Intrinsic value of Pebblebrook Hotel Trust - PEB

Previous Close

$37.10

  Intrinsic Value

$5.80

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-15%

Previous close

$37.10

 
Intrinsic value

$5.80

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-15%

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

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

We calculate the intrinsic value of PEB 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 2.6

 

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, %
  5.84
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  816
  863
  913
  964
  1,018
  1,074
  1,133
  1,195
  1,259
  1,326
  1,397
  1,470
  1,548
  1,628
  1,713
  1,802
  1,895
  1,993
  2,095
  2,202
  2,315
  2,433
  2,556
  2,686
  2,822
  2,965
  3,115
  3,273
  3,438
  3,611
  3,793
Variable operating expenses, $m
 
  721
  762
  805
  850
  897
  946
  998
  1,051
  1,107
  1,166
  1,228
  1,292
  1,360
  1,430
  1,505
  1,582
  1,664
  1,749
  1,839
  1,933
  2,031
  2,135
  2,243
  2,357
  2,476
  2,601
  2,733
  2,871
  3,015
  3,167
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
  636
  721
  762
  805
  850
  897
  946
  998
  1,051
  1,107
  1,166
  1,228
  1,292
  1,360
  1,430
  1,505
  1,582
  1,664
  1,749
  1,839
  1,933
  2,031
  2,135
  2,243
  2,357
  2,476
  2,601
  2,733
  2,871
  3,015
  3,167
Operating income, $m
  180
  142
  151
  159
  168
  177
  187
  197
  208
  219
  230
  243
  255
  269
  283
  297
  313
  329
  346
  363
  382
  401
  422
  443
  466
  489
  514
  540
  567
  596
  626
EBITDA, $m
  285
  254
  268
  283
  299
  316
  333
  351
  370
  390
  410
  432
  455
  479
  504
  530
  557
  586
  616
  647
  680
  715
  751
  789
  830
  872
  916
  962
  1,010
  1,061
  1,115
Interest expense (income), $m
  41
  39
  42
  44
  47
  50
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  125
  132
  139
  146
  154
  162
  171
  180
  189
  199
Earnings before tax, $m
  74
  104
  109
  115
  121
  127
  133
  140
  147
  155
  162
  170
  179
  188
  197
  207
  217
  228
  239
  251
  263
  277
  290
  304
  319
  335
  352
  369
  387
  406
  427
Tax expense, $m
  0
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  110
  115
Net income, $m
  74
  76
  80
  84
  88
  93
  97
  102
  107
  113
  119
  124
  131
  137
  144
  151
  159
  166
  175
  183
  192
  202
  212
  222
  233
  245
  257
  269
  283
  297
  311

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  2,809
  2,936
  3,104
  3,280
  3,463
  3,654
  3,854
  4,063
  4,282
  4,511
  4,750
  5,001
  5,264
  5,539
  5,827
  6,129
  6,446
  6,777
  7,125
  7,490
  7,873
  8,274
  8,695
  9,137
  9,600
  10,086
  10,596
  11,131
  11,693
  12,283
  12,902
Adjusted assets (=assets-cash), $m
  2,776
  2,936
  3,104
  3,280
  3,463
  3,654
  3,854
  4,063
  4,282
  4,511
  4,750
  5,001
  5,264
  5,539
  5,827
  6,129
  6,446
  6,777
  7,125
  7,490
  7,873
  8,274
  8,695
  9,137
  9,600
  10,086
  10,596
  11,131
  11,693
  12,283
  12,902
Revenue / Adjusted assets
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
Average production assets, $m
  2,704
  2,860
  3,024
  3,195
  3,373
  3,559
  3,754
  3,958
  4,171
  4,394
  4,627
  4,871
  5,127
  5,395
  5,676
  5,970
  6,278
  6,601
  6,940
  7,296
  7,668
  8,059
  8,469
  8,899
  9,351
  9,824
  10,321
  10,842
  11,389
  11,964
  12,566
Working capital, $m
  0
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
  -144
  -152
Total debt, $m
  996
  1,065
  1,137
  1,213
  1,292
  1,375
  1,462
  1,552
  1,647
  1,746
  1,850
  1,959
  2,072
  2,191
  2,316
  2,447
  2,584
  2,728
  2,878
  3,036
  3,202
  3,376
  3,558
  3,749
  3,950
  4,160
  4,381
  4,613
  4,856
  5,111
  5,379
Total liabilities, $m
  1,204
  1,272
  1,344
  1,420
  1,499
  1,582
  1,669
  1,759
  1,854
  1,953
  2,057
  2,166
  2,279
  2,398
  2,523
  2,654
  2,791
  2,935
  3,085
  3,243
  3,409
  3,583
  3,765
  3,956
  4,157
  4,367
  4,588
  4,820
  5,063
  5,318
  5,586
Total equity, $m
  1,606
  1,665
  1,760
  1,860
  1,963
  2,072
  2,185
  2,304
  2,428
  2,558
  2,693
  2,836
  2,985
  3,141
  3,304
  3,475
  3,655
  3,843
  4,040
  4,247
  4,464
  4,691
  4,930
  5,180
  5,443
  5,719
  6,008
  6,312
  6,630
  6,964
  7,315
Total liabilities and equity, $m
  2,810
  2,937
  3,104
  3,280
  3,462
  3,654
  3,854
  4,063
  4,282
  4,511
  4,750
  5,002
  5,264
  5,539
  5,827
  6,129
  6,446
  6,778
  7,125
  7,490
  7,873
  8,274
  8,695
  9,136
  9,600
  10,086
  10,596
  11,132
  11,693
  12,282
  12,901
Debt-to-equity ratio
  0.620
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.740
Adjusted equity ratio
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  74
  76
  80
  84
  88
  93
  97
  102
  107
  113
  119
  124
  131
  137
  144
  151
  159
  166
  175
  183
  192
  202
  212
  222
  233
  245
  257
  269
  283
  297
  311
Depreciation, amort., depletion, $m
  105
  111
  118
  124
  131
  138
  146
  154
  162
  171
  180
  190
  199
  210
  221
  232
  244
  257
  270
  284
  298
  314
  330
  346
  364
  382
  402
  422
  443
  466
  489
Funds from operations, $m
  253
  187
  197
  208
  219
  231
  243
  256
  270
  284
  299
  314
  330
  347
  365
  383
  403
  423
  445
  467
  491
  515
  541
  569
  597
  627
  658
  691
  726
  762
  800
Change in working capital, $m
  12
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  241
  189
  199
  210
  221
  233
  246
  259
  272
  286
  301
  317
  333
  350
  368
  387
  407
  427
  449
  471
  495
  520
  546
  574
  603
  633
  664
  698
  733
  769
  808
Maintenance CAPEX, $m
  0
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -199
  -210
  -221
  -232
  -244
  -257
  -270
  -284
  -298
  -314
  -330
  -346
  -364
  -382
  -402
  -422
  -443
  -466
New CAPEX, $m
  0
  -157
  -164
  -171
  -178
  -186
  -195
  -204
  -213
  -223
  -233
  -244
  -256
  -268
  -281
  -294
  -308
  -323
  -339
  -355
  -373
  -391
  -410
  -430
  -451
  -473
  -497
  -521
  -547
  -574
  -603
Cash from investing activities, $m
  299
  -262
  -275
  -289
  -302
  -317
  -333
  -350
  -367
  -385
  -404
  -424
  -446
  -467
  -491
  -515
  -540
  -567
  -596
  -625
  -657
  -689
  -724
  -760
  -797
  -837
  -879
  -923
  -969
  -1,017
  -1,069
Free cash flow, $m
  540
  -73
  -76
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -225
  -237
  -248
  -261
Issuance/(repayment) of debt, $m
  -298
  69
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
  191
  201
  210
  221
  232
  243
  255
  268
Issuance/(repurchase) of shares, $m
  -103
  16
  16
  16
  16
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  36
  38
  39
Cash from financing (excl. dividends), $m  
  -406
  85
  89
  92
  95
  99
  103
  107
  112
  116
  121
  127
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  209
  219
  230
  241
  253
  266
  279
  293
  307
Total cash flow (excl. dividends), $m
  134
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  39
  40
  42
  45
  47
Retained Cash Flow (-), $m
  152
  -92
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -250
  -263
  -276
  -289
  -304
  -319
  -334
  -351
Prev. year cash balance distribution, $m
 
  33
  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
 
  -47
  -83
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -148
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -263
  -276
  -290
  -304
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -44
  -72
  -70
  -67
  -64
  -60
  -56
  -52
  -48
  -44
  -39
  -35
  -31
  -27
  -23
  -19
  -16
  -13
  -10
  -8
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  99.4
  98.8
  98.2
  97.7
  97.2
  96.8
  96.3
  95.9
  95.5
  95.1
  94.7
  94.3
  93.9
  93.6
  93.2
  92.8
  92.5
  92.2
  91.8
  91.5
  91.2
  90.8
  90.5
  90.2
  89.9
  89.6
  89.2
  88.9
  88.6
  88.3

Pebblebrook Hotel Trust is an internally managed hotel investment company. The Company is a real estate investment trust (REIT) that acquires and invests in hotel properties located primarily in cities of the United States. As of December 31, 2016, the Company owned 29 hotels with a total of 7,219 guest rooms. The hotels are located in the markets: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Miami (Coral Gables), Florida; Minneapolis, Minnesota; Naples, Florida; Nashville, Tennessee; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Santa Monica, California; Seattle, Washington; Stevenson, Washington; Washington, D.C.; West Hollywood, California, and Los Angeles (Beverly Hills), California. The Company's assets are held by, and all of the operations are conducted through, Pebblebrook Hotel, L.P. (the Operating Partnership).

FINANCIAL RATIOS  of  Pebblebrook Hotel Trust (PEB)

Valuation Ratios
P/E Ratio 36.1
Price to Sales 3.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 11.1
Growth Rates
Sales Growth Rate 5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 62%
Total Debt to Equity 62%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 4.4%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.8%
Gross Margin - 3 Yr. Avg. 39.2%
EBITDA Margin 27%
EBITDA Margin - 3 Yr. Avg. 28.8%
Operating Margin 22.1%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 11.5%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 2.3%
Payout Ratio 171.6%

PEB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEB stock intrinsic value calculation we used $816 million for the last fiscal year's total revenue generated by Pebblebrook Hotel Trust. The default revenue input number comes from 2016 income statement of Pebblebrook Hotel 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 PEB stock valuation model: a) initial revenue growth rate of 5.8% 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 6.7%, whose default value for PEB is calculated based on our internal credit rating of Pebblebrook Hotel 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 Pebblebrook Hotel 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 PEB stock the variable cost ratio is equal to 83.5%.

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 PEB 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 Pebblebrook Hotel Trust.

Corporate tax rate of 27% is the nominal tax rate for Pebblebrook Hotel 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 PEB 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 PEB are equal to 331.3%.

Life of production assets of 25.7 years is the average useful life of capital assets used in Pebblebrook Hotel 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 PEB is equal to -4%. 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 - $1606 million for Pebblebrook Hotel 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 69.224 million for Pebblebrook Hotel 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 Pebblebrook Hotel Trust at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Five Hotels To Buy Despite Industry Oversupply Woes   [Oct-02-17 09:54AM  Barrons.com]
▶ Pebblebrook Hotel reports 2Q results   [Jul-27-17 06:23PM  Associated Press]
▶ Pebblebrook Hotel Trust Completes Sale of the Dumont NYC   [Jun-20-17 04:01PM  Business Wire]
▶ Pebblebrook Hotel reports 1Q results   [Apr-27-17 05:26PM  Associated Press]
▶ 3 Growth Dividend Stocks to Buy in April   [Apr-18-17 09:14AM  Motley Fool]
▶ Pebblebrook Hotel Trust Is a Great Stock to Buy Right Now   [Mar-07-17 03:45PM  TheStreet.com]
▶ REIT Risk: The Lodging Sector Series   [07:00AM  at Forbes]
▶ [$$] Ranking the Lodging REITs   [Dec-23-16 02:56PM  at Barrons.com]
▶ Pebblebrook Hotel Trust Completes Sale of the Manhattan NYC   [Dec-20-16 04:01PM  Business Wire]
▶ Is Carpenter Technology Corporation (CRS) A Good Stock To Buy?   [Dec-14-16 07:29PM  at Insider Monkey]
▶ Exclusive: Buyer confirms plans for downtown Macy's building   [Nov-22-16 05:08PM  at bizjournals.com]
▶ How Greater Washington stocks fared post-election   [Nov-09-16 04:29PM  at bizjournals.com]
Financial statements of PEB
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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