Intrinsic value of Red Lion Hotels - RLH

Previous Close

$9.50

  Intrinsic Value

$1.50

stock screener

  Rating & Target

str. sell

-84%

Previous close

$9.50

 
Intrinsic value

$1.50

 
Up/down potential

-84%

 
Rating

str. sell

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
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  164
  179
  194
  210
  226
  243
  261
  279
  299
  318
  339
  361
  383
  407
  431
  456
  483
  510
  539
  569
  601
  634
  668
  704
  742
  781
  822
  866
  911
  958
  1,008
Variable operating expenses, $m
 
  167
  181
  195
  210
  226
  243
  260
  277
  296
  315
  334
  355
  376
  399
  422
  447
  472
  499
  527
  556
  586
  618
  651
  686
  723
  761
  801
  843
  886
  932
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
  167
  181
  195
  210
  226
  243
  260
  277
  296
  315
  334
  355
  376
  399
  422
  447
  472
  499
  527
  556
  586
  618
  651
  686
  723
  761
  801
  843
  886
  932
Operating income, $m
  2
  12
  13
  14
  16
  17
  18
  20
  21
  23
  24
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
  76
EBITDA, $m
  18
  30
  33
  35
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  77
  81
  86
  91
  96
  101
  107
  112
  118
  125
  131
  138
  146
  153
  161
  169
Interest expense (income), $m
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
Earnings before tax, $m
  -5
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
Tax expense, $m
  0
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
Net income, $m
  -5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17

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
  334
  363
  393
  423
  455
  489
  523
  559
  596
  635
  676
  718
  761
  807
  855
  904
  956
  1,010
  1,066
  1,125
  1,187
  1,251
  1,319
  1,389
  1,463
  1,540
  1,621
  1,706
  1,795
  1,888
Adjusted assets (=assets-cash), $m
  307
  334
  363
  393
  423
  455
  489
  523
  559
  596
  635
  676
  718
  761
  807
  855
  904
  956
  1,010
  1,066
  1,125
  1,187
  1,251
  1,319
  1,389
  1,463
  1,540
  1,621
  1,706
  1,795
  1,888
Revenue / Adjusted assets
  0.534
  0.536
  0.534
  0.534
  0.534
  0.534
  0.534
  0.533
  0.535
  0.534
  0.534
  0.534
  0.533
  0.535
  0.534
  0.533
  0.534
  0.533
  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
  258
  280
  303
  327
  351
  377
  404
  431
  460
  490
  521
  554
  588
  623
  659
  698
  738
  779
  823
  868
  916
  966
  1,018
  1,072
  1,129
  1,188
  1,251
  1,316
  1,385
  1,457
Working capital, $m
  30
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Total debt, $m
  108
  124
  142
  160
  179
  198
  219
  240
  262
  285
  309
  334
  360
  387
  415
  444
  475
  507
  540
  575
  611
  649
  689
  730
  774
  819
  867
  917
  969
  1,023
  1,081
Total liabilities, $m
  189
  206
  224
  242
  261
  280
  301
  322
  344
  367
  391
  416
  442
  469
  497
  526
  557
  589
  622
  657
  693
  731
  771
  812
  856
  901
  949
  999
  1,051
  1,105
  1,163
Total equity, $m
  155
  128
  139
  151
  163
  175
  188
  201
  215
  229
  244
  259
  276
  292
  310
  328
  347
  367
  388
  409
  432
  456
  480
  506
  533
  562
  591
  622
  655
  689
  725
Total liabilities and equity, $m
  344
  334
  363
  393
  424
  455
  489
  523
  559
  596
  635
  675
  718
  761
  807
  854
  904
  956
  1,010
  1,066
  1,125
  1,187
  1,251
  1,318
  1,389
  1,463
  1,540
  1,621
  1,706
  1,794
  1,888
Debt-to-equity ratio
  0.697
  0.970
  1.020
  1.060
  1.100
  1.140
  1.170
  1.200
  1.220
  1.250
  1.270
  1.290
  1.310
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.470
  1.480
  1.490
  1.490
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
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
Depreciation, amort., depletion, $m
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
Funds from operations, $m
  -2
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
Change in working capital, $m
  -8
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  6
  23
  25
  27
  29
  30
  32
  34
  36
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  93
  98
  103
  108
  113
Maintenance CAPEX, $m
  0
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
New CAPEX, $m
  -34
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -45
  -48
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -72
Cash from investing activities, $m
  -31
  -36
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -98
  -104
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -153
  -161
Free cash flow, $m
  -25
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -44
  -46
  -48
Issuance/(repayment) of debt, $m
  20
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  48
  50
  52
  55
  57
Issuance/(repurchase) of shares, $m
  18
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
Cash from financing (excl. dividends), $m  
  38
  23
  24
  24
  25
  27
  27
  28
  29
  31
  32
  32
  34
  35
  36
  38
  40
  42
  43
  46
  47
  50
  52
  54
  57
  59
  63
  66
  69
  73
  76
Total cash flow (excl. dividends), $m
  12
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
Retained Cash Flow (-), $m
  -22
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
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
 
  36
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
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
 
  34
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.8
  93.9
  91.1
  88.5
  86.1
  83.8
  81.7
  79.7
  77.8
  76.0
  74.4
  72.9
  71.5
  70.1
  68.8
  67.5
  66.2
  65.0
  63.8
  62.6
  61.4
  60.3
  59.2
  58.1
  57.0
  56.0
  55.0
  54.0
  53.0
  52.0

Red Lion Hotels Corporation (RLHC) is a hospitality and leisure company. The Company is engaged in the franchising, management and ownership of hotels under the brands, including Hotel RL, Red Lion Hotel, Red Lion Inn & Suites, GuestHouse and Settle Inn & Suites (collectively the RLHC Brands). The RLHC brands represent upscale, midscale and economy hotels. The Company's segments include company operated hotel segment, franchised hotels segment and other. The company operated hotel segment is engaged in guest room rentals, and food and beverage operations at its operated hotels. The franchised hotels segment is engaged in licensing its brands to franchisees. The franchised hotels segment offers various programs, which include its reservation system, guest loyalty program, national and regional sales, revenue management tools, quality inspections, advertising and brand standards.

FINANCIAL RATIOS  of  Red Lion Hotels (RLH)

Valuation Ratios
P/E Ratio -44.5
Price to Sales 1.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 37.1
Price to Free Cash Flow -7.9
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 8.9% 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 23.612 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 129.82 597.63  str.buy
HLT Hilton Worldwi 77.09 131.88  str.buy
IHG InterContinent 61.07 17.85  str.sell
EXPE Expedia 120.88 502.66  str.buy
PCLN Priceline Grou 1,760.00 2,134.46  hold
H Hyatt Hotels 71.25 17.87  str.sell
CHH Choice Hotels 76.20 9.26  str.sell
LQ La Quinta Hold 17.99 1.89  str.sell
WYN Wyndham Worldw 112.61 90.28  hold

COMPANY NEWS

▶ RLH Corporation Hosts Investor Day   [Nov-30-17 08:45AM  GlobeNewswire]
▶ RLH Corporation Grows Senior Leadership Team   [04:47PM  GlobeNewswire]
▶ Why Red Lion Hotels Corporation (RLH) Could Be A Buy   [Nov-24-17 08:05AM  Simply Wall St.]
▶ RLH Corporation to Welcome a Hotel RL in New Orleans   [Nov-16-17 08:30AM  GlobeNewswire]
▶ Red Lion Hotels posts 3Q profit   [Nov-02-17 06:13PM  Associated Press]
▶ RLH Corporation Names Paul Sacco Chief Development Officer   [Sep-18-17 05:00PM  GlobeNewswire]
▶ 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]
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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