Intrinsic value of Red Lion Hotels - RLH

Previous Close

$6.85

  Intrinsic Value

$1.61

stock screener

  Rating & Target

str. sell

-76%

  Value-price divergence*

+75%

Previous close

$6.85

 
Intrinsic value

$1.61

 
Up/down potential

-76%

 
Rating

str. sell

 
Value-price divergence*

+75%

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

We calculate the intrinsic value of RLH 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 0.2

 

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, %
  14.69
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
Revenue, $m
  164
  199
  238
  281
  328
  379
  434
  494
  556
  623
  693
  767
  845
  925
  1,010
  1,098
  1,189
  1,284
  1,383
  1,486
  1,593
  1,704
  1,819
  1,939
  2,064
  2,194
  2,329
  2,470
  2,617
  2,770
  2,930
Variable operating expenses, $m
 
  185
  221
  261
  305
  352
  403
  458
  516
  578
  643
  710
  781
  856
  934
  1,016
  1,100
  1,188
  1,280
  1,375
  1,474
  1,576
  1,683
  1,794
  1,910
  2,030
  2,155
  2,285
  2,421
  2,562
  2,710
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
  162
  185
  221
  261
  305
  352
  403
  458
  516
  578
  643
  710
  781
  856
  934
  1,016
  1,100
  1,188
  1,280
  1,375
  1,474
  1,576
  1,683
  1,794
  1,910
  2,030
  2,155
  2,285
  2,421
  2,562
  2,710
Operating income, $m
  2
  14
  17
  20
  23
  27
  31
  36
  40
  45
  51
  57
  63
  69
  76
  82
  89
  96
  104
  111
  119
  128
  136
  145
  155
  164
  175
  185
  196
  208
  220
EBITDA, $m
  18
  33
  40
  47
  55
  64
  73
  83
  94
  105
  117
  129
  142
  156
  170
  185
  200
  216
  233
  250
  268
  287
  306
  326
  347
  369
  392
  415
  440
  466
  493
Interest expense (income), $m
  5
  5
  8
  10
  12
  15
  18
  21
  25
  29
  32
  37
  41
  46
  50
  55
  60
  66
  71
  77
  83
  90
  96
  103
  110
  117
  125
  133
  141
  150
  159
Earnings before tax, $m
  -5
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
Tax expense, $m
  0
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
Net income, $m
  -5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  15
  16
  17
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  38
  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
  345
  372
  445
  526
  614
  710
  814
  924
  1,042
  1,167
  1,298
  1,437
  1,582
  1,733
  1,891
  2,056
  2,227
  2,405
  2,591
  2,783
  2,983
  3,191
  3,407
  3,632
  3,866
  4,109
  4,362
  4,626
  4,901
  5,187
  5,486
Adjusted assets (=assets-cash), $m
  307
  372
  445
  526
  614
  710
  814
  924
  1,042
  1,167
  1,298
  1,437
  1,582
  1,733
  1,891
  2,056
  2,227
  2,405
  2,591
  2,783
  2,983
  3,191
  3,407
  3,632
  3,866
  4,109
  4,362
  4,626
  4,901
  5,187
  5,486
Revenue / Adjusted assets
  0.534
  0.535
  0.535
  0.534
  0.534
  0.534
  0.533
  0.535
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
Average production assets, $m
  237
  287
  343
  406
  474
  548
  628
  713
  804
  900
  1,002
  1,109
  1,220
  1,337
  1,459
  1,586
  1,718
  1,856
  1,999
  2,148
  2,302
  2,462
  2,629
  2,802
  2,983
  3,171
  3,366
  3,569
  3,782
  4,003
  4,233
Working capital, $m
  30
  -9
  -10
  -12
  -14
  -16
  -19
  -21
  -24
  -27
  -30
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -113
  -119
  -126
Total debt, $m
  108
  147
  192
  242
  296
  355
  419
  487
  560
  637
  718
  803
  892
  986
  1,083
  1,184
  1,290
  1,400
  1,514
  1,632
  1,756
  1,884
  2,017
  2,155
  2,299
  2,449
  2,605
  2,768
  2,937
  3,113
  3,298
Total liabilities, $m
  189
  229
  274
  324
  378
  437
  501
  569
  642
  719
  800
  885
  974
  1,068
  1,165
  1,266
  1,372
  1,482
  1,596
  1,714
  1,838
  1,966
  2,099
  2,237
  2,381
  2,531
  2,687
  2,850
  3,019
  3,195
  3,380
Total equity, $m
  155
  143
  171
  202
  236
  273
  312
  355
  400
  448
  499
  552
  607
  666
  726
  789
  855
  924
  995
  1,069
  1,146
  1,225
  1,308
  1,395
  1,484
  1,578
  1,675
  1,776
  1,882
  1,992
  2,107
Total liabilities and equity, $m
  344
  372
  445
  526
  614
  710
  813
  924
  1,042
  1,167
  1,299
  1,437
  1,581
  1,734
  1,891
  2,055
  2,227
  2,406
  2,591
  2,783
  2,984
  3,191
  3,407
  3,632
  3,865
  4,109
  4,362
  4,626
  4,901
  5,187
  5,487
Debt-to-equity ratio
  0.697
  1.030
  1.120
  1.200
  1.260
  1.300
  1.340
  1.370
  1.400
  1.420
  1.440
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.520
  1.530
  1.530
  1.540
  1.540
  1.550
  1.550
  1.550
  1.560
  1.560
  1.560
  1.560
  1.570
Adjusted equity ratio
  0.381
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  15
  16
  17
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
Depreciation, amort., depletion, $m
  16
  20
  23
  27
  32
  37
  42
  47
  53
  59
  66
  72
  79
  86
  94
  102
  111
  120
  129
  139
  149
  159
  170
  181
  192
  205
  217
  230
  244
  258
  273
Funds from operations, $m
  -2
  26
  30
  35
  40
  45
  51
  58
  65
  72
  79
  87
  95
  104
  113
  122
  132
  142
  153
  163
  175
  187
  199
  212
  225
  239
  253
  268
  284
  300
  317
Change in working capital, $m
  -8
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  6
  27
  32
  37
  42
  48
  54
  60
  67
  75
  82
  90
  98
  107
  116
  126
  136
  146
  157
  168
  179
  191
  204
  217
  230
  245
  259
  274
  290
  307
  324
Maintenance CAPEX, $m
  0
  -15
  -19
  -22
  -26
  -31
  -35
  -41
  -46
  -52
  -58
  -65
  -72
  -79
  -86
  -94
  -102
  -111
  -120
  -129
  -139
  -149
  -159
  -170
  -181
  -192
  -205
  -217
  -230
  -244
  -258
New CAPEX, $m
  -34
  -50
  -56
  -62
  -68
  -74
  -80
  -85
  -91
  -96
  -102
  -107
  -112
  -117
  -122
  -127
  -132
  -138
  -143
  -149
  -154
  -160
  -167
  -173
  -180
  -188
  -195
  -204
  -212
  -221
  -231
Cash from investing activities, $m
  -31
  -65
  -75
  -84
  -94
  -105
  -115
  -126
  -137
  -148
  -160
  -172
  -184
  -196
  -208
  -221
  -234
  -249
  -263
  -278
  -293
  -309
  -326
  -343
  -361
  -380
  -400
  -421
  -442
  -465
  -489
Free cash flow, $m
  -25
  -38
  -43
  -48
  -52
  -57
  -61
  -66
  -70
  -74
  -77
  -81
  -85
  -88
  -92
  -95
  -99
  -102
  -106
  -110
  -113
  -117
  -122
  -126
  -131
  -136
  -141
  -146
  -152
  -158
  -165
Issuance/(repayment) of debt, $m
  20
  40
  45
  50
  54
  59
  64
  68
  73
  77
  81
  85
  89
  93
  97
  101
  106
  110
  114
  119
  123
  128
  133
  138
  144
  150
  156
  162
  169
  177
  184
Issuance/(repurchase) of shares, $m
  18
  19
  21
  24
  26
  28
  30
  32
  34
  36
  37
  38
  39
  41
  42
  43
  45
  46
  48
  49
  50
  52
  54
  55
  57
  59
  61
  63
  65
  68
  70
Cash from financing (excl. dividends), $m  
  38
  59
  66
  74
  80
  87
  94
  100
  107
  113
  118
  123
  128
  134
  139
  144
  151
  156
  162
  168
  173
  180
  187
  193
  201
  209
  217
  225
  234
  245
  254
Total cash flow (excl. dividends), $m
  12
  21
  23
  26
  28
  30
  32
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  83
  86
  90
Retained Cash Flow (-), $m
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -106
  -110
  -115
Prev. year cash balance distribution, $m
 
  37
  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
 
  33
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  31
  -4
  -4
  -5
  -5
  -5
  -4
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  85.8
  74.3
  65.1
  57.5
  51.2
  46.0
  41.6
  37.9
  34.7
  31.9
  29.6
  27.6
  25.8
  24.2
  22.8
  21.6
  20.4
  19.4
  18.5
  17.6
  16.8
  16.1
  15.4
  14.8
  14.2
  13.7
  13.2
  12.7
  12.2
  11.8

Red Lion Hotels Corporation, a hospitality and leisure company, owns, manages, and franchises hotels under its Hotel RL, Red Lion Hotel, Red Lion Inn & Suites, GuestHouse International, and Settle Inn brands in the United States and Canada. The company operates through three segments: Hotels, Franchise, and Entertainment. As of February 4, 2016, it had 125 hotels. The company is also involved in the promotion and presentation of entertainment productions under the WestCoast Entertainment name. In addition, it offers ticketing inventory management systems, call center services, and outlet/electronic channel distribution for event locations under the TicketsWest name. The company was formerly known as WestCoast Hospitality Corporation and changed its name to Red Lion Hotels Corporation in September 2005. Red Lion Hotels Corporation was founded in 1937 and is headquartered in Spokane, Washington.

FINANCIAL RATIOS  of  Red Lion Hotels (RLH)

Valuation Ratios
P/E Ratio -32.1
Price to Sales 1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 26.7
Price to Free Cash Flow -5.7
Growth Rates
Sales Growth Rate 14.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 21.2%
Financial Strength
Quick Ratio 38
Current Ratio 0.3
LT Debt to Equity 69%
Total Debt to Equity 69.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital -2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity -3.5%
Return On Equity - 3 Yr. Avg. 0.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 20.7%
Gross Margin - 3 Yr. Avg. 19.6%
EBITDA Margin 9.8%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 1.2%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin -3%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin -3%
Net Profit Margin - 3 Yr. Avg. 0.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 11.1%
Payout Ratio 0%

RLH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RLH stock intrinsic value calculation we used $164 million for the last fiscal year's total revenue generated by Red Lion Hotels. The default revenue input number comes from 2016 income statement of Red Lion Hotels. 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 RLH stock valuation model: a) initial revenue growth rate of 21.2% 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 6.3%, whose default value for RLH is calculated based on our internal credit rating of Red Lion Hotels, 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 Red Lion Hotels.
    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 RLH stock the variable cost ratio is equal to 93.3%.

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 RLH 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 5.1% for Red Lion Hotels.

Corporate tax rate of 27% is the nominal tax rate for Red Lion Hotels. 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 RLH 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 RLH are equal to 144.5%.

Life of production assets of 15.5 years is the average useful life of capital assets used in Red Lion Hotels 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 RLH is equal to -4.3%. 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 - $155 million for Red Lion Hotels - 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 22.003 million for Red Lion Hotels 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 Red Lion Hotels at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
MAR Marriott Inter 99.08 530.50  str.buy
HLT Hilton Worldwi 61.78 166.52  str.buy
IHG InterContinent 50.61 16.25  str.sell
EXPE Expedia 145.03 363.66  str.buy
PCLN Priceline Grou 1,801.54 1,469.07  sell
H Hyatt Hotels 56.29 19.34  str.sell
CHH Choice Hotels 60.75 5.61  str.sell
LQ La Quinta Hold 15.46 1.95  str.sell
WYN Wyndham Worldw 96.62 58.46  sell

COMPANY NEWS

▶ National hotel chain moving its corporate headquarters to Denver   [Aug-07-17 12:40PM  American City Business Journals]
▶ Red Lion Hotels posts 2Q loss   [Aug-05-17 01:12AM  Associated Press]
▶ RLH Corporation Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  GlobeNewswire]
▶ RLHC Publishes RLH Magazine   [Jun-08-17 06:54AM  GlobeNewswire]
▶ Red Lion Hotels reports 1Q loss   [May-08-17 05:46PM  Associated Press]
▶ RLHC Reports First Quarter 2017 Results   [04:05PM  GlobeNewswire]
▶ RLHC to Showcase Family of Brands at 2017 AAHOA Convention   [Apr-12-17 06:32AM  GlobeNewswire]
▶ RLHC Files Form 10-K for 2016   [Mar-31-17 06:15AM  GlobeNewswire]
▶ Red Lion Hotels reports 4Q loss   [05:56PM  Associated Press]
▶ Hotel RL Expands The Living Stage Locations   [Feb-08-17 08:44AM  GlobeNewswire]
▶ Announcing Two New Hotel RL Openings in Brooklyn and Omaha   [Jan-23-17 01:07PM  GlobeNewswire]
▶ RLHC Reaffirms Support for Our Military   [Nov-10-16 12:36PM  GlobeNewswire]
▶ RLHC Reports Third Quarter 2016 Results   [04:05PM  GlobeNewswire]
▶ Red Lion Inn & Suites Debuts in Ontario, Oregon   [Oct-28-16 08:00AM  GlobeNewswire]
▶ Lexington Inn & Suites Open in Goodyear, Arizona   [Oct-25-16 09:00AM  GlobeNewswire]
▶ RLHC Opens First North Dakota Red Lion Inn & Suites   [Oct-07-16 08:00AM  GlobeNewswire]
▶ RLHC Announces Convention Center Hotel in Billings   [Sep-30-16 08:00AM  GlobeNewswire]
▶ Hotel RL Honors National Coffee Day   [Sep-29-16 08:00AM  GlobeNewswire]
▶ [$$] Red Lion Hotels Offers Lots of Room for Upside   [Sep-22-16 06:42AM  at Barrons.com]
▶ RLHC Announces 2016 Fall Living Stage Line Up   [Sep-01-16 11:28AM  GlobeNewswire]
▶ RLHC Unveils Hotel RL in Spokane   [Aug-17-16 08:00AM  GlobeNewswire]
▶ RLHC Teams Up With Military Makeover   [Aug-15-16 12:44PM  GlobeNewswire]
▶ RLHC Reports Second Quarter 2016 Results   [04:05PM  GlobeNewswire]
Stock chart of RLH Financial statements of RLH
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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