Intrinsic value of QTS Realty Trust Cl A - QTS

Previous Close

$54.20

  Intrinsic Value

$3.91

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

+116%

Previous close

$54.20

 
Intrinsic value

$3.91

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

+116%

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

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

We calculate the intrinsic value of QTS 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, %
  29.26
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
Revenue, $m
  402
  449
  498
  549
  603
  659
  718
  779
  843
  909
  977
  1,049
  1,123
  1,200
  1,280
  1,363
  1,450
  1,540
  1,634
  1,732
  1,834
  1,941
  2,052
  2,168
  2,289
  2,415
  2,548
  2,686
  2,830
  2,982
  3,140
Variable operating expenses, $m
 
  394
  435
  479
  524
  571
  620
  672
  725
  780
  838
  881
  943
  1,008
  1,075
  1,145
  1,218
  1,294
  1,372
  1,455
  1,540
  1,630
  1,723
  1,820
  1,922
  2,028
  2,139
  2,255
  2,377
  2,504
  2,637
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
  364
  394
  435
  479
  524
  571
  620
  672
  725
  780
  838
  881
  943
  1,008
  1,075
  1,145
  1,218
  1,294
  1,372
  1,455
  1,540
  1,630
  1,723
  1,820
  1,922
  2,028
  2,139
  2,255
  2,377
  2,504
  2,637
Operating income, $m
  38
  55
  62
  71
  79
  88
  98
  107
  118
  128
  139
  168
  180
  192
  205
  219
  232
  247
  262
  278
  294
  311
  329
  347
  367
  387
  408
  430
  454
  478
  503
EBITDA, $m
  159
  190
  211
  233
  256
  280
  305
  331
  357
  386
  415
  445
  476
  509
  543
  578
  615
  653
  693
  735
  778
  823
  870
  920
  971
  1,025
  1,081
  1,139
  1,201
  1,265
  1,332
Interest expense (income), $m
  20
  34
  39
  44
  50
  56
  62
  68
  75
  82
  89
  96
  104
  112
  121
  129
  138
  148
  158
  168
  178
  190
  201
  213
  226
  239
  253
  267
  282
  298
  314
Earnings before tax, $m
  15
  21
  24
  26
  30
  33
  36
  39
  43
  47
  50
  72
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  128
  134
  141
  148
  156
  163
  171
  180
  189
Tax expense, $m
  -10
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  49
  51
Net income, $m
  22
  15
  17
  19
  22
  24
  26
  29
  31
  34
  37
  52
  55
  59
  62
  65
  69
  72
  76
  80
  84
  89
  93
  98
  103
  108
  114
  119
  125
  131
  138

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  2,086
  2,313
  2,566
  2,831
  3,109
  3,399
  3,701
  4,016
  4,344
  4,684
  5,038
  5,406
  5,788
  6,186
  6,599
  7,028
  7,475
  7,940
  8,425
  8,929
  9,456
  10,004
  10,577
  11,174
  11,798
  12,450
  13,132
  13,844
  14,590
  15,370
  16,186
Adjusted assets (=assets-cash), $m
  2,076
  2,313
  2,566
  2,831
  3,109
  3,399
  3,701
  4,016
  4,344
  4,684
  5,038
  5,406
  5,788
  6,186
  6,599
  7,028
  7,475
  7,940
  8,425
  8,929
  9,456
  10,004
  10,577
  11,174
  11,798
  12,450
  13,132
  13,844
  14,590
  15,370
  16,186
Revenue / Adjusted assets
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
Average production assets, $m
  1,263
  1,409
  1,563
  1,725
  1,894
  2,071
  2,255
  2,447
  2,647
  2,854
  3,070
  3,294
  3,527
  3,769
  4,021
  4,283
  4,555
  4,838
  5,134
  5,441
  5,762
  6,096
  6,445
  6,809
  7,189
  7,587
  8,002
  8,436
  8,890
  9,366
  9,863
Working capital, $m
  0
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
Total debt, $m
  966
  1,108
  1,261
  1,421
  1,589
  1,763
  1,946
  2,136
  2,333
  2,539
  2,752
  2,974
  3,204
  3,444
  3,693
  3,952
  4,222
  4,502
  4,794
  5,098
  5,416
  5,747
  6,092
  6,452
  6,828
  7,222
  7,632
  8,062
  8,512
  8,982
  9,474
Total liabilities, $m
  1,252
  1,394
  1,547
  1,707
  1,875
  2,049
  2,232
  2,422
  2,619
  2,825
  3,038
  3,260
  3,490
  3,730
  3,979
  4,238
  4,508
  4,788
  5,080
  5,384
  5,702
  6,033
  6,378
  6,738
  7,114
  7,508
  7,918
  8,348
  8,798
  9,268
  9,760
Total equity, $m
  834
  918
  1,019
  1,124
  1,234
  1,349
  1,469
  1,594
  1,724
  1,860
  2,000
  2,146
  2,298
  2,456
  2,620
  2,790
  2,968
  3,152
  3,345
  3,545
  3,754
  3,972
  4,199
  4,436
  4,684
  4,943
  5,213
  5,496
  5,792
  6,102
  6,426
Total liabilities and equity, $m
  2,086
  2,312
  2,566
  2,831
  3,109
  3,398
  3,701
  4,016
  4,343
  4,685
  5,038
  5,406
  5,788
  6,186
  6,599
  7,028
  7,476
  7,940
  8,425
  8,929
  9,456
  10,005
  10,577
  11,174
  11,798
  12,451
  13,131
  13,844
  14,590
  15,370
  16,186
Debt-to-equity ratio
  1.158
  1.210
  1.240
  1.260
  1.290
  1.310
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.430
  1.440
  1.440
  1.450
  1.450
  1.450
  1.460
  1.460
  1.460
  1.470
  1.470
  1.470
  1.470
Adjusted equity ratio
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  15
  17
  19
  22
  24
  26
  29
  31
  34
  37
  52
  55
  59
  62
  65
  69
  72
  76
  80
  84
  89
  93
  98
  103
  108
  114
  119
  125
  131
  138
Depreciation, amort., depletion, $m
  121
  136
  149
  162
  177
  191
  207
  223
  240
  257
  275
  277
  296
  317
  338
  360
  383
  407
  431
  457
  484
  512
  542
  572
  604
  638
  672
  709
  747
  787
  829
Funds from operations, $m
  154
  151
  166
  182
  198
  215
  233
  252
  271
  291
  312
  329
  352
  375
  400
  425
  451
  479
  508
  537
  569
  601
  635
  670
  707
  746
  786
  828
  872
  918
  967
Change in working capital, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from operations, $m
  154
  152
  167
  183
  199
  217
  235
  253
  273
  293
  314
  331
  354
  377
  402
  427
  454
  481
  510
  540
  571
  604
  638
  673
  710
  749
  789
  832
  876
  922
  971
Maintenance CAPEX, $m
  0
  -106
  -118
  -131
  -145
  -159
  -174
  -190
  -206
  -222
  -240
  -258
  -277
  -296
  -317
  -338
  -360
  -383
  -407
  -431
  -457
  -484
  -512
  -542
  -572
  -604
  -638
  -672
  -709
  -747
  -787
New CAPEX, $m
  -453
  -147
  -154
  -162
  -169
  -177
  -184
  -192
  -200
  -208
  -216
  -224
  -233
  -242
  -252
  -262
  -272
  -283
  -295
  -308
  -321
  -334
  -349
  -364
  -380
  -397
  -415
  -434
  -454
  -475
  -497
Cash from investing activities, $m
  -453
  -253
  -272
  -293
  -314
  -336
  -358
  -382
  -406
  -430
  -456
  -482
  -510
  -538
  -569
  -600
  -632
  -666
  -702
  -739
  -778
  -818
  -861
  -906
  -952
  -1,001
  -1,053
  -1,106
  -1,163
  -1,222
  -1,284
Free cash flow, $m
  -299
  -101
  -105
  -110
  -115
  -119
  -124
  -128
  -133
  -137
  -142
  -151
  -156
  -161
  -167
  -172
  -179
  -185
  -192
  -199
  -207
  -215
  -223
  -233
  -242
  -253
  -264
  -275
  -287
  -300
  -314
Issuance/(repayment) of debt, $m
  102
  142
  153
  160
  167
  175
  182
  190
  198
  205
  213
  222
  231
  240
  249
  259
  269
  281
  292
  304
  317
  331
  345
  360
  376
  393
  411
  430
  449
  470
  492
Issuance/(repurchase) of shares, $m
  276
  79
  83
  86
  89
  91
  94
  96
  99
  101
  104
  94
  96
  99
  102
  105
  109
  112
  116
  120
  124
  129
  134
  139
  145
  151
  157
  164
  171
  178
  186
Cash from financing (excl. dividends), $m  
  363
  221
  236
  246
  256
  266
  276
  286
  297
  306
  317
  316
  327
  339
  351
  364
  378
  393
  408
  424
  441
  460
  479
  499
  521
  544
  568
  594
  620
  648
  678
Total cash flow (excl. dividends), $m
  64
  121
  130
  136
  141
  147
  152
  158
  164
  170
  176
  164
  171
  177
  185
  192
  200
  208
  216
  225
  235
  245
  256
  267
  279
  291
  304
  318
  333
  348
  365
Retained Cash Flow (-), $m
  -216
  -94
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -141
  -146
  -152
  -158
  -164
  -171
  -177
  -185
  -192
  -200
  -209
  -218
  -227
  -237
  -248
  -259
  -271
  -283
  -296
  -310
  -324
Prev. year cash balance distribution, $m
 
  10
  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
 
  37
  30
  31
  31
  32
  32
  33
  34
  34
  35
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
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
 
  34
  25
  23
  21
  19
  17
  15
  14
  12
  10
  4
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.0
  94.2
  91.7
  89.5
  87.4
  85.5
  83.7
  82.1
  80.5
  79.1
  77.9
  76.8
  75.8
  74.8
  73.8
  72.9
  72.0
  71.2
  70.3
  69.6
  68.8
  68.0
  67.3
  66.6
  65.9
  65.3
  64.6
  64.0
  63.3
  62.7

QTS Realty Trust, Inc. focuses on the ownership, development, and operation of carrier-neutral data centers in the United States. The company was founded in 2013 and is headquartered in Overland Park, Kansas.

FINANCIAL RATIOS  of  QTS Realty Trust Cl A (QTS)

Valuation Ratios
P/E Ratio 117.8
Price to Sales 6.4
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow -8.7
Growth Rates
Sales Growth Rate 29.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.1%
Cap. Spend. - 3 Yr. Gr. Rate 21.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 115.8%
Total Debt to Equity 115.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 3%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 63.9%
Gross Margin - 3 Yr. Avg. 64.4%
EBITDA Margin 38.8%
EBITDA Margin - 3 Yr. Avg. 37.3%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 5.6%
Net Profit Margin 5.5%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate -66.7%
Eff/ Tax Rate - 3 Yr. Avg. -46%
Payout Ratio 286.4%

QTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QTS stock intrinsic value calculation we used $402 million for the last fiscal year's total revenue generated by QTS Realty Trust Cl A. The default revenue input number comes from 2016 income statement of QTS Realty Trust Cl A. 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 QTS stock valuation model: a) initial revenue growth rate of 11.6% 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 8.6%, whose default value for QTS is calculated based on our internal credit rating of QTS Realty Trust Cl A, 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 QTS Realty Trust Cl A.
    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 QTS stock the variable cost ratio is equal to 88.3%.

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 QTS 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 3.5% for QTS Realty Trust Cl A.

Corporate tax rate of 27% is the nominal tax rate for QTS Realty Trust Cl A. 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 QTS 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 QTS are equal to 314.1%.

Life of production assets of 11.9 years is the average useful life of capital assets used in QTS Realty Trust Cl A 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 QTS is equal to -2.5%. 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 - $834 million for QTS Realty Trust Cl A - 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 47.683 million for QTS Realty Trust Cl A 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 QTS Realty Trust Cl A at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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DCT DCT Industrial 57.40 5.13  str.sell
MNR Monmouth Real 15.13 2.14  str.sell
STAG STAG Industria 27.65 3.12  str.sell
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COMPANY NEWS

▶ QTS Declares $0.39 Third Quarter Common Stock Dividend   [Aug-03-17 05:41PM  PR Newswire]
▶ QTS Realty reports 2Q results   [Jul-25-17 10:28PM  Associated Press]
▶ QTS Realty Trust, Inc. to Present at Industry Events   [May-17-17 09:00AM  PR Newswire]
▶ QTS Declares $0.39 Second Quarter Common Stock Dividend   [May-05-17 04:05PM  PR Newswire]
▶ QTS Realty reports 1Q results   [May-01-17 04:50PM  Associated Press]
▶ Investing In This Explosive REIT Sector   [Apr-20-17 10:39AM  Forbes]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst March? Take a look   [04:50PM  American City Business Journals]
▶ 6 Great Data Center REITs For 2017   [12:03PM  Motley Fool]
▶ Which KC-area stocks had the best, worst February? Take a look   [Mar-03-17 04:00PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst February? Take a look   [04:00PM  American City Business Journals]
▶ QTS Declares $0.39 First Quarter Common Stock Dividend   [Feb-17-17 09:00AM  PR Newswire]
▶ QTS Announces 2017 Annual Meeting of Stockholders   [Feb-16-17 05:04PM  PR Newswire]
▶ QTS Announces CBRE and CNSG as 2016 Partners of the Year   [Feb-02-17 09:00AM  PR Newswire]
▶ Should You Avoid QTS Realty Trust Inc (QTS)?   [Dec-06-16 06:52AM  at Insider Monkey]
▶ The Cyber Monday REITs   [Nov-28-16 07:00AM  at Forbes]
▶ QTS Declares $0.36 Fourth Quarter Common Stock Dividend   [Nov-07-16 04:05PM  PR Newswire]
▶ QTS Adds Steve Bloom as Chief People Officer   [Sep-29-16 04:05PM  PR Newswire]
▶ Andrew Wild Joins QTS as CISO   [Aug-31-16 04:05PM  PR Newswire]
Stock chart of QTS Financial statements of QTS
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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