Intrinsic value of Kite Realty Group Trust - KRG

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$19.03

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$19.03

 
Intrinsic value

$4.77

 
Up/down potential

-75%

 
Rating

str. sell

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

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

We calculate the intrinsic value of KRG 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 1.6

 

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, %
  2.02
  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
  354
  361
  369
  379
  390
  401
  414
  428
  444
  460
  478
  497
  517
  538
  561
  585
  611
  638
  667
  697
  729
  763
  799
  836
  876
  918
  961
  1,008
  1,056
  1,107
  1,161
Variable operating expenses, $m
 
  287
  293
  301
  309
  319
  329
  340
  352
  365
  379
  394
  410
  427
  446
  465
  485
  507
  529
  554
  579
  606
  634
  664
  695
  729
  763
  800
  839
  879
  922
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
  289
  287
  293
  301
  309
  319
  329
  340
  352
  365
  379
  394
  410
  427
  446
  465
  485
  507
  529
  554
  579
  606
  634
  664
  695
  729
  763
  800
  839
  879
  922
Operating income, $m
  65
  74
  76
  78
  80
  83
  85
  88
  91
  95
  98
  102
  106
  111
  116
  121
  126
  131
  137
  144
  150
  157
  165
  172
  180
  189
  198
  208
  218
  228
  239
EBITDA, $m
  244
  257
  263
  270
  277
  286
  295
  305
  316
  328
  340
  354
  368
  383
  400
  417
  435
  454
  475
  497
  519
  543
  569
  596
  624
  653
  685
  718
  752
  789
  827
Interest expense (income), $m
  67
  68
  69
  71
  73
  76
  78
  81
  84
  88
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  159
  167
  175
  184
  193
  203
  213
  224
  235
Earnings before tax, $m
  4
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  6
  6
  6
  6
  6
  6
  5
  5
  5
  5
  5
  4
  4
Tax expense, $m
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  1
Net income, $m
  1
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  4
  4
  4
  4
  4
  4
  3
  3
  3
  3

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  20
  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
  3,656
  3,722
  3,808
  3,906
  4,016
  4,138
  4,271
  4,417
  4,574
  4,744
  4,926
  5,121
  5,328
  5,550
  5,785
  6,034
  6,299
  6,579
  6,875
  7,187
  7,518
  7,866
  8,234
  8,621
  9,029
  9,459
  9,912
  10,388
  10,889
  11,417
  11,971
Adjusted assets (=assets-cash), $m
  3,636
  3,722
  3,808
  3,906
  4,016
  4,138
  4,271
  4,417
  4,574
  4,744
  4,926
  5,121
  5,328
  5,550
  5,785
  6,034
  6,299
  6,579
  6,875
  7,187
  7,518
  7,866
  8,234
  8,621
  9,029
  9,459
  9,912
  10,388
  10,889
  11,417
  11,971
Revenue / Adjusted assets
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
Average production assets, $m
  3,548
  3,619
  3,702
  3,797
  3,904
  4,023
  4,153
  4,294
  4,447
  4,612
  4,789
  4,978
  5,180
  5,396
  5,624
  5,867
  6,124
  6,396
  6,684
  6,988
  7,309
  7,648
  8,005
  8,382
  8,778
  9,196
  9,636
  10,100
  10,587
  11,100
  11,639
Working capital, $m
  0
  -20
  -21
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
Total debt, $m
  1,731
  1,778
  1,825
  1,879
  1,940
  2,007
  2,081
  2,161
  2,248
  2,342
  2,443
  2,551
  2,666
  2,788
  2,918
  3,056
  3,202
  3,357
  3,521
  3,694
  3,876
  4,069
  4,272
  4,486
  4,712
  4,950
  5,200
  5,464
  5,741
  6,032
  6,339
Total liabilities, $m
  2,013
  2,059
  2,106
  2,160
  2,221
  2,288
  2,362
  2,442
  2,529
  2,623
  2,724
  2,832
  2,947
  3,069
  3,199
  3,337
  3,483
  3,638
  3,802
  3,975
  4,157
  4,350
  4,553
  4,767
  4,993
  5,231
  5,481
  5,745
  6,022
  6,313
  6,620
Total equity, $m
  1,644
  1,664
  1,702
  1,746
  1,795
  1,849
  1,909
  1,974
  2,045
  2,120
  2,202
  2,289
  2,382
  2,481
  2,586
  2,697
  2,816
  2,941
  3,073
  3,213
  3,360
  3,516
  3,680
  3,854
  4,036
  4,228
  4,430
  4,643
  4,868
  5,103
  5,351
Total liabilities and equity, $m
  3,657
  3,723
  3,808
  3,906
  4,016
  4,137
  4,271
  4,416
  4,574
  4,743
  4,926
  5,121
  5,329
  5,550
  5,785
  6,034
  6,299
  6,579
  6,875
  7,188
  7,517
  7,866
  8,233
  8,621
  9,029
  9,459
  9,911
  10,388
  10,890
  11,416
  11,971
Debt-to-equity ratio
  1.053
  1.070
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.110
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.180
  1.180
  1.180
  1.180
Adjusted equity ratio
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  4
  4
  4
  4
  4
  4
  3
  3
  3
  3
Depreciation, amort., depletion, $m
  179
  183
  187
  192
  197
  203
  210
  217
  225
  233
  242
  251
  262
  273
  284
  296
  309
  323
  338
  353
  369
  386
  404
  423
  443
  464
  487
  510
  535
  561
  588
Funds from operations, $m
  139
  188
  192
  197
  202
  208
  215
  222
  230
  238
  247
  257
  267
  278
  289
  301
  314
  328
  342
  358
  374
  391
  409
  427
  447
  468
  490
  514
  538
  564
  591
Change in working capital, $m
  -16
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
Cash from operations, $m
  155
  140
  192
  197
  203
  209
  216
  223
  231
  239
  248
  258
  268
  279
  290
  303
  316
  329
  344
  359
  375
  393
  411
  430
  450
  471
  493
  516
  541
  567
  594
Maintenance CAPEX, $m
  0
  -179
  -183
  -187
  -192
  -197
  -203
  -210
  -217
  -225
  -233
  -242
  -251
  -262
  -273
  -284
  -296
  -309
  -323
  -338
  -353
  -369
  -386
  -404
  -423
  -443
  -464
  -487
  -510
  -535
  -561
New CAPEX, $m
  -94
  -71
  -83
  -95
  -107
  -118
  -130
  -141
  -153
  -165
  -177
  -189
  -202
  -215
  -229
  -243
  -257
  -272
  -288
  -304
  -321
  -339
  -357
  -377
  -397
  -418
  -440
  -463
  -487
  -513
  -539
Cash from investing activities, $m
  -83
  -250
  -266
  -282
  -299
  -315
  -333
  -351
  -370
  -390
  -410
  -431
  -453
  -477
  -502
  -527
  -553
  -581
  -611
  -642
  -674
  -708
  -743
  -781
  -820
  -861
  -904
  -950
  -997
  -1,048
  -1,100
Free cash flow, $m
  72
  -110
  -74
  -85
  -96
  -107
  -117
  -128
  -139
  -150
  -162
  -174
  -186
  -198
  -211
  -224
  -238
  -252
  -267
  -282
  -299
  -315
  -333
  -351
  -371
  -391
  -412
  -434
  -457
  -481
  -506
Issuance/(repayment) of debt, $m
  19
  47
  47
  54
  61
  67
  74
  80
  87
  94
  101
  108
  115
  122
  130
  138
  146
  155
  164
  173
  183
  193
  203
  214
  226
  238
  250
  263
  277
  292
  307
Issuance/(repurchase) of shares, $m
  3
  84
  65
  74
  84
  94
  103
  113
  123
  133
  143
  153
  164
  175
  186
  198
  210
  222
  236
  249
  264
  278
  294
  310
  327
  345
  364
  383
  404
  425
  447
Cash from financing (excl. dividends), $m  
  9
  131
  112
  128
  145
  161
  177
  193
  210
  227
  244
  261
  279
  297
  316
  336
  356
  377
  400
  422
  447
  471
  497
  524
  553
  583
  614
  646
  681
  717
  754
Total cash flow (excl. dividends), $m
  81
  -64
  -26
  -31
  -35
  -39
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -116
  -123
  -130
  -137
  -145
  -153
  -161
  -170
  -180
  -189
  -199
Retained Cash Flow (-), $m
  82
  -40
  -38
  -44
  -49
  -54
  -60
  -65
  -70
  -76
  -81
  -87
  -93
  -99
  -105
  -112
  -118
  -125
  -132
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -248
Prev. year cash balance distribution, $m
 
  20
  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
 
  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
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  95.1
  91.5
  87.7
  83.7
  79.5
  75.3
  71.1
  66.9
  62.8
  58.9
  55.0
  51.3
  47.8
  44.5
  41.3
  38.3
  35.5
  32.9
  30.4
  28.1
  25.9
  23.9
  22.1
  20.3
  18.7
  17.2
  15.9
  14.6
  13.4
  12.3

Kite Realty Group Trust is a publicly owned real estate investment trust. The firm invests in real estate markets of the United States. It engages in ownership, operation, management, leasing, acquisition, construction, expansion, and development and redevelopment of operating retail properties, retail properties under development, operating commercial properties, parking garage, commercial property under development, parcels of land, shopping, dining, and entertainment properties. Kite Realty Group Trust was founded in 1968 and is based in Indianapolis, Indiana with additional offices in Naples, Florida; Delray Beach, Florida; White Plains, New York; Cary, North Carolina; Frisco, Texas; Las Vegas, Nevada; Orlando, Florida; and South Bend, Indiana.

FINANCIAL RATIOS  of  Kite Realty Group Trust (KRG)

Valuation Ratios
P/E Ratio 1590
Price to Sales 4.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 26.1
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.1%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 105.3%
Total Debt to Equity 105.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. 0.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 74.3%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 70.6%
EBITDA Margin - 3 Yr. Avg. 69.3%
Operating Margin 18.4%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. 1.7%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 8.3%
Payout Ratio 9500%

KRG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KRG stock intrinsic value calculation we used $354 million for the last fiscal year's total revenue generated by Kite Realty Group Trust. The default revenue input number comes from 2016 income statement of Kite Realty Group 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 KRG 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 8.9%, whose default value for KRG is calculated based on our internal credit rating of Kite Realty Group 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 Kite Realty Group 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 KRG stock the variable cost ratio is equal to 79.4%.

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 KRG 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 3.9% for Kite Realty Group Trust.

Corporate tax rate of 27% is the nominal tax rate for Kite Realty Group 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 KRG 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 KRG are equal to 1002.3%.

Life of production assets of 19.8 years is the average useful life of capital assets used in Kite Realty Group 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 KRG is equal to -5.6%. 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 - $1644 million for Kite Realty Group 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 86.18 million for Kite Realty Group 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 Kite Realty Group Trust at the current share price and the inputted number of shares is $1.6 billion.


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COMPANY NEWS

▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [May-11-17 04:17PM  Business Wire]
▶ Kite Realty Group reports 1Q results   [Apr-26-17 06:08PM  Associated Press]
▶ Parkside finds replacement tenant for Field & Stream store in Cary   [Mar-31-17 03:15PM  at bizjournals.com]
▶ Parkside finds replacement tenant for Field & Stream store in Cary   [03:15PM  American City Business Journals]
▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [Mar-07-17 04:17PM  Business Wire]
▶ Is Kite Realty Group Trust (KRG) A Good Stock To Buy?   [Dec-12-16 05:35PM  at Insider Monkey]
▶ 2 REITs To Avoid, 3 To Buy Now   [08:37AM  at Forbes]
▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [Aug-11-16 04:20PM  Business Wire]
▶ Michael Glimcher out at WP Glimcher; company name change coming   [Jun-21-16 03:22PM  at bizjournals.com]
▶ Kite Realty Group Trust Announces Quarterly Common Dividend   [Jun-16-16 04:25PM  Business Wire]
▶ WP Glimcher responds to merger talks report   [Jun-14-16 06:20AM  at bizjournals.com]
▶ WP Glimcher responds to report saying it's in merger talks   [Jun-13-16 03:56PM  at bizjournals.com]
▶ Guitar Center signs deal to open third Triangle store   [Apr-11-16 11:55AM  at bizjournals.com]
▶ Should You Buy Kennametal Inc. (KMT)?   [Nov-27  03:46PM  at Insider Monkey]
Stock chart of KRG Financial statements of KRG Annual reports of KRG
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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