Intrinsic value of RLJ Lodging Trust - RLJ

Previous Close

$22.66

  Intrinsic Value

$12.94

stock screener

  Rating & Target

sell

-43%

Previous close

$22.66

 
Intrinsic value

$12.94

 
Up/down potential

-43%

 
Rating

sell

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

We calculate the intrinsic value of RLJ 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  2.11
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  1,160
  1,585
  1,834
  2,103
  2,390
  2,696
  3,021
  3,363
  3,722
  4,099
  4,493
  4,904
  5,332
  5,778
  6,242
  6,724
  7,225
  7,745
  8,286
  8,849
  9,433
  10,042
  10,674
  11,333
  12,019
  12,735
  13,480
  14,258
  15,069
  15,917
  16,802
Variable operating expenses, $m
 
  1,217
  1,404
  1,605
  1,821
  2,050
  2,293
  2,550
  2,819
  3,102
  3,397
  3,676
  3,997
  4,331
  4,679
  5,040
  5,415
  5,806
  6,211
  6,633
  7,071
  7,527
  8,001
  8,495
  9,009
  9,545
  10,104
  10,687
  11,295
  11,930
  12,593
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
  940
  1,217
  1,404
  1,605
  1,821
  2,050
  2,293
  2,550
  2,819
  3,102
  3,397
  3,676
  3,997
  4,331
  4,679
  5,040
  5,415
  5,806
  6,211
  6,633
  7,071
  7,527
  8,001
  8,495
  9,009
  9,545
  10,104
  10,687
  11,295
  11,930
  12,593
Operating income, $m
  220
  368
  430
  498
  570
  646
  727
  813
  903
  998
  1,096
  1,228
  1,336
  1,447
  1,563
  1,684
  1,810
  1,940
  2,075
  2,216
  2,363
  2,515
  2,674
  2,839
  3,010
  3,189
  3,376
  3,571
  3,774
  3,986
  4,208
EBITDA, $m
  383
  1,057
  1,223
  1,402
  1,593
  1,797
  2,013
  2,241
  2,481
  2,732
  2,995
  3,269
  3,554
  3,852
  4,161
  4,482
  4,816
  5,163
  5,523
  5,898
  6,288
  6,693
  7,115
  7,554
  8,012
  8,488
  8,985
  9,504
  10,045
  10,609
  11,199
Interest expense (income), $m
  56
  99
  89
  78
  67
  55
  41
  28
  13
  -2
  -18
  -35
  -53
  -71
  -90
  -110
  -131
  -152
  -174
  -197
  -221
  -246
  -272
  -299
  -328
  -357
  -387
  -419
  -452
  -487
  -523
Earnings before tax, $m
  164
  269
  341
  419
  503
  592
  686
  786
  890
  1,000
  1,115
  1,264
  1,388
  1,518
  1,654
  1,794
  1,940
  2,092
  2,250
  2,414
  2,584
  2,761
  2,946
  3,138
  3,338
  3,546
  3,764
  3,990
  4,227
  4,474
  4,731
Tax expense, $m
  9
  73
  92
  113
  136
  160
  185
  212
  240
  270
  301
  341
  375
  410
  446
  484
  524
  565
  607
  652
  698
  746
  795
  847
  901
  958
  1,016
  1,077
  1,141
  1,208
  1,277
Net income, $m
  200
  197
  249
  306
  367
  432
  501
  573
  650
  730
  814
  922
  1,014
  1,108
  1,207
  1,310
  1,416
  1,527
  1,642
  1,762
  1,886
  2,016
  2,150
  2,291
  2,437
  2,589
  2,747
  2,913
  3,085
  3,266
  3,454

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  457
  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
  4,023
  -97
  -112
  -128
  -146
  -164
  -184
  -205
  -227
  -250
  -274
  -299
  -325
  -352
  -380
  -409
  -440
  -472
  -504
  -539
  -574
  -611
  -650
  -690
  -732
  -775
  -821
  -868
  -917
  -969
  -1,023
Adjusted assets (=assets-cash), $m
  3,566
  -97
  -112
  -128
  -146
  -164
  -184
  -205
  -227
  -250
  -274
  -299
  -325
  -352
  -380
  -409
  -440
  -472
  -504
  -539
  -574
  -611
  -650
  -690
  -732
  -775
  -821
  -868
  -917
  -969
  -1,023
Revenue / Adjusted assets
  0.325
  -16.340
  -16.375
  -16.430
  -16.370
  -16.439
  -16.418
  -16.405
  -16.396
  -16.396
  -16.398
  -16.401
  -16.406
  -16.415
  -16.426
  -16.440
  -16.420
  -16.409
  -16.440
  -16.417
  -16.434
  -16.435
  -16.422
  -16.425
  -16.419
  -16.432
  -16.419
  -16.426
  -16.433
  -16.426
  -16.424
Average production assets, $m
  3,523
  6,596
  7,632
  8,749
  9,946
  11,220
  12,569
  13,992
  15,488
  17,056
  18,695
  20,406
  22,188
  24,043
  25,973
  27,978
  30,063
  32,229
  34,480
  36,820
  39,253
  41,783
  44,416
  47,158
  50,013
  52,988
  56,090
  59,326
  62,703
  66,229
  69,911
Working capital, $m
  0
  -3,613
  -4,180
  -4,792
  -5,447
  -6,145
  -6,884
  -7,664
  -8,483
  -9,342
  -10,240
  -11,176
  -12,153
  -13,169
  -14,225
  -15,324
  -16,466
  -17,652
  -18,885
  -20,166
  -21,499
  -22,885
  -24,327
  -25,829
  -27,392
  -29,022
  -30,721
  -32,493
  -34,343
  -36,274
  -38,291
Total debt, $m
  1,583
  14
  12
  10
  8
  6
  4
  2
  0
  -3
  -5
  -8
  -11
  -14
  -17
  -20
  -23
  -27
  -30
  -34
  -38
  -42
  -46
  -50
  -54
  -59
  -64
  -69
  -74
  -80
  -86
Total liabilities, $m
  1,801
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -58
  -61
  -65
  -70
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -109
Total equity, $m
  2,222
  -86
  -100
  -114
  -130
  -147
  -164
  -183
  -202
  -223
  -244
  -267
  -290
  -314
  -339
  -366
  -393
  -421
  -450
  -481
  -513
  -546
  -580
  -616
  -653
  -692
  -733
  -775
  -819
  -865
  -913
Total liabilities and equity, $m
  4,023
  -96
  -112
  -128
  -146
  -165
  -184
  -205
  -226
  -250
  -273
  -299
  -325
  -352
  -380
  -410
  -440
  -471
  -504
  -539
  -574
  -611
  -650
  -690
  -731
  -775
  -821
  -868
  -917
  -969
  -1,022
Debt-to-equity ratio
  0.712
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.495
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  200
  197
  249
  306
  367
  432
  501
  573
  650
  730
  814
  922
  1,014
  1,108
  1,207
  1,310
  1,416
  1,527
  1,642
  1,762
  1,886
  2,016
  2,150
  2,291
  2,437
  2,589
  2,747
  2,913
  3,085
  3,266
  3,454
Depreciation, amort., depletion, $m
  163
  689
  792
  904
  1,024
  1,151
  1,286
  1,428
  1,578
  1,735
  1,899
  2,041
  2,219
  2,404
  2,597
  2,798
  3,006
  3,223
  3,448
  3,682
  3,925
  4,178
  4,442
  4,716
  5,001
  5,299
  5,609
  5,933
  6,270
  6,623
  6,991
Funds from operations, $m
  327
  885
  1,042
  1,210
  1,391
  1,583
  1,787
  2,002
  2,228
  2,465
  2,712
  2,963
  3,232
  3,513
  3,804
  4,108
  4,423
  4,750
  5,090
  5,444
  5,812
  6,194
  6,592
  7,006
  7,438
  7,888
  8,356
  8,845
  9,356
  9,889
  10,445
Change in working capital, $m
  -4
  -522
  -568
  -612
  -655
  -698
  -739
  -780
  -819
  -859
  -898
  -937
  -976
  -1,016
  -1,057
  -1,099
  -1,142
  -1,186
  -1,233
  -1,282
  -1,332
  -1,386
  -1,442
  -1,501
  -1,564
  -1,630
  -1,699
  -1,772
  -1,850
  -1,931
  -2,017
Cash from operations, $m
  331
  1,408
  1,609
  1,822
  2,046
  2,281
  2,526
  2,781
  3,047
  3,323
  3,610
  3,900
  4,209
  4,529
  4,861
  5,206
  5,564
  5,936
  6,323
  6,725
  7,144
  7,580
  8,034
  8,508
  9,002
  9,517
  10,055
  10,618
  11,205
  11,820
  12,462
Maintenance CAPEX, $m
  0
  -564
  -660
  -763
  -875
  -995
  -1,122
  -1,257
  -1,399
  -1,549
  -1,706
  -1,870
  -2,041
  -2,219
  -2,404
  -2,597
  -2,798
  -3,006
  -3,223
  -3,448
  -3,682
  -3,925
  -4,178
  -4,442
  -4,716
  -5,001
  -5,299
  -5,609
  -5,933
  -6,270
  -6,623
New CAPEX, $m
  -84
  -952
  -1,036
  -1,117
  -1,196
  -1,274
  -1,349
  -1,423
  -1,496
  -1,568
  -1,639
  -1,710
  -1,782
  -1,855
  -1,929
  -2,006
  -2,084
  -2,166
  -2,251
  -2,340
  -2,433
  -2,531
  -2,633
  -2,741
  -2,855
  -2,975
  -3,102
  -3,236
  -3,377
  -3,526
  -3,683
Cash from investing activities, $m
  173
  -1,516
  -1,696
  -1,880
  -2,071
  -2,269
  -2,471
  -2,680
  -2,895
  -3,117
  -3,345
  -3,580
  -3,823
  -4,074
  -4,333
  -4,603
  -4,882
  -5,172
  -5,474
  -5,788
  -6,115
  -6,456
  -6,811
  -7,183
  -7,571
  -7,976
  -8,401
  -8,845
  -9,310
  -9,796
  -10,306
Free cash flow, $m
  504
  -109
  -87
  -58
  -25
  12
  55
  101
  152
  207
  265
  320
  386
  455
  527
  603
  682
  764
  849
  938
  1,029
  1,124
  1,223
  1,325
  1,431
  1,541
  1,655
  1,773
  1,896
  2,024
  2,157
Issuance/(repayment) of debt, $m
  7
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Issuance/(repurchase) of shares, $m
  -19
  -12
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
Cash from financing (excl. dividends), $m  
  -17
  -13
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -35
  -36
  -37
  -38
  -40
  -41
  -44
  -46
  -47
  -49
  -52
  -54
Total cash flow (excl. dividends), $m
  487
  -123
  -102
  -75
  -43
  -6
  35
  80
  130
  184
  241
  295
  360
  428
  499
  574
  651
  732
  816
  903
  994
  1,087
  1,184
  1,285
  1,389
  1,497
  1,609
  1,726
  1,846
  1,972
  2,103
Retained Cash Flow (-), $m
  -39
  12
  14
  15
  16
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
Prev. year cash balance distribution, $m
 
  74
  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
  22
  24
  27
  30
  33
  36
  39
  43
  46
  50
  54
  58
  62
  66
  71
  75
  80
  85
  91
  96
  102
  108
  114
  121
  127
Cash available for distribution, $m
 
  12
  14
  15
  16
  17
  52
  99
  150
  204
  263
  317
  383
  452
  524
  600
  679
  761
  846
  934
  1,025
  1,120
  1,219
  1,321
  1,426
  1,536
  1,650
  1,768
  1,891
  2,018
  2,151
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  12
  12
  12
  12
  12
  35
  60
  82
  100
  114
  121
  128
  130
  129
  124
  117
  107
  96
  85
  73
  61
  50
  40
  32
  24
  18
  13
  9
  6
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

RLJ Lodging Trust is a self-administered real estate investment trust. The Company is engaged in the acquisition of focused-service and compact full-service hotels. As of December 31, 2016, the Company owned 122 hotels with approximately 20,100 rooms, located in 21 states and the District of Columbia, and an interest in one mortgage loan secured by a hotel. Its hotels' brand affiliations include Residence Inn, Courtyard, SpringHill Suites, Fairfield Inn & Suites, Marriott, Renaissance, Hilton Garden Inn, Hampton Inn/Hampton Inn & Suites, Embassy Suites, DoubleTree, Homewood Suites, Hilton, Hyatt House, Hyatt Place and Hyatt/Hyatt Centric. Its operating partnership is RLJ Lodging Trust, L.P. Its properties include Courtyard San Francisco, Courtyard Boulder Longmont, Residence Inn Longmont Boulder, DoubleTree Grand Key Resort, Courtyard Atlanta Buckhead, Courtyard Chicago Southeast Hammond, Courtyard Louisville Northeast, DoubleTree Hotel Columbia and Residence Inn Detroit Novi.

FINANCIAL RATIOS  of  RLJ Lodging Trust (RLJ)

Valuation Ratios
P/E Ratio 14.1
Price to Sales 2.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 11.4
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44%
Cap. Spend. - 3 Yr. Gr. Rate 6.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 71.2%
Total Debt to Equity 71.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 42.4%
Gross Margin - 3 Yr. Avg. 42.1%
EBITDA Margin 33%
EBITDA Margin - 3 Yr. Avg. 31.5%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 17.2%
Net Profit Margin - 3 Yr. Avg. 16.2%
Effective Tax Rate 5.5%
Eff/ Tax Rate - 3 Yr. Avg. -6.5%
Payout Ratio 82.5%

RLJ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RLJ stock intrinsic value calculation we used $1356 million for the last fiscal year's total revenue generated by RLJ Lodging Trust. The default revenue input number comes from 2016 income statement of RLJ Lodging Trust. 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 RLJ stock valuation model: a) initial revenue growth rate of 16.9% 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 5.6%, whose default value for RLJ is calculated based on our internal credit rating of RLJ Lodging Trust, 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 RLJ Lodging Trust.
    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 RLJ stock the variable cost ratio is equal to 77.1%.

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 RLJ 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 655.8% for RLJ Lodging Trust.

Corporate tax rate of 27% is the nominal tax rate for RLJ Lodging Trust. 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 RLJ stock is equal to 0.8%.

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 RLJ are equal to 416.1%.

Life of production assets of 10 years is the average useful life of capital assets used in RLJ Lodging Trust 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 RLJ is equal to -227.9%. 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 - $0 million for RLJ Lodging Trust - 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 141 million for RLJ Lodging Trust 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 RLJ Lodging Trust at the current share price and the inputted number of shares is $3.2 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 8.20 19.76  str.buy
H Hyatt Hotels 80.85 5.52  str.sell
MAR Marriott Inter 130.79 361.06  str.buy
HLT Hilton Worldwi 80.08 132.77  str.buy
HPT Hospitality Pr 28.73 339.27  str.buy
CHSP Chesapeake Lod 32.22 111.10  str.buy
HT Hersha Hospita 22.47 15.32  hold
INN Summit Hotel P 14.15 3.22  str.sell

COMPANY NEWS

▶ RLJ Lodging wanted to hire its rivals former CFO. Not so fast, the rival said.   [Jul-17-18 12:57PM  American City Business Journals]
▶ Stocks Showing Improved Relative Strength: RLJ Lodging Trust   [May-25-18 03:00AM  Investor's Business Daily]
▶ Pebblebrook loses out to Blackstone in bid for LaSalle, but keeps fighting   [May-21-18 09:52AM  American City Business Journals]
▶ Playing The REIT M&A Game   [May-11-18 10:01AM  Forbes]
▶ RLJ Lodging: 1Q Earnings Snapshot   [May-09-18 06:36PM  Associated Press]
▶ RLJ staves off board seat challenge from activist investor   [Apr-24-18 04:53PM  American City Business Journals]
▶ RLJ's new CEO joins a very exclusive club   [Apr-11-18 03:00PM  American City Business Journals]
▶ RLJ Lodging names new CEO   [Apr-10-18 10:07AM  American City Business Journals]
▶ Sheraton Philadelphia Society Hill Hotel sold for $95.5M   [Mar-28-18 11:27AM  American City Business Journals]
▶ Land & Buildings Blasts Management of RLJ Lodging Trust   [Mar-20-18 06:28PM  The Wall Street Journal]
▶ RLJ Lodging Trust to Host Earnings Call   [Feb-28-18 08:10AM  ACCESSWIRE]
▶ RLJ Lodging reports 4Q results   [05:04AM  Associated Press]
▶ Activist investor urges data center developer with major Loudoun presence to sell   [Feb-22-18 12:35PM  American City Business Journals]
▶ See the D.C.-area stocks hit hardest in the last week   [Feb-06-18 10:22AM  American City Business Journals]
▶ Billboards to Hotels: The Right REITs for Growth & Income   [Feb-05-18 05:59AM  Investopedia]
▶ Forest City in takeover talks with Brookfield   [Feb-01-18 11:15AM  American City Business Journals]
▶ RLJ Lodging Trust to Host Earnings Call   [08:10AM  ACCESSWIRE]
▶ RLJ Lodging reports 3Q results   [05:02AM  Associated Press]
▶ RLJ Lodging Trust Reports Third Quarter 2017 Results   [Nov-08-17 05:57PM  Business Wire]
▶ RLJ Lodging Trust Provides Hurricane Update   [Sep-13-17 09:15AM  Business Wire]
▶ Forest City to weigh sale, merger to 'enhance shareholder value'   [07:15AM  American City Business Journals]
▶ RLJ closes on its purchase of FelCor   [Sep-01-17 12:25PM  American City Business Journals]
▶ Vinoy owner votes to merge with another REIT   [Aug-16-17 01:10PM  American City Business Journals]
▶ RLJ Shareholders and FelCor Stockholders Approve Merger   [Aug-15-17 08:37PM  Business Wire]
▶ [$$] Bad Reviews Threaten RLJs Proposed Hotel Deal   [Aug-09-17 12:48AM  The Wall Street Journal]
▶ [$$] Bad Reviews Threaten RLJ's Proposed Hotel Deal   [Aug-08-17 07:43AM  The Wall Street Journal]
▶ RLJ Lodging reports 2Q results   [Aug-05-17 01:14AM  Associated Press]
▶ RLJ Lodging Trust Reports Second Quarter 2017 Results   [Aug-03-17 05:50PM  Business Wire]
▶ [$$] Blackstone Made Bid to Buy Hotel Investor RLJ Lodging Trust   [Jul-21-17 12:48AM  The Wall Street Journal]
▶ [$$] Blackstone Made Bid to Buy Hotel Investor RLJ Lodging Trust   [Jul-20-17 07:26PM  The Wall Street Journal]
Financial statements of RLJ
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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