Intrinsic value of Realty Income - O

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$59.45

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$59.45

 
Intrinsic value

$6.17

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of O 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 16.3

 

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, %
  7.82
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  1,103
  1,203
  1,308
  1,417
  1,530
  1,648
  1,770
  1,897
  2,029
  2,166
  2,309
  2,457
  2,612
  2,773
  2,940
  3,115
  3,297
  3,487
  3,685
  3,892
  4,108
  4,334
  4,570
  4,817
  5,075
  5,346
  5,629
  5,925
  6,236
  6,561
  6,901
Variable operating expenses, $m
 
  706
  767
  831
  898
  966
  1,038
  1,112
  1,190
  1,270
  1,354
  1,439
  1,530
  1,624
  1,722
  1,824
  1,931
  2,042
  2,158
  2,279
  2,406
  2,538
  2,676
  2,821
  2,972
  3,131
  3,296
  3,470
  3,652
  3,842
  4,042
Fixed operating expenses, $m
 
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  217
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  314
  321
  329
  338
Total operating expenses, $m
  805
  871
  936
  1,004
  1,076
  1,148
  1,225
  1,303
  1,386
  1,471
  1,560
  1,650
  1,747
  1,846
  1,949
  2,057
  2,170
  2,287
  2,409
  2,536
  2,670
  2,808
  2,953
  3,105
  3,263
  3,429
  3,602
  3,784
  3,973
  4,171
  4,380
Operating income, $m
  298
  332
  371
  412
  455
  499
  545
  593
  643
  695
  749
  807
  866
  927
  991
  1,058
  1,127
  1,200
  1,276
  1,355
  1,438
  1,525
  1,616
  1,712
  1,812
  1,917
  2,026
  2,142
  2,262
  2,389
  2,522
EBITDA, $m
  748
  823
  905
  990
  1,079
  1,171
  1,267
  1,367
  1,470
  1,578
  1,690
  1,807
  1,929
  2,056
  2,188
  2,325
  2,469
  2,619
  2,776
  2,939
  3,110
  3,289
  3,477
  3,672
  3,878
  4,092
  4,317
  4,553
  4,800
  5,059
  5,331
Interest expense (income), $m
  214
  234
  257
  281
  306
  332
  360
  388
  417
  448
  480
  513
  547
  583
  620
  659
  699
  741
  785
  831
  879
  929
  981
  1,036
  1,093
  1,153
  1,216
  1,281
  1,350
  1,421
  1,497
Earnings before tax, $m
  320
  98
  114
  131
  148
  167
  185
  205
  226
  247
  269
  294
  319
  344
  371
  399
  428
  458
  491
  524
  559
  596
  635
  676
  719
  764
  811
  861
  913
  968
  1,025
Tax expense, $m
  4
  27
  31
  35
  40
  45
  50
  55
  61
  67
  73
  79
  86
  93
  100
  108
  116
  124
  132
  142
  151
  161
  171
  182
  194
  206
  219
  232
  246
  261
  277
Net income, $m
  316
  72
  84
  96
  108
  122
  135
  150
  165
  180
  197
  215
  233
  251
  271
  291
  312
  335
  358
  383
  408
  435
  464
  493
  525
  557
  592
  628
  666
  706
  748

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  13,153
  14,326
  15,571
  16,866
  18,214
  19,615
  21,070
  22,583
  24,155
  25,789
  27,488
  29,255
  31,094
  33,009
  35,004
  37,082
  39,249
  41,510
  43,869
  46,333
  48,906
  51,595
  54,406
  57,346
  60,422
  63,641
  67,010
  70,538
  74,233
  78,104
  82,160
Adjusted assets (=assets-cash), $m
  13,144
  14,326
  15,571
  16,866
  18,214
  19,615
  21,070
  22,583
  24,155
  25,789
  27,488
  29,255
  31,094
  33,009
  35,004
  37,082
  39,249
  41,510
  43,869
  46,333
  48,906
  51,595
  54,406
  57,346
  60,422
  63,641
  67,010
  70,538
  74,233
  78,104
  82,160
Revenue / Adjusted assets
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
  0.084
Average production assets, $m
  12,301
  13,420
  14,586
  15,800
  17,062
  18,374
  19,738
  21,155
  22,627
  24,158
  25,750
  27,405
  29,128
  30,922
  32,790
  34,737
  36,767
  38,885
  41,095
  43,403
  45,813
  48,332
  50,966
  53,720
  56,601
  59,616
  62,773
  66,078
  69,539
  73,165
  76,965
Working capital, $m
  0
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
Total debt, $m
  5,845
  6,421
  7,026
  7,656
  8,311
  8,992
  9,699
  10,434
  11,198
  11,992
  12,818
  13,677
  14,571
  15,501
  16,471
  17,481
  18,534
  19,633
  20,779
  21,977
  23,227
  24,534
  25,900
  27,329
  28,824
  30,388
  32,026
  33,740
  35,536
  37,417
  39,389
Total liabilities, $m
  6,386
  6,962
  7,567
  8,197
  8,852
  9,533
  10,240
  10,975
  11,739
  12,533
  13,359
  14,218
  15,112
  16,042
  17,012
  18,022
  19,075
  20,174
  21,320
  22,518
  23,768
  25,075
  26,441
  27,870
  29,365
  30,929
  32,567
  34,281
  36,077
  37,958
  39,930
Total equity, $m
  6,767
  7,363
  8,003
  8,669
  9,362
  10,082
  10,830
  11,608
  12,416
  13,255
  14,129
  15,037
  15,982
  16,967
  17,992
  19,060
  20,174
  21,336
  22,549
  23,815
  25,138
  26,520
  27,965
  29,476
  31,057
  32,711
  34,443
  36,256
  38,156
  40,145
  42,230
Total liabilities and equity, $m
  13,153
  14,325
  15,570
  16,866
  18,214
  19,615
  21,070
  22,583
  24,155
  25,788
  27,488
  29,255
  31,094
  33,009
  35,004
  37,082
  39,249
  41,510
  43,869
  46,333
  48,906
  51,595
  54,406
  57,346
  60,422
  63,640
  67,010
  70,537
  74,233
  78,103
  82,160
Debt-to-equity ratio
  0.864
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
Adjusted equity ratio
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  316
  72
  84
  96
  108
  122
  135
  150
  165
  180
  197
  215
  233
  251
  271
  291
  312
  335
  358
  383
  408
  435
  464
  493
  525
  557
  592
  628
  666
  706
  748
Depreciation, amort., depletion, $m
  450
  491
  534
  578
  624
  672
  722
  774
  827
  883
  941
  1,000
  1,063
  1,129
  1,197
  1,268
  1,342
  1,419
  1,500
  1,584
  1,672
  1,764
  1,860
  1,961
  2,066
  2,176
  2,291
  2,412
  2,538
  2,670
  2,809
Funds from operations, $m
  837
  563
  617
  674
  733
  794
  857
  923
  992
  1,064
  1,138
  1,215
  1,296
  1,380
  1,467
  1,559
  1,654
  1,754
  1,858
  1,967
  2,080
  2,199
  2,324
  2,454
  2,590
  2,733
  2,883
  3,040
  3,204
  3,377
  3,557
Change in working capital, $m
  33
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
Cash from operations, $m
  804
  1,222
  618
  675
  734
  795
  858
  924
  993
  1,065
  1,139
  1,216
  1,297
  1,381
  1,469
  1,560
  1,656
  1,755
  1,859
  1,968
  2,082
  2,201
  2,326
  2,456
  2,592
  2,735
  2,885
  3,042
  3,207
  3,379
  3,560
Maintenance CAPEX, $m
  0
  -449
  -490
  -532
  -577
  -623
  -671
  -720
  -772
  -826
  -882
  -940
  -1,000
  -1,063
  -1,129
  -1,197
  -1,268
  -1,342
  -1,419
  -1,500
  -1,584
  -1,672
  -1,764
  -1,860
  -1,961
  -2,066
  -2,176
  -2,291
  -2,412
  -2,538
  -2,670
New CAPEX, $m
  -1,812
  -1,119
  -1,166
  -1,214
  -1,262
  -1,312
  -1,364
  -1,417
  -1,473
  -1,531
  -1,592
  -1,656
  -1,723
  -1,794
  -1,868
  -1,947
  -2,030
  -2,118
  -2,210
  -2,308
  -2,411
  -2,519
  -2,633
  -2,754
  -2,881
  -3,015
  -3,156
  -3,305
  -3,461
  -3,626
  -3,800
Cash from investing activities, $m
  -1,701
  -1,568
  -1,656
  -1,746
  -1,839
  -1,935
  -2,035
  -2,137
  -2,245
  -2,357
  -2,474
  -2,596
  -2,723
  -2,857
  -2,997
  -3,144
  -3,298
  -3,460
  -3,629
  -3,808
  -3,995
  -4,191
  -4,397
  -4,614
  -4,842
  -5,081
  -5,332
  -5,596
  -5,873
  -6,164
  -6,470
Free cash flow, $m
  -897
  -346
  -1,038
  -1,071
  -1,105
  -1,140
  -1,176
  -1,213
  -1,252
  -1,292
  -1,334
  -1,379
  -1,426
  -1,476
  -1,528
  -1,584
  -1,642
  -1,704
  -1,770
  -1,839
  -1,913
  -1,990
  -2,072
  -2,158
  -2,249
  -2,346
  -2,447
  -2,554
  -2,666
  -2,785
  -2,910
Issuance/(repayment) of debt, $m
  977
  576
  605
  630
  655
  681
  707
  735
  764
  794
  826
  859
  894
  931
  969
  1,010
  1,053
  1,099
  1,147
  1,197
  1,251
  1,307
  1,366
  1,429
  1,495
  1,564
  1,638
  1,715
  1,796
  1,881
  1,971
Issuance/(repurchase) of shares, $m
  375
  366
  1,073
  1,108
  1,143
  1,179
  1,217
  1,255
  1,296
  1,338
  1,382
  1,429
  1,478
  1,529
  1,584
  1,642
  1,703
  1,768
  1,836
  1,908
  1,985
  2,065
  2,151
  2,241
  2,335
  2,436
  2,541
  2,653
  2,770
  2,893
  3,023
Cash from financing (excl. dividends), $m  
  1,504
  942
  1,678
  1,738
  1,798
  1,860
  1,924
  1,990
  2,060
  2,132
  2,208
  2,288
  2,372
  2,460
  2,553
  2,652
  2,756
  2,867
  2,983
  3,105
  3,236
  3,372
  3,517
  3,670
  3,830
  4,000
  4,179
  4,368
  4,566
  4,774
  4,994
Total cash flow (excl. dividends), $m
  607
  230
  -433
  -442
  -451
  -459
  -468
  -478
  -488
  -498
  -508
  -520
  -532
  -545
  -559
  -573
  -589
  -606
  -623
  -642
  -662
  -683
  -706
  -729
  -755
  -781
  -809
  -839
  -871
  -904
  -938
Retained Cash Flow (-), $m
  -235
  -605
  -640
  -666
  -693
  -720
  -748
  -777
  -808
  -840
  -873
  -908
  -945
  -984
  -1,025
  -1,068
  -1,114
  -1,162
  -1,213
  -1,266
  -1,323
  -1,382
  -1,445
  -1,511
  -1,581
  -1,654
  -1,732
  -1,813
  -1,899
  -1,990
  -2,085
Prev. year cash balance distribution, $m
 
  9
  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
 
  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
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  97.8
  92.2
  87.2
  82.7
  78.6
  74.8
  71.4
  68.2
  65.3
  62.6
  60.0
  57.7
  55.5
  53.4
  51.5
  49.6
  47.9
  46.2
  44.6
  43.1
  41.7
  40.4
  39.1
  37.8
  36.6
  35.5
  34.4
  33.3
  32.3
  31.3

Realty Income Corporation is a publicly traded real estate investment trust. It invests in the real estate markets of the United States. The firm makes investments in commercial real estate. Realty Income Corporation was founded in 1969 and is based in Escondido, California.

FINANCIAL RATIOS  of  Realty Income (O)

Valuation Ratios
P/E Ratio 48.9
Price to Sales 14
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow -15.3
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 86.4%
Total Debt to Equity 86.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 4.8%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 94.3%
Gross Margin - 3 Yr. Avg. 94.4%
EBITDA Margin 89.2%
EBITDA Margin - 3 Yr. Avg. 90.5%
Operating Margin 27%
Oper. Margin - 3 Yr. Avg. 26%
Pre-Tax Margin 29%
Pre-Tax Margin - 3 Yr. Avg. 28.8%
Net Profit Margin 28.6%
Net Profit Margin - 3 Yr. Avg. 28.5%
Effective Tax Rate 1.3%
Eff/ Tax Rate - 3 Yr. Avg. 1.3%
Payout Ratio 201.9%

O stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the O stock intrinsic value calculation we used $1103 million for the last fiscal year's total revenue generated by Realty Income. The default revenue input number comes from 2016 income statement of Realty Income. 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 O stock valuation model: a) initial revenue growth rate of 9.1% 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 8.2%, whose default value for O is calculated based on our internal credit rating of Realty Income, 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 Realty Income.
    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 O stock the variable cost ratio is equal to 58.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $161 million in the base year in the intrinsic value calculation for O 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% for Realty Income.

Corporate tax rate of 27% is the nominal tax rate for Realty Income. 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 O 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 O are equal to 1115.2%.

Life of production assets of 27.4 years is the average useful life of capital assets used in Realty Income 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 O is equal to -0.8%. 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 - $6767 million for Realty Income - 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 273.812 million for Realty Income 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 Realty Income at the current share price and the inputted number of shares is $16.3 billion.


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COMPANY NEWS

▶ Realty Income Corp. reports 1Q results   [Apr-25-17 04:32PM  Associated Press]
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▶ Realty Income Falls on Preferred Stock Purchase   [03:02PM  at Investopedia]
▶ 3 Crash-Resistant Dividend Stocks For 2017   [Mar-06-17 04:57PM  at Motley Fool]
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▶ 3 Stocks to Buy With Dividends Yielding 4% or More   [Feb-22-17 08:26PM  at Motley Fool]
▶ Realty Income Earnings Preview   [03:37PM  at Investopedia]
▶ 5 Stocks That Cut You a Check Each Month   [09:39AM  at Motley Fool]
▶ 3 Stocks I'm Never Selling   [Feb-18-17 07:03PM  at Motley Fool]
▶ Realty Income Declares New Dividend, Fails to Grow Payouts   [Feb-15-17 02:58PM  at Investopedia]
▶ This Stock Could Be the Next Dividend Aristocrat   [Feb-12-17 09:34PM  at Motley Fool]
▶ 3 Stocks That Could Make You Rich   [Feb-04-17 03:45PM  at Motley Fool]
▶ Realty Income Corporation's Best Move In 2016   [Jan-31-17 11:44AM  at Motley Fool]
▶ Will 2017 Be Realty Income Corporation's Worst Year Yet?   [Jan-27-17 03:58PM  at Motley Fool]
▶ Six Dividend Growth Stocks Raising Dividends Like Clockwork   [Jan-23-17 11:02AM  at Insider Monkey]
▶ 7 Best Monthly Dividend Stocks for 2017   [02:30PM  at Kiplinger]
▶ This Dividend Stock Just Gave Shareholders a Big Raise   [Jan-18-17 04:56PM  at Motley Fool]
▶ Realty Income Raises Dividend Again   [08:34AM  at Investopedia]
▶ 5 Best Investment Ideas For 2017   [Jan-17-17 06:26PM  at Motley Fool]
▶ Dividend Investing 2017: 3 Stocks to Put on Your Radar   [Jan-11-17 12:09PM  at Motley Fool]
Stock chart of O Financial statements of O
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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