Intrinsic value of Senior Housing Properties Trust - SNH

Previous Close

$19.00

  Intrinsic Value

$3.38

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

-5%

Previous close

$19.00

 
Intrinsic value

$3.38

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

-5%

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

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

We calculate the intrinsic value of SNH 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 4.5

 

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, %
  5.91
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  1,058
  1,087
  1,118
  1,153
  1,192
  1,233
  1,278
  1,327
  1,378
  1,434
  1,493
  1,555
  1,622
  1,692
  1,767
  1,846
  1,930
  2,018
  2,111
  2,209
  2,313
  2,422
  2,537
  2,658
  2,786
  2,920
  3,061
  3,210
  3,366
  3,530
  3,703
Variable operating expenses, $m
 
  534
  549
  566
  585
  606
  628
  651
  677
  704
  733
  764
  796
  831
  868
  906
  947
  991
  1,037
  1,085
  1,136
  1,189
  1,246
  1,305
  1,368
  1,434
  1,503
  1,576
  1,653
  1,733
  1,818
Fixed operating expenses, $m
 
  247
  253
  260
  266
  273
  279
  286
  294
  301
  309
  316
  324
  332
  341
  349
  358
  367
  376
  385
  395
  405
  415
  425
  436
  447
  458
  469
  481
  493
  506
Total operating expenses, $m
  755
  781
  802
  826
  851
  879
  907
  937
  971
  1,005
  1,042
  1,080
  1,120
  1,163
  1,209
  1,255
  1,305
  1,358
  1,413
  1,470
  1,531
  1,594
  1,661
  1,730
  1,804
  1,881
  1,961
  2,045
  2,134
  2,226
  2,324
Operating income, $m
  303
  306
  316
  328
  341
  355
  371
  389
  408
  429
  451
  475
  501
  529
  559
  591
  624
  660
  699
  739
  782
  828
  876
  928
  982
  1,039
  1,100
  1,164
  1,232
  1,304
  1,379
EBITDA, $m
  591
  601
  620
  641
  665
  690
  719
  749
  783
  818
  857
  898
  942
  989
  1,039
  1,092
  1,149
  1,209
  1,273
  1,340
  1,411
  1,487
  1,566
  1,650
  1,739
  1,833
  1,932
  2,037
  2,147
  2,263
  2,386
Interest expense (income), $m
  160
  163
  168
  174
  179
  186
  193
  200
  209
  217
  226
  236
  247
  258
  270
  282
  296
  310
  324
  340
  356
  374
  392
  411
  432
  453
  476
  499
  524
  550
  578
Earnings before tax, $m
  142
  143
  148
  154
  161
  169
  178
  188
  199
  212
  225
  239
  255
  271
  289
  308
  329
  351
  374
  399
  426
  454
  484
  516
  550
  586
  625
  665
  708
  753
  801
Tax expense, $m
  1
  39
  40
  42
  44
  46
  48
  51
  54
  57
  61
  65
  69
  73
  78
  83
  89
  95
  101
  108
  115
  123
  131
  139
  149
  158
  169
  180
  191
  203
  216
Net income, $m
  141
  104
  108
  112
  118
  124
  130
  138
  146
  154
  164
  175
  186
  198
  211
  225
  240
  256
  273
  291
  311
  332
  354
  377
  402
  428
  456
  485
  517
  550
  585

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  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
  7,228
  7,392
  7,608
  7,847
  8,108
  8,391
  8,696
  9,025
  9,377
  9,753
  10,153
  10,580
  11,032
  11,512
  12,021
  12,558
  13,127
  13,727
  14,361
  15,029
  15,734
  16,477
  17,259
  18,083
  18,950
  19,863
  20,823
  21,834
  22,896
  24,013
  25,188
Adjusted assets (=assets-cash), $m
  7,196
  7,392
  7,608
  7,847
  8,108
  8,391
  8,696
  9,025
  9,377
  9,753
  10,153
  10,580
  11,032
  11,512
  12,021
  12,558
  13,127
  13,727
  14,361
  15,029
  15,734
  16,477
  17,259
  18,083
  18,950
  19,863
  20,823
  21,834
  22,896
  24,013
  25,188
Revenue / Adjusted assets
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
Average production assets, $m
  6,356
  6,528
  6,719
  6,930
  7,160
  7,410
  7,680
  7,970
  8,281
  8,613
  8,967
  9,344
  9,743
  10,167
  10,616
  11,091
  11,593
  12,124
  12,683
  13,274
  13,896
  14,552
  15,243
  15,971
  16,737
  17,543
  18,391
  19,283
  20,221
  21,208
  22,246
Working capital, $m
  0
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
Total debt, $m
  3,714
  3,824
  3,946
  4,079
  4,225
  4,384
  4,555
  4,739
  4,936
  5,147
  5,371
  5,610
  5,863
  6,132
  6,417
  6,718
  7,036
  7,372
  7,727
  8,101
  8,496
  8,912
  9,350
  9,812
  10,297
  10,808
  11,346
  11,912
  12,507
  13,133
  13,790
Total liabilities, $m
  4,028
  4,139
  4,261
  4,394
  4,540
  4,699
  4,870
  5,054
  5,251
  5,462
  5,686
  5,925
  6,178
  6,447
  6,732
  7,033
  7,351
  7,687
  8,042
  8,416
  8,811
  9,227
  9,665
  10,127
  10,612
  11,123
  11,661
  12,227
  12,822
  13,448
  14,105
Total equity, $m
  3,199
  3,252
  3,348
  3,453
  3,567
  3,692
  3,826
  3,971
  4,126
  4,291
  4,468
  4,655
  4,854
  5,065
  5,289
  5,526
  5,776
  6,040
  6,319
  6,613
  6,923
  7,250
  7,594
  7,957
  8,338
  8,740
  9,162
  9,607
  10,074
  10,566
  11,083
Total liabilities and equity, $m
  7,227
  7,391
  7,609
  7,847
  8,107
  8,391
  8,696
  9,025
  9,377
  9,753
  10,154
  10,580
  11,032
  11,512
  12,021
  12,559
  13,127
  13,727
  14,361
  15,029
  15,734
  16,477
  17,259
  18,084
  18,950
  19,863
  20,823
  21,834
  22,896
  24,014
  25,188
Debt-to-equity ratio
  1.161
  1.180
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.200
  1.200
  1.200
  1.210
  1.210
  1.210
  1.210
  1.220
  1.220
  1.220
  1.220
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.240
  1.240
  1.240
  1.240
  1.240
  1.240
Adjusted equity ratio
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  141
  104
  108
  112
  118
  124
  130
  138
  146
  154
  164
  175
  186
  198
  211
  225
  240
  256
  273
  291
  311
  332
  354
  377
  402
  428
  456
  485
  517
  550
  585
Depreciation, amort., depletion, $m
  288
  295
  304
  314
  324
  335
  348
  361
  375
  390
  406
  423
  441
  460
  480
  502
  525
  549
  574
  601
  629
  658
  690
  723
  757
  794
  832
  873
  915
  960
  1,007
Funds from operations, $m
  430
  400
  412
  426
  442
  459
  478
  498
  520
  544
  570
  597
  627
  658
  691
  727
  765
  805
  847
  892
  940
  990
  1,043
  1,100
  1,159
  1,222
  1,288
  1,358
  1,432
  1,510
  1,592
Change in working capital, $m
  3
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from operations, $m
  427
  400
  413
  427
  443
  460
  479
  500
  522
  546
  572
  599
  629
  660
  694
  729
  767
  807
  850
  895
  943
  993
  1,047
  1,103
  1,163
  1,226
  1,292
  1,362
  1,436
  1,514
  1,597
Maintenance CAPEX, $m
  0
  -288
  -295
  -304
  -314
  -324
  -335
  -348
  -361
  -375
  -390
  -406
  -423
  -441
  -460
  -480
  -502
  -525
  -549
  -574
  -601
  -629
  -658
  -690
  -723
  -757
  -794
  -832
  -873
  -915
  -960
New CAPEX, $m
  -327
  -172
  -191
  -211
  -230
  -250
  -270
  -290
  -311
  -332
  -354
  -376
  -400
  -424
  -449
  -475
  -502
  -530
  -560
  -590
  -622
  -656
  -691
  -728
  -766
  -806
  -848
  -892
  -938
  -987
  -1,037
Cash from investing activities, $m
  -293
  -460
  -486
  -515
  -544
  -574
  -605
  -638
  -672
  -707
  -744
  -782
  -823
  -865
  -909
  -955
  -1,004
  -1,055
  -1,109
  -1,164
  -1,223
  -1,285
  -1,349
  -1,418
  -1,489
  -1,563
  -1,642
  -1,724
  -1,811
  -1,902
  -1,997
Free cash flow, $m
  134
  -59
  -74
  -88
  -101
  -114
  -126
  -138
  -150
  -161
  -172
  -183
  -194
  -205
  -215
  -226
  -237
  -248
  -258
  -269
  -280
  -291
  -303
  -314
  -326
  -338
  -350
  -362
  -374
  -387
  -400
Issuance/(repayment) of debt, $m
  244
  110
  121
  134
  146
  158
  171
  184
  197
  211
  224
  239
  253
  269
  285
  301
  318
  336
  355
  374
  395
  416
  438
  461
  486
  511
  538
  566
  595
  626
  658
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  1
  4
  7
  9
  11
  12
  13
  13
  13
  13
  12
  10
  8
  6
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  230
  110
  121
  134
  146
  159
  175
  191
  206
  222
  236
  252
  266
  282
  298
  313
  328
  344
  361
  377
  395
  416
  438
  461
  486
  511
  538
  566
  595
  626
  658
Total cash flow (excl. dividends), $m
  364
  51
  48
  46
  45
  46
  49
  53
  57
  61
  65
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  125
  135
  147
  160
  174
  188
  204
  221
  238
  257
Retained Cash Flow (-), $m
  161
  -85
  -95
  -105
  -115
  -125
  -134
  -145
  -155
  -165
  -176
  -188
  -199
  -211
  -224
  -237
  -250
  -264
  -279
  -294
  -310
  -327
  -344
  -363
  -382
  -402
  -423
  -445
  -467
  -492
  -517
Prev. year cash balance distribution, $m
 
  32
  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
 
  -2
  -48
  -59
  -70
  -79
  -85
  -92
  -98
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -158
  -167
  -177
  -186
  -196
  -202
  -209
  -215
  -222
  -228
  -234
  -241
  -247
  -253
  -259
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  -2
  -40
  -45
  -47
  -47
  -44
  -41
  -38
  -34
  -30
  -26
  -23
  -19
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.6
  99.4
  99.2
  99.0
  98.8
  98.6
  98.4
  98.3
  98.2
  98.1
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0

Senior Housing Properties Trust, a real estate investment trust (REIT), primarily invests in senior housing properties in the United States. The trust invests in hospitals, nursing homes, senior apartments, independent living properties, and assisted living properties. As of September 30, 2005, it owned 184 properties, including 85 assisted living facilities, 61 skilled nursing facilities, 36 independent living communities, and 2 hospitals. The trust elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, it would not be subject to federal income tax, if it distributes at least 90% of its REIT taxable income to its shareholders. Senior Housing Properties Trust was organized in 1998 and is based in Newton, Massachusetts.

FINANCIAL RATIOS  of  Senior Housing Properties Trust (SNH)

Valuation Ratios
P/E Ratio 32
Price to Sales 4.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 45.1
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -72.9%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 116.1%
Total Debt to Equity 116.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 4.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 62.2%
Gross Margin - 3 Yr. Avg. 62%
EBITDA Margin 55.8%
EBITDA Margin - 3 Yr. Avg. 54.9%
Operating Margin 28.6%
Oper. Margin - 3 Yr. Avg. 30.1%
Pre-Tax Margin 13.4%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 13.3%
Net Profit Margin - 3 Yr. Avg. 14.9%
Effective Tax Rate 0.7%
Eff/ Tax Rate - 3 Yr. Avg. 0.2%
Payout Ratio 262.4%

SNH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNH stock intrinsic value calculation we used $1058 million for the last fiscal year's total revenue generated by Senior Housing Properties Trust. The default revenue input number comes from 2016 income statement of Senior Housing Properties Trust. 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 SNH stock valuation model: a) initial revenue growth rate of 2.7% 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 9%, whose default value for SNH is calculated based on our internal credit rating of Senior Housing Properties Trust, 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 Senior Housing Properties Trust.
    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 SNH stock the variable cost ratio is equal to 49.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $241 million in the base year in the intrinsic value calculation for SNH 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 4.4% for Senior Housing Properties Trust.

Corporate tax rate of 27% is the nominal tax rate for Senior Housing Properties Trust. 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 SNH 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 SNH are equal to 600.8%.

Life of production assets of 22.1 years is the average useful life of capital assets used in Senior Housing Properties Trust 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 SNH is equal to -3%. 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 - $3199 million for Senior Housing Properties Trust - 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 236.791 million for Senior Housing Properties Trust 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 Senior Housing Properties Trust at the current share price and the inputted number of shares is $4.5 billion.

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COMPANY NEWS

▶ 3 Real Estate Stocks to Buy With Dividends Over 5%   [Aug-12-17 09:33AM  Motley Fool]
▶ Senior Housing Properties reports 2Q results   [Aug-03-17 11:11AM  Associated Press]
▶ 3 Stocks to Buy With Dividends Yielding More Than 5%   [Jul-07-17 08:23AM  Motley Fool]
▶ 3 Stocks to Buy With Dividends Yielding More Than 5%   [May-31-17 08:43AM  Motley Fool]
▶ Senior Housing Properties reports 1Q results   [07:04AM  Associated Press]
▶ 3 Recession-Proof REITs With Yields Up To 7.6%   [Mar-22-17 04:01PM  Forbes]
▶ 3 Stocks to Buy with Dividends Yielding More than 5%   [Mar-12-17 09:23AM  Motley Fool]
▶ Senior Housing Properties reports 4Q results   [07:15AM  Associated Press]
▶ European stocks step higher, led by RBS, Rolls-Royce   [Feb-20-17 05:23AM  at MarketWatch]
▶ 3 Beaten-up High-Yield Dividend Stocks: Are They Bargains?   [Feb-10-17 04:09PM  at Motley Fool]
▶ Early movers: S, SNY, ALR, TWTR, MYL, AAPL & more   [Dec-29-16 08:25AM  at CNBC]
▶ Do Hedge Funds Love Senior Housing Properties Trust (SNH)?   [Dec-07-16 08:31PM  at Insider Monkey]
▶ Better Buy: HCP, Inc. vs. Senior Housing Properties Trust   [Oct-31-16 02:19PM  at Motley Fool]
Stock chart of SNH Financial statements of SNH
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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