Intrinsic value of Pebblebrook Hotel Trust - PEB

Previous Close

$39.05

  Intrinsic Value

$516.75

stock screener

  Rating & Target

str. buy

+999%

Previous close

$39.05

 
Intrinsic value

$516.75

 
Up/down potential

+999%

 
Rating

str. buy

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  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
  816
  784
  802
  823
  846
  872
  900
  931
  964
  1,000
  1,038
  1,079
  1,123
  1,169
  1,219
  1,272
  1,327
  1,386
  1,449
  1,515
  1,584
  1,658
  1,735
  1,817
  1,903
  1,993
  2,089
  2,189
  2,295
  2,406
  2,523
Variable operating expenses, $m
 
  122
  124
  127
  130
  134
  137
  141
  146
  151
  156
  143
  149
  155
  161
  168
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
  277
  290
  304
  319
  334
Fixed operating expenses, $m
 
  531
  543
  555
  567
  580
  593
  606
  619
  633
  646
  661
  675
  690
  705
  721
  737
  753
  769
  786
  804
  821
  839
  858
  877
  896
  916
  936
  956
  977
  999
Total operating expenses, $m
  636
  653
  667
  682
  697
  714
  730
  747
  765
  784
  802
  804
  824
  845
  866
  889
  913
  937
  961
  987
  1,014
  1,041
  1,069
  1,099
  1,129
  1,160
  1,193
  1,226
  1,260
  1,296
  1,333
Operating income, $m
  180
  131
  135
  141
  149
  158
  170
  184
  199
  217
  236
  275
  299
  324
  352
  382
  415
  450
  487
  528
  571
  617
  666
  718
  774
  833
  896
  963
  1,034
  1,110
  1,189
EBITDA, $m
  285
  443
  454
  467
  484
  503
  525
  550
  578
  609
  643
  680
  719
  763
  809
  859
  912
  969
  1,030
  1,095
  1,164
  1,238
  1,316
  1,399
  1,487
  1,580
  1,679
  1,783
  1,894
  2,011
  2,134
Interest expense (income), $m
  41
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
Earnings before tax, $m
  74
  131
  135
  141
  149
  159
  170
  184
  199
  217
  236
  275
  299
  324
  352
  382
  415
  449
  487
  527
  570
  616
  665
  717
  773
  832
  895
  962
  1,033
  1,108
  1,188
Tax expense, $m
  0
  35
  36
  38
  40
  43
  46
  50
  54
  58
  64
  74
  81
  88
  95
  103
  112
  121
  131
  142
  154
  166
  180
  194
  209
  225
  242
  260
  279
  299
  321
Net income, $m
  74
  96
  99
  103
  109
  116
  124
  134
  145
  158
  172
  201
  218
  237
  257
  279
  303
  328
  355
  385
  416
  450
  485
  524
  564
  607
  653
  702
  754
  809
  867

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
  -175
  -179
  -184
  -189
  -194
  -201
  -208
  -215
  -223
  -232
  -241
  -250
  -261
  -272
  -284
  -296
  -309
  -323
  -338
  -353
  -370
  -387
  -405
  -424
  -445
  -466
  -488
  -512
  -537
  -563
Adjusted assets (=assets-cash), $m
  2,776
  -175
  -179
  -184
  -189
  -194
  -201
  -208
  -215
  -223
  -232
  -241
  -250
  -261
  -272
  -284
  -296
  -309
  -323
  -338
  -353
  -370
  -387
  -405
  -424
  -445
  -466
  -488
  -512
  -537
  -563
Revenue / Adjusted assets
  0.294
  -4.480
  -4.480
  -4.473
  -4.476
  -4.495
  -4.478
  -4.476
  -4.484
  -4.484
  -4.474
  -4.477
  -4.492
  -4.479
  -4.482
  -4.479
  -4.483
  -4.485
  -4.486
  -4.482
  -4.487
  -4.481
  -4.483
  -4.486
  -4.488
  -4.479
  -4.483
  -4.486
  -4.482
  -4.480
  -4.481
Average production assets, $m
  2,674
  2,938
  3,006
  3,083
  3,170
  3,266
  3,371
  3,486
  3,610
  3,744
  3,888
  4,042
  4,206
  4,381
  4,566
  4,763
  4,972
  5,193
  5,426
  5,673
  5,934
  6,209
  6,499
  6,805
  7,127
  7,466
  7,824
  8,200
  8,595
  9,012
  9,449
Working capital, $m
  0
  -1,108
  -1,134
  -1,163
  -1,196
  -1,232
  -1,272
  -1,315
  -1,362
  -1,412
  -1,467
  -1,525
  -1,586
  -1,652
  -1,722
  -1,797
  -1,875
  -1,959
  -2,047
  -2,140
  -2,238
  -2,342
  -2,451
  -2,567
  -2,688
  -2,816
  -2,951
  -3,093
  -3,242
  -3,399
  -3,564
Total debt, $m
  996
  -3
  -3
  -3
  -2
  -2
  -1
  0
  0
  1
  2
  3
  3
  4
  5
  6
  8
  9
  10
  11
  13
  14
  16
  17
  19
  21
  23
  25
  27
  29
  32
Total liabilities, $m
  1,204
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  40
  42
  44
  47
  49
  51
Total equity, $m
  1,606
  -191
  -195
  -200
  -206
  -212
  -219
  -226
  -235
  -243
  -253
  -263
  -273
  -285
  -297
  -309
  -323
  -337
  -353
  -369
  -386
  -403
  -422
  -442
  -463
  -485
  -508
  -533
  -558
  -585
  -614
Total liabilities and equity, $m
  2,810
  -175
  -179
  -183
  -189
  -194
  -201
  -207
  -215
  -223
  -232
  -241
  -250
  -261
  -272
  -283
  -296
  -309
  -324
  -338
  -354
  -369
  -387
  -405
  -424
  -445
  -466
  -489
  -511
  -536
  -563
Debt-to-equity ratio
  0.620
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.567
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  74
  96
  99
  103
  109
  116
  124
  134
  145
  158
  172
  201
  218
  237
  257
  279
  303
  328
  355
  385
  416
  450
  485
  524
  564
  607
  653
  702
  754
  809
  867
Depreciation, amort., depletion, $m
  105
  312
  319
  326
  335
  345
  355
  367
  379
  393
  407
  404
  421
  438
  457
  476
  497
  519
  543
  567
  593
  621
  650
  680
  713
  747
  782
  820
  860
  901
  945
Funds from operations, $m
  253
  408
  417
  429
  444
  460
  480
  501
  525
  551
  579
  605
  639
  675
  714
  755
  800
  847
  898
  952
  1,010
  1,071
  1,135
  1,204
  1,277
  1,354
  1,436
  1,522
  1,614
  1,710
  1,812
Change in working capital, $m
  12
  -22
  -25
  -29
  -33
  -36
  -40
  -43
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -149
  -157
  -165
Cash from operations, $m
  241
  429
  443
  458
  476
  497
  519
  544
  571
  601
  633
  663
  701
  741
  784
  830
  879
  931
  986
  1,045
  1,108
  1,174
  1,245
  1,319
  1,398
  1,482
  1,571
  1,664
  1,763
  1,867
  1,977
Maintenance CAPEX, $m
  0
  -288
  -294
  -301
  -308
  -317
  -327
  -337
  -349
  -361
  -374
  -389
  -404
  -421
  -438
  -457
  -476
  -497
  -519
  -543
  -567
  -593
  -621
  -650
  -680
  -713
  -747
  -782
  -820
  -860
  -901
New CAPEX, $m
  0
  -57
  -68
  -77
  -87
  -96
  -105
  -115
  -124
  -134
  -144
  -154
  -164
  -175
  -186
  -197
  -209
  -221
  -234
  -247
  -261
  -275
  -290
  -306
  -322
  -339
  -357
  -376
  -396
  -416
  -438
Cash from investing activities, $m
  299
  -345
  -362
  -378
  -395
  -413
  -432
  -452
  -473
  -495
  -518
  -543
  -568
  -596
  -624
  -654
  -685
  -718
  -753
  -790
  -828
  -868
  -911
  -956
  -1,002
  -1,052
  -1,104
  -1,158
  -1,216
  -1,276
  -1,339
Free cash flow, $m
  540
  85
  81
  81
  81
  84
  87
  92
  99
  106
  115
  121
  132
  145
  160
  176
  193
  213
  233
  256
  280
  306
  334
  364
  396
  430
  467
  506
  547
  591
  638
Issuance/(repayment) of debt, $m
  -298
  0
  0
  0
  0
  1
  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
Issuance/(repurchase) of shares, $m
  -103
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
Cash from financing (excl. dividends), $m  
  -406
  -4
  -4
  -5
  -6
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
Total cash flow (excl. dividends), $m
  134
  82
  77
  76
  76
  78
  81
  85
  91
  98
  107
  111
  123
  135
  149
  164
  181
  199
  219
  241
  264
  290
  317
  346
  377
  410
  445
  483
  524
  567
  612
Retained Cash Flow (-), $m
  152
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
Prev. year cash balance distribution, $m
 
  187
  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
 
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
Cash available for distribution, $m
 
  272
  82
  81
  82
  84
  88
  93
  99
  107
  116
  121
  133
  146
  161
  177
  195
  214
  235
  257
  281
  307
  335
  365
  398
  432
  469
  508
  549
  594
  641
Discount rate, %
 
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
 
  272
  82
  81
  82
  84
  88
  93
  99
  107
  116
  121
  133
  146
  161
  177
  195
  214
  235
  257
  281
  307
  335
  365
  398
  432
  469
  508
  549
  594
  641
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
  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
  100.0
  100.0

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 38
Price to Sales 3.4
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 11.7
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 $769 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 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 0%, 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 15.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $520 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 5.4% 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 0.7%.

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 374.6%.

Life of production assets of 10 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 -141.3%. 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 - $0 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 70 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 $2.7 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 8.20 19.76  str.buy
AHP Ashford Hospit 10.38 11.18  hold
NTRS Northern Trust 105.46 20.86  str.sell
PFG Principal Fina 54.08 55.29  hold

COMPANY NEWS

▶ The Pebblebrook-LaSalle dispute has grown even nastier   [Jul-10-18 02:02PM  American City Business Journals]
▶ Report: LaSalle flags SEC over Pebblebrooks recent share purchases   [12:40PM  American City Business Journals]
▶ Heres what LaSalles CEO stands to make if the Blackstone deal closes   [Jun-19-18 01:32PM  American City Business Journals]
▶ Pebblebrook plays a public game in quest to buy LaSalle. Analysts say it could work.   [Jun-18-18 11:52PM  American City Business Journals]
▶ LaSalle Hotel Trust affirms Blackstone deal, rejects Pebblebrook again   [08:24AM  American City Business Journals]
▶ Corrections & Amplifications   [Jun-13-18 08:00PM  The Wall Street Journal]
▶ Pebblebrook benefits from stock uptick in its bid for LaSalle   [Jun-11-18 05:34PM  American City Business Journals]
▶ Pebblebrook Hotel Trust ups its bid for LaSalle   [08:19AM  American City Business Journals]
▶ Ho, Ho, Ho It's REIT Magic   [07:45AM  Forbes]
▶ 4 things to watch in the LaSalle-Blackstone-Pebblebrook love triangle   [03:12PM  American City Business Journals]
▶ Accuracy of overseas tourism data in doubt. The search for alternatives is on.   [May-01-18 03:12PM  American City Business Journals]
▶ Pebblebrook Hotel: 1Q Earnings Snapshot   [Apr-26-18 07:06PM  Associated Press]
▶ [$$] Pebblebrook Boosts Its Bid for LaSalle Hotel Properties   [Apr-24-18 06:12PM  The Wall Street Journal]
▶ Hospitality REITs, others hungry for LaSalles portfolio   [Apr-19-18 03:01PM  American City Business Journals]
▶ Pebblebrook makes new offer to buy LaSalle   [10:54AM  American City Business Journals]
▶ Is there hope yet for a LaSalle-Pebblebrook merger?   [04:51PM  American City Business Journals]
▶ Bethesda hospitality REIT turns down buyout offer from local competitor   [11:42AM  American City Business Journals]
▶ Pebblebrook Hotel reports 4Q results   [Feb-22-18 06:21PM  Associated Press]
▶ 5 REITs That Are Just Right for Retirement   [05:56AM  Harvest Exchange]
▶ Pebblebrook Hotel reports 3Q results   [Oct-23-17 04:11PM  Associated Press]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.