Intrinsic value of Senior Housing Properties Trust - SNH

Previous Close

$19.34

  Intrinsic Value

$3.36

stock screener

  Rating & Target

str. sell

-83%

Previous close

$19.34

 
Intrinsic value

$3.36

 
Up/down potential

-83%

 
Rating

str. sell

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

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 4.6

 

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
  2.00
  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
  1,058
  1,079
  1,104
  1,132
  1,164
  1,200
  1,238
  1,280
  1,326
  1,375
  1,428
  1,484
  1,545
  1,609
  1,677
  1,749
  1,826
  1,907
  1,993
  2,084
  2,179
  2,280
  2,387
  2,499
  2,618
  2,742
  2,873
  3,012
  3,157
  3,310
  3,471
Variable operating expenses, $m
 
  530
  542
  556
  572
  589
  608
  629
  651
  675
  701
  729
  758
  790
  823
  859
  897
  936
  979
  1,023
  1,070
  1,120
  1,172
  1,227
  1,285
  1,346
  1,411
  1,479
  1,550
  1,625
  1,704
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
  777
  795
  816
  838
  862
  887
  915
  945
  976
  1,010
  1,045
  1,082
  1,122
  1,164
  1,208
  1,255
  1,303
  1,355
  1,408
  1,465
  1,525
  1,587
  1,652
  1,721
  1,793
  1,869
  1,948
  2,031
  2,118
  2,210
Operating income, $m
  303
  302
  309
  317
  327
  338
  351
  365
  381
  399
  418
  439
  462
  487
  513
  541
  572
  604
  639
  675
  714
  756
  800
  847
  896
  949
  1,005
  1,063
  1,126
  1,191
  1,261
EBITDA, $m
  591
  596
  609
  625
  643
  664
  687
  713
  742
  773
  807
  843
  882
  924
  969
  1,017
  1,068
  1,123
  1,180
  1,242
  1,307
  1,376
  1,449
  1,526
  1,608
  1,694
  1,786
  1,882
  1,984
  2,091
  2,204
Interest expense (income), $m
  160
  163
  167
  171
  176
  181
  187
  194
  201
  208
  217
  226
  235
  245
  256
  267
  279
  292
  306
  320
  335
  351
  368
  386
  405
  425
  446
  468
  491
  515
  541
Earnings before tax, $m
  142
  139
  142
  146
  151
  157
  164
  172
  181
  191
  202
  214
  227
  242
  257
  274
  292
  312
  333
  355
  379
  405
  432
  461
  491
  524
  559
  596
  635
  676
  720
Tax expense, $m
  1
  37
  38
  39
  41
  42
  44
  46
  49
  51
  54
  58
  61
  65
  69
  74
  79
  84
  90
  96
  102
  109
  117
  124
  133
  142
  151
  161
  171
  183
  194
Net income, $m
  141
  101
  103
  106
  110
  114
  119
  125
  132
  139
  147
  156
  166
  176
  188
  200
  213
  228
  243
  259
  277
  295
  315
  336
  359
  383
  408
  435
  463
  494
  526

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
  7,341
  7,510
  7,703
  7,920
  8,160
  8,423
  8,710
  9,021
  9,355
  9,714
  10,098
  10,508
  10,945
  11,408
  11,901
  12,422
  12,974
  13,558
  14,175
  14,826
  15,513
  16,238
  17,002
  17,807
  18,655
  19,547
  20,487
  21,475
  22,515
  23,609
Adjusted assets (=assets-cash), $m
  7,196
  7,341
  7,510
  7,703
  7,920
  8,160
  8,423
  8,710
  9,021
  9,355
  9,714
  10,098
  10,508
  10,945
  11,408
  11,901
  12,422
  12,974
  13,558
  14,175
  14,826
  15,513
  16,238
  17,002
  17,807
  18,655
  19,547
  20,487
  21,475
  22,515
  23,609
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
  6,484
  6,633
  6,803
  6,995
  7,207
  7,439
  7,693
  7,967
  8,262
  8,579
  8,919
  9,281
  9,666
  10,076
  10,510
  10,971
  11,458
  11,974
  12,519
  13,094
  13,701
  14,341
  15,016
  15,727
  16,475
  17,263
  18,093
  18,966
  19,885
  20,851
Working capital, $m
  0
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
Total debt, $m
  3,714
  3,796
  3,891
  3,999
  4,120
  4,255
  4,402
  4,563
  4,737
  4,924
  5,125
  5,340
  5,570
  5,814
  6,074
  6,349
  6,641
  6,950
  7,277
  7,623
  7,988
  8,372
  8,778
  9,206
  9,657
  10,132
  10,631
  11,157
  11,711
  12,293
  12,906
Total liabilities, $m
  4,028
  4,111
  4,206
  4,314
  4,435
  4,570
  4,717
  4,878
  5,052
  5,239
  5,440
  5,655
  5,885
  6,129
  6,389
  6,664
  6,956
  7,265
  7,592
  7,938
  8,303
  8,687
  9,093
  9,521
  9,972
  10,447
  10,946
  11,472
  12,026
  12,608
  13,221
Total equity, $m
  3,199
  3,230
  3,304
  3,389
  3,485
  3,590
  3,706
  3,832
  3,969
  4,116
  4,274
  4,443
  4,624
  4,816
  5,020
  5,236
  5,466
  5,709
  5,965
  6,237
  6,523
  6,826
  7,145
  7,481
  7,835
  8,208
  8,601
  9,014
  9,449
  9,907
  10,388
Total liabilities and equity, $m
  7,227
  7,341
  7,510
  7,703
  7,920
  8,160
  8,423
  8,710
  9,021
  9,355
  9,714
  10,098
  10,509
  10,945
  11,409
  11,900
  12,422
  12,974
  13,557
  14,175
  14,826
  15,513
  16,238
  17,002
  17,807
  18,655
  19,547
  20,486
  21,475
  22,515
  23,609
Debt-to-equity ratio
  1.161
  1.180
  1.180
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.200
  1.200
  1.200
  1.200
  1.210
  1.210
  1.210
  1.220
  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
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
  101
  103
  106
  110
  114
  119
  125
  132
  139
  147
  156
  166
  176
  188
  200
  213
  228
  243
  259
  277
  295
  315
  336
  359
  383
  408
  435
  463
  494
  526
Depreciation, amort., depletion, $m
  288
  293
  300
  308
  316
  326
  337
  348
  360
  374
  388
  404
  420
  437
  456
  476
  496
  518
  542
  566
  592
  620
  649
  679
  712
  745
  781
  819
  858
  900
  943
Funds from operations, $m
  430
  395
  404
  414
  426
  440
  456
  473
  492
  513
  535
  560
  586
  614
  644
  676
  710
  746
  785
  826
  869
  915
  964
  1,016
  1,070
  1,128
  1,189
  1,254
  1,322
  1,393
  1,469
Change in working capital, $m
  3
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -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
  395
  404
  415
  427
  441
  457
  475
  494
  514
  537
  561
  588
  616
  646
  678
  712
  749
  787
  828
  872
  918
  967
  1,019
  1,074
  1,132
  1,193
  1,258
  1,326
  1,398
  1,474
Maintenance CAPEX, $m
  0
  -288
  -293
  -300
  -308
  -316
  -326
  -337
  -348
  -360
  -374
  -388
  -404
  -420
  -437
  -456
  -476
  -496
  -518
  -542
  -566
  -592
  -620
  -649
  -679
  -712
  -745
  -781
  -819
  -858
  -900
New CAPEX, $m
  -327
  -128
  -149
  -170
  -191
  -212
  -233
  -253
  -274
  -295
  -317
  -339
  -362
  -385
  -410
  -435
  -461
  -488
  -516
  -545
  -575
  -607
  -640
  -675
  -711
  -749
  -788
  -830
  -873
  -919
  -966
Cash from investing activities, $m
  -293
  -416
  -442
  -470
  -499
  -528
  -559
  -590
  -622
  -655
  -691
  -727
  -766
  -805
  -847
  -891
  -937
  -984
  -1,034
  -1,087
  -1,141
  -1,199
  -1,260
  -1,324
  -1,390
  -1,461
  -1,533
  -1,611
  -1,692
  -1,777
  -1,866
Free cash flow, $m
  134
  -20
  -38
  -56
  -72
  -87
  -102
  -115
  -129
  -141
  -154
  -166
  -178
  -190
  -201
  -213
  -224
  -235
  -247
  -258
  -270
  -281
  -293
  -305
  -316
  -328
  -341
  -353
  -366
  -379
  -392
Issuance/(repayment) of debt, $m
  244
  82
  95
  108
  121
  134
  148
  161
  174
  187
  201
  215
  230
  244
  260
  276
  292
  309
  327
  345
  365
  385
  406
  428
  451
  475
  500
  526
  554
  582
  613
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  1
  5
  8
  11
  13
  14
  16
  16
  16
  16
  15
  14
  12
  10
  7
  4
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  230
  82
  95
  108
  121
  134
  148
  162
  179
  195
  212
  228
  244
  260
  276
  292
  308
  324
  341
  357
  375
  392
  410
  428
  451
  475
  500
  526
  554
  582
  613
Total cash flow (excl. dividends), $m
  364
  62
  56
  53
  50
  47
  46
  46
  50
  54
  58
  62
  66
  70
  75
  79
  84
  89
  94
  99
  105
  111
  117
  123
  134
  146
  159
  173
  188
  204
  221
Retained Cash Flow (-), $m
  161
  -63
  -74
  -85
  -95
  -106
  -116
  -126
  -137
  -147
  -158
  -169
  -180
  -192
  -204
  -217
  -229
  -243
  -257
  -271
  -287
  -302
  -319
  -336
  -354
  -373
  -393
  -413
  -435
  -458
  -481
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
 
  31
  -18
  -32
  -46
  -58
  -70
  -80
  -87
  -93
  -100
  -107
  -114
  -122
  -129
  -137
  -145
  -154
  -163
  -172
  -182
  -192
  -202
  -213
  -220
  -227
  -234
  -240
  -247
  -254
  -261
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
 
  29
  -15
  -24
  -31
  -35
  -36
  -36
  -33
  -30
  -27
  -24
  -21
  -17
  -14
  -12
  -9
  -7
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.6
  99.4
  99.1
  98.9
  98.7
  98.5
  98.2
  98.1
  97.9
  97.7
  97.6
  97.6
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5

Senior Housing Properties Trust is a real estate investment trust (REIT). The Company's segments include triple net senior living communities that provide short term and long term residential care and other services for residents; managed senior living communities that provide short term and long term residential care and other services for residents; properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants (MOBs), and all other, including certain properties that offer wellness, fitness and spa services to members. Properties in triple net senior living communities segment include leased independent living communities, assisted living communities and skilled nursing facilities. Properties in managed senior living communities segment include managed independent living communities and assisted living communities.

FINANCIAL RATIOS  of  Senior Housing Properties Trust (SNH)

Valuation Ratios
P/E Ratio 32.6
Price to Sales 4.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 45.9
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% 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 237.818 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 $4.6 billion.

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COMPANY NEWS

▶ Senior Housing Properties reports 3Q results   [Nov-09-17 07:16AM  Associated Press]
▶ 3 Overlooked High-Dividend Stocks   [Nov-07-17 01:00PM  InvestorPlace]
▶ 3 Top High-Dividend Stocks on Sale This Quarter   [Oct-29-17 08:07AM  Motley Fool]
▶ 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]
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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