Intrinsic value of LaSalle Hotel Properties - LHO

Previous Close

$27.80

  Intrinsic Value

$5.80

stock screener

  Rating & Target

str. sell

-79%

  Value-price divergence*

-21%

Previous close

$27.80

 
Intrinsic value

$5.80

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence*

-21%

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

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

We calculate the intrinsic value of LHO 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 3.1

 

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, %
  0.90
  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
  1,228
  1,253
  1,281
  1,314
  1,351
  1,392
  1,437
  1,486
  1,539
  1,596
  1,657
  1,723
  1,793
  1,867
  1,946
  2,030
  2,119
  2,214
  2,313
  2,418
  2,530
  2,647
  2,771
  2,901
  3,038
  3,183
  3,335
  3,495
  3,664
  3,842
  4,028
Variable operating expenses, $m
 
  228
  233
  239
  246
  253
  262
  270
  280
  291
  302
  314
  326
  340
  354
  370
  386
  403
  421
  440
  460
  482
  504
  528
  553
  579
  607
  636
  667
  699
  733
Fixed operating expenses, $m
 
  851
  872
  894
  916
  939
  963
  987
  1,011
  1,037
  1,062
  1,089
  1,116
  1,144
  1,173
  1,202
  1,232
  1,263
  1,295
  1,327
  1,360
  1,394
  1,429
  1,465
  1,501
  1,539
  1,577
  1,617
  1,657
  1,699
  1,741
Total operating expenses, $m
  1,033
  1,079
  1,105
  1,133
  1,162
  1,192
  1,225
  1,257
  1,291
  1,328
  1,364
  1,403
  1,442
  1,484
  1,527
  1,572
  1,618
  1,666
  1,716
  1,767
  1,820
  1,876
  1,933
  1,993
  2,054
  2,118
  2,184
  2,253
  2,324
  2,398
  2,474
Operating income, $m
  195
  174
  176
  181
  189
  200
  213
  229
  248
  269
  293
  320
  350
  383
  419
  459
  502
  548
  598
  651
  709
  771
  837
  908
  984
  1,065
  1,151
  1,243
  1,340
  1,444
  1,554
EBITDA, $m
  387
  370
  376
  387
  400
  417
  438
  461
  488
  519
  552
  590
  631
  675
  724
  776
  833
  894
  959
  1,030
  1,105
  1,185
  1,271
  1,362
  1,459
  1,562
  1,672
  1,789
  1,913
  2,045
  2,184
Interest expense (income), $m
  41
  39
  40
  41
  43
  44
  46
  48
  49
  52
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  111
  117
  123
  129
  136
  143
Earnings before tax, $m
  154
  135
  136
  140
  147
  156
  167
  182
  198
  218
  240
  264
  292
  322
  355
  391
  431
  473
  519
  569
  623
  680
  742
  808
  879
  954
  1,034
  1,120
  1,211
  1,308
  1,411
Tax expense, $m
  5
  36
  37
  38
  40
  42
  45
  49
  54
  59
  65
  71
  79
  87
  96
  106
  116
  128
  140
  154
  168
  184
  200
  218
  237
  258
  279
  302
  327
  353
  381
Net income, $m
  253
  98
  99
  102
  107
  114
  122
  133
  145
  159
  175
  193
  213
  235
  259
  286
  314
  346
  379
  416
  455
  497
  542
  590
  641
  696
  755
  818
  884
  955
  1,030

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  135
  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
  3,944
  3,890
  3,979
  4,082
  4,196
  4,324
  4,463
  4,615
  4,780
  4,957
  5,147
  5,351
  5,568
  5,799
  6,045
  6,306
  6,582
  6,875
  7,184
  7,511
  7,856
  8,220
  8,604
  9,009
  9,435
  9,885
  10,358
  10,855
  11,379
  11,930
  12,510
Adjusted assets (=assets-cash), $m
  3,809
  3,890
  3,979
  4,082
  4,196
  4,324
  4,463
  4,615
  4,780
  4,957
  5,147
  5,351
  5,568
  5,799
  6,045
  6,306
  6,582
  6,875
  7,184
  7,511
  7,856
  8,220
  8,604
  9,009
  9,435
  9,885
  10,358
  10,855
  11,379
  11,930
  12,510
Revenue / Adjusted assets
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
Average production assets, $m
  3,745
  3,819
  3,907
  4,007
  4,120
  4,245
  4,382
  4,531
  4,693
  4,867
  5,054
  5,253
  5,467
  5,694
  5,935
  6,191
  6,462
  6,749
  7,053
  7,374
  7,713
  8,070
  8,447
  8,845
  9,263
  9,704
  10,169
  10,658
  11,172
  11,713
  12,282
Working capital, $m
  0
  -125
  -128
  -131
  -135
  -139
  -144
  -149
  -154
  -160
  -166
  -172
  -179
  -187
  -195
  -203
  -212
  -221
  -231
  -242
  -253
  -265
  -277
  -290
  -304
  -318
  -334
  -350
  -366
  -384
  -403
Total debt, $m
  1,119
  1,149
  1,182
  1,219
  1,261
  1,307
  1,358
  1,413
  1,473
  1,537
  1,607
  1,681
  1,760
  1,844
  1,933
  2,028
  2,129
  2,235
  2,348
  2,467
  2,593
  2,725
  2,865
  3,012
  3,167
  3,331
  3,503
  3,684
  3,875
  4,076
  4,287
Total liabilities, $m
  1,386
  1,416
  1,449
  1,486
  1,528
  1,574
  1,625
  1,680
  1,740
  1,804
  1,874
  1,948
  2,027
  2,111
  2,200
  2,295
  2,396
  2,502
  2,615
  2,734
  2,860
  2,992
  3,132
  3,279
  3,434
  3,598
  3,770
  3,951
  4,142
  4,343
  4,554
Total equity, $m
  2,558
  2,474
  2,531
  2,596
  2,669
  2,750
  2,839
  2,935
  3,040
  3,153
  3,274
  3,403
  3,541
  3,688
  3,845
  4,010
  4,186
  4,372
  4,569
  4,777
  4,996
  5,228
  5,472
  5,730
  6,001
  6,287
  6,587
  6,904
  7,237
  7,588
  7,956
Total liabilities and equity, $m
  3,944
  3,890
  3,980
  4,082
  4,197
  4,324
  4,464
  4,615
  4,780
  4,957
  5,148
  5,351
  5,568
  5,799
  6,045
  6,305
  6,582
  6,874
  7,184
  7,511
  7,856
  8,220
  8,604
  9,009
  9,435
  9,885
  10,357
  10,855
  11,379
  11,931
  12,510
Debt-to-equity ratio
  0.437
  0.460
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.500
  0.500
  0.500
  0.510
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.530
  0.530
  0.540
  0.540
  0.540
Adjusted equity ratio
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  253
  98
  99
  102
  107
  114
  122
  133
  145
  159
  175
  193
  213
  235
  259
  286
  314
  346
  379
  416
  455
  497
  542
  590
  641
  696
  755
  818
  884
  955
  1,030
Depreciation, amort., depletion, $m
  192
  196
  200
  206
  211
  218
  225
  232
  241
  250
  259
  269
  280
  292
  304
  317
  331
  346
  362
  378
  396
  414
  433
  454
  475
  498
  521
  547
  573
  601
  630
Funds from operations, $m
  365
  294
  300
  308
  318
  331
  347
  365
  385
  408
  434
  462
  493
  527
  563
  603
  646
  692
  741
  794
  850
  911
  975
  1,043
  1,116
  1,194
  1,277
  1,364
  1,457
  1,556
  1,660
Change in working capital, $m
  6
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
Cash from operations, $m
  359
  297
  302
  311
  322
  335
  351
  370
  391
  414
  440
  469
  500
  534
  571
  611
  655
  701
  751
  804
  861
  922
  987
  1,056
  1,130
  1,208
  1,292
  1,380
  1,474
  1,573
  1,679
Maintenance CAPEX, $m
  0
  -192
  -196
  -200
  -206
  -211
  -218
  -225
  -232
  -241
  -250
  -259
  -269
  -280
  -292
  -304
  -317
  -331
  -346
  -362
  -378
  -396
  -414
  -433
  -454
  -475
  -498
  -521
  -547
  -573
  -601
New CAPEX, $m
  -103
  -75
  -88
  -100
  -113
  -125
  -137
  -149
  -162
  -174
  -187
  -200
  -213
  -227
  -241
  -256
  -271
  -287
  -304
  -321
  -339
  -358
  -377
  -397
  -419
  -441
  -464
  -489
  -514
  -541
  -569
Cash from investing activities, $m
  154
  -267
  -284
  -300
  -319
  -336
  -355
  -374
  -394
  -415
  -437
  -459
  -482
  -507
  -533
  -560
  -588
  -618
  -650
  -683
  -717
  -754
  -791
  -830
  -873
  -916
  -962
  -1,010
  -1,061
  -1,114
  -1,170
Free cash flow, $m
  513
  30
  19
  10
  4
  -1
  -3
  -4
  -3
  -1
  4
  10
  18
  27
  38
  51
  66
  82
  101
  122
  144
  169
  196
  226
  258
  292
  330
  370
  413
  459
  509
Issuance/(repayment) of debt, $m
  -307
  30
  33
  37
  42
  46
  51
  55
  60
  65
  69
  74
  79
  84
  89
  95
  101
  106
  113
  119
  126
  133
  140
  147
  155
  164
  172
  181
  191
  201
  211
Issuance/(repurchase) of shares, $m
  148
  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 from financing (excl. dividends), $m  
  -164
  30
  33
  37
  42
  46
  51
  55
  60
  65
  69
  74
  79
  84
  89
  95
  101
  106
  113
  119
  126
  133
  140
  147
  155
  164
  172
  181
  191
  201
  211
Total cash flow (excl. dividends), $m
  349
  60
  51
  47
  46
  46
  47
  51
  57
  64
  73
  84
  97
  111
  128
  146
  166
  189
  214
  241
  270
  302
  336
  373
  413
  456
  502
  551
  604
  660
  720
Retained Cash Flow (-), $m
  -184
  -51
  -57
  -65
  -73
  -81
  -89
  -97
  -105
  -113
  -121
  -129
  -138
  -147
  -156
  -166
  -176
  -186
  -197
  -208
  -219
  -232
  -244
  -257
  -271
  -286
  -301
  -317
  -333
  -350
  -369
Prev. year cash balance distribution, $m
 
  135
  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
 
  144
  -6
  -18
  -28
  -35
  -41
  -46
  -48
  -49
  -48
  -46
  -42
  -36
  -29
  -20
  -9
  3
  17
  33
  50
  70
  92
  116
  142
  170
  201
  235
  271
  310
  351
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  137
  -5
  -15
  -22
  -26
  -28
  -28
  -27
  -24
  -21
  -18
  -14
  -11
  -7
  -4
  -2
  0
  2
  3
  4
  4
  4
  4
  4
  3
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

LaSalle Hotel Properties, a real estate investment trust (REIT), engages in the purchase, ownership, redevelopment, and leasing of primarily upscale and luxury full-service hotels in convention, resort, and urban business markets in the United States. It owns 34 hotels, totaling approximately 9,200 guest rooms in 15 markets in 11 states and the District of Columbia. The company qualifies as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal corporate income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. The company was founded in 1998 and is based in Bethesda, Maryland.

FINANCIAL RATIOS  of  LaSalle Hotel Properties (LHO)

Valuation Ratios
P/E Ratio 12.4
Price to Sales 2.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 12.3
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -82.3%
Cap. Spend. - 3 Yr. Gr. Rate -24.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 43.7%
Total Debt to Equity 43.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 35.5%
Gross Margin - 3 Yr. Avg. 35%
EBITDA Margin 31.5%
EBITDA Margin - 3 Yr. Avg. 33.4%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 15.7%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 14.4%
Net Profit Margin 20.6%
Net Profit Margin - 3 Yr. Avg. 17%
Effective Tax Rate 3.2%
Eff/ Tax Rate - 3 Yr. Avg. 1.1%
Payout Ratio 87%

LHO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LHO stock intrinsic value calculation we used $1228 million for the last fiscal year's total revenue generated by LaSalle Hotel Properties. The default revenue input number comes from 2016 income statement of LaSalle Hotel Properties. 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 LHO 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 5.4%, whose default value for LHO is calculated based on our internal credit rating of LaSalle Hotel Properties, 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 LaSalle Hotel Properties.
    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 LHO stock the variable cost ratio is equal to 18.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $830 million in the base year in the intrinsic value calculation for LHO 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 LaSalle Hotel Properties.

Corporate tax rate of 27% is the nominal tax rate for LaSalle Hotel Properties. 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 LHO 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 LHO are equal to 304.9%.

Life of production assets of 19.5 years is the average useful life of capital assets used in LaSalle Hotel Properties 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 LHO 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 - $2558 million for LaSalle Hotel Properties - 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 110.317 million for LaSalle Hotel Properties 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 LaSalle Hotel Properties at the current share price and the inputted number of shares is $3.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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AMT American Tower 140.00 50.59  str.sell
CTT CatchMark Timb 11.12 3.03  str.sell
HIFR InfraREIT 20.72 22.83  hold

COMPANY NEWS

▶ LaSalle Hotel Properties reports 2Q results   [Jul-19-17 09:24PM  Associated Press]
▶ Adventures in Venezuela With Goldman Sachs   [Jun-01-17 01:05PM  The Wall Street Journal]
▶ 3 Secure Income Plays For 6.3% To 7.8% Yields   [Apr-23-17 08:38AM  Forbes]
▶ LaSalle Hotel Properties reports 1Q results   [Apr-19-17 04:24PM  Associated Press]
▶ LaSalle Hotel Properties reports 4Q results   [Feb-22-17 04:32PM  Associated Press]
▶ Own a hotel, with help from Donald Trump   [Jan-31-17 01:52PM  at MarketWatch]
▶ Should You Buy PDC Energy Inc (PDCE)?   [Nov-30-16 06:06AM  at Insider Monkey]
▶ Are Hedge Funds Losing Faith in Tenneco Inc (TEN)?   [Nov-28-16 11:21AM  at Insider Monkey]
▶ How Greater Washington stocks fared post-election   [Nov-09-16 04:29PM  at bizjournals.com]
▶ Pebblebrook Hotel Trust Delivers Upper-Upscale Results   [Jul-26-16 10:00AM  at Motley Fool]
Stock chart of LHO Financial statements of LHO
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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