Intrinsic value of Macerich - MAC

Previous Close

$66.77

  Intrinsic Value

$7.26

stock screener

  Rating & Target

str. sell

-89%

Previous close

$66.77

 
Intrinsic value

$7.26

 
Up/down potential

-89%

 
Rating

str. sell

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

We calculate the intrinsic value of MAC 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 9.4

 

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, %
  -19.18
  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
  1,041
  1,062
  1,086
  1,114
  1,145
  1,180
  1,218
  1,260
  1,305
  1,353
  1,405
  1,461
  1,520
  1,583
  1,650
  1,721
  1,797
  1,877
  1,961
  2,050
  2,144
  2,244
  2,349
  2,459
  2,576
  2,698
  2,827
  2,963
  3,106
  3,257
  3,415
Variable operating expenses, $m
 
  991
  1,013
  1,040
  1,069
  1,101
  1,137
  1,175
  1,217
  1,262
  1,311
  1,363
  1,418
  1,477
  1,540
  1,606
  1,676
  1,751
  1,830
  1,913
  2,001
  2,093
  2,191
  2,294
  2,403
  2,517
  2,638
  2,765
  2,898
  3,038
  3,186
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
  945
  991
  1,013
  1,040
  1,069
  1,101
  1,137
  1,175
  1,217
  1,262
  1,311
  1,363
  1,418
  1,477
  1,540
  1,606
  1,676
  1,751
  1,830
  1,913
  2,001
  2,093
  2,191
  2,294
  2,403
  2,517
  2,638
  2,765
  2,898
  3,038
  3,186
Operating income, $m
  97
  71
  73
  75
  77
  79
  82
  84
  87
  91
  94
  98
  102
  106
  111
  115
  120
  126
  131
  137
  144
  150
  157
  165
  173
  181
  189
  199
  208
  218
  229
EBITDA, $m
  452
  433
  443
  455
  467
  482
  497
  514
  532
  552
  573
  596
  620
  646
  673
  702
  733
  766
  800
  836
  875
  915
  958
  1,003
  1,051
  1,101
  1,154
  1,209
  1,267
  1,329
  1,393
Interest expense (income), $m
  154
  174
  177
  182
  187
  193
  200
  208
  216
  224
  234
  244
  255
  267
  279
  292
  306
  321
  336
  353
  370
  389
  408
  429
  450
  473
  497
  523
  549
  577
  607
Earnings before tax, $m
  556
  -103
  -104
  -107
  -110
  -114
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -161
  -168
  -177
  -186
  -195
  -205
  -216
  -227
  -239
  -251
  -264
  -278
  -293
  -308
  -324
  -341
  -359
  -378
Tax expense, $m
  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
  0
  0
  0
  0
  0
Net income, $m
  517
  -103
  -104
  -107
  -110
  -114
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -161
  -168
  -177
  -186
  -195
  -205
  -216
  -227
  -239
  -251
  -264
  -278
  -293
  -308
  -324
  -341
  -359
  -378

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  94
  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
  9,958
  10,017
  10,248
  10,511
  10,807
  11,134
  11,494
  11,885
  12,309
  12,765
  13,255
  13,779
  14,339
  14,934
  15,567
  16,238
  16,950
  17,703
  18,500
  19,342
  20,230
  21,168
  22,157
  23,199
  24,298
  25,454
  26,672
  27,954
  29,303
  30,722
  32,215
Adjusted assets (=assets-cash), $m
  9,864
  10,017
  10,248
  10,511
  10,807
  11,134
  11,494
  11,885
  12,309
  12,765
  13,255
  13,779
  14,339
  14,934
  15,567
  16,238
  16,950
  17,703
  18,500
  19,342
  20,230
  21,168
  22,157
  23,199
  24,298
  25,454
  26,672
  27,954
  29,303
  30,722
  32,215
Revenue / Adjusted assets
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
Average production assets, $m
  8,449
  8,618
  8,816
  9,043
  9,297
  9,579
  9,888
  10,225
  10,589
  10,982
  11,403
  11,854
  12,335
  12,848
  13,392
  13,970
  14,582
  15,230
  15,915
  16,639
  17,404
  18,211
  19,061
  19,958
  20,903
  21,898
  22,946
  24,049
  25,209
  26,430
  27,714
Working capital, $m
  0
  -96
  -98
  -100
  -103
  -106
  -110
  -113
  -117
  -122
  -126
  -131
  -137
  -142
  -149
  -155
  -162
  -169
  -176
  -185
  -193
  -202
  -211
  -221
  -232
  -243
  -254
  -267
  -280
  -293
  -307
Total debt, $m
  4,966
  5,054
  5,191
  5,347
  5,522
  5,717
  5,930
  6,162
  6,413
  6,684
  6,974
  7,285
  7,617
  7,970
  8,345
  8,743
  9,165
  9,612
  10,084
  10,584
  11,111
  11,667
  12,253
  12,871
  13,522
  14,208
  14,931
  15,691
  16,491
  17,332
  18,217
Total liabilities, $m
  5,852
  5,940
  6,077
  6,233
  6,408
  6,603
  6,816
  7,048
  7,299
  7,570
  7,860
  8,171
  8,503
  8,856
  9,231
  9,629
  10,051
  10,498
  10,970
  11,470
  11,997
  12,553
  13,139
  13,757
  14,408
  15,094
  15,817
  16,577
  17,377
  18,218
  19,103
Total equity, $m
  4,106
  4,077
  4,171
  4,278
  4,398
  4,532
  4,678
  4,837
  5,010
  5,195
  5,395
  5,608
  5,836
  6,078
  6,336
  6,609
  6,899
  7,205
  7,529
  7,872
  8,234
  8,615
  9,018
  9,442
  9,889
  10,360
  10,856
  11,377
  11,926
  12,504
  13,111
Total liabilities and equity, $m
  9,958
  10,017
  10,248
  10,511
  10,806
  11,135
  11,494
  11,885
  12,309
  12,765
  13,255
  13,779
  14,339
  14,934
  15,567
  16,238
  16,950
  17,703
  18,499
  19,342
  20,231
  21,168
  22,157
  23,199
  24,297
  25,454
  26,673
  27,954
  29,303
  30,722
  32,214
Debt-to-equity ratio
  1.209
  1.240
  1.240
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
  1.380
  1.390
  1.390
Adjusted equity ratio
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  517
  -103
  -104
  -107
  -110
  -114
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -161
  -168
  -177
  -186
  -195
  -205
  -216
  -227
  -239
  -251
  -264
  -278
  -293
  -308
  -324
  -341
  -359
  -378
Depreciation, amort., depletion, $m
  355
  362
  370
  380
  391
  402
  415
  430
  445
  461
  479
  498
  518
  540
  563
  587
  613
  640
  669
  699
  731
  765
  801
  839
  878
  920
  964
  1,010
  1,059
  1,111
  1,164
Funds from operations, $m
  375
  259
  266
  273
  280
  288
  297
  306
  317
  328
  339
  352
  365
  379
  394
  410
  427
  445
  464
  484
  505
  527
  550
  574
  600
  628
  656
  686
  718
  752
  787
Change in working capital, $m
  -43
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
Cash from operations, $m
  418
  261
  268
  275
  283
  291
  300
  310
  321
  332
  344
  357
  370
  385
  400
  417
  434
  452
  471
  492
  513
  536
  559
  584
  611
  639
  668
  699
  731
  765
  801
Maintenance CAPEX, $m
  0
  -355
  -362
  -370
  -380
  -391
  -402
  -415
  -430
  -445
  -461
  -479
  -498
  -518
  -540
  -563
  -587
  -613
  -640
  -669
  -699
  -731
  -765
  -801
  -839
  -878
  -920
  -964
  -1,010
  -1,059
  -1,111
New CAPEX, $m
  -48
  -169
  -198
  -227
  -254
  -282
  -309
  -337
  -365
  -393
  -421
  -451
  -481
  -512
  -544
  -578
  -612
  -648
  -685
  -724
  -765
  -807
  -851
  -897
  -945
  -995
  -1,048
  -1,103
  -1,160
  -1,221
  -1,284
Cash from investing activities, $m
  443
  -524
  -560
  -597
  -634
  -673
  -711
  -752
  -795
  -838
  -882
  -930
  -979
  -1,030
  -1,084
  -1,141
  -1,199
  -1,261
  -1,325
  -1,393
  -1,464
  -1,538
  -1,616
  -1,698
  -1,784
  -1,873
  -1,968
  -2,067
  -2,170
  -2,280
  -2,395
Free cash flow, $m
  861
  -263
  -292
  -322
  -351
  -381
  -411
  -442
  -473
  -506
  -539
  -573
  -609
  -646
  -684
  -724
  -765
  -809
  -854
  -901
  -951
  -1,002
  -1,057
  -1,113
  -1,173
  -1,235
  -1,300
  -1,368
  -1,440
  -1,515
  -1,594
Issuance/(repayment) of debt, $m
  763
  88
  137
  156
  175
  194
  213
  232
  251
  271
  291
  311
  332
  353
  375
  398
  422
  447
  472
  499
  527
  556
  586
  618
  651
  686
  722
  760
  800
  842
  885
Issuance/(repurchase) of shares, $m
  -798
  168
  198
  214
  231
  248
  265
  282
  301
  320
  339
  360
  381
  403
  426
  450
  475
  502
  529
  558
  588
  620
  653
  688
  725
  763
  804
  846
  890
  937
  985
Cash from financing (excl. dividends), $m  
  -74
  256
  335
  370
  406
  442
  478
  514
  552
  591
  630
  671
  713
  756
  801
  848
  897
  949
  1,001
  1,057
  1,115
  1,176
  1,239
  1,306
  1,376
  1,449
  1,526
  1,606
  1,690
  1,779
  1,870
Total cash flow (excl. dividends), $m
  787
  -7
  43
  49
  55
  61
  67
  73
  79
  85
  91
  97
  104
  110
  117
  124
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
  250
  263
  277
Retained Cash Flow (-), $m
  609
  -168
  -198
  -214
  -231
  -248
  -265
  -282
  -301
  -320
  -339
  -360
  -381
  -403
  -426
  -450
  -475
  -502
  -529
  -558
  -588
  -620
  -653
  -688
  -725
  -763
  -804
  -846
  -890
  -937
  -985
Prev. year cash balance distribution, $m
 
  94
  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
 
  -81
  -155
  -165
  -176
  -187
  -198
  -210
  -222
  -235
  -248
  -262
  -277
  -292
  -309
  -326
  -343
  -362
  -382
  -402
  -424
  -446
  -470
  -495
  -521
  -549
  -578
  -608
  -640
  -673
  -709
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  -74
  -129
  -123
  -117
  -109
  -101
  -92
  -83
  -74
  -65
  -56
  -47
  -39
  -32
  -26
  -20
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.2
  96.2
  94.1
  91.9
  89.7
  87.5
  85.3
  83.0
  80.8
  78.6
  76.3
  74.2
  72.0
  69.9
  67.8
  65.7
  63.7
  61.7
  59.8
  57.9
  56.1
  54.3
  52.6
  50.9
  49.2
  47.6
  46.0
  44.5
  43.1
  41.6

The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P. (the Operating Partnership). As of December 31, 2016, the Company, through its operating partnership, had ownership interests in 50 regional shopping centers and seven community/power shopping centers. These 57 regional and community/power shopping centers consisted of approximately 56 million square feet of gross leasable area (GLA), as of December 31, 2016. The Company's properties include Danbury Fair Mall, Desert Sky Mall, Fresno Fashion Fair, NorthPark Mall, Oaks, The, Towne Mall, Valley Mall, Arrowhead Towne Center, Deptford Mall and South Plains Mall.

FINANCIAL RATIOS  of  Macerich (MAC)

Valuation Ratios
P/E Ratio 18.6
Price to Sales 9.2
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 26
Growth Rates
Sales Growth Rate -19.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -39%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 120.9%
Total Debt to Equity 120.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 18.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 61%
Gross Margin - 3 Yr. Avg. 60.8%
EBITDA Margin 102.3%
EBITDA Margin - 3 Yr. Avg. 131.4%
Operating Margin 9.2%
Oper. Margin - 3 Yr. Avg. 7%
Pre-Tax Margin 53.4%
Pre-Tax Margin - 3 Yr. Avg. 79.6%
Net Profit Margin 49.7%
Net Profit Margin - 3 Yr. Avg. 74.4%
Effective Tax Rate 0.2%
Eff/ Tax Rate - 3 Yr. Avg. -0.2%
Payout Ratio 150.7%

MAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MAC stock intrinsic value calculation we used $1041 million for the last fiscal year's total revenue generated by Macerich. The default revenue input number comes from 2016 income statement of Macerich. 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 MAC 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 9.3%, whose default value for MAC is calculated based on our internal credit rating of Macerich, 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 Macerich.
    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 MAC stock the variable cost ratio is equal to 93.3%.

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 MAC 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 Macerich.

Corporate tax rate of 27% is the nominal tax rate for Macerich. 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 MAC 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 MAC are equal to 811.6%.

Life of production assets of 23.8 years is the average useful life of capital assets used in Macerich 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 MAC is equal to -9%. 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 - $4106 million for Macerich - 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 141.473 million for Macerich 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 Macerich at the current share price and the inputted number of shares is $9.4 billion.

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COMPANY NEWS

▶ Macerich Announces Additional Non-Core Asset Sale   [Nov-27-17 01:54PM  PR Newswire]
▶ Will Macerich Companys (MAC) Earnings Grow In Next 12 Months?   [Nov-20-17 04:25PM  Simply Wall St.]
▶ Mall Short Sellers Feel Some Pain   [Nov-14-17 09:36PM  The Wall Street Journal]
▶ Loeb Targets Mall Owner Macerich   [Nov-10-17 09:11AM  TheStreet.com]
▶ Loebs Third Point Takes Stake in Mall-Owner Macerich   [Nov-09-17 12:59PM  Bloomberg]
▶ Macerich to Sell West Los Angeles Mall   [Oct-31-17 06:27PM  The Wall Street Journal]
▶ Macerich Company to Host Earnings Call   [09:10AM  ACCESSWIRE]
▶ Macerich reports 3Q results   [Oct-30-17 04:45PM  Associated Press]
▶ Macerich Announces Quarterly Results   [04:30PM  PR Newswire]
▶ Macerich Declares An Increase In Its Quarterly Dividend   [Oct-24-17 04:15PM  PR Newswire]
▶ Where Trump sees carnage, jobs are springing up   [Sep-13-17 12:01AM  Yahoo Finance]
▶ Heres how dead malls across America could be saved   [Aug-08-17 02:02PM  Yahoo Finance Video]
▶ Macerich reports 2Q results   [Aug-02-17 10:02PM  Associated Press]
▶ Macerich Announces Quarterly Results   [04:15PM  PR Newswire]
▶ Here's a peek into Scottsdale Fashion Square's multimillion-dollar renovation   [Jul-27-17 05:20PM  American City Business Journals]
▶ Mall Owners Comp Cut Amid Retail Rubble   [01:08AM  The Wall Street Journal]
▶ [$$] Mall Owners' Comp Cut Amid Retail Rubble   [Jul-26-17 11:12AM  The Wall Street Journal]
▶ ETFs with exposure to Macerich Co. : July 24, 2017   [Jul-24-17 05:11PM  Capital Cube]
▶ ETFs with exposure to Macerich Co. : July 14, 2017   [Jul-14-17 03:30PM  Capital Cube]
▶ How Analysts View Public Storage   [Jun-28-17 07:36AM  Market Realist]
▶ Where Public Storage Stands Compared to Its Peers   [Jun-27-17 10:36AM  Market Realist]
▶ [$$] Mall Landlords Roll the Dice With Tech Investments   [Jun-20-17 09:09AM  The Wall Street Journal]
▶ [$$] Fifth Wall Targets Real Estate Startups with $212 Million Fund   [May-02-17 07:30AM  The Wall Street Journal]
▶ Macerich reports 1Q results   [Apr-27-17 05:26PM  Associated Press]
▶ Macerich Announces Quarterly Results   [04:45PM  PR Newswire]
▶ Executive Edge: Retail real estate bargain hunting   [Apr-10-17 06:42AM  CNBC Videos]
▶ [$$] With Retail Tanking Could Mall REITs be the Next Nightmare?   [Mar-27-17 10:13AM  The Wall Street Journal]
▶ Real estate's tough run   [06:48AM  CNBC Videos]
▶ [$$] Sears Stock Stumbles After Going-Concern Warning   [Mar-23-17 12:50AM  The Wall Street Journal]
▶ [$$] Sears Stock Stumbles After Going-Concern Warning   [Mar-22-17 07:16PM  at The Wall Street Journal]
▶ 3 High-Quality Retail REITs at Selling at a Discount   [Mar-15-17 11:23AM  Barrons.com]
▶ Mall REITs get crushed as department stores close   [Mar-09-17 05:35PM  CNBC Videos]
▶ Macerich announces $500 Million share repurchase program   [Feb-13-17 09:00AM  PR Newswire]
Financial statements of MAC
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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