Intrinsic value of Sunstone Hotel Investors - SHO

Previous Close

$15.41

  Intrinsic Value

$2.85

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

0%

Previous close

$15.41

 
Intrinsic value

$2.85

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

0%

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

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

We calculate the intrinsic value of SHO 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 3.4

 

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, %
  -4.80
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  1,189
  1,220
  1,255
  1,293
  1,335
  1,381
  1,430
  1,483
  1,541
  1,602
  1,667
  1,736
  1,810
  1,888
  1,971
  2,059
  2,152
  2,250
  2,353
  2,462
  2,577
  2,699
  2,827
  2,961
  3,103
  3,252
  3,409
  3,574
  3,748
  3,931
  4,123
Variable operating expenses, $m
 
  1,048
  1,078
  1,111
  1,147
  1,186
  1,228
  1,274
  1,323
  1,376
  1,432
  1,491
  1,555
  1,622
  1,693
  1,768
  1,848
  1,932
  2,021
  2,115
  2,214
  2,318
  2,428
  2,543
  2,665
  2,793
  2,928
  3,070
  3,219
  3,376
  3,541
Fixed operating expenses, $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
Total operating expenses, $m
  1,019
  1,048
  1,078
  1,111
  1,147
  1,186
  1,228
  1,274
  1,323
  1,376
  1,432
  1,491
  1,555
  1,622
  1,693
  1,768
  1,848
  1,932
  2,021
  2,115
  2,214
  2,318
  2,428
  2,543
  2,665
  2,793
  2,928
  3,070
  3,219
  3,376
  3,541
Operating income, $m
  170
  172
  177
  182
  188
  195
  202
  209
  217
  226
  235
  245
  255
  266
  278
  290
  304
  317
  332
  347
  364
  381
  399
  418
  438
  459
  481
  504
  529
  555
  582
EBITDA, $m
  334
  340
  350
  361
  372
  385
  399
  414
  430
  447
  465
  484
  505
  527
  550
  574
  600
  627
  656
  687
  719
  753
  788
  826
  866
  907
  951
  997
  1,045
  1,096
  1,150
Interest expense (income), $m
  50
  37
  39
  40
  42
  44
  46
  48
  50
  53
  56
  58
  61
  65
  68
  72
  76
  80
  84
  89
  94
  99
  104
  110
  116
  122
  128
  135
  143
  150
  158
Earnings before tax, $m
  140
  135
  138
  142
  146
  151
  156
  161
  167
  173
  180
  187
  194
  202
  210
  219
  228
  238
  248
  259
  270
  282
  295
  308
  322
  337
  353
  369
  386
  404
  423
Tax expense, $m
  -1
  36
  37
  38
  40
  41
  42
  44
  45
  47
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  104
  109
  114
Net income, $m
  134
  98
  101
  104
  107
  110
  114
  118
  122
  126
  131
  136
  142
  147
  153
  160
  166
  173
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  370
  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
  3,739
  3,456
  3,554
  3,663
  3,782
  3,911
  4,051
  4,202
  4,364
  4,537
  4,722
  4,918
  5,127
  5,349
  5,584
  5,832
  6,095
  6,373
  6,666
  6,975
  7,301
  7,645
  8,007
  8,389
  8,790
  9,213
  9,658
  10,126
  10,618
  11,135
  11,680
Adjusted assets (=assets-cash), $m
  3,369
  3,456
  3,554
  3,663
  3,782
  3,911
  4,051
  4,202
  4,364
  4,537
  4,722
  4,918
  5,127
  5,349
  5,584
  5,832
  6,095
  6,373
  6,666
  6,975
  7,301
  7,645
  8,007
  8,389
  8,790
  9,213
  9,658
  10,126
  10,618
  11,135
  11,680
Revenue / Adjusted assets
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
Average production assets, $m
  3,196
  3,279
  3,372
  3,475
  3,588
  3,711
  3,844
  3,987
  4,141
  4,305
  4,480
  4,667
  4,865
  5,075
  5,298
  5,534
  5,783
  6,047
  6,325
  6,618
  6,928
  7,254
  7,598
  7,960
  8,341
  8,742
  9,164
  9,608
  10,075
  10,566
  11,082
Working capital, $m
  159
  -27
  -28
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -91
Total debt, $m
  947
  790
  821
  856
  894
  935
  979
  1,027
  1,079
  1,134
  1,193
  1,255
  1,321
  1,392
  1,467
  1,546
  1,629
  1,718
  1,811
  1,909
  2,013
  2,122
  2,237
  2,359
  2,486
  2,621
  2,762
  2,911
  3,067
  3,232
  3,405
Total liabilities, $m
  1,256
  1,099
  1,130
  1,165
  1,203
  1,244
  1,288
  1,336
  1,388
  1,443
  1,502
  1,564
  1,630
  1,701
  1,776
  1,855
  1,938
  2,027
  2,120
  2,218
  2,322
  2,431
  2,546
  2,668
  2,795
  2,930
  3,071
  3,220
  3,376
  3,541
  3,714
Total equity, $m
  2,483
  2,357
  2,424
  2,498
  2,579
  2,667
  2,763
  2,866
  2,976
  3,094
  3,220
  3,354
  3,497
  3,648
  3,808
  3,978
  4,157
  4,346
  4,546
  4,757
  4,979
  5,214
  5,461
  5,721
  5,995
  6,283
  6,587
  6,906
  7,241
  7,594
  7,965
Total liabilities and equity, $m
  3,739
  3,456
  3,554
  3,663
  3,782
  3,911
  4,051
  4,202
  4,364
  4,537
  4,722
  4,918
  5,127
  5,349
  5,584
  5,833
  6,095
  6,373
  6,666
  6,975
  7,301
  7,645
  8,007
  8,389
  8,790
  9,213
  9,658
  10,126
  10,617
  11,135
  11,679
Debt-to-equity ratio
  0.381
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.390
  0.400
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.430
  0.430
Adjusted equity ratio
  0.627
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  134
  98
  101
  104
  107
  110
  114
  118
  122
  126
  131
  136
  142
  147
  153
  160
  166
  173
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
Depreciation, amort., depletion, $m
  164
  168
  173
  178
  184
  190
  197
  205
  212
  221
  230
  239
  249
  260
  272
  284
  297
  310
  324
  339
  355
  372
  390
  408
  428
  448
  470
  493
  517
  542
  568
Funds from operations, $m
  316
  267
  274
  282
  291
  301
  311
  322
  334
  347
  361
  375
  391
  407
  425
  443
  463
  484
  505
  528
  552
  578
  605
  633
  663
  694
  727
  762
  799
  837
  877
Change in working capital, $m
  11
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  305
  267
  275
  283
  292
  302
  312
  323
  336
  349
  362
  377
  393
  409
  427
  445
  465
  486
  508
  531
  555
  581
  608
  636
  666
  698
  731
  766
  802
  841
  882
Maintenance CAPEX, $m
  0
  -164
  -168
  -173
  -178
  -184
  -190
  -197
  -204
  -212
  -221
  -230
  -239
  -249
  -260
  -272
  -284
  -297
  -310
  -324
  -339
  -355
  -372
  -390
  -408
  -428
  -448
  -470
  -493
  -517
  -542
New CAPEX, $m
  -2
  -83
  -93
  -103
  -113
  -123
  -133
  -143
  -154
  -164
  -175
  -187
  -198
  -210
  -223
  -236
  -249
  -263
  -278
  -293
  -309
  -326
  -344
  -362
  -381
  -401
  -422
  -444
  -467
  -491
  -516
Cash from investing activities, $m
  -152
  -247
  -261
  -276
  -291
  -307
  -323
  -340
  -358
  -376
  -396
  -417
  -437
  -459
  -483
  -508
  -533
  -560
  -588
  -617
  -648
  -681
  -716
  -752
  -789
  -829
  -870
  -914
  -960
  -1,008
  -1,058
Free cash flow, $m
  153
  20
  13
  7
  1
  -5
  -11
  -17
  -23
  -28
  -34
  -39
  -45
  -51
  -56
  -62
  -68
  -74
  -81
  -87
  -94
  -101
  -108
  -115
  -123
  -131
  -140
  -148
  -157
  -167
  -177
Issuance/(repayment) of debt, $m
  -166
  28
  31
  35
  38
  41
  45
  48
  51
  55
  59
  63
  66
  70
  75
  79
  84
  88
  93
  98
  104
  109
  115
  121
  128
  134
  141
  149
  157
  165
  173
Issuance/(repurchase) of shares, $m
  130
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  4
  7
  10
  13
  16
  19
  22
  25
  28
  32
  35
  39
  42
  46
  50
  54
  58
  62
Cash from financing (excl. dividends), $m  
  -56
  28
  31
  35
  38
  41
  45
  48
  51
  55
  59
  63
  67
  74
  82
  89
  97
  104
  112
  120
  129
  137
  147
  156
  167
  176
  187
  199
  211
  223
  235
Total cash flow (excl. dividends), $m
  97
  48
  45
  41
  39
  36
  33
  31
  29
  27
  25
  23
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
Retained Cash Flow (-), $m
  -182
  -59
  -67
  -74
  -81
  -88
  -96
  -103
  -110
  -118
  -126
  -134
  -142
  -151
  -160
  -169
  -179
  -189
  -200
  -211
  -222
  -234
  -247
  -260
  -274
  -288
  -303
  -319
  -336
  -353
  -371
Prev. year cash balance distribution, $m
 
  185
  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
 
  174
  -22
  -33
  -43
  -52
  -62
  -72
  -81
  -91
  -101
  -111
  -120
  -127
  -135
  -143
  -151
  -159
  -168
  -178
  -187
  -197
  -208
  -219
  -231
  -243
  -255
  -269
  -283
  -297
  -313
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  167
  -20
  -28
  -35
  -40
  -45
  -48
  -50
  -52
  -52
  -52
  -50
  -47
  -44
  -41
  -37
  -34
  -30
  -26
  -23
  -19
  -16
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
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
  99.9
  99.8
  99.6
  99.3
  99.0
  98.7
  98.4
  98.0
  97.6
  97.1
  96.7
  96.2
  95.7
  95.2
  94.7
  94.1
  93.6
  93.0

Sunstone Hotel Investors, Inc. operates as a real estate investment trust. The firm engages in the acquisition, ownership, asset management, renovation, and sale of luxury, upper upscale, and upscale full-service hotels in the United States. Its portfolio also includes mid-scale hotels. Sunstone Hotel Investors was founded in 1995 and is based in Aliso Viejo, California.

FINANCIAL RATIOS  of  Sunstone Hotel Investors (SHO)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 2.9
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 11.2
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -66.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.4
LT Debt to Equity 30.7%
Total Debt to Equity 38.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 5.6%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 63.7%
Gross Margin - 3 Yr. Avg. 63.7%
EBITDA Margin 29.8%
EBITDA Margin - 3 Yr. Avg. 34.3%
Operating Margin 14.3%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate -0.7%
Eff/ Tax Rate - 3 Yr. Avg. -0.1%
Payout Ratio 169.4%

SHO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHO stock intrinsic value calculation we used $1189 million for the last fiscal year's total revenue generated by Sunstone Hotel Investors. The default revenue input number comes from 2016 income statement of Sunstone Hotel Investors. 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 SHO stock valuation model: a) initial revenue growth rate of 2.6% 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 4.4%, whose default value for SHO is calculated based on our internal credit rating of Sunstone Hotel Investors, 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 Sunstone Hotel Investors.
    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 SHO stock the variable cost ratio is equal to 85.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SHO 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 4.9% for Sunstone Hotel Investors.

Corporate tax rate of 27% is the nominal tax rate for Sunstone Hotel Investors. 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 SHO 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 SHO are equal to 268.8%.

Life of production assets of 19.5 years is the average useful life of capital assets used in Sunstone Hotel Investors 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 SHO is equal to -2.2%. 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 - $2483 million for Sunstone Hotel Investors - 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 218.035 million for Sunstone Hotel Investors 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 Sunstone Hotel Investors at the current share price and the inputted number of shares is $3.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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MAR Marriott Inter 98.03 530.50  str.buy
HLT Hilton Worldwi 61.06 166.52  str.buy
RLJ RLJ Lodging Tr 19.61 5.83  str.sell
FCH Felcor Lodging 7.02 0.41  str.sell
CLDT Chatham Lodgin 19.75 5.94  str.sell
CHSP Chesapeake Lod 24.61 5.02  str.sell

COMPANY NEWS

▶ Sunstone Hotel reports 2Q results   [Aug-01-17 10:00PM  Associated Press]
▶ Sunstone Hotel reports 1Q results   [May-02-17 05:10PM  Associated Press]
▶ Sunstone Hotel reports 4Q results   [Feb-21-17 05:44PM  Associated Press]
▶ Own a hotel, with help from Donald Trump   [Jan-31-17 01:52PM  at MarketWatch]
▶ Is NorthWestern Corp (NWE) Going To Burn Investors?   [Dec-16-16 10:04PM  at Insider Monkey]
▶ Hedge Funds Are Selling MFA Financial, Inc. (MFA)   [Dec-11-16 08:54AM  at Insider Monkey]
▶ Hedge Funds Are Betting On Buffalo Wild Wings (BWLD)   [Nov-26-16 09:08AM  at Insider Monkey]
▶ Trades Setting Up in These Stocks   [Aug-29-16 01:00PM  at Investopedia]
Stock chart of SHO Financial statements of SHO
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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