Intrinsic value of Medical Properties Trust - MPW

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$14.03

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$14.03

 
Intrinsic value

$2.52

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence* premium content

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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 4.5

 

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
  15.90
  14.81
  13.83
  12.95
  12.15
  11.44
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
Revenue, $m
  541
  627
  720
  819
  926
  1,038
  1,157
  1,282
  1,412
  1,549
  1,692
  1,841
  1,996
  2,157
  2,325
  2,499
  2,680
  2,868
  3,064
  3,267
  3,479
  3,699
  3,928
  4,167
  4,415
  4,674
  4,945
  5,227
  5,521
  5,829
  6,150
Variable operating expenses, $m
 
  134
  153
  175
  197
  221
  246
  273
  301
  330
  360
  392
  425
  460
  495
  532
  571
  611
  653
  696
  741
  788
  837
  887
  940
  996
  1,053
  1,113
  1,176
  1,241
  1,310
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
  223
  244
  269
  293
  319
  347
  376
  407
  439
  471
  506
  542
  580
  618
  658
  700
  743
  789
  835
  884
  934
  987
  1,041
  1,097
  1,157
  1,218
  1,282
  1,350
  1,419
  1,492
Operating income, $m
  342
  404
  475
  551
  632
  718
  809
  905
  1,006
  1,111
  1,220
  1,335
  1,454
  1,578
  1,707
  1,841
  1,980
  2,125
  2,276
  2,432
  2,595
  2,765
  2,942
  3,126
  3,317
  3,517
  3,726
  3,944
  4,171
  4,409
  4,658
EBITDA, $m
  440
  600
  700
  807
  921
  1,042
  1,170
  1,305
  1,446
  1,594
  1,748
  1,909
  2,077
  2,251
  2,432
  2,621
  2,816
  3,020
  3,232
  3,452
  3,680
  3,919
  4,167
  4,425
  4,695
  4,975
  5,268
  5,574
  5,894
  6,227
  6,576
Interest expense (income), $m
  139
  131
  154
  179
  205
  233
  263
  294
  327
  362
  398
  436
  476
  517
  559
  604
  650
  698
  748
  799
  853
  909
  967
  1,028
  1,091
  1,157
  1,226
  1,297
  1,372
  1,450
  1,531
Earnings before tax, $m
  219
  273
  321
  372
  427
  485
  546
  611
  678
  749
  822
  899
  978
  1,061
  1,148
  1,237
  1,330
  1,427
  1,528
  1,633
  1,742
  1,856
  1,974
  2,098
  2,226
  2,360
  2,501
  2,647
  2,800
  2,959
  3,126
Tax expense, $m
  -7
  74
  87
  101
  115
  131
  148
  165
  183
  202
  222
  243
  264
  287
  310
  334
  359
  385
  413
  441
  470
  501
  533
  566
  601
  637
  675
  715
  756
  799
  844
Net income, $m
  225
  200
  234
  272
  312
  354
  399
  446
  495
  546
  600
  656
  714
  775
  838
  903
  971
  1,042
  1,116
  1,192
  1,272
  1,355
  1,441
  1,531
  1,625
  1,723
  1,825
  1,932
  2,044
  2,160
  2,282

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
  7,377
  8,469
  9,640
  10,888
  12,212
  13,608
  15,077
  16,617
  18,227
  19,908
  21,660
  23,484
  25,381
  27,354
  29,403
  31,533
  33,747
  36,048
  38,440
  40,928
  43,517
  46,212
  49,018
  51,943
  54,991
  58,171
  61,489
  64,954
  68,572
  72,353
Adjusted assets (=assets-cash), $m
  6,336
  7,377
  8,469
  9,640
  10,888
  12,212
  13,608
  15,077
  16,617
  18,227
  19,908
  21,660
  23,484
  25,381
  27,354
  29,403
  31,533
  33,747
  36,048
  38,440
  40,928
  43,517
  46,212
  49,018
  51,943
  54,991
  58,171
  61,489
  64,954
  68,572
  72,353
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
  5,868
  6,737
  7,668
  8,661
  9,713
  10,824
  11,993
  13,217
  14,498
  15,836
  17,229
  18,680
  20,189
  21,758
  23,388
  25,083
  26,843
  28,674
  30,576
  32,555
  34,615
  36,758
  38,991
  41,317
  43,742
  46,271
  48,911
  51,666
  54,544
  57,551
Working capital, $m
  0
  -96
  -110
  -125
  -142
  -159
  -177
  -196
  -216
  -237
  -259
  -282
  -305
  -330
  -356
  -382
  -410
  -439
  -469
  -500
  -532
  -566
  -601
  -637
  -676
  -715
  -757
  -800
  -845
  -892
  -941
Total debt, $m
  2,909
  3,426
  3,973
  4,558
  5,182
  5,844
  6,542
  7,276
  8,046
  8,852
  9,692
  10,568
  11,480
  12,429
  13,415
  14,440
  15,505
  16,611
  17,762
  18,958
  20,202
  21,496
  22,844
  24,247
  25,709
  27,234
  28,824
  30,483
  32,215
  34,024
  35,914
Total liabilities, $m
  3,170
  3,688
  4,235
  4,820
  5,444
  6,106
  6,804
  7,538
  8,308
  9,114
  9,954
  10,830
  11,742
  12,691
  13,677
  14,702
  15,767
  16,873
  18,024
  19,220
  20,464
  21,758
  23,106
  24,509
  25,971
  27,496
  29,086
  30,745
  32,477
  34,286
  36,176
Total equity, $m
  3,248
  3,688
  4,235
  4,820
  5,444
  6,106
  6,804
  7,538
  8,308
  9,114
  9,954
  10,830
  11,742
  12,691
  13,677
  14,702
  15,767
  16,873
  18,024
  19,220
  20,464
  21,758
  23,106
  24,509
  25,971
  27,496
  29,086
  30,745
  32,477
  34,286
  36,176
Total liabilities and equity, $m
  6,418
  7,376
  8,470
  9,640
  10,888
  12,212
  13,608
  15,076
  16,616
  18,228
  19,908
  21,660
  23,484
  25,382
  27,354
  29,404
  31,534
  33,746
  36,048
  38,440
  40,928
  43,516
  46,212
  49,018
  51,942
  54,992
  58,172
  61,490
  64,954
  68,572
  72,352
Debt-to-equity ratio
  0.896
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  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
  200
  234
  272
  312
  354
  399
  446
  495
  546
  600
  656
  714
  775
  838
  903
  971
  1,042
  1,116
  1,192
  1,272
  1,355
  1,441
  1,531
  1,625
  1,723
  1,825
  1,932
  2,044
  2,160
  2,282
Depreciation, amort., depletion, $m
  98
  196
  225
  256
  289
  324
  361
  400
  441
  483
  528
  574
  623
  673
  725
  780
  836
  895
  956
  1,019
  1,085
  1,154
  1,225
  1,300
  1,377
  1,458
  1,542
  1,630
  1,722
  1,818
  1,918
Funds from operations, $m
  225
  395
  459
  527
  601
  678
  760
  846
  936
  1,030
  1,128
  1,230
  1,337
  1,448
  1,563
  1,683
  1,807
  1,937
  2,071
  2,211
  2,357
  2,509
  2,666
  2,831
  3,002
  3,181
  3,368
  3,563
  3,766
  3,979
  4,201
Change in working capital, $m
  -40
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
Cash from operations, $m
  265
  1,047
  473
  543
  617
  695
  778
  865
  956
  1,051
  1,150
  1,253
  1,361
  1,472
  1,589
  1,709
  1,835
  1,966
  2,101
  2,242
  2,389
  2,542
  2,701
  2,867
  3,040
  3,221
  3,409
  3,606
  3,811
  4,026
  4,250
Maintenance CAPEX, $m
  0
  -169
  -196
  -225
  -256
  -289
  -324
  -361
  -400
  -441
  -483
  -528
  -574
  -623
  -673
  -725
  -780
  -836
  -895
  -956
  -1,019
  -1,085
  -1,154
  -1,225
  -1,300
  -1,377
  -1,458
  -1,542
  -1,630
  -1,722
  -1,818
New CAPEX, $m
  -1,854
  -805
  -869
  -932
  -993
  -1,052
  -1,111
  -1,168
  -1,225
  -1,281
  -1,337
  -1,394
  -1,451
  -1,509
  -1,569
  -1,630
  -1,694
  -1,761
  -1,830
  -1,903
  -1,979
  -2,059
  -2,144
  -2,232
  -2,326
  -2,425
  -2,529
  -2,639
  -2,756
  -2,878
  -3,007
Cash from investing activities, $m
  -927
  -974
  -1,065
  -1,157
  -1,249
  -1,341
  -1,435
  -1,529
  -1,625
  -1,722
  -1,820
  -1,922
  -2,025
  -2,132
  -2,242
  -2,355
  -2,474
  -2,597
  -2,725
  -2,859
  -2,998
  -3,144
  -3,298
  -3,457
  -3,626
  -3,802
  -3,987
  -4,181
  -4,386
  -4,600
  -4,825
Free cash flow, $m
  -662
  73
  -592
  -613
  -632
  -646
  -657
  -664
  -669
  -671
  -671
  -668
  -664
  -659
  -653
  -646
  -639
  -631
  -624
  -616
  -609
  -602
  -596
  -590
  -585
  -581
  -578
  -576
  -575
  -575
  -576
Issuance/(repayment) of debt, $m
  -385
  517
  546
  586
  624
  662
  698
  734
  770
  805
  841
  876
  912
  949
  986
  1,025
  1,065
  1,107
  1,150
  1,196
  1,244
  1,294
  1,347
  1,403
  1,462
  1,524
  1,590
  1,659
  1,732
  1,809
  1,890
Issuance/(repurchase) of shares, $m
  1,174
  0
  592
  613
  632
  646
  657
  664
  669
  671
  671
  668
  664
  659
  653
  646
  639
  631
  624
  616
  609
  602
  596
  590
  585
  581
  578
  576
  575
  575
  576
Cash from financing (excl. dividends), $m  
  771
  517
  1,138
  1,199
  1,256
  1,308
  1,355
  1,398
  1,439
  1,476
  1,512
  1,544
  1,576
  1,608
  1,639
  1,671
  1,704
  1,738
  1,774
  1,812
  1,853
  1,896
  1,943
  1,993
  2,047
  2,105
  2,168
  2,235
  2,307
  2,384
  2,466
Total cash flow (excl. dividends), $m
  106
  590
  -45
  -28
  -8
  16
  42
  70
  101
  134
  170
  208
  247
  289
  333
  379
  426
  476
  527
  580
  635
  692
  752
  813
  877
  943
  1,012
  1,083
  1,157
  1,234
  1,315
Retained Cash Flow (-), $m
  -1,146
  -523
  -546
  -586
  -624
  -662
  -698
  -734
  -770
  -805
  -841
  -876
  -912
  -949
  -986
  -1,025
  -1,065
  -1,107
  -1,150
  -1,196
  -1,244
  -1,294
  -1,347
  -1,403
  -1,462
  -1,524
  -1,590
  -1,659
  -1,732
  -1,809
  -1,890
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
 
  150
  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
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
 
  138
  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
Current shareholders' claim on cash, %
  100
  100.0
  89.7
  81.2
  74.3
  68.4
  63.5
  59.4
  55.8
  52.8
  50.1
  47.8
  45.8
  44.0
  42.5
  41.1
  39.8
  38.7
  37.7
  36.8
  36.0
  35.3
  34.6
  33.9
  33.4
  32.8
  32.4
  31.9
  31.5
  31.1
  30.7

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 20
Price to Sales 8.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 17
Price to Free Cash Flow -2.8
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 15.9% 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 -15.3%. 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 322.731 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 $4.5 billion.


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Stock chart of MPW Financial statements 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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