Intrinsic value of Corporate Office Properties Trust - OFC

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$33.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$33.25

 
Intrinsic value

$3.82

 
Up/down potential

-89%

 
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 OFC.

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

We calculate the intrinsic value of OFC 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 3.3

 

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, %
  -8.16
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  574
  585
  599
  614
  632
  651
  672
  695
  719
  746
  775
  805
  838
  873
  910
  949
  991
  1,035
  1,081
  1,130
  1,182
  1,237
  1,295
  1,356
  1,420
  1,488
  1,559
  1,634
  1,713
  1,796
  1,883
Variable operating expenses, $m
 
  393
  402
  413
  424
  437
  451
  467
  483
  501
  521
  541
  563
  587
  611
  638
  666
  695
  727
  760
  795
  831
  870
  911
  954
  1,000
  1,048
  1,098
  1,151
  1,207
  1,265
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
  523
  393
  402
  413
  424
  437
  451
  467
  483
  501
  521
  541
  563
  587
  611
  638
  666
  695
  727
  760
  795
  831
  870
  911
  954
  1,000
  1,048
  1,098
  1,151
  1,207
  1,265
Operating income, $m
  51
  192
  196
  202
  207
  213
  220
  228
  236
  245
  254
  264
  275
  286
  298
  311
  325
  339
  355
  371
  388
  406
  425
  445
  466
  488
  511
  536
  562
  589
  618
EBITDA, $m
  186
  330
  338
  346
  356
  367
  379
  392
  405
  421
  437
  454
  472
  492
  513
  535
  558
  583
  609
  637
  666
  697
  730
  764
  800
  839
  879
  921
  965
  1,012
  1,061
Interest expense (income), $m
  78
  75
  77
  79
  81
  84
  87
  90
  94
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  177
  186
  195
  205
  215
  226
  237
  249
  262
Earnings before tax, $m
  -25
  117
  120
  123
  126
  130
  133
  138
  142
  147
  153
  158
  164
  171
  178
  185
  192
  200
  209
  218
  228
  238
  248
  259
  271
  283
  296
  310
  324
  340
  355
Tax expense, $m
  0
  32
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
Net income, $m
  -30
  85
  87
  89
  92
  95
  97
  101
  104
  108
  111
  116
  120
  125
  130
  135
  140
  146
  153
  159
  166
  173
  181
  189
  198
  207
  216
  226
  237
  248
  259

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  210
  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
  3,781
  3,637
  3,720
  3,816
  3,923
  4,042
  4,173
  4,315
  4,468
  4,634
  4,812
  5,002
  5,205
  5,421
  5,651
  5,895
  6,153
  6,427
  6,716
  7,022
  7,344
  7,685
  8,044
  8,422
  8,821
  9,241
  9,683
  10,148
  10,638
  11,153
  11,695
Adjusted assets (=assets-cash), $m
  3,571
  3,637
  3,720
  3,816
  3,923
  4,042
  4,173
  4,315
  4,468
  4,634
  4,812
  5,002
  5,205
  5,421
  5,651
  5,895
  6,153
  6,427
  6,716
  7,022
  7,344
  7,685
  8,044
  8,422
  8,821
  9,241
  9,683
  10,148
  10,638
  11,153
  11,695
Revenue / Adjusted assets
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
Average production assets, $m
  3,300
  3,366
  3,443
  3,532
  3,631
  3,741
  3,862
  3,994
  4,136
  4,289
  4,454
  4,630
  4,818
  5,018
  5,231
  5,456
  5,695
  5,949
  6,216
  6,499
  6,798
  7,113
  7,445
  7,795
  8,164
  8,553
  8,962
  9,393
  9,846
  10,323
  10,825
Working capital, $m
  0
  -214
  -219
  -225
  -231
  -238
  -246
  -254
  -263
  -273
  -284
  -295
  -307
  -319
  -333
  -347
  -363
  -379
  -396
  -414
  -433
  -453
  -474
  -496
  -520
  -545
  -571
  -598
  -627
  -657
  -689
Total debt, $m
  1,931
  1,971
  2,024
  2,085
  2,152
  2,228
  2,310
  2,400
  2,497
  2,602
  2,714
  2,834
  2,963
  3,099
  3,245
  3,399
  3,562
  3,735
  3,917
  4,111
  4,315
  4,530
  4,757
  4,996
  5,248
  5,513
  5,793
  6,087
  6,396
  6,722
  7,064
Total liabilities, $m
  2,258
  2,298
  2,351
  2,412
  2,479
  2,555
  2,637
  2,727
  2,824
  2,929
  3,041
  3,161
  3,290
  3,426
  3,572
  3,726
  3,889
  4,062
  4,244
  4,438
  4,642
  4,857
  5,084
  5,323
  5,575
  5,840
  6,120
  6,414
  6,723
  7,049
  7,391
Total equity, $m
  1,523
  1,338
  1,369
  1,404
  1,444
  1,487
  1,535
  1,588
  1,644
  1,705
  1,771
  1,841
  1,916
  1,995
  2,080
  2,169
  2,264
  2,365
  2,471
  2,584
  2,703
  2,828
  2,960
  3,099
  3,246
  3,401
  3,563
  3,735
  3,915
  4,104
  4,304
Total liabilities and equity, $m
  3,781
  3,636
  3,720
  3,816
  3,923
  4,042
  4,172
  4,315
  4,468
  4,634
  4,812
  5,002
  5,206
  5,421
  5,652
  5,895
  6,153
  6,427
  6,715
  7,022
  7,345
  7,685
  8,044
  8,422
  8,821
  9,241
  9,683
  10,149
  10,638
  11,153
  11,695
Debt-to-equity ratio
  1.268
  1.470
  1.480
  1.480
  1.490
  1.500
  1.500
  1.510
  1.520
  1.530
  1.530
  1.540
  1.550
  1.550
  1.560
  1.570
  1.570
  1.580
  1.590
  1.590
  1.600
  1.600
  1.610
  1.610
  1.620
  1.620
  1.630
  1.630
  1.630
  1.640
  1.640
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -30
  85
  87
  89
  92
  95
  97
  101
  104
  108
  111
  116
  120
  125
  130
  135
  140
  146
  153
  159
  166
  173
  181
  189
  198
  207
  216
  226
  237
  248
  259
Depreciation, amort., depletion, $m
  135
  138
  141
  145
  149
  153
  158
  164
  170
  176
  183
  190
  197
  206
  214
  224
  233
  244
  255
  266
  279
  292
  305
  319
  335
  351
  367
  385
  404
  423
  444
Funds from operations, $m
  246
  223
  228
  234
  241
  248
  256
  264
  273
  283
  294
  305
  317
  330
  344
  358
  374
  390
  407
  426
  445
  465
  486
  509
  532
  557
  584
  611
  640
  671
  703
Change in working capital, $m
  13
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
Cash from operations, $m
  233
  79
  233
  240
  247
  255
  263
  273
  283
  293
  304
  317
  329
  343
  358
  373
  389
  406
  424
  444
  464
  485
  507
  531
  556
  582
  610
  639
  669
  701
  735
Maintenance CAPEX, $m
  0
  -135
  -138
  -141
  -145
  -149
  -153
  -158
  -164
  -170
  -176
  -183
  -190
  -197
  -206
  -214
  -224
  -233
  -244
  -255
  -266
  -279
  -292
  -305
  -319
  -335
  -351
  -367
  -385
  -404
  -423
New CAPEX, $m
  -222
  -66
  -77
  -88
  -99
  -110
  -121
  -132
  -142
  -153
  -165
  -176
  -188
  -200
  -213
  -226
  -239
  -253
  -268
  -283
  -299
  -315
  -332
  -350
  -369
  -389
  -409
  -431
  -453
  -477
  -502
Cash from investing activities, $m
  71
  -201
  -215
  -229
  -244
  -259
  -274
  -290
  -306
  -323
  -341
  -359
  -378
  -397
  -419
  -440
  -463
  -486
  -512
  -538
  -565
  -594
  -624
  -655
  -688
  -724
  -760
  -798
  -838
  -881
  -925
Free cash flow, $m
  304
  -122
  18
  10
  3
  -4
  -11
  -17
  -24
  -30
  -36
  -42
  -48
  -54
  -61
  -67
  -74
  -80
  -87
  -94
  -101
  -109
  -116
  -124
  -133
  -141
  -150
  -159
  -169
  -179
  -190
Issuance/(repayment) of debt, $m
  -117
  40
  53
  60
  68
  75
  82
  90
  97
  105
  112
  120
  128
  137
  145
  154
  163
  173
  183
  193
  204
  215
  227
  239
  252
  265
  279
  294
  309
  326
  342
Issuance/(repurchase) of shares, $m
  107
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  5
  8
  11
  13
  16
  19
  22
  24
  27
  30
  33
  37
  40
  43
  47
Cash from financing (excl. dividends), $m  
  -36
  40
  53
  60
  68
  75
  82
  90
  97
  105
  112
  120
  128
  137
  145
  157
  168
  181
  194
  206
  220
  234
  249
  263
  279
  295
  312
  331
  349
  369
  389
Total cash flow (excl. dividends), $m
  268
  -82
  71
  71
  71
  71
  72
  73
  74
  75
  76
  78
  80
  82
  84
  87
  90
  93
  96
  99
  103
  106
  110
  115
  119
  124
  129
  135
  140
  146
  153
Retained Cash Flow (-), $m
  22
  -25
  -31
  -35
  -40
  -44
  -48
  -52
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -106
  -112
  -119
  -125
  -132
  -139
  -147
  -155
  -163
  -171
  -180
  -190
  -199
Prev. year cash balance distribution, $m
 
  210
  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
 
  103
  40
  35
  31
  27
  24
  20
  17
  14
  11
  8
  5
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  95
  34
  27
  21
  17
  13
  9
  7
  5
  3
  2
  1
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.7
  99.4
  99.2
  98.9
  98.6
  98.3
  97.9
  97.5
  97.1
  96.6
  96.2
  95.7
  95.2
  94.7

Corporate Office Properties Trust is a real estate investment trust. The firm invests in real estate markets of United States. It specializes in acquiring, developing, owning, leasing and managing high quality office and data center properties. Corporate Office Properties Trust was founded in 1988 and is based in Columbia, Maryland.

FINANCIAL RATIOS  of  Corporate Office Properties Trust (OFC)

Valuation Ratios
P/E Ratio -109.2
Price to Sales 5.7
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 297.7
Growth Rates
Sales Growth Rate -8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -54.7%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 126.8%
Total Debt to Equity 126.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital -0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity -2%
Return On Equity - 3 Yr. Avg. 2.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 57.7%
Gross Margin - 3 Yr. Avg. 54.1%
EBITDA Margin 32.8%
EBITDA Margin - 3 Yr. Avg. 42.8%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 20.8%
Pre-Tax Margin -4.4%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin -5.2%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -393.3%

OFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OFC stock intrinsic value calculation we used $574 million for the last fiscal year's total revenue generated by Corporate Office Properties Trust. The default revenue input number comes from 2016 income statement of Corporate Office Properties Trust. 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 OFC stock valuation model: a) initial revenue growth rate of 2% 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 8.6%, whose default value for OFC is calculated based on our internal credit rating of Corporate Office Properties Trust, 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 Corporate Office Properties Trust.
    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 OFC stock the variable cost ratio is equal to 67.2%.

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 OFC 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 3.9% for Corporate Office Properties Trust.

Corporate tax rate of 27% is the nominal tax rate for Corporate Office Properties Trust. 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 OFC 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 OFC are equal to 574.9%.

Life of production assets of 24.4 years is the average useful life of capital assets used in Corporate Office Properties Trust 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 OFC is equal to -36.6%. 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 - $1523 million for Corporate Office Properties Trust - 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 99.698 million for Corporate Office Properties Trust 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 Corporate Office Properties Trust at the current share price and the inputted number of shares is $3.3 billion.


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COMPANY NEWS

▶ COPT Commences 300,000 SF of Build-to-Suit Projects   [May-12-17 06:59AM  Business Wire]
▶ COPT Adds Property Tour Books to Website   [May-02-17 04:16PM  Business Wire]
▶ Corporate Office Properties reports 1Q results   [Apr-27-17 06:00PM  Associated Press]
▶ COPT Reports First Quarter 2017 Results   [04:44PM  Business Wire]
▶ COPT Publishes 2016 Sustainability Report   [Apr-10-17 07:00AM  Business Wire]
▶ COPT Announces First Quarter 2017 Earnings Conference Call   [Apr-05-17 07:00AM  Business Wire]
▶ Nordstrom Rack is coming to Canton Crossing   [Feb-15-17 03:27PM  at bizjournals.com]
▶ Nordstrom Rack is coming to Canton Crossing   [03:27PM  American City Business Journals]
▶ COPT Reports 4Q and Full Year 2016 Results   [04:53PM  Business Wire]
▶ COPT Declares First Quarter 2017 Dividends   [Feb-07-17 04:16PM  Business Wire]
▶ COPT Announces Tax Treatment of 2016 Distributions   [Jan-25-17 04:16PM  Business Wire]
▶ COPT sells $54.1M in assets in fourth quarter   [Jan-03-17 12:03PM  at bizjournals.com]
▶ COPT Reports 4Q16 Dispositions   [08:00AM  Business Wire]
▶ Do Hedge Funds Love Corporate Office Properties Trust (OFC)?   [Dec-10-16 08:19AM  at Insider Monkey]
▶ The Cyber Monday REITs   [Nov-28-16 07:00AM  at Forbes]
▶ COPT Declares Fourth Quarter 2016 Dividends   [Nov-10-16 04:16PM  Business Wire]
▶ COPT Launches Research Platform   [08:00AM  Business Wire]
▶ COPT Reports Third Quarter 2016 Results   [05:00PM  Business Wire]
▶ COPT Announces Third Quarter 2016 Earnings Conference Call   [Oct-13-16 05:32PM  Business Wire]
▶ COPT Reports 3Q16 Dispositions   [Oct-03-16 06:00AM  Business Wire]
▶ COPT Declares Third Quarter 2016 Dividends   [Aug-25-16 04:16PM  Business Wire]
▶ COPTs Arborcrest Campus Sells for $143 Million   [Aug-04-16 04:16PM  Business Wire]
▶ COPT Reports Second Quarter 2016 Results   [05:02PM  Business Wire]
▶ COPT Completes Data Center Joint Venture   [Jul-21-16 05:24PM  Business Wire]
▶ COPT Announces Second Quarter 2016 Earnings Conference Call   [Jul-06-16 08:00AM  Business Wire]
▶ COPT to Present at the 2016 NAREIT Investor Forum   [Jun-03-16 08:00AM  Business Wire]
▶ COPT to take a gamble on the University of Maryland   [May-23-16 04:39PM  at bizjournals.com]
▶ COPT Completes CEO Succession   [May-12-16 04:17PM  Business Wire]
▶ COPT Declares Second Quarter 2016 Dividends   [04:16PM  Business Wire]
Stock chart of OFC Financial statements of OFC Annual reports of OFC
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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