Intrinsic value of Paramount Group - PGRE

Previous Close

$15.76

  Intrinsic Value

$4.35

stock screener

  Rating & Target

str. sell

-72%

  Value-price divergence*

-64%

Previous close

$15.76

 
Intrinsic value

$4.35

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence*

-64%

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

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

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 3.6

 

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, %
  3.17
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  683
  714
  748
  783
  819
  858
  899
  942
  987
  1,035
  1,085
  1,138
  1,193
  1,252
  1,313
  1,378
  1,445
  1,516
  1,591
  1,670
  1,752
  1,839
  1,930
  2,026
  2,127
  2,232
  2,343
  2,460
  2,582
  2,711
  2,846
Variable operating expenses, $m
 
  639
  669
  700
  733
  768
  805
  843
  884
  926
  971
  1,018
  1,068
  1,120
  1,175
  1,233
  1,294
  1,357
  1,424
  1,495
  1,568
  1,646
  1,728
  1,813
  1,903
  1,998
  2,097
  2,202
  2,311
  2,426
  2,547
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
  639
  669
  700
  733
  768
  805
  843
  884
  926
  971
  1,018
  1,068
  1,120
  1,175
  1,233
  1,294
  1,357
  1,424
  1,495
  1,568
  1,646
  1,728
  1,813
  1,903
  1,998
  2,097
  2,202
  2,311
  2,426
  2,547
Operating income, $m
  108
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
  145
  152
  159
  167
  175
  184
  193
  203
  213
  223
  234
  246
  258
  271
  285
  299
EBITDA, $m
  377
  356
  373
  390
  409
  428
  448
  470
  492
  516
  541
  567
  595
  624
  655
  687
  721
  756
  794
  833
  874
  917
  963
  1,010
  1,061
  1,113
  1,169
  1,227
  1,288
  1,352
  1,419
Interest expense (income), $m
  140
  152
  163
  173
  183
  194
  206
  218
  231
  245
  259
  275
  290
  307
  325
  343
  363
  383
  405
  427
  451
  476
  502
  529
  558
  589
  620
  654
  689
  726
  765
Earnings before tax, $m
  4
  -77
  -84
  -91
  -97
  -104
  -112
  -119
  -128
  -136
  -145
  -155
  -165
  -176
  -187
  -199
  -211
  -224
  -237
  -252
  -267
  -283
  -299
  -317
  -335
  -354
  -374
  -396
  -418
  -441
  -466
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
  -77
  -84
  -91
  -97
  -104
  -112
  -119
  -128
  -136
  -145
  -155
  -165
  -176
  -187
  -199
  -211
  -224
  -237
  -252
  -267
  -283
  -299
  -317
  -335
  -354
  -374
  -396
  -418
  -441
  -466

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
  9,159
  9,584
  10,032
  10,505
  11,002
  11,527
  12,078
  12,659
  13,270
  13,913
  14,590
  15,301
  16,048
  16,835
  17,661
  18,529
  19,442
  20,401
  21,409
  22,468
  23,580
  24,749
  25,977
  27,266
  28,621
  30,044
  31,538
  33,108
  34,756
  36,488
Adjusted assets (=assets-cash), $m
  8,704
  9,159
  9,584
  10,032
  10,505
  11,002
  11,527
  12,078
  12,659
  13,270
  13,913
  14,590
  15,301
  16,048
  16,835
  17,661
  18,529
  19,442
  20,401
  21,409
  22,468
  23,580
  24,749
  25,977
  27,266
  28,621
  30,044
  31,538
  33,108
  34,756
  36,488
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
  8,297
  8,681
  9,087
  9,515
  9,966
  10,441
  10,941
  11,467
  12,020
  12,603
  13,215
  13,860
  14,537
  15,249
  15,997
  16,784
  17,611
  18,480
  19,393
  20,352
  21,359
  22,418
  23,530
  24,698
  25,925
  27,214
  28,568
  29,990
  31,483
  33,051
Working capital, $m
  0
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -223
  -234
  -246
  -258
  -271
  -285
Total debt, $m
  3,622
  3,874
  4,112
  4,363
  4,628
  4,906
  5,200
  5,509
  5,834
  6,176
  6,536
  6,915
  7,313
  7,732
  8,172
  8,635
  9,121
  9,633
  10,170
  10,734
  11,327
  11,950
  12,604
  13,292
  14,014
  14,773
  15,570
  16,406
  17,285
  18,209
  19,178
Total liabilities, $m
  4,877
  5,129
  5,367
  5,618
  5,883
  6,161
  6,455
  6,764
  7,089
  7,431
  7,791
  8,170
  8,568
  8,987
  9,427
  9,890
  10,376
  10,888
  11,425
  11,989
  12,582
  13,205
  13,859
  14,547
  15,269
  16,028
  16,825
  17,661
  18,540
  19,464
  20,433
Total equity, $m
  3,990
  4,030
  4,217
  4,414
  4,622
  4,841
  5,072
  5,314
  5,570
  5,839
  6,122
  6,419
  6,732
  7,061
  7,407
  7,771
  8,153
  8,555
  8,977
  9,420
  9,886
  10,375
  10,890
  11,430
  11,997
  12,593
  13,219
  13,877
  14,567
  15,293
  16,055
Total liabilities and equity, $m
  8,867
  9,159
  9,584
  10,032
  10,505
  11,002
  11,527
  12,078
  12,659
  13,270
  13,913
  14,589
  15,300
  16,048
  16,834
  17,661
  18,529
  19,443
  20,402
  21,409
  22,468
  23,580
  24,749
  25,977
  27,266
  28,621
  30,044
  31,538
  33,107
  34,757
  36,488
Debt-to-equity ratio
  0.908
  0.960
  0.980
  0.990
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.090
  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
  1.190
  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
  -77
  -84
  -91
  -97
  -104
  -112
  -119
  -128
  -136
  -145
  -155
  -165
  -176
  -187
  -199
  -211
  -224
  -237
  -252
  -267
  -283
  -299
  -317
  -335
  -354
  -374
  -396
  -418
  -441
  -466
Depreciation, amort., depletion, $m
  269
  281
  294
  308
  323
  338
  354
  371
  389
  407
  427
  448
  470
  493
  517
  542
  569
  597
  626
  657
  690
  724
  760
  798
  837
  879
  923
  968
  1,017
  1,067
  1,120
Funds from operations, $m
  137
  204
  210
  218
  225
  234
  242
  251
  261
  271
  282
  293
  305
  317
  330
  344
  358
  373
  389
  406
  423
  441
  461
  481
  502
  525
  548
  573
  599
  626
  654
Change in working capital, $m
  -8
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
Cash from operations, $m
  145
  207
  213
  221
  229
  237
  246
  256
  266
  276
  287
  298
  310
  323
  336
  350
  365
  380
  396
  413
  431
  450
  470
  491
  512
  535
  559
  584
  611
  639
  668
Maintenance CAPEX, $m
  0
  -269
  -281
  -294
  -308
  -323
  -338
  -354
  -371
  -389
  -407
  -427
  -448
  -470
  -493
  -517
  -542
  -569
  -597
  -626
  -657
  -690
  -724
  -760
  -798
  -837
  -879
  -923
  -968
  -1,017
  -1,067
New CAPEX, $m
  -518
  -365
  -385
  -406
  -428
  -451
  -475
  -500
  -526
  -554
  -582
  -613
  -644
  -677
  -712
  -748
  -787
  -827
  -869
  -913
  -959
  -1,008
  -1,059
  -1,112
  -1,168
  -1,227
  -1,289
  -1,354
  -1,422
  -1,493
  -1,568
Cash from investing activities, $m
  -637
  -634
  -666
  -700
  -736
  -774
  -813
  -854
  -897
  -943
  -989
  -1,040
  -1,092
  -1,147
  -1,205
  -1,265
  -1,329
  -1,396
  -1,466
  -1,539
  -1,616
  -1,698
  -1,783
  -1,872
  -1,966
  -2,064
  -2,168
  -2,277
  -2,390
  -2,510
  -2,635
Free cash flow, $m
  -492
  -427
  -453
  -479
  -507
  -536
  -566
  -598
  -631
  -666
  -703
  -742
  -782
  -824
  -869
  -915
  -964
  -1,015
  -1,069
  -1,126
  -1,185
  -1,247
  -1,313
  -1,381
  -1,453
  -1,529
  -1,608
  -1,692
  -1,779
  -1,871
  -1,967
Issuance/(repayment) of debt, $m
  669
  252
  238
  251
  265
  279
  294
  309
  325
  342
  360
  379
  398
  419
  440
  463
  486
  511
  537
  564
  593
  623
  654
  688
  722
  759
  797
  837
  879
  923
  970
Issuance/(repurchase) of shares, $m
  0
  280
  271
  288
  305
  323
  342
  362
  383
  405
  428
  453
  478
  505
  533
  562
  593
  625
  660
  695
  733
  772
  813
  857
  902
  950
  1,000
  1,053
  1,109
  1,167
  1,228
Cash from financing (excl. dividends), $m  
  620
  532
  509
  539
  570
  602
  636
  671
  708
  747
  788
  832
  876
  924
  973
  1,025
  1,079
  1,136
  1,197
  1,259
  1,326
  1,395
  1,467
  1,545
  1,624
  1,709
  1,797
  1,890
  1,988
  2,090
  2,198
Total cash flow (excl. dividends), $m
  128
  106
  56
  59
  63
  66
  70
  73
  77
  81
  85
  90
  94
  99
  104
  110
  115
  121
  127
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  219
  230
Retained Cash Flow (-), $m
  -229
  -280
  -271
  -288
  -305
  -323
  -342
  -362
  -383
  -405
  -428
  -453
  -478
  -505
  -533
  -562
  -593
  -625
  -660
  -695
  -733
  -772
  -813
  -857
  -902
  -950
  -1,000
  -1,053
  -1,109
  -1,167
  -1,228
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
 
  -11
  -215
  -228
  -242
  -257
  -273
  -289
  -306
  -324
  -343
  -363
  -384
  -406
  -428
  -453
  -478
  -504
  -532
  -561
  -592
  -624
  -658
  -694
  -731
  -770
  -812
  -855
  -900
  -948
  -998
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
 
  -11
  -179
  -172
  -163
  -153
  -142
  -130
  -118
  -105
  -93
  -81
  -69
  -58
  -48
  -39
  -31
  -24
  -18
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.5
  86.1
  80.1
  74.4
  69.1
  64.1
  59.4
  55.0
  50.9
  47.1
  43.5
  40.2
  37.2
  34.3
  31.6
  29.2
  26.9
  24.8
  22.8
  21.0
  19.4
  17.8
  16.4
  15.1
  13.9
  12.8
  11.7
  10.8
  9.9
  9.1

Paramount Group, Inc. is a real estate firm that invests in Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco. Paramount Group, Inc. is based in New York, New York.

FINANCIAL RATIOS  of  Paramount Group (PGRE)

Valuation Ratios
P/E Ratio -362.5
Price to Sales 5.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 25
Price to Free Cash Flow -9.7
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 4.6% 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 -10%. 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 229.263 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 $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
CBG CBRE Group 34.91 29.90  hold
GOOGL Alphabet Cl A 927.66 981.76  hold
PKY Parkway 22.95 5.68  str.sell
DEI Douglas Emmett 37.87 3.17  str.sell
KRC Kilroy Realty 68.97 9.10  str.sell
CXP Columbia Prope 21.16 5.15  str.sell
WRE Washington Rea 32.77 3.58  str.sell
VNO Vornado Realty 75.30 12.17  str.sell

COMPANY NEWS

▶ 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]
▶ Paramount Declares Regular Quarterly Dividend   [Sep-15-16 04:15PM  Business Wire]
▶ Paramount to Acquire One Front Street in San Francisco   [Sep-12-16 04:15PM  Business Wire]
▶ Paramount Announces Regular Quarterly Dividend   [Jun-15-16 04:15PM  Business Wire]
▶ Paramount Group, Inc. to Present at NAREITs REITWeek 2016   [Jun-01-16 04:15PM  Business Wire]
▶ Term Sheet Friday, March 25   [Mar-25-16 09:57AM  at Fortune]
Stock chart of PGRE 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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