Intrinsic value of Monogram Residential Trust - MORE

Previous Close

$11.99

  Intrinsic Value

$1.71

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

+2%

Previous close

$11.99

 
Intrinsic value

$1.71

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

+2%

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

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

We calculate the intrinsic value of MORE 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 2.0

 

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, %
  18.07
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  281
  311
  342
  375
  409
  444
  481
  519
  559
  601
  644
  688
  735
  783
  834
  886
  941
  997
  1,057
  1,118
  1,183
  1,250
  1,320
  1,393
  1,470
  1,550
  1,634
  1,721
  1,813
  1,909
  2,009
Variable operating expenses, $m
 
  346
  381
  417
  455
  495
  536
  579
  623
  669
  717
  767
  819
  873
  929
  987
  1,048
  1,111
  1,177
  1,246
  1,317
  1,392
  1,470
  1,552
  1,637
  1,726
  1,820
  1,917
  2,019
  2,126
  2,238
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
  324
  346
  381
  417
  455
  495
  536
  579
  623
  669
  717
  767
  819
  873
  929
  987
  1,048
  1,111
  1,177
  1,246
  1,317
  1,392
  1,470
  1,552
  1,637
  1,726
  1,820
  1,917
  2,019
  2,126
  2,238
Operating income, $m
  -43
  -35
  -39
  -43
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -107
  -114
  -120
  -127
  -135
  -142
  -150
  -159
  -168
  -177
  -186
  -196
  -207
  -218
  -229
EBITDA, $m
  80
  101
  111
  122
  133
  144
  156
  169
  181
  195
  209
  223
  239
  254
  271
  288
  305
  324
  343
  363
  384
  406
  428
  452
  477
  503
  530
  559
  588
  619
  652
Interest expense (income), $m
  44
  53
  61
  69
  77
  86
  95
  105
  115
  125
  136
  147
  158
  170
  183
  196
  209
  223
  238
  253
  269
  286
  303
  321
  340
  360
  380
  402
  425
  448
  473
Earnings before tax, $m
  8
  -89
  -100
  -112
  -124
  -137
  -150
  -164
  -178
  -193
  -209
  -225
  -242
  -260
  -278
  -297
  -316
  -337
  -358
  -381
  -404
  -428
  -453
  -480
  -508
  -536
  -567
  -598
  -631
  -666
  -702
Tax expense, $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
  0
Net income, $m
  9
  -89
  -100
  -112
  -124
  -137
  -150
  -164
  -178
  -193
  -209
  -225
  -242
  -260
  -278
  -297
  -316
  -337
  -358
  -381
  -404
  -428
  -453
  -480
  -508
  -536
  -567
  -598
  -631
  -666
  -702

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  74
  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
  3,200
  3,453
  3,800
  4,162
  4,540
  4,934
  5,344
  5,770
  6,213
  6,674
  7,152
  7,649
  8,166
  8,704
  9,263
  9,845
  10,450
  11,081
  11,739
  12,425
  13,140
  13,886
  14,666
  15,480
  16,331
  17,220
  18,150
  19,124
  20,142
  21,208
  22,324
Adjusted assets (=assets-cash), $m
  3,126
  3,453
  3,800
  4,162
  4,540
  4,934
  5,344
  5,770
  6,213
  6,674
  7,152
  7,649
  8,166
  8,704
  9,263
  9,845
  10,450
  11,081
  11,739
  12,425
  13,140
  13,886
  14,666
  15,480
  16,331
  17,220
  18,150
  19,124
  20,142
  21,208
  22,324
Revenue / Adjusted assets
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
Average production assets, $m
  3,069
  3,394
  3,735
  4,091
  4,462
  4,849
  5,252
  5,671
  6,106
  6,559
  7,029
  7,518
  8,026
  8,554
  9,104
  9,675
  10,271
  10,891
  11,537
  12,211
  12,914
  13,647
  14,413
  15,214
  16,050
  16,924
  17,838
  18,795
  19,796
  20,843
  21,940
Working capital, $m
  0
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
Total debt, $m
  1,522
  1,740
  1,970
  2,211
  2,461
  2,722
  2,994
  3,277
  3,570
  3,876
  4,193
  4,523
  4,865
  5,222
  5,592
  5,978
  6,380
  6,798
  7,234
  7,689
  8,163
  8,658
  9,174
  9,714
  10,278
  10,868
  11,485
  12,130
  12,805
  13,512
  14,252
Total liabilities, $m
  2,071
  2,289
  2,519
  2,760
  3,010
  3,271
  3,543
  3,826
  4,119
  4,425
  4,742
  5,072
  5,414
  5,771
  6,141
  6,527
  6,929
  7,347
  7,783
  8,238
  8,712
  9,207
  9,723
  10,263
  10,827
  11,417
  12,034
  12,679
  13,354
  14,061
  14,801
Total equity, $m
  1,129
  1,164
  1,281
  1,403
  1,530
  1,663
  1,801
  1,945
  2,094
  2,249
  2,410
  2,578
  2,752
  2,933
  3,122
  3,318
  3,522
  3,734
  3,956
  4,187
  4,428
  4,680
  4,942
  5,217
  5,503
  5,803
  6,117
  6,445
  6,788
  7,147
  7,523
Total liabilities and equity, $m
  3,200
  3,453
  3,800
  4,163
  4,540
  4,934
  5,344
  5,771
  6,213
  6,674
  7,152
  7,650
  8,166
  8,704
  9,263
  9,845
  10,451
  11,081
  11,739
  12,425
  13,140
  13,887
  14,665
  15,480
  16,330
  17,220
  18,151
  19,124
  20,142
  21,208
  22,324
Debt-to-equity ratio
  1.348
  1.500
  1.540
  1.580
  1.610
  1.640
  1.660
  1.690
  1.710
  1.720
  1.740
  1.750
  1.770
  1.780
  1.790
  1.800
  1.810
  1.820
  1.830
  1.840
  1.840
  1.850
  1.860
  1.860
  1.870
  1.870
  1.880
  1.880
  1.890
  1.890
  1.890
Adjusted equity ratio
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  -89
  -100
  -112
  -124
  -137
  -150
  -164
  -178
  -193
  -209
  -225
  -242
  -260
  -278
  -297
  -316
  -337
  -358
  -381
  -404
  -428
  -453
  -480
  -508
  -536
  -567
  -598
  -631
  -666
  -702
Depreciation, amort., depletion, $m
  123
  136
  150
  164
  179
  195
  211
  228
  245
  263
  282
  302
  322
  344
  366
  389
  412
  437
  463
  490
  519
  548
  579
  611
  645
  680
  716
  755
  795
  837
  881
Funds from operations, $m
  117
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  96
  100
  105
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  171
  179
Change in working capital, $m
  11
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  106
  51
  53
  56
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  132
  138
  145
  151
  158
  165
  173
  181
  189
Maintenance CAPEX, $m
  0
  -123
  -136
  -150
  -164
  -179
  -195
  -211
  -228
  -245
  -263
  -282
  -302
  -322
  -344
  -366
  -389
  -412
  -437
  -463
  -490
  -519
  -548
  -579
  -611
  -645
  -680
  -716
  -755
  -795
  -837
New CAPEX, $m
  -106
  -325
  -341
  -356
  -372
  -387
  -403
  -419
  -435
  -453
  -470
  -489
  -508
  -528
  -549
  -572
  -595
  -620
  -646
  -674
  -703
  -734
  -766
  -800
  -836
  -874
  -914
  -956
  -1,001
  -1,048
  -1,097
Cash from investing activities, $m
  -35
  -448
  -477
  -506
  -536
  -566
  -598
  -630
  -663
  -698
  -733
  -771
  -810
  -850
  -893
  -938
  -984
  -1,032
  -1,083
  -1,137
  -1,193
  -1,253
  -1,314
  -1,379
  -1,447
  -1,519
  -1,594
  -1,672
  -1,756
  -1,843
  -1,934
Free cash flow, $m
  71
  -398
  -424
  -450
  -477
  -505
  -533
  -562
  -592
  -624
  -656
  -690
  -725
  -762
  -800
  -840
  -882
  -927
  -973
  -1,021
  -1,072
  -1,126
  -1,182
  -1,241
  -1,302
  -1,367
  -1,436
  -1,507
  -1,583
  -1,662
  -1,745
Issuance/(repayment) of debt, $m
  106
  218
  230
  240
  251
  261
  272
  283
  294
  305
  317
  330
  343
  356
  371
  386
  402
  418
  436
  455
  474
  495
  517
  540
  564
  590
  617
  645
  675
  707
  740
Issuance/(repurchase) of shares, $m
  0
  197
  217
  234
  251
  269
  288
  308
  328
  349
  370
  393
  416
  441
  466
  493
  521
  550
  580
  612
  645
  680
  716
  754
  794
  836
  880
  926
  974
  1,025
  1,078
Cash from financing (excl. dividends), $m  
  -31
  415
  447
  474
  502
  530
  560
  591
  622
  654
  687
  723
  759
  797
  837
  879
  923
  968
  1,016
  1,067
  1,119
  1,175
  1,233
  1,294
  1,358
  1,426
  1,497
  1,571
  1,649
  1,732
  1,818
Total cash flow (excl. dividends), $m
  41
  18
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
Retained Cash Flow (-), $m
  38
  -197
  -217
  -234
  -251
  -269
  -288
  -308
  -328
  -349
  -370
  -393
  -416
  -441
  -466
  -493
  -521
  -550
  -580
  -612
  -645
  -680
  -716
  -754
  -794
  -836
  -880
  -926
  -974
  -1,025
  -1,078
Prev. year cash balance distribution, $m
 
  74
  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
 
  -105
  -194
  -210
  -227
  -244
  -261
  -280
  -299
  -318
  -339
  -360
  -382
  -405
  -429
  -455
  -481
  -508
  -537
  -567
  -598
  -631
  -665
  -701
  -738
  -778
  -819
  -862
  -908
  -955
  -1,005
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  -96
  -160
  -155
  -149
  -140
  -131
  -120
  -108
  -96
  -85
  -73
  -62
  -51
  -42
  -33
  -26
  -20
  -15
  -11
  -8
  -5
  -4
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  90.4
  81.7
  74.0
  67.1
  61.0
  55.5
  50.6
  46.1
  42.1
  38.5
  35.2
  32.3
  29.6
  27.1
  24.9
  22.8
  21.0
  19.3
  17.7
  16.3
  15.0
  13.8
  12.7
  11.6
  10.7
  9.9
  9.1
  8.4
  7.7
  7.1

Monogram Residential Trust, Inc. is an equity real estate investment trust. The trust invests in the real estate markets of United States. It engages in investment, development and operation of real estate assets. The trust's portfolio comprises of high-quality multifamily communities, including conventional multifamily assets, such as mid-rise, high-rise, and garden-style properties; age-restricted residences and student housing. The firm was formerly known as Behringer Harvard Multifamily REIT I, Inc. Monogram Residential Trust, Inc. was founded in 2006 and is based in Plano, Texas.

FINANCIAL RATIOS  of  Monogram Residential Trust (MORE)

Valuation Ratios
P/E Ratio 222.3
Price to Sales 7.1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate 18.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -80.8%
Cap. Spend. - 3 Yr. Gr. Rate -24.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 134.8%
Total Debt to Equity 134.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 0.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1%
Return On Equity 0.8%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 55.9%
Gross Margin - 3 Yr. Avg. 56.7%
EBITDA Margin 62.3%
EBITDA Margin - 3 Yr. Avg. 59.3%
Operating Margin -15.3%
Oper. Margin - 3 Yr. Avg. -13.3%
Pre-Tax Margin 2.8%
Pre-Tax Margin - 3 Yr. Avg. 10.3%
Net Profit Margin 3.2%
Net Profit Margin - 3 Yr. Avg. 10.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 555.6%

MORE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MORE stock intrinsic value calculation we used $281 million for the last fiscal year's total revenue generated by Monogram Residential Trust. The default revenue input number comes from 2016 income statement of Monogram Residential Trust. 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 MORE stock valuation model: a) initial revenue growth rate of 10.6% 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 9.6%, whose default value for MORE is calculated based on our internal credit rating of Monogram Residential Trust, 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 Monogram Residential Trust.
    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 MORE stock the variable cost ratio is equal to 111.4%.

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 MORE 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 Monogram Residential Trust.

Corporate tax rate of 27% is the nominal tax rate for Monogram Residential Trust. 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 MORE 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 MORE are equal to 1092%.

Life of production assets of 24.9 years is the average useful life of capital assets used in Monogram Residential Trust 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 MORE 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 - $1129 million for Monogram Residential Trust - 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 165.058 million for Monogram Residential Trust 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 Monogram Residential Trust at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Monogram Residential Trust reports 2Q results   [Aug-05-17 01:12AM  Associated Press]
▶ Luxury Victory Park high-rise opens to residents near the American Airlines Center   [Jul-13-17 02:05PM  American City Business Journals]
▶ Company News for July 06, 2017   [10:52AM  Zacks]
▶ Monogram and Baidu rise while O'Reilly Automotive drops   [Jul-05-17 05:56PM  Associated Press]
▶ Story Stocks from Briefing.com   [09:49AM  Briefing.com]
▶ [$$] Monogram Residential to Be Acquired by Greystar Star-Led Group   [Jul-04-17 03:08PM  The Wall Street Journal]
▶ [$$] Group Led by Greystar Nearing Deal to Buy Monogram   [Jul-03-17 04:00PM  The Wall Street Journal]
▶ Shipping Magnate Bets On Oil's Recovery---Energy Journal   [Jun-27-17 08:13AM  The Wall Street Journal]
▶ Monogram Residential Trust reports 1Q results   [May-09-17 06:46PM  Associated Press]
▶ Monogram Residential Trust reports 4Q results   [06:27PM  Associated Press]
▶ Is Monogram Residential Trust Inc (MORE) A Good Stock To Buy?   [Dec-13-16 06:31AM  at Insider Monkey]
Stock chart of MORE Financial statements of MORE
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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