Intrinsic value of Macerich - MAC

Previous Close

$57.57

  Intrinsic Value

$17.50

stock screener

  Rating & Target

str. sell

-70%

Previous close

$57.57

 
Intrinsic value

$17.50

 
Up/down potential

-70%

 
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

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, %
  -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
  1,014
  1,037
  1,064
  1,094
  1,127
  1,163
  1,203
  1,246
  1,292
  1,342
  1,395
  1,451
  1,512
  1,576
  1,644
  1,716
  1,792
  1,872
  1,958
  2,048
  2,142
  2,243
  2,348
  2,459
  2,576
  2,700
  2,829
  2,966
  3,110
  3,261
Variable operating expenses, $m
 
  358
  366
  375
  386
  397
  410
  423
  438
  454
  472
  484
  504
  525
  547
  571
  596
  622
  650
  680
  711
  744
  779
  815
  854
  894
  937
  982
  1,030
  1,080
  1,132
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
  358
  366
  375
  386
  397
  410
  423
  438
  454
  472
  484
  504
  525
  547
  571
  596
  622
  650
  680
  711
  744
  779
  815
  854
  894
  937
  982
  1,030
  1,080
  1,132
Operating income, $m
  97
  656
  671
  689
  708
  730
  754
  780
  808
  838
  870
  910
  947
  987
  1,029
  1,073
  1,120
  1,170
  1,222
  1,278
  1,337
  1,399
  1,464
  1,533
  1,605
  1,682
  1,762
  1,847
  1,936
  2,030
  2,129
EBITDA, $m
  452
  1,666
  1,704
  1,748
  1,797
  1,852
  1,912
  1,977
  2,047
  2,123
  2,205
  2,292
  2,385
  2,484
  2,589
  2,701
  2,819
  2,945
  3,077
  3,217
  3,365
  3,521
  3,685
  3,859
  4,041
  4,234
  4,436
  4,650
  4,874
  5,110
  5,358
Interest expense (income), $m
  154
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
  169
Earnings before tax, $m
  556
  487
  502
  519
  539
  561
  584
  610
  638
  668
  701
  741
  778
  818
  859
  904
  951
  1,001
  1,053
  1,109
  1,167
  1,229
  1,295
  1,364
  1,436
  1,513
  1,593
  1,678
  1,767
  1,861
  1,959
Tax expense, $m
  1
  131
  136
  140
  146
  151
  158
  165
  172
  180
  189
  200
  210
  221
  232
  244
  257
  270
  284
  299
  315
  332
  350
  368
  388
  408
  430
  453
  477
  502
  529
Net income, $m
  517
  355
  367
  379
  393
  409
  427
  446
  466
  488
  512
  541
  568
  597
  627
  660
  694
  730
  769
  809
  852
  898
  945
  995
  1,048
  1,104
  1,163
  1,225
  1,290
  1,358
  1,430

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
  -847
  -866
  -889
  -914
  -941
  -972
  -1,005
  -1,041
  -1,079
  -1,121
  -1,165
  -1,212
  -1,263
  -1,316
  -1,373
  -1,433
  -1,497
  -1,564
  -1,635
  -1,711
  -1,790
  -1,874
  -1,962
  -2,055
  -2,152
  -2,255
  -2,364
  -2,478
  -2,598
  -2,724
Adjusted assets (=assets-cash), $m
  9,864
  -847
  -866
  -889
  -914
  -941
  -972
  -1,005
  -1,041
  -1,079
  -1,121
  -1,165
  -1,212
  -1,263
  -1,316
  -1,373
  -1,433
  -1,497
  -1,564
  -1,635
  -1,711
  -1,790
  -1,874
  -1,962
  -2,055
  -2,152
  -2,255
  -2,364
  -2,478
  -2,598
  -2,724
Revenue / Adjusted assets
  0.106
  -1.197
  -1.197
  -1.197
  -1.197
  -1.198
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.198
  -1.197
  -1.197
  -1.197
  -1.197
  -1.198
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
  -1.197
Average production assets, $m
  8,449
  10,042
  10,273
  10,537
  10,834
  11,162
  11,523
  11,915
  12,340
  12,798
  13,289
  13,814
  14,375
  14,972
  15,606
  16,279
  16,993
  17,748
  18,547
  19,390
  20,281
  21,221
  22,213
  23,258
  24,359
  25,519
  26,740
  28,025
  29,377
  30,800
  32,296
Working capital, $m
  0
  -5,753
  -5,885
  -6,036
  -6,206
  -6,394
  -6,601
  -6,826
  -7,069
  -7,331
  -7,612
  -7,913
  -8,235
  -8,576
  -8,940
  -9,326
  -9,734
  -10,167
  -10,624
  -11,108
  -11,618
  -12,157
  -12,724
  -13,323
  -13,954
  -14,618
  -15,318
  -16,054
  -16,828
  -17,643
  -18,501
Total debt, $m
  4,966
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
  1,710
Total liabilities, $m
  5,852
  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 equity, $m
  4,106
  -847
  -866
  -889
  -914
  -941
  -972
  -1,005
  -1,041
  -1,079
  -1,121
  -1,165
  -1,212
  -1,263
  -1,316
  -1,373
  -1,433
  -1,497
  -1,564
  -1,635
  -1,711
  -1,790
  -1,874
  -1,962
  -2,055
  -2,152
  -2,255
  -2,364
  -2,478
  -2,598
  -2,724
Total liabilities and equity, $m
  9,958
  -847
  -866
  -889
  -914
  -941
  -972
  -1,005
  -1,041
  -1,079
  -1,121
  -1,165
  -1,212
  -1,263
  -1,316
  -1,373
  -1,433
  -1,497
  -1,564
  -1,635
  -1,711
  -1,790
  -1,874
  -1,962
  -2,055
  -2,152
  -2,255
  -2,364
  -2,478
  -2,598
  -2,724
Debt-to-equity ratio
  1.209
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.407
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  517
  355
  367
  379
  393
  409
  427
  446
  466
  488
  512
  541
  568
  597
  627
  660
  694
  730
  769
  809
  852
  898
  945
  995
  1,048
  1,104
  1,163
  1,225
  1,290
  1,358
  1,430
Depreciation, amort., depletion, $m
  355
  1,010
  1,033
  1,060
  1,089
  1,122
  1,158
  1,197
  1,240
  1,286
  1,335
  1,381
  1,437
  1,497
  1,561
  1,628
  1,699
  1,775
  1,855
  1,939
  2,028
  2,122
  2,221
  2,326
  2,436
  2,552
  2,674
  2,802
  2,938
  3,080
  3,230
Funds from operations, $m
  375
  1,365
  1,400
  1,439
  1,483
  1,531
  1,585
  1,643
  1,706
  1,774
  1,846
  1,923
  2,006
  2,094
  2,188
  2,288
  2,393
  2,505
  2,623
  2,748
  2,880
  3,020
  3,166
  3,321
  3,484
  3,656
  3,837
  4,027
  4,228
  4,438
  4,660
Change in working capital, $m
  -43
  -113
  -132
  -151
  -170
  -188
  -206
  -225
  -243
  -262
  -281
  -301
  -321
  -342
  -363
  -386
  -409
  -433
  -457
  -483
  -510
  -539
  -568
  -599
  -631
  -664
  -699
  -736
  -775
  -815
  -857
Cash from operations, $m
  418
  1,478
  1,532
  1,590
  1,652
  1,719
  1,791
  1,868
  1,949
  2,036
  2,128
  2,224
  2,327
  2,436
  2,551
  2,673
  2,802
  2,938
  3,081
  3,232
  3,391
  3,558
  3,734
  3,920
  4,115
  4,320
  4,536
  4,763
  5,002
  5,253
  5,517
Maintenance CAPEX, $m
  0
  -984
  -1,004
  -1,027
  -1,054
  -1,083
  -1,116
  -1,152
  -1,192
  -1,234
  -1,280
  -1,329
  -1,381
  -1,437
  -1,497
  -1,561
  -1,628
  -1,699
  -1,775
  -1,855
  -1,939
  -2,028
  -2,122
  -2,221
  -2,326
  -2,436
  -2,552
  -2,674
  -2,802
  -2,938
  -3,080
New CAPEX, $m
  -48
  -201
  -231
  -264
  -296
  -328
  -360
  -392
  -425
  -458
  -491
  -525
  -561
  -597
  -634
  -673
  -713
  -755
  -799
  -844
  -891
  -940
  -991
  -1,045
  -1,101
  -1,160
  -1,221
  -1,285
  -1,352
  -1,423
  -1,496
Cash from investing activities, $m
  443
  -1,185
  -1,235
  -1,291
  -1,350
  -1,411
  -1,476
  -1,544
  -1,617
  -1,692
  -1,771
  -1,854
  -1,942
  -2,034
  -2,131
  -2,234
  -2,341
  -2,454
  -2,574
  -2,699
  -2,830
  -2,968
  -3,113
  -3,266
  -3,427
  -3,596
  -3,773
  -3,959
  -4,154
  -4,361
  -4,576
Free cash flow, $m
  861
  293
  297
  299
  302
  308
  315
  323
  333
  344
  357
  369
  385
  402
  420
  439
  461
  483
  508
  533
  561
  590
  621
  654
  688
  725
  764
  804
  847
  893
  941
Issuance/(repayment) of debt, $m
  763
  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
Issuance/(repurchase) of shares, $m
  -798
  -17
  -19
  -22
  -25
  -28
  -30
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
Cash from financing (excl. dividends), $m  
  -74
  -17
  -19
  -22
  -25
  -28
  -30
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
Total cash flow (excl. dividends), $m
  787
  277
  277
  276
  277
  280
  284
  290
  297
  305
  315
  325
  337
  351
  366
  383
  400
  420
  440
  462
  486
  511
  537
  565
  595
  627
  661
  696
  733
  773
  815
Retained Cash Flow (-), $m
  609
  17
  19
  22
  25
  28
  30
  33
  36
  39
  41
  44
  47
  50
  54
  57
  60
  64
  67
  71
  75
  79
  84
  88
  93
  98
  103
  108
  114
  120
  126
Prev. year cash balance distribution, $m
 
  830
  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
 
  31
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  96
Cash available for distribution, $m
 
  1,124
  297
  299
  302
  308
  315
  323
  333
  344
  357
  369
  385
  402
  420
  439
  461
  483
  508
  533
  561
  590
  621
  654
  688
  725
  764
  804
  847
  893
  941
Discount rate, %
 
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
 
  1,004
  234
  206
  180
  157
  135
  115
  96
  80
  66
  53
  42
  32
  25
  18
  13
  10
  7
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
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

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 16
Price to Sales 8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 22.4
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 $994 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 11.9%, 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 35.3%.

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 9.9% 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 3.1%.

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 990.5%.

Life of production assets of 10 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 -567.4%. 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 - $0 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 142 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 $8.2 billion.

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COMPANY NEWS

▶ Upgrades coming to Biltmore Fashion Park in Phoenix   [Jul-06-18 10:15AM  American City Business Journals]
▶ Plaza management talks vacant storefronts, Nordstrom   [Jul-03-18 09:28AM  American City Business Journals]
▶ Macerich Releases Updated Sustainability Report   [Jun-18-18 04:15PM  PR Newswire]
▶ EXCLUSIVE: Popular fashion designer bringing boutique to Scottsdale Fashion Square   [May-17-18 03:00AM  American City Business Journals]
▶ Macerich: 1Q Earnings Snapshot   [May-02-18 05:24PM  Associated Press]
▶ Macerich Announces Quarterly Results   [04:58PM  PR Newswire]
▶ The CEO of the Phoenixs top mall owner steps down   [01:05AM  American City Business Journals]
▶ New tenants coming to Arden Fair   [Apr-17-18 10:09AM  American City Business Journals]
▶ Should Mall REIT Owners Fear the GGP-Brookfield Deal?   [Apr-11-18 09:20PM  Motley Fool]
▶ Hedge Funds Are Betting on These REITs in 2018   [Mar-15-18 11:25PM  Insider Monkey]
▶ [$$] After a Busy Fall, Mall Mergers Slow   [12:41PM  The Wall Street Journal]
▶ Macerich Company to Host Earnings Call   [Feb-06-18 10:00AM  ACCESSWIRE]
▶ After-hours buzz: LULU, CRUS & SWKS   [Feb-05-18 05:56PM  CNBC]
▶ Macerich reports 4Q results   [04:32PM  Associated Press]
▶ Macerich Announces Quarterly Results   [04:15PM  PR Newswire]
▶ Macerich Announces Tax Treatment Of 2017 Dividends   [Jan-08-18 04:31PM  PR Newswire]
▶ Ten for 2018   [03:01PM  Harvest Exchange]
▶ Should You Buy Macerich Company (NYSE:MAC)?   [Dec-21-17 07:55PM  Simply Wall St.]
▶ 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]
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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