie, Parkway Mall, Rutherford Marketplace, Atrium Copernicus, Atrium Biala, Molo Shopping Center, Wentorf Shopping Center, Plaza Escuela and Mount Royal Village.

FINANCIAL RATIOS  of  Gazit-Globe (GZT)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

GZT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GZT stock intrinsic value calculation we used $1246 million for the last fiscal year's total revenue generated by Gazit-Globe. The default revenue input number comes from income statement of Gazit-Globe. 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 GZT 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 12.1%, whose default value for GZT is calculated based on our internal credit rating of Gazit-Globe, 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 Gazit-Globe.
    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 GZT stock the variable cost ratio is equal to 69.1%.

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 GZT 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 5.4% for Gazit-Globe.

Corporate tax rate of 27% is the nominal tax rate for Gazit-Globe. 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 GZT stock is equal to 1%.

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 GZT are equal to 69.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Gazit-Globe 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 GZT is equal to -45.5%. 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 - $2118 million for Gazit-Globe - 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 195 million for Gazit-Globe 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 Gazit-Globe at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
IHG InterContinent 65.38 10.51  str.sell

COMPANY NEWS

▶ Gazit Horizons Acquires Retail Asset in Brooklyn, New York   [Jul-05-18 09:00AM  GlobeNewswire]
▶ Gazit-Globe Reports Strong Financial Results in 2017   [Mar-28-18 08:20AM  GlobeNewswire]
▶ Gazit-Globe Ltd. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ ETFs with exposure to Gazit-Globe Ltd. : January 1, 2018   [Jan-01-18 11:38AM  Capital Cube]
▶ Gazit-Globe reports 3Q loss   [Nov-20-17 09:23AM  Associated Press]
▶ Gazit-Globe Ltd. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Gazit-Globe Ltd. to Host Earnings Call   [06:05AM  ACCESSWIRE]
▶ Gazit Horizons Acquires First Asset in New York Market   [Oct-03-17 09:45PM  GlobeNewswire]
▶ Top Ranked Income Stocks to Buy for August 29th   [Aug-29-17 10:27AM  Zacks]
▶ Gazit-Globe posts 2Q profit   [Aug-22-17 10:06PM  Associated Press]
▶ Gazit-Globe posts 2Q profit   [07:02AM  Associated Press]
▶ Global real estate firm pays $29M for Brickell development site   [Jul-25-17 12:46PM  American City Business Journals]
▶ ETFs with exposure to Gazit-Globe Ltd. : July 6, 2017   [Jul-06-17 01:53PM  Capital Cube]
▶ Gazit-Globe reports 1Q loss   [May-23-17 07:48AM  Associated Press]
▶ Gazit-Globe Files its 2016 Annual Report on Form 20-F   [Apr-28-17 07:50AM  GlobeNewswire]
▶ ETFs with exposure to Gazit-Globe Ltd. : April 7, 2017   [Apr-07-17 04:44PM  Capital Cube]
▶ Gazit Globe to Report Third Quarter 2016 Financial Results   [Nov-20-16 10:45AM  GlobeNewswire]
▶ Gazit-Globe to Report Second Quarter 2016 Financial Results   [Aug-15-16 05:16AM  GlobeNewswire]
▶ GAZIT-GLOBE LTD Financials   [01:04PM  EDGAR Online Financials]
▶ 3 Foreign Stocks that Look Safe and Cheap   [Apr-21-16 02:00PM  at TheStreet]
Financial statements of GZT
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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