Intrinsic value of National Health Investors - NHI

Previous Close

$77.91

  Intrinsic Value

$7.37

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

+8%

Previous close

$77.91

 
Intrinsic value

$7.37

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

+8%

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

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

We calculate the intrinsic value of NHI 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 3.2

 

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, %
  8.73
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  249
  286
  325
  367
  412
  459
  509
  561
  615
  672
  731
  792
  856
  923
  992
  1,064
  1,138
  1,216
  1,297
  1,380
  1,468
  1,559
  1,653
  1,752
  1,855
  1,962
  2,074
  2,191
  2,313
  2,440
  2,573
Variable operating expenses, $m
 
  127
  145
  164
  184
  205
  227
  250
  274
  300
  326
  353
  382
  412
  442
  474
  508
  542
  578
  616
  655
  695
  737
  781
  827
  875
  925
  977
  1,031
  1,088
  1,148
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
  130
  127
  145
  164
  184
  205
  227
  250
  274
  300
  326
  353
  382
  412
  442
  474
  508
  542
  578
  616
  655
  695
  737
  781
  827
  875
  925
  977
  1,031
  1,088
  1,148
Operating income, $m
  119
  158
  180
  204
  228
  254
  282
  311
  341
  372
  405
  439
  474
  511
  549
  589
  631
  674
  718
  765
  813
  863
  916
  971
  1,027
  1,087
  1,149
  1,214
  1,281
  1,352
  1,426
EBITDA, $m
  182
  235
  267
  302
  339
  377
  418
  461
  505
  552
  600
  651
  703
  758
  815
  874
  935
  999
  1,065
  1,134
  1,206
  1,280
  1,358
  1,439
  1,524
  1,612
  1,704
  1,800
  1,900
  2,005
  2,114
Interest expense (income), $m
  40
  44
  50
  58
  66
  74
  83
  92
  102
  112
  122
  133
  145
  157
  169
  182
  196
  210
  224
  239
  255
  271
  288
  306
  324
  343
  363
  384
  406
  429
  453
Earnings before tax, $m
  153
  115
  130
  146
  163
  180
  199
  219
  239
  260
  282
  305
  329
  354
  380
  407
  435
  464
  494
  526
  558
  592
  628
  665
  703
  744
  786
  829
  875
  923
  973
Tax expense, $m
  0
  31
  35
  39
  44
  49
  54
  59
  65
  70
  76
  82
  89
  96
  103
  110
  117
  125
  133
  142
  151
  160
  170
  180
  190
  201
  212
  224
  236
  249
  263
Net income, $m
  152
  84
  95
  106
  119
  132
  145
  160
  174
  190
  206
  223
  240
  259
  278
  297
  318
  339
  361
  384
  408
  432
  458
  485
  513
  543
  573
  605
  639
  674
  710

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  2,404
  2,749
  3,128
  3,533
  3,962
  4,415
  4,891
  5,391
  5,913
  6,458
  7,026
  7,618
  8,233
  8,872
  9,537
  10,227
  10,945
  11,691
  12,467
  13,273
  14,113
  14,987
  15,897
  16,845
  17,834
  18,865
  19,941
  21,064
  22,237
  23,463
  24,744
Adjusted assets (=assets-cash), $m
  2,399
  2,749
  3,128
  3,533
  3,962
  4,415
  4,891
  5,391
  5,913
  6,458
  7,026
  7,618
  8,233
  8,872
  9,537
  10,227
  10,945
  11,691
  12,467
  13,273
  14,113
  14,987
  15,897
  16,845
  17,834
  18,865
  19,941
  21,064
  22,237
  23,463
  24,744
Revenue / Adjusted assets
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
Average production assets, $m
  1,999
  2,294
  2,611
  2,949
  3,307
  3,685
  4,083
  4,500
  4,936
  5,391
  5,865
  6,358
  6,872
  7,406
  7,960
  8,537
  9,136
  9,759
  10,406
  11,079
  11,780
  12,509
  13,269
  14,061
  14,886
  15,746
  16,644
  17,582
  18,561
  19,585
  20,654
Working capital, $m
  0
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
Total debt, $m
  1,116
  1,291
  1,480
  1,682
  1,895
  2,121
  2,358
  2,607
  2,867
  3,138
  3,421
  3,716
  4,022
  4,340
  4,671
  5,015
  5,373
  5,744
  6,130
  6,532
  6,950
  7,385
  7,839
  8,311
  8,803
  9,317
  9,852
  10,412
  10,996
  11,607
  12,245
Total liabilities, $m
  1,194
  1,369
  1,558
  1,760
  1,973
  2,199
  2,436
  2,685
  2,945
  3,216
  3,499
  3,794
  4,100
  4,418
  4,749
  5,093
  5,451
  5,822
  6,208
  6,610
  7,028
  7,463
  7,917
  8,389
  8,881
  9,395
  9,930
  10,490
  11,074
  11,685
  12,323
Total equity, $m
  1,210
  1,380
  1,570
  1,774
  1,989
  2,216
  2,455
  2,706
  2,968
  3,242
  3,527
  3,824
  4,133
  4,454
  4,787
  5,134
  5,494
  5,869
  6,258
  6,663
  7,085
  7,523
  7,980
  8,456
  8,952
  9,470
  10,010
  10,574
  11,163
  11,778
  12,422
Total liabilities and equity, $m
  2,404
  2,749
  3,128
  3,534
  3,962
  4,415
  4,891
  5,391
  5,913
  6,458
  7,026
  7,618
  8,233
  8,872
  9,536
  10,227
  10,945
  11,691
  12,466
  13,273
  14,113
  14,986
  15,897
  16,845
  17,833
  18,865
  19,940
  21,064
  22,237
  23,463
  24,745
Debt-to-equity ratio
  0.922
  0.940
  0.940
  0.950
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
Adjusted equity ratio
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  152
  84
  95
  106
  119
  132
  145
  160
  174
  190
  206
  223
  240
  259
  278
  297
  318
  339
  361
  384
  408
  432
  458
  485
  513
  543
  573
  605
  639
  674
  710
Depreciation, amort., depletion, $m
  63
  76
  87
  98
  110
  123
  136
  150
  165
  180
  195
  212
  229
  247
  265
  285
  305
  325
  347
  369
  393
  417
  442
  469
  496
  525
  555
  586
  619
  653
  688
Funds from operations, $m
  178
  160
  182
  205
  229
  255
  281
  310
  339
  370
  402
  435
  470
  506
  543
  582
  622
  664
  708
  753
  800
  849
  901
  954
  1,010
  1,068
  1,128
  1,192
  1,258
  1,327
  1,399
Change in working capital, $m
  1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
Cash from operations, $m
  177
  161
  183
  206
  230
  256
  282
  311
  340
  371
  403
  436
  471
  507
  544
  583
  624
  666
  709
  755
  802
  851
  903
  956
  1,012
  1,070
  1,131
  1,194
  1,260
  1,329
  1,401
Maintenance CAPEX, $m
  0
  -67
  -76
  -87
  -98
  -110
  -123
  -136
  -150
  -165
  -180
  -195
  -212
  -229
  -247
  -265
  -285
  -305
  -325
  -347
  -369
  -393
  -417
  -442
  -469
  -496
  -525
  -555
  -586
  -619
  -653
New CAPEX, $m
  -359
  -296
  -317
  -338
  -358
  -378
  -398
  -417
  -436
  -455
  -474
  -494
  -513
  -534
  -555
  -576
  -599
  -623
  -647
  -673
  -701
  -729
  -760
  -792
  -825
  -861
  -898
  -938
  -979
  -1,023
  -1,070
Cash from investing activities, $m
  -330
  -363
  -393
  -425
  -456
  -488
  -521
  -553
  -586
  -620
  -654
  -689
  -725
  -763
  -802
  -841
  -884
  -928
  -972
  -1,020
  -1,070
  -1,122
  -1,177
  -1,234
  -1,294
  -1,357
  -1,423
  -1,493
  -1,565
  -1,642
  -1,723
Free cash flow, $m
  -153
  -201
  -211
  -219
  -227
  -233
  -238
  -242
  -246
  -249
  -251
  -253
  -255
  -256
  -257
  -259
  -260
  -262
  -263
  -266
  -268
  -271
  -274
  -278
  -282
  -287
  -292
  -299
  -305
  -313
  -321
Issuance/(repayment) of debt, $m
  198
  175
  189
  202
  214
  226
  237
  249
  260
  271
  283
  295
  306
  318
  331
  344
  357
  372
  386
  402
  418
  435
  453
  472
  492
  513
  536
  559
  584
  610
  638
Issuance/(repurchase) of shares, $m
  104
  91
  96
  97
  97
  96
  94
  91
  88
  84
  79
  74
  68
  62
  56
  50
  43
  36
  29
  21
  14
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  282
  266
  285
  299
  311
  322
  331
  340
  348
  355
  362
  369
  374
  380
  387
  394
  400
  408
  415
  423
  432
  441
  453
  472
  492
  513
  536
  559
  584
  610
  638
Total cash flow (excl. dividends), $m
  130
  64
  74
  79
  84
  88
  93
  97
  102
  106
  111
  115
  120
  125
  130
  135
  140
  146
  151
  157
  164
  171
  179
  194
  210
  226
  243
  261
  279
  298
  317
Retained Cash Flow (-), $m
  -77
  -175
  -191
  -203
  -215
  -227
  -239
  -251
  -262
  -274
  -285
  -297
  -309
  -321
  -334
  -347
  -360
  -374
  -389
  -405
  -421
  -439
  -457
  -476
  -496
  -518
  -540
  -564
  -589
  -615
  -643
Prev. year cash balance distribution, $m
 
  5
  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
  -117
  -124
  -132
  -139
  -146
  -153
  -160
  -167
  -174
  -181
  -189
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -258
  -268
  -278
  -282
  -286
  -291
  -297
  -303
  -310
  -318
  -326
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  -97
  -99
  -96
  -92
  -87
  -81
  -74
  -68
  -60
  -53
  -46
  -40
  -34
  -28
  -23
  -18
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.2
  94.7
  92.6
  90.7
  89.1
  87.7
  86.5
  85.4
  84.5
  83.7
  83.1
  82.5
  82.1
  81.7
  81.4
  81.1
  80.9
  80.8
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6

National Health Investors, Inc. is a self-managed real estate investment trust (REIT) specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. The Company is engaged in the business of owning and financing healthcare properties. Its portfolio consists of lease, mortgage and other note investments in independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities, specialty hospitals and medical office buildings. Its other investments include marketable securities and a joint venture structured to comply with the provisions of the REIT Investment Diversification Empowerment Act of 2007 (RIDEA) through which it invests in facility operations managed by an independent third party. As of December 31, 2016, it had investments in real estate, mortgage and other notes receivable involving 205 facilities located in 32 states.

FINANCIAL RATIOS  of  National Health Investors (NHI)

Valuation Ratios
P/E Ratio 20.4
Price to Sales 12.5
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 17.5
Price to Free Cash Flow -17.1
Growth Rates
Sales Growth Rate 8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 238.7%
Cap. Spend. - 3 Yr. Gr. Rate -10.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 92.2%
Total Debt to Equity 92.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.5%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 102.8%
EBITDA Margin - 3 Yr. Avg. 100%
Operating Margin 47.8%
Oper. Margin - 3 Yr. Avg. 53.9%
Pre-Tax Margin 61.4%
Pre-Tax Margin - 3 Yr. Avg. 61.6%
Net Profit Margin 61%
Net Profit Margin - 3 Yr. Avg. 61.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 90.8%

NHI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NHI stock intrinsic value calculation we used $249 million for the last fiscal year's total revenue generated by National Health Investors. The default revenue input number comes from 2016 income statement of National Health Investors. 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 NHI stock valuation model: a) initial revenue growth rate of 14.8% 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 8.1%, whose default value for NHI is calculated based on our internal credit rating of National Health Investors, 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 National Health Investors.
    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 NHI stock the variable cost ratio is equal to 44.6%.

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 NHI 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 3.9% for National Health Investors.

Corporate tax rate of 27% is the nominal tax rate for National Health Investors. 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 NHI 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 NHI are equal to 802.6%.

Life of production assets of 31.7 years is the average useful life of capital assets used in National Health Investors 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 NHI is equal to -2%. 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 - $1210 million for National Health Investors - 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 41.039 million for National Health Investors 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 National Health Investors at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Top Ranked Income Stocks to Buy for August 29th   [Aug-29-17 10:27AM  Zacks]
▶ NHI Hires Senior Vice President of Investments   [Aug-24-17 06:00AM  Business Wire]
▶ National Health Investors reports 2Q results   [Aug-09-17 11:11PM  Associated Press]
▶ NHI Announces Third Quarter 2017 Dividend   [06:15AM  Business Wire]
▶ NHI Announces Second Quarter 2017 Results   [06:00AM  Business Wire]
▶ 6 Undervalued Stocks Based on the Peter Lynch Value   [Aug-03-17 06:26PM  GuruFocus.com]
▶ NHI to Host Investor Day   [Jul-19-17 04:47PM  Business Wire]
▶ NHI to Present at REITWeek 2017   [Jun-01-17 04:10PM  Business Wire]
▶ 3 Top Dividend Stocks in Assisted Living   [10:41AM  Motley Fool]
▶ NHI Announces Second Quarter 2017 Dividend   [May-11-17 04:39PM  Business Wire]
▶ National Health Investors reports 1Q results   [May-09-17 06:06AM  Associated Press]
▶ NHI Announces First Quarter 2017 Results   [06:00AM  Business Wire]
▶ NHI Issues Equity of $80 Million on ATM Program   [Apr-03-17 04:15PM  Business Wire]
▶ NHI Purchases New SNF in Texas for $13.9 Million   [Mar-03-17 04:33PM  Business Wire]
▶ NHI Announces Fourth Quarter 2016 Results   [05:30AM  Business Wire]
▶ Buy These 4 Stocks For Big February Dividend Hikes   [Feb-05-17 08:12AM  at Forbes]
▶ 4 Cheap High-Yield Dividend Stocks You Don't Have to Babysit   [Jan-10-17 08:31AM  at Motley Fool]
▶ 3 Top Stocks for Low-Risk Investors   [Jan-08-17 08:02AM  at Motley Fool]
▶ Is Vista Outdoor Inc (VSTO) A Good Stock To Buy?   [Dec-13-16 01:50PM  at Insider Monkey]
▶ NHI Announces Fourth Quarter Dividend   [04:24PM  Business Wire]
▶ Do Hedge Funds Love Landstar System, Inc. (LSTR)?   [Dec-02-16 01:47PM  at Insider Monkey]
▶ NHI to Attend REITWorld 2016 in Phoenix, AZ   [Nov-10-16 04:26PM  Business Wire]
Financial statements of NHI
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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