Intrinsic value of Gladstone Land - LAND

Previous Close

$12.98

  Intrinsic Value

$1.46

stock screener

  Rating & Target

str. sell

-89%

Previous close

$12.98

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  17
  27
  42
  63
  91
  129
  177
  237
  312
  401
  507
  629
  769
  927
  1,103
  1,297
  1,509
  1,738
  1,984
  2,247
  2,527
  2,822
  3,133
  3,459
  3,801
  4,158
  4,530
  4,917
  5,320
  5,739
  6,175
Variable operating expenses, $m
 
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  452
  545
  649
  763
  887
  1,022
  1,167
  1,321
  1,486
  1,659
  1,842
  2,034
  2,235
  2,445
  2,663
  2,891
  3,128
  3,375
  3,631
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
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  452
  545
  649
  763
  887
  1,022
  1,167
  1,321
  1,486
  1,659
  1,842
  2,034
  2,235
  2,445
  2,663
  2,891
  3,128
  3,375
  3,631
Operating income, $m
  7
  11
  17
  26
  38
  53
  73
  98
  128
  165
  209
  259
  317
  382
  454
  534
  622
  716
  818
  926
  1,041
  1,163
  1,291
  1,425
  1,566
  1,713
  1,866
  2,026
  2,192
  2,365
  2,544
EBITDA, $m
  12
  26
  40
  60
  87
  123
  168
  226
  297
  382
  482
  599
  732
  883
  1,050
  1,235
  1,437
  1,655
  1,889
  2,140
  2,406
  2,687
  2,983
  3,294
  3,619
  3,959
  4,313
  4,682
  5,066
  5,465
  5,880
Interest expense (income), $m
  6
  8
  14
  22
  33
  48
  68
  93
  125
  165
  212
  268
  333
  408
  492
  585
  688
  801
  922
  1,053
  1,193
  1,341
  1,498
  1,663
  1,837
  2,018
  2,208
  2,405
  2,611
  2,825
  3,048
Earnings before tax, $m
  0
  3
  4
  4
  5
  5
  5
  5
  3
  0
  -4
  -9
  -17
  -26
  -37
  -51
  -67
  -85
  -105
  -127
  -152
  -179
  -207
  -238
  -271
  -305
  -341
  -379
  -419
  -461
  -504
Tax expense, $m
  0
  1
  1
  1
  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
Net income, $m
  0
  2
  3
  3
  4
  4
  4
  3
  2
  0
  -4
  -9
  -17
  -26
  -37
  -51
  -67
  -85
  -105
  -127
  -152
  -179
  -207
  -238
  -271
  -305
  -341
  -379
  -419
  -461
  -504

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
  533
  824
  1,232
  1,788
  2,523
  3,468
  4,655
  6,112
  7,865
  9,934
  12,336
  15,082
  18,179
  21,630
  25,432
  29,584
  34,078
  38,908
  44,066
  49,543
  55,333
  61,429
  67,828
  74,526
  81,521
  88,816
  96,413
  104,317
  112,536
  121,078
Adjusted assets (=assets-cash), $m
  332
  533
  824
  1,232
  1,788
  2,523
  3,468
  4,655
  6,112
  7,865
  9,934
  12,336
  15,082
  18,179
  21,630
  25,432
  29,584
  34,078
  38,908
  44,066
  49,543
  55,333
  61,429
  67,828
  74,526
  81,521
  88,816
  96,413
  104,317
  112,536
  121,078
Revenue / Adjusted assets
  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
  0.051
  0.051
Average production assets, $m
  276
  441
  681
  1,018
  1,478
  2,085
  2,866
  3,847
  5,052
  6,501
  8,211
  10,196
  12,466
  15,025
  17,877
  21,020
  24,451
  28,166
  32,158
  36,420
  40,947
  45,733
  50,772
  56,060
  61,596
  67,378
  73,407
  79,686
  86,219
  93,012
  100,072
Working capital, $m
  0
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -47
  -60
  -74
  -91
  -109
  -130
  -153
  -178
  -205
  -234
  -265
  -298
  -333
  -370
  -408
  -448
  -491
  -534
  -580
  -628
  -677
  -729
Total debt, $m
  235
  391
  616
  932
  1,362
  1,930
  2,662
  3,581
  4,709
  6,066
  7,667
  9,526
  11,652
  14,049
  16,719
  19,663
  22,876
  26,355
  30,093
  34,085
  38,324
  42,805
  47,524
  52,477
  57,661
  63,076
  68,722
  74,602
  80,720
  87,081
  93,692
Total liabilities, $m
  257
  413
  638
  954
  1,384
  1,952
  2,684
  3,603
  4,731
  6,088
  7,689
  9,548
  11,674
  14,071
  16,741
  19,685
  22,898
  26,377
  30,115
  34,107
  38,346
  42,827
  47,546
  52,499
  57,683
  63,098
  68,744
  74,624
  80,742
  87,103
  93,714
Total equity, $m
  77
  121
  186
  278
  404
  570
  784
  1,052
  1,381
  1,778
  2,245
  2,788
  3,409
  4,108
  4,888
  5,748
  6,686
  7,702
  8,793
  9,959
  11,197
  12,505
  13,883
  15,329
  16,843
  18,424
  20,072
  21,789
  23,576
  25,433
  27,364
Total liabilities and equity, $m
  334
  534
  824
  1,232
  1,788
  2,522
  3,468
  4,655
  6,112
  7,866
  9,934
  12,336
  15,083
  18,179
  21,629
  25,433
  29,584
  34,079
  38,908
  44,066
  49,543
  55,332
  61,429
  67,828
  74,526
  81,522
  88,816
  96,413
  104,318
  112,536
  121,078
Debt-to-equity ratio
  3.052
  3.240
  3.310
  3.350
  3.370
  3.390
  3.400
  3.400
  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
  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
  3
  3
  4
  4
  4
  3
  2
  0
  -4
  -9
  -17
  -26
  -37
  -51
  -67
  -85
  -105
  -127
  -152
  -179
  -207
  -238
  -271
  -305
  -341
  -379
  -419
  -461
  -504
Depreciation, amort., depletion, $m
  5
  15
  23
  34
  49
  69
  96
  128
  168
  217
  274
  340
  416
  501
  596
  701
  815
  939
  1,072
  1,214
  1,365
  1,524
  1,692
  1,869
  2,053
  2,246
  2,447
  2,656
  2,874
  3,100
  3,336
Funds from operations, $m
  11
  17
  25
  37
  53
  73
  99
  132
  171
  217
  270
  331
  399
  475
  559
  650
  748
  854
  967
  1,087
  1,213
  1,346
  1,485
  1,631
  1,782
  1,941
  2,105
  2,277
  2,455
  2,640
  2,832
Change in working capital, $m
  3
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -12
  -14
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -49
  -51
Cash from operations, $m
  8
  18
  27
  40
  56
  78
  105
  139
  179
  228
  283
  345
  416
  494
  579
  673
  773
  881
  996
  1,118
  1,246
  1,381
  1,522
  1,669
  1,823
  1,983
  2,149
  2,322
  2,502
  2,689
  2,883
Maintenance CAPEX, $m
  0
  -9
  -15
  -23
  -34
  -49
  -69
  -96
  -128
  -168
  -217
  -274
  -340
  -416
  -501
  -596
  -701
  -815
  -939
  -1,072
  -1,214
  -1,365
  -1,524
  -1,692
  -1,869
  -2,053
  -2,246
  -2,447
  -2,656
  -2,874
  -3,100
New CAPEX, $m
  -94
  -165
  -240
  -337
  -459
  -607
  -781
  -981
  -1,204
  -1,449
  -1,710
  -1,985
  -2,270
  -2,560
  -2,852
  -3,143
  -3,431
  -3,715
  -3,992
  -4,263
  -4,527
  -4,785
  -5,039
  -5,288
  -5,536
  -5,782
  -6,029
  -6,279
  -6,533
  -6,793
  -7,060
Cash from investing activities, $m
  -96
  -174
  -255
  -360
  -493
  -656
  -850
  -1,077
  -1,332
  -1,617
  -1,927
  -2,259
  -2,610
  -2,976
  -3,353
  -3,739
  -4,132
  -4,530
  -4,931
  -5,335
  -5,741
  -6,150
  -6,563
  -6,980
  -7,405
  -7,835
  -8,275
  -8,726
  -9,189
  -9,667
  -10,160
Free cash flow, $m
  -88
  -156
  -228
  -321
  -437
  -579
  -746
  -938
  -1,153
  -1,390
  -1,644
  -1,914
  -2,194
  -2,481
  -2,773
  -3,066
  -3,359
  -3,648
  -3,935
  -4,217
  -4,495
  -4,770
  -5,042
  -5,312
  -5,582
  -5,852
  -6,126
  -6,403
  -6,687
  -6,977
  -7,277
Issuance/(repayment) of debt, $m
  66
  156
  225
  316
  430
  569
  732
  919
  1,128
  1,357
  1,602
  1,859
  2,125
  2,397
  2,671
  2,943
  3,213
  3,479
  3,738
  3,992
  4,239
  4,481
  4,719
  4,953
  5,184
  5,415
  5,646
  5,880
  6,118
  6,361
  6,612
Issuance/(repurchase) of shares, $m
  29
  43
  63
  89
  122
  162
  210
  265
  327
  396
  471
  552
  637
  726
  817
  910
  1,005
  1,100
  1,196
  1,293
  1,390
  1,487
  1,585
  1,684
  1,784
  1,886
  1,990
  2,096
  2,205
  2,318
  2,434
Cash from financing (excl. dividends), $m  
  92
  199
  288
  405
  552
  731
  942
  1,184
  1,455
  1,753
  2,073
  2,411
  2,762
  3,123
  3,488
  3,853
  4,218
  4,579
  4,934
  5,285
  5,629
  5,968
  6,304
  6,637
  6,968
  7,301
  7,636
  7,976
  8,323
  8,679
  9,046
Total cash flow (excl. dividends), $m
  5
  43
  60
  85
  115
  152
  196
  246
  302
  363
  428
  497
  569
  641
  714
  787
  860
  931
  1,000
  1,068
  1,134
  1,199
  1,262
  1,325
  1,387
  1,449
  1,510
  1,573
  1,637
  1,702
  1,769
Retained Cash Flow (-), $m
  1
  -46
  -66
  -92
  -126
  -166
  -214
  -268
  -329
  -396
  -471
  -552
  -637
  -726
  -817
  -910
  -1,005
  -1,100
  -1,196
  -1,293
  -1,390
  -1,487
  -1,585
  -1,684
  -1,784
  -1,886
  -1,990
  -2,096
  -2,205
  -2,318
  -2,434
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
 
  -1
  -6
  -8
  -11
  -14
  -18
  -22
  -28
  -33
  -43
  -55
  -69
  -84
  -103
  -123
  -145
  -170
  -196
  -225
  -256
  -288
  -323
  -359
  -398
  -438
  -480
  -523
  -569
  -616
  -666
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
 
  -1
  -4
  -5
  -6
  -7
  -7
  -8
  -8
  -7
  -7
  -7
  -7
  -6
  -5
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  79.4
  64.3
  52.9
  44.2
  37.4
  32.1
  27.9
  24.4
  21.7
  19.4
  17.4
  15.8
  14.4
  13.2
  12.2
  11.3
  10.5
  9.9
  9.2
  8.7
  8.2
  7.8
  7.4
  7.0
  6.7
  6.4
  6.1
  5.8
  5.6
  5.3

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.


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FINANCIAL RATIOS  of  Gladstone Land (LAND)

Valuation Ratios
P/E Ratio 0
Price to Sales 7.7
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow -1.5
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 60% 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 13.189 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.

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COMPANY NEWS

▶ Landis+Gyr Adds Cellular Option to Line Sensor Products   [Nov-14-17 10:00AM  PR Newswire]
▶ Gladstone Land Corp. to Host Earnings Call   [Nov-08-17 06:20AM  ACCESSWIRE]
▶ Gladstone reports 3Q results   [Nov-07-17 07:43PM  Associated Press]
▶ 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]
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.

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