Intrinsic value of National Retail Properties - NNN

Previous Close

$41.99

  Intrinsic Value

$6.49

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

+35%

Previous close

$41.99

 
Intrinsic value

$6.49

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

+35%

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 6.3

 

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
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  534
  595
  660
  728
  799
  873
  950
  1,030
  1,114
  1,200
  1,291
  1,384
  1,482
  1,583
  1,689
  1,798
  1,912
  2,031
  2,154
  2,283
  2,417
  2,557
  2,703
  2,856
  3,015
  3,181
  3,355
  3,537
  3,727
  3,926
  4,134
Variable operating expenses, $m
 
  239
  265
  292
  320
  350
  381
  413
  447
  481
  518
  555
  594
  635
  677
  721
  767
  814
  864
  915
  969
  1,025
  1,084
  1,145
  1,209
  1,276
  1,345
  1,418
  1,495
  1,574
  1,658
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
  239
  265
  292
  320
  350
  381
  413
  447
  481
  518
  555
  594
  635
  677
  721
  767
  814
  864
  915
  969
  1,025
  1,084
  1,145
  1,209
  1,276
  1,345
  1,418
  1,495
  1,574
  1,658
Operating income, $m
  309
  357
  395
  436
  478
  523
  569
  617
  667
  719
  773
  829
  888
  948
  1,011
  1,077
  1,145
  1,216
  1,290
  1,367
  1,448
  1,532
  1,619
  1,710
  1,806
  1,906
  2,010
  2,119
  2,233
  2,352
  2,477
EBITDA, $m
  458
  565
  626
  690
  757
  827
  901
  977
  1,056
  1,138
  1,224
  1,313
  1,405
  1,501
  1,601
  1,705
  1,813
  1,926
  2,043
  2,165
  2,292
  2,425
  2,563
  2,708
  2,859
  3,017
  3,182
  3,354
  3,534
  3,723
  3,921
Interest expense (income), $m
  91
  97
  109
  122
  135
  148
  162
  177
  192
  208
  225
  242
  260
  278
  298
  318
  339
  361
  383
  407
  431
  457
  484
  512
  541
  571
  603
  636
  671
  707
  745
Earnings before tax, $m
  212
  260
  286
  314
  344
  375
  407
  440
  475
  511
  548
  587
  628
  670
  714
  759
  806
  856
  907
  961
  1,016
  1,075
  1,135
  1,199
  1,265
  1,334
  1,407
  1,483
  1,562
  1,645
  1,731
Tax expense, $m
  0
  70
  77
  85
  93
  101
  110
  119
  128
  138
  148
  159
  169
  181
  193
  205
  218
  231
  245
  259
  274
  290
  307
  324
  342
  360
  380
  400
  422
  444
  467
Net income, $m
  240
  189
  209
  229
  251
  273
  297
  321
  347
  373
  400
  429
  458
  489
  521
  554
  589
  625
  662
  701
  742
  784
  829
  875
  924
  974
  1,027
  1,082
  1,140
  1,201
  1,264

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
  6,766
  7,500
  8,270
  9,075
  9,916
  10,793
  11,705
  12,654
  13,641
  14,667
  15,732
  16,840
  17,991
  19,188
  20,432
  21,728
  23,076
  24,480
  25,942
  27,467
  29,058
  30,717
  32,450
  34,259
  36,150
  38,126
  40,192
  42,354
  44,616
  46,983
Adjusted assets (=assets-cash), $m
  6,039
  6,766
  7,500
  8,270
  9,075
  9,916
  10,793
  11,705
  12,654
  13,641
  14,667
  15,732
  16,840
  17,991
  19,188
  20,432
  21,728
  23,076
  24,480
  25,942
  27,467
  29,058
  30,717
  32,450
  34,259
  36,150
  38,126
  40,192
  42,354
  44,616
  46,983
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
  5,595
  6,239
  6,916
  7,625
  8,368
  9,143
  9,951
  10,793
  11,668
  12,578
  13,524
  14,506
  15,527
  16,589
  17,692
  18,840
  20,034
  21,277
  22,572
  23,920
  25,327
  26,793
  28,323
  29,921
  31,589
  33,332
  35,154
  37,060
  39,053
  41,138
  43,321
Working capital, $m
  0
  -329
  -364
  -402
  -441
  -482
  -524
  -569
  -615
  -663
  -712
  -764
  -818
  -874
  -932
  -993
  -1,055
  -1,121
  -1,189
  -1,260
  -1,334
  -1,412
  -1,492
  -1,576
  -1,664
  -1,756
  -1,852
  -1,952
  -2,057
  -2,167
  -2,282
Total debt, $m
  2,312
  2,601
  2,895
  3,203
  3,525
  3,861
  4,212
  4,577
  4,957
  5,351
  5,762
  6,188
  6,631
  7,091
  7,570
  8,068
  8,586
  9,125
  9,687
  10,272
  10,882
  11,518
  12,182
  12,875
  13,599
  14,355
  15,145
  15,972
  16,837
  17,741
  18,688
Total liabilities, $m
  2,417
  2,706
  3,000
  3,308
  3,630
  3,966
  4,317
  4,682
  5,062
  5,456
  5,867
  6,293
  6,736
  7,196
  7,675
  8,173
  8,691
  9,230
  9,792
  10,377
  10,987
  11,623
  12,287
  12,980
  13,704
  14,460
  15,250
  16,077
  16,942
  17,846
  18,793
Total equity, $m
  3,917
  4,060
  4,500
  4,962
  5,445
  5,950
  6,476
  7,023
  7,593
  8,185
  8,800
  9,439
  10,104
  10,795
  11,513
  12,259
  13,037
  13,845
  14,688
  15,565
  16,480
  17,435
  18,430
  19,470
  20,555
  21,690
  22,876
  24,115
  25,412
  26,769
  28,190
Total liabilities and equity, $m
  6,334
  6,766
  7,500
  8,270
  9,075
  9,916
  10,793
  11,705
  12,655
  13,641
  14,667
  15,732
  16,840
  17,991
  19,188
  20,432
  21,728
  23,075
  24,480
  25,942
  27,467
  29,058
  30,717
  32,450
  34,259
  36,150
  38,126
  40,192
  42,354
  44,615
  46,983
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
  189
  209
  229
  251
  273
  297
  321
  347
  373
  400
  429
  458
  489
  521
  554
  589
  625
  662
  701
  742
  784
  829
  875
  924
  974
  1,027
  1,082
  1,140
  1,201
  1,264
Depreciation, amort., depletion, $m
  149
  208
  231
  254
  279
  305
  332
  360
  389
  419
  451
  484
  518
  553
  590
  628
  668
  709
  752
  797
  844
  893
  944
  997
  1,053
  1,111
  1,172
  1,235
  1,302
  1,371
  1,444
Funds from operations, $m
  419
  397
  439
  484
  530
  578
  629
  681
  736
  792
  851
  912
  976
  1,042
  1,111
  1,182
  1,257
  1,334
  1,415
  1,499
  1,586
  1,678
  1,773
  1,873
  1,977
  2,085
  2,199
  2,318
  2,442
  2,572
  2,708
Change in working capital, $m
  4
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
Cash from operations, $m
  415
  431
  475
  521
  569
  619
  671
  725
  782
  840
  901
  964
  1,030
  1,098
  1,169
  1,243
  1,319
  1,399
  1,483
  1,570
  1,660
  1,755
  1,854
  1,957
  2,064
  2,177
  2,295
  2,418
  2,547
  2,682
  2,823
Maintenance CAPEX, $m
  0
  -187
  -208
  -231
  -254
  -279
  -305
  -332
  -360
  -389
  -419
  -451
  -484
  -518
  -553
  -590
  -628
  -668
  -709
  -752
  -797
  -844
  -893
  -944
  -997
  -1,053
  -1,111
  -1,172
  -1,235
  -1,302
  -1,371
New CAPEX, $m
  -886
  -644
  -677
  -710
  -743
  -775
  -808
  -841
  -875
  -910
  -946
  -983
  -1,021
  -1,061
  -1,104
  -1,148
  -1,194
  -1,243
  -1,295
  -1,349
  -1,406
  -1,466
  -1,530
  -1,597
  -1,668
  -1,743
  -1,822
  -1,905
  -1,993
  -2,085
  -2,183
Cash from investing activities, $m
  -780
  -831
  -885
  -941
  -997
  -1,054
  -1,113
  -1,173
  -1,235
  -1,299
  -1,365
  -1,434
  -1,505
  -1,579
  -1,657
  -1,738
  -1,822
  -1,911
  -2,004
  -2,101
  -2,203
  -2,310
  -2,423
  -2,541
  -2,665
  -2,796
  -2,933
  -3,077
  -3,228
  -3,387
  -3,554
Free cash flow, $m
  -365
  -399
  -410
  -419
  -428
  -435
  -442
  -448
  -453
  -459
  -464
  -469
  -475
  -481
  -488
  -495
  -503
  -511
  -521
  -532
  -543
  -556
  -570
  -585
  -601
  -619
  -638
  -659
  -682
  -706
  -731
Issuance/(repayment) of debt, $m
  336
  289
  294
  308
  322
  336
  351
  365
  380
  395
  410
  426
  443
  460
  479
  498
  518
  539
  562
  585
  610
  636
  664
  693
  724
  756
  790
  827
  865
  905
  947
Issuance/(repurchase) of shares, $m
  623
  248
  232
  232
  232
  231
  229
  226
  223
  219
  215
  211
  206
  202
  197
  193
  188
  184
  180
  176
  173
  170
  167
  164
  162
  160
  159
  158
  157
  156
  156
Cash from financing (excl. dividends), $m  
  941
  537
  526
  540
  554
  567
  580
  591
  603
  614
  625
  637
  649
  662
  676
  691
  706
  723
  742
  761
  783
  806
  831
  857
  886
  916
  949
  985
  1,022
  1,061
  1,103
Total cash flow (excl. dividends), $m
  576
  139
  115
  121
  127
  132
  138
  143
  149
  155
  161
  168
  174
  181
  188
  196
  204
  212
  221
  230
  240
  250
  261
  272
  285
  297
  311
  325
  340
  356
  372
Retained Cash Flow (-), $m
  -575
  -438
  -440
  -462
  -483
  -504
  -526
  -547
  -569
  -592
  -615
  -639
  -665
  -691
  -718
  -747
  -777
  -809
  -842
  -878
  -915
  -954
  -996
  -1,039
  -1,086
  -1,134
  -1,186
  -1,240
  -1,297
  -1,357
  -1,420
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
 
  -4
  -325
  -341
  -357
  -372
  -388
  -404
  -420
  -437
  -454
  -472
  -490
  -510
  -530
  -551
  -573
  -597
  -622
  -648
  -675
  -704
  -735
  -767
  -801
  -837
  -875
  -915
  -957
  -1,001
  -1,048
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
 
  -4
  -284
  -276
  -266
  -253
  -239
  -223
  -207
  -189
  -171
  -153
  -136
  -119
  -103
  -87
  -73
  -61
  -49
  -39
  -31
  -24
  -18
  -13
  -10
  -7
  -5
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  95.9
  92.7
  89.8
  87.3
  85.0
  83.1
  81.3
  79.7
  78.3
  77.1
  76.0
  75.0
  74.0
  73.2
  72.5
  71.8
  71.2
  70.6
  70.1
  69.6
  69.1
  68.7
  68.4
  68.0
  67.7
  67.4
  67.1
  66.8
  66.6
  66.3

National Retail Properties, Inc. is a real estate investment trust (REIT). The Company acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment. As of December 31, 2016, it owned 2,535 properties with an aggregate gross leasable area of approximately 27,204,000 square feet, located in 48 states. The Company focuses on investing in a range of property and tenant types; leases, mortgages and other types of real estate interests; loans secured by personal property; loans secured by partnership or membership interests in partnerships or limited liability companies, and securities of other REITs, or other issuers, including for the purpose of exercising control over such entities. The Company owns a portfolio of freestanding retail stores across the United States. It owns approximately 2,290 stores, which are leased to over 400 tenants in approximately 40 different retail categories.

FINANCIAL RATIOS  of  National Retail Properties (NNN)

Valuation Ratios
P/E Ratio 25.7
Price to Sales 11.6
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 14.9
Price to Free Cash Flow -13.1
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 11.5% 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 1047.8%.

Life of production assets of 37.6 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 150.83 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 $6.3 billion.

RELATED COMPANIES Price Int.Val. Rating
SKT Tanger Factory 25.46 2.83  str.sell
O Realty Income 56.21 6.10  str.sell
REG Regency Center 64.38 3.78  str.sell
CBL CBL&Associates 8.51 1.75  str.sell
WRI Weingarten Rea 32.13 2.93  str.sell
FRT Federal Realty 127.23 6.76  str.sell
AKR Acadia Realty 30.12 4.69  str.sell
TCO Taubman Center 50.21 0.29  str.sell
IVZ INVESCO 36.88 52.09  str.buy

COMPANY NEWS

▶ In Your 40s? 3 Stocks You Should Consider Buying   [Oct-09-17 10:04AM  Motley Fool]
▶ 5 Top Stocks for September   [Sep-07-17 10:36AM  Motley Fool]
▶ 3 High-Yield Stocks Still Worth Buying   [Aug-24-17 06:30PM  Motley Fool]
▶ 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]
▶ 7 Dividend Stocks Increasing Payouts   [12:56PM  InvestorPlace]
▶ Dividend Hikes: National RetailAgain!   [12:09PM  Barrons.com]
▶ 3 Dividend Stocks to Fund Your Nest Egg   [Jul-08-17 03:14PM  Motley Fool]
▶ 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]
▶ 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]
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.

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.