Intrinsic value of HCP - HCP

Previous Close

$29.45

  Intrinsic Value

$2.92

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

-44%

Previous close

$29.45

 
Intrinsic value

$2.92

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

-44%

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

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

We calculate the intrinsic value of HCP 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 13.9

 

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, %
  9.74
  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
  2,129
  2,172
  2,222
  2,279
  2,343
  2,414
  2,492
  2,577
  2,668
  2,767
  2,874
  2,987
  3,108
  3,237
  3,375
  3,520
  3,675
  3,838
  4,011
  4,193
  4,386
  4,589
  4,803
  5,029
  5,267
  5,518
  5,782
  6,060
  6,352
  6,660
  6,984
Variable operating expenses, $m
 
  1,366
  1,397
  1,433
  1,473
  1,518
  1,567
  1,620
  1,677
  1,739
  1,806
  1,873
  1,949
  2,030
  2,116
  2,207
  2,304
  2,406
  2,515
  2,629
  2,750
  2,877
  3,012
  3,153
  3,303
  3,460
  3,626
  3,800
  3,983
  4,176
  4,379
Fixed operating expenses, $m
 
  132
  136
  139
  142
  146
  150
  153
  157
  161
  165
  169
  173
  178
  182
  187
  192
  196
  201
  206
  211
  217
  222
  228
  233
  239
  245
  251
  258
  264
  271
Total operating expenses, $m
  1,466
  1,498
  1,533
  1,572
  1,615
  1,664
  1,717
  1,773
  1,834
  1,900
  1,971
  2,042
  2,122
  2,208
  2,298
  2,394
  2,496
  2,602
  2,716
  2,835
  2,961
  3,094
  3,234
  3,381
  3,536
  3,699
  3,871
  4,051
  4,241
  4,440
  4,650
Operating income, $m
  663
  674
  689
  707
  727
  750
  776
  803
  834
  867
  902
  945
  986
  1,030
  1,076
  1,126
  1,179
  1,235
  1,295
  1,358
  1,424
  1,495
  1,569
  1,648
  1,731
  1,819
  1,911
  2,009
  2,112
  2,220
  2,334
EBITDA, $m
  1,231
  1,256
  1,284
  1,317
  1,355
  1,397
  1,443
  1,493
  1,548
  1,607
  1,671
  1,740
  1,813
  1,891
  1,974
  2,063
  2,157
  2,256
  2,362
  2,473
  2,591
  2,716
  2,847
  2,986
  3,133
  3,287
  3,450
  3,621
  3,802
  3,992
  4,192
Interest expense (income), $m
  489
  437
  446
  458
  471
  485
  501
  519
  538
  559
  582
  606
  632
  660
  689
  720
  754
  789
  826
  865
  907
  951
  997
  1,046
  1,098
  1,152
  1,209
  1,269
  1,333
  1,399
  1,469
Earnings before tax, $m
  367
  237
  243
  249
  257
  265
  274
  284
  295
  307
  320
  339
  354
  370
  387
  406
  425
  446
  469
  492
  517
  544
  572
  602
  634
  667
  702
  740
  779
  821
  865
Tax expense, $m
  4
  64
  66
  67
  69
  72
  74
  77
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
  140
  147
  154
  163
  171
  180
  190
  200
  210
  222
  233
Net income, $m
  628
  173
  177
  182
  187
  193
  200
  208
  216
  224
  234
  247
  258
  270
  283
  296
  311
  326
  342
  359
  378
  397
  418
  439
  463
  487
  513
  540
  569
  599
  631

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  95
  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
  15,759
  15,968
  16,335
  16,755
  17,226
  17,748
  18,321
  18,945
  19,620
  20,348
  21,129
  21,964
  22,856
  23,805
  24,814
  25,884
  27,018
  28,219
  29,489
  30,831
  32,247
  33,742
  35,318
  36,980
  38,731
  40,574
  42,516
  44,559
  46,709
  48,971
  51,351
Adjusted assets (=assets-cash), $m
  15,664
  15,968
  16,335
  16,755
  17,226
  17,748
  18,321
  18,945
  19,620
  20,348
  21,129
  21,964
  22,856
  23,805
  24,814
  25,884
  27,018
  28,219
  29,489
  30,831
  32,247
  33,742
  35,318
  36,980
  38,731
  40,574
  42,516
  44,559
  46,709
  48,971
  51,351
Revenue / Adjusted assets
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
Average production assets, $m
  12,124
  12,365
  12,649
  12,974
  13,339
  13,744
  14,188
  14,671
  15,194
  15,757
  16,362
  17,009
  17,699
  18,434
  19,215
  20,044
  20,923
  21,853
  22,836
  23,875
  24,972
  26,129
  27,350
  28,637
  29,992
  31,420
  32,924
  34,506
  36,171
  37,923
  39,765
Working capital, $m
  0
  821
  840
  861
  886
  912
  942
  974
  1,009
  1,046
  1,086
  1,129
  1,175
  1,224
  1,276
  1,331
  1,389
  1,451
  1,516
  1,585
  1,658
  1,735
  1,816
  1,901
  1,991
  2,086
  2,186
  2,291
  2,401
  2,518
  2,640
Total debt, $m
  9,190
  9,294
  9,531
  9,802
  10,107
  10,444
  10,814
  11,218
  11,654
  12,124
  12,628
  13,168
  13,744
  14,357
  15,009
  15,700
  16,433
  17,209
  18,029
  18,896
  19,811
  20,776
  21,795
  22,868
  23,999
  25,190
  26,444
  27,764
  29,153
  30,615
  32,152
Total liabilities, $m
  10,212
  10,315
  10,552
  10,823
  11,128
  11,465
  11,835
  12,239
  12,675
  13,145
  13,649
  14,189
  14,765
  15,378
  16,030
  16,721
  17,454
  18,230
  19,050
  19,917
  20,832
  21,797
  22,816
  23,889
  25,020
  26,211
  27,465
  28,785
  30,174
  31,636
  33,173
Total equity, $m
  5,548
  5,652
  5,783
  5,931
  6,098
  6,283
  6,486
  6,707
  6,946
  7,203
  7,480
  7,775
  8,091
  8,427
  8,784
  9,163
  9,565
  9,990
  10,439
  10,914
  11,416
  11,945
  12,503
  13,091
  13,711
  14,363
  15,051
  15,774
  16,535
  17,336
  18,178
Total liabilities and equity, $m
  15,760
  15,967
  16,335
  16,754
  17,226
  17,748
  18,321
  18,946
  19,621
  20,348
  21,129
  21,964
  22,856
  23,805
  24,814
  25,884
  27,019
  28,220
  29,489
  30,831
  32,248
  33,742
  35,319
  36,980
  38,731
  40,574
  42,516
  44,559
  46,709
  48,972
  51,351
Debt-to-equity ratio
  1.656
  1.640
  1.650
  1.650
  1.660
  1.660
  1.670
  1.670
  1.680
  1.680
  1.690
  1.690
  1.700
  1.700
  1.710
  1.710
  1.720
  1.720
  1.730
  1.730
  1.740
  1.740
  1.740
  1.750
  1.750
  1.750
  1.760
  1.760
  1.760
  1.770
  1.770
Adjusted equity ratio
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  628
  173
  177
  182
  187
  193
  200
  208
  216
  224
  234
  247
  258
  270
  283
  296
  311
  326
  342
  359
  378
  397
  418
  439
  463
  487
  513
  540
  569
  599
  631
Depreciation, amort., depletion, $m
  568
  582
  595
  610
  628
  646
  667
  690
  714
  741
  769
  795
  827
  861
  898
  937
  978
  1,021
  1,067
  1,116
  1,167
  1,221
  1,278
  1,338
  1,402
  1,468
  1,538
  1,612
  1,690
  1,772
  1,858
Funds from operations, $m
  1,249
  755
  772
  792
  815
  840
  867
  897
  930
  965
  1,003
  1,042
  1,085
  1,131
  1,181
  1,233
  1,288
  1,347
  1,409
  1,475
  1,545
  1,618
  1,696
  1,778
  1,864
  1,955
  2,051
  2,152
  2,259
  2,371
  2,489
Change in working capital, $m
  35
  16
  19
  22
  24
  27
  29
  32
  35
  37
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  111
  116
  122
Cash from operations, $m
  1,214
  739
  754
  771
  791
  813
  838
  865
  895
  928
  963
  999
  1,040
  1,083
  1,129
  1,178
  1,230
  1,285
  1,344
  1,406
  1,472
  1,541
  1,615
  1,692
  1,774
  1,860
  1,951
  2,047
  2,148
  2,255
  2,367
Maintenance CAPEX, $m
  0
  -567
  -578
  -591
  -606
  -623
  -642
  -663
  -686
  -710
  -736
  -765
  -795
  -827
  -861
  -898
  -937
  -978
  -1,021
  -1,067
  -1,116
  -1,167
  -1,221
  -1,278
  -1,338
  -1,402
  -1,468
  -1,538
  -1,612
  -1,690
  -1,772
New CAPEX, $m
  -888
  -241
  -284
  -325
  -365
  -404
  -444
  -483
  -523
  -563
  -605
  -647
  -690
  -735
  -781
  -829
  -878
  -930
  -983
  -1,039
  -1,097
  -1,158
  -1,221
  -1,287
  -1,356
  -1,428
  -1,503
  -1,582
  -1,665
  -1,752
  -1,843
Cash from investing activities, $m
  -411
  -808
  -862
  -916
  -971
  -1,027
  -1,086
  -1,146
  -1,209
  -1,273
  -1,341
  -1,412
  -1,485
  -1,562
  -1,642
  -1,727
  -1,815
  -1,908
  -2,004
  -2,106
  -2,213
  -2,325
  -2,442
  -2,565
  -2,694
  -2,830
  -2,971
  -3,120
  -3,277
  -3,442
  -3,615
Free cash flow, $m
  803
  -69
  -109
  -145
  -181
  -215
  -248
  -281
  -313
  -346
  -378
  -412
  -446
  -479
  -514
  -549
  -585
  -622
  -661
  -700
  -741
  -783
  -827
  -873
  -920
  -969
  -1,020
  -1,074
  -1,129
  -1,187
  -1,248
Issuance/(repayment) of debt, $m
  -1,748
  199
  237
  271
  304
  337
  370
  403
  436
  470
  504
  540
  576
  613
  652
  691
  733
  776
  820
  867
  915
  966
  1,018
  1,073
  1,131
  1,191
  1,254
  1,320
  1,389
  1,461
  1,537
Issuance/(repurchase) of shares, $m
  59
  0
  0
  0
  0
  0
  3
  13
  23
  33
  42
  48
  57
  66
  74
  83
  91
  99
  107
  116
  124
  132
  140
  149
  157
  166
  175
  183
  192
  202
  211
Cash from financing (excl. dividends), $m  
  -74
  199
  237
  271
  304
  337
  373
  416
  459
  503
  546
  588
  633
  679
  726
  774
  824
  875
  927
  983
  1,039
  1,098
  1,158
  1,222
  1,288
  1,357
  1,429
  1,503
  1,581
  1,663
  1,748
Total cash flow (excl. dividends), $m
  728
  130
  129
  126
  124
  123
  125
  135
  146
  157
  168
  176
  188
  200
  212
  225
  239
  253
  267
  282
  298
  314
  332
  350
  368
  388
  408
  430
  452
  476
  501
Retained Cash Flow (-), $m
  3,796
  -104
  -130
  -149
  -167
  -185
  -203
  -221
  -239
  -258
  -276
  -296
  -316
  -336
  -357
  -379
  -402
  -425
  -450
  -475
  -501
  -529
  -558
  -588
  -620
  -653
  -687
  -723
  -761
  -801
  -842
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
 
  25
  -1
  -23
  -43
  -62
  -78
  -85
  -93
  -100
  -108
  -120
  -128
  -136
  -145
  -154
  -163
  -172
  -182
  -193
  -203
  -215
  -226
  -239
  -251
  -265
  -279
  -293
  -309
  -325
  -342
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
 
  23
  -1
  -17
  -28
  -36
  -39
  -36
  -33
  -30
  -27
  -24
  -20
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.6
  99.3
  99.1
  98.8
  98.5
  98.1
  97.8
  97.4
  97.0
  96.5
  96.1
  95.7
  95.2
  94.8
  94.4
  93.9
  93.4
  93.0
  92.5
  92.1
  91.6
  91.2

HCP, Inc. is a self-administered real estate investment trust. The Company invests in real estate serving the healthcare industry in the United States. The Company's segments include senior housing triple-net (SH NNN), senior housing operating portfolio (SHOP), life science and medical office. Its senior housing facilities include independent living facilities, assisted living facilities, memory care facilities, care homes, and continuing care retirement communities. Its Life science properties contain laboratory and office space for biotechnology, medical device and pharmaceutical companies, scientific research institutions, government agencies and other organizations. Its Medical office buildings contain physicians' offices and examination rooms, and may include pharmacies, hospital ancillary service space and outpatient services. As of December 31, 2016, it had interests in and managed 15 hospitals, 61 care homes in the United Kingdom and five post-acute/skilled nursing facilities.

FINANCIAL RATIOS  of  HCP (HCP)

Valuation Ratios
P/E Ratio 22
Price to Sales 6.5
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 42.3
Growth Rates
Sales Growth Rate 9.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -0.7%
Cap. Spend. - 3 Yr. Gr. Rate 35.4%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 149.4%
Total Debt to Equity 165.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 65.3%
Gross Margin - 3 Yr. Avg. 70.2%
EBITDA Margin 66.9%
EBITDA Margin - 3 Yr. Avg. 64.3%
Operating Margin 31.1%
Oper. Margin - 3 Yr. Avg. 34.9%
Pre-Tax Margin 17.2%
Pre-Tax Margin - 3 Yr. Avg. 13.7%
Net Profit Margin 29.5%
Net Profit Margin - 3 Yr. Avg. 19%
Effective Tax Rate 1.1%
Eff/ Tax Rate - 3 Yr. Avg. -2.2%
Payout Ratio 156.1%

HCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HCP stock intrinsic value calculation we used $2129 million for the last fiscal year's total revenue generated by HCP. The default revenue input number comes from 2016 income statement of HCP. 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 HCP 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 HCP is calculated based on our internal credit rating of HCP, 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 HCP.
    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 HCP stock the variable cost ratio is equal to 62.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $129 million in the base year in the intrinsic value calculation for HCP 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 4.8% for HCP.

Corporate tax rate of 27% is the nominal tax rate for HCP. 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 HCP 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 HCP are equal to 569.4%.

Life of production assets of 21.4 years is the average useful life of capital assets used in HCP 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 HCP is equal to 37.8%. 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 - $5548 million for HCP - 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 470.887 million for HCP 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 HCP at the current share price and the inputted number of shares is $13.9 billion.

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COMPANY NEWS

▶ Why HCPs Dividend Yield Is Moving South   [Sep-18-17 01:36PM  Market Realist]
▶ HCP Provides Update on Impact of Hurricane Irma   [Sep-15-17 09:00AM  PR Newswire]
▶ HCP Provides Update on Impact of Hurricane Harvey   [Aug-31-17 10:54PM  PR Newswire]
▶ 3 High-Yield Stocks for Retirees   [Aug-30-17 12:15PM  Motley Fool]
▶ 5 Stocks to Buy With Dividends Yielding More Than 5%   [Aug-22-17 08:04AM  Motley Fool]
▶ 3 Stocks Retirees Should Buy on a Market Pullback   [Aug-11-17 09:21PM  Motley Fool]
▶ Good, Bad And Ugly REITs   [Aug-10-17 04:02AM  Forbes]
▶ 3 Dividend Stocks to Buy in Your 30s   [Aug-04-17 04:03PM  Motley Fool]
▶ How HCP, Inc. Makes Most of Its Money   [Aug-03-17 09:32PM  Motley Fool]
▶ How Welltower Maintained a Strong Balance Sheet in 2Q17   [Aug-02-17 08:57AM  Market Realist]
▶ How Welltower Rewarded Stockholders in 2Q17   [08:57AM  Market Realist]
▶ Welltowers Main Revenue Drivers in 2Q17   [08:57AM  Market Realist]
▶ How Did Welltower Do in I2Q17 Results?   [08:57AM  Market Realist]
▶ HCP reports 2Q results   [Aug-01-17 10:54PM  Associated Press]
▶ /C O R R E C T I O N -- HCP, Inc./   [10:37AM  PR Newswire]
▶ HCP Declares Quarterly Cash Dividend on Common Stock   [Jul-27-17 04:15PM  PR Newswire]
▶ 3 Top Stocks You Can Buy on Sale   [06:06AM  Motley Fool]
▶ HCP Announces Pricing of Tender Offer   [Jul-26-17 04:15PM  PR Newswire]
▶ HCP Announces Early Tender Results   [08:30AM  PR Newswire]
▶ ETFs with exposure to HCP, Inc. : July 24, 2017   [Jul-24-17 04:22PM  Capital Cube]
▶ How Does Wall Street Rate Welltower among Healthcare REITs?   [Jul-19-17 09:06AM  Market Realist]
▶ How Well Does Welltower Manage Its Balance Sheet?   [Jul-18-17 10:36AM  Market Realist]
▶ Innovation and Foreign Investment Drive Welltowers Growth   [Jul-17-17 10:41AM  Market Realist]
▶ Will Welltower Maintain Its Business Momentum in the Future?   [Jul-14-17 06:05PM  Market Realist]
▶ Museum District medical tower gets $10M renovation   [Jul-13-17 03:30PM  American City Business Journals]
▶ HCP Announces Tender Offer for Outstanding Notes   [Jul-12-17 08:30AM  PR Newswire]
▶ 3 High-Yield Stocks to Hold Forever   [Jul-05-17 06:09PM  Motley Fool]
▶ July's Tough, but These Stocks Tend to Do Well   [Jun-28-17 01:00PM  Investopedia]
▶ 3 Dividend Stocks for Retirement   [Jun-16-17 12:06PM  Motley Fool]
▶ ETFs with exposure to HCP, Inc. : June 15, 2017   [Jun-15-17 02:09PM  Capital Cube]
▶ 7 Things You Didn't Know About HCP, Inc.   [Jun-05-17 12:03PM  Motley Fool]
▶ HCP Appoints Scott Brinker as Chief Investment Officer   [May-15-17 09:00AM  PR Newswire]
▶ HCP Earnings: Moving in the Right Direction   [May-02-17 05:19PM  Motley Fool]
▶ HCP reports 1Q results   [08:09AM  Associated Press]
▶ Better Buy: HCP, Inc. vs. Ventas   [Apr-28-17 03:51PM  Motley Fool]
▶ HCP Declares Quarterly Cash Dividend on Common Stock   [Apr-27-17 04:15PM  PR Newswire]
▶ How Safe Is HCP and Its Dividend?   [Apr-03-17 12:54PM  Motley Fool]
Financial statements of HCP
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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