Intrinsic value of Kilroy Realty - KRC

Previous Close

$68.35

  Intrinsic Value

$9.10

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

+17%

Previous close

$68.35

 
Intrinsic value

$9.10

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

+17%

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

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

We calculate the intrinsic value of KRC 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 6.6

 

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, %
  10.67
  23.40
  21.56
  19.90
  18.41
  17.07
  15.87
  14.78
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
Revenue, $m
  643
  793
  965
  1,157
  1,369
  1,603
  1,858
  2,132
  2,426
  2,740
  3,072
  3,423
  3,792
  4,178
  4,583
  5,005
  5,445
  5,902
  6,379
  6,874
  7,388
  7,923
  8,479
  9,056
  9,657
  10,281
  10,931
  11,608
  12,312
  13,046
  13,812
Variable operating expenses, $m
 
  474
  576
  690
  818
  957
  1,109
  1,273
  1,449
  1,636
  1,834
  2,043
  2,264
  2,494
  2,736
  2,988
  3,250
  3,524
  3,808
  4,104
  4,411
  4,730
  5,062
  5,407
  5,765
  6,138
  6,526
  6,930
  7,350
  7,789
  8,246
Fixed operating expenses, $m
 
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  104
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
Total operating expenses, $m
  449
  543
  646
  762
  892
  1,033
  1,187
  1,353
  1,531
  1,720
  1,920
  2,131
  2,354
  2,586
  2,831
  3,085
  3,349
  3,626
  3,912
  4,211
  4,521
  4,843
  5,177
  5,525
  5,886
  6,262
  6,653
  7,061
  7,484
  7,926
  8,387
Operating income, $m
  194
  251
  318
  394
  478
  570
  671
  780
  896
  1,021
  1,152
  1,292
  1,438
  1,592
  1,752
  1,920
  2,095
  2,277
  2,466
  2,663
  2,868
  3,080
  3,302
  3,531
  3,770
  4,019
  4,278
  4,547
  4,828
  5,121
  5,426
EBITDA, $m
  411
  519
  644
  785
  941
  1,112
  1,299
  1,500
  1,716
  1,946
  2,190
  2,448
  2,719
  3,003
  3,301
  3,611
  3,935
  4,271
  4,622
  4,986
  5,364
  5,758
  6,167
  6,592
  7,034
  7,493
  7,972
  8,470
  8,989
  9,529
  10,093
Interest expense (income), $m
  54
  81
  107
  136
  169
  206
  246
  290
  337
  387
  441
  498
  559
  622
  688
  758
  830
  906
  985
  1,066
  1,152
  1,240
  1,332
  1,427
  1,526
  1,630
  1,737
  1,849
  1,965
  2,086
  2,212
Earnings before tax, $m
  304
  170
  212
  258
  309
  365
  425
  490
  559
  633
  711
  793
  879
  970
  1,064
  1,162
  1,264
  1,371
  1,482
  1,597
  1,716
  1,841
  1,970
  2,104
  2,244
  2,389
  2,541
  2,699
  2,863
  3,035
  3,214
Tax expense, $m
  0
  46
  57
  70
  83
  98
  115
  132
  151
  171
  192
  214
  237
  262
  287
  314
  341
  370
  400
  431
  463
  497
  532
  568
  606
  645
  686
  729
  773
  819
  868
Net income, $m
  294
  124
  154
  188
  225
  266
  310
  358
  408
  462
  519
  579
  642
  708
  777
  848
  923
  1,001
  1,082
  1,166
  1,253
  1,344
  1,438
  1,536
  1,638
  1,744
  1,855
  1,970
  2,090
  2,215
  2,346

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  193
  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
  6,707
  8,015
  9,743
  11,682
  13,833
  16,195
  18,764
  21,537
  24,509
  27,676
  31,033
  34,575
  38,300
  42,206
  46,290
  50,553
  54,996
  59,621
  64,431
  69,432
  74,630
  80,031
  85,643
  91,477
  97,543
  103,852
  110,416
  117,250
  124,367
  131,783
  139,514
Adjusted assets (=assets-cash), $m
  6,514
  8,015
  9,743
  11,682
  13,833
  16,195
  18,764
  21,537
  24,509
  27,676
  31,033
  34,575
  38,300
  42,206
  46,290
  50,553
  54,996
  59,621
  64,431
  69,432
  74,630
  80,031
  85,643
  91,477
  97,543
  103,852
  110,416
  117,250
  124,367
  131,783
  139,514
Revenue / Adjusted assets
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
Average production assets, $m
  5,628
  6,944
  8,442
  10,122
  11,986
  14,032
  16,258
  18,661
  21,236
  23,980
  26,888
  29,958
  33,185
  36,569
  40,108
  43,802
  47,651
  51,658
  55,826
  60,159
  64,663
  69,342
  74,205
  79,260
  84,516
  89,982
  95,670
  101,591
  107,757
  114,183
  120,881
Working capital, $m
  0
  -79
  -96
  -116
  -137
  -160
  -186
  -213
  -243
  -274
  -307
  -342
  -379
  -418
  -458
  -500
  -544
  -590
  -638
  -687
  -739
  -792
  -848
  -906
  -966
  -1,028
  -1,093
  -1,161
  -1,231
  -1,305
  -1,381
Total debt, $m
  2,320
  3,051
  3,891
  4,833
  5,879
  7,027
  8,275
  9,623
  11,067
  12,606
  14,238
  15,960
  17,770
  19,668
  21,653
  23,725
  25,884
  28,132
  30,470
  32,900
  35,426
  38,051
  40,779
  43,614
  46,562
  49,628
  52,818
  56,139
  59,598
  63,202
  66,960
Total liabilities, $m
  3,164
  3,895
  4,735
  5,677
  6,723
  7,871
  9,119
  10,467
  11,911
  13,450
  15,082
  16,804
  18,614
  20,512
  22,497
  24,569
  26,728
  28,976
  31,314
  33,744
  36,270
  38,895
  41,623
  44,458
  47,406
  50,472
  53,662
  56,983
  60,442
  64,046
  67,804
Total equity, $m
  3,543
  4,120
  5,008
  6,005
  7,110
  8,324
  9,645
  11,070
  12,598
  14,225
  15,951
  17,772
  19,686
  21,694
  23,793
  25,984
  28,268
  30,645
  33,118
  35,688
  38,360
  41,136
  44,021
  47,019
  50,137
  53,380
  56,754
  60,266
  63,924
  67,736
  71,710
Total liabilities and equity, $m
  6,707
  8,015
  9,743
  11,682
  13,833
  16,195
  18,764
  21,537
  24,509
  27,675
  31,033
  34,576
  38,300
  42,206
  46,290
  50,553
  54,996
  59,621
  64,432
  69,432
  74,630
  80,031
  85,644
  91,477
  97,543
  103,852
  110,416
  117,249
  124,366
  131,782
  139,514
Debt-to-equity ratio
  0.655
  0.740
  0.780
  0.800
  0.830
  0.840
  0.860
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
Adjusted equity ratio
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  294
  124
  154
  188
  225
  266
  310
  358
  408
  462
  519
  579
  642
  708
  777
  848
  923
  1,001
  1,082
  1,166
  1,253
  1,344
  1,438
  1,536
  1,638
  1,744
  1,855
  1,970
  2,090
  2,215
  2,346
Depreciation, amort., depletion, $m
  217
  268
  326
  391
  463
  542
  628
  720
  820
  926
  1,038
  1,157
  1,281
  1,412
  1,549
  1,691
  1,840
  1,995
  2,155
  2,323
  2,497
  2,677
  2,865
  3,060
  3,263
  3,474
  3,694
  3,922
  4,161
  4,409
  4,667
Funds from operations, $m
  330
  392
  480
  579
  688
  808
  938
  1,078
  1,228
  1,388
  1,557
  1,736
  1,923
  2,120
  2,325
  2,539
  2,763
  2,995
  3,237
  3,488
  3,749
  4,021
  4,303
  4,596
  4,901
  5,219
  5,549
  5,893
  6,251
  6,624
  7,013
Change in working capital, $m
  -15
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -77
Cash from operations, $m
  345
  407
  497
  598
  709
  831
  963
  1,106
  1,258
  1,419
  1,590
  1,771
  1,960
  2,158
  2,366
  2,582
  2,807
  3,041
  3,285
  3,538
  3,801
  4,074
  4,359
  4,654
  4,961
  5,281
  5,614
  5,960
  6,321
  6,697
  7,090
Maintenance CAPEX, $m
  0
  -217
  -268
  -326
  -391
  -463
  -542
  -628
  -720
  -820
  -926
  -1,038
  -1,157
  -1,281
  -1,412
  -1,549
  -1,691
  -1,840
  -1,995
  -2,155
  -2,323
  -2,497
  -2,677
  -2,865
  -3,060
  -3,263
  -3,474
  -3,694
  -3,922
  -4,161
  -4,409
New CAPEX, $m
  -890
  -1,317
  -1,497
  -1,680
  -1,864
  -2,046
  -2,226
  -2,403
  -2,575
  -2,744
  -2,908
  -3,069
  -3,228
  -3,384
  -3,539
  -3,694
  -3,849
  -4,007
  -4,168
  -4,333
  -4,503
  -4,680
  -4,863
  -5,055
  -5,256
  -5,466
  -5,688
  -5,921
  -6,167
  -6,426
  -6,699
Cash from investing activities, $m
  -635
  -1,534
  -1,765
  -2,006
  -2,255
  -2,509
  -2,768
  -3,031
  -3,295
  -3,564
  -3,834
  -4,107
  -4,385
  -4,665
  -4,951
  -5,243
  -5,540
  -5,847
  -6,163
  -6,488
  -6,826
  -7,177
  -7,540
  -7,920
  -8,316
  -8,729
  -9,162
  -9,615
  -10,089
  -10,587
  -11,108
Free cash flow, $m
  -290
  -1,127
  -1,268
  -1,408
  -1,545
  -1,678
  -1,805
  -1,925
  -2,038
  -2,144
  -2,244
  -2,337
  -2,424
  -2,507
  -2,585
  -2,661
  -2,734
  -2,806
  -2,878
  -2,951
  -3,025
  -3,102
  -3,182
  -3,266
  -3,354
  -3,448
  -3,548
  -3,654
  -3,768
  -3,889
  -4,018
Issuance/(repayment) of debt, $m
  96
  731
  840
  942
  1,045
  1,148
  1,249
  1,348
  1,445
  1,539
  1,631
  1,722
  1,810
  1,898
  1,985
  2,072
  2,159
  2,248
  2,338
  2,430
  2,526
  2,625
  2,728
  2,835
  2,948
  3,066
  3,190
  3,321
  3,459
  3,604
  3,757
Issuance/(repurchase) of shares, $m
  34
  646
  734
  809
  880
  948
  1,010
  1,068
  1,119
  1,165
  1,206
  1,242
  1,273
  1,300
  1,323
  1,343
  1,361
  1,377
  1,391
  1,405
  1,419
  1,432
  1,447
  1,463
  1,480
  1,498
  1,519
  1,542
  1,568
  1,596
  1,628
Cash from financing (excl. dividends), $m  
  578
  1,377
  1,574
  1,751
  1,925
  2,096
  2,259
  2,416
  2,564
  2,704
  2,837
  2,964
  3,083
  3,198
  3,308
  3,415
  3,520
  3,625
  3,729
  3,835
  3,945
  4,057
  4,175
  4,298
  4,428
  4,564
  4,709
  4,863
  5,027
  5,200
  5,385
Total cash flow (excl. dividends), $m
  288
  250
  306
  343
  381
  418
  455
  491
  526
  560
  594
  627
  659
  691
  723
  754
  786
  818
  851
  885
  919
  955
  993
  1,032
  1,073
  1,116
  1,161
  1,209
  1,259
  1,312
  1,368
Retained Cash Flow (-), $m
  -372
  -770
  -888
  -997
  -1,106
  -1,214
  -1,321
  -1,425
  -1,528
  -1,628
  -1,725
  -1,821
  -1,915
  -2,007
  -2,099
  -2,191
  -2,284
  -2,377
  -2,473
  -2,571
  -2,671
  -2,776
  -2,885
  -2,999
  -3,118
  -3,243
  -3,374
  -3,512
  -3,658
  -3,812
  -3,974
Prev. year cash balance distribution, $m
 
  193
  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
 
  -327
  -582
  -654
  -725
  -796
  -866
  -935
  -1,002
  -1,067
  -1,132
  -1,194
  -1,256
  -1,316
  -1,377
  -1,437
  -1,498
  -1,559
  -1,622
  -1,686
  -1,752
  -1,821
  -1,892
  -1,967
  -2,045
  -2,127
  -2,213
  -2,304
  -2,399
  -2,500
  -2,606
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  -305
  -503
  -520
  -526
  -523
  -511
  -491
  -463
  -430
  -392
  -353
  -312
  -271
  -232
  -195
  -161
  -130
  -104
  -81
  -62
  -46
  -34
  -24
  -17
  -11
  -8
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  90.7
  82.8
  76.3
  70.7
  66.1
  62.0
  58.6
  55.6
  53.0
  50.7
  48.7
  46.9
  45.3
  43.9
  42.6
  41.4
  40.4
  39.4
  38.6
  37.8
  37.0
  36.3
  35.7
  35.1
  34.6
  34.0
  33.6
  33.1
  32.7
  32.3

Kilroy Realty Corporation. is a real estate investment trust. The firm invests in real estate markets of the United States. It own, develop, acquire and manage real estate assets, consisting primarily of Class A properties in the coastal regions of Los Angeles, Orange County, San Diego County, the San Francisco Bay Area and greater Seattle. Kilroy Realty Corporation. was founded in 1947 and is based in Los Angeles, California.

FINANCIAL RATIOS  of  Kilroy Realty (KRC)

Valuation Ratios
P/E Ratio 21.7
Price to Sales 9.9
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 18.5
Price to Free Cash Flow -11.7
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 37.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 65.5%
Total Debt to Equity 65.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 7.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 73.1%
Gross Margin - 3 Yr. Avg. 72.5%
EBITDA Margin 89.4%
EBITDA Margin - 3 Yr. Avg. 78.9%
Operating Margin 30.2%
Oper. Margin - 3 Yr. Avg. 27.6%
Pre-Tax Margin 47.3%
Pre-Tax Margin - 3 Yr. Avg. 33.2%
Net Profit Margin 45.7%
Net Profit Margin - 3 Yr. Avg. 40.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 51.4%

KRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KRC stock intrinsic value calculation we used $643 million for the last fiscal year's total revenue generated by Kilroy Realty. The default revenue input number comes from 2016 income statement of Kilroy 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 KRC stock valuation model: a) initial revenue growth rate of 23.4% 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 7.2%, whose default value for KRC is calculated based on our internal credit rating of Kilroy 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 Kilroy 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 KRC stock the variable cost ratio is equal to 59.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $67 million in the base year in the intrinsic value calculation for KRC 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 3.5% for Kilroy Realty.

Corporate tax rate of 27% is the nominal tax rate for Kilroy 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 KRC 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 KRC are equal to 875.2%.

Life of production assets of 25.9 years is the average useful life of capital assets used in Kilroy 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 KRC 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 - $3543 million for Kilroy 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 97.292 million for Kilroy 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 Kilroy Realty at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ Kilroy Realty reports 2Q results   [Jul-26-17 11:28PM  Associated Press]
▶ Prologis on the Street: How Analysts See PLD Stock   [Jun-22-17 09:06AM  Market Realist]
▶ How Prologis Has Managed to Remain Afloat amid Online Hype   [Jun-19-17 03:34PM  Market Realist]
▶ Kilroy Realty Increases Common Dividend 13.3%   [May-23-17 04:25PM  Business Wire]
▶ Kilroy Realty reports 1Q results   [Apr-26-17 07:08PM  Associated Press]
▶ Kilroy Realty Declares Quarterly Dividends   [04:26PM  Business Wire]
▶ Kilroy Realty reports 4Q results   [05:02AM  Associated Press]
▶ Kilroy Realtys Fourth Quarter 2016 Earnings Conference Call   [Jan-06-17 03:00PM  GlobeNewswire]
▶ Theranos headquarters is sold   [Jan-05-17 10:05AM  at bizjournals.com]
▶ Kilroy Realty Corporation Prices Offering of Common Stock   [Jan-04-17 08:20PM  Business Wire]
▶ Kilroy Realty Announces Long-Term Seattle Lease   [Dec-12-16 04:37PM  Business Wire]
▶ Should You Follow Hedge Funds Back Into Kilroy Realty Corp (KRC)?   [Dec-06-16 04:39PM  at Insider Monkey]
▶ New wave of tech leases boosts S.F. office market   [Dec-01-16 05:31PM  at bizjournals.com]
▶ [$$] John B. Kilroy Rose From Poverty to Build Property Empire and Race Yachts   [Oct-08-16 02:12AM  at The Wall Street Journal]
▶ [$$] John B. Kilroy Rose From Poverty to Build Property Empire   [Oct-07-16 01:00PM  at The Wall Street Journal]
▶ Kilroy Realtys Third Quarter 2016 Earnings Conference Call   [Oct-03-16 02:30PM  GlobeNewswire]
▶ Kilroy Realty Declares Quarterly Dividends   [Sep-15-16 05:06PM  Business Wire]
Stock chart of KRC Financial statements of KRC
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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