Intrinsic value of Paramount Group - PGRE

Previous Close

$15.88

  Intrinsic Value

$4.18

stock screener

  Rating & Target

str. sell

-74%

Previous close

$15.88

 
Intrinsic value

$4.18

 
Up/down potential

-74%

 
Rating

str. sell

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

We calculate the intrinsic value of PGRE 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 3.8

 

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, %
  3.17
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  683
  707
  733
  760
  790
  822
  856
  892
  930
  970
  1,013
  1,059
  1,107
  1,157
  1,211
  1,267
  1,326
  1,389
  1,455
  1,524
  1,598
  1,675
  1,756
  1,841
  1,930
  2,025
  2,124
  2,228
  2,337
  2,452
  2,573
Variable operating expenses, $m
 
  633
  656
  681
  707
  736
  766
  798
  832
  868
  907
  947
  990
  1,036
  1,083
  1,134
  1,187
  1,243
  1,302
  1,364
  1,430
  1,499
  1,571
  1,647
  1,728
  1,812
  1,901
  1,994
  2,092
  2,195
  2,303
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
  575
  633
  656
  681
  707
  736
  766
  798
  832
  868
  907
  947
  990
  1,036
  1,083
  1,134
  1,187
  1,243
  1,302
  1,364
  1,430
  1,499
  1,571
  1,647
  1,728
  1,812
  1,901
  1,994
  2,092
  2,195
  2,303
Operating income, $m
  108
  74
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  122
  127
  133
  139
  146
  153
  160
  168
  176
  184
  193
  203
  213
  223
  234
  245
  257
  270
EBITDA, $m
  377
  353
  365
  379
  394
  410
  427
  445
  464
  484
  505
  528
  552
  577
  604
  632
  661
  693
  726
  760
  797
  835
  875
  918
  963
  1,010
  1,059
  1,111
  1,165
  1,223
  1,283
Interest expense (income), $m
  140
  152
  160
  168
  177
  186
  195
  205
  216
  228
  240
  253
  266
  281
  296
  312
  329
  347
  366
  386
  407
  429
  452
  477
  502
  529
  558
  588
  619
  652
  687
Earnings before tax, $m
  4
  -78
  -84
  -88
  -94
  -99
  -105
  -112
  -119
  -126
  -133
  -142
  -150
  -159
  -169
  -179
  -190
  -201
  -213
  -226
  -239
  -253
  -268
  -283
  -300
  -317
  -335
  -354
  -374
  -395
  -417
Tax expense, $m
  2
  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
Net income, $m
  -10
  -78
  -84
  -88
  -94
  -99
  -105
  -112
  -119
  -126
  -133
  -142
  -150
  -159
  -169
  -179
  -190
  -201
  -213
  -226
  -239
  -253
  -268
  -283
  -300
  -317
  -335
  -354
  -374
  -395
  -417

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  163
  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
  8,867
  9,063
  9,394
  9,749
  10,130
  10,537
  10,970
  11,431
  11,921
  12,440
  12,990
  13,571
  14,186
  14,835
  15,520
  16,243
  17,005
  17,808
  18,654
  19,545
  20,482
  21,469
  22,507
  23,600
  24,748
  25,956
  27,226
  28,561
  29,964
  31,438
  32,988
Adjusted assets (=assets-cash), $m
  8,704
  9,063
  9,394
  9,749
  10,130
  10,537
  10,970
  11,431
  11,921
  12,440
  12,990
  13,571
  14,186
  14,835
  15,520
  16,243
  17,005
  17,808
  18,654
  19,545
  20,482
  21,469
  22,507
  23,600
  24,748
  25,956
  27,226
  28,561
  29,964
  31,438
  32,988
Revenue / Adjusted assets
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
  0.078
Average production assets, $m
  7,932
  8,209
  8,509
  8,831
  9,176
  9,544
  9,937
  10,355
  10,798
  11,268
  11,766
  12,293
  12,850
  13,438
  14,059
  14,713
  15,404
  16,131
  16,897
  17,704
  18,553
  19,447
  20,388
  21,377
  22,417
  23,511
  24,662
  25,871
  27,142
  28,477
  29,881
Working capital, $m
  0
  -169
  -175
  -182
  -189
  -196
  -205
  -213
  -222
  -232
  -242
  -253
  -264
  -277
  -289
  -303
  -317
  -332
  -348
  -364
  -382
  -400
  -420
  -440
  -461
  -484
  -508
  -532
  -559
  -586
  -615
Total debt, $m
  3,622
  3,820
  4,005
  4,205
  4,418
  4,646
  4,888
  5,147
  5,421
  5,711
  6,019
  6,345
  6,689
  7,053
  7,436
  7,841
  8,268
  8,718
  9,191
  9,690
  10,215
  10,768
  11,349
  11,961
  12,604
  13,280
  13,991
  14,739
  15,525
  16,351
  17,218
Total liabilities, $m
  4,877
  5,075
  5,260
  5,460
  5,673
  5,901
  6,143
  6,402
  6,676
  6,966
  7,274
  7,600
  7,944
  8,308
  8,691
  9,096
  9,523
  9,973
  10,446
  10,945
  11,470
  12,023
  12,604
  13,216
  13,859
  14,535
  15,246
  15,994
  16,780
  17,606
  18,473
Total equity, $m
  3,990
  3,988
  4,133
  4,290
  4,457
  4,636
  4,827
  5,030
  5,245
  5,474
  5,716
  5,971
  6,242
  6,528
  6,829
  7,147
  7,482
  7,836
  8,208
  8,600
  9,012
  9,446
  9,903
  10,384
  10,889
  11,421
  11,979
  12,567
  13,184
  13,833
  14,515
Total liabilities and equity, $m
  8,867
  9,063
  9,393
  9,750
  10,130
  10,537
  10,970
  11,432
  11,921
  12,440
  12,990
  13,571
  14,186
  14,836
  15,520
  16,243
  17,005
  17,809
  18,654
  19,545
  20,482
  21,469
  22,507
  23,600
  24,748
  25,956
  27,225
  28,561
  29,964
  31,439
  32,988
Debt-to-equity ratio
  0.908
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.130
  1.130
  1.140
  1.150
  1.150
  1.160
  1.160
  1.170
  1.170
  1.180
  1.180
  1.190
Adjusted equity ratio
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -78
  -84
  -88
  -94
  -99
  -105
  -112
  -119
  -126
  -133
  -142
  -150
  -159
  -169
  -179
  -190
  -201
  -213
  -226
  -239
  -253
  -268
  -283
  -300
  -317
  -335
  -354
  -374
  -395
  -417
Depreciation, amort., depletion, $m
  269
  278
  288
  299
  311
  324
  337
  351
  366
  382
  399
  417
  436
  456
  477
  499
  522
  547
  573
  600
  629
  659
  691
  725
  760
  797
  836
  877
  920
  965
  1,013
Funds from operations, $m
  137
  200
  205
  211
  217
  224
  232
  239
  248
  256
  265
  275
  285
  296
  307
  319
  332
  345
  359
  374
  390
  406
  423
  441
  460
  480
  501
  523
  546
  571
  596
Change in working capital, $m
  -8
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
Cash from operations, $m
  145
  206
  211
  218
  225
  232
  240
  248
  257
  266
  276
  286
  297
  308
  320
  333
  346
  360
  375
  391
  407
  424
  443
  462
  482
  503
  525
  548
  573
  598
  625
Maintenance CAPEX, $m
  0
  -269
  -278
  -288
  -299
  -311
  -324
  -337
  -351
  -366
  -382
  -399
  -417
  -436
  -456
  -477
  -499
  -522
  -547
  -573
  -600
  -629
  -659
  -691
  -725
  -760
  -797
  -836
  -877
  -920
  -965
New CAPEX, $m
  -518
  -278
  -300
  -322
  -345
  -368
  -393
  -418
  -443
  -470
  -498
  -527
  -557
  -588
  -621
  -655
  -690
  -727
  -766
  -807
  -849
  -894
  -940
  -989
  -1,040
  -1,094
  -1,150
  -1,209
  -1,271
  -1,336
  -1,404
Cash from investing activities, $m
  -637
  -547
  -578
  -610
  -644
  -679
  -717
  -755
  -794
  -836
  -880
  -926
  -974
  -1,024
  -1,077
  -1,132
  -1,189
  -1,249
  -1,313
  -1,380
  -1,449
  -1,523
  -1,599
  -1,680
  -1,765
  -1,854
  -1,947
  -2,045
  -2,148
  -2,256
  -2,369
Free cash flow, $m
  -492
  -341
  -367
  -393
  -420
  -448
  -477
  -507
  -538
  -570
  -604
  -640
  -677
  -715
  -756
  -798
  -843
  -889
  -938
  -989
  -1,042
  -1,098
  -1,157
  -1,219
  -1,283
  -1,351
  -1,422
  -1,497
  -1,575
  -1,658
  -1,744
Issuance/(repayment) of debt, $m
  669
  198
  185
  199
  213
  228
  243
  258
  274
  291
  308
  326
  344
  364
  384
  405
  427
  450
  474
  499
  525
  553
  581
  612
  643
  676
  711
  748
  786
  826
  868
Issuance/(repurchase) of shares, $m
  0
  239
  229
  245
  261
  278
  296
  315
  334
  354
  375
  398
  421
  445
  471
  497
  525
  555
  586
  618
  652
  687
  725
  764
  805
  848
  894
  941
  991
  1,043
  1,098
Cash from financing (excl. dividends), $m  
  620
  437
  414
  444
  474
  506
  539
  573
  608
  645
  683
  724
  765
  809
  855
  902
  952
  1,005
  1,060
  1,117
  1,177
  1,240
  1,306
  1,376
  1,448
  1,524
  1,605
  1,689
  1,777
  1,869
  1,966
Total cash flow (excl. dividends), $m
  128
  96
  47
  51
  55
  58
  62
  66
  70
  75
  79
  83
  88
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  157
  165
  173
  182
  192
  201
  212
  222
Retained Cash Flow (-), $m
  -229
  -239
  -229
  -245
  -261
  -278
  -296
  -315
  -334
  -354
  -375
  -398
  -421
  -445
  -471
  -497
  -525
  -555
  -586
  -618
  -652
  -687
  -725
  -764
  -805
  -848
  -894
  -941
  -991
  -1,043
  -1,098
Prev. year cash balance distribution, $m
 
  163
  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
 
  21
  -182
  -194
  -207
  -220
  -234
  -248
  -264
  -280
  -296
  -314
  -333
  -352
  -372
  -394
  -416
  -439
  -464
  -490
  -517
  -546
  -576
  -607
  -640
  -675
  -711
  -749
  -790
  -832
  -876
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  19
  -152
  -146
  -139
  -131
  -122
  -112
  -102
  -91
  -80
  -70
  -60
  -50
  -41
  -34
  -27
  -21
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.8
  88.5
  83.3
  78.3
  73.5
  68.8
  64.4
  60.2
  56.2
  52.4
  48.9
  45.5
  42.3
  39.3
  36.5
  33.9
  31.5
  29.2
  27.0
  25.0
  23.2
  21.4
  19.8
  18.3
  17.0
  15.7
  14.5
  13.4
  12.3
  11.4

Paramount Group, Inc. is a fully-integrated real estate investment trust (REIT) focused on owning, operating, managing, acquiring and redeveloping Class A office properties in select central business district submarkets of New York City, Washington, District of Columbia (D.C.) and San Francisco. The Company conducts its business through, and substantially all its interests in properties and investments are held by, Paramount Group Operating Partnership LP (the Operating Partnership). The Company's segments include New York, Washington, D.C. and San Francisco. As of December 31, 2016, the Company's portfolio consisted of 13 Class A office properties aggregating approximately 10.8 million square feet that was 93.3% leased and 90.9% occupied. The Company also has an investment management business, where it serves as the general partner and property manager of certain private equity real estate funds for institutional investors and high-net-worth individuals.

FINANCIAL RATIOS  of  Paramount Group (PGRE)

Valuation Ratios
P/E Ratio -365.3
Price to Sales 5.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 25.2
Price to Free Cash Flow -9.8
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 90.8%
Total Debt to Equity 90.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity -0.3%
Return On Equity - 3 Yr. Avg. 1.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 60.5%
EBITDA Margin - 3 Yr. Avg. 67.1%
Operating Margin 15.8%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 0.6%
Pre-Tax Margin - 3 Yr. Avg. 24.2%
Net Profit Margin -1.5%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 24%
Payout Ratio -1010%

PGRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PGRE stock intrinsic value calculation we used $683 million for the last fiscal year's total revenue generated by Paramount Group. The default revenue input number comes from 2016 income statement of Paramount Group. 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 PGRE stock valuation model: a) initial revenue growth rate of 3.5% 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 9%, whose default value for PGRE is calculated based on our internal credit rating of Paramount Group, 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 Paramount Group.
    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 PGRE stock the variable cost ratio is equal to 89.5%.

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 PGRE 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 4.2% for Paramount Group.

Corporate tax rate of 27% is the nominal tax rate for Paramount Group. 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 PGRE 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 PGRE are equal to 1161.3%.

Life of production assets of 29.5 years is the average useful life of capital assets used in Paramount Group 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 PGRE is equal to -23.9%. 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 - $3990 million for Paramount Group - 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 238.871 million for Paramount Group 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 Paramount Group at the current share price and the inputted number of shares is $3.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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DEI Douglas Emmett 41.12 2.95  str.sell
KRC Kilroy Realty 75.32 9.01  str.sell
CXP Columbia Prope 23.01 5.16  str.sell
WRE Washington Rea 32.56 3.41  str.sell
VNO Vornado Realty 77.84 13.68  str.sell

COMPANY NEWS

▶ Paramount Declares Regular Quarterly Dividend   [Dec-15-17 08:00AM  Business Wire]
▶ Should You Sell Paramount Group Inc (PGRE) At This PE Ratio?   [Nov-15-17 04:17PM  Simply Wall St.]
▶ Paramount Group, Inc. to Host Earnings Call   [Nov-07-17 08:10AM  ACCESSWIRE]
▶ Paramount Group reports 3Q results   [Nov-06-17 05:58PM  Associated Press]
▶ How Should You Think About Paramount Group Incs (PGRE) Risks?   [Oct-02-17 12:07PM  Simply Wall St.]
▶ Does Paramount Group Incs (PGRE) PE Ratio Warrant A Buy?   [Sep-13-17 01:07PM  Simply Wall St.]
▶ Paramount Announces Second Quarter 2017 Results   [Aug-03-17 04:15PM  Business Wire]
▶ Paramount Declares Regular Quarterly Dividend   [Jun-15-17 04:15PM  Business Wire]
▶ [$$] Two NYC Office REITs That Won't Get Schmeared   [Jun-14-17 03:32PM  Barrons.com]
▶ Paramount to Present at NAREITs REITWeek 2017   [Jun-02-17 04:15PM  Business Wire]
▶ Paramount Group reports 1Q results   [May-04-17 07:31PM  Associated Press]
▶ Paramount Completes Sale of Waterview   [May-03-17 04:30PM  Business Wire]
▶ Paramount Declares Regular Quarterly Dividend   [Mar-15-17 04:15PM  Business Wire]
▶ Paramount Group reports 4Q results   [Feb-22-17 06:26PM  Associated Press]
▶ Paramount to Sell Waterview for $460 Million   [Feb-01-17 08:00AM  Business Wire]
▶ Paramount Declares Regular Quarterly Dividend   [Dec-15-16 04:15PM  Business Wire]
▶ Is Paramount Group Inc (PGRE) Worthy of Your Portfolio?   [Dec-10-16 05:53PM  at Insider Monkey]
▶ Paramount Completes Acquisition of One Front Street   [Dec-05-16 04:15PM  Business Wire]
▶ [$$] When Will the Fed Smack Down REITs?   [Sep-26-16 05:20PM  at Barrons.com]
Financial statements of PGRE
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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