Intrinsic value of National Retail Properties - NNN

Previous Close

$39.90

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$39.90

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying
Our model is not good at valuating stocks of financial companies, such as NNN.

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

We calculate the intrinsic value of NNN 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 5.8

 

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, %
  10.56
  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
  534
  598
  665
  735
  809
  886
  966
  1,050
  1,137
  1,227
  1,322
  1,420
  1,521
  1,627
  1,737
  1,851
  1,970
  2,094
  2,222
  2,357
  2,496
  2,642
  2,794
  2,953
  3,119
  3,292
  3,473
  3,662
  3,859
  4,066
  4,283
Variable operating expenses, $m
 
  240
  266
  295
  324
  355
  387
  421
  456
  492
  530
  569
  610
  652
  696
  742
  790
  840
  891
  945
  1,001
  1,059
  1,120
  1,184
  1,251
  1,320
  1,392
  1,468
  1,548
  1,631
  1,717
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
  225
  240
  266
  295
  324
  355
  387
  421
  456
  492
  530
  569
  610
  652
  696
  742
  790
  840
  891
  945
  1,001
  1,059
  1,120
  1,184
  1,251
  1,320
  1,392
  1,468
  1,548
  1,631
  1,717
Operating income, $m
  309
  358
  398
  440
  484
  531
  579
  629
  681
  735
  792
  850
  911
  975
  1,040
  1,109
  1,180
  1,254
  1,331
  1,412
  1,495
  1,583
  1,674
  1,769
  1,868
  1,972
  2,080
  2,193
  2,312
  2,436
  2,565
EBITDA, $m
  458
  567
  630
  697
  767
  840
  916
  995
  1,078
  1,164
  1,253
  1,346
  1,443
  1,543
  1,647
  1,755
  1,868
  1,985
  2,107
  2,235
  2,367
  2,505
  2,650
  2,800
  2,957
  3,121
  3,293
  3,472
  3,660
  3,856
  4,061
Interest expense (income), $m
  91
  97
  110
  122
  136
  150
  165
  180
  196
  213
  230
  248
  267
  286
  306
  327
  349
  372
  395
  420
  445
  472
  500
  529
  559
  591
  624
  659
  695
  732
  772
Earnings before tax, $m
  212
  261
  288
  318
  348
  381
  414
  449
  485
  523
  562
  602
  645
  689
  734
  782
  831
  882
  936
  992
  1,050
  1,110
  1,174
  1,240
  1,309
  1,381
  1,456
  1,535
  1,617
  1,703
  1,794
Tax expense, $m
  0
  70
  78
  86
  94
  103
  112
  121
  131
  141
  152
  163
  174
  186
  198
  211
  224
  238
  253
  268
  283
  300
  317
  335
  353
  373
  393
  414
  437
  460
  484
Net income, $m
  240
  190
  211
  232
  254
  278
  302
  328
  354
  382
  410
  440
  471
  503
  536
  571
  607
  644
  683
  724
  766
  811
  857
  905
  955
  1,008
  1,063
  1,120
  1,181
  1,243
  1,309

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  295
  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
  6,334
  6,790
  7,551
  8,351
  9,189
  10,064
  10,977
  11,929
  12,919
  13,949
  15,019
  16,131
  17,287
  18,488
  19,737
  21,035
  22,386
  23,791
  25,255
  26,779
  28,368
  30,024
  31,752
  33,555
  35,438
  37,405
  39,461
  41,610
  43,857
  46,208
  48,669
Adjusted assets (=assets-cash), $m
  6,039
  6,790
  7,551
  8,351
  9,189
  10,064
  10,977
  11,929
  12,919
  13,949
  15,019
  16,131
  17,287
  18,488
  19,737
  21,035
  22,386
  23,791
  25,255
  26,779
  28,368
  30,024
  31,752
  33,555
  35,438
  37,405
  39,461
  41,610
  43,857
  46,208
  48,669
Revenue / Adjusted assets
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
Average production assets, $m
  5,592
  6,260
  6,962
  7,700
  8,472
  9,279
  10,121
  10,998
  11,911
  12,860
  13,847
  14,873
  15,938
  17,046
  18,197
  19,394
  20,639
  21,935
  23,284
  24,690
  26,154
  27,681
  29,275
  30,937
  32,673
  34,487
  36,382
  38,363
  40,435
  42,603
  44,872
Working capital, $m
  0
  -330
  -367
  -406
  -446
  -489
  -533
  -579
  -628
  -678
  -730
  -784
  -840
  -898
  -959
  -1,022
  -1,087
  -1,156
  -1,227
  -1,301
  -1,378
  -1,458
  -1,542
  -1,630
  -1,721
  -1,817
  -1,917
  -2,021
  -2,130
  -2,245
  -2,364
Total debt, $m
  2,312
  2,611
  2,916
  3,235
  3,570
  3,921
  4,286
  4,667
  5,063
  5,474
  5,903
  6,347
  6,810
  7,290
  7,790
  8,309
  8,849
  9,412
  9,997
  10,607
  11,242
  11,905
  12,596
  13,317
  14,070
  14,857
  15,679
  16,539
  17,438
  18,378
  19,363
Total liabilities, $m
  2,417
  2,716
  3,021
  3,340
  3,675
  4,026
  4,391
  4,772
  5,168
  5,579
  6,008
  6,452
  6,915
  7,395
  7,895
  8,414
  8,954
  9,517
  10,102
  10,712
  11,347
  12,010
  12,701
  13,422
  14,175
  14,962
  15,784
  16,644
  17,543
  18,483
  19,468
Total equity, $m
  3,917
  4,074
  4,531
  5,011
  5,513
  6,038
  6,586
  7,157
  7,751
  8,369
  9,011
  9,679
  10,372
  11,093
  11,842
  12,621
  13,432
  14,275
  15,153
  16,067
  17,021
  18,014
  19,051
  20,133
  21,263
  22,443
  23,676
  24,966
  26,314
  27,725
  29,201
Total liabilities and equity, $m
  6,334
  6,790
  7,552
  8,351
  9,188
  10,064
  10,977
  11,929
  12,919
  13,948
  15,019
  16,131
  17,287
  18,488
  19,737
  21,035
  22,386
  23,792
  25,255
  26,779
  28,368
  30,024
  31,752
  33,555
  35,438
  37,405
  39,460
  41,610
  43,857
  46,208
  48,669
Debt-to-equity ratio
  0.590
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
Adjusted equity ratio
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  240
  190
  211
  232
  254
  278
  302
  328
  354
  382
  410
  440
  471
  503
  536
  571
  607
  644
  683
  724
  766
  811
  857
  905
  955
  1,008
  1,063
  1,120
  1,181
  1,243
  1,309
Depreciation, amort., depletion, $m
  149
  209
  232
  257
  282
  309
  337
  367
  397
  429
  462
  496
  531
  568
  607
  646
  688
  731
  776
  823
  872
  923
  976
  1,031
  1,089
  1,150
  1,213
  1,279
  1,348
  1,420
  1,496
Funds from operations, $m
  419
  399
  443
  489
  537
  587
  640
  694
  751
  810
  872
  936
  1,002
  1,071
  1,143
  1,217
  1,295
  1,375
  1,459
  1,547
  1,638
  1,733
  1,833
  1,936
  2,044
  2,158
  2,276
  2,399
  2,528
  2,664
  2,805
Change in working capital, $m
  4
  -35
  -37
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -91
  -96
  -100
  -104
  -109
  -114
  -120
Cash from operations, $m
  415
  762
  480
  527
  577
  630
  684
  740
  799
  860
  924
  990
  1,058
  1,129
  1,203
  1,280
  1,360
  1,444
  1,530
  1,621
  1,715
  1,814
  1,917
  2,024
  2,136
  2,253
  2,376
  2,504
  2,638
  2,778
  2,925
Maintenance CAPEX, $m
  0
  -186
  -209
  -232
  -257
  -282
  -309
  -337
  -367
  -397
  -429
  -462
  -496
  -531
  -568
  -607
  -646
  -688
  -731
  -776
  -823
  -872
  -923
  -976
  -1,031
  -1,089
  -1,150
  -1,213
  -1,279
  -1,348
  -1,420
New CAPEX, $m
  -886
  -666
  -702
  -737
  -772
  -807
  -842
  -877
  -913
  -949
  -987
  -1,025
  -1,066
  -1,108
  -1,151
  -1,197
  -1,245
  -1,296
  -1,349
  -1,405
  -1,465
  -1,527
  -1,593
  -1,663
  -1,736
  -1,813
  -1,895
  -1,981
  -2,072
  -2,168
  -2,269
Cash from investing activities, $m
  -780
  -852
  -911
  -969
  -1,029
  -1,089
  -1,151
  -1,214
  -1,280
  -1,346
  -1,416
  -1,487
  -1,562
  -1,639
  -1,719
  -1,804
  -1,891
  -1,984
  -2,080
  -2,181
  -2,288
  -2,399
  -2,516
  -2,639
  -2,767
  -2,902
  -3,045
  -3,194
  -3,351
  -3,516
  -3,689
Free cash flow, $m
  -365
  -91
  -431
  -442
  -451
  -460
  -467
  -474
  -480
  -486
  -492
  -498
  -503
  -510
  -516
  -524
  -531
  -540
  -550
  -561
  -572
  -585
  -599
  -615
  -631
  -650
  -669
  -690
  -713
  -738
  -764
Issuance/(repayment) of debt, $m
  336
  299
  304
  320
  335
  350
  365
  381
  396
  412
  428
  445
  462
  480
  499
  519
  540
  562
  585
  610
  635
  663
  691
  721
  753
  787
  822
  860
  899
  940
  984
Issuance/(repurchase) of shares, $m
  623
  0
  583
  602
  619
  635
  650
  664
  678
  692
  706
  720
  735
  750
  766
  783
  802
  821
  843
  865
  890
  916
  945
  975
  1,008
  1,043
  1,080
  1,120
  1,163
  1,208
  1,256
Cash from financing (excl. dividends), $m  
  941
  299
  887
  922
  954
  985
  1,015
  1,045
  1,074
  1,104
  1,134
  1,165
  1,197
  1,230
  1,265
  1,302
  1,342
  1,383
  1,428
  1,475
  1,525
  1,579
  1,636
  1,696
  1,761
  1,830
  1,902
  1,980
  2,062
  2,148
  2,240
Total cash flow (excl. dividends), $m
  576
  208
  -126
  -122
  -116
  -110
  -102
  -94
  -84
  -74
  -64
  -53
  -41
  -29
  -17
  -4
  9
  22
  35
  49
  63
  77
  92
  107
  122
  137
  153
  169
  186
  203
  220
Retained Cash Flow (-), $m
  -575
  -452
  -457
  -480
  -503
  -525
  -548
  -571
  -594
  -618
  -642
  -667
  -694
  -721
  -749
  -779
  -810
  -843
  -878
  -915
  -953
  -994
  -1,037
  -1,082
  -1,130
  -1,180
  -1,233
  -1,289
  -1,348
  -1,411
  -1,476
Prev. year cash balance distribution, $m
 
  295
  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
 
  51
  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, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  48
  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
  91.1
  83.6
  77.1
  71.5
  66.7
  62.4
  58.6
  55.3
  52.3
  49.6
  47.2
  44.9
  42.9
  41.1
  39.4
  37.8
  36.4
  35.0
  33.7
  32.5
  31.4
  30.4
  29.4
  28.4
  27.5
  26.7
  25.9
  25.1
  24.3

National Retail Properties, Inc. is a publicly owned equity real estate investment trust. The firm acquires, owns, manages, and develops retail properties in the United States. It provides complete turn-key and built-to-suit development services including market analysis, site selection and acquisition, entitlements, permitting, and construction management. The firm also focuses on purchasing and financing net-leased retail properties. It was formerly known as Commercial Net Lease Realty, Inc. National Retail Properties was founded in August 1984 and is based in Orlando, Florida.

FINANCIAL RATIOS  of  National Retail Properties (NNN)

Valuation Ratios
P/E Ratio 24.5
Price to Sales 11
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow -12.5
Growth Rates
Sales Growth Rate 10.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 59%
Total Debt to Equity 59%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 5.6%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 6.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 96.1%
Gross Margin - 3 Yr. Avg. 95.9%
EBITDA Margin 84.6%
EBITDA Margin - 3 Yr. Avg. 86%
Operating Margin 57.9%
Oper. Margin - 3 Yr. Avg. 59.6%
Pre-Tax Margin 39.7%
Pre-Tax Margin - 3 Yr. Avg. 40.7%
Net Profit Margin 44.9%
Net Profit Margin - 3 Yr. Avg. 43.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.7%
Payout Ratio 123.3%

NNN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NNN stock intrinsic value calculation we used $534 million for the last fiscal year's total revenue generated by National Retail Properties. The default revenue input number comes from 2016 income statement of National Retail Properties. 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 NNN 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 6.6%, whose default value for NNN is calculated based on our internal credit rating of National Retail Properties, 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 Retail Properties.
    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 NNN stock the variable cost ratio is equal to 40.1%.

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 NNN 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 4.2% for National Retail Properties.

Corporate tax rate of 27% is the nominal tax rate for National Retail Properties. 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 NNN 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 NNN are equal to 1047.7%.

Life of production assets of 37.5 years is the average useful life of capital assets used in National Retail Properties 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 NNN is equal to -55.2%. 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 - $3917 million for National Retail Properties - 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 144.576 million for National Retail Properties 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 Retail Properties at the current share price and the inputted number of shares is $5.8 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
SKT Tanger Factory 26.93 prem.  prem.
O Realty Income 56.81 prem.  prem.
REG Regency Center 63.15 prem.  prem.
CBL CBL&Associates 8.47 prem.  prem.
EQY Equity One 30.85 prem.  prem.
WRI Weingarten Rea 30.45 prem.  prem.
FRT Federal Realty 128.13 prem.  prem.
AKR Acadia Realty 28.16 prem.  prem.
TCO Taubman Center 60.55 prem.  prem.
IVZ INVESCO 35.31 prem.  prem.

COMPANY NEWS

▶ 3 Value Stocks for Smart Investors   [Jun-22-17 08:05AM  Motley Fool]
▶ 3 Dividend Stocks for Bold Investors   [Jun-03-17 02:30PM  Motley Fool]
▶ 3 Dividend Stocks for the Second Quarter   [May-23-17 12:25PM  Motley Fool]
▶ National Retail Properties reports 1Q results   [May-02-17 08:43AM  Associated Press]
▶ 3 Retail REITs with Less Exposure to Troubled Properties   [Apr-25-17 03:00PM  Barrons.com]
▶ 5 Top Dividend Stocks in Retail REITs   [Mar-14-17 04:03PM  Motley Fool]
▶ 5 Top Dividend Stocks in Retail REITs   [04:03PM  at Motley Fool]
▶ Imports Surge at U.S. Ports   [12:35AM  at The Wall Street Journal]
▶ 3 Beaten-up High-Yield Dividend Stocks: Are They Bargains?   [Feb-10-17 04:09PM  at Motley Fool]
▶ Retirement Investing 2017: 3 Stocks to Put on Your Radar   [Jan-21-17 03:58PM  at Motley Fool]
▶ Intel to invest $100M in retail tech   [Jan-18-17 05:54PM  at bizjournals.com]
▶ Container Cargo Imports Surged at End of 2016   [Jan-12-17 12:08PM  at The Wall Street Journal]
▶ 'National Returns Day' Is A Lesson For All Businesses   [Dec-31-16 09:05AM  at Forbes]
▶ Record sales predicted for Boxing Day 2016   [Dec-23-16 08:06AM  AAP]
▶ Do Hedge Funds Love National Retail Properties, Inc. (NNN)?   [Dec-02-16 04:33AM  at Insider Monkey]
▶ Hate Risk? You'll Love These 2 Stocks   [09:32AM  at Motley Fool]
▶ [$$] Retail Federation Watches for Trump Trade Policy   [11:06AM  at The Wall Street Journal]
▶ 3 Recession-Proof REITs To Buy Now   [Nov-05-16 08:37AM  at Forbes]
▶ Presidential Election Dampens Spending   [Oct-31-16 03:45PM  at Forbes]
Stock chart of NNN Financial statements of NNN Annual reports of NNN
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.