Intrinsic value of Retail Opportunity Investment - ROIC

Previous Close

$17.63

  Intrinsic Value

$2.69

stock screener

  Rating & Target

str. sell

-85%

Previous close

$17.63

 
Intrinsic value

$2.69

 
Up/down potential

-85%

 
Rating

str. sell

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

We calculate the intrinsic value of ROIC 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, %
  22.80
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  237
  273
  312
  354
  398
  445
  494
  546
  600
  657
  716
  778
  842
  908
  977
  1,049
  1,124
  1,201
  1,282
  1,366
  1,453
  1,544
  1,639
  1,738
  1,840
  1,947
  2,059
  2,176
  2,298
  2,425
  2,558
Variable operating expenses, $m
 
  167
  191
  217
  244
  272
  303
  334
  367
  402
  438
  476
  515
  556
  598
  642
  688
  735
  785
  836
  890
  945
  1,003
  1,063
  1,126
  1,192
  1,260
  1,332
  1,406
  1,484
  1,565
Fixed operating expenses, $m
 
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  26
  27
  28
  29
  29
  30
  31
  31
Total operating expenses, $m
  160
  182
  207
  233
  261
  289
  320
  352
  385
  421
  457
  496
  535
  577
  619
  664
  710
  758
  808
  860
  915
  970
  1,029
  1,089
  1,153
  1,220
  1,289
  1,361
  1,436
  1,515
  1,596
Operating income, $m
  77
  91
  105
  121
  138
  156
  174
  194
  215
  236
  259
  282
  306
  332
  358
  385
  414
  443
  474
  506
  539
  574
  610
  648
  687
  728
  770
  815
  862
  910
  961
EBITDA, $m
  165
  192
  221
  253
  286
  321
  358
  397
  437
  480
  524
  571
  619
  669
  721
  775
  831
  889
  950
  1,013
  1,079
  1,147
  1,218
  1,293
  1,370
  1,451
  1,535
  1,623
  1,714
  1,810
  1,910
Interest expense (income), $m
  34
  40
  49
  57
  66
  76
  86
  97
  108
  120
  133
  146
  159
  173
  188
  203
  219
  235
  252
  270
  288
  307
  327
  348
  369
  392
  415
  440
  465
  492
  520
Earnings before tax, $m
  36
  50
  57
  64
  72
  80
  88
  97
  106
  116
  126
  136
  147
  158
  170
  182
  195
  208
  222
  236
  251
  267
  283
  300
  317
  336
  355
  375
  396
  418
  441
Tax expense, $m
  0
  14
  15
  17
  19
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
  86
  91
  96
  101
  107
  113
  119
Net income, $m
  33
  37
  41
  47
  52
  58
  64
  71
  78
  85
  92
  100
  107
  116
  124
  133
  142
  152
  162
  173
  183
  195
  207
  219
  232
  245
  259
  274
  289
  305
  322

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
  2,663
  3,070
  3,508
  3,977
  4,474
  5,000
  5,554
  6,136
  6,745
  7,381
  8,045
  8,736
  9,455
  10,203
  10,980
  11,788
  12,628
  13,500
  14,407
  15,350
  16,331
  17,352
  18,415
  19,523
  20,677
  21,881
  23,137
  24,448
  25,816
  27,246
  28,741
Adjusted assets (=assets-cash), $m
  2,650
  3,070
  3,508
  3,977
  4,474
  5,000
  5,554
  6,136
  6,745
  7,381
  8,045
  8,736
  9,455
  10,203
  10,980
  11,788
  12,628
  13,500
  14,407
  15,350
  16,331
  17,352
  18,415
  19,523
  20,677
  21,881
  23,137
  24,448
  25,816
  27,246
  28,741
Revenue / Adjusted assets
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
Average production assets, $m
  2,402
  2,769
  3,164
  3,586
  4,035
  4,509
  5,009
  5,534
  6,083
  6,657
  7,255
  7,879
  8,527
  9,202
  9,903
  10,631
  11,388
  12,175
  12,993
  13,843
  14,728
  15,649
  16,608
  17,606
  18,647
  19,733
  20,866
  22,048
  23,282
  24,572
  25,920
Working capital, $m
  0
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -36
  -39
  -43
  -46
  -50
  -54
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -126
  -133
  -141
Total debt, $m
  1,156
  1,391
  1,635
  1,896
  2,173
  2,466
  2,775
  3,099
  3,438
  3,792
  4,162
  4,547
  4,948
  5,364
  5,797
  6,247
  6,715
  7,200
  7,706
  8,231
  8,777
  9,346
  9,938
  10,555
  11,198
  11,869
  12,568
  13,298
  14,061
  14,857
  15,690
Total liabilities, $m
  1,475
  1,710
  1,954
  2,215
  2,492
  2,785
  3,094
  3,418
  3,757
  4,111
  4,481
  4,866
  5,267
  5,683
  6,116
  6,566
  7,034
  7,519
  8,025
  8,550
  9,096
  9,665
  10,257
  10,874
  11,517
  12,188
  12,887
  13,617
  14,380
  15,176
  16,009
Total equity, $m
  1,188
  1,360
  1,554
  1,762
  1,982
  2,215
  2,461
  2,718
  2,988
  3,270
  3,564
  3,870
  4,189
  4,520
  4,864
  5,222
  5,594
  5,980
  6,382
  6,800
  7,235
  7,687
  8,158
  8,649
  9,160
  9,693
  10,250
  10,830
  11,437
  12,070
  12,732
Total liabilities and equity, $m
  2,663
  3,070
  3,508
  3,977
  4,474
  5,000
  5,555
  6,136
  6,745
  7,381
  8,045
  8,736
  9,456
  10,203
  10,980
  11,788
  12,628
  13,499
  14,407
  15,350
  16,331
  17,352
  18,415
  19,523
  20,677
  21,881
  23,137
  24,447
  25,817
  27,246
  28,741
Debt-to-equity ratio
  0.973
  1.020
  1.050
  1.080
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
  1.170
  1.180
  1.190
  1.190
  1.200
  1.200
  1.200
  1.210
  1.210
  1.210
  1.220
  1.220
  1.220
  1.220
  1.220
  1.230
  1.230
  1.230
  1.230
  1.230
Adjusted equity ratio
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  37
  41
  47
  52
  58
  64
  71
  78
  85
  92
  100
  107
  116
  124
  133
  142
  152
  162
  173
  183
  195
  207
  219
  232
  245
  259
  274
  289
  305
  322
Depreciation, amort., depletion, $m
  88
  101
  116
  131
  148
  165
  183
  203
  223
  244
  266
  289
  312
  337
  363
  389
  417
  446
  476
  507
  539
  573
  608
  645
  683
  723
  764
  808
  853
  900
  949
Funds from operations, $m
  112
  138
  157
  178
  200
  223
  248
  273
  300
  328
  358
  388
  420
  453
  487
  523
  560
  598
  638
  680
  723
  768
  815
  864
  915
  968
  1,023
  1,081
  1,142
  1,205
  1,271
Change in working capital, $m
  -3
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  115
  140
  159
  180
  202
  226
  250
  276
  303
  332
  361
  391
  423
  456
  491
  527
  564
  602
  642
  684
  728
  773
  820
  869
  920
  974
  1,030
  1,088
  1,149
  1,212
  1,279
Maintenance CAPEX, $m
  0
  -88
  -101
  -116
  -131
  -148
  -165
  -183
  -203
  -223
  -244
  -266
  -289
  -312
  -337
  -363
  -389
  -417
  -446
  -476
  -507
  -539
  -573
  -608
  -645
  -683
  -723
  -764
  -808
  -853
  -900
New CAPEX, $m
  -326
  -367
  -395
  -422
  -449
  -474
  -500
  -525
  -549
  -574
  -598
  -623
  -649
  -674
  -701
  -728
  -757
  -787
  -818
  -850
  -885
  -921
  -959
  -999
  -1,041
  -1,086
  -1,133
  -1,182
  -1,234
  -1,290
  -1,348
Cash from investing activities, $m
  -325
  -455
  -496
  -538
  -580
  -622
  -665
  -708
  -752
  -797
  -842
  -889
  -938
  -986
  -1,038
  -1,091
  -1,146
  -1,204
  -1,264
  -1,326
  -1,392
  -1,460
  -1,532
  -1,607
  -1,686
  -1,769
  -1,856
  -1,946
  -2,042
  -2,143
  -2,248
Free cash flow, $m
  -210
  -315
  -337
  -358
  -377
  -396
  -414
  -432
  -449
  -465
  -481
  -498
  -514
  -530
  -547
  -565
  -583
  -602
  -621
  -642
  -664
  -687
  -712
  -738
  -766
  -795
  -826
  -859
  -893
  -930
  -969
Issuance/(repayment) of debt, $m
  161
  235
  244
  261
  277
  293
  309
  324
  339
  354
  370
  385
  401
  417
  433
  450
  468
  486
  505
  525
  546
  569
  592
  617
  643
  670
  700
  730
  762
  796
  832
Issuance/(repurchase) of shares, $m
  184
  149
  153
  161
  168
  175
  181
  187
  192
  197
  202
  207
  211
  216
  220
  225
  229
  234
  240
  245
  251
  258
  264
  272
  280
  288
  297
  307
  317
  328
  340
Cash from financing (excl. dividends), $m  
  299
  384
  397
  422
  445
  468
  490
  511
  531
  551
  572
  592
  612
  633
  653
  675
  697
  720
  745
  770
  797
  827
  856
  889
  923
  958
  997
  1,037
  1,079
  1,124
  1,172
Total cash flow (excl. dividends), $m
  88
  68
  60
  64
  68
  72
  75
  79
  83
  87
  90
  94
  98
  102
  106
  110
  114
  119
  123
  128
  134
  139
  145
  151
  157
  164
  171
  178
  186
  195
  203
Retained Cash Flow (-), $m
  -151
  -185
  -194
  -207
  -220
  -233
  -245
  -258
  -270
  -282
  -294
  -306
  -319
  -331
  -344
  -358
  -372
  -386
  -402
  -418
  -435
  -452
  -471
  -491
  -511
  -533
  -556
  -581
  -606
  -633
  -662
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
 
  -104
  -134
  -144
  -153
  -161
  -170
  -179
  -187
  -195
  -204
  -212
  -221
  -230
  -239
  -248
  -258
  -268
  -278
  -289
  -301
  -313
  -326
  -340
  -354
  -369
  -385
  -402
  -420
  -439
  -459
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  -96
  -113
  -109
  -104
  -98
  -90
  -83
  -74
  -66
  -57
  -49
  -42
  -35
  -28
  -23
  -18
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.8
  86.9
  81.7
  77.2
  73.3
  69.8
  66.7
  63.9
  61.4
  59.2
  57.2
  55.3
  53.6
  52.1
  50.7
  49.3
  48.1
  47.0
  45.9
  44.9
  43.9
  43.0
  42.1
  41.3
  40.6
  39.8
  39.1
  38.4
  37.7
  37.1

Retail Opportunity Investments Corp. (ROIC) is a fully integrated, self-managed real estate investment trust (REIT). The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers on the west coast of the United States, anchored by supermarkets and drugstores. Retail Opportunity Investments Partnership, LP is the operating partnership of the Company. The Operating Partnership holds substantially all the assets of the Company and directly or indirectly holds the ownership interests in the Company's real estate ventures. The Operating Partnership conducts the operations of the Company's business. As of September 30, 2017, the Company's portfolio consisted of 87 properties totaling approximately 10.0 million square feet of gross leasable area (GLA). As of September 30, 2017, the Company's portfolio was approximately 97.3% leased.

FINANCIAL RATIOS  of  Retail Opportunity Investment (ROIC)

Valuation Ratios
P/E Ratio 58.4
Price to Sales 8.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow -9.1
Growth Rates
Sales Growth Rate 22.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 97.3%
Total Debt to Equity 97.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 1.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1.4%
Return On Equity 3%
Return On Equity - 3 Yr. Avg. 2.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 86.5%
Gross Margin - 3 Yr. Avg. 85.1%
EBITDA Margin 66.7%
EBITDA Margin - 3 Yr. Avg. 66.8%
Operating Margin 32.5%
Oper. Margin - 3 Yr. Avg. 31.7%
Pre-Tax Margin 15.2%
Pre-Tax Margin - 3 Yr. Avg. 13.9%
Net Profit Margin 13.9%
Net Profit Margin - 3 Yr. Avg. 13.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 254.5%

ROIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ROIC stock intrinsic value calculation we used $237 million for the last fiscal year's total revenue generated by Retail Opportunity Investment. The default revenue input number comes from 2016 income statement of Retail Opportunity Investment. 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 ROIC stock valuation model: a) initial revenue growth rate of 15.3% 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 8.7%, whose default value for ROIC is calculated based on our internal credit rating of Retail Opportunity Investment, 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 Retail Opportunity Investment.
    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 ROIC stock the variable cost ratio is equal to 61.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $15 million in the base year in the intrinsic value calculation for ROIC 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 Retail Opportunity Investment.

Corporate tax rate of 27% is the nominal tax rate for Retail Opportunity Investment. 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 ROIC 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 ROIC are equal to 1013.3%.

Life of production assets of 27.3 years is the average useful life of capital assets used in Retail Opportunity Investment 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 ROIC is equal to -5.5%. 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 - $1188 million for Retail Opportunity Investment - 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 110.276 million for Retail Opportunity Investment 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 Retail Opportunity Investment at the current share price and the inputted number of shares is $1.9 billion.

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ROST Ross Stores 78.50 72.50  hold
IVZ INVESCO 32.94 80.83  str.buy
SFM Sprouts Farmer 25.51 31.96  buy
KR Kroger 27.22 30.44  hold

COMPANY NEWS

▶ Retail Opportunity Investments Ends the Year Strong   [Feb-23-18 06:39AM  Motley Fool]
▶ Retail Opportunity Investments reports 4Q results   [Feb-21-18 06:57PM  Associated Press]
▶ 3 Dividend Stocks Perfect for Retirement   [Feb-09-18 06:02AM  Motley Fool]
▶ The 2 Stocks on the MFM Team's Radar This Week   [Jan-24-18 08:40PM  Motley Fool]
▶ 3 Dividend Stocks With Better Yields Than PepsiCo   [Jan-19-18 10:00AM  Motley Fool]
▶ 3 Value Stocks for Retirement   [Nov-18-17 09:00AM  Motley Fool]
▶ Retail Opportunity Investments reports 3Q results   [Oct-24-17 05:47PM  Associated Press]
▶ 3 High-Yield Dividend Stocks for October   [08:16AM  Motley Fool]
▶ 3 High-Yield Stocks for Building a Nest Egg   [Sep-29-17 06:03AM  Motley Fool]
▶ 3 High-Yield Stocks Smart Investors Can't Get Enough Of   [Sep-18-17 11:40PM  Motley Fool]
▶ 3 Stocks to Hold for the Next Century   [Sep-17-17 12:59PM  Motley Fool]
▶ 3 Top Dividend Stocks in Property Management   [Aug-16-17 08:32AM  Motley Fool]
▶ Retail Opportunity Investments Stays on Track   [Jul-27-17 08:59PM  Motley Fool]
▶ Retail Opportunity Investments reports 2Q results   [Jul-26-17 10:30PM  Associated Press]
▶ 3 Growth Dividend Stocks to Buy Now   [Jul-18-17 07:35PM  Motley Fool]
▶ Whole Foods centers to get a boost from Amazon deal   [Jul-06-17 06:44AM  CNBC Videos]
▶ The 1 Stock You've Been Overlooking for Your Roth IRA   [Jun-02-17 12:12PM  Motley Fool]
▶ If You're in Your 60s, Consider Buying These 3 Stocks   [May-25-17 02:44PM  Motley Fool]
▶ Retail Opportunity Investments reports 1Q results   [Apr-26-17 05:02PM  Associated Press]
▶ 3 Top High-Yield Dividend Stocks to Buy Now   [Apr-20-17 09:55AM  Motley Fool]
▶ 3 Stocks We Can't Wait to Buy on Sale   [Feb-28-17 09:33AM  Motley Fool]
▶ 3 Stocks We Can't Wait to Buy on Sale   [09:33AM  at Motley Fool]
▶ Retail Opportunity Investments reports 4Q results   [Feb-22-17 07:26PM  Associated Press]
▶ Why These REITs Can Thrive Under Trump   [Jan-24-17 06:00AM  at Investopedia]
Financial statements of ROIC
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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