Intrinsic value of Kimco Realty - KIM

Previous Close

$18.89

  Intrinsic Value

$3.12

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

+46%

Previous close

$18.89

 
Intrinsic value

$3.12

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

+46%

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

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

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

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 8.0

 

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
  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
  1,171
  1,194
  1,222
  1,253
  1,289
  1,328
  1,370
  1,417
  1,468
  1,522
  1,581
  1,643
  1,710
  1,781
  1,856
  1,936
  2,021
  2,111
  2,206
  2,306
  2,412
  2,524
  2,642
  2,766
  2,897
  3,035
  3,180
  3,333
  3,494
  3,663
  3,841
Variable operating expenses, $m
 
  842
  861
  884
  908
  936
  966
  999
  1,035
  1,073
  1,114
  1,158
  1,205
  1,255
  1,309
  1,365
  1,425
  1,488
  1,555
  1,626
  1,701
  1,779
  1,863
  1,950
  2,043
  2,140
  2,242
  2,350
  2,463
  2,583
  2,708
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
  842
  861
  884
  908
  936
  966
  999
  1,035
  1,073
  1,114
  1,158
  1,205
  1,255
  1,309
  1,365
  1,425
  1,488
  1,555
  1,626
  1,701
  1,779
  1,863
  1,950
  2,043
  2,140
  2,242
  2,350
  2,463
  2,583
  2,708
Operating income, $m
  255
  352
  360
  370
  380
  392
  404
  418
  433
  449
  466
  485
  504
  525
  548
  571
  596
  623
  651
  680
  712
  745
  779
  816
  855
  895
  938
  983
  1,031
  1,081
  1,133
EBITDA, $m
  610
  714
  731
  750
  771
  794
  820
  848
  878
  910
  945
  983
  1,023
  1,065
  1,110
  1,158
  1,209
  1,263
  1,319
  1,379
  1,443
  1,510
  1,580
  1,655
  1,733
  1,815
  1,902
  1,994
  2,090
  2,191
  2,297
Interest expense (income), $m
  252
  243
  248
  255
  262
  271
  280
  291
  302
  315
  328
  342
  357
  374
  391
  409
  429
  450
  472
  495
  519
  545
  572
  601
  632
  663
  697
  733
  770
  809
  850
Earnings before tax, $m
  68
  109
  113
  115
  118
  121
  124
  127
  131
  134
  138
  143
  147
  152
  157
  162
  167
  173
  179
  186
  192
  199
  207
  215
  223
  232
  241
  251
  261
  271
  283
Tax expense, $m
  73
  29
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
  40
  41
  42
  44
  45
  47
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
Net income, $m
  379
  80
  82
  84
  86
  88
  90
  93
  95
  98
  101
  104
  107
  111
  114
  118
  122
  126
  131
  135
  140
  146
  151
  157
  163
  169
  176
  183
  190
  198
  206

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
  11,268
  11,527
  11,824
  12,156
  12,525
  12,929
  13,369
  13,846
  14,359
  14,911
  15,500
  16,129
  16,799
  17,511
  18,266
  19,067
  19,914
  20,810
  21,757
  22,757
  23,811
  24,924
  26,096
  27,332
  28,633
  30,003
  31,445
  32,962
  34,559
  36,238
Adjusted assets (=assets-cash), $m
  11,089
  11,268
  11,527
  11,824
  12,156
  12,525
  12,929
  13,369
  13,846
  14,359
  14,911
  15,500
  16,129
  16,799
  17,511
  18,266
  19,067
  19,914
  20,810
  21,757
  22,757
  23,811
  24,924
  26,096
  27,332
  28,633
  30,003
  31,445
  32,962
  34,559
  36,238
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
  9,522
  9,741
  9,991
  10,272
  10,584
  10,925
  11,298
  11,700
  12,134
  12,600
  13,098
  13,630
  14,196
  14,797
  15,436
  16,112
  16,828
  17,585
  18,385
  19,230
  20,121
  21,061
  22,052
  23,096
  24,196
  25,353
  26,572
  27,854
  29,203
  30,622
Working capital, $m
  0
  -119
  -122
  -125
  -129
  -133
  -137
  -142
  -147
  -152
  -158
  -164
  -171
  -178
  -186
  -194
  -202
  -211
  -221
  -231
  -241
  -252
  -264
  -277
  -290
  -304
  -318
  -333
  -349
  -366
  -384
Total debt, $m
  5,066
  5,165
  5,304
  5,464
  5,643
  5,842
  6,060
  6,297
  6,554
  6,831
  7,128
  7,446
  7,785
  8,146
  8,529
  8,936
  9,368
  9,825
  10,308
  10,818
  11,357
  11,925
  12,525
  13,157
  13,823
  14,524
  15,263
  16,040
  16,858
  17,718
  18,623
Total liabilities, $m
  5,974
  6,074
  6,213
  6,373
  6,552
  6,751
  6,969
  7,206
  7,463
  7,740
  8,037
  8,355
  8,694
  9,055
  9,438
  9,845
  10,277
  10,734
  11,217
  11,727
  12,266
  12,834
  13,434
  14,066
  14,732
  15,433
  16,172
  16,949
  17,767
  18,627
  19,532
Total equity, $m
  5,256
  5,195
  5,314
  5,451
  5,604
  5,774
  5,960
  6,163
  6,383
  6,620
  6,874
  7,146
  7,436
  7,744
  8,072
  8,421
  8,790
  9,180
  9,593
  10,030
  10,491
  10,977
  11,490
  12,030
  12,600
  13,200
  13,831
  14,496
  15,196
  15,932
  16,706
Total liabilities and equity, $m
  11,230
  11,269
  11,527
  11,824
  12,156
  12,525
  12,929
  13,369
  13,846
  14,360
  14,911
  15,501
  16,130
  16,799
  17,510
  18,266
  19,067
  19,914
  20,810
  21,757
  22,757
  23,811
  24,924
  26,096
  27,332
  28,633
  30,003
  31,445
  32,963
  34,559
  36,238
Debt-to-equity ratio
  0.964
  0.990
  1.000
  1.000
  1.010
  1.010
  1.020
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  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
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
  80
  82
  84
  86
  88
  90
  93
  95
  98
  101
  104
  107
  111
  114
  118
  122
  126
  131
  135
  140
  146
  151
  157
  163
  169
  176
  183
  190
  198
  206
Depreciation, amort., depletion, $m
  355
  362
  370
  380
  391
  402
  415
  430
  445
  461
  479
  498
  518
  540
  563
  587
  613
  640
  669
  699
  731
  765
  801
  838
  878
  920
  964
  1,010
  1,059
  1,110
  1,164
Funds from operations, $m
  536
  442
  453
  464
  477
  491
  506
  522
  540
  560
  580
  602
  626
  650
  677
  705
  735
  766
  799
  835
  872
  911
  952
  995
  1,041
  1,089
  1,140
  1,193
  1,249
  1,309
  1,371
Change in working capital, $m
  -56
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
Cash from operations, $m
  592
  444
  455
  467
  480
  494
  510
  527
  545
  565
  586
  608
  632
  658
  684
  713
  743
  775
  809
  845
  882
  922
  964
  1,008
  1,054
  1,103
  1,154
  1,209
  1,266
  1,325
  1,388
Maintenance CAPEX, $m
  0
  -355
  -362
  -370
  -380
  -391
  -402
  -415
  -430
  -445
  -461
  -479
  -498
  -518
  -540
  -563
  -587
  -613
  -640
  -669
  -699
  -731
  -765
  -801
  -838
  -878
  -920
  -964
  -1,010
  -1,059
  -1,110
New CAPEX, $m
  -471
  -187
  -219
  -250
  -281
  -311
  -342
  -372
  -403
  -434
  -466
  -498
  -532
  -566
  -602
  -638
  -676
  -716
  -757
  -800
  -845
  -891
  -940
  -991
  -1,044
  -1,100
  -1,158
  -1,219
  -1,282
  -1,349
  -1,419
Cash from investing activities, $m
  165
  -542
  -581
  -620
  -661
  -702
  -744
  -787
  -833
  -879
  -927
  -977
  -1,030
  -1,084
  -1,142
  -1,201
  -1,263
  -1,329
  -1,397
  -1,469
  -1,544
  -1,622
  -1,705
  -1,792
  -1,882
  -1,978
  -2,078
  -2,183
  -2,292
  -2,408
  -2,529
Free cash flow, $m
  757
  -98
  -126
  -154
  -181
  -208
  -234
  -260
  -287
  -314
  -341
  -369
  -397
  -427
  -457
  -488
  -520
  -553
  -588
  -624
  -662
  -701
  -741
  -784
  -828
  -875
  -923
  -974
  -1,027
  -1,083
  -1,141
Issuance/(repayment) of debt, $m
  -555
  99
  140
  160
  179
  199
  218
  237
  257
  277
  297
  318
  339
  361
  384
  407
  431
  457
  483
  510
  539
  569
  600
  632
  666
  701
  738
  777
  818
  860
  905
Issuance/(repurchase) of shares, $m
  307
  1
  37
  53
  67
  82
  96
  110
  124
  139
  153
  168
  183
  198
  214
  230
  247
  264
  282
  301
  320
  341
  362
  384
  407
  431
  456
  482
  509
  538
  568
Cash from financing (excl. dividends), $m  
  -331
  100
  177
  213
  246
  281
  314
  347
  381
  416
  450
  486
  522
  559
  598
  637
  678
  721
  765
  811
  859
  910
  962
  1,016
  1,073
  1,132
  1,194
  1,259
  1,327
  1,398
  1,473
Total cash flow (excl. dividends), $m
  427
  2
  51
  59
  66
  73
  80
  87
  94
  102
  109
  117
  124
  132
  141
  149
  158
  168
  177
  187
  198
  209
  220
  232
  244
  257
  271
  285
  300
  316
  332
Retained Cash Flow (-), $m
  -210
  -81
  -119
  -137
  -153
  -170
  -186
  -203
  -220
  -237
  -254
  -272
  -290
  -309
  -328
  -348
  -369
  -391
  -413
  -436
  -461
  -486
  -513
  -541
  -570
  -600
  -632
  -665
  -700
  -736
  -774
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
 
  63
  -68
  -78
  -88
  -97
  -106
  -116
  -125
  -135
  -145
  -155
  -166
  -176
  -187
  -199
  -211
  -223
  -236
  -249
  -263
  -278
  -293
  -309
  -325
  -343
  -361
  -380
  -400
  -420
  -442
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
 
  58
  -58
  -60
  -60
  -60
  -58
  -55
  -51
  -47
  -43
  -38
  -33
  -28
  -24
  -20
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  99.5
  98.9
  98.1
  97.1
  96.1
  94.9
  93.7
  92.4
  91.0
  89.5
  88.0
  86.5
  85.0
  83.4
  81.8
  80.2
  78.6
  77.0
  75.5
  73.9
  72.3
  70.7
  69.2
  67.7
  66.2
  64.7
  63.2
  61.8
  60.3

Kimco Realty Corporation is an independent real estate investment trust. The firm invests in the real estate markets across North America. It is primarily engaged in acquisitions, development, and management of neighborhood and community shopping centers. The firm also provides property management services relating to the management, leasing, operation, and maintenance of real estate properties. Kimco Realty Corporation was formed in 1966 and is based in New Hyde Park, New York with additional office all across North America.

FINANCIAL RATIOS  of  Kimco Realty (KIM)

Valuation Ratios
P/E Ratio 21.2
Price to Sales 6.9
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 66.4
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 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 8.4%, 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 -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 - $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 421.717 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 $8.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Kimco Realty Corp. : July 24, 2017   [Jul-24-17 04:52PM  Capital Cube]
▶ Kimco Brings CinĂ©polis USA to Kentlands Market Square   [Jul-19-17 09:01AM  Business Wire]
▶ ETFs with exposure to Kimco Realty Corp. : July 14, 2017   [Jul-14-17 03:13PM  Capital Cube]
▶ For $131M, a classic Portland shopping destination gets a new owner   [Jul-13-17 02:15PM  American City Business Journals]
▶ Kimco Realty Signs Target at Westmont Plaza   [Jul-12-17 09:20AM  Business Wire]
▶ [$$] Strip-mall REITs sink on Amazon-Whole Foods deal   [Jun-16-17 11:16AM  The Wall Street Journal]
▶ Kimco Realty Releases 2016 Corporate Responsibility Report   [Jun-15-17 04:01PM  Business Wire]
▶ Weekly Top Insider Buys Highlight for the Week of June 9   [Jun-11-17 01:02PM  GuruFocus.com]
▶ REITs Deserve Cornerstone Status   [Jun-07-17 07:00AM  Forbes]
▶ How Wall Street Analysts View GGP   [07:35AM  Market Realist]
▶ Why REIT Income Investors Buy Preferred Stocks   [May-31-17 10:28PM  Forbes]
▶ CreditSights Updates Its Picks and Pans List for May   [May-16-17 03:27PM  Barrons.com]
▶ Kimco Realty reports 1Q results   [Apr-26-17 04:38PM  Associated Press]
▶ 3 REITs With A Definitive Margin Of Safety   [Apr-24-17 07:00AM  Forbes]
▶ Squirreling Away REIT Dividends   [Apr-10-17 07:00AM  Forbes]
▶ Real estate's tough run   [Mar-27-17 06:48AM  CNBC Videos]
▶ 2 Retail REIT Picks Selling At A Discount   [Mar-21-17 10:32AM  Barrons.com]
▶ High-Quality Retail REITs on the Clearance Rack   [Mar-15-17 06:00AM  Morningstar]
▶ 5 Top Dividend Stocks in Retail REITs   [Mar-14-17 04:03PM  Motley Fool]
▶ Mall REITs get crushed as department stores close   [Mar-09-17 05:35PM  CNBC Videos]
▶ Kimco Realty Expands Leadership Team   [04:01PM  Business Wire]
▶ 2 Incredibly Cheap High-Yield Dividend Stocks   [Jan-13-17 06:24AM  at Motley Fool]
▶ 3 Top Stocks for Your IRA   [11:52AM  at Motley Fool]
▶ Amazon Go: The Power Of Clicks And Bricks   [Dec-12-16 07:00AM  at Forbes]
▶ Should You Add Kimco Realty Corp (KIM) to Your Portfolio?   [Dec-11-16 08:27AM  at Insider Monkey]
▶ What Smart Money Thinks of Red Hat Inc (RHT)?   [Nov-30-16 12:38PM  at Insider Monkey]
Stock chart of KIM Financial statements of KIM Annual reports 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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