Intrinsic value of Regency Centers - REG

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$61.97

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$61.97

 
Intrinsic value

$3.82

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of REG 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 10.5

 

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, %
  7.72
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  614
  673
  734
  799
  865
  935
  1,007
  1,082
  1,160
  1,241
  1,325
  1,412
  1,503
  1,598
  1,696
  1,799
  1,906
  2,018
  2,134
  2,255
  2,382
  2,515
  2,653
  2,798
  2,949
  3,107
  3,273
  3,446
  3,628
  3,818
  4,017
Variable operating expenses, $m
 
  441
  481
  523
  567
  612
  659
  709
  760
  813
  868
  925
  985
  1,047
  1,111
  1,178
  1,248
  1,322
  1,398
  1,477
  1,560
  1,647
  1,738
  1,832
  1,932
  2,035
  2,144
  2,257
  2,376
  2,501
  2,631
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
  422
  441
  481
  523
  567
  612
  659
  709
  760
  813
  868
  925
  985
  1,047
  1,111
  1,178
  1,248
  1,322
  1,398
  1,477
  1,560
  1,647
  1,738
  1,832
  1,932
  2,035
  2,144
  2,257
  2,376
  2,501
  2,631
Operating income, $m
  193
  232
  253
  275
  299
  322
  347
  373
  400
  428
  457
  487
  519
  551
  585
  621
  658
  696
  736
  778
  822
  868
  915
  965
  1,017
  1,072
  1,129
  1,189
  1,252
  1,317
  1,386
EBITDA, $m
  355
  409
  447
  486
  526
  569
  612
  658
  705
  755
  806
  859
  914
  972
  1,032
  1,095
  1,160
  1,227
  1,298
  1,372
  1,449
  1,530
  1,614
  1,702
  1,794
  1,890
  1,991
  2,097
  2,207
  2,323
  2,444
Interest expense (income), $m
  83
  77
  86
  95
  104
  114
  124
  134
  145
  157
  168
  181
  193
  207
  220
  235
  250
  265
  281
  298
  316
  334
  354
  374
  395
  417
  440
  464
  489
  516
  543
Earnings before tax, $m
  120
  155
  168
  181
  194
  209
  223
  239
  255
  271
  289
  307
  325
  345
  365
  386
  408
  431
  455
  480
  506
  533
  562
  591
  622
  655
  689
  725
  762
  801
  843
Tax expense, $m
  0
  42
  45
  49
  52
  56
  60
  64
  69
  73
  78
  83
  88
  93
  99
  104
  110
  116
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  216
  227
Net income, $m
  118
  113
  122
  132
  142
  152
  163
  174
  186
  198
  211
  224
  237
  252
  266
  282
  298
  315
  332
  350
  369
  389
  410
  432
  454
  478
  503
  529
  556
  585
  615

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  13
  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
  4,489
  4,912
  5,361
  5,829
  6,316
  6,822
  7,348
  7,896
  8,464
  9,055
  9,669
  10,307
  10,972
  11,663
  12,382
  13,132
  13,913
  14,727
  15,576
  16,462
  17,388
  18,355
  19,365
  20,421
  21,525
  22,680
  23,889
  25,154
  26,479
  27,867
  29,321
Adjusted assets (=assets-cash), $m
  4,476
  4,912
  5,361
  5,829
  6,316
  6,822
  7,348
  7,896
  8,464
  9,055
  9,669
  10,307
  10,972
  11,663
  12,382
  13,132
  13,913
  14,727
  15,576
  16,462
  17,388
  18,355
  19,365
  20,421
  21,525
  22,680
  23,889
  25,154
  26,479
  27,867
  29,321
Revenue / Adjusted assets
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
Average production assets, $m
  3,768
  4,130
  4,507
  4,901
  5,310
  5,736
  6,178
  6,638
  7,116
  7,613
  8,129
  8,666
  9,225
  9,806
  10,411
  11,041
  11,697
  12,382
  13,096
  13,841
  14,619
  15,432
  16,281
  17,169
  18,097
  19,069
  20,085
  21,149
  22,263
  23,430
  24,652
Working capital, $m
  0
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
Total debt, $m
  1,642
  1,827
  2,017
  2,215
  2,422
  2,637
  2,860
  3,092
  3,333
  3,583
  3,844
  4,114
  4,396
  4,689
  4,994
  5,312
  5,643
  5,988
  6,348
  6,724
  7,116
  7,526
  7,955
  8,402
  8,871
  9,360
  9,873
  10,409
  10,971
  11,560
  12,176
Total liabilities, $m
  1,898
  2,083
  2,273
  2,471
  2,678
  2,893
  3,116
  3,348
  3,589
  3,839
  4,100
  4,370
  4,652
  4,945
  5,250
  5,568
  5,899
  6,244
  6,604
  6,980
  7,372
  7,782
  8,211
  8,658
  9,127
  9,616
  10,129
  10,665
  11,227
  11,816
  12,432
Total equity, $m
  2,591
  2,829
  3,088
  3,357
  3,638
  3,929
  4,233
  4,548
  4,875
  5,216
  5,569
  5,937
  6,320
  6,718
  7,132
  7,564
  8,014
  8,483
  8,972
  9,482
  10,015
  10,572
  11,154
  11,762
  12,398
  13,064
  13,760
  14,489
  15,252
  16,052
  16,889
Total liabilities and equity, $m
  4,489
  4,912
  5,361
  5,828
  6,316
  6,822
  7,349
  7,896
  8,464
  9,055
  9,669
  10,307
  10,972
  11,663
  12,382
  13,132
  13,913
  14,727
  15,576
  16,462
  17,387
  18,354
  19,365
  20,420
  21,525
  22,680
  23,889
  25,154
  26,479
  27,868
  29,321
Debt-to-equity ratio
  0.634
  0.650
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
Adjusted equity ratio
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  118
  113
  122
  132
  142
  152
  163
  174
  186
  198
  211
  224
  237
  252
  266
  282
  298
  315
  332
  350
  369
  389
  410
  432
  454
  478
  503
  529
  556
  585
  615
Depreciation, amort., depletion, $m
  162
  177
  193
  210
  228
  246
  265
  285
  305
  327
  349
  372
  396
  421
  447
  474
  502
  531
  562
  594
  627
  662
  699
  737
  777
  818
  862
  908
  955
  1,006
  1,058
Funds from operations, $m
  318
  290
  316
  342
  370
  398
  428
  459
  491
  525
  560
  596
  633
  672
  713
  756
  800
  846
  894
  944
  997
  1,051
  1,109
  1,169
  1,231
  1,297
  1,365
  1,437
  1,512
  1,591
  1,673
Change in working capital, $m
  29
  -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
  -4
Cash from operations, $m
  289
  453
  317
  344
  371
  400
  430
  461
  493
  527
  561
  598
  635
  674
  715
  758
  802
  848
  896
  947
  999
  1,054
  1,112
  1,172
  1,234
  1,300
  1,369
  1,441
  1,516
  1,595
  1,677
Maintenance CAPEX, $m
  0
  -162
  -177
  -193
  -210
  -228
  -246
  -265
  -285
  -305
  -327
  -349
  -372
  -396
  -421
  -447
  -474
  -502
  -531
  -562
  -594
  -627
  -662
  -699
  -737
  -777
  -818
  -862
  -908
  -955
  -1,006
New CAPEX, $m
  -334
  -362
  -377
  -393
  -409
  -426
  -443
  -460
  -478
  -497
  -516
  -537
  -558
  -581
  -605
  -630
  -657
  -685
  -714
  -745
  -778
  -813
  -849
  -888
  -928
  -971
  -1,016
  -1,064
  -1,114
  -1,167
  -1,222
Cash from investing activities, $m
  -410
  -524
  -554
  -586
  -619
  -654
  -689
  -725
  -763
  -802
  -843
  -886
  -930
  -977
  -1,026
  -1,077
  -1,131
  -1,187
  -1,245
  -1,307
  -1,372
  -1,440
  -1,511
  -1,587
  -1,665
  -1,748
  -1,834
  -1,926
  -2,022
  -2,122
  -2,228
Free cash flow, $m
  -121
  -71
  -238
  -243
  -248
  -254
  -259
  -264
  -270
  -276
  -282
  -288
  -295
  -303
  -311
  -319
  -328
  -338
  -349
  -360
  -373
  -386
  -400
  -415
  -431
  -448
  -466
  -485
  -506
  -528
  -551
Issuance/(repayment) of debt, $m
  -210
  185
  190
  198
  206
  215
  223
  232
  241
  250
  260
  271
  282
  293
  305
  318
  331
  345
  360
  376
  392
  410
  428
  448
  468
  490
  513
  537
  562
  588
  616
Issuance/(repurchase) of shares, $m
  550
  125
  306
  314
  323
  331
  339
  347
  356
  365
  375
  385
  396
  408
  420
  433
  447
  462
  478
  495
  513
  533
  554
  576
  599
  624
  650
  678
  707
  739
  772
Cash from financing (excl. dividends), $m  
  319
  310
  496
  512
  529
  546
  562
  579
  597
  615
  635
  656
  678
  701
  725
  751
  778
  807
  838
  871
  905
  943
  982
  1,024
  1,067
  1,114
  1,163
  1,215
  1,269
  1,327
  1,388
Total cash flow (excl. dividends), $m
  198
  114
  -47
  -45
  -42
  -39
  -36
  -32
  -29
  -25
  -21
  -17
  -14
  -10
  -5
  -1
  3
  7
  11
  15
  20
  24
  28
  33
  37
  42
  46
  51
  56
  61
  66
Retained Cash Flow (-), $m
  -537
  -251
  -259
  -269
  -280
  -292
  -303
  -315
  -327
  -340
  -354
  -368
  -383
  -398
  -414
  -432
  -450
  -469
  -489
  -511
  -533
  -557
  -582
  -608
  -636
  -665
  -696
  -729
  -763
  -799
  -837
Prev. year cash balance distribution, $m
 
  13
  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
 
  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
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  98.8
  96.3
  93.9
  91.7
  89.7
  87.8
  86.1
  84.5
  82.9
  81.5
  80.1
  78.8
  77.6
  76.4
  75.3
  74.2
  73.2
  72.2
  71.2
  70.3
  69.4
  68.5
  67.6
  66.8
  66.0
  65.2
  64.4
  63.6
  62.9
  62.1

Regency Centers Corporation operates as a real estate investment trust. The company, through its subsidiaries, owns, operates, and develops community and neighborhood shopping centers that are tenanted by grocers, category-leading anchors, specialty retailers, and restaurants. As of December 31, 2006, it owned 218 retail shopping centers located in 22 states and held partial interests in 187 retail shopping centers through joint ventures located in 24 states and the District of Columbia. The company is qualified as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, its net income would be exempt from federal taxation to the extent that it is distributed as dividends to shareholders. The company was founded in 1963 and is headquartered in Jacksonville, Florida.

FINANCIAL RATIOS  of  Regency Centers (REG)

Valuation Ratios
P/E Ratio 54.7
Price to Sales 10.5
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 22.3
Price to Free Cash Flow -143.4
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 642.2%
Cap. Spend. - 3 Yr. Gr. Rate 25.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 63.4%
Total Debt to Equity 63.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 5.1%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 73.8%
Gross Margin - 3 Yr. Avg. 74.3%
EBITDA Margin 59.4%
EBITDA Margin - 3 Yr. Avg. 65.4%
Operating Margin 31.3%
Oper. Margin - 3 Yr. Avg. 33.3%
Pre-Tax Margin 19.5%
Pre-Tax Margin - 3 Yr. Avg. 21.6%
Net Profit Margin 19.2%
Net Profit Margin - 3 Yr. Avg. 21.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.3%
Payout Ratio 188.1%

REG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the REG stock intrinsic value calculation we used $614 million for the last fiscal year's total revenue generated by Regency Centers. The default revenue input number comes from 2016 income statement of Regency Centers. 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 REG stock valuation model: a) initial revenue growth rate of 9.6% 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 7.4%, whose default value for REG is calculated based on our internal credit rating of Regency Centers, 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 Regency Centers.
    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 REG stock the variable cost ratio is equal to 65.5%.

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 REG 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 4.7% for Regency Centers.

Corporate tax rate of 27% is the nominal tax rate for Regency Centers. 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 REG 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 REG are equal to 613.7%.

Life of production assets of 23.3 years is the average useful life of capital assets used in Regency Centers 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 REG is equal to -2.1%. 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 - $2591 million for Regency Centers - 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 169.604 million for Regency Centers 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 Regency Centers at the current share price and the inputted number of shares is $10.5 billion.


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COMPANY NEWS

▶ Regency Centers reports 1Q results   [May-09-17 05:20PM  Associated Press]
▶ 2 Retail REIT Picks Selling At A Discount   [Mar-21-17 10:32AM  Barrons.com]
▶ 2 Retail REIT Picks Selling At A Discount   [10:32AM  at Barrons.com]
▶ Regency kicks off construction of Chantilly Wegmans   [08:10AM  at bizjournals.com]
▶ Regency kicks off construction of Chantilly Wegmans   [08:10AM  American City Business Journals]
▶ Biotech beat up?   [Mar-07-17 03:58PM  CNBC Videos]
▶ [$$] Seven REITs With Strong Earnings   [03:13PM  at Barrons.com]
▶ Regency shareholders approve merger with Equity One   [Feb-24-17 02:50PM  at bizjournals.com]
▶ Another organic grocer plants its flag in the D.C. area   [Feb-10-17 02:40PM  at bizjournals.com]
▶ Plaza Venezia sales price revealed: $92.5M   [Dec-22-16 03:44PM  at bizjournals.com]
▶ Jacksonville REIT buys big Dr. Phillips retail center   [Dec-21-16 01:57PM  at bizjournals.com]
▶ Regency Centers Corp (REG) Hedge Funds Are Snapping Up   [Dec-12-16 10:25AM  at Insider Monkey]
▶ Hedge Funds Are Betting On Synopsys, Inc. (SNPS)   [Nov-29-16 08:51AM  at Insider Monkey]
▶ ProShares NOBL Earns 5-Star Morningstar Rating   [Nov-17-16 10:30AM  Business Wire]
Stock chart of REG Financial statements of REG Annual reports of REG
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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