Intrinsic value of Welltower - HCN

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$76.53

  Intrinsic Value

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  Value-price divergence*

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$76.53

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

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

We calculate the intrinsic value of HCN 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 27.9

 

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, %
  10.91
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  4,281
  4,486
  4,703
  4,930
  5,170
  5,421
  5,686
  5,964
  6,257
  6,564
  6,887
  7,227
  7,584
  7,959
  8,352
  8,766
  9,201
  9,658
  10,137
  10,641
  11,170
  11,726
  12,310
  12,923
  13,567
  14,243
  14,953
  15,699
  16,482
  17,304
  18,168
Variable operating expenses, $m
 
  2,804
  2,939
  3,080
  3,230
  3,386
  3,551
  3,725
  3,907
  4,099
  4,300
  4,505
  4,728
  4,961
  5,207
  5,465
  5,736
  6,021
  6,320
  6,634
  6,964
  7,310
  7,674
  8,056
  8,458
  8,879
  9,322
  9,787
  10,275
  10,788
  11,326
Fixed operating expenses, $m
 
  398
  408
  418
  428
  439
  450
  461
  473
  485
  497
  509
  522
  535
  548
  562
  576
  590
  605
  620
  636
  652
  668
  685
  702
  719
  737
  756
  775
  794
  814
Total operating expenses, $m
  3,053
  3,202
  3,347
  3,498
  3,658
  3,825
  4,001
  4,186
  4,380
  4,584
  4,797
  5,014
  5,250
  5,496
  5,755
  6,027
  6,312
  6,611
  6,925
  7,254
  7,600
  7,962
  8,342
  8,741
  9,160
  9,598
  10,059
  10,543
  11,050
  11,582
  12,140
Operating income, $m
  1,228
  1,285
  1,357
  1,432
  1,512
  1,596
  1,684
  1,778
  1,877
  1,981
  2,090
  2,212
  2,334
  2,462
  2,597
  2,739
  2,889
  3,047
  3,212
  3,387
  3,571
  3,764
  3,968
  4,182
  4,407
  4,644
  4,894
  5,156
  5,432
  5,723
  6,028
EBITDA, $m
  2,138
  2,243
  2,360
  2,484
  2,614
  2,752
  2,896
  3,049
  3,209
  3,379
  3,557
  3,744
  3,941
  4,149
  4,367
  4,597
  4,839
  5,093
  5,361
  5,642
  5,938
  6,249
  6,577
  6,921
  7,282
  7,663
  8,063
  8,483
  8,925
  9,390
  9,878
Interest expense (income), $m
  542
  531
  562
  593
  625
  659
  695
  732
  771
  813
  856
  902
  950
  1,001
  1,054
  1,110
  1,168
  1,230
  1,294
  1,362
  1,434
  1,509
  1,587
  1,670
  1,757
  1,848
  1,944
  2,044
  2,150
  2,261
  2,377
Earnings before tax, $m
  709
  754
  794
  839
  887
  937
  990
  1,046
  1,105
  1,168
  1,234
  1,310
  1,384
  1,461
  1,543
  1,630
  1,721
  1,817
  1,918
  2,025
  2,137
  2,255
  2,380
  2,512
  2,650
  2,796
  2,950
  3,112
  3,282
  3,462
  3,651
Tax expense, $m
  -19
  203
  214
  227
  239
  253
  267
  282
  298
  315
  333
  354
  374
  395
  417
  440
  465
  491
  518
  547
  577
  609
  643
  678
  716
  755
  796
  840
  886
  935
  986
Net income, $m
  1,078
  550
  580
  613
  647
  684
  723
  764
  807
  852
  901
  956
  1,010
  1,067
  1,127
  1,190
  1,256
  1,326
  1,400
  1,478
  1,560
  1,647
  1,738
  1,834
  1,935
  2,041
  2,153
  2,272
  2,396
  2,527
  2,665

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  419
  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
  28,865
  29,910
  31,352
  32,868
  34,464
  36,142
  37,906
  39,761
  41,711
  43,761
  45,915
  48,179
  50,558
  53,057
  55,683
  58,441
  61,339
  64,384
  67,581
  70,940
  74,468
  78,173
  82,065
  86,152
  90,444
  94,952
  99,686
  104,657
  109,878
  115,360
  121,118
Adjusted assets (=assets-cash), $m
  28,446
  29,910
  31,352
  32,868
  34,464
  36,142
  37,906
  39,761
  41,711
  43,761
  45,915
  48,179
  50,558
  53,057
  55,683
  58,441
  61,339
  64,384
  67,581
  70,940
  74,468
  78,173
  82,065
  86,152
  90,444
  94,952
  99,686
  104,657
  109,878
  115,360
  121,118
Revenue / Adjusted assets
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
Average production assets, $m
  25,402
  26,623
  27,906
  29,256
  30,676
  32,170
  33,740
  35,392
  37,127
  38,952
  40,869
  42,884
  45,001
  47,226
  49,563
  52,019
  54,598
  57,308
  60,154
  63,144
  66,284
  69,582
  73,046
  76,684
  80,504
  84,517
  88,730
  93,155
  97,802
  102,682
  107,807
Working capital, $m
  0
  -440
  -461
  -483
  -507
  -531
  -557
  -584
  -613
  -643
  -675
  -708
  -743
  -780
  -819
  -859
  -902
  -946
  -993
  -1,043
  -1,095
  -1,149
  -1,206
  -1,266
  -1,330
  -1,396
  -1,465
  -1,538
  -1,615
  -1,696
  -1,780
Total debt, $m
  12,358
  13,075
  13,787
  14,536
  15,324
  16,153
  17,025
  17,941
  18,904
  19,917
  20,981
  22,099
  23,274
  24,509
  25,806
  27,169
  28,601
  30,105
  31,684
  33,343
  35,086
  36,917
  38,839
  40,858
  42,978
  45,205
  47,544
  50,000
  52,579
  55,287
  58,131
Total liabilities, $m
  14,059
  14,776
  15,488
  16,237
  17,025
  17,854
  18,726
  19,642
  20,605
  21,618
  22,682
  23,800
  24,975
  26,210
  27,507
  28,870
  30,302
  31,806
  33,385
  35,044
  36,787
  38,618
  40,540
  42,559
  44,679
  46,906
  49,245
  51,701
  54,280
  56,988
  59,832
Total equity, $m
  14,806
  15,134
  15,864
  16,631
  17,439
  18,288
  19,181
  20,119
  21,106
  22,143
  23,233
  24,378
  25,582
  26,847
  28,175
  29,571
  31,038
  32,578
  34,196
  35,896
  37,681
  39,556
  41,525
  43,593
  45,765
  48,046
  50,441
  52,957
  55,598
  58,372
  61,285
Total liabilities and equity, $m
  28,865
  29,910
  31,352
  32,868
  34,464
  36,142
  37,907
  39,761
  41,711
  43,761
  45,915
  48,178
  50,557
  53,057
  55,682
  58,441
  61,340
  64,384
  67,581
  70,940
  74,468
  78,174
  82,065
  86,152
  90,444
  94,952
  99,686
  104,658
  109,878
  115,360
  121,117
Debt-to-equity ratio
  0.835
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
Adjusted equity ratio
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,078
  550
  580
  613
  647
  684
  723
  764
  807
  852
  901
  956
  1,010
  1,067
  1,127
  1,190
  1,256
  1,326
  1,400
  1,478
  1,560
  1,647
  1,738
  1,834
  1,935
  2,041
  2,153
  2,272
  2,396
  2,527
  2,665
Depreciation, amort., depletion, $m
  910
  958
  1,003
  1,052
  1,102
  1,156
  1,212
  1,271
  1,333
  1,398
  1,466
  1,532
  1,607
  1,687
  1,770
  1,858
  1,950
  2,047
  2,148
  2,255
  2,367
  2,485
  2,609
  2,739
  2,875
  3,018
  3,169
  3,327
  3,493
  3,667
  3,850
Funds from operations, $m
  1,615
  1,508
  1,583
  1,664
  1,750
  1,840
  1,934
  2,034
  2,140
  2,250
  2,367
  2,488
  2,617
  2,753
  2,897
  3,047
  3,206
  3,373
  3,548
  3,733
  3,927
  4,132
  4,346
  4,572
  4,810
  5,060
  5,322
  5,599
  5,889
  6,194
  6,515
Change in working capital, $m
  -14
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
Cash from operations, $m
  1,629
  1,029
  1,605
  1,687
  1,773
  1,864
  1,960
  2,062
  2,168
  2,281
  2,399
  2,521
  2,652
  2,790
  2,935
  3,088
  3,249
  3,418
  3,595
  3,782
  3,979
  4,186
  4,404
  4,632
  4,873
  5,126
  5,392
  5,672
  5,966
  6,275
  6,600
Maintenance CAPEX, $m
  0
  -907
  -951
  -997
  -1,045
  -1,096
  -1,149
  -1,205
  -1,264
  -1,326
  -1,391
  -1,460
  -1,532
  -1,607
  -1,687
  -1,770
  -1,858
  -1,950
  -2,047
  -2,148
  -2,255
  -2,367
  -2,485
  -2,609
  -2,739
  -2,875
  -3,018
  -3,169
  -3,327
  -3,493
  -3,667
New CAPEX, $m
  0
  -1,221
  -1,283
  -1,350
  -1,420
  -1,494
  -1,571
  -1,651
  -1,736
  -1,824
  -1,917
  -2,015
  -2,117
  -2,225
  -2,337
  -2,455
  -2,580
  -2,710
  -2,846
  -2,990
  -3,140
  -3,298
  -3,464
  -3,638
  -3,821
  -4,012
  -4,214
  -4,425
  -4,647
  -4,880
  -5,124
Cash from investing activities, $m
  -310
  -2,128
  -2,234
  -2,347
  -2,465
  -2,590
  -2,720
  -2,856
  -3,000
  -3,150
  -3,308
  -3,475
  -3,649
  -3,832
  -4,024
  -4,225
  -4,438
  -4,660
  -4,893
  -5,138
  -5,395
  -5,665
  -5,949
  -6,247
  -6,560
  -6,887
  -7,232
  -7,594
  -7,974
  -8,373
  -8,791
Free cash flow, $m
  1,319
  -1,099
  -630
  -660
  -692
  -725
  -759
  -795
  -831
  -870
  -910
  -953
  -997
  -1,042
  -1,089
  -1,138
  -1,189
  -1,242
  -1,298
  -1,356
  -1,416
  -1,479
  -1,545
  -1,614
  -1,686
  -1,762
  -1,840
  -1,922
  -2,008
  -2,098
  -2,192
Issuance/(repayment) of debt, $m
  -466
  717
  712
  749
  788
  829
  872
  916
  963
  1,013
  1,064
  1,118
  1,175
  1,235
  1,297
  1,363
  1,432
  1,504
  1,580
  1,659
  1,743
  1,830
  1,922
  2,019
  2,120
  2,227
  2,339
  2,456
  2,579
  2,708
  2,844
Issuance/(repurchase) of shares, $m
  534
  711
  647
  678
  711
  745
  780
  817
  855
  894
  936
  980
  1,025
  1,072
  1,120
  1,171
  1,223
  1,278
  1,336
  1,396
  1,458
  1,524
  1,592
  1,663
  1,738
  1,816
  1,897
  1,982
  2,071
  2,164
  2,261
Cash from financing (excl. dividends), $m  
  59
  1,428
  1,359
  1,427
  1,499
  1,574
  1,652
  1,733
  1,818
  1,907
  2,000
  2,098
  2,200
  2,307
  2,417
  2,534
  2,655
  2,782
  2,916
  3,055
  3,201
  3,354
  3,514
  3,682
  3,858
  4,043
  4,236
  4,438
  4,650
  4,872
  5,105
Total cash flow (excl. dividends), $m
  1,357
  -383
  83
  89
  96
  104
  113
  122
  132
  143
  154
  165
  179
  193
  209
  225
  243
  262
  282
  304
  327
  351
  377
  405
  434
  465
  498
  534
  571
  610
  652
Retained Cash Flow (-), $m
  -215
  -747
  -729
  -767
  -807
  -849
  -893
  -939
  -987
  -1,037
  -1,090
  -1,145
  -1,204
  -1,265
  -1,329
  -1,396
  -1,466
  -1,540
  -1,618
  -1,700
  -1,785
  -1,875
  -1,969
  -2,068
  -2,172
  -2,281
  -2,395
  -2,516
  -2,642
  -2,774
  -2,913
Prev. year cash balance distribution, $m
 
  419
  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
 
  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
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for 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
Current shareholders' claim on cash, %
  100
  97.4
  95.3
  93.2
  91.1
  89.1
  87.1
  85.2
  83.3
  81.5
  79.7
  77.9
  76.2
  74.6
  72.9
  71.4
  69.8
  68.3
  66.9
  65.5
  64.1
  62.7
  61.4
  60.1
  58.9
  57.7
  56.5
  55.3
  54.2
  53.1
  52.0

Welltower Inc. is an independent equity real estate investment trust. The firm engages in acquiring, planning, developing, managing, repositioning and monetizing of real estate assets. It primarily invests in the real estate markets of the United States. The firm primarily invests in senior living and health care properties. It invests across the full spectrum of health care real estate, including senior living communities, medical office buildings, inpatient and outpatient medical centers and life science facilities. The firm conducts in-house research to make its investments. It was formerly known as Health Care REIT, Inc. Welltower Inc. was founded in 1970 and is based in Toledo, Ohio with additional offices in Brentwood, Tennessee and Dallas, Texas.

FINANCIAL RATIOS  of  Welltower (HCN)

Valuation Ratios
P/E Ratio 25.7
Price to Sales 6.5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 17
Price to Free Cash Flow 17
Growth Rates
Sales Growth Rate 10.9%
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 83.5%
Total Debt to Equity 83.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 50.5%
EBITDA Margin - 3 Yr. Avg. 51.1%
Operating Margin 28.7%
Oper. Margin - 3 Yr. Avg. 27.4%
Pre-Tax Margin 16.6%
Pre-Tax Margin - 3 Yr. Avg. 14.8%
Net Profit Margin 25.2%
Net Profit Margin - 3 Yr. Avg. 21.1%
Effective Tax Rate -2.7%
Eff/ Tax Rate - 3 Yr. Avg. -0.7%
Payout Ratio 120.5%

HCN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HCN stock intrinsic value calculation we used $4281 million for the last fiscal year's total revenue generated by Welltower. The default revenue input number comes from 2016 income statement of Welltower. 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 HCN stock valuation model: a) initial revenue growth rate of 4.8% 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%, whose default value for HCN is calculated based on our internal credit rating of Welltower, 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 Welltower.
    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 HCN stock the variable cost ratio is equal to 62.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $388 million in the base year in the intrinsic value calculation for HCN 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 4.3% for Welltower.

Corporate tax rate of 27% is the nominal tax rate for Welltower. 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 HCN 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 HCN are equal to 593.4%.

Life of production assets of 28 years is the average useful life of capital assets used in Welltower 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 HCN is equal to -9.8%. 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 - $14806 million for Welltower - 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 364.277 million for Welltower 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 Welltower at the current share price and the inputted number of shares is $27.9 billion.


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COMPANY NEWS

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▶ 3 Things You Didn't Know About Welltower   [May-05-17 03:53PM  Motley Fool]
▶ Welltower reports 1Q results   [07:37AM  Associated Press]
▶ 3 High-Yield Dividend Stocks I'd Buy Right Now   [Apr-29-17 10:13AM  Motley Fool]
▶ Welltower Inc. Declares First Quarter 2017 Dividend   [Apr-27-17 04:35PM  PR Newswire]
▶ The Top Stocks for Your IRA in April   [Apr-25-17 09:39AM  Motley Fool]
▶ Heres How Welltower, Inc. Makes Most of Its Money   [Apr-11-17 02:27PM  Motley Fool]
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▶ 5 Reasons to Buy HCP, Inc. Now   [Mar-24-17 03:16PM  Motley Fool]
▶ Blackstone buys four South Florida senior living centers for $155M   [11:30AM  American City Business Journals]
▶ Here's Why the Best Is Yet to Come for Welltower   [Mar-13-17 11:47AM  Motley Fool]
▶ 3 Crash-Resistant Dividend Stocks For 2017   [Mar-06-17 04:57PM  Motley Fool]
▶ 5 Dividend Stocks to Buy in March   [Mar-05-17 08:21AM  Motley Fool]
▶ [$$] Welltower Profit More Than Doubles   [09:16AM  at The Wall Street Journal]
▶ If You're in Your 60's, Consider Buying These 3 Stocks   [Feb-19-17 03:03PM  at Motley Fool]
▶ New Senior Is A Diamond In The Rough   [Feb-15-17 07:00AM  at Forbes]
▶ 20 Healthcare REITs Yielding Over 4%   [07:08AM  at Insider Monkey]
▶ 3 Reasons Welltower Inc. Stock Could Rise   [Jan-27-17 04:44PM  at Motley Fool]
▶ Welltower Inc. Declares Fourth Quarter 2016 Dividend   [Jan-26-17 04:30PM  Business Wire]
▶ 3 Reasons Welltower Stock Could Fall   [Jan-23-17 05:13PM  at Motley Fool]
▶ Will 2017 Be Welltower's Best Year Yet?   [Jan-20-17 01:26PM  at Motley Fool]
▶ Trump Wants Universal Health Insurance Coverage? (HCP, HCN)   [Jan-16-17 09:45AM  at Investopedia]
▶ 2 High-Yield Dividend Stocks I'd Buy Right Now   [Jan-12-17 08:39AM  at Motley Fool]
▶ Best Dividend Stocks For Retirement Income In 2017   [Jan-10-17 11:36AM  at Forbes]
▶ How Risky Is Welltower, Inc.?   [Jan-09-17 08:55AM  at Motley Fool]
▶ Welltower Inc.'s Best Moves in 2016   [Jan-03-17 05:09PM  at Motley Fool]
▶ 3 Healthcare REITs to Buy in 2017   [Jan-02-17 07:52AM  at Motley Fool]
Stock chart of HCN Financial statements of HCN Annual reports of HCN
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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