Intrinsic value of SL Green Realty - SLG

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$107.67

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$107.67

 
Intrinsic value

$18.70

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of SLG 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 11.0

 

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, %
  12.09
  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
  1,864
  1,901
  1,945
  1,995
  2,051
  2,113
  2,182
  2,256
  2,336
  2,423
  2,516
  2,615
  2,721
  2,835
  2,955
  3,082
  3,217
  3,360
  3,511
  3,671
  3,840
  4,018
  4,205
  4,403
  4,612
  4,831
  5,062
  5,306
  5,562
  5,831
  6,114
Variable operating expenses, $m
 
  1,443
  1,476
  1,514
  1,557
  1,604
  1,656
  1,712
  1,773
  1,839
  1,910
  1,985
  2,066
  2,151
  2,243
  2,339
  2,442
  2,550
  2,665
  2,786
  2,914
  3,049
  3,192
  3,342
  3,500
  3,667
  3,842
  4,027
  4,221
  4,426
  4,641
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
  1,547
  1,443
  1,476
  1,514
  1,557
  1,604
  1,656
  1,712
  1,773
  1,839
  1,910
  1,985
  2,066
  2,151
  2,243
  2,339
  2,442
  2,550
  2,665
  2,786
  2,914
  3,049
  3,192
  3,342
  3,500
  3,667
  3,842
  4,027
  4,221
  4,426
  4,641
Operating income, $m
  317
  458
  469
  481
  494
  509
  526
  544
  563
  584
  606
  630
  656
  683
  712
  743
  775
  810
  846
  885
  925
  968
  1,014
  1,061
  1,111
  1,164
  1,220
  1,279
  1,340
  1,405
  1,474
EBITDA, $m
  1,163
  1,321
  1,351
  1,386
  1,425
  1,468
  1,515
  1,567
  1,623
  1,683
  1,748
  1,817
  1,891
  1,969
  2,052
  2,141
  2,235
  2,334
  2,439
  2,550
  2,667
  2,791
  2,921
  3,059
  3,204
  3,356
  3,517
  3,686
  3,864
  4,051
  4,247
Interest expense (income), $m
  344
  267
  273
  281
  290
  300
  311
  324
  337
  351
  367
  384
  402
  421
  441
  463
  486
  510
  536
  563
  592
  623
  655
  689
  724
  762
  802
  843
  887
  933
  982
Earnings before tax, $m
  279
  191
  196
  200
  204
  209
  215
  220
  226
  232
  239
  246
  254
  262
  271
  280
  289
  299
  310
  321
  333
  346
  359
  373
  387
  402
  419
  435
  453
  472
  492
Tax expense, $m
  0
  51
  53
  54
  55
  57
  58
  59
  61
  63
  65
  67
  69
  71
  73
  76
  78
  81
  84
  87
  90
  93
  97
  101
  105
  109
  113
  118
  122
  127
  133
Net income, $m
  261
  139
  143
  146
  149
  153
  157
  161
  165
  170
  175
  180
  185
  191
  198
  204
  211
  219
  226
  235
  243
  252
  262
  272
  283
  294
  306
  318
  331
  345
  359

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  279
  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
  15,858
  15,844
  16,208
  16,625
  17,093
  17,611
  18,179
  18,799
  19,469
  20,191
  20,966
  21,795
  22,679
  23,621
  24,622
  25,684
  26,810
  28,001
  29,261
  30,592
  31,998
  33,481
  35,045
  36,694
  38,431
  40,261
  42,187
  44,214
  46,348
  48,593
  50,954
Adjusted assets (=assets-cash), $m
  15,579
  15,844
  16,208
  16,625
  17,093
  17,611
  18,179
  18,799
  19,469
  20,191
  20,966
  21,795
  22,679
  23,621
  24,622
  25,684
  26,810
  28,001
  29,261
  30,592
  31,998
  33,481
  35,045
  36,694
  38,431
  40,261
  42,187
  44,214
  46,348
  48,593
  50,954
Revenue / Adjusted assets
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
Average production assets, $m
  12,938
  13,197
  13,500
  13,847
  14,237
  14,668
  15,142
  15,658
  16,216
  16,817
  17,463
  18,153
  18,890
  19,674
  20,508
  21,393
  22,330
  23,323
  24,372
  25,481
  26,652
  27,887
  29,190
  30,563
  32,010
  33,534
  35,138
  36,827
  38,604
  40,474
  42,440
Working capital, $m
  0
  -285
  -292
  -299
  -308
  -317
  -327
  -338
  -350
  -363
  -377
  -392
  -408
  -425
  -443
  -462
  -483
  -504
  -527
  -551
  -576
  -603
  -631
  -660
  -692
  -725
  -759
  -796
  -834
  -875
  -917
Total debt, $m
  6,524
  6,658
  6,850
  7,070
  7,317
  7,591
  7,891
  8,218
  8,571
  8,953
  9,362
  9,800
  10,267
  10,764
  11,292
  11,853
  12,447
  13,076
  13,742
  14,445
  15,187
  15,970
  16,796
  17,666
  18,584
  19,550
  20,567
  21,637
  22,764
  23,949
  25,196
Total liabilities, $m
  8,231
  8,366
  8,558
  8,778
  9,025
  9,299
  9,599
  9,926
  10,279
  10,661
  11,070
  11,508
  11,975
  12,472
  13,000
  13,561
  14,155
  14,784
  15,450
  16,153
  16,895
  17,678
  18,504
  19,374
  20,292
  21,258
  22,275
  23,345
  24,472
  25,657
  26,904
Total equity, $m
  7,626
  7,478
  7,650
  7,847
  8,068
  8,312
  8,581
  8,873
  9,189
  9,530
  9,896
  10,287
  10,705
  11,149
  11,622
  12,123
  12,654
  13,216
  13,811
  14,440
  15,103
  15,803
  16,541
  17,320
  18,139
  19,003
  19,912
  20,869
  21,876
  22,936
  24,050
Total liabilities and equity, $m
  15,857
  15,844
  16,208
  16,625
  17,093
  17,611
  18,180
  18,799
  19,468
  20,191
  20,966
  21,795
  22,680
  23,621
  24,622
  25,684
  26,809
  28,000
  29,261
  30,593
  31,998
  33,481
  35,045
  36,694
  38,431
  40,261
  42,187
  44,214
  46,348
  48,593
  50,954
Debt-to-equity ratio
  0.855
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
  1.010
  1.010
  1.020
  1.020
  1.020
  1.030
  1.030
  1.040
  1.040
  1.040
  1.050
Adjusted equity ratio
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  261
  139
  143
  146
  149
  153
  157
  161
  165
  170
  175
  180
  185
  191
  198
  204
  211
  219
  226
  235
  243
  252
  262
  272
  283
  294
  306
  318
  331
  345
  359
Depreciation, amort., depletion, $m
  846
  863
  882
  905
  931
  959
  990
  1,023
  1,060
  1,099
  1,141
  1,186
  1,235
  1,286
  1,340
  1,398
  1,459
  1,524
  1,593
  1,665
  1,742
  1,823
  1,908
  1,998
  2,092
  2,192
  2,297
  2,407
  2,523
  2,645
  2,774
Funds from operations, $m
  529
  1,002
  1,025
  1,051
  1,080
  1,112
  1,146
  1,184
  1,225
  1,269
  1,316
  1,366
  1,420
  1,477
  1,538
  1,602
  1,671
  1,743
  1,819
  1,900
  1,985
  2,075
  2,170
  2,270
  2,375
  2,486
  2,602
  2,725
  2,854
  2,990
  3,133
Change in working capital, $m
  -106
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
Cash from operations, $m
  635
  -1,212
  1,032
  1,059
  1,088
  1,121
  1,157
  1,195
  1,237
  1,282
  1,330
  1,381
  1,436
  1,494
  1,556
  1,622
  1,691
  1,764
  1,842
  1,924
  2,010
  2,102
  2,198
  2,299
  2,406
  2,518
  2,637
  2,761
  2,892
  3,030
  3,175
Maintenance CAPEX, $m
  0
  -846
  -863
  -882
  -905
  -931
  -959
  -990
  -1,023
  -1,060
  -1,099
  -1,141
  -1,186
  -1,235
  -1,286
  -1,340
  -1,398
  -1,459
  -1,524
  -1,593
  -1,665
  -1,742
  -1,823
  -1,908
  -1,998
  -2,092
  -2,192
  -2,297
  -2,407
  -2,523
  -2,645
New CAPEX, $m
  -450
  -259
  -304
  -347
  -390
  -432
  -474
  -516
  -558
  -601
  -645
  -690
  -737
  -784
  -834
  -885
  -937
  -992
  -1,049
  -1,109
  -1,171
  -1,235
  -1,303
  -1,373
  -1,447
  -1,524
  -1,604
  -1,689
  -1,777
  -1,870
  -1,967
Cash from investing activities, $m
  2,123
  -1,105
  -1,167
  -1,229
  -1,295
  -1,363
  -1,433
  -1,506
  -1,581
  -1,661
  -1,744
  -1,831
  -1,923
  -2,019
  -2,120
  -2,225
  -2,335
  -2,451
  -2,573
  -2,702
  -2,836
  -2,977
  -3,126
  -3,281
  -3,445
  -3,616
  -3,796
  -3,986
  -4,184
  -4,393
  -4,612
Free cash flow, $m
  2,758
  -2,317
  -134
  -171
  -206
  -241
  -276
  -310
  -345
  -379
  -415
  -450
  -487
  -525
  -564
  -603
  -645
  -687
  -732
  -778
  -826
  -876
  -928
  -982
  -1,038
  -1,098
  -1,159
  -1,224
  -1,292
  -1,362
  -1,437
Issuance/(repayment) of debt, $m
  -2,364
  134
  192
  220
  247
  274
  300
  327
  354
  381
  409
  438
  467
  497
  528
  561
  594
  629
  665
  703
  742
  783
  826
  871
  917
  966
  1,017
  1,071
  1,127
  1,185
  1,247
Issuance/(repurchase) of shares, $m
  12
  2,036
  114
  147
  180
  212
  244
  275
  307
  339
  371
  404
  438
  472
  507
  544
  582
  621
  661
  703
  747
  793
  840
  890
  941
  995
  1,052
  1,111
  1,172
  1,237
  1,304
Cash from financing (excl. dividends), $m  
  -2,419
  2,170
  306
  367
  427
  486
  544
  602
  661
  720
  780
  842
  905
  969
  1,035
  1,105
  1,176
  1,250
  1,326
  1,406
  1,489
  1,576
  1,666
  1,761
  1,858
  1,961
  2,069
  2,182
  2,299
  2,422
  2,551
Total cash flow (excl. dividends), $m
  338
  -2,183
  58
  49
  41
  32
  24
  17
  9
  2
  -5
  -13
  -20
  -28
  -35
  -43
  -50
  -58
  -67
  -75
  -84
  -93
  -102
  -111
  -121
  -132
  -142
  -153
  -165
  -177
  -190
Retained Cash Flow (-), $m
  -56
  -131
  -172
  -197
  -221
  -245
  -268
  -292
  -316
  -341
  -366
  -391
  -418
  -445
  -472
  -501
  -531
  -562
  -595
  -628
  -663
  -700
  -738
  -778
  -820
  -864
  -909
  -957
  -1,007
  -1,059
  -1,114
Prev. year cash balance distribution, $m
 
  279
  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
 
  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
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  83.9
  83.0
  81.9
  80.6
  79.2
  77.6
  75.9
  74.1
  72.2
  70.3
  68.4
  66.4
  64.5
  62.5
  60.5
  58.6
  56.6
  54.7
  52.9
  51.0
  49.2
  47.5
  45.8
  44.1
  42.5
  40.9
  39.4
  37.9
  36.5
  35.1

SL Green Realty Corp. is a real estate investment trust (REIT). The firm engages in the property management, acquisitions, financing, development, construction, and leasing. It also provides tenant services to its clients. The firm invests in real estate markets of the United States. It primarily invests in commercial office and retail properties. SL Green Realty Corp. was founded in 1970 and is based in New York, New York.

FINANCIAL RATIOS  of  SL Green Realty (SLG)

Valuation Ratios
P/E Ratio 41.5
Price to Sales 5.8
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 58.5
Growth Rates
Sales Growth Rate 12.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -85.3%
Cap. Spend. - 3 Yr. Gr. Rate -10.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 85.5%
Total Debt to Equity 85.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.3%
Return On Equity 3.4%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 68.1%
Gross Margin - 3 Yr. Avg. 66.3%
EBITDA Margin 78.8%
EBITDA Margin - 3 Yr. Avg. 75.4%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 23.8%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 19%
Net Profit Margin 14%
Net Profit Margin - 3 Yr. Avg. 21.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 120.3%

SLG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SLG stock intrinsic value calculation we used $1864 million for the last fiscal year's total revenue generated by SL Green Realty. The default revenue input number comes from 2016 income statement of SL Green Realty. 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 SLG 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 8.2%, whose default value for SLG is calculated based on our internal credit rating of SL Green Realty, 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 SL Green Realty.
    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 SLG stock the variable cost ratio is equal to 75.9%.

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 SLG 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 4.1% for SL Green Realty.

Corporate tax rate of 27% is the nominal tax rate for SL Green Realty. 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 SLG 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 SLG are equal to 694.1%.

Life of production assets of 15.3 years is the average useful life of capital assets used in SL Green Realty 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 SLG is equal to -15%. 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 - $7626 million for SL Green Realty - 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 101.951 million for SL Green Realty 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 SL Green Realty at the current share price and the inputted number of shares is $11.0 billion.


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COMPANY NEWS

▶ One Vanderbilt Moves toward Vertical Construction   [Apr-20-17 09:28AM  Business Wire]
▶ SL Green reports 1Q results   [Apr-19-17 05:06PM  Associated Press]
▶ One Vanderbilt Taps Daniel Boulud to Create a Restaurant and Cafe   [Apr-17-17 11:58PM  The Wall Street Journal]
▶ 5 Top Dividend Stocks in Diversified REITs   [01:23PM  at Motley Fool]
▶ SL Green Sells Tarrytown, NY Office Property   [08:25AM  Business Wire]
▶ [$$] Greater New York Watch   [Dec-22-16 09:49PM  at The Wall Street Journal]
▶ [$$] S.L. Green Proposes to Trade Its One Vanderbilt for Two Other Towers   [Dec-11-16 11:20PM  at The Wall Street Journal]
▶ Hedge Funds Are Crazy About SL Green Realty Corp (SLG)   [Dec-07-16 07:02AM  at Insider Monkey]
▶ [$$] REIT Earnings to Diverge Along Sectors   [12:09AM  at The Wall Street Journal]
▶ [$$] REIT Earnings to Diverge Along Sectors   [Oct-25-16 03:12PM  at The Wall Street Journal]
▶ [$$] Developer Sees Manhattan Office Tower as a New Landmark   [12:04AM  at The Wall Street Journal]
Stock chart of SLG Financial statements of SLG
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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