Intrinsic value of Hospitality Properties Trust - HPT

Previous Close

$31.83

  Intrinsic Value

$4.74

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-52%

Previous close

$31.83

 
Intrinsic value

$4.74

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-52%

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

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

We calculate the intrinsic value of HPT 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 5.2

 

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, %
  6.50
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  2,047
  2,100
  2,160
  2,226
  2,298
  2,377
  2,462
  2,554
  2,652
  2,757
  2,870
  2,989
  3,116
  3,251
  3,393
  3,544
  3,704
  3,873
  4,051
  4,239
  4,437
  4,646
  4,866
  5,098
  5,342
  5,599
  5,869
  6,154
  6,453
  6,767
  7,098
Variable operating expenses, $m
 
  638
  657
  677
  699
  723
  748
  776
  806
  838
  872
  909
  947
  988
  1,032
  1,078
  1,126
  1,177
  1,232
  1,289
  1,349
  1,412
  1,479
  1,550
  1,624
  1,702
  1,784
  1,871
  1,962
  2,057
  2,158
Fixed operating expenses, $m
 
  1,092
  1,119
  1,147
  1,176
  1,205
  1,235
  1,266
  1,298
  1,330
  1,363
  1,397
  1,432
  1,468
  1,505
  1,542
  1,581
  1,621
  1,661
  1,703
  1,745
  1,789
  1,833
  1,879
  1,926
  1,974
  2,024
  2,074
  2,126
  2,179
  2,234
Total operating expenses, $m
  1,661
  1,730
  1,776
  1,824
  1,875
  1,928
  1,983
  2,042
  2,104
  2,168
  2,235
  2,306
  2,379
  2,456
  2,537
  2,620
  2,707
  2,798
  2,893
  2,992
  3,094
  3,201
  3,312
  3,429
  3,550
  3,676
  3,808
  3,945
  4,088
  4,236
  4,392
Operating income, $m
  387
  370
  384
  402
  424
  449
  479
  512
  548
  589
  634
  683
  736
  794
  857
  925
  997
  1,075
  1,158
  1,248
  1,343
  1,445
  1,553
  1,669
  1,792
  1,922
  2,061
  2,209
  2,365
  2,531
  2,706
EBITDA, $m
  744
  736
  760
  790
  824
  863
  907
  956
  1,010
  1,069
  1,133
  1,203
  1,279
  1,360
  1,448
  1,541
  1,642
  1,749
  1,864
  1,986
  2,116
  2,254
  2,400
  2,556
  2,722
  2,897
  3,083
  3,280
  3,488
  3,708
  3,942
Interest expense (income), $m
  146
  142
  146
  151
  156
  162
  168
  174
  181
  189
  197
  206
  215
  225
  235
  246
  258
  270
  283
  297
  311
  326
  343
  360
  377
  396
  416
  437
  459
  482
  506
Earnings before tax, $m
  227
  228
  238
  251
  268
  288
  311
  337
  367
  400
  437
  477
  522
  570
  622
  678
  739
  805
  875
  951
  1,032
  1,118
  1,211
  1,309
  1,414
  1,526
  1,645
  1,772
  1,906
  2,049
  2,200
Tax expense, $m
  4
  61
  64
  68
  72
  78
  84
  91
  99
  108
  118
  129
  141
  154
  168
  183
  200
  217
  236
  257
  279
  302
  327
  354
  382
  412
  444
  478
  515
  553
  594
Net income, $m
  223
  166
  174
  183
  196
  210
  227
  246
  268
  292
  319
  348
  381
  416
  454
  495
  540
  588
  639
  694
  753
  816
  884
  956
  1,033
  1,114
  1,201
  1,293
  1,391
  1,496
  1,606

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  11
  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
  6,634
  6,797
  6,990
  7,203
  7,438
  7,692
  7,968
  8,265
  8,583
  8,924
  9,287
  9,673
  10,084
  10,520
  10,982
  11,471
  11,988
  12,534
  13,110
  13,718
  14,360
  15,036
  15,748
  16,499
  17,288
  18,120
  18,994
  19,915
  20,883
  21,901
  22,971
Adjusted assets (=assets-cash), $m
  6,623
  6,797
  6,990
  7,203
  7,438
  7,692
  7,968
  8,265
  8,583
  8,924
  9,287
  9,673
  10,084
  10,520
  10,982
  11,471
  11,988
  12,534
  13,110
  13,718
  14,360
  15,036
  15,748
  16,499
  17,288
  18,120
  18,994
  19,915
  20,883
  21,901
  22,971
Revenue / Adjusted assets
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
Average production assets, $m
  6,235
  6,397
  6,579
  6,780
  7,000
  7,240
  7,500
  7,779
  8,079
  8,399
  8,741
  9,105
  9,491
  9,902
  10,336
  10,796
  11,283
  11,797
  12,339
  12,912
  13,516
  14,152
  14,823
  15,529
  16,272
  17,054
  17,878
  18,744
  19,655
  20,613
  21,620
Working capital, $m
  0
  -11
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
Total debt, $m
  3,164
  3,255
  3,357
  3,470
  3,593
  3,728
  3,874
  4,031
  4,199
  4,380
  4,572
  4,776
  4,994
  5,224
  5,468
  5,727
  6,000
  6,289
  6,594
  6,916
  7,255
  7,613
  7,990
  8,387
  8,805
  9,244
  9,707
  10,194
  10,706
  11,244
  11,811
Total liabilities, $m
  3,505
  3,596
  3,698
  3,811
  3,934
  4,069
  4,215
  4,372
  4,540
  4,721
  4,913
  5,117
  5,335
  5,565
  5,809
  6,068
  6,341
  6,630
  6,935
  7,257
  7,596
  7,954
  8,331
  8,728
  9,146
  9,585
  10,048
  10,535
  11,047
  11,585
  12,152
Total equity, $m
  3,129
  3,201
  3,292
  3,393
  3,503
  3,623
  3,753
  3,893
  4,043
  4,203
  4,374
  4,556
  4,750
  4,955
  5,172
  5,403
  5,646
  5,903
  6,175
  6,461
  6,764
  7,082
  7,417
  7,771
  8,143
  8,534
  8,946
  9,380
  9,836
  10,315
  10,819
Total liabilities and equity, $m
  6,634
  6,797
  6,990
  7,204
  7,437
  7,692
  7,968
  8,265
  8,583
  8,924
  9,287
  9,673
  10,085
  10,520
  10,981
  11,471
  11,987
  12,533
  13,110
  13,718
  14,360
  15,036
  15,748
  16,499
  17,289
  18,119
  18,994
  19,915
  20,883
  21,900
  22,971
Debt-to-equity ratio
  1.011
  1.020
  1.020
  1.020
  1.030
  1.030
  1.030
  1.040
  1.040
  1.040
  1.050
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.090
Adjusted equity ratio
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  223
  166
  174
  183
  196
  210
  227
  246
  268
  292
  319
  348
  381
  416
  454
  495
  540
  588
  639
  694
  753
  816
  884
  956
  1,033
  1,114
  1,201
  1,293
  1,391
  1,496
  1,606
Depreciation, amort., depletion, $m
  357
  366
  376
  387
  400
  414
  429
  445
  462
  480
  499
  520
  542
  566
  591
  617
  645
  674
  705
  738
  772
  809
  847
  887
  930
  975
  1,022
  1,071
  1,123
  1,178
  1,235
Funds from operations, $m
  532
  532
  550
  571
  596
  624
  655
  691
  729
  772
  818
  869
  923
  982
  1,045
  1,112
  1,184
  1,262
  1,344
  1,432
  1,526
  1,625
  1,731
  1,843
  1,962
  2,089
  2,223
  2,364
  2,515
  2,674
  2,842
Change in working capital, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
Cash from operations, $m
  533
  611
  550
  571
  596
  624
  656
  691
  730
  773
  819
  869
  924
  982
  1,045
  1,113
  1,185
  1,263
  1,345
  1,433
  1,527
  1,626
  1,732
  1,844
  1,964
  2,090
  2,224
  2,366
  2,516
  2,675
  2,843
Maintenance CAPEX, $m
  0
  -356
  -366
  -376
  -387
  -400
  -414
  -429
  -445
  -462
  -480
  -499
  -520
  -542
  -566
  -591
  -617
  -645
  -674
  -705
  -738
  -772
  -809
  -847
  -887
  -930
  -975
  -1,022
  -1,071
  -1,123
  -1,178
New CAPEX, $m
  -454
  -163
  -182
  -201
  -220
  -240
  -259
  -279
  -300
  -320
  -342
  -364
  -387
  -410
  -435
  -460
  -486
  -514
  -543
  -573
  -604
  -636
  -670
  -706
  -743
  -782
  -823
  -866
  -911
  -958
  -1,007
Cash from investing activities, $m
  -454
  -519
  -548
  -577
  -607
  -640
  -673
  -708
  -745
  -782
  -822
  -863
  -907
  -952
  -1,001
  -1,051
  -1,103
  -1,159
  -1,217
  -1,278
  -1,342
  -1,408
  -1,479
  -1,553
  -1,630
  -1,712
  -1,798
  -1,888
  -1,982
  -2,081
  -2,185
Free cash flow, $m
  79
  92
  3
  -6
  -12
  -16
  -17
  -17
  -14
  -10
  -3
  6
  17
  30
  45
  62
  82
  104
  128
  155
  185
  218
  253
  291
  333
  378
  426
  478
  534
  594
  658
Issuance/(repayment) of debt, $m
  -111
  91
  102
  113
  124
  135
  146
  157
  168
  180
  192
  205
  217
  231
  244
  259
  273
  289
  305
  322
  339
  358
  377
  397
  418
  440
  463
  487
  512
  538
  566
Issuance/(repurchase) of shares, $m
  371
  0
  0
  0
  0
  1
  1
  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 from financing (excl. dividends), $m  
  254
  91
  102
  113
  124
  136
  147
  157
  168
  180
  192
  205
  217
  231
  244
  259
  273
  289
  305
  322
  339
  358
  377
  397
  418
  440
  463
  487
  512
  538
  566
Total cash flow (excl. dividends), $m
  332
  182
  105
  107
  112
  119
  129
  140
  154
  171
  189
  210
  234
  260
  289
  321
  355
  393
  433
  477
  524
  575
  630
  688
  751
  817
  889
  965
  1,046
  1,132
  1,224
Retained Cash Flow (-), $m
  -317
  -83
  -91
  -101
  -110
  -120
  -130
  -140
  -150
  -160
  -171
  -182
  -193
  -205
  -218
  -230
  -243
  -257
  -272
  -287
  -302
  -318
  -336
  -353
  -372
  -392
  -412
  -433
  -456
  -479
  -504
Prev. year cash balance distribution, $m
 
  11
  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
 
  110
  14
  7
  2
  0
  0
  0
  4
  10
  18
  28
  41
  55
  72
  91
  112
  136
  162
  191
  222
  257
  294
  335
  379
  426
  477
  531
  590
  653
  720
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  101
  12
  5
  1
  0
  0
  0
  2
  4
  5
  7
  8
  9
  9
  9
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Hospitality Properties Trust is a publicly owned real estate investment trust. It invests in the real estate markets across United States, Canada and Puerto Rico. The firm primarily invests in hotel and travel centers. Hospitality Properties Trust was formed in 1995 and is based in New York, New York.

FINANCIAL RATIOS  of  Hospitality Properties Trust (HPT)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 2.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 66.2
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.8%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 101.1%
Total Debt to Equity 101.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 7.5%
Return On Equity - 3 Yr. Avg. 6.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.3%
Gross Margin - 3 Yr. Avg. 40.7%
EBITDA Margin 35.7%
EBITDA Margin - 3 Yr. Avg. 35.5%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 10.4%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 1.8%
Eff/ Tax Rate - 3 Yr. Avg. 1.3%
Payout Ratio 150.2%

HPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HPT stock intrinsic value calculation we used $2047 million for the last fiscal year's total revenue generated by Hospitality Properties Trust. The default revenue input number comes from 2016 income statement of Hospitality Properties Trust. 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 HPT stock valuation model: a) initial revenue growth rate of 2.6% 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 8.3%, whose default value for HPT is calculated based on our internal credit rating of Hospitality Properties Trust, 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 Hospitality Properties Trust.
    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 HPT stock the variable cost ratio is equal to 30.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1065 million in the base year in the intrinsic value calculation for HPT 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 4.5% for Hospitality Properties Trust.

Corporate tax rate of 27% is the nominal tax rate for Hospitality Properties Trust. 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 HPT 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 HPT are equal to 304.6%.

Life of production assets of 17.5 years is the average useful life of capital assets used in Hospitality Properties Trust 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 HPT is equal to -0.5%. 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 - $3129 million for Hospitality Properties Trust - 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 164.922 million for Hospitality Properties Trust 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 Hospitality Properties Trust at the current share price and the inputted number of shares is $5.2 billion.

RELATED COMPANIES Price Int.Val. Rating
RMR RMR Group Cl A 52.75 53.94  hold
MAR Marriott Inter 94.42 567.39  str.buy
WYN Wyndham Worldw 95.31 64.84  sell
H Hyatt Hotels 55.50 32.55  sell
TA TravelCenters 6.10 38.85  str.buy
RLJ RLJ Lodging Tr 21.49 5.50  str.sell
HT Hersha Hospita 18.44 4.96  str.sell
FCH Felcor Lodging 7.75 0.40  str.sell

COMPANY NEWS

▶ REITs Will Be All Right Despite Rising Rates   [Mar-09-17 03:03PM  TheStreet.com]
▶ Hospitality Properties Trust Declares Preferred Dividend   [Dec-01-16 04:05PM  Business Wire]
▶ The Top 3 Hotel REIT ETFs of 2016 (HPT, INN)   [Sep-02-16 03:00PM  at Investopedia]
▶ Hospitality Properties Trust Declares Preferred Dividend   [Sep-01-16 04:05PM  Business Wire]
▶ 4 Brexit Bargains With Big Dividends   [Jul-01-16 11:37AM  at Forbes]
▶ Hospitality Properties Trust Declares Preferred Dividend   [Jun-01-16 04:01PM  Business Wire]
▶ Hospitality Properties Trust Declares Preferred Dividend   [Mar-01-16 04:01PM  Business Wire]
▶ 5 High Yield Stocks Benefiting From Low Oil   [Feb-27-16 10:36AM  at Forbes]
Stock chart of HPT Financial statements of HPT
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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