Intrinsic value of Senior Housing Properties Trust - SNH

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$21.39

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$21.39

 
Intrinsic value

$3.37

 
Up/down potential

-84%

 
Rating

str. sell

 
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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 5.1

 

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
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  1,058
  1,081
  1,108
  1,138
  1,172
  1,209
  1,250
  1,293
  1,341
  1,392
  1,446
  1,504
  1,566
  1,632
  1,702
  1,777
  1,855
  1,938
  2,026
  2,119
  2,217
  2,320
  2,429
  2,544
  2,665
  2,792
  2,926
  3,067
  3,215
  3,371
  3,535
Variable operating expenses, $m
 
  531
  544
  559
  575
  594
  614
  635
  658
  683
  710
  739
  769
  801
  836
  872
  911
  952
  995
  1,040
  1,088
  1,139
  1,193
  1,249
  1,308
  1,371
  1,437
  1,506
  1,579
  1,655
  1,736
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
  778
  797
  819
  841
  867
  893
  921
  952
  984
  1,019
  1,055
  1,093
  1,133
  1,177
  1,221
  1,269
  1,319
  1,371
  1,425
  1,483
  1,544
  1,608
  1,674
  1,744
  1,818
  1,895
  1,975
  2,060
  2,148
  2,242
Operating income, $m
  303
  303
  311
  320
  331
  343
  357
  372
  389
  407
  428
  450
  473
  499
  526
  555
  586
  620
  655
  693
  733
  776
  821
  870
  920
  974
  1,031
  1,092
  1,155
  1,223
  1,294
EBITDA, $m
  591
  597
  612
  629
  649
  671
  696
  724
  753
  786
  821
  858
  899
  942
  989
  1,038
  1,091
  1,147
  1,206
  1,269
  1,336
  1,407
  1,482
  1,561
  1,645
  1,733
  1,827
  1,925
  2,029
  2,139
  2,255
Interest expense (income), $m
  160
  163
  167
  172
  177
  183
  189
  196
  203
  211
  219
  229
  238
  249
  260
  271
  284
  297
  311
  326
  341
  358
  375
  393
  413
  433
  454
  477
  500
  525
  551
Earnings before tax, $m
  142
  140
  143
  148
  154
  160
  168
  176
  186
  197
  208
  221
  235
  250
  266
  284
  303
  323
  344
  367
  392
  418
  446
  476
  508
  541
  577
  615
  655
  698
  743
Tax expense, $m
  1
  38
  39
  40
  41
  43
  45
  48
  50
  53
  56
  60
  63
  67
  72
  77
  82
  87
  93
  99
  106
  113
  121
  129
  137
  146
  156
  166
  177
  188
  201
Net income, $m
  141
  102
  105
  108
  112
  117
  122
  129
  136
  143
  152
  161
  171
  182
  194
  207
  221
  236
  251
  268
  286
  305
  326
  348
  371
  395
  421
  449
  478
  509
  542

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
  7,356
  7,538
  7,744
  7,973
  8,225
  8,501
  8,799
  9,121
  9,467
  9,838
  10,234
  10,656
  11,104
  11,580
  12,085
  12,620
  13,185
  13,783
  14,414
  15,080
  15,783
  16,524
  17,304
  18,127
  18,993
  19,904
  20,863
  21,872
  22,934
  24,050
Adjusted assets (=assets-cash), $m
  7,196
  7,356
  7,538
  7,744
  7,973
  8,225
  8,501
  8,799
  9,121
  9,467
  9,838
  10,234
  10,656
  11,104
  11,580
  12,085
  12,620
  13,185
  13,783
  14,414
  15,080
  15,783
  16,524
  17,304
  18,127
  18,993
  19,904
  20,863
  21,872
  22,934
  24,050
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
  6,496
  6,657
  6,839
  7,042
  7,264
  7,507
  7,771
  8,056
  8,361
  8,689
  9,038
  9,411
  9,807
  10,227
  10,673
  11,145
  11,645
  12,173
  12,730
  13,319
  13,939
  14,593
  15,283
  16,009
  16,774
  17,579
  18,426
  19,317
  20,255
  21,241
Working capital, $m
  0
  -32
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
Total debt, $m
  3,714
  3,804
  3,906
  4,022
  4,150
  4,291
  4,445
  4,612
  4,793
  4,987
  5,194
  5,416
  5,652
  5,903
  6,170
  6,453
  6,752
  7,069
  7,403
  7,757
  8,130
  8,523
  8,938
  9,375
  9,836
  10,321
  10,831
  11,368
  11,934
  12,528
  13,153
Total liabilities, $m
  4,028
  4,119
  4,221
  4,337
  4,465
  4,606
  4,760
  4,927
  5,108
  5,302
  5,509
  5,731
  5,967
  6,218
  6,485
  6,768
  7,067
  7,384
  7,718
  8,072
  8,445
  8,838
  9,253
  9,690
  10,151
  10,636
  11,146
  11,683
  12,249
  12,843
  13,468
Total equity, $m
  3,199
  3,236
  3,317
  3,407
  3,508
  3,619
  3,740
  3,872
  4,013
  4,166
  4,329
  4,503
  4,688
  4,886
  5,095
  5,317
  5,553
  5,802
  6,064
  6,342
  6,635
  6,945
  7,270
  7,614
  7,976
  8,357
  8,758
  9,180
  9,624
  10,091
  10,582
Total liabilities and equity, $m
  7,227
  7,355
  7,538
  7,744
  7,973
  8,225
  8,500
  8,799
  9,121
  9,468
  9,838
  10,234
  10,655
  11,104
  11,580
  12,085
  12,620
  13,186
  13,782
  14,414
  15,080
  15,783
  16,523
  17,304
  18,127
  18,993
  19,904
  20,863
  21,873
  22,934
  24,050
Debt-to-equity ratio
  1.161
  1.180
  1.180
  1.180
  1.180
  1.190
  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
  1.240
  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
  102
  105
  108
  112
  117
  122
  129
  136
  143
  152
  161
  171
  182
  194
  207
  221
  236
  251
  268
  286
  305
  326
  348
  371
  395
  421
  449
  478
  509
  542
Depreciation, amort., depletion, $m
  288
  294
  301
  309
  319
  329
  340
  352
  365
  378
  393
  409
  426
  444
  463
  483
  504
  527
  551
  576
  603
  631
  660
  692
  724
  759
  795
  834
  874
  917
  961
Funds from operations, $m
  430
  396
  406
  418
  431
  446
  462
  480
  500
  522
  545
  570
  597
  626
  657
  690
  725
  763
  802
  844
  889
  936
  986
  1,039
  1,095
  1,154
  1,217
  1,283
  1,352
  1,426
  1,503
Change in working capital, $m
  3
  -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
  -4
  -4
  -5
  -5
Cash from operations, $m
  427
  444
  407
  418
  432
  447
  463
  482
  502
  523
  547
  572
  599
  628
  659
  692
  728
  765
  805
  847
  892
  939
  989
  1,043
  1,099
  1,158
  1,221
  1,287
  1,357
  1,431
  1,508
Maintenance CAPEX, $m
  0
  -288
  -294
  -301
  -309
  -319
  -329
  -340
  -352
  -365
  -378
  -393
  -409
  -426
  -444
  -463
  -483
  -504
  -527
  -551
  -576
  -603
  -631
  -660
  -692
  -724
  -759
  -795
  -834
  -874
  -917
New CAPEX, $m
  -327
  -140
  -161
  -182
  -202
  -223
  -243
  -264
  -284
  -306
  -327
  -350
  -372
  -396
  -421
  -446
  -472
  -499
  -528
  -557
  -588
  -621
  -654
  -689
  -726
  -765
  -805
  -847
  -891
  -938
  -986
Cash from investing activities, $m
  -293
  -428
  -455
  -483
  -511
  -542
  -572
  -604
  -636
  -671
  -705
  -743
  -781
  -822
  -865
  -909
  -955
  -1,003
  -1,055
  -1,108
  -1,164
  -1,224
  -1,285
  -1,349
  -1,418
  -1,489
  -1,564
  -1,642
  -1,725
  -1,812
  -1,903
Free cash flow, $m
  134
  16
  -48
  -65
  -80
  -95
  -108
  -122
  -134
  -147
  -159
  -171
  -182
  -194
  -205
  -216
  -228
  -239
  -250
  -261
  -273
  -284
  -295
  -307
  -319
  -331
  -343
  -356
  -368
  -381
  -394
Issuance/(repayment) of debt, $m
  244
  90
  102
  115
  128
  141
  154
  167
  180
  194
  208
  222
  236
  251
  267
  283
  299
  317
  335
  353
  373
  394
  415
  437
  460
  485
  510
  537
  565
  594
  625
Issuance/(repurchase) of shares, $m
  0
  0
  26
  40
  53
  64
  75
  86
  96
  105
  114
  123
  132
  140
  148
  156
  163
  171
  178
  185
  193
  200
  207
  213
  220
  227
  234
  240
  247
  254
  260
Cash from financing (excl. dividends), $m  
  230
  90
  128
  155
  181
  205
  229
  253
  276
  299
  322
  345
  368
  391
  415
  439
  462
  488
  513
  538
  566
  594
  622
  650
  680
  712
  744
  777
  812
  848
  885
Total cash flow (excl. dividends), $m
  364
  106
  54
  51
  48
  47
  46
  45
  46
  47
  49
  51
  54
  57
  62
  66
  72
  78
  85
  92
  101
  110
  119
  130
  141
  154
  167
  182
  197
  213
  231
Retained Cash Flow (-), $m
  161
  -69
  -80
  -91
  -101
  -111
  -121
  -131
  -142
  -152
  -163
  -174
  -186
  -197
  -210
  -222
  -235
  -249
  -263
  -278
  -293
  -309
  -326
  -343
  -362
  -381
  -401
  -422
  -444
  -467
  -491
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
 
  69
  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, %
 
  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
 
  63
  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
  100.0
  99.5
  98.7
  97.8
  96.7
  95.4
  94.0
  92.6
  91.1
  89.5
  88.0
  86.4
  84.8
  83.2
  81.6
  80.1
  78.5
  77.0
  75.6
  74.2
  72.8
  71.4
  70.1
  68.9
  67.7
  66.5
  65.4
  64.3
  63.2
  62.2

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 36
Price to Sales 4.8
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 50.8
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 2.2% 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 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 237.037 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 $5.1 billion.


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COMPANY NEWS

▶ 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]
▶ Trades Setting Up in These Stocks   [Aug-29-16 01:00PM  at Investopedia]
▶ 5 High-Paying Dividend Stocks That Hedge Funds Gobbled Up in Q2   [Aug-28-16 03:55PM  at Insider Monkey]
▶ RMR Group acquires Boston real estate finance firm   [Aug-11-16 02:45PM  at bizjournals.com]
Stock chart of SNH Financial statements of SNH Annual reports 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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