Intrinsic value of Sunstone Hotel Investors - SHO

Previous Close

$16.53

  Intrinsic Value

$2.76

stock screener

  Rating & Target

str. sell

-83%

Previous close

$16.53

 
Intrinsic value

$2.76

 
Up/down potential

-83%

 
Rating

str. sell

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

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 3.7

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,189
  1,213
  1,241
  1,273
  1,308
  1,348
  1,392
  1,439
  1,490
  1,546
  1,605
  1,668
  1,736
  1,808
  1,885
  1,966
  2,052
  2,143
  2,240
  2,342
  2,449
  2,563
  2,683
  2,809
  2,942
  3,082
  3,229
  3,384
  3,548
  3,720
  3,900
Variable operating expenses, $m
 
  1,042
  1,066
  1,093
  1,124
  1,158
  1,195
  1,236
  1,280
  1,328
  1,378
  1,433
  1,491
  1,553
  1,619
  1,689
  1,763
  1,841
  1,924
  2,011
  2,104
  2,201
  2,304
  2,412
  2,527
  2,647
  2,774
  2,907
  3,047
  3,195
  3,350
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
  1,042
  1,066
  1,093
  1,124
  1,158
  1,195
  1,236
  1,280
  1,328
  1,378
  1,433
  1,491
  1,553
  1,619
  1,689
  1,763
  1,841
  1,924
  2,011
  2,104
  2,201
  2,304
  2,412
  2,527
  2,647
  2,774
  2,907
  3,047
  3,195
  3,350
Operating income, $m
  170
  171
  175
  179
  184
  190
  196
  203
  210
  218
  226
  235
  245
  255
  266
  277
  290
  302
  316
  330
  346
  362
  378
  396
  415
  435
  456
  477
  501
  525
  550
EBITDA, $m
  334
  338
  346
  355
  365
  376
  388
  401
  416
  431
  448
  465
  484
  504
  526
  548
  572
  598
  625
  653
  683
  715
  748
  783
  821
  860
  901
  944
  990
  1,037
  1,088
Interest expense (income), $m
  50
  37
  38
  40
  41
  43
  44
  46
  48
  51
  53
  56
  58
  61
  65
  68
  72
  75
  79
  84
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  149
Earnings before tax, $m
  140
  134
  137
  140
  143
  147
  152
  157
  162
  167
  173
  180
  186
  194
  201
  209
  218
  227
  237
  247
  257
  269
  280
  293
  306
  320
  335
  350
  366
  383
  401
Tax expense, $m
  -1
  36
  37
  38
  39
  40
  41
  42
  44
  45
  47
  49
  50
  52
  54
  57
  59
  61
  64
  67
  69
  73
  76
  79
  83
  86
  90
  95
  99
  103
  108
Net income, $m
  134
  98
  100
  102
  105
  108
  111
  114
  118
  122
  126
  131
  136
  141
  147
  153
  159
  166
  173
  180
  188
  196
  205
  214
  224
  234
  244
  256
  267
  280
  293

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
  3,436
  3,515
  3,605
  3,706
  3,819
  3,942
  4,076
  4,222
  4,378
  4,546
  4,726
  4,918
  5,122
  5,339
  5,569
  5,813
  6,072
  6,345
  6,634
  6,938
  7,260
  7,599
  7,957
  8,333
  8,730
  9,148
  9,588
  10,050
  10,537
  11,049
Adjusted assets (=assets-cash), $m
  3,369
  3,436
  3,515
  3,605
  3,706
  3,819
  3,942
  4,076
  4,222
  4,378
  4,546
  4,726
  4,918
  5,122
  5,339
  5,569
  5,813
  6,072
  6,345
  6,634
  6,938
  7,260
  7,599
  7,957
  8,333
  8,730
  9,148
  9,588
  10,050
  10,537
  11,049
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
  3,260
  3,335
  3,421
  3,517
  3,623
  3,740
  3,868
  4,006
  4,154
  4,314
  4,484
  4,666
  4,860
  5,066
  5,285
  5,516
  5,761
  6,021
  6,294
  6,584
  6,889
  7,211
  7,550
  7,907
  8,284
  8,680
  9,097
  9,536
  9,998
  10,484
Working capital, $m
  159
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
Total debt, $m
  947
  784
  809
  837
  870
  905
  945
  987
  1,033
  1,083
  1,137
  1,194
  1,255
  1,320
  1,389
  1,462
  1,540
  1,622
  1,709
  1,801
  1,897
  2,000
  2,108
  2,221
  2,341
  2,467
  2,600
  2,740
  2,887
  3,042
  3,205
Total liabilities, $m
  1,256
  1,093
  1,118
  1,146
  1,179
  1,214
  1,254
  1,296
  1,342
  1,392
  1,446
  1,503
  1,564
  1,629
  1,698
  1,771
  1,849
  1,931
  2,018
  2,110
  2,206
  2,309
  2,417
  2,530
  2,650
  2,776
  2,909
  3,049
  3,196
  3,351
  3,514
Total equity, $m
  2,483
  2,343
  2,397
  2,459
  2,528
  2,604
  2,688
  2,780
  2,879
  2,986
  3,101
  3,223
  3,354
  3,493
  3,641
  3,798
  3,965
  4,141
  4,327
  4,524
  4,732
  4,951
  5,183
  5,427
  5,683
  5,954
  6,239
  6,539
  6,854
  7,186
  7,535
Total liabilities and equity, $m
  3,739
  3,436
  3,515
  3,605
  3,707
  3,818
  3,942
  4,076
  4,221
  4,378
  4,547
  4,726
  4,918
  5,122
  5,339
  5,569
  5,814
  6,072
  6,345
  6,634
  6,938
  7,260
  7,600
  7,957
  8,333
  8,730
  9,148
  9,588
  10,050
  10,537
  11,049
Debt-to-equity ratio
  0.381
  0.330
  0.340
  0.340
  0.340
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  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
  100
  102
  105
  108
  111
  114
  118
  122
  126
  131
  136
  141
  147
  153
  159
  166
  173
  180
  188
  196
  205
  214
  224
  234
  244
  256
  267
  280
  293
Depreciation, amort., depletion, $m
  164
  167
  171
  176
  180
  186
  192
  198
  206
  213
  221
  230
  239
  249
  260
  271
  283
  295
  309
  323
  338
  353
  370
  387
  406
  425
  445
  467
  489
  513
  538
Funds from operations, $m
  316
  265
  271
  278
  285
  294
  303
  313
  324
  335
  348
  361
  375
  391
  407
  424
  442
  461
  481
  503
  525
  549
  575
  601
  629
  658
  689
  722
  756
  793
  831
Change in working capital, $m
  11
  -1
  -1
  -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
  -4
  -4
  -4
Cash from operations, $m
  305
  265
  271
  278
  286
  294
  304
  314
  325
  336
  349
  363
  377
  392
  408
  426
  444
  463
  484
  505
  528
  552
  577
  604
  632
  662
  693
  726
  760
  796
  835
Maintenance CAPEX, $m
  0
  -164
  -167
  -171
  -175
  -180
  -186
  -192
  -198
  -205
  -213
  -221
  -230
  -239
  -249
  -260
  -271
  -283
  -295
  -309
  -323
  -338
  -353
  -370
  -387
  -406
  -425
  -445
  -467
  -489
  -513
New CAPEX, $m
  -2
  -64
  -75
  -86
  -96
  -107
  -117
  -127
  -138
  -149
  -159
  -171
  -182
  -194
  -206
  -219
  -232
  -245
  -259
  -274
  -289
  -305
  -322
  -339
  -357
  -376
  -396
  -417
  -439
  -462
  -486
Cash from investing activities, $m
  -152
  -228
  -242
  -257
  -271
  -287
  -303
  -319
  -336
  -354
  -372
  -392
  -412
  -433
  -455
  -479
  -503
  -528
  -554
  -583
  -612
  -643
  -675
  -709
  -744
  -782
  -821
  -862
  -906
  -951
  -999
Free cash flow, $m
  153
  38
  29
  22
  14
  7
  1
  -5
  -11
  -17
  -23
  -29
  -35
  -41
  -47
  -53
  -59
  -65
  -71
  -78
  -84
  -91
  -98
  -105
  -113
  -120
  -128
  -137
  -146
  -155
  -164
Issuance/(repayment) of debt, $m
  -166
  22
  25
  29
  32
  36
  39
  43
  46
  50
  53
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  147
  155
  163
Issuance/(repurchase) of shares, $m
  130
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  4
  7
  11
  14
  17
  20
  23
  27
  30
  33
  37
  41
  44
  48
  52
  56
Cash from financing (excl. dividends), $m  
  -56
  22
  25
  29
  32
  36
  39
  43
  46
  50
  53
  57
  61
  65
  70
  77
  85
  93
  101
  109
  117
  125
  135
  144
  153
  163
  174
  184
  195
  207
  219
Total cash flow (excl. dividends), $m
  97
  59
  54
  50
  47
  43
  40
  37
  35
  32
  30
  28
  26
  24
  23
  25
  26
  28
  29
  31
  33
  35
  36
  38
  41
  43
  45
  47
  50
  52
  55
Retained Cash Flow (-), $m
  -182
  -45
  -54
  -62
  -69
  -77
  -84
  -92
  -99
  -107
  -115
  -123
  -131
  -139
  -148
  -157
  -166
  -176
  -186
  -197
  -208
  -219
  -231
  -244
  -257
  -271
  -285
  -300
  -316
  -332
  -349
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
 
  199
  0
  -11
  -23
  -33
  -44
  -54
  -64
  -74
  -85
  -95
  -105
  -115
  -125
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -294
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
 
  191
  0
  -10
  -19
  -26
  -32
  -36
  -40
  -42
  -44
  -44
  -44
  -43
  -41
  -38
  -35
  -31
  -28
  -24
  -21
  -18
  -15
  -13
  -10
  -8
  -6
  -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
  100.0
  100.0
  99.9
  99.8
  99.6
  99.4
  99.1
  98.8
  98.5
  98.2
  97.8
  97.4
  97.0
  96.5
  96.1
  95.6
  95.1
  94.6

Sunstone Hotel Investors, Inc. operates as a self-managed and self-administered real estate investment trust. The Company's primary business is to acquire, own, asset manage and renovate primarily urban and resort upper upscale hotels in the United States. It operates through hotel ownership segment. It owns primarily urban and resort upper upscale hotels in the United States. The Company’s hotels are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt. As of July 26, 2017 the Company has interest in 27 hotels, including 13,202 rooms. The Company's hotels are located in gateway markets, such as Boston, New York, Washington, District of Columbia (DC)/Baltimore, Chicago, Orlando, New Orleans, San Francisco, Los Angeles, Orange County and San Diego.

FINANCIAL RATIOS  of  Sunstone Hotel Investors (SHO)

Valuation Ratios
P/E Ratio 27.1
Price to Sales 3.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 12
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% 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 225.045 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 $3.7 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 6.85 20.77  str.buy
AHP Ashford Hospit 10.12 4.27  str.sell
H Hyatt Hotels 61.85 17.87  str.sell
MAR Marriott Inter 115.02 597.63  str.buy
HLT Hilton Worldwi 71.04 131.88  str.buy
RLJ RLJ Lodging Tr 21.98 4.77  str.sell
CLDT Chatham Lodgin 21.82 5.69  str.sell
CHSP Chesapeake Lod 27.49 4.95  str.sell

COMPANY NEWS

▶ Five Hotels To Buy Despite Industry Oversupply Woes   [Oct-02-17 09:54AM  Barrons.com]
▶ Lodging Selloff Looks Overdone   [Sep-08-17 11:11AM  Barrons.com]
▶ 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]
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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