Intrinsic value of Realty Income - O

Previous Close

$56.90

  Intrinsic Value

$6.10

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

+16%

Previous close

$56.90

 
Intrinsic value

$6.10

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

+16%

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 15.7

 

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
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  1,103
  1,221
  1,345
  1,474
  1,609
  1,750
  1,896
  2,048
  2,206
  2,371
  2,542
  2,719
  2,904
  3,096
  3,296
  3,503
  3,720
  3,945
  4,180
  4,424
  4,680
  4,946
  5,224
  5,515
  5,818
  6,136
  6,468
  6,815
  7,178
  7,559
  7,957
Variable operating expenses, $m
 
  717
  789
  865
  944
  1,026
  1,112
  1,201
  1,294
  1,390
  1,490
  1,593
  1,701
  1,813
  1,930
  2,052
  2,178
  2,310
  2,448
  2,591
  2,741
  2,897
  3,060
  3,230
  3,408
  3,593
  3,788
  3,991
  4,204
  4,427
  4,660
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
  882
  958
  1,038
  1,122
  1,208
  1,299
  1,392
  1,490
  1,591
  1,696
  1,804
  1,918
  2,035
  2,157
  2,285
  2,417
  2,555
  2,699
  2,848
  3,005
  3,167
  3,337
  3,514
  3,699
  3,891
  4,094
  4,305
  4,525
  4,756
  4,998
Operating income, $m
  298
  339
  387
  436
  487
  541
  597
  656
  717
  780
  846
  916
  987
  1,061
  1,138
  1,218
  1,302
  1,390
  1,481
  1,576
  1,675
  1,779
  1,888
  2,001
  2,120
  2,244
  2,374
  2,510
  2,653
  2,803
  2,959
EBITDA, $m
  748
  838
  935
  1,037
  1,144
  1,255
  1,371
  1,491
  1,616
  1,746
  1,882
  2,022
  2,169
  2,321
  2,479
  2,644
  2,816
  2,995
  3,182
  3,377
  3,580
  3,792
  4,014
  4,246
  4,488
  4,741
  5,006
  5,284
  5,575
  5,879
  6,198
Interest expense (income), $m
  214
  234
  261
  290
  319
  351
  383
  417
  452
  489
  527
  567
  608
  650
  695
  741
  789
  839
  891
  946
  1,002
  1,061
  1,123
  1,187
  1,255
  1,325
  1,398
  1,475
  1,556
  1,640
  1,728
Earnings before tax, $m
  320
  106
  126
  146
  168
  191
  214
  239
  264
  291
  319
  349
  379
  410
  443
  477
  513
  550
  589
  630
  673
  718
  765
  814
  865
  919
  976
  1,035
  1,097
  1,163
  1,232
Tax expense, $m
  4
  29
  34
  40
  45
  51
  58
  64
  71
  79
  86
  94
  102
  111
  120
  129
  139
  149
  159
  170
  182
  194
  206
  220
  234
  248
  263
  279
  296
  314
  333
Net income, $m
  316
  77
  92
  107
  123
  139
  156
  174
  193
  212
  233
  255
  277
  300
  324
  349
  375
  402
  430
  460
  491
  524
  558
  594
  632
  671
  712
  756
  801
  849
  899

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
  14,536
  16,008
  17,548
  19,155
  20,829
  22,571
  24,383
  26,267
  28,225
  30,260
  32,374
  34,572
  36,857
  39,234
  41,707
  44,282
  46,964
  49,759
  52,672
  55,711
  58,883
  62,194
  65,653
  69,268
  73,046
  76,997
  81,130
  85,456
  89,984
  94,724
Adjusted assets (=assets-cash), $m
  13,144
  14,536
  16,008
  17,548
  19,155
  20,829
  22,571
  24,383
  26,267
  28,225
  30,260
  32,374
  34,572
  36,857
  39,234
  41,707
  44,282
  46,964
  49,759
  52,672
  55,711
  58,883
  62,194
  65,653
  69,268
  73,046
  76,997
  81,130
  85,456
  89,984
  94,724
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
  13,617
  14,996
  16,438
  17,943
  19,512
  21,144
  22,842
  24,606
  26,440
  28,346
  30,327
  32,386
  34,527
  36,753
  39,070
  41,482
  43,994
  46,612
  49,342
  52,189
  55,160
  58,262
  61,502
  64,888
  68,427
  72,128
  76,000
  80,052
  84,294
  88,735
Working capital, $m
  0
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -64
Total debt, $m
  5,845
  6,523
  7,239
  7,987
  8,768
  9,582
  10,429
  11,309
  12,225
  13,176
  14,165
  15,193
  16,261
  17,372
  18,527
  19,729
  20,980
  22,283
  23,642
  25,058
  26,535
  28,076
  29,685
  31,366
  33,123
  34,959
  36,880
  38,888
  40,991
  43,191
  45,495
Total liabilities, $m
  6,386
  7,064
  7,780
  8,528
  9,309
  10,123
  10,970
  11,850
  12,766
  13,717
  14,706
  15,734
  16,802
  17,913
  19,068
  20,270
  21,521
  22,824
  24,183
  25,599
  27,076
  28,617
  30,226
  31,907
  33,664
  35,500
  37,421
  39,429
  41,532
  43,732
  46,036
Total equity, $m
  6,767
  7,471
  8,228
  9,020
  9,845
  10,706
  11,602
  12,533
  13,501
  14,508
  15,554
  16,640
  17,770
  18,945
  20,166
  21,438
  22,761
  24,139
  25,576
  27,073
  28,636
  30,266
  31,968
  33,746
  35,604
  37,546
  39,576
  41,701
  43,924
  46,252
  48,688
Total liabilities and equity, $m
  13,153
  14,535
  16,008
  17,548
  19,154
  20,829
  22,572
  24,383
  26,267
  28,225
  30,260
  32,374
  34,572
  36,858
  39,234
  41,708
  44,282
  46,963
  49,759
  52,672
  55,712
  58,883
  62,194
  65,653
  69,268
  73,046
  76,997
  81,130
  85,456
  89,984
  94,724
Debt-to-equity ratio
  0.864
  0.870
  0.880
  0.890
  0.890
  0.890
  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
  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
  77
  92
  107
  123
  139
  156
  174
  193
  212
  233
  255
  277
  300
  324
  349
  375
  402
  430
  460
  491
  524
  558
  594
  632
  671
  712
  756
  801
  849
  899
Depreciation, amort., depletion, $m
  450
  498
  549
  601
  656
  714
  773
  835
  900
  966
  1,036
  1,107
  1,182
  1,260
  1,341
  1,426
  1,514
  1,606
  1,701
  1,801
  1,905
  2,013
  2,126
  2,245
  2,368
  2,497
  2,632
  2,774
  2,922
  3,076
  3,238
Funds from operations, $m
  837
  576
  640
  708
  779
  853
  929
  1,009
  1,092
  1,179
  1,269
  1,362
  1,459
  1,560
  1,665
  1,774
  1,889
  2,007
  2,131
  2,261
  2,396
  2,537
  2,684
  2,839
  3,000
  3,168
  3,345
  3,529
  3,723
  3,925
  4,138
Change in working capital, $m
  33
  -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
  -3
  -3
  -3
  -3
Cash from operations, $m
  804
  577
  641
  709
  780
  854
  931
  1,011
  1,094
  1,180
  1,270
  1,363
  1,460
  1,561
  1,667
  1,776
  1,890
  2,009
  2,133
  2,263
  2,398
  2,539
  2,687
  2,841
  3,002
  3,171
  3,347
  3,532
  3,726
  3,928
  4,141
Maintenance CAPEX, $m
  0
  -449
  -497
  -547
  -600
  -655
  -712
  -772
  -834
  -898
  -965
  -1,035
  -1,107
  -1,182
  -1,260
  -1,341
  -1,426
  -1,514
  -1,606
  -1,701
  -1,801
  -1,905
  -2,013
  -2,126
  -2,245
  -2,368
  -2,497
  -2,632
  -2,774
  -2,922
  -3,076
New CAPEX, $m
  -1,812
  -1,316
  -1,379
  -1,442
  -1,505
  -1,568
  -1,632
  -1,698
  -1,765
  -1,834
  -1,906
  -1,981
  -2,059
  -2,141
  -2,227
  -2,317
  -2,412
  -2,512
  -2,618
  -2,729
  -2,847
  -2,971
  -3,102
  -3,240
  -3,386
  -3,539
  -3,701
  -3,872
  -4,052
  -4,241
  -4,441
Cash from investing activities, $m
  -1,701
  -1,765
  -1,876
  -1,989
  -2,105
  -2,223
  -2,344
  -2,470
  -2,599
  -2,732
  -2,871
  -3,016
  -3,166
  -3,323
  -3,487
  -3,658
  -3,838
  -4,026
  -4,224
  -4,430
  -4,648
  -4,876
  -5,115
  -5,366
  -5,631
  -5,907
  -6,198
  -6,504
  -6,826
  -7,163
  -7,517
Free cash flow, $m
  -897
  -1,188
  -1,235
  -1,280
  -1,325
  -1,369
  -1,414
  -1,459
  -1,505
  -1,552
  -1,601
  -1,652
  -1,705
  -1,761
  -1,820
  -1,882
  -1,948
  -2,017
  -2,090
  -2,168
  -2,250
  -2,337
  -2,428
  -2,526
  -2,628
  -2,737
  -2,851
  -2,972
  -3,100
  -3,235
  -3,377
Issuance/(repayment) of debt, $m
  977
  678
  716
  748
  781
  814
  847
  881
  916
  952
  989
  1,028
  1,068
  1,111
  1,155
  1,202
  1,251
  1,303
  1,358
  1,416
  1,477
  1,541
  1,609
  1,681
  1,757
  1,836
  1,920
  2,009
  2,102
  2,200
  2,304
Issuance/(repurchase) of shares, $m
  375
  636
  665
  684
  703
  721
  739
  757
  775
  794
  813
  832
  853
  875
  898
  923
  949
  977
  1,006
  1,038
  1,071
  1,106
  1,144
  1,184
  1,226
  1,271
  1,319
  1,369
  1,422
  1,478
  1,538
Cash from financing (excl. dividends), $m  
  1,504
  1,314
  1,381
  1,432
  1,484
  1,535
  1,586
  1,638
  1,691
  1,746
  1,802
  1,860
  1,921
  1,986
  2,053
  2,125
  2,200
  2,280
  2,364
  2,454
  2,548
  2,647
  2,753
  2,865
  2,983
  3,107
  3,239
  3,378
  3,524
  3,678
  3,842
Total cash flow (excl. dividends), $m
  607
  127
  146
  153
  159
  166
  172
  179
  186
  194
  201
  207
  216
  224
  233
  243
  253
  263
  274
  286
  298
  311
  325
  339
  355
  371
  388
  405
  424
  444
  465
Retained Cash Flow (-), $m
  -235
  -713
  -757
  -791
  -826
  -860
  -896
  -932
  -968
  -1,006
  -1,046
  -1,087
  -1,130
  -1,175
  -1,222
  -1,271
  -1,323
  -1,378
  -1,436
  -1,498
  -1,562
  -1,630
  -1,702
  -1,778
  -1,858
  -1,942
  -2,031
  -2,125
  -2,223
  -2,327
  -2,437
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
 
  -578
  -611
  -639
  -667
  -695
  -723
  -752
  -782
  -813
  -845
  -879
  -914
  -950
  -989
  -1,029
  -1,071
  -1,115
  -1,162
  -1,212
  -1,264
  -1,319
  -1,377
  -1,439
  -1,503
  -1,571
  -1,643
  -1,719
  -1,799
  -1,883
  -1,972
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
 
  -534
  -518
  -493
  -464
  -432
  -398
  -363
  -326
  -290
  -255
  -221
  -189
  -159
  -132
  -108
  -86
  -68
  -52
  -40
  -29
  -21
  -15
  -10
  -7
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  96.1
  92.6
  89.4
  86.5
  83.8
  81.4
  79.2
  77.1
  75.2
  73.5
  71.8
  70.3
  68.8
  67.4
  66.1
  64.9
  63.7
  62.6
  61.5
  60.5
  59.5
  58.6
  57.7
  56.8
  55.9
  55.1
  54.3
  53.5
  52.7
  52.0

Realty Income Corporation is a real estate investment trust (REIT). The Company is engaged in in-house acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting, information technology and capital markets capabilities. As of December 31, 2016, the Company owned a diversified portfolio of 4,944 properties located in 49 states and Puerto Rico, with over 83.0 million square feet of leasable space leased to 248 different commercial tenants doing business in 47 separate industries. As of December 31, 2016, of the 4,944 properties in the portfolio, 4,920, or 99.5%, were single-tenant properties, and the remaining were multi-tenant properties. As of December 31, 2016, of the 4,920 single-tenant properties, 4,836 were leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 9.8 years.

FINANCIAL RATIOS  of  Realty Income (O)

Valuation Ratios
P/E Ratio 46.8
Price to Sales 13.4
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow -14.7
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 10.7% 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 276.706 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 $15.7 billion.

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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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