Intrinsic value of Kennedy-Wilson Holdings - KW

Previous Close

$17.95

  Intrinsic Value

$55.90

stock screener

  Rating & Target

str. buy

+211%

Previous close

$17.95

 
Intrinsic value

$55.90

 
Up/down potential

+211%

 
Rating

str. buy

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

We calculate the intrinsic value of KW 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 2.1

 

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, %
  16.39
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  703
  818
  943
  1,077
  1,221
  1,373
  1,534
  1,704
  1,882
  2,069
  2,263
  2,466
  2,678
  2,898
  3,127
  3,365
  3,612
  3,869
  4,136
  4,414
  4,702
  5,003
  5,315
  5,640
  5,979
  6,333
  6,701
  7,086
  7,487
  7,906
  8,344
Variable operating expenses, $m
 
  550
  634
  724
  820
  922
  1,030
  1,143
  1,263
  1,387
  1,518
  1,651
  1,793
  1,941
  2,094
  2,253
  2,419
  2,591
  2,769
  2,955
  3,149
  3,350
  3,559
  3,777
  4,004
  4,240
  4,487
  4,744
  5,013
  5,294
  5,587
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
  559
  550
  634
  724
  820
  922
  1,030
  1,143
  1,263
  1,387
  1,518
  1,651
  1,793
  1,941
  2,094
  2,253
  2,419
  2,591
  2,769
  2,955
  3,149
  3,350
  3,559
  3,777
  4,004
  4,240
  4,487
  4,744
  5,013
  5,294
  5,587
Operating income, $m
  145
  268
  309
  354
  401
  451
  505
  561
  619
  681
  745
  815
  885
  958
  1,033
  1,112
  1,193
  1,278
  1,367
  1,458
  1,554
  1,653
  1,756
  1,864
  1,976
  2,092
  2,214
  2,341
  2,474
  2,612
  2,757
EBITDA, $m
  343
  300
  346
  395
  448
  504
  563
  625
  691
  759
  831
  905
  983
  1,064
  1,148
  1,235
  1,326
  1,420
  1,518
  1,620
  1,726
  1,836
  1,951
  2,070
  2,195
  2,324
  2,459
  2,601
  2,748
  2,902
  3,062
Interest expense (income), $m
  171
  181
  221
  264
  311
  361
  414
  470
  529
  591
  656
  724
  794
  868
  944
  1,024
  1,107
  1,193
  1,282
  1,375
  1,471
  1,572
  1,676
  1,785
  1,898
  2,016
  2,139
  2,267
  2,401
  2,540
  2,686
Earnings before tax, $m
  91
  87
  88
  89
  90
  90
  91
  91
  90
  90
  90
  91
  91
  90
  89
  88
  87
  86
  85
  83
  82
  81
  80
  79
  78
  76
  75
  74
  73
  72
  71
Tax expense, $m
  14
  23
  24
  24
  24
  24
  24
  24
  24
  24
  24
  25
  24
  24
  24
  24
  23
  23
  23
  23
  22
  22
  22
  21
  21
  21
  20
  20
  20
  19
  19
Net income, $m
  6
  63
  64
  65
  66
  66
  66
  66
  66
  66
  65
  67
  66
  66
  65
  64
  63
  63
  62
  61
  60
  59
  58
  57
  57
  56
  55
  54
  53
  52
  52

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  260
  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
  7,659
  8,614
  9,928
  11,341
  12,851
  14,454
  16,150
  17,936
  19,811
  21,774
  23,824
  25,962
  28,189
  30,506
  32,916
  35,420
  38,022
  40,726
  43,537
  46,459
  49,497
  52,658
  55,948
  59,373
  62,942
  66,661
  70,540
  74,586
  78,810
  83,221
  87,829
Adjusted assets (=assets-cash), $m
  7,399
  8,614
  9,928
  11,341
  12,851
  14,454
  16,150
  17,936
  19,811
  21,774
  23,824
  25,962
  28,189
  30,506
  32,916
  35,420
  38,022
  40,726
  43,537
  46,459
  49,497
  52,658
  55,948
  59,373
  62,942
  66,661
  70,540
  74,586
  78,810
  83,221
  87,829
Revenue / Adjusted assets
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
Average production assets, $m
  129
  150
  173
  197
  223
  251
  281
  312
  344
  379
  414
  451
  490
  530
  572
  616
  661
  708
  757
  808
  861
  915
  973
  1,032
  1,094
  1,159
  1,226
  1,297
  1,370
  1,447
  1,527
Working capital, $m
  0
  -303
  -349
  -399
  -452
  -508
  -568
  -630
  -696
  -765
  -837
  -913
  -991
  -1,072
  -1,157
  -1,245
  -1,336
  -1,432
  -1,530
  -1,633
  -1,740
  -1,851
  -1,967
  -2,087
  -2,212
  -2,343
  -2,479
  -2,622
  -2,770
  -2,925
  -3,087
Total debt, $m
  4,893
  5,974
  7,148
  8,410
  9,758
  11,190
  12,704
  14,299
  15,973
  17,726
  19,557
  21,466
  23,455
  25,524
  27,676
  29,912
  32,236
  34,651
  37,161
  39,770
  42,483
  45,306
  48,243
  51,302
  54,489
  57,811
  61,274
  64,888
  68,660
  72,598
  76,713
Total liabilities, $m
  6,611
  7,692
  8,866
  10,128
  11,476
  12,908
  14,422
  16,017
  17,691
  19,444
  21,275
  23,184
  25,173
  27,242
  29,394
  31,630
  33,954
  36,369
  38,879
  41,488
  44,201
  47,024
  49,961
  53,020
  56,207
  59,529
  62,992
  66,606
  70,378
  74,316
  78,431
Total equity, $m
  1,048
  922
  1,062
  1,214
  1,375
  1,547
  1,728
  1,919
  2,120
  2,330
  2,549
  2,778
  3,016
  3,264
  3,522
  3,790
  4,068
  4,358
  4,658
  4,971
  5,296
  5,634
  5,986
  6,353
  6,735
  7,133
  7,548
  7,981
  8,433
  8,905
  9,398
Total liabilities and equity, $m
  7,659
  8,614
  9,928
  11,342
  12,851
  14,455
  16,150
  17,936
  19,811
  21,774
  23,824
  25,962
  28,189
  30,506
  32,916
  35,420
  38,022
  40,727
  43,537
  46,459
  49,497
  52,658
  55,947
  59,373
  62,942
  66,662
  70,540
  74,587
  78,811
  83,221
  87,829
Debt-to-equity ratio
  4.669
  6.480
  6.730
  6.930
  7.100
  7.230
  7.350
  7.450
  7.540
  7.610
  7.670
  7.730
  7.780
  7.820
  7.860
  7.890
  7.920
  7.950
  7.980
  8.000
  8.020
  8.040
  8.060
  8.080
  8.090
  8.100
  8.120
  8.130
  8.140
  8.150
  8.160
Adjusted equity ratio
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  63
  64
  65
  66
  66
  66
  66
  66
  66
  65
  67
  66
  66
  65
  64
  63
  63
  62
  61
  60
  59
  58
  57
  57
  56
  55
  54
  53
  52
  52
Depreciation, amort., depletion, $m
  198
  32
  37
  42
  47
  53
  59
  65
  71
  78
  85
  90
  98
  106
  114
  123
  132
  142
  151
  162
  172
  183
  195
  206
  219
  232
  245
  259
  274
  289
  305
Funds from operations, $m
  50
  96
  101
  107
  113
  119
  125
  131
  137
  144
  151
  157
  164
  172
  179
  187
  196
  204
  213
  222
  232
  242
  253
  264
  275
  288
  300
  313
  327
  342
  357
Change in working capital, $m
  -53
  -43
  -46
  -50
  -53
  -56
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -131
  -136
  -142
  -148
  -155
  -162
Cash from operations, $m
  103
  138
  148
  157
  166
  175
  184
  194
  203
  213
  223
  232
  242
  253
  264
  275
  287
  299
  312
  325
  339
  353
  368
  384
  401
  418
  437
  456
  476
  497
  519
Maintenance CAPEX, $m
  0
  -26
  -30
  -35
  -39
  -45
  -50
  -56
  -62
  -69
  -76
  -83
  -90
  -98
  -106
  -114
  -123
  -132
  -142
  -151
  -162
  -172
  -183
  -195
  -206
  -219
  -232
  -245
  -259
  -274
  -289
New CAPEX, $m
  -950
  -21
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -77
  -80
Cash from investing activities, $m
  -287
  -47
  -53
  -60
  -65
  -73
  -79
  -87
  -95
  -103
  -112
  -120
  -129
  -138
  -148
  -158
  -168
  -179
  -191
  -202
  -215
  -227
  -240
  -255
  -268
  -284
  -299
  -315
  -332
  -351
  -369
Free cash flow, $m
  -184
  92
  95
  97
  100
  102
  105
  106
  108
  110
  111
  112
  113
  115
  116
  117
  119
  120
  121
  123
  125
  126
  128
  130
  132
  135
  137
  140
  143
  146
  150
Issuance/(repayment) of debt, $m
  832
  1,081
  1,174
  1,262
  1,348
  1,432
  1,514
  1,595
  1,674
  1,753
  1,831
  1,909
  1,989
  2,069
  2,152
  2,236
  2,324
  2,415
  2,510
  2,609
  2,713
  2,823
  2,938
  3,059
  3,187
  3,321
  3,464
  3,614
  3,772
  3,939
  4,115
Issuance/(repurchase) of shares, $m
  -65
  70
  76
  86
  96
  106
  115
  125
  135
  144
  154
  162
  172
  182
  193
  204
  215
  227
  239
  252
  265
  279
  294
  309
  325
  342
  360
  379
  399
  419
  441
Cash from financing (excl. dividends), $m  
  485
  1,151
  1,250
  1,348
  1,444
  1,538
  1,629
  1,720
  1,809
  1,897
  1,985
  2,071
  2,161
  2,251
  2,345
  2,440
  2,539
  2,642
  2,749
  2,861
  2,978
  3,102
  3,232
  3,368
  3,512
  3,663
  3,824
  3,993
  4,171
  4,358
  4,556
Total cash flow (excl. dividends), $m
  219
  1,243
  1,345
  1,446
  1,544
  1,640
  1,734
  1,826
  1,917
  2,007
  2,096
  2,184
  2,274
  2,366
  2,460
  2,557
  2,658
  2,762
  2,870
  2,984
  3,103
  3,228
  3,360
  3,498
  3,644
  3,798
  3,961
  4,133
  4,313
  4,504
  4,706
Retained Cash Flow (-), $m
  86
  -134
  -141
  -151
  -162
  -172
  -181
  -191
  -201
  -210
  -219
  -229
  -238
  -248
  -258
  -268
  -278
  -289
  -301
  -313
  -325
  -338
  -352
  -367
  -382
  -398
  -415
  -433
  -452
  -472
  -493
Prev. year cash balance distribution, $m
 
  260
  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
 
  1,369
  1,204
  1,294
  1,383
  1,469
  1,553
  1,635
  1,716
  1,797
  1,877
  1,955
  2,036
  2,118
  2,203
  2,289
  2,379
  2,472
  2,570
  2,671
  2,778
  2,890
  3,008
  3,132
  3,263
  3,400
  3,546
  3,700
  3,862
  4,032
  4,213
Discount rate, %
 
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
  51.86
PV of cash for distribution, $m
 
  1,216
  939
  876
  802
  720
  635
  549
  465
  387
  315
  251
  196
  149
  111
  81
  58
  40
  27
  17
  11
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.7
  91.8
  88.1
  84.7
  81.5
  78.5
  75.7
  73.1
  70.7
  68.4
  66.2
  64.2
  62.3
  60.4
  58.7
  57.1
  55.5
  54.0
  52.5
  51.1
  49.8
  48.5
  47.3
  46.0
  44.9
  43.8
  42.7
  41.6
  40.6
  39.6

Kennedy-Wilson Holdings, Inc. is a real estate investment company. The Company owns, operates, and invests in real estate both on its own and through its investment management platform. The Company focuses on multifamily and commercial properties located in the Western United States, the United Kingdom, Ireland, Spain, Italy and Japan. The Company's segments include KW Investments, and KW Investment Management and Real Estate Services (IMRES). KW Investments invests in multifamily, residential and commercial properties, as well as loans secured by real estate. IMRES provides real estate-related services to investors and lenders, with a focus on financial institution-based clients. As of December 31, 2016, the Company had an ownership interest in approximately 39 million square feet of property globally, including 25,943 multifamily rental units.

FINANCIAL RATIOS  of  Kennedy-Wilson Holdings (KW)

Valuation Ratios
P/E Ratio 346.3
Price to Sales 3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow -2.5
Growth Rates
Sales Growth Rate 16.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50.7%
Cap. Spend. - 3 Yr. Gr. Rate 41.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 466.9%
Total Debt to Equity 466.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity 0.5%
Return On Equity - 3 Yr. Avg. 3.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 96.9%
Gross Margin - 3 Yr. Avg. 97%
EBITDA Margin 65.4%
EBITDA Margin - 3 Yr. Avg. 71.9%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 36.2%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 20.8%
Net Profit Margin 0.9%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 15.4%
Eff/ Tax Rate - 3 Yr. Avg. 29.8%
Payout Ratio 1083.3%

KW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KW stock intrinsic value calculation we used $703 million for the last fiscal year's total revenue generated by Kennedy-Wilson Holdings. The default revenue input number comes from 2016 income statement of Kennedy-Wilson Holdings. 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 KW stock valuation model: a) initial revenue growth rate of 16.4% 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 12.6%, whose default value for KW is calculated based on our internal credit rating of Kennedy-Wilson Holdings, 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 Kennedy-Wilson Holdings.
    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 KW stock the variable cost ratio is equal to 67.3%.

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 KW 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 3.7% for Kennedy-Wilson Holdings.

Corporate tax rate of 27% is the nominal tax rate for Kennedy-Wilson Holdings. 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 KW 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 KW are equal to 18.3%.

Life of production assets of 0.8 years is the average useful life of capital assets used in Kennedy-Wilson Holdings 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 KW is equal to -37%. 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 - $1048 million for Kennedy-Wilson Holdings - 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 114.433 million for Kennedy-Wilson Holdings 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 Kennedy-Wilson Holdings at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Kennedy-Wilson reports 3Q loss   [Nov-06-17 05:37AM  Associated Press]
▶ Kennedy Wilson Reports Third Quarter 2017 Results   [Nov-02-17 04:15PM  Business Wire]
▶ Kennedy-Wilson posts 2Q profit   [12:58AM  Associated Press]
▶ Kennedy Wilson Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  Business Wire]
▶ Kennedy Wilson to Announce Second Quarter 2017 Earnings   [Jul-07-17 06:45AM  Business Wire]
▶ Kennedy-Wilson posts 1Q profit   [May-04-17 07:15PM  Associated Press]
▶ Kennedy Wilson to Announce First Quarter 2017 Earnings   [Apr-07-17 04:15PM  Business Wire]
▶ Company Profile for Kennedy Wilson   [Mar-01-17 08:55PM  Business Wire]
▶ Kennedy-Wilson posts 4Q profit   [Feb-23-17 07:07PM  Associated Press]
▶ Should You Avoid Kennedy-Wilson Holdings Inc (KW)?   [Dec-11-16 08:35AM  at Insider Monkey]
Financial statements of KW
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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