Intrinsic value of National Health Investors - NHI

Previous Close

$78.63

  Intrinsic Value

$7.53

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+9%

Previous close

$78.63

 
Intrinsic value

$7.53

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+9%

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
  11.90
  11.21
  10.59
  10.03
  9.53
  9.07
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
Revenue, $m
  249
  279
  310
  343
  377
  413
  450
  489
  530
  572
  616
  662
  709
  759
  810
  863
  919
  976
  1,036
  1,099
  1,164
  1,232
  1,303
  1,377
  1,454
  1,535
  1,619
  1,707
  1,800
  1,896
  1,997
Variable operating expenses, $m
 
  124
  138
  153
  168
  184
  201
  218
  236
  255
  275
  295
  316
  338
  361
  385
  410
  435
  462
  490
  519
  549
  581
  614
  649
  685
  722
  762
  803
  846
  891
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
  124
  138
  153
  168
  184
  201
  218
  236
  255
  275
  295
  316
  338
  361
  385
  410
  435
  462
  490
  519
  549
  581
  614
  649
  685
  722
  762
  803
  846
  891
Operating income, $m
  119
  154
  172
  190
  209
  229
  250
  271
  294
  317
  341
  367
  393
  420
  449
  478
  509
  541
  574
  609
  645
  683
  722
  763
  806
  850
  897
  946
  997
  1,050
  1,106
EBITDA, $m
  182
  229
  255
  282
  310
  339
  370
  402
  436
  470
  506
  544
  583
  623
  665
  709
  755
  802
  851
  903
  956
  1,012
  1,070
  1,131
  1,195
  1,261
  1,330
  1,403
  1,478
  1,558
  1,641
Interest expense (income), $m
  40
  44
  49
  55
  61
  67
  74
  81
  88
  96
  104
  112
  121
  129
  139
  148
  158
  169
  179
  190
  202
  214
  227
  240
  254
  269
  284
  299
  316
  333
  351
Earnings before tax, $m
  153
  111
  123
  135
  148
  161
  175
  190
  205
  221
  238
  255
  272
  291
  310
  330
  351
  372
  395
  418
  443
  468
  495
  523
  552
  582
  613
  647
  681
  717
  755
Tax expense, $m
  0
  30
  33
  36
  40
  44
  47
  51
  55
  60
  64
  69
  74
  79
  84
  89
  95
  101
  107
  113
  120
  126
  134
  141
  149
  157
  166
  175
  184
  194
  204
Net income, $m
  152
  81
  90
  99
  108
  118
  128
  139
  150
  161
  173
  186
  199
  212
  226
  241
  256
  272
  288
  305
  323
  342
  361
  381
  403
  425
  448
  472
  497
  524
  551

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
  2,679
  2,979
  3,295
  3,625
  3,971
  4,331
  4,707
  5,097
  5,503
  5,926
  6,365
  6,821
  7,295
  7,787
  8,300
  8,832
  9,387
  9,964
  10,566
  11,193
  11,846
  12,528
  13,239
  13,982
  14,758
  15,569
  16,417
  17,304
  18,232
  19,203
Adjusted assets (=assets-cash), $m
  2,399
  2,679
  2,979
  3,295
  3,625
  3,971
  4,331
  4,707
  5,097
  5,503
  5,926
  6,365
  6,821
  7,295
  7,787
  8,300
  8,832
  9,387
  9,964
  10,566
  11,193
  11,846
  12,528
  13,239
  13,982
  14,758
  15,569
  16,417
  17,304
  18,232
  19,203
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
  2,236
  2,487
  2,750
  3,026
  3,314
  3,615
  3,929
  4,255
  4,594
  4,946
  5,313
  5,693
  6,089
  6,500
  6,928
  7,373
  7,835
  8,317
  8,819
  9,343
  9,888
  10,457
  11,051
  11,671
  12,319
  12,996
  13,704
  14,444
  15,218
  16,028
Working capital, $m
  0
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
Total debt, $m
  1,116
  1,256
  1,406
  1,563
  1,727
  1,899
  2,079
  2,266
  2,460
  2,663
  2,873
  3,092
  3,319
  3,555
  3,800
  4,055
  4,321
  4,597
  4,884
  5,184
  5,496
  5,821
  6,161
  6,515
  6,885
  7,272
  7,676
  8,098
  8,539
  9,001
  9,485
Total liabilities, $m
  1,194
  1,334
  1,484
  1,641
  1,805
  1,977
  2,157
  2,344
  2,538
  2,741
  2,951
  3,170
  3,397
  3,633
  3,878
  4,133
  4,399
  4,675
  4,962
  5,262
  5,574
  5,899
  6,239
  6,593
  6,963
  7,350
  7,754
  8,176
  8,617
  9,079
  9,563
Total equity, $m
  1,210
  1,345
  1,496
  1,654
  1,820
  1,993
  2,174
  2,363
  2,559
  2,763
  2,975
  3,195
  3,424
  3,662
  3,909
  4,166
  4,434
  4,712
  5,002
  5,304
  5,619
  5,947
  6,289
  6,646
  7,019
  7,409
  7,816
  8,241
  8,687
  9,152
  9,640
Total liabilities and equity, $m
  2,404
  2,679
  2,980
  3,295
  3,625
  3,970
  4,331
  4,707
  5,097
  5,504
  5,926
  6,365
  6,821
  7,295
  7,787
  8,299
  8,833
  9,387
  9,964
  10,566
  11,193
  11,846
  12,528
  13,239
  13,982
  14,759
  15,570
  16,417
  17,304
  18,231
  19,203
Debt-to-equity ratio
  0.922
  0.930
  0.940
  0.940
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.970
  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
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
  81
  90
  99
  108
  118
  128
  139
  150
  161
  173
  186
  199
  212
  226
  241
  256
  272
  288
  305
  323
  342
  361
  381
  403
  425
  448
  472
  497
  524
  551
Depreciation, amort., depletion, $m
  63
  75
  83
  92
  101
  110
  121
  131
  142
  153
  165
  177
  190
  203
  217
  231
  246
  261
  277
  294
  311
  330
  349
  368
  389
  411
  433
  457
  481
  507
  534
Funds from operations, $m
  178
  155
  172
  190
  209
  228
  249
  270
  292
  315
  338
  363
  389
  415
  443
  472
  502
  533
  565
  599
  635
  671
  710
  750
  792
  835
  881
  929
  979
  1,031
  1,086
Change in working capital, $m
  1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  177
  156
  173
  191
  210
  229
  249
  271
  293
  315
  339
  364
  390
  416
  444
  473
  503
  534
  567
  601
  636
  673
  711
  751
  793
  837
  883
  931
  981
  1,033
  1,088
Maintenance CAPEX, $m
  0
  -67
  -75
  -83
  -92
  -101
  -110
  -121
  -131
  -142
  -153
  -165
  -177
  -190
  -203
  -217
  -231
  -246
  -261
  -277
  -294
  -311
  -330
  -349
  -368
  -389
  -411
  -433
  -457
  -481
  -507
New CAPEX, $m
  -359
  -238
  -251
  -263
  -276
  -288
  -301
  -313
  -326
  -339
  -352
  -366
  -381
  -396
  -411
  -428
  -445
  -463
  -482
  -502
  -523
  -545
  -569
  -594
  -620
  -648
  -677
  -708
  -740
  -774
  -810
Cash from investing activities, $m
  -330
  -305
  -326
  -346
  -368
  -389
  -411
  -434
  -457
  -481
  -505
  -531
  -558
  -586
  -614
  -645
  -676
  -709
  -743
  -779
  -817
  -856
  -899
  -943
  -988
  -1,037
  -1,088
  -1,141
  -1,197
  -1,255
  -1,317
Free cash flow, $m
  -153
  -148
  -152
  -155
  -158
  -160
  -162
  -163
  -165
  -166
  -166
  -167
  -168
  -169
  -170
  -171
  -173
  -174
  -176
  -179
  -181
  -184
  -187
  -191
  -195
  -200
  -205
  -210
  -216
  -223
  -230
Issuance/(repayment) of debt, $m
  198
  140
  150
  157
  165
  172
  179
  187
  195
  202
  210
  219
  227
  236
  245
  255
  265
  276
  288
  300
  312
  325
  340
  354
  370
  386
  404
  422
  442
  462
  483
Issuance/(repurchase) of shares, $m
  104
  59
  61
  60
  58
  56
  53
  50
  46
  43
  39
  34
  30
  26
  21
  16
  11
  7
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  282
  199
  211
  217
  223
  228
  232
  237
  241
  245
  249
  253
  257
  262
  266
  271
  276
  283
  290
  300
  312
  325
  340
  354
  370
  386
  404
  422
  442
  462
  483
Total cash flow (excl. dividends), $m
  130
  51
  59
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  96
  100
  104
  108
  113
  121
  131
  141
  152
  163
  175
  187
  199
  212
  225
  239
  254
Retained Cash Flow (-), $m
  -77
  -140
  -151
  -158
  -166
  -173
  -181
  -188
  -196
  -204
  -212
  -220
  -229
  -238
  -247
  -257
  -268
  -278
  -290
  -302
  -315
  -328
  -342
  -357
  -373
  -390
  -407
  -426
  -445
  -466
  -487
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
 
  -84
  -92
  -97
  -101
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -140
  -145
  -151
  -157
  -163
  -170
  -177
  -181
  -184
  -187
  -190
  -194
  -198
  -203
  -208
  -214
  -220
  -227
  -234
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
 
  -78
  -78
  -75
  -71
  -66
  -61
  -56
  -51
  -45
  -40
  -34
  -29
  -25
  -21
  -17
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.2
  96.5
  95.0
  93.8
  92.7
  91.7
  91.0
  90.3
  89.7
  89.2
  88.8
  88.5
  88.3
  88.1
  87.9
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8
  87.8

National Health Investors Inc. is a real estate investment trust. It invests in the real estate markets of United States. The firm invests in the health care properties primarily in the long-term care and senior housing industries. It specializes in financing healthcare real estate by sale-leaseback, joint-venture, mezz loans, and mortgage loans. National Health Investors Inc. was formed in 1991 and is based in Murfreesboro, Tennessee.

FINANCIAL RATIOS  of  National Health Investors (NHI)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 12.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow -17.2
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 11.9% 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 8.1%, 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 40.17 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.

RELATED COMPANIES Price Int.Val. Rating
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HCP HCP 28.85 2.94  str.sell
VTR Ventas 66.12 6.82  str.sell
HCN Welltower 70.65 10.12  str.sell
OHI Omega Healthca 30.97 4.11  str.sell
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COMPANY NEWS

▶ 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]
▶ NHI Announces Third Quarter 2016 Results   [05:00AM  Business Wire]
Stock chart of NHI 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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