Intrinsic value of Resource Capital - RSO

Previous Close

$10.23

  Intrinsic Value

$27.19

stock screener

  Rating & Target

str. buy

+166%

  Value-price divergence*

-42%

Previous close

$10.23

 
Intrinsic value

$27.19

 
Up/down potential

+166%

 
Rating

str. buy

 
Value-price divergence*

-42%

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

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

We calculate the intrinsic value of RSO 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 0.3

 

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, %
  -17.81
  21.40
  19.76
  18.28
  16.96
  15.76
  14.68
  13.72
  12.84
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
Revenue, $m
  120
  146
  174
  206
  241
  279
  320
  364
  411
  461
  513
  568
  626
  686
  749
  814
  883
  954
  1,027
  1,104
  1,184
  1,266
  1,352
  1,442
  1,535
  1,632
  1,733
  1,838
  1,947
  2,061
  2,180
Variable operating expenses, $m
 
  28
  33
  40
  46
  54
  62
  70
  79
  88
  99
  109
  120
  132
  144
  156
  169
  183
  197
  212
  227
  243
  260
  277
  295
  313
  333
  353
  374
  396
  419
Fixed operating expenses, $m
 
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  177
  182
  186
  191
  196
  201
  206
  211
  216
  222
  227
  233
Total operating expenses, $m
  131
  142
  150
  160
  169
  180
  191
  202
  214
  227
  241
  255
  269
  285
  301
  317
  334
  352
  370
  389
  409
  429
  451
  473
  496
  519
  544
  569
  596
  623
  652
Operating income, $m
  -10
  4
  24
  47
  72
  100
  130
  162
  197
  234
  272
  313
  356
  401
  448
  497
  548
  602
  657
  715
  774
  837
  902
  969
  1,039
  1,113
  1,189
  1,269
  1,352
  1,438
  1,529
EBITDA, $m
  -10
  4
  25
  48
  73
  101
  131
  163
  198
  235
  274
  315
  358
  403
  450
  499
  550
  604
  659
  717
  777
  839
  905
  972
  1,043
  1,116
  1,193
  1,272
  1,356
  1,443
  1,533
Interest expense (income), $m
  47
  42
  52
  63
  76
  89
  104
  121
  138
  156
  176
  196
  218
  241
  264
  289
  315
  342
  370
  399
  429
  460
  493
  527
  562
  598
  637
  676
  717
  761
  805
Earnings before tax, $m
  0
  -38
  -27
  -16
  -3
  11
  26
  42
  59
  77
  97
  117
  138
  161
  184
  208
  233
  260
  287
  316
  346
  377
  409
  443
  478
  514
  553
  592
  634
  678
  723
Tax expense, $m
  11
  0
  0
  0
  0
  3
  7
  11
  16
  21
  26
  32
  37
  43
  50
  56
  63
  70
  78
  85
  93
  102
  110
  120
  129
  139
  149
  160
  171
  183
  195
Net income, $m
  -30
  -38
  -27
  -16
  -3
  8
  19
  31
  43
  57
  71
  85
  101
  117
  134
  152
  170
  190
  210
  231
  252
  275
  299
  323
  349
  375
  403
  432
  463
  495
  528

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  116
  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
  2,054
  2,350
  2,814
  3,328
  3,893
  4,506
  5,168
  5,877
  6,632
  7,432
  8,275
  9,162
  10,092
  11,064
  12,078
  13,135
  14,236
  15,380
  16,570
  17,806
  19,091
  20,426
  21,814
  23,257
  24,758
  26,320
  27,945
  29,639
  31,403
  33,243
  35,162
Adjusted assets (=assets-cash), $m
  1,938
  2,350
  2,814
  3,328
  3,893
  4,506
  5,168
  5,877
  6,632
  7,432
  8,275
  9,162
  10,092
  11,064
  12,078
  13,135
  14,236
  15,380
  16,570
  17,806
  19,091
  20,426
  21,814
  23,257
  24,758
  26,320
  27,945
  29,639
  31,403
  33,243
  35,162
Revenue / Adjusted assets
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
Average production assets, $m
  3
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
Working capital, $m
  0
  -15
  -17
  -21
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -57
  -63
  -69
  -75
  -81
  -88
  -95
  -103
  -110
  -118
  -127
  -135
  -144
  -153
  -163
  -173
  -184
  -195
  -206
  -218
Total debt, $m
  1,191
  1,479
  1,802
  2,161
  2,554
  2,982
  3,443
  3,937
  4,463
  5,021
  5,609
  6,227
  6,875
  7,553
  8,260
  8,996
  9,763
  10,561
  11,390
  12,252
  13,147
  14,078
  15,045
  16,051
  17,097
  18,186
  19,319
  20,499
  21,729
  23,011
  24,349
Total liabilities, $m
  1,349
  1,638
  1,961
  2,320
  2,713
  3,141
  3,602
  4,096
  4,622
  5,180
  5,768
  6,386
  7,034
  7,712
  8,419
  9,155
  9,922
  10,720
  11,549
  12,411
  13,306
  14,237
  15,204
  16,210
  17,256
  18,345
  19,478
  20,658
  21,888
  23,170
  24,508
Total equity, $m
  704
  712
  853
  1,009
  1,180
  1,365
  1,566
  1,781
  2,009
  2,252
  2,507
  2,776
  3,058
  3,352
  3,660
  3,980
  4,313
  4,660
  5,021
  5,395
  5,785
  6,189
  6,610
  7,047
  7,502
  7,975
  8,467
  8,981
  9,515
  10,073
  10,654
Total liabilities and equity, $m
  2,053
  2,350
  2,814
  3,329
  3,893
  4,506
  5,168
  5,877
  6,631
  7,432
  8,275
  9,162
  10,092
  11,064
  12,079
  13,135
  14,235
  15,380
  16,570
  17,806
  19,091
  20,426
  21,814
  23,257
  24,758
  26,320
  27,945
  29,639
  31,403
  33,243
  35,162
Debt-to-equity ratio
  1.692
  2.080
  2.110
  2.140
  2.170
  2.180
  2.200
  2.210
  2.220
  2.230
  2.240
  2.240
  2.250
  2.250
  2.260
  2.260
  2.260
  2.270
  2.270
  2.270
  2.270
  2.270
  2.280
  2.280
  2.280
  2.280
  2.280
  2.280
  2.280
  2.280
  2.290
Adjusted equity ratio
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -30
  -38
  -27
  -16
  -3
  8
  19
  31
  43
  57
  71
  85
  101
  117
  134
  152
  170
  190
  210
  231
  252
  275
  299
  323
  349
  375
  403
  432
  463
  495
  528
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
Funds from operations, $m
  41
  -37
  -27
  -15
  -3
  8
  20
  31
  44
  58
  72
  87
  102
  119
  136
  154
  172
  192
  212
  233
  255
  278
  301
  326
  352
  379
  407
  436
  467
  499
  533
Change in working capital, $m
  -1
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  42
  -35
  -24
  -12
  1
  12
  24
  36
  49
  62
  77
  92
  108
  125
  142
  160
  179
  199
  219
  241
  263
  286
  310
  335
  361
  389
  417
  447
  478
  510
  544
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
New CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  243
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Free cash flow, $m
  285
  -36
  -25
  -13
  0
  11
  22
  34
  47
  61
  75
  90
  106
  122
  139
  157
  176
  195
  216
  237
  259
  282
  306
  330
  356
  383
  412
  441
  472
  504
  538
Issuance/(repayment) of debt, $m
  119
  288
  324
  359
  393
  428
  461
  494
  526
  557
  588
  618
  648
  678
  707
  737
  767
  798
  829
  862
  895
  931
  967
  1,006
  1,046
  1,089
  1,133
  1,180
  1,230
  1,282
  1,338
Issuance/(repurchase) of shares, $m
  -12
  162
  168
  172
  174
  178
  182
  184
  186
  186
  185
  183
  181
  177
  173
  168
  163
  157
  151
  144
  137
  130
  122
  114
  106
  98
  89
  81
  72
  63
  53
Cash from financing (excl. dividends), $m  
  -170
  450
  492
  531
  567
  606
  643
  678
  712
  743
  773
  801
  829
  855
  880
  905
  930
  955
  980
  1,006
  1,032
  1,061
  1,089
  1,120
  1,152
  1,187
  1,222
  1,261
  1,302
  1,345
  1,391
Total cash flow (excl. dividends), $m
  114
  414
  467
  517
  567
  617
  665
  712
  759
  804
  848
  891
  934
  977
  1,020
  1,062
  1,106
  1,150
  1,196
  1,243
  1,291
  1,342
  1,395
  1,450
  1,508
  1,570
  1,634
  1,702
  1,773
  1,849
  1,929
Retained Cash Flow (-), $m
  115
  -162
  -168
  -172
  -174
  -186
  -200
  -215
  -229
  -242
  -256
  -269
  -282
  -295
  -307
  -320
  -333
  -347
  -360
  -375
  -389
  -405
  -421
  -437
  -455
  -473
  -493
  -513
  -535
  -557
  -581
Prev. year cash balance distribution, $m
 
  116
  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
 
  368
  299
  345
  393
  431
  465
  498
  530
  561
  592
  623
  653
  682
  712
  742
  772
  803
  835
  868
  902
  937
  974
  1,013
  1,054
  1,096
  1,141
  1,189
  1,239
  1,292
  1,347
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  334
  244
  252
  253
  241
  224
  205
  183
  161
  138
  117
  96
  78
  62
  48
  37
  27
  20
  14
  10
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  71.8
  53.7
  41.7
  33.4
  27.5
  23.1
  19.8
  17.2
  15.2
  13.6
  12.3
  11.3
  10.4
  9.7
  9.1
  8.6
  8.2
  7.8
  7.5
  7.2
  7.0
  6.8
  6.7
  6.5
  6.4
  6.3
  6.2
  6.1
  6.1
  6.0

Resource Capital Corp., a diversified real estate investment trust, primarily focuses on originating, holding, and managing commercial mortgage loans and other commercial real estate-related debt and equity investments in the United States. The company invests in commercial real estate-related assets, such as first mortgage loans; first priority interests in first mortgage real estate loans; subordinate interests in first mortgage real estate loans; mezzanine debt; commercial mortgage-backed securities; commercial real estate; and residential mortgage loans and mortgaged-backed securities. It also invests in commercial finance assets, including middle-market secured corporate loans and preferred equity investments; asset-backed securities; debt tranches of collateralized debt obligations and collateralized loan obligations; structured note investments; senior secured corporate loans; and preferred equity investment in a commercial leasing enterprise. The company qualifies as a real estate investment trust (REIT) for federal income tax purposes. As a REIT, it is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income. Resource Capital Corp. was founded in 2005 and is based in New York, New York.

FINANCIAL RATIOS  of  Resource Capital (RSO)

Valuation Ratios
P/E Ratio -10.6
Price to Sales 2.6
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow 7.6
Growth Rates
Sales Growth Rate -17.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 169.2%
Total Debt to Equity 169.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital -1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity -3.9%
Return On Equity - 3 Yr. Avg. 1.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 45%
Gross Margin - 3 Yr. Avg. 51.6%
EBITDA Margin 39.2%
EBITDA Margin - 3 Yr. Avg. 53.9%
Operating Margin -9.2%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 17.1%
Net Profit Margin -25%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.6%
Payout Ratio -256.7%

RSO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RSO stock intrinsic value calculation we used $120 million for the last fiscal year's total revenue generated by Resource Capital. The default revenue input number comes from 2016 income statement of Resource Capital. 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 RSO stock valuation model: a) initial revenue growth rate of 21.4% 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 10.1%, whose default value for RSO is calculated based on our internal credit rating of Resource Capital, 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 Resource Capital.
    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 RSO stock the variable cost ratio is equal to 19.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $111 million in the base year in the intrinsic value calculation for RSO 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 Resource Capital.

Corporate tax rate of 27% is the nominal tax rate for Resource Capital. 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 RSO 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 RSO are equal to 2.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Resource Capital 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 RSO is equal to -10%. 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 - $704 million for Resource Capital - 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 31.174 million for Resource Capital 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 Resource Capital at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Resource Capital posts 2Q profit   [Aug-03-17 10:10AM  Associated Press]
▶ Resource Capital Corp. Declares Quarterly Cash Dividend   [Jun-19-17 04:01PM  GlobeNewswire]
▶ Resource Capital posts 1Q profit   [05:03AM  Associated Press]
▶ Resource Capital Corp. Declares Quarterly Cash Dividend   [Mar-20-17 04:01PM  Marketwired]
▶ Resource Capital reports 4Q loss   [05:44AM  Associated Press]
▶ Resource Capital Corp. Declares Quarterly Cash Dividend   [Dec-15-16 09:00AM  Marketwired]
▶ How Navigator Holdings Ltd (NVGS) Stacks Up Against Its Peers   [Dec-13-16 01:47AM  at Insider Monkey]
▶ Resource Capital Corp. Declares Quarterly Cash Dividend   [Sep-19-16 08:30AM  Marketwired]
▶ Resource Capital Corp. Declares Quarterly Cash Dividend   [Jun-16-16 04:01PM  Marketwired]
▶ Local asset manager agrees to be sold to Texas company for $270M   [May-23-16 11:15AM  at bizjournals.com]
▶ Resource Capital Corp. Declares Quarterly Cash Dividend   [Mar-17-16 09:00AM  Marketwired]
▶ Why Are These Stocks Making Big Friday Moves?   [Jan-15-16 01:59PM  at Insider Monkey]
Stock chart of RSO Financial statements of RSO
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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