Intrinsic value of National Retail Properties - NNN

Previous Close

$40.73

  Intrinsic Value

$6.77

stock screener

  Rating & Target

str. sell

-83%

  Value-price divergence*

+42%

Previous close

$40.73

 
Intrinsic value

$6.77

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence*

+42%

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 5.9

 

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
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  534
  593
  654
  719
  786
  857
  930
  1,006
  1,085
  1,167
  1,253
  1,342
  1,434
  1,530
  1,630
  1,734
  1,842
  1,954
  2,072
  2,194
  2,321
  2,454
  2,593
  2,738
  2,890
  3,048
  3,213
  3,387
  3,568
  3,757
  3,956
Variable operating expenses, $m
 
  238
  262
  288
  315
  343
  373
  403
  435
  468
  502
  538
  575
  614
  654
  695
  739
  784
  831
  880
  931
  984
  1,040
  1,098
  1,159
  1,222
  1,289
  1,358
  1,431
  1,507
  1,586
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
  238
  262
  288
  315
  343
  373
  403
  435
  468
  502
  538
  575
  614
  654
  695
  739
  784
  831
  880
  931
  984
  1,040
  1,098
  1,159
  1,222
  1,289
  1,358
  1,431
  1,507
  1,586
Operating income, $m
  309
  355
  392
  431
  471
  513
  557
  603
  650
  699
  750
  804
  859
  916
  976
  1,038
  1,103
  1,171
  1,241
  1,314
  1,390
  1,470
  1,553
  1,640
  1,731
  1,826
  1,925
  2,029
  2,137
  2,251
  2,370
EBITDA, $m
  458
  562
  620
  682
  745
  812
  881
  954
  1,029
  1,107
  1,188
  1,272
  1,359
  1,450
  1,545
  1,644
  1,746
  1,853
  1,964
  2,080
  2,201
  2,327
  2,458
  2,596
  2,739
  2,890
  3,046
  3,211
  3,382
  3,562
  3,750
Interest expense (income), $m
  91
  97
  109
  121
  133
  146
  159
  173
  188
  203
  218
  235
  252
  269
  288
  307
  327
  347
  369
  391
  414
  439
  464
  491
  518
  547
  577
  609
  642
  677
  713
Earnings before tax, $m
  212
  258
  283
  310
  338
  367
  398
  429
  462
  496
  532
  569
  607
  647
  689
  732
  777
  823
  872
  923
  976
  1,031
  1,089
  1,150
  1,213
  1,278
  1,347
  1,420
  1,495
  1,574
  1,657
Tax expense, $m
  0
  70
  76
  84
  91
  99
  107
  116
  125
  134
  144
  154
  164
  175
  186
  198
  210
  222
  235
  249
  264
  278
  294
  310
  327
  345
  364
  383
  404
  425
  447
Net income, $m
  240
  188
  207
  226
  247
  268
  290
  313
  337
  362
  388
  415
  443
  472
  503
  534
  567
  601
  637
  674
  713
  753
  795
  839
  885
  933
  984
  1,036
  1,091
  1,149
  1,209

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
  6,736
  7,436
  8,169
  8,935
  9,734
  10,565
  11,430
  12,330
  13,265
  14,236
  15,246
  16,296
  17,386
  18,521
  19,701
  20,930
  22,209
  23,541
  24,931
  26,379
  27,891
  29,468
  31,116
  32,837
  34,636
  36,517
  38,484
  40,543
  42,697
  44,953
Adjusted assets (=assets-cash), $m
  6,039
  6,736
  7,436
  8,169
  8,935
  9,734
  10,565
  11,430
  12,330
  13,265
  14,236
  15,246
  16,296
  17,386
  18,521
  19,701
  20,930
  22,209
  23,541
  24,931
  26,379
  27,891
  29,468
  31,116
  32,837
  34,636
  36,517
  38,484
  40,543
  42,697
  44,953
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
  6,207
  6,852
  7,528
  8,233
  8,969
  9,735
  10,533
  11,361
  12,223
  13,118
  14,049
  15,015
  16,021
  17,066
  18,154
  19,286
  20,464
  21,692
  22,972
  24,307
  25,700
  27,153
  28,671
  30,258
  31,915
  33,648
  35,461
  37,358
  39,343
  41,422
Working capital, $m
  0
  -59
  -65
  -72
  -79
  -86
  -93
  -101
  -109
  -117
  -125
  -134
  -143
  -153
  -163
  -173
  -184
  -195
  -207
  -219
  -232
  -245
  -259
  -274
  -289
  -305
  -321
  -339
  -357
  -376
  -396
Total debt, $m
  2,312
  2,589
  2,869
  3,163
  3,469
  3,788
  4,121
  4,467
  4,827
  5,201
  5,590
  5,993
  6,413
  6,850
  7,303
  7,775
  8,267
  8,779
  9,312
  9,867
  10,447
  11,051
  11,682
  12,341
  13,030
  13,749
  14,502
  15,289
  16,112
  16,974
  17,876
Total liabilities, $m
  2,417
  2,694
  2,974
  3,268
  3,574
  3,893
  4,226
  4,572
  4,932
  5,306
  5,695
  6,098
  6,518
  6,955
  7,408
  7,880
  8,372
  8,884
  9,417
  9,972
  10,552
  11,156
  11,787
  12,446
  13,135
  13,854
  14,607
  15,394
  16,217
  17,079
  17,981
Total equity, $m
  3,917
  4,041
  4,462
  4,902
  5,361
  5,840
  6,339
  6,858
  7,398
  7,959
  8,542
  9,148
  9,777
  10,432
  11,113
  11,821
  12,558
  13,325
  14,125
  14,958
  15,827
  16,734
  17,681
  18,669
  19,702
  20,782
  21,910
  23,091
  24,326
  25,618
  26,972
Total liabilities and equity, $m
  6,334
  6,735
  7,436
  8,170
  8,935
  9,733
  10,565
  11,430
  12,330
  13,265
  14,237
  15,246
  16,295
  17,387
  18,521
  19,701
  20,930
  22,209
  23,542
  24,930
  26,379
  27,890
  29,468
  31,115
  32,837
  34,636
  36,517
  38,485
  40,543
  42,697
  44,953
Debt-to-equity ratio
  0.590
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  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
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
  188
  207
  226
  247
  268
  290
  313
  337
  362
  388
  415
  443
  472
  503
  534
  567
  601
  637
  674
  713
  753
  795
  839
  885
  933
  984
  1,036
  1,091
  1,149
  1,209
Depreciation, amort., depletion, $m
  149
  207
  228
  251
  274
  299
  325
  351
  379
  407
  437
  468
  501
  534
  569
  605
  643
  682
  723
  766
  810
  857
  905
  956
  1,009
  1,064
  1,122
  1,182
  1,245
  1,311
  1,381
Funds from operations, $m
  419
  395
  435
  477
  521
  567
  615
  665
  716
  770
  826
  884
  944
  1,006
  1,072
  1,139
  1,210
  1,283
  1,360
  1,440
  1,523
  1,610
  1,700
  1,795
  1,894
  1,997
  2,105
  2,218
  2,337
  2,460
  2,590
Change in working capital, $m
  4
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
Cash from operations, $m
  415
  401
  441
  484
  528
  574
  622
  672
  724
  778
  834
  892
  953
  1,016
  1,082
  1,150
  1,221
  1,295
  1,372
  1,452
  1,536
  1,623
  1,714
  1,809
  1,909
  2,013
  2,122
  2,236
  2,355
  2,479
  2,610
Maintenance CAPEX, $m
  0
  -186
  -207
  -228
  -251
  -274
  -299
  -325
  -351
  -379
  -407
  -437
  -468
  -501
  -534
  -569
  -605
  -643
  -682
  -723
  -766
  -810
  -857
  -905
  -956
  -1,009
  -1,064
  -1,122
  -1,182
  -1,245
  -1,311
New CAPEX, $m
  -886
  -615
  -645
  -676
  -706
  -736
  -766
  -797
  -829
  -862
  -895
  -930
  -967
  -1,005
  -1,045
  -1,088
  -1,132
  -1,179
  -1,228
  -1,280
  -1,335
  -1,393
  -1,454
  -1,518
  -1,586
  -1,658
  -1,733
  -1,813
  -1,897
  -1,985
  -2,078
Cash from investing activities, $m
  -780
  -801
  -852
  -904
  -957
  -1,010
  -1,065
  -1,122
  -1,180
  -1,241
  -1,302
  -1,367
  -1,435
  -1,506
  -1,579
  -1,657
  -1,737
  -1,822
  -1,910
  -2,003
  -2,101
  -2,203
  -2,311
  -2,423
  -2,542
  -2,667
  -2,797
  -2,935
  -3,079
  -3,230
  -3,389
Free cash flow, $m
  -365
  -400
  -411
  -420
  -429
  -436
  -443
  -450
  -456
  -462
  -469
  -475
  -482
  -490
  -498
  -507
  -516
  -527
  -539
  -551
  -565
  -580
  -596
  -614
  -633
  -653
  -675
  -699
  -724
  -751
  -780
Issuance/(repayment) of debt, $m
  336
  277
  280
  293
  306
  319
  333
  346
  360
  374
  389
  404
  420
  436
  454
  472
  491
  512
  533
  556
  579
  605
  631
  659
  689
  720
  752
  787
  823
  862
  902
Issuance/(repurchase) of shares, $m
  623
  231
  214
  214
  213
  211
  209
  206
  202
  199
  195
  191
  186
  182
  178
  174
  170
  166
  163
  160
  157
  154
  151
  149
  148
  146
  145
  144
  144
  144
  144
Cash from financing (excl. dividends), $m  
  941
  508
  494
  507
  519
  530
  542
  552
  562
  573
  584
  595
  606
  618
  632
  646
  661
  678
  696
  716
  736
  759
  782
  808
  837
  866
  897
  931
  967
  1,006
  1,046
Total cash flow (excl. dividends), $m
  576
  108
  83
  87
  90
  94
  98
  102
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  164
  171
  178
  186
  195
  203
  212
  222
  232
  243
  254
  266
Retained Cash Flow (-), $m
  -575
  -419
  -420
  -440
  -459
  -479
  -499
  -519
  -540
  -561
  -583
  -606
  -630
  -655
  -681
  -708
  -737
  -768
  -800
  -833
  -869
  -907
  -947
  -989
  -1,033
  -1,079
  -1,129
  -1,180
  -1,235
  -1,293
  -1,353
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
 
  -16
  -338
  -353
  -369
  -385
  -401
  -417
  -434
  -451
  -468
  -487
  -506
  -526
  -547
  -569
  -592
  -616
  -642
  -669
  -698
  -728
  -760
  -794
  -830
  -867
  -907
  -948
  -992
  -1,038
  -1,087
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
 
  -15
  -295
  -286
  -275
  -262
  -247
  -230
  -213
  -195
  -177
  -158
  -140
  -123
  -106
  -90
  -76
  -63
  -51
  -41
  -32
  -25
  -19
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  95.9
  92.7
  89.8
  87.3
  85.1
  83.1
  81.3
  79.8
  78.4
  77.1
  76.0
  75.0
  74.1
  73.2
  72.5
  71.8
  71.2
  70.6
  70.1
  69.6
  69.1
  68.7
  68.3
  68.0
  67.6
  67.3
  67.0
  66.8
  66.5
  66.2

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 25
Price to Sales 11.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 14.4
Price to Free Cash Flow -12.7
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% 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 1047.1%.

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 -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 - $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 $5.9 billion.

RELATED COMPANIES Price Int.Val. Rating
SKT Tanger Factory 24.06 2.73  str.sell
O Realty Income 56.85 6.73  str.sell
REG Regency Center 64.68 6.32  str.sell
CBL CBL&Associates 8.01 1.83  str.sell
WRI Weingarten Rea 32.00 3.06  str.sell
FRT Federal Realty 126.96 6.92  str.sell
AKR Acadia Realty 28.54 4.78  str.sell
TCO Taubman Center 52.22 1.43  str.sell
IVZ INVESCO 32.86 45.12  buy

COMPANY NEWS

▶ 1 Great Dividend Stock You Can Rely On   [Aug-03-17 07:47AM  Motley Fool]
▶ National Retail Properties reports 2Q results   [Aug-01-17 09:36PM  Associated Press]
▶ Combining My Two Passions: Nothin' But Net   [Jul-31-17 07:00AM  Forbes]
▶ These 3 Stocks Just Raised Their Dividends   [Jul-17-17 08:08AM  Motley Fool]
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▶ Dividend Hikes: National RetailAgain!   [12:09PM  Barrons.com]
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▶ If You're in Your 70s, Consider Buying These 2 Stocks   [Jul-07-17 08:03AM  Motley Fool]
▶ 3 Value Stocks for Smart Investors   [Jun-22-17 08:05AM  Motley Fool]
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▶ 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]
Stock chart of NNN Financial statements 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.

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