Intrinsic value of RealPage - RP

Previous Close

$48.20

  Intrinsic Value

$40.16

stock screener

  Rating & Target

hold

-17%

Previous close

$48.20

 
Intrinsic value

$40.16

 
Up/down potential

-17%

 
Rating

hold

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

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, %
  21.11
  14.20
  13.28
  12.45
  11.71
  11.04
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
Revenue, $m
  568
  649
  735
  826
  923
  1,025
  1,132
  1,244
  1,361
  1,483
  1,610
  1,742
  1,879
  2,022
  2,170
  2,324
  2,485
  2,651
  2,824
  3,005
  3,192
  3,388
  3,591
  3,803
  4,024
  4,255
  4,496
  4,747
  5,010
  5,285
  5,572
Variable operating expenses, $m
 
  370
  416
  464
  515
  569
  626
  685
  747
  812
  879
  923
  996
  1,072
  1,151
  1,232
  1,317
  1,406
  1,498
  1,593
  1,693
  1,796
  1,904
  2,016
  2,134
  2,256
  2,384
  2,517
  2,657
  2,802
  2,954
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
  590
  642
  696
  752
  812
  875
  941
  1,009
  1,081
  1,154
  1,205
  1,285
  1,368
  1,455
  1,543
  1,636
  1,733
  1,833
  1,937
  2,045
  2,157
  2,274
  2,395
  2,523
  2,655
  2,793
  2,936
  3,086
  3,242
  3,405
Operating income, $m
  31
  58
  93
  131
  170
  212
  256
  303
  351
  402
  455
  536
  594
  653
  716
  781
  848
  918
  992
  1,068
  1,147
  1,230
  1,317
  1,407
  1,502
  1,600
  1,703
  1,811
  1,924
  2,043
  2,167
EBITDA, $m
  86
  112
  150
  192
  235
  281
  330
  381
  435
  491
  549
  610
  673
  739
  807
  879
  953
  1,030
  1,111
  1,195
  1,282
  1,373
  1,468
  1,568
  1,671
  1,780
  1,893
  2,012
  2,136
  2,266
  2,402
Interest expense (income), $m
  3
  4
  6
  9
  11
  14
  16
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  54
  58
  63
  68
  72
  77
  83
  88
  94
  100
  106
  113
  119
  127
Earnings before tax, $m
  27
  54
  87
  122
  159
  199
  240
  284
  329
  377
  427
  505
  559
  615
  674
  735
  798
  864
  933
  1,005
  1,080
  1,158
  1,239
  1,325
  1,413
  1,506
  1,604
  1,705
  1,812
  1,923
  2,040
Tax expense, $m
  10
  15
  23
  33
  43
  54
  65
  77
  89
  102
  115
  136
  151
  166
  182
  198
  216
  233
  252
  271
  292
  313
  335
  358
  382
  407
  433
  460
  489
  519
  551
Net income, $m
  17
  39
  63
  89
  116
  145
  175
  207
  240
  275
  312
  368
  408
  449
  492
  536
  583
  631
  681
  734
  788
  845
  905
  967
  1,032
  1,100
  1,171
  1,245
  1,323
  1,404
  1,489

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
  780
  883
  993
  1,109
  1,232
  1,360
  1,495
  1,635
  1,782
  1,935
  2,093
  2,258
  2,430
  2,608
  2,794
  2,986
  3,187
  3,395
  3,611
  3,837
  4,072
  4,316
  4,571
  4,837
  5,114
  5,404
  5,706
  6,022
  6,352
  6,697
Adjusted assets (=assets-cash), $m
  683
  780
  883
  993
  1,109
  1,232
  1,360
  1,495
  1,635
  1,782
  1,935
  2,093
  2,258
  2,430
  2,608
  2,794
  2,986
  3,187
  3,395
  3,611
  3,837
  4,072
  4,316
  4,571
  4,837
  5,114
  5,404
  5,706
  6,022
  6,352
  6,697
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
  211
  239
  269
  300
  333
  368
  404
  442
  482
  523
  566
  611
  657
  705
  755
  807
  862
  918
  977
  1,037
  1,101
  1,167
  1,236
  1,308
  1,383
  1,461
  1,543
  1,628
  1,718
  1,811
Working capital, $m
  46
  -62
  -70
  -78
  -88
  -97
  -108
  -118
  -129
  -141
  -153
  -165
  -179
  -192
  -206
  -221
  -236
  -252
  -268
  -285
  -303
  -322
  -341
  -361
  -382
  -404
  -427
  -451
  -476
  -502
  -529
Total debt, $m
  122
  174
  234
  298
  366
  437
  512
  591
  672
  758
  847
  939
  1,036
  1,136
  1,240
  1,348
  1,460
  1,577
  1,698
  1,824
  1,956
  2,093
  2,235
  2,384
  2,539
  2,701
  2,869
  3,046
  3,230
  3,422
  3,623
Total liabilities, $m
  403
  455
  515
  579
  647
  718
  793
  872
  953
  1,039
  1,128
  1,220
  1,317
  1,417
  1,521
  1,629
  1,741
  1,858
  1,979
  2,105
  2,237
  2,374
  2,516
  2,665
  2,820
  2,982
  3,150
  3,327
  3,511
  3,703
  3,904
Total equity, $m
  385
  325
  368
  414
  463
  514
  567
  623
  682
  743
  807
  873
  942
  1,013
  1,088
  1,165
  1,245
  1,329
  1,416
  1,506
  1,600
  1,698
  1,800
  1,906
  2,017
  2,133
  2,253
  2,379
  2,511
  2,649
  2,793
Total liabilities and equity, $m
  788
  780
  883
  993
  1,110
  1,232
  1,360
  1,495
  1,635
  1,782
  1,935
  2,093
  2,259
  2,430
  2,609
  2,794
  2,986
  3,187
  3,395
  3,611
  3,837
  4,072
  4,316
  4,571
  4,837
  5,115
  5,403
  5,706
  6,022
  6,352
  6,697
Debt-to-equity ratio
  0.317
  0.530
  0.640
  0.720
  0.790
  0.850
  0.900
  0.950
  0.990
  1.020
  1.050
  1.080
  1.100
  1.120
  1.140
  1.160
  1.170
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
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
  39
  63
  89
  116
  145
  175
  207
  240
  275
  312
  368
  408
  449
  492
  536
  583
  631
  681
  734
  788
  845
  905
  967
  1,032
  1,100
  1,171
  1,245
  1,323
  1,404
  1,489
Depreciation, amort., depletion, $m
  55
  53
  57
  61
  65
  69
  74
  78
  83
  89
  94
  74
  79
  85
  92
  98
  105
  112
  119
  127
  135
  143
  152
  161
  170
  180
  190
  200
  211
  223
  235
Funds from operations, $m
  155
  93
  120
  150
  181
  214
  249
  286
  324
  364
  406
  442
  487
  534
  583
  634
  688
  743
  800
  860
  923
  988
  1,056
  1,127
  1,202
  1,279
  1,360
  1,445
  1,534
  1,627
  1,724
Change in working capital, $m
  19
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
Cash from operations, $m
  136
  100
  129
  159
  190
  224
  259
  296
  335
  375
  418
  455
  500
  548
  597
  649
  703
  759
  817
  878
  941
  1,007
  1,076
  1,148
  1,223
  1,301
  1,383
  1,469
  1,559
  1,653
  1,752
Maintenance CAPEX, $m
  0
  -24
  -27
  -31
  -35
  -39
  -43
  -48
  -52
  -57
  -63
  -68
  -74
  -79
  -85
  -92
  -98
  -105
  -112
  -119
  -127
  -135
  -143
  -152
  -161
  -170
  -180
  -190
  -200
  -211
  -223
New CAPEX, $m
  -75
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
Cash from investing activities, $m
  -145
  -50
  -55
  -61
  -66
  -72
  -78
  -84
  -90
  -97
  -104
  -111
  -119
  -125
  -133
  -142
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -221
  -233
  -245
  -258
  -272
  -285
  -300
  -316
Free cash flow, $m
  -9
  50
  73
  98
  124
  152
  181
  212
  245
  278
  314
  344
  382
  422
  464
  507
  553
  600
  649
  700
  753
  809
  867
  927
  990
  1,056
  1,125
  1,198
  1,273
  1,352
  1,435
Issuance/(repayment) of debt, $m
  82
  57
  60
  64
  68
  71
  75
  78
  82
  85
  89
  93
  96
  100
  104
  108
  112
  117
  121
  126
  131
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
Issuance/(repurchase) of shares, $m
  1
  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
Cash from financing (excl. dividends), $m  
  83
  58
  60
  64
  68
  71
  75
  78
  82
  85
  89
  93
  96
  100
  104
  108
  112
  117
  121
  126
  131
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
Total cash flow (excl. dividends), $m
  74
  107
  134
  162
  192
  223
  256
  291
  326
  364
  403
  436
  478
  522
  568
  615
  665
  716
  770
  826
  884
  945
  1,009
  1,076
  1,145
  1,218
  1,294
  1,374
  1,457
  1,545
  1,636
Retained Cash Flow (-), $m
  -59
  -40
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
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
 
  167
  90
  116
  143
  172
  203
  234
  268
  303
  339
  370
  410
  451
  494
  538
  585
  633
  683
  736
  790
  848
  907
  969
  1,034
  1,102
  1,173
  1,248
  1,326
  1,407
  1,493
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
 
  160
  83
  101
  118
  134
  147
  158
  167
  174
  178
  176
  175
  171
  166
  158
  149
  138
  126
  113
  100
  88
  75
  64
  53
  43
  34
  27
  21
  15
  11
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 229.9
Price to Sales 6.9
Price to Book 10.2
Price to Tangible Book
Price to Cash Flow 28.7
Price to Free Cash Flow 64.1
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 14.2% 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 83.296 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 $4.0 billion.

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COMPANY NEWS

▶ [$$] U.S. Apartment Market Softens as Supply Increases   [Jan-02-18 06:41PM  The Wall Street Journal]
▶ RealPage Closes Acquisition of Lease Rent Options, LRO®   [Dec-04-17 04:43PM  Business Wire]
▶ Study: Greater Houston apartment rents keep climbing   [Nov-27-17 09:21AM  American City Business Journals]
▶ RealPage misses Street 3Q forecasts   [Nov-02-17 06:38PM  Associated Press]
▶ This IBD 50 Stock Just Broke Out With Q3 Earnings Due   [Nov-01-17 04:18PM  Investor's Business Daily]
▶ RealPage Gets In The Zone As Earnings Approach   [03:00AM  Investor's Business Daily]
▶ RealPage to Participate in Upcoming Investor Conference   [Oct-27-17 04:05PM  Business Wire]
▶ Stocks To Watch Ahead Of Earnings: RealPage   [Oct-25-17 03:00AM  Investor's Business Daily]
▶ Study: Harvey damaged 42,000 apartments in Houston   [Oct-06-17 09:50AM  American City Business Journals]
▶ Company Profile for RealPage Inc.   [Oct-05-17 11:27AM  Business Wire]
▶ [$$] Apartment Slowdown Spreads to Less Expensive Cities   [Oct-03-17 03:38PM  The Wall Street Journal]
▶ RealPage Closes Acquisition of On-Site®   [Sep-26-17 04:05PM  Business Wire]
▶ 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]
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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