Intrinsic value of RealPage - RP

Previous Close

$39.90

  Intrinsic Value

$35.22

stock screener

  Rating & Target

hold

-12%

  Value-price divergence*

+385%

Previous close

$39.90

 
Intrinsic value

$35.22

 
Up/down potential

-12%

 
Rating

hold

 
Value-price divergence*

+385%

*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 3.3

 

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
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
Revenue, $m
  568
  640
  715
  795
  879
  967
  1,058
  1,154
  1,254
  1,357
  1,465
  1,577
  1,694
  1,815
  1,941
  2,071
  2,207
  2,349
  2,496
  2,649
  2,809
  2,975
  3,149
  3,330
  3,519
  3,716
  3,922
  4,138
  4,363
  4,598
  4,845
Variable operating expenses, $m
 
  365
  405
  448
  492
  539
  587
  638
  691
  746
  803
  836
  898
  962
  1,029
  1,098
  1,170
  1,245
  1,323
  1,405
  1,489
  1,578
  1,670
  1,766
  1,866
  1,970
  2,080
  2,194
  2,313
  2,438
  2,569
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
  585
  631
  680
  729
  782
  836
  894
  953
  1,015
  1,078
  1,118
  1,187
  1,258
  1,333
  1,409
  1,489
  1,572
  1,658
  1,749
  1,841
  1,939
  2,040
  2,145
  2,255
  2,369
  2,489
  2,613
  2,742
  2,878
  3,020
Operating income, $m
  31
  54
  84
  116
  150
  185
  222
  261
  301
  343
  387
  459
  507
  556
  608
  662
  718
  776
  837
  901
  967
  1,037
  1,109
  1,185
  1,264
  1,347
  1,434
  1,525
  1,620
  1,720
  1,825
EBITDA, $m
  86
  107
  140
  176
  213
  252
  293
  335
  380
  426
  475
  525
  578
  633
  690
  749
  811
  875
  943
  1,013
  1,086
  1,162
  1,242
  1,326
  1,413
  1,504
  1,600
  1,700
  1,804
  1,914
  2,029
Interest expense (income), $m
  3
  4
  6
  8
  10
  12
  15
  17
  20
  22
  25
  28
  30
  34
  37
  40
  43
  47
  51
  54
  58
  62
  67
  71
  76
  81
  86
  91
  97
  103
  109
Earnings before tax, $m
  27
  50
  78
  108
  139
  172
  207
  244
  281
  321
  362
  431
  476
  523
  571
  622
  675
  729
  787
  847
  909
  974
  1,042
  1,114
  1,188
  1,266
  1,348
  1,434
  1,523
  1,617
  1,716
Tax expense, $m
  10
  13
  21
  29
  38
  47
  56
  66
  76
  87
  98
  116
  129
  141
  154
  168
  182
  197
  212
  229
  245
  263
  281
  301
  321
  342
  364
  387
  411
  437
  463
Net income, $m
  17
  36
  57
  79
  102
  126
  151
  178
  205
  234
  264
  315
  348
  382
  417
  454
  492
  533
  574
  618
  664
  711
  761
  813
  867
  924
  984
  1,047
  1,112
  1,181
  1,253

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
  769
  860
  956
  1,056
  1,162
  1,272
  1,387
  1,507
  1,631
  1,761
  1,896
  2,036
  2,181
  2,333
  2,490
  2,653
  2,823
  3,000
  3,184
  3,376
  3,576
  3,785
  4,002
  4,229
  4,467
  4,714
  4,973
  5,244
  5,527
  5,823
Adjusted assets (=assets-cash), $m
  683
  769
  860
  956
  1,056
  1,162
  1,272
  1,387
  1,507
  1,631
  1,761
  1,896
  2,036
  2,181
  2,333
  2,490
  2,653
  2,823
  3,000
  3,184
  3,376
  3,576
  3,785
  4,002
  4,229
  4,467
  4,714
  4,973
  5,244
  5,527
  5,823
Revenue / Adjusted assets
  0.832
  0.832
  0.831
  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
  208
  232
  258
  286
  314
  344
  375
  407
  441
  476
  513
  550
  590
  631
  673
  717
  763
  811
  861
  913
  967
  1,023
  1,082
  1,144
  1,208
  1,275
  1,345
  1,418
  1,494
  1,575
Working capital, $m
  46
  -61
  -68
  -76
  -83
  -92
  -101
  -110
  -119
  -129
  -139
  -150
  -161
  -172
  -184
  -197
  -210
  -223
  -237
  -252
  -267
  -283
  -299
  -316
  -334
  -353
  -373
  -393
  -414
  -437
  -460
Total debt, $m
  122
  167
  220
  276
  335
  396
  461
  528
  597
  670
  746
  824
  906
  991
  1,079
  1,171
  1,266
  1,365
  1,468
  1,575
  1,687
  1,804
  1,926
  2,052
  2,185
  2,323
  2,467
  2,618
  2,776
  2,941
  3,114
Total liabilities, $m
  403
  448
  501
  557
  616
  677
  742
  809
  878
  951
  1,027
  1,105
  1,187
  1,272
  1,360
  1,452
  1,547
  1,646
  1,749
  1,856
  1,968
  2,085
  2,207
  2,333
  2,466
  2,604
  2,748
  2,899
  3,057
  3,222
  3,395
Total equity, $m
  385
  321
  359
  399
  441
  484
  530
  578
  628
  680
  734
  791
  849
  910
  973
  1,038
  1,106
  1,177
  1,251
  1,328
  1,408
  1,491
  1,578
  1,669
  1,764
  1,863
  1,966
  2,074
  2,187
  2,305
  2,428
Total liabilities and equity, $m
  788
  769
  860
  956
  1,057
  1,161
  1,272
  1,387
  1,506
  1,631
  1,761
  1,896
  2,036
  2,182
  2,333
  2,490
  2,653
  2,823
  3,000
  3,184
  3,376
  3,576
  3,785
  4,002
  4,230
  4,467
  4,714
  4,973
  5,244
  5,527
  5,823
Debt-to-equity ratio
  0.317
  0.520
  0.610
  0.690
  0.760
  0.820
  0.870
  0.910
  0.950
  0.990
  1.020
  1.040
  1.070
  1.090
  1.110
  1.130
  1.140
  1.160
  1.170
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.260
  1.270
  1.280
  1.280
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
  36
  57
  79
  102
  126
  151
  178
  205
  234
  264
  315
  348
  382
  417
  454
  492
  533
  574
  618
  664
  711
  761
  813
  867
  924
  984
  1,047
  1,112
  1,181
  1,253
Depreciation, amort., depletion, $m
  55
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  67
  71
  77
  82
  87
  93
  99
  105
  112
  119
  126
  133
  141
  149
  157
  166
  175
  184
  194
  204
Funds from operations, $m
  155
  89
  113
  138
  165
  193
  222
  252
  284
  318
  352
  381
  419
  458
  499
  541
  586
  632
  680
  730
  782
  837
  894
  954
  1,016
  1,081
  1,150
  1,221
  1,296
  1,375
  1,457
Change in working capital, $m
  19
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
Cash from operations, $m
  136
  96
  120
  146
  173
  201
  231
  262
  294
  328
  363
  392
  430
  470
  511
  554
  598
  645
  694
  744
  797
  853
  910
  971
  1,034
  1,100
  1,169
  1,242
  1,318
  1,397
  1,481
Maintenance CAPEX, $m
  0
  -24
  -27
  -30
  -34
  -37
  -41
  -45
  -49
  -53
  -57
  -62
  -67
  -71
  -77
  -82
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -157
  -166
  -175
  -184
  -194
New CAPEX, $m
  -75
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
Cash from investing activities, $m
  -145
  -47
  -52
  -56
  -61
  -66
  -71
  -76
  -81
  -87
  -92
  -98
  -105
  -110
  -118
  -125
  -131
  -139
  -147
  -155
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -248
  -261
  -274
Free cash flow, $m
  -9
  49
  69
  90
  112
  135
  160
  186
  213
  241
  270
  294
  326
  359
  393
  429
  467
  506
  547
  589
  634
  680
  728
  779
  832
  887
  945
  1,006
  1,070
  1,137
  1,206
Issuance/(repayment) of debt, $m
  82
  50
  53
  56
  59
  62
  64
  67
  70
  73
  76
  79
  82
  85
  88
  92
  95
  99
  103
  107
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  173
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
  50
  53
  56
  59
  62
  64
  67
  70
  73
  76
  79
  82
  85
  88
  92
  95
  99
  103
  107
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  173
Total cash flow (excl. dividends), $m
  74
  99
  122
  146
  171
  197
  224
  253
  283
  314
  346
  372
  407
  444
  482
  521
  562
  605
  650
  697
  745
  797
  850
  906
  964
  1,026
  1,090
  1,157
  1,228
  1,302
  1,379
Retained Cash Flow (-), $m
  -59
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
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
 
  163
  84
  106
  129
  153
  178
  205
  233
  262
  292
  316
  349
  383
  418
  455
  494
  534
  576
  620
  665
  713
  763
  815
  870
  927
  987
  1,049
  1,115
  1,184
  1,256
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
 
  157
  77
  92
  106
  119
  129
  138
  145
  150
  153
  150
  149
  146
  140
  134
  126
  116
  106
  95
  85
  74
  63
  53
  44
  36
  29
  23
  17
  13
  9
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. is a provider of technology to the real estate industry, helping owners, managers and investors. The Company's property management solutions are referred to as Enterprise Resource Planning systems. Its on demand platform provides a single point of access and a repository of real-time lease transaction data, including prospect, renter and property data. Its platform consists of four primary categories of solutions: Property Management, Lease Management, Resident Services and Asset Optimization. These solutions provide complementary asset performance and investment decision support; risk mitigation, billing and utility management; resident engagement, spend management, operations and facilities management, and lead generation and lease management capabilities that collectively enable its clients to manage all the stages of the renter life cycle. In addition, its open architecture allows third-party applications to access its solutions using its RealPage Exchange platform.

FINANCIAL RATIOS  of  RealPage (RP)

Valuation Ratios
P/E Ratio 190.3
Price to Sales 5.7
Price to Book 8.4
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow 53
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 12.6% 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 82.195 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 $3.3 billion.

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COMPANY NEWS

▶ RealPage to Participate in Upcoming Investor Conference   [Aug-07-17 12:49PM  Business Wire]
▶ RealPage acquires its fourth company this year for $250M   [Aug-03-17 02:25PM  American City Business Journals]
▶ RealPage posts 2Q profit   [Aug-02-17 09:55PM  Associated Press]
▶ RealPage® to Acquire On-Site®   [04:05PM  Business Wire]
▶ RealPage to Announce Second Quarter 2017 Financial Results   [Jul-27-17 04:41PM  Business Wire]
▶ Real Estate Tech Stock Trying To Close On New Breakout   [Jul-07-17 04:10PM  Investor's Business Daily]
▶ ETFs with exposure to RealPage, Inc. : June 27, 2017   [Jun-27-17 03:39PM  Capital Cube]
▶ Real Estate Tech Stock Trying To Close On New Breakout   [Jun-21-17 04:17PM  Investor's Business Daily]
▶ RealPage to Participate in Upcoming Investor Conference   [Jun-20-17 05:27PM  Business Wire]
▶ RealPage® Acquires American Utility Management (AUM)   [Jun-19-17 09:00AM  Business Wire]
▶ RealPage to Participate in Upcoming Investor Conference   [Jun-12-17 06:18PM  Business Wire]
▶ 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]
Financial statements 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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