Intrinsic value of Hersha Hospitality Trust Cl A - HT

Previous Close

$18.10

  Intrinsic Value

$5.14

stock screener

  Rating & Target

str. sell

-72%

  Value-price divergence*

-5%

Previous close

$18.10

 
Intrinsic value

$5.14

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence*

-5%

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

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

We calculate the intrinsic value of HT 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 0.7

 

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, %
  -0.64
  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
  467
  476
  487
  500
  514
  529
  547
  565
  585
  607
  630
  655
  682
  710
  740
  772
  806
  842
  880
  920
  962
  1,007
  1,054
  1,103
  1,155
  1,210
  1,268
  1,329
  1,393
  1,461
  1,532
Variable operating expenses, $m
 
  395
  404
  414
  426
  439
  453
  469
  485
  503
  523
  543
  565
  589
  614
  640
  668
  698
  729
  762
  797
  834
  873
  915
  958
  1,003
  1,051
  1,102
  1,155
  1,211
  1,270
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
  402
  395
  404
  414
  426
  439
  453
  469
  485
  503
  523
  543
  565
  589
  614
  640
  668
  698
  729
  762
  797
  834
  873
  915
  958
  1,003
  1,051
  1,102
  1,155
  1,211
  1,270
Operating income, $m
  64
  81
  83
  85
  88
  91
  93
  97
  100
  104
  108
  112
  117
  121
  127
  132
  138
  144
  150
  157
  165
  172
  180
  189
  198
  207
  217
  227
  238
  250
  262
EBITDA, $m
  141
  160
  164
  168
  172
  178
  183
  190
  196
  204
  212
  220
  229
  238
  248
  259
  271
  283
  295
  309
  323
  338
  354
  370
  388
  406
  426
  446
  468
  490
  514
Interest expense (income), $m
  42
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  89
  93
  98
  103
  108
  114
  120
  126
  133
  140
  147
Earnings before tax, $m
  117
  41
  42
  43
  44
  45
  47
  48
  50
  51
  53
  54
  56
  58
  60
  63
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  110
  115
Tax expense, $m
  -4
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
Net income, $m
  117
  30
  31
  32
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  44
  46
  47
  49
  51
  53
  55
  58
  60
  62
  65
  68
  71
  74
  77
  80
  84

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  186
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,156
  2,010
  2,056
  2,109
  2,168
  2,234
  2,306
  2,385
  2,470
  2,561
  2,660
  2,765
  2,877
  2,996
  3,123
  3,258
  3,401
  3,552
  3,712
  3,881
  4,059
  4,247
  4,446
  4,655
  4,875
  5,107
  5,352
  5,609
  5,879
  6,164
  6,464
Adjusted assets (=assets-cash), $m
  1,970
  2,010
  2,056
  2,109
  2,168
  2,234
  2,306
  2,385
  2,470
  2,561
  2,660
  2,765
  2,877
  2,996
  3,123
  3,258
  3,401
  3,552
  3,712
  3,881
  4,059
  4,247
  4,446
  4,655
  4,875
  5,107
  5,352
  5,609
  5,879
  6,164
  6,464
Revenue / Adjusted assets
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
Average production assets, $m
  1,815
  1,851
  1,893
  1,942
  1,996
  2,057
  2,123
  2,196
  2,274
  2,358
  2,449
  2,546
  2,649
  2,759
  2,876
  3,000
  3,131
  3,271
  3,418
  3,573
  3,737
  3,911
  4,093
  4,286
  4,489
  4,702
  4,927
  5,164
  5,413
  5,676
  5,951
Working capital, $m
  0
  -48
  -49
  -50
  -51
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
Total debt, $m
  1,052
  1,080
  1,111
  1,146
  1,186
  1,230
  1,278
  1,331
  1,388
  1,450
  1,516
  1,586
  1,661
  1,742
  1,827
  1,917
  2,013
  2,114
  2,222
  2,335
  2,455
  2,581
  2,714
  2,854
  3,002
  3,158
  3,322
  3,494
  3,676
  3,867
  4,068
Total liabilities, $m
  1,320
  1,349
  1,380
  1,415
  1,455
  1,499
  1,547
  1,600
  1,657
  1,719
  1,785
  1,855
  1,930
  2,011
  2,096
  2,186
  2,282
  2,383
  2,491
  2,604
  2,724
  2,850
  2,983
  3,123
  3,271
  3,427
  3,591
  3,763
  3,945
  4,136
  4,337
Total equity, $m
  835
  661
  676
  694
  713
  735
  759
  785
  813
  843
  875
  910
  947
  986
  1,028
  1,072
  1,119
  1,169
  1,221
  1,277
  1,335
  1,397
  1,463
  1,531
  1,604
  1,680
  1,761
  1,845
  1,934
  2,028
  2,127
Total liabilities and equity, $m
  2,155
  2,010
  2,056
  2,109
  2,168
  2,234
  2,306
  2,385
  2,470
  2,562
  2,660
  2,765
  2,877
  2,997
  3,124
  3,258
  3,401
  3,552
  3,712
  3,881
  4,059
  4,247
  4,446
  4,654
  4,875
  5,107
  5,352
  5,608
  5,879
  6,164
  6,464
Debt-to-equity ratio
  1.260
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
  1.740
  1.760
  1.770
  1.780
  1.790
  1.800
  1.810
  1.820
  1.830
  1.840
  1.850
  1.860
  1.860
  1.870
  1.880
  1.890
  1.890
  1.900
  1.910
  1.910
Adjusted equity ratio
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  30
  31
  32
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  44
  46
  47
  49
  51
  53
  55
  58
  60
  62
  65
  68
  71
  74
  77
  80
  84
Depreciation, amort., depletion, $m
  77
  78
  80
  82
  85
  87
  90
  93
  96
  100
  104
  108
  112
  117
  122
  127
  133
  139
  145
  151
  158
  166
  173
  182
  190
  199
  209
  219
  229
  240
  252
Funds from operations, $m
  72
  109
  111
  114
  117
  120
  124
  128
  132
  137
  142
  148
  153
  159
  166
  173
  180
  188
  196
  205
  214
  223
  233
  244
  255
  267
  280
  293
  306
  321
  336
Change in working capital, $m
  -15
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  87
  110
  112
  115
  118
  122
  126
  130
  135
  139
  145
  150
  156
  162
  169
  176
  183
  191
  200
  209
  218
  228
  238
  249
  260
  273
  285
  299
  313
  328
  343
Maintenance CAPEX, $m
  0
  -77
  -78
  -80
  -82
  -85
  -87
  -90
  -93
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -151
  -158
  -166
  -173
  -182
  -190
  -199
  -209
  -219
  -229
  -240
New CAPEX, $m
  -356
  -36
  -43
  -49
  -55
  -61
  -66
  -72
  -78
  -84
  -91
  -97
  -103
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -276
Cash from investing activities, $m
  150
  -113
  -121
  -129
  -137
  -146
  -153
  -162
  -171
  -180
  -191
  -201
  -211
  -222
  -234
  -246
  -258
  -272
  -286
  -300
  -315
  -331
  -349
  -366
  -385
  -404
  -424
  -446
  -468
  -491
  -516
Free cash flow, $m
  237
  -3
  -9
  -14
  -19
  -23
  -28
  -32
  -37
  -41
  -46
  -50
  -55
  -60
  -65
  -70
  -75
  -80
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
Issuance/(repayment) of debt, $m
  -121
  28
  31
  35
  40
  44
  48
  53
  57
  61
  66
  71
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  173
  182
  191
  201
Issuance/(repurchase) of shares, $m
  113
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  12
  13
  15
Cash from financing (excl. dividends), $m  
  -14
  28
  31
  35
  40
  44
  48
  53
  57
  61
  66
  71
  75
  80
  85
  90
  96
  101
  108
  115
  123
  130
  138
  146
  155
  165
  174
  184
  194
  204
  216
Total cash flow (excl. dividends), $m
  223
  24
  22
  22
  21
  21
  21
  20
  20
  20
  20
  20
  20
  20
  20
  21
  21
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  38
  40
  43
Retained Cash Flow (-), $m
  -157
  -12
  -15
  -17
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -99
Prev. year cash balance distribution, $m
 
  186
  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
 
  198
  7
  4
  2
  -1
  -3
  -5
  -8
  -10
  -12
  -15
  -17
  -19
  -21
  -24
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
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
 
  183
  6
  3
  1
  0
  -2
  -3
  -3
  -4
  -4
  -4
  -3
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.8
  99.6
  99.3
  98.9
  98.5
  98.0
  97.5
  96.9
  96.3
  95.6
  94.9
  94.2
  93.4

Hersha Hospitality Trust, a real estate investment trust, engages in the ownership and operation of mid scale limited service hotels in the Eastern United States. As of June 30, 2005, it owned interests in 35 hotels, including 4 hotels owned through joint ventures in Pennsylvania, New York, New Jersey, Maryland, Georgia, Connecticut, and Massachusetts. The company has elected to be taxed as a REIT under the Internal Revenue Code. As a REIT, Hersha would not be subject to income tax to the extent it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1998 and is headquartered in New Cumberland, Pennsylvania.

FINANCIAL RATIOS  of  Hersha Hospitality Trust Cl A (HT)

Valuation Ratios
P/E Ratio 6.5
Price to Sales 1.6
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow -2.8
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 158%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 126%
Total Debt to Equity 126%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 15.5%
Return On Equity - 3 Yr. Avg. 9.7%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 36%
Gross Margin - 3 Yr. Avg. 37.2%
EBITDA Margin 50.5%
EBITDA Margin - 3 Yr. Avg. 42.1%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 17.5%
Pre-Tax Margin 25.1%
Pre-Tax Margin - 3 Yr. Avg. 16.5%
Net Profit Margin 25.1%
Net Profit Margin - 3 Yr. Avg. 16.7%
Effective Tax Rate -3.4%
Eff/ Tax Rate - 3 Yr. Avg. -5.2%
Payout Ratio 55.6%

HT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HT stock intrinsic value calculation we used $467 million for the last fiscal year's total revenue generated by Hersha Hospitality Trust Cl A. The default revenue input number comes from 2016 income statement of Hersha Hospitality Trust Cl A. 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 HT 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 8.3%, whose default value for HT is calculated based on our internal credit rating of Hersha Hospitality Trust Cl A, 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 Hersha Hospitality Trust Cl A.
    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 HT stock the variable cost ratio is equal to 82.9%.

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 HT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.8% for Hersha Hospitality Trust Cl A.

Corporate tax rate of 27% is the nominal tax rate for Hersha Hospitality Trust Cl A. 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 HT 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 HT are equal to 388.5%.

Life of production assets of 23.6 years is the average useful life of capital assets used in Hersha Hospitality Trust Cl A 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 HT is equal to -10%. 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 - $835 million for Hersha Hospitality Trust Cl A - 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 40.607 million for Hersha Hospitality Trust Cl A 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 Hersha Hospitality Trust Cl A at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 5.92 17.49  str.buy
MAR Marriott Inter 98.03 530.50  str.buy
H Hyatt Hotels 56.01 19.34  str.sell
HLT Hilton Worldwi 61.06 166.52  str.buy
HPT Hospitality Pr 27.33 4.84  str.sell
RLJ RLJ Lodging Tr 19.61 5.83  str.sell
SBRA Sabra Healthca 20.71 3.92  str.sell
GLPI Gaming&Leisure 38.15 103.72  str.buy
FCH Felcor Lodging 7.02 0.41  str.sell
CHSP Chesapeake Lod 24.61 5.02  str.sell

COMPANY NEWS

▶ Hersha Hospitality reports 2Q results   [Jul-25-17 11:05PM  Associated Press]
▶ Seeking Value in REITS: Hersha Hospitality Trust   [Jun-23-17 12:36PM  GuruFocus.com]
▶ Hersha Hospitality Trust Announces Quarterly Dividends   [Jun-01-17 04:01PM  Business Wire]
▶ Adventures in Venezuela With Goldman Sachs   [01:05PM  The Wall Street Journal]
▶ Hersha Hospitality reports 1Q results   [Apr-25-17 05:40PM  Associated Press]
▶ Photos: Rittenhouse hotel debuts $1M in renovations   [Mar-30-17 12:30PM  at bizjournals.com]
▶ Photos: Rittenhouse hotel debuts $1M in renovations   [12:30PM  American City Business Journals]
▶ Hersha Hospitality Trust Announces Quarterly Dividends   [Mar-13-17 08:00AM  Business Wire]
▶ Hersha Hospitality reports 4Q results   [05:54PM  Associated Press]
▶ REIT Risk: The Lodging Sector Series   [Jan-23-17 07:00AM  at Forbes]
▶ Hersha Hospitality Trust Announces Quarterly Dividends   [Dec-19-16 08:00AM  Business Wire]
▶ Hersha Hospitality Trust Announces Quarterly Dividend   [Sep-22-16 04:05PM  Business Wire]
▶ A year after opening, Envoy Hotel sells for $71M   [Jul-22-16 10:40AM  at bizjournals.com]
Stock chart of HT Financial statements of HT
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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