Intrinsic value of Gladstone Land - LAND

Previous Close

$13.71

  Intrinsic Value

$1.46

stock screener

  Rating & Target

str. sell

-89%

Previous close

$13.71

 
Intrinsic value

$1.46

 
Up/down potential

-89%

 
Rating

str. sell

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

We calculate the intrinsic value of LAND 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 0.2

 

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, %
  41.67
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  17
  26
  37
  52
  72
  97
  128
  165
  209
  260
  318
  384
  457
  538
  626
  722
  825
  935
  1,052
  1,176
  1,306
  1,443
  1,586
  1,736
  1,892
  2,055
  2,224
  2,399
  2,582
  2,772
  2,970
Variable operating expenses, $m
 
  15
  22
  31
  43
  57
  75
  97
  123
  153
  187
  226
  269
  316
  368
  425
  485
  550
  619
  692
  768
  849
  933
  1,021
  1,113
  1,208
  1,308
  1,411
  1,518
  1,630
  1,746
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
  10
  15
  22
  31
  43
  57
  75
  97
  123
  153
  187
  226
  269
  316
  368
  425
  485
  550
  619
  692
  768
  849
  933
  1,021
  1,113
  1,208
  1,308
  1,411
  1,518
  1,630
  1,746
Operating income, $m
  7
  11
  15
  22
  30
  40
  53
  68
  86
  107
  131
  158
  188
  222
  258
  298
  340
  385
  434
  485
  538
  595
  654
  715
  780
  846
  916
  989
  1,064
  1,142
  1,223
EBITDA, $m
  12
  24
  35
  50
  69
  93
  122
  157
  199
  247
  303
  365
  435
  512
  597
  688
  786
  891
  1,002
  1,120
  1,244
  1,374
  1,511
  1,653
  1,802
  1,956
  2,117
  2,285
  2,459
  2,640
  2,828
Interest expense (income), $m
  6
  8
  13
  19
  27
  38
  51
  67
  87
  110
  137
  168
  203
  242
  285
  332
  383
  438
  496
  558
  624
  693
  766
  842
  921
  1,004
  1,091
  1,180
  1,274
  1,371
  1,472
Earnings before tax, $m
  0
  2
  3
  3
  3
  2
  2
  1
  -1
  -3
  -6
  -10
  -15
  -20
  -27
  -34
  -43
  -52
  -63
  -74
  -86
  -99
  -112
  -127
  -142
  -158
  -174
  -192
  -210
  -229
  -248
Tax expense, $m
  0
  1
  1
  1
  1
  1
  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
Net income, $m
  0
  2
  2
  2
  2
  2
  1
  1
  -1
  -3
  -6
  -10
  -15
  -20
  -27
  -34
  -43
  -52
  -63
  -74
  -86
  -99
  -112
  -127
  -142
  -158
  -174
  -192
  -210
  -229
  -248

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  334
  500
  728
  1,029
  1,418
  1,908
  2,510
  3,236
  4,094
  5,092
  6,234
  7,524
  8,962
  10,550
  12,284
  14,162
  16,183
  18,341
  20,635
  23,060
  25,615
  28,297
  31,106
  34,039
  37,099
  40,285
  43,601
  47,049
  50,632
  54,356
  58,226
Adjusted assets (=assets-cash), $m
  332
  500
  728
  1,029
  1,418
  1,908
  2,510
  3,236
  4,094
  5,092
  6,234
  7,524
  8,962
  10,550
  12,284
  14,162
  16,183
  18,341
  20,635
  23,060
  25,615
  28,297
  31,106
  34,039
  37,099
  40,285
  43,601
  47,049
  50,632
  54,356
  58,226
Revenue / Adjusted assets
  0.051
  0.052
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
Average production assets, $m
  276
  413
  601
  851
  1,172
  1,577
  2,074
  2,674
  3,384
  4,208
  5,152
  6,218
  7,407
  8,719
  10,153
  11,705
  13,375
  15,159
  17,055
  19,060
  21,171
  23,388
  25,709
  28,134
  30,662
  33,296
  36,037
  38,886
  41,848
  44,926
  48,124
Working capital, $m
  0
  -3
  -4
  -6
  -9
  -11
  -15
  -19
  -25
  -31
  -38
  -45
  -54
  -63
  -74
  -85
  -97
  -110
  -124
  -139
  -154
  -170
  -187
  -205
  -223
  -242
  -262
  -283
  -305
  -327
  -350
Total debt, $m
  235
  365
  541
  774
  1,076
  1,455
  1,921
  2,482
  3,147
  3,919
  4,803
  5,801
  6,915
  8,143
  9,486
  10,940
  12,503
  14,174
  15,949
  17,827
  19,804
  21,880
  24,054
  26,324
  28,692
  31,159
  33,725
  36,394
  39,167
  42,050
  45,045
Total liabilities, $m
  257
  387
  563
  796
  1,098
  1,477
  1,943
  2,504
  3,169
  3,941
  4,825
  5,823
  6,937
  8,165
  9,508
  10,962
  12,525
  14,196
  15,971
  17,849
  19,826
  21,902
  24,076
  26,346
  28,714
  31,181
  33,747
  36,416
  39,189
  42,072
  45,067
Total equity, $m
  77
  113
  164
  233
  320
  431
  567
  731
  925
  1,151
  1,409
  1,700
  2,026
  2,384
  2,776
  3,201
  3,657
  4,145
  4,663
  5,212
  5,789
  6,395
  7,030
  7,693
  8,384
  9,104
  9,854
  10,633
  11,443
  12,285
  13,159
Total liabilities and equity, $m
  334
  500
  727
  1,029
  1,418
  1,908
  2,510
  3,235
  4,094
  5,092
  6,234
  7,523
  8,963
  10,549
  12,284
  14,163
  16,182
  18,341
  20,634
  23,061
  25,615
  28,297
  31,106
  34,039
  37,098
  40,285
  43,601
  47,049
  50,632
  54,357
  58,226
Debt-to-equity ratio
  3.052
  3.230
  3.290
  3.330
  3.360
  3.370
  3.390
  3.390
  3.400
  3.410
  3.410
  3.410
  3.410
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
  3.420
Adjusted equity ratio
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  2
  2
  2
  2
  2
  1
  1
  -1
  -3
  -6
  -10
  -15
  -20
  -27
  -34
  -43
  -52
  -63
  -74
  -86
  -99
  -112
  -127
  -142
  -158
  -174
  -192
  -210
  -229
  -248
Depreciation, amort., depletion, $m
  5
  14
  20
  28
  39
  53
  69
  89
  113
  140
  172
  207
  247
  291
  338
  390
  446
  505
  568
  635
  706
  780
  857
  938
  1,022
  1,110
  1,201
  1,296
  1,395
  1,498
  1,604
Funds from operations, $m
  11
  15
  22
  30
  41
  54
  70
  90
  112
  137
  166
  197
  232
  270
  312
  356
  403
  453
  506
  562
  620
  681
  745
  811
  880
  952
  1,027
  1,104
  1,185
  1,269
  1,356
Change in working capital, $m
  3
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
Cash from operations, $m
  8
  16
  23
  32
  43
  57
  74
  94
  117
  143
  172
  205
  241
  280
  322
  367
  415
  466
  520
  576
  635
  697
  762
  829
  899
  971
  1,047
  1,125
  1,207
  1,291
  1,379
Maintenance CAPEX, $m
  0
  -9
  -14
  -20
  -28
  -39
  -53
  -69
  -89
  -113
  -140
  -172
  -207
  -247
  -291
  -338
  -390
  -446
  -505
  -568
  -635
  -706
  -780
  -857
  -938
  -1,022
  -1,110
  -1,201
  -1,296
  -1,395
  -1,498
New CAPEX, $m
  -94
  -138
  -188
  -249
  -322
  -405
  -498
  -600
  -709
  -825
  -944
  -1,066
  -1,189
  -1,312
  -1,433
  -1,553
  -1,670
  -1,784
  -1,896
  -2,005
  -2,112
  -2,217
  -2,321
  -2,425
  -2,529
  -2,634
  -2,740
  -2,850
  -2,962
  -3,078
  -3,199
Cash from investing activities, $m
  -96
  -147
  -202
  -269
  -350
  -444
  -551
  -669
  -798
  -938
  -1,084
  -1,238
  -1,396
  -1,559
  -1,724
  -1,891
  -2,060
  -2,230
  -2,401
  -2,573
  -2,747
  -2,923
  -3,101
  -3,282
  -3,467
  -3,656
  -3,850
  -4,051
  -4,258
  -4,473
  -4,697
Free cash flow, $m
  -88
  -130
  -179
  -237
  -307
  -386
  -476
  -575
  -681
  -794
  -912
  -1,033
  -1,155
  -1,279
  -1,402
  -1,524
  -1,645
  -1,764
  -1,881
  -1,997
  -2,112
  -2,225
  -2,339
  -2,453
  -2,568
  -2,685
  -2,804
  -2,926
  -3,051
  -3,182
  -3,317
Issuance/(repayment) of debt, $m
  66
  130
  176
  233
  301
  379
  466
  562
  664
  772
  884
  998
  1,114
  1,228
  1,342
  1,454
  1,564
  1,671
  1,775
  1,877
  1,977
  2,076
  2,174
  2,271
  2,368
  2,466
  2,566
  2,669
  2,774
  2,882
  2,995
Issuance/(repurchase) of shares, $m
  29
  36
  50
  66
  86
  109
  135
  163
  195
  229
  264
  302
  340
  379
  419
  459
  499
  540
  581
  622
  663
  705
  747
  790
  833
  878
  924
  971
  1,020
  1,070
  1,123
Cash from financing (excl. dividends), $m  
  92
  166
  226
  299
  387
  488
  601
  725
  859
  1,001
  1,148
  1,300
  1,454
  1,607
  1,761
  1,913
  2,063
  2,211
  2,356
  2,499
  2,640
  2,781
  2,921
  3,061
  3,201
  3,344
  3,490
  3,640
  3,794
  3,952
  4,118
Total cash flow (excl. dividends), $m
  5
  36
  47
  62
  81
  101
  125
  150
  178
  207
  237
  267
  298
  329
  359
  389
  418
  447
  475
  502
  529
  555
  581
  607
  634
  660
  687
  714
  742
  771
  801
Retained Cash Flow (-), $m
  1
  -38
  -51
  -68
  -88
  -111
  -136
  -164
  -195
  -229
  -264
  -302
  -340
  -379
  -419
  -459
  -499
  -540
  -581
  -622
  -663
  -705
  -747
  -790
  -833
  -878
  -924
  -971
  -1,020
  -1,070
  -1,123
Prev. year cash balance distribution, $m
 
  2
  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
  -4
  -6
  -7
  -9
  -11
  -14
  -17
  -22
  -28
  -34
  -42
  -50
  -60
  -70
  -81
  -93
  -106
  -120
  -134
  -149
  -165
  -182
  -200
  -218
  -237
  -257
  -278
  -299
  -322
Discount rate, %
 
  12.40
  13.02
  13.67
  14.35
  15.07
  15.83
  16.62
  17.45
  18.32
  19.24
  20.20
  21.21
  22.27
  23.38
  24.55
  25.78
  27.07
  28.42
  29.84
  31.33
  32.90
  34.55
  36.27
  38.09
  39.99
  41.99
  44.09
  46.29
  48.61
  51.04
PV of cash for distribution, $m
 
  0
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  82.9
  69.8
  59.6
  51.5
  45.0
  39.7
  35.3
  31.7
  28.7
  26.1
  24.0
  22.1
  20.4
  19.0
  17.8
  16.7
  15.7
  14.8
  14.0
  13.3
  12.6
  12.0
  11.5
  11.0
  10.5
  10.1
  9.6
  9.3
  8.9
  8.6

Gladstone Land Corporation is an agricultural real estate investment trust (REIT). The Company is engaged in the business of owning and leasing farmland. The Company also owns various farm-related facilities, such as cooling facilities, buildings utilized for the storage and assembly of boxes for shipping produce (box barns), packinghouses, processing facilities and various storage facilities. The Company is engaged in leasing its farms and farm-related facilities to independent or corporate farming operations. As of September 12, 2017, the Company owned 72 farms, including 58,777 total acres across seven states in the United States (Arizona, California, Colorado, Florida, Michigan, Nebraska and Oregon). As of December 31, 2016, the Company's farms and facilities were leased to 40 different, unrelated tenants that are either independent or corporate farming operations. The Company focuses to own primarily single-tenant, agricultural real property.

FINANCIAL RATIOS  of  Gladstone Land (LAND)

Valuation Ratios
P/E Ratio 0
Price to Sales 8.1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow -1.6
Growth Rates
Sales Growth Rate 41.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.5%
Cap. Spend. - 3 Yr. Gr. Rate 19.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 305.2%
Total Debt to Equity 305.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.1%
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%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 88.2%
Gross Margin - 3 Yr. Avg. 85.8%
EBITDA Margin 64.7%
EBITDA Margin - 3 Yr. Avg. 55.3%
Operating Margin 41.2%
Oper. Margin - 3 Yr. Avg. 32.4%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

LAND stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LAND stock intrinsic value calculation we used $17 million for the last fiscal year's total revenue generated by Gladstone Land. The default revenue input number comes from 2016 income statement of Gladstone Land. 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 LAND stock valuation model: a) initial revenue growth rate of 50% 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 12.4%, whose default value for LAND is calculated based on our internal credit rating of Gladstone Land, 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 Gladstone Land.
    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 LAND stock the variable cost ratio is equal to 58.8%.

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 LAND 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 Gladstone Land.

Corporate tax rate of 27% is the nominal tax rate for Gladstone Land. 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 LAND 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 LAND are equal to 1620.6%.

Life of production assets of 55.1 years is the average useful life of capital assets used in Gladstone Land 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 LAND is equal to -11.8%. 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 - $77 million for Gladstone Land - 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 13.169 million for Gladstone Land 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 Gladstone Land at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
FPI Farmland Partn 9.08 15.64  str.buy
RYN Rayonier 29.67 12.23  str.sell
PCH Potlatch REIT 53.00 18.71  str.sell
PW Power REIT 6.08 1.51  str.sell
CTT CatchMark Timb 12.61 3.49  str.sell
HIFR InfraREIT 23.19 24.20  hold

COMPANY NEWS

▶ Gladstone Land Acquires Add-on Farm in Colorado   [Oct-02-17 04:05PM  GlobeNewswire]
▶ Thoughts on the Gladstone Companies   [Sep-20-17 05:08PM  GuruFocus.com]
▶ Gladstone Land Corporation Announces Common Stock Offering   [Sep-07-17 04:08PM  GlobeNewswire]
▶ Landis+Gyr Comments on Toshiba Earnings Results   [Aug-14-17 01:00AM  PR Newswire]
▶ Gladstone reports 2Q results   [Aug-08-17 11:53PM  Associated Press]
▶ [$$] Rich Farm Soil, Cheap REIT Stock   [Aug-05-17 01:10AM  Barrons.com]
▶ 3 Stocks that Cut You a Monthly Check   [Jul-19-17 07:43AM  Motley Fool]
▶ Gladstone Land Acquires Farms in Arizona for $27.5 Million   [Jun-01-17 04:17PM  GlobeNewswire]
▶ Gladstone reports 1Q results   [May-09-17 06:52PM  Associated Press]
▶ Gladstone reports 4Q results   [Feb-21-17 05:12PM  Associated Press]
▶ Record Rainfall in California is Great News for Farmers   [Jan-26-17 11:36AM  GlobeNewswire]
▶ Gladstone Land Acquires Farm in Florida for $54 Million   [Jan-12-17 04:04PM  GlobeNewswire]
▶ Gladstone Land Acquires Farmland in Colorado   [04:05PM  GlobeNewswire]
▶ Gladstone Land Acquires Almond Orchard in California   [Oct-17-16 08:15AM  GlobeNewswire]
▶ Gladstone Land Increases its Credit Facility   [Oct-06-16 09:21AM  GlobeNewswire]
▶ Gladstone Land Acquires Two Almond Orchards in California   [Sep-14-16 04:05PM  GlobeNewswire]
▶ Gladstone Land Acquires Farms in Colorado   [Sep-06-16 08:30AM  GlobeNewswire]
Financial statements of LAND
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.