Intrinsic value of Medical Properties Trust - MPW

Previous Close

$13.10

  Intrinsic Value

$2.56

stock screener

  Rating & Target

str. sell

-80%

  Value-price divergence*

+148%

Previous close

$13.10

 
Intrinsic value

$2.56

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence*

+148%

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

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

We calculate the intrinsic value of MPW 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 4.2

 

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, %
  22.40
  15.60
  14.54
  13.59
  12.73
  11.95
  11.26
  10.63
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.69
  7.42
  7.18
  6.96
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.68
  5.62
  5.55
  5.50
Revenue, $m
  541
  625
  716
  814
  917
  1,027
  1,142
  1,264
  1,391
  1,524
  1,663
  1,808
  1,958
  2,115
  2,277
  2,447
  2,622
  2,805
  2,995
  3,192
  3,397
  3,611
  3,834
  4,065
  4,307
  4,558
  4,821
  5,095
  5,381
  5,680
  5,993
Variable operating expenses, $m
 
  133
  153
  173
  195
  219
  243
  269
  296
  325
  354
  385
  417
  450
  485
  521
  559
  597
  638
  680
  724
  769
  817
  866
  917
  971
  1,027
  1,085
  1,146
  1,210
  1,276
Fixed operating expenses, $m
 
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  169
  174
  178
  182
Total operating expenses, $m
  200
  222
  244
  267
  291
  317
  344
  372
  402
  434
  465
  499
  534
  570
  608
  647
  688
  729
  774
  819
  867
  915
  967
  1,020
  1,074
  1,132
  1,192
  1,254
  1,320
  1,388
  1,458
Operating income, $m
  342
  403
  472
  547
  626
  710
  798
  891
  989
  1,091
  1,197
  1,309
  1,424
  1,544
  1,669
  1,799
  1,935
  2,075
  2,221
  2,373
  2,531
  2,696
  2,867
  3,046
  3,232
  3,426
  3,629
  3,840
  4,061
  4,292
  4,534
EBITDA, $m
  440
  598
  696
  800
  912
  1,030
  1,155
  1,286
  1,423
  1,566
  1,716
  1,872
  2,035
  2,204
  2,380
  2,563
  2,753
  2,950
  3,155
  3,369
  3,591
  3,822
  4,063
  4,314
  4,575
  4,848
  5,133
  5,430
  5,740
  6,064
  6,403
Interest expense (income), $m
  139
  131
  154
  178
  204
  231
  260
  291
  323
  356
  392
  428
  467
  507
  548
  591
  636
  682
  731
  781
  833
  888
  944
  1,003
  1,064
  1,128
  1,195
  1,264
  1,337
  1,413
  1,492
Earnings before tax, $m
  219
  272
  319
  369
  422
  479
  538
  601
  666
  734
  806
  880
  957
  1,038
  1,121
  1,208
  1,299
  1,393
  1,490
  1,592
  1,698
  1,808
  1,923
  2,043
  2,168
  2,298
  2,434
  2,576
  2,724
  2,880
  3,042
Tax expense, $m
  -7
  73
  86
  100
  114
  129
  145
  162
  180
  198
  218
  238
  258
  280
  303
  326
  351
  376
  402
  430
  458
  488
  519
  552
  585
  620
  657
  696
  736
  777
  821
Net income, $m
  225
  199
  233
  269
  308
  349
  393
  439
  486
  536
  588
  642
  699
  758
  819
  882
  948
  1,017
  1,088
  1,162
  1,240
  1,320
  1,404
  1,491
  1,582
  1,678
  1,777
  1,881
  1,989
  2,102
  2,221

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  83
  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
  6,419
  7,358
  8,427
  9,572
  10,791
  12,081
  13,441
  14,870
  16,367
  17,933
  19,566
  21,267
  23,038
  24,880
  26,794
  28,783
  30,851
  32,999
  35,232
  37,555
  39,970
  42,484
  45,101
  47,826
  50,667
  53,629
  56,718
  59,943
  63,309
  66,826
  70,501
Adjusted assets (=assets-cash), $m
  6,336
  7,358
  8,427
  9,572
  10,791
  12,081
  13,441
  14,870
  16,367
  17,933
  19,566
  21,267
  23,038
  24,880
  26,794
  28,783
  30,851
  32,999
  35,232
  37,555
  39,970
  42,484
  45,101
  47,826
  50,667
  53,629
  56,718
  59,943
  63,309
  66,826
  70,501
Revenue / Adjusted assets
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
Average production assets, $m
  5,063
  5,852
  6,703
  7,614
  8,583
  9,609
  10,691
  11,828
  13,019
  14,264
  15,563
  16,917
  18,325
  19,790
  21,313
  22,895
  24,539
  26,248
  28,025
  29,872
  31,793
  33,793
  35,874
  38,043
  40,302
  42,658
  45,115
  47,680
  50,358
  53,155
  56,079
Working capital, $m
  0
  -63
  -72
  -81
  -92
  -103
  -114
  -126
  -139
  -152
  -166
  -181
  -196
  -211
  -228
  -245
  -262
  -280
  -299
  -319
  -340
  -361
  -383
  -407
  -431
  -456
  -482
  -510
  -538
  -568
  -599
Total debt, $m
  2,909
  3,417
  3,952
  4,524
  5,133
  5,778
  6,458
  7,173
  7,922
  8,704
  9,521
  10,372
  11,257
  12,178
  13,135
  14,130
  15,163
  16,238
  17,354
  18,515
  19,723
  20,980
  22,288
  23,651
  25,072
  26,552
  28,097
  29,709
  31,393
  33,151
  34,988
Total liabilities, $m
  3,170
  3,679
  4,214
  4,786
  5,395
  6,040
  6,720
  7,435
  8,184
  8,966
  9,783
  10,634
  11,519
  12,440
  13,397
  14,392
  15,425
  16,500
  17,616
  18,777
  19,985
  21,242
  22,550
  23,913
  25,334
  26,814
  28,359
  29,971
  31,655
  33,413
  35,250
Total equity, $m
  3,248
  3,679
  4,214
  4,786
  5,395
  6,040
  6,720
  7,435
  8,184
  8,966
  9,783
  10,634
  11,519
  12,440
  13,397
  14,392
  15,425
  16,500
  17,616
  18,777
  19,985
  21,242
  22,550
  23,913
  25,334
  26,814
  28,359
  29,971
  31,655
  33,413
  35,250
Total liabilities and equity, $m
  6,418
  7,358
  8,428
  9,572
  10,790
  12,080
  13,440
  14,870
  16,368
  17,932
  19,566
  21,268
  23,038
  24,880
  26,794
  28,784
  30,850
  33,000
  35,232
  37,554
  39,970
  42,484
  45,100
  47,826
  50,668
  53,628
  56,718
  59,942
  63,310
  66,826
  70,500
Debt-to-equity ratio
  0.896
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
Adjusted equity ratio
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  225
  199
  233
  269
  308
  349
  393
  439
  486
  536
  588
  642
  699
  758
  819
  882
  948
  1,017
  1,088
  1,162
  1,240
  1,320
  1,404
  1,491
  1,582
  1,678
  1,777
  1,881
  1,989
  2,102
  2,221
Depreciation, amort., depletion, $m
  98
  195
  223
  254
  286
  320
  356
  394
  434
  475
  519
  564
  611
  660
  710
  763
  818
  875
  934
  996
  1,060
  1,126
  1,196
  1,268
  1,343
  1,422
  1,504
  1,589
  1,679
  1,772
  1,869
Funds from operations, $m
  225
  394
  456
  523
  594
  670
  749
  833
  920
  1,012
  1,107
  1,206
  1,310
  1,417
  1,529
  1,645
  1,766
  1,892
  2,022
  2,158
  2,299
  2,446
  2,600
  2,759
  2,926
  3,099
  3,281
  3,470
  3,667
  3,874
  4,090
Change in working capital, $m
  -40
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
Cash from operations, $m
  265
  402
  465
  533
  605
  681
  761
  845
  933
  1,025
  1,121
  1,221
  1,325
  1,433
  1,545
  1,662
  1,784
  1,910
  2,041
  2,178
  2,320
  2,468
  2,622
  2,783
  2,950
  3,125
  3,307
  3,497
  3,696
  3,904
  4,121
Maintenance CAPEX, $m
  0
  -169
  -195
  -223
  -254
  -286
  -320
  -356
  -394
  -434
  -475
  -519
  -564
  -611
  -660
  -710
  -763
  -818
  -875
  -934
  -996
  -1,060
  -1,126
  -1,196
  -1,268
  -1,343
  -1,422
  -1,504
  -1,589
  -1,679
  -1,772
New CAPEX, $m
  -1,854
  -790
  -851
  -911
  -969
  -1,026
  -1,082
  -1,137
  -1,191
  -1,245
  -1,299
  -1,353
  -1,409
  -1,465
  -1,523
  -1,582
  -1,644
  -1,709
  -1,776
  -1,847
  -1,921
  -1,999
  -2,082
  -2,168
  -2,260
  -2,356
  -2,458
  -2,565
  -2,678
  -2,797
  -2,923
Cash from investing activities, $m
  -927
  -959
  -1,046
  -1,134
  -1,223
  -1,312
  -1,402
  -1,493
  -1,585
  -1,679
  -1,774
  -1,872
  -1,973
  -2,076
  -2,183
  -2,292
  -2,407
  -2,527
  -2,651
  -2,781
  -2,917
  -3,059
  -3,208
  -3,364
  -3,528
  -3,699
  -3,880
  -4,069
  -4,267
  -4,476
  -4,695
Free cash flow, $m
  -662
  -557
  -581
  -601
  -618
  -631
  -641
  -648
  -652
  -654
  -654
  -651
  -648
  -643
  -637
  -631
  -624
  -617
  -610
  -604
  -597
  -591
  -586
  -581
  -578
  -575
  -573
  -571
  -571
  -572
  -574
Issuance/(repayment) of debt, $m
  -385
  508
  535
  572
  609
  645
  680
  715
  749
  783
  817
  851
  885
  921
  957
  995
  1,034
  1,074
  1,117
  1,161
  1,208
  1,257
  1,308
  1,363
  1,420
  1,481
  1,545
  1,612
  1,683
  1,758
  1,837
Issuance/(repurchase) of shares, $m
  1,174
  315
  302
  303
  301
  296
  287
  276
  262
  246
  228
  208
  186
  163
  139
  113
  86
  58
  29
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  771
  823
  837
  875
  910
  941
  967
  991
  1,011
  1,029
  1,045
  1,059
  1,071
  1,084
  1,096
  1,108
  1,120
  1,132
  1,146
  1,161
  1,208
  1,257
  1,308
  1,363
  1,420
  1,481
  1,545
  1,612
  1,683
  1,758
  1,837
Total cash flow (excl. dividends), $m
  106
  266
  256
  274
  292
  309
  326
  342
  359
  375
  391
  408
  424
  441
  459
  477
  495
  515
  535
  558
  611
  665
  722
  781
  843
  906
  972
  1,041
  1,112
  1,186
  1,264
Retained Cash Flow (-), $m
  -1,146
  -514
  -535
  -572
  -609
  -645
  -680
  -715
  -749
  -783
  -817
  -851
  -885
  -921
  -957
  -995
  -1,034
  -1,074
  -1,117
  -1,161
  -1,208
  -1,257
  -1,308
  -1,363
  -1,420
  -1,481
  -1,545
  -1,612
  -1,683
  -1,758
  -1,837
Prev. year cash balance distribution, $m
 
  83
  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
 
  -164
  -279
  -298
  -317
  -336
  -354
  -372
  -390
  -408
  -425
  -443
  -461
  -480
  -499
  -518
  -538
  -560
  -582
  -604
  -597
  -591
  -586
  -581
  -578
  -575
  -573
  -571
  -571
  -572
  -574
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  -152
  -235
  -229
  -219
  -207
  -192
  -176
  -160
  -142
  -125
  -108
  -92
  -77
  -64
  -52
  -41
  -32
  -24
  -18
  -13
  -9
  -6
  -4
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.8
  87.2
  82.6
  78.7
  75.5
  72.8
  70.5
  68.6
  67.0
  65.7
  64.7
  63.8
  63.1
  62.5
  62.1
  61.8
  61.7
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6

Medical Properties Trust, Inc. operates as a real estate investment trust (REIT) in the United States. It acquires, develops, and invests in healthcare facilities; and leases healthcare facilities to healthcare operating companies and healthcare providers. The company also provides mortgage loans to healthcare operators, as well as working capital and other term loans to its tenants/borrowers. As of February 24, 2011, its portfolio consisted of 58 properties, including 22 general acute care hospitals, 17 long-term acute care hospitals, 9 inpatient rehabilitation hospitals, 2 medical office buildings, and 6 wellness centers, as well as 2 non-owned general acute care facilities. The company has elected to be taxed as a REIT under the Tax Code. As a REIT, it would not be subject to federal income tax purposes, provided that it distributes at least 90% of its REIT taxable income to its shareholders. The company was founded in 2003 and is based in Birmingham, Alabama.

FINANCIAL RATIOS  of  Medical Properties Trust (MPW)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 7.8
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 15.8
Price to Free Cash Flow -2.6
Growth Rates
Sales Growth Rate 22.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.6%
Cap. Spend. - 3 Yr. Gr. Rate 21.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 89.6%
Total Debt to Equity 89.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 6.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 99.4%
Gross Margin - 3 Yr. Avg. 99.3%
EBITDA Margin 84.3%
EBITDA Margin - 3 Yr. Avg. 73.3%
Operating Margin 63%
Oper. Margin - 3 Yr. Avg. 56.1%
Pre-Tax Margin 40.5%
Pre-Tax Margin - 3 Yr. Avg. 29.6%
Net Profit Margin 41.6%
Net Profit Margin - 3 Yr. Avg. 29.9%
Effective Tax Rate -3.2%
Eff/ Tax Rate - 3 Yr. Avg. -0.8%
Payout Ratio 96.9%

MPW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MPW stock intrinsic value calculation we used $541 million for the last fiscal year's total revenue generated by Medical Properties Trust. The default revenue input number comes from 2016 income statement of Medical Properties 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 MPW stock valuation model: a) initial revenue growth rate of 15.6% 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 8.4%, whose default value for MPW is calculated based on our internal credit rating of Medical Properties 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 Medical Properties 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 MPW stock the variable cost ratio is equal to 21.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $87 million in the base year in the intrinsic value calculation for MPW 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 4.5% for Medical Properties Trust.

Corporate tax rate of 27% is the nominal tax rate for Medical Properties 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 MPW 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 MPW are equal to 935.8%.

Life of production assets of 51.7 years is the average useful life of capital assets used in Medical Properties 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 MPW 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 - $3248 million for Medical Properties 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 317.638 million for Medical Properties 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 Medical Properties Trust at the current share price and the inputted number of shares is $4.2 billion.

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Stock chart of MPW Financial statements of MPW Annual reports of MPW
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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