Intrinsic value of RealPage - RP

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$35.30

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$35.30

 
Intrinsic value

$64.07

 
Up/down potential

+81%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of RP 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 2.9

 

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, %
  21.11
  19.50
  18.05
  16.75
  15.57
  14.51
  13.56
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
Revenue, $m
  568
  679
  801
  935
  1,081
  1,238
  1,406
  1,585
  1,774
  1,973
  2,183
  2,402
  2,631
  2,871
  3,120
  3,380
  3,649
  3,930
  4,222
  4,524
  4,839
  5,167
  5,507
  5,861
  6,229
  6,613
  7,012
  7,429
  7,863
  8,315
  8,788
Variable operating expenses, $m
 
  386
  451
  522
  599
  682
  771
  866
  966
  1,072
  1,183
  1,274
  1,395
  1,522
  1,654
  1,792
  1,935
  2,084
  2,238
  2,399
  2,566
  2,739
  2,920
  3,108
  3,303
  3,506
  3,718
  3,939
  4,169
  4,409
  4,660
Fixed operating expenses, $m
 
  220
  226
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  296
  304
  311
  319
  327
  335
  344
  352
  361
  370
  379
  389
  399
  409
  419
  429
  440
  451
Total operating expenses, $m
  537
  606
  677
  754
  836
  925
  1,020
  1,122
  1,228
  1,341
  1,458
  1,556
  1,684
  1,818
  1,958
  2,103
  2,254
  2,411
  2,573
  2,743
  2,918
  3,100
  3,290
  3,487
  3,692
  3,905
  4,127
  4,358
  4,598
  4,849
  5,111
Operating income, $m
  31
  72
  125
  182
  245
  312
  385
  463
  545
  632
  724
  846
  947
  1,052
  1,162
  1,276
  1,395
  1,519
  1,648
  1,782
  1,921
  2,066
  2,217
  2,374
  2,537
  2,708
  2,886
  3,071
  3,264
  3,466
  3,677
EBITDA, $m
  86
  127
  184
  247
  316
  391
  470
  556
  646
  742
  842
  948
  1,058
  1,173
  1,294
  1,419
  1,549
  1,685
  1,826
  1,973
  2,125
  2,284
  2,449
  2,621
  2,800
  2,987
  3,182
  3,385
  3,596
  3,817
  4,048
Interest expense (income), $m
  3
  4
  7
  10
  14
  18
  22
  26
  31
  36
  41
  46
  52
  58
  64
  70
  77
  84
  91
  99
  107
  115
  124
  132
  142
  151
  161
  171
  182
  193
  205
Earnings before tax, $m
  27
  68
  117
  172
  231
  295
  363
  437
  515
  597
  683
  800
  895
  994
  1,098
  1,206
  1,318
  1,435
  1,556
  1,683
  1,814
  1,951
  2,093
  2,242
  2,396
  2,557
  2,725
  2,900
  3,082
  3,273
  3,472
Tax expense, $m
  10
  18
  32
  46
  62
  80
  98
  118
  139
  161
  184
  216
  242
  268
  296
  326
  356
  387
  420
  454
  490
  527
  565
  605
  647
  690
  736
  783
  832
  884
  937
Net income, $m
  17
  50
  86
  125
  168
  215
  265
  319
  376
  436
  499
  584
  653
  726
  801
  880
  962
  1,047
  1,136
  1,228
  1,324
  1,424
  1,528
  1,636
  1,749
  1,866
  1,989
  2,117
  2,250
  2,389
  2,535

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  105
  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
  788
  816
  963
  1,124
  1,299
  1,488
  1,690
  1,904
  2,132
  2,371
  2,623
  2,887
  3,163
  3,450
  3,750
  4,062
  4,386
  4,724
  5,074
  5,438
  5,817
  6,210
  6,619
  7,044
  7,487
  7,948
  8,428
  8,929
  9,450
  9,994
  10,562
Adjusted assets (=assets-cash), $m
  683
  816
  963
  1,124
  1,299
  1,488
  1,690
  1,904
  2,132
  2,371
  2,623
  2,887
  3,163
  3,450
  3,750
  4,062
  4,386
  4,724
  5,074
  5,438
  5,817
  6,210
  6,619
  7,044
  7,487
  7,948
  8,428
  8,929
  9,450
  9,994
  10,562
Revenue / Adjusted assets
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
Average production assets, $m
  185
  221
  260
  304
  351
  402
  457
  515
  576
  641
  709
  781
  855
  933
  1,014
  1,098
  1,186
  1,277
  1,372
  1,470
  1,573
  1,679
  1,790
  1,905
  2,025
  2,149
  2,279
  2,414
  2,555
  2,703
  2,856
Working capital, $m
  46
  -64
  -76
  -89
  -103
  -118
  -134
  -151
  -168
  -187
  -207
  -228
  -250
  -273
  -296
  -321
  -347
  -373
  -401
  -430
  -460
  -491
  -523
  -557
  -592
  -628
  -666
  -706
  -747
  -790
  -835
Total debt, $m
  122
  195
  280
  374
  477
  586
  704
  829
  962
  1,102
  1,248
  1,402
  1,563
  1,731
  1,905
  2,087
  2,276
  2,473
  2,677
  2,889
  3,110
  3,339
  3,578
  3,826
  4,084
  4,353
  4,633
  4,924
  5,229
  5,546
  5,877
Total liabilities, $m
  403
  476
  561
  655
  758
  867
  985
  1,110
  1,243
  1,383
  1,529
  1,683
  1,844
  2,012
  2,186
  2,368
  2,557
  2,754
  2,958
  3,170
  3,391
  3,620
  3,859
  4,107
  4,365
  4,634
  4,914
  5,205
  5,510
  5,827
  6,158
Total equity, $m
  385
  340
  402
  469
  542
  620
  705
  794
  889
  989
  1,094
  1,204
  1,319
  1,439
  1,564
  1,694
  1,829
  1,970
  2,116
  2,268
  2,425
  2,590
  2,760
  2,937
  3,122
  3,314
  3,515
  3,723
  3,941
  4,168
  4,405
Total liabilities and equity, $m
  788
  816
  963
  1,124
  1,300
  1,487
  1,690
  1,904
  2,132
  2,372
  2,623
  2,887
  3,163
  3,451
  3,750
  4,062
  4,386
  4,724
  5,074
  5,438
  5,816
  6,210
  6,619
  7,044
  7,487
  7,948
  8,429
  8,928
  9,451
  9,995
  10,563
Debt-to-equity ratio
  0.317
  0.570
  0.700
  0.800
  0.880
  0.950
  1.000
  1.040
  1.080
  1.110
  1.140
  1.160
  1.190
  1.200
  1.220
  1.230
  1.240
  1.260
  1.270
  1.270
  1.280
  1.290
  1.300
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
  1.330
  1.330
Adjusted equity ratio
  0.410
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  50
  86
  125
  168
  215
  265
  319
  376
  436
  499
  584
  653
  726
  801
  880
  962
  1,047
  1,136
  1,228
  1,324
  1,424
  1,528
  1,636
  1,749
  1,866
  1,989
  2,117
  2,250
  2,389
  2,535
Depreciation, amort., depletion, $m
  55
  55
  60
  65
  72
  78
  85
  93
  101
  109
  118
  101
  111
  121
  132
  143
  154
  166
  178
  191
  204
  218
  232
  247
  263
  279
  296
  314
  332
  351
  371
Funds from operations, $m
  155
  104
  145
  191
  240
  293
  351
  412
  477
  545
  617
  685
  765
  847
  933
  1,023
  1,116
  1,213
  1,314
  1,419
  1,529
  1,642
  1,761
  1,884
  2,012
  2,146
  2,285
  2,430
  2,582
  2,740
  2,906
Change in working capital, $m
  19
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
Cash from operations, $m
  136
  136
  157
  203
  254
  308
  367
  429
  494
  564
  637
  706
  786
  870
  957
  1,048
  1,142
  1,240
  1,342
  1,448
  1,559
  1,673
  1,793
  1,917
  2,047
  2,182
  2,323
  2,470
  2,623
  2,783
  2,951
Maintenance CAPEX, $m
  0
  -24
  -29
  -34
  -39
  -46
  -52
  -59
  -67
  -75
  -83
  -92
  -101
  -111
  -121
  -132
  -143
  -154
  -166
  -178
  -191
  -204
  -218
  -232
  -247
  -263
  -279
  -296
  -314
  -332
  -351
New CAPEX, $m
  -75
  -36
  -40
  -44
  -47
  -51
  -55
  -58
  -61
  -65
  -68
  -71
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -154
Cash from investing activities, $m
  -145
  -60
  -69
  -78
  -86
  -97
  -107
  -117
  -128
  -140
  -151
  -163
  -176
  -189
  -202
  -216
  -231
  -245
  -261
  -276
  -293
  -310
  -329
  -347
  -367
  -388
  -409
  -431
  -455
  -479
  -505
Free cash flow, $m
  -9
  76
  89
  126
  167
  212
  260
  311
  366
  424
  485
  543
  610
  681
  755
  831
  911
  995
  1,081
  1,171
  1,265
  1,363
  1,464
  1,570
  1,680
  1,794
  1,914
  2,039
  2,169
  2,304
  2,446
Issuance/(repayment) of debt, $m
  82
  78
  86
  94
  102
  110
  118
  125
  133
  140
  147
  154
  161
  168
  175
  182
  189
  197
  204
  212
  221
  229
  238
  248
  258
  269
  280
  292
  304
  317
  331
Issuance/(repurchase) of shares, $m
  1
  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 from financing (excl. dividends), $m  
  83
  78
  86
  94
  102
  110
  118
  125
  133
  140
  147
  154
  161
  168
  175
  182
  189
  197
  204
  212
  221
  229
  238
  248
  258
  269
  280
  292
  304
  317
  331
Total cash flow (excl. dividends), $m
  74
  154
  174
  220
  269
  322
  377
  436
  499
  564
  632
  697
  771
  849
  929
  1,013
  1,101
  1,191
  1,286
  1,384
  1,486
  1,592
  1,703
  1,818
  1,938
  2,063
  2,194
  2,330
  2,473
  2,622
  2,777
Retained Cash Flow (-), $m
  -59
  -55
  -61
  -67
  -73
  -79
  -84
  -90
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -141
  -146
  -152
  -158
  -164
  -171
  -177
  -185
  -192
  -200
  -209
  -218
  -227
  -237
Prev. year cash balance distribution, $m
 
  100
  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
 
  199
  113
  153
  196
  243
  293
  347
  404
  464
  527
  587
  656
  729
  804
  883
  965
  1,051
  1,140
  1,232
  1,328
  1,428
  1,532
  1,640
  1,753
  1,871
  1,994
  2,122
  2,255
  2,395
  2,540
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  191
  104
  133
  161
  188
  213
  234
  252
  267
  276
  279
  280
  277
  270
  259
  245
  229
  210
  190
  169
  148
  127
  108
  89
  73
  58
  46
  35
  26
  19
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

RealPage, Inc. provides software and software-enabled services for the rental housing and vacation rental industries in the United States. It offers property management solutions, including OneSite to serve multi-family, affordable property, rural housing, military housing, senior and student housing, and commercial sectors; and Propertyware for accounting, maintenance and work order management, marketing spend management, and portal services, as well as screening, renter’s insurance, and payment solutions. The company also provides Kigo, a solution for vacation rental property management; spend management solutions for property owners and managers; and RealPage Cloud, an application infrastructure that allow property owners and managers to outsource portions of the information technology (IT) operations. In addition, it offers leasing and marketing solutions consisting of Online Leasing, Contact Center, LeaseStar Platform, LeaseStar Marketing Management, MyNewPlace, Senior Marketing Management, and Renter Screening, which manages Websites, paid and organic lead generation, lead management, automated lead closure, lead analytics, unit availability, online apartment leasing, and applicant screening services. Further, the company provides resident services solutions, such as Utility Management, Payments, Resident Portal, Contact Center Maintenance, Indatus, and Renter’s insurance for utility billing, renter payment processing, service requests, lease renewals, renter’s insurance, and consulting and advisory services; asset optimization solutions covering yield management and business intelligence solutions; and professional services, such as consulting and implementation, as well as training services. Additionally, it offers IT infrastructure, product support, and product development services. The company sells rental housing software and services through its direct sales organization. RealPage, Inc. was founded in 1998 and is headquartered in Carrollton, Texas.

FINANCIAL RATIOS  of  RealPage (RP)

Valuation Ratios
P/E Ratio 168.4
Price to Sales 5
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 21
Price to Free Cash Flow 46.9
Growth Rates
Sales Growth Rate 21.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 127.3%
Cap. Spend. - 3 Yr. Gr. Rate 17.1%
Financial Strength
Quick Ratio 21
Current Ratio 0.3
LT Debt to Equity 30.4%
Total Debt to Equity 31.7%
Interest Coverage 10
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. -0.2%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity 4.8%
Return On Equity - 3 Yr. Avg. -0.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 57.4%
Gross Margin - 3 Yr. Avg. 57.3%
EBITDA Margin 15%
EBITDA Margin - 3 Yr. Avg. 9.5%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. -0.2%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin 3%
Net Profit Margin - 3 Yr. Avg. -0.5%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 36.3%
Payout Ratio 0%

RP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RP stock intrinsic value calculation we used $568 million for the last fiscal year's total revenue generated by RealPage. The default revenue input number comes from 2016 income statement of RealPage. 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 RP stock valuation model: a) initial revenue growth rate of 19.5% 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 4.3%, whose default value for RP is calculated based on our internal credit rating of RealPage, 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 RealPage.
    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 RP stock the variable cost ratio is equal to 57.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $215 million in the base year in the intrinsic value calculation for RP 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 3.7% for RealPage.

Corporate tax rate of 27% is the nominal tax rate for RealPage. 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 RP 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 RP are equal to 32.5%.

Life of production assets of 7.7 years is the average useful life of capital assets used in RealPage 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 RP is equal to -9.5%. 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 - $385 million for RealPage - 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 81.097 million for RealPage 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 RealPage at the current share price and the inputted number of shares is $2.9 billion.


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COMPANY NEWS

▶ RealPage posts 1Q profit   [May-04-17 05:24PM  Associated Press]
▶ Inside RealPage's new interactive campus in Richardson's Telecom Corridor   [May-01-17 08:25AM  American City Business Journals]
▶ RealPage to Announce First Quarter 2017 Financial Results   [Apr-28-17 04:44PM  Business Wire]
▶ America is building more apartments than renters want   [Mar-30-17 11:04AM  Business Insider]
▶ Report: Houston riskiest market nationally for multifamily investors   [09:55AM  American City Business Journals]
▶ RealPage makes $300M acquisition of revenue management system   [Feb-27-17 06:15PM  at bizjournals.com]
▶ RealPage Names Brock MacLean to SVP of Business Development   [Feb-13-17 10:00AM  Business Wire]
▶ LYND Selects RealPage® for Technology Platform Initiatives   [Jan-30-17 09:00AM  Business Wire]
▶ RealPage to acquire Dallas-based apartment research firm for $75M   [Jan-24-17 11:05AM  at bizjournals.com]
▶ RealPage® to Acquire Axiometrics®   [09:00AM  Business Wire]
▶ Luxury Apartment Boom Looks Set to Fizzle   [Jan-02-17 05:22PM  at The Wall Street Journal]
▶ Hedge Funds Are Buying RealPage, Inc. (RP)   [Nov-30-16 10:40AM  at Insider Monkey]
▶ RealPage to Announce Third Quarter 2016 Financial Results   [Oct-28-16 04:44PM  Business Wire]
▶ RealPage to Present at Deutsche Bank Technology Conference   [Sep-12-16 04:42PM  Business Wire]
▶ RealPage Announces New Chief Revenue Officer   [04:05PM  Business Wire]
▶ RealPage to Announce Second Quarter 2016 Financial Results   [Jul-27-16 04:07PM  Business Wire]
▶ RealPage® Launches Enterprise Accounting Solution   [Jun-20-16 04:53PM  Business Wire]
▶ RealPage® Acquires eSupply Systems   [Jun-16-16 05:29PM  Business Wire]
Stock chart of RP Financial statements of RP Annual reports of RP
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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