Intrinsic value of Kimco Realty - KIM

Previous Close

$14.99

  Intrinsic Value

$3.05

stock screener

  Rating & Target

str. sell

-80%

Previous close

$14.99

 
Intrinsic value

$3.05

 
Up/down potential

-80%

 
Rating

str. sell

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

We calculate the intrinsic value of KIM 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
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, %
  0.34
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  1,171
  1,212
  1,256
  1,304
  1,355
  1,409
  1,467
  1,529
  1,594
  1,664
  1,737
  1,815
  1,897
  1,984
  2,076
  2,172
  2,274
  2,382
  2,495
  2,614
  2,739
  2,871
  3,010
  3,156
  3,310
  3,471
  3,641
  3,819
  4,007
  4,204
  4,412
Variable operating expenses, $m
 
  854
  886
  919
  955
  993
  1,034
  1,078
  1,124
  1,173
  1,225
  1,280
  1,337
  1,399
  1,463
  1,531
  1,603
  1,679
  1,759
  1,843
  1,931
  2,024
  2,122
  2,225
  2,333
  2,447
  2,567
  2,693
  2,825
  2,964
  3,110
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
  916
  854
  886
  919
  955
  993
  1,034
  1,078
  1,124
  1,173
  1,225
  1,280
  1,337
  1,399
  1,463
  1,531
  1,603
  1,679
  1,759
  1,843
  1,931
  2,024
  2,122
  2,225
  2,333
  2,447
  2,567
  2,693
  2,825
  2,964
  3,110
Operating income, $m
  255
  358
  371
  385
  400
  416
  433
  451
  470
  491
  512
  535
  560
  585
  612
  641
  671
  703
  736
  771
  808
  847
  888
  931
  976
  1,024
  1,074
  1,127
  1,182
  1,240
  1,301
EBITDA, $m
  610
  725
  751
  780
  810
  843
  877
  914
  954
  995
  1,039
  1,086
  1,135
  1,187
  1,241
  1,299
  1,360
  1,424
  1,492
  1,563
  1,638
  1,717
  1,800
  1,888
  1,980
  2,076
  2,178
  2,284
  2,397
  2,515
  2,639
Interest expense (income), $m
  252
  243
  252
  263
  275
  287
  300
  314
  329
  345
  362
  380
  399
  419
  441
  463
  487
  511
  538
  565
  594
  625
  657
  691
  727
  764
  804
  845
  889
  934
  983
Earnings before tax, $m
  68
  114
  118
  122
  125
  129
  132
  137
  141
  145
  150
  155
  160
  166
  172
  178
  184
  191
  198
  206
  214
  222
  231
  240
  250
  260
  270
  282
  293
  306
  319
Tax expense, $m
  73
  31
  32
  33
  34
  35
  36
  37
  38
  39
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
Net income, $m
  379
  83
  86
  89
  91
  94
  97
  100
  103
  106
  110
  113
  117
  121
  125
  130
  135
  140
  145
  150
  156
  162
  168
  175
  182
  190
  197
  206
  214
  223
  233

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  142
  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
  11,231
  11,434
  11,851
  12,300
  12,780
  13,293
  13,840
  14,422
  15,040
  15,695
  16,388
  17,122
  17,897
  18,716
  19,581
  20,493
  21,454
  22,467
  23,534
  24,658
  25,841
  27,086
  28,396
  29,773
  31,223
  32,746
  34,348
  36,032
  37,803
  39,663
  41,618
Adjusted assets (=assets-cash), $m
  11,089
  11,434
  11,851
  12,300
  12,780
  13,293
  13,840
  14,422
  15,040
  15,695
  16,388
  17,122
  17,897
  18,716
  19,581
  20,493
  21,454
  22,467
  23,534
  24,658
  25,841
  27,086
  28,396
  29,773
  31,223
  32,746
  34,348
  36,032
  37,803
  39,663
  41,618
Revenue / Adjusted assets
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
Average production assets, $m
  9,335
  9,662
  10,015
  10,394
  10,800
  11,233
  11,696
  12,187
  12,709
  13,262
  13,848
  14,468
  15,124
  15,816
  16,546
  17,317
  18,129
  18,985
  19,887
  20,837
  21,836
  22,888
  23,995
  25,159
  26,384
  27,672
  29,025
  30,449
  31,944
  33,517
  35,169
Working capital, $m
  0
  -147
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -210
  -220
  -230
  -240
  -251
  -263
  -275
  -288
  -302
  -316
  -331
  -347
  -364
  -382
  -400
  -420
  -441
  -462
  -485
  -509
  -534
Total debt, $m
  5,066
  5,254
  5,479
  5,721
  5,980
  6,256
  6,551
  6,864
  7,197
  7,550
  7,924
  8,320
  8,738
  9,179
  9,645
  10,137
  10,655
  11,201
  11,776
  12,382
  13,019
  13,690
  14,396
  15,139
  15,920
  16,741
  17,605
  18,512
  19,467
  20,469
  21,523
Total liabilities, $m
  5,974
  6,163
  6,388
  6,630
  6,889
  7,165
  7,460
  7,773
  8,106
  8,459
  8,833
  9,229
  9,647
  10,088
  10,554
  11,046
  11,564
  12,110
  12,685
  13,291
  13,928
  14,599
  15,305
  16,048
  16,829
  17,650
  18,514
  19,421
  20,376
  21,378
  22,432
Total equity, $m
  5,256
  5,271
  5,463
  5,670
  5,892
  6,128
  6,380
  6,649
  6,933
  7,235
  7,555
  7,893
  8,251
  8,628
  9,027
  9,447
  9,890
  10,357
  10,849
  11,367
  11,913
  12,487
  13,090
  13,726
  14,394
  15,096
  15,835
  16,611
  17,427
  18,285
  19,186
Total liabilities and equity, $m
  11,230
  11,434
  11,851
  12,300
  12,781
  13,293
  13,840
  14,422
  15,039
  15,694
  16,388
  17,122
  17,898
  18,716
  19,581
  20,493
  21,454
  22,467
  23,534
  24,658
  25,841
  27,086
  28,395
  29,774
  31,223
  32,746
  34,349
  36,032
  37,803
  39,663
  41,618
Debt-to-equity ratio
  0.964
  1.000
  1.000
  1.010
  1.010
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
Adjusted equity ratio
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  379
  83
  86
  89
  91
  94
  97
  100
  103
  106
  110
  113
  117
  121
  125
  130
  135
  140
  145
  150
  156
  162
  168
  175
  182
  190
  197
  206
  214
  223
  233
Depreciation, amort., depletion, $m
  355
  367
  381
  395
  411
  427
  445
  463
  483
  504
  527
  550
  575
  601
  629
  658
  689
  722
  756
  792
  830
  870
  912
  957
  1,003
  1,052
  1,104
  1,158
  1,215
  1,274
  1,337
Funds from operations, $m
  536
  451
  467
  484
  502
  521
  541
  563
  586
  610
  636
  663
  692
  722
  754
  788
  824
  861
  901
  943
  986
  1,032
  1,081
  1,132
  1,185
  1,242
  1,301
  1,363
  1,429
  1,498
  1,570
Change in working capital, $m
  -56
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Cash from operations, $m
  592
  456
  473
  490
  508
  528
  548
  571
  594
  619
  645
  673
  702
  733
  766
  800
  836
  874
  915
  957
  1,001
  1,048
  1,098
  1,150
  1,204
  1,261
  1,322
  1,385
  1,452
  1,522
  1,595
Maintenance CAPEX, $m
  0
  -355
  -367
  -381
  -395
  -411
  -427
  -445
  -463
  -483
  -504
  -527
  -550
  -575
  -601
  -629
  -658
  -689
  -722
  -756
  -792
  -830
  -870
  -912
  -957
  -1,003
  -1,052
  -1,104
  -1,158
  -1,215
  -1,274
New CAPEX, $m
  -471
  -327
  -353
  -379
  -406
  -434
  -462
  -492
  -522
  -553
  -586
  -620
  -655
  -692
  -730
  -771
  -812
  -856
  -902
  -950
  -1,000
  -1,052
  -1,107
  -1,164
  -1,225
  -1,288
  -1,354
  -1,423
  -1,496
  -1,572
  -1,652
Cash from investing activities, $m
  165
  -682
  -720
  -760
  -801
  -845
  -889
  -937
  -985
  -1,036
  -1,090
  -1,147
  -1,205
  -1,267
  -1,331
  -1,400
  -1,470
  -1,545
  -1,624
  -1,706
  -1,792
  -1,882
  -1,977
  -2,076
  -2,182
  -2,291
  -2,406
  -2,527
  -2,654
  -2,787
  -2,926
Free cash flow, $m
  757
  -226
  -247
  -270
  -293
  -317
  -341
  -366
  -391
  -418
  -445
  -474
  -503
  -534
  -566
  -600
  -635
  -671
  -709
  -749
  -790
  -834
  -879
  -927
  -977
  -1,029
  -1,084
  -1,142
  -1,202
  -1,265
  -1,331
Issuance/(repayment) of debt, $m
  -555
  188
  225
  242
  259
  277
  295
  314
  333
  353
  374
  395
  418
  441
  466
  491
  518
  546
  575
  606
  638
  671
  706
  743
  781
  821
  864
  908
  954
  1,003
  1,054
Issuance/(repurchase) of shares, $m
  307
  74
  106
  118
  130
  143
  155
  168
  182
  196
  210
  225
  240
  257
  273
  291
  309
  328
  347
  368
  389
  412
  435
  460
  486
  513
  541
  571
  602
  634
  669
Cash from financing (excl. dividends), $m  
  -331
  262
  331
  360
  389
  420
  450
  482
  515
  549
  584
  620
  658
  698
  739
  782
  827
  874
  922
  974
  1,027
  1,083
  1,141
  1,203
  1,267
  1,334
  1,405
  1,479
  1,556
  1,637
  1,723
Total cash flow (excl. dividends), $m
  427
  35
  83
  90
  96
  103
  109
  116
  123
  131
  139
  147
  155
  164
  173
  182
  192
  203
  213
  225
  236
  249
  262
  275
  290
  305
  320
  337
  354
  372
  391
Retained Cash Flow (-), $m
  -210
  -157
  -192
  -207
  -222
  -237
  -252
  -268
  -285
  -302
  -320
  -338
  -358
  -378
  -399
  -420
  -443
  -467
  -492
  -518
  -545
  -574
  -604
  -635
  -668
  -702
  -739
  -776
  -816
  -858
  -901
Prev. year cash balance distribution, $m
 
  142
  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
 
  20
  -109
  -117
  -125
  -134
  -143
  -152
  -161
  -171
  -181
  -192
  -202
  -214
  -226
  -238
  -251
  -264
  -279
  -293
  -309
  -325
  -342
  -360
  -378
  -398
  -418
  -440
  -462
  -486
  -510
Discount rate, %
 
  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
  34.58
PV of cash for distribution, $m
 
  19
  -92
  -90
  -87
  -82
  -78
  -72
  -66
  -60
  -53
  -47
  -40
  -34
  -29
  -24
  -19
  -15
  -12
  -9
  -7
  -5
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.8
  97.3
  95.6
  93.8
  92.0
  90.1
  88.2
  86.3
  84.4
  82.4
  80.5
  78.5
  76.6
  74.7
  72.8
  70.9
  69.0
  67.2
  65.4
  63.6
  61.9
  60.2
  58.5
  56.9
  55.3
  53.7
  52.2
  50.7
  49.2
  47.8

Kimco Realty Corporation is a self-administered real estate investment trust. The Company is engaged in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. As of June 30, 2017, the Company had interests in 510 shopping center properties, including 84 million square feet of gross leasable area (GLA), located in 32 states, Puerto Rico and Canada. As of March 31, 2017, the Company had 380 other property interests, primarily through the Company's preferred equity investments and other real estate investments, totaling 5.8 million square feet of GLA.

FINANCIAL RATIOS  of  Kimco Realty (KIM)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 5.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 52.7
Growth Rates
Sales Growth Rate 0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45.3%
Cap. Spend. - 3 Yr. Gr. Rate 0.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 96.4%
Total Debt to Equity 96.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.8%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. 11.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 74.5%
Gross Margin - 3 Yr. Avg. 74.1%
EBITDA Margin 57.6%
EBITDA Margin - 3 Yr. Avg. 60.1%
Operating Margin 21.8%
Oper. Margin - 3 Yr. Avg. 27.5%
Pre-Tax Margin 5.8%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 32.4%
Net Profit Margin - 3 Yr. Avg. 50.5%
Effective Tax Rate 107.4%
Eff/ Tax Rate - 3 Yr. Avg. 54.8%
Payout Ratio 125.1%

KIM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KIM stock intrinsic value calculation we used $1171 million for the last fiscal year's total revenue generated by Kimco Realty. The default revenue input number comes from 2016 income statement of Kimco Realty. 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 KIM stock valuation model: a) initial revenue growth rate of 3.5% 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 8.4%, whose default value for KIM is calculated based on our internal credit rating of Kimco Realty, 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 Kimco Realty.
    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 KIM stock the variable cost ratio is equal to 70.5%.

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 KIM 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 Kimco Realty.

Corporate tax rate of 27% is the nominal tax rate for Kimco Realty. 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 KIM 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 KIM are equal to 797.2%.

Life of production assets of 26.3 years is the average useful life of capital assets used in Kimco Realty 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 KIM is equal to -12.1%. 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 - $5256 million for Kimco Realty - 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 430.854 million for Kimco Realty 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 Kimco Realty at the current share price and the inputted number of shares is $6.5 billion.

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COMPANY NEWS

▶ Kimco Realty reports 4Q results   [07:52AM  Associated Press]
▶ Kimco Realty Is Still In a Bear Trend   [Feb-13-18 08:53AM  TheStreet.com]
▶ Income Stocks With A Trump Tax Bonus   [Jan-29-18 10:28AM  Forbes]
▶ What Do Wall Street Analysts Think of SPG?   [Jan-01-18 10:31AM  Market Realist]
▶ 5 REITs Paying Over 5%   [Dec-29-17 10:38AM  Forbes]
▶ Kimco Realty Bears: Beware The Potential For M&A   [Nov-27-17 03:17PM  Benzinga]
▶ Rockefeller, Kimco sell Broward town center to IMC for $25M   [Nov-24-17 08:10AM  American City Business Journals]
▶ KIMCO REALTY CORP to Host Earnings Call   [Oct-26-17 07:45AM  ACCESSWIRE]
▶ Kimco Realty reports 3Q results   [Oct-25-17 04:25PM  Associated Press]
▶ 5 REITs To Help You Sleep Well At Night   [Oct-04-17 09:47AM  Forbes]
▶ Global Markets Relatively Calm After North Korea Missile   [Sep-15-17 12:35PM  GuruFocus.com]
▶ Kimco Realty Provides Update Related to Hurricane Harvey   [Sep-01-17 09:50AM  Business Wire]
▶ 3 Cheap Stocks You Can Buy Right Now   [Aug-23-17 08:03AM  Motley Fool]
▶ Kimco Realty Announces Update onĀ Preferred Stock   [Aug-07-17 09:30PM  Business Wire]
▶ Lower Merion officials delay approval of Kimco's Suburban Square development   [Aug-03-17 08:30AM  American City Business Journals]
Financial statements of KIM
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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