Intrinsic value of New Senior Investment Group - SNR

Previous Close

$7.79

  Intrinsic Value

$1.76

stock screener

  Rating & Target

str. sell

-77%

Previous close

$7.79

 
Intrinsic value

$1.76

 
Up/down potential

-77%

 
Rating

str. sell

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

We calculate the intrinsic value of SNR 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 0.6

 

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, %
  21.65
  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
  472
  481
  493
  505
  519
  535
  552
  571
  592
  614
  637
  662
  689
  718
  748
  780
  815
  851
  889
  930
  972
  1,017
  1,065
  1,115
  1,168
  1,223
  1,282
  1,344
  1,408
  1,477
  1,548
Variable operating expenses, $m
 
  481
  493
  505
  519
  535
  552
  571
  592
  614
  637
  662
  689
  718
  748
  780
  815
  851
  889
  930
  972
  1,017
  1,065
  1,115
  1,168
  1,223
  1,282
  1,344
  1,408
  1,477
  1,548
Fixed operating expenses, $m
 
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  169
  174
  178
  182
Total operating expenses, $m
  557
  570
  584
  599
  615
  633
  653
  674
  698
  723
  748
  776
  806
  838
  871
  906
  944
  983
  1,025
  1,069
  1,115
  1,163
  1,215
  1,269
  1,325
  1,384
  1,447
  1,513
  1,582
  1,655
  1,730
Operating income, $m
  -84
  -89
  -91
  -94
  -96
  -98
  -101
  -103
  -106
  -109
  -111
  -114
  -117
  -120
  -123
  -126
  -129
  -132
  -136
  -139
  -143
  -146
  -150
  -154
  -157
  -161
  -165
  -169
  -174
  -178
  -182
EBITDA, $m
  101
  99
  101
  104
  107
  111
  115
  120
  125
  131
  138
  145
  152
  160
  169
  179
  189
  200
  212
  224
  237
  251
  266
  282
  299
  317
  335
  355
  377
  399
  422
Interest expense (income), $m
  83
  83
  85
  87
  89
  92
  95
  98
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  269
Earnings before tax, $m
  -72
  -172
  -176
  -180
  -185
  -190
  -196
  -201
  -207
  -214
  -221
  -228
  -235
  -243
  -251
  -260
  -269
  -279
  -289
  -299
  -310
  -322
  -334
  -346
  -359
  -373
  -387
  -402
  -418
  -434
  -452
Tax expense, $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
  0
Net income, $m
  -72
  -172
  -176
  -180
  -185
  -190
  -196
  -201
  -207
  -214
  -221
  -228
  -235
  -243
  -251
  -260
  -269
  -279
  -289
  -299
  -310
  -322
  -334
  -346
  -359
  -373
  -387
  -402
  -418
  -434
  -452

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  58
  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
  2,822
  2,815
  2,880
  2,954
  3,037
  3,129
  3,230
  3,340
  3,460
  3,588
  3,726
  3,873
  4,030
  4,197
  4,375
  4,564
  4,764
  4,976
  5,200
  5,436
  5,686
  5,949
  6,227
  6,520
  6,829
  7,154
  7,497
  7,857
  8,236
  8,635
  9,054
Adjusted assets (=assets-cash), $m
  2,764
  2,815
  2,880
  2,954
  3,037
  3,129
  3,230
  3,340
  3,460
  3,588
  3,726
  3,873
  4,030
  4,197
  4,375
  4,564
  4,764
  4,976
  5,200
  5,436
  5,686
  5,949
  6,227
  6,520
  6,829
  7,154
  7,497
  7,857
  8,236
  8,635
  9,054
Revenue / Adjusted assets
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
Average production assets, $m
  2,711
  2,765
  2,829
  2,901
  2,983
  3,073
  3,172
  3,280
  3,397
  3,523
  3,659
  3,803
  3,958
  4,122
  4,297
  4,482
  4,678
  4,886
  5,106
  5,339
  5,584
  5,843
  6,116
  6,403
  6,707
  7,026
  7,362
  7,716
  8,088
  8,480
  8,892
Working capital, $m
  62
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
Total debt, $m
  2,130
  2,173
  2,226
  2,286
  2,353
  2,428
  2,510
  2,599
  2,696
  2,800
  2,912
  3,032
  3,159
  3,295
  3,440
  3,593
  3,755
  3,927
  4,109
  4,301
  4,504
  4,718
  4,944
  5,182
  5,432
  5,696
  5,974
  6,267
  6,575
  6,898
  7,239
Total liabilities, $m
  2,243
  2,286
  2,339
  2,399
  2,466
  2,541
  2,623
  2,712
  2,809
  2,913
  3,025
  3,145
  3,272
  3,408
  3,553
  3,706
  3,868
  4,040
  4,222
  4,414
  4,617
  4,831
  5,057
  5,295
  5,545
  5,809
  6,087
  6,380
  6,688
  7,011
  7,352
Total equity, $m
  579
  529
  541
  555
  571
  588
  607
  628
  650
  675
  700
  728
  758
  789
  823
  858
  896
  935
  978
  1,022
  1,069
  1,119
  1,171
  1,226
  1,284
  1,345
  1,409
  1,477
  1,548
  1,623
  1,702
Total liabilities and equity, $m
  2,822
  2,815
  2,880
  2,954
  3,037
  3,129
  3,230
  3,340
  3,459
  3,588
  3,725
  3,873
  4,030
  4,197
  4,376
  4,564
  4,764
  4,975
  5,200
  5,436
  5,686
  5,950
  6,228
  6,521
  6,829
  7,154
  7,496
  7,857
  8,236
  8,634
  9,054
Debt-to-equity ratio
  3.679
  4.110
  4.110
  4.120
  4.120
  4.130
  4.130
  4.140
  4.150
  4.150
  4.160
  4.160
  4.170
  4.180
  4.180
  4.190
  4.190
  4.200
  4.200
  4.210
  4.210
  4.220
  4.220
  4.230
  4.230
  4.240
  4.240
  4.240
  4.250
  4.250
  4.250
Adjusted equity ratio
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -72
  -172
  -176
  -180
  -185
  -190
  -196
  -201
  -207
  -214
  -221
  -228
  -235
  -243
  -251
  -260
  -269
  -279
  -289
  -299
  -310
  -322
  -334
  -346
  -359
  -373
  -387
  -402
  -418
  -434
  -452
Depreciation, amort., depletion, $m
  185
  188
  192
  197
  203
  209
  216
  223
  231
  240
  249
  259
  269
  280
  292
  305
  318
  332
  347
  363
  380
  397
  416
  436
  456
  478
  501
  525
  550
  577
  605
Funds from operations, $m
  110
  16
  16
  17
  18
  19
  20
  22
  24
  26
  28
  31
  34
  37
  41
  45
  49
  54
  59
  64
  70
  76
  82
  89
  97
  105
  113
  122
  132
  142
  153
Change in working capital, $m
  11
  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
  1
  1
  1
Cash from operations, $m
  99
  16
  16
  17
  18
  19
  20
  22
  24
  26
  28
  31
  34
  37
  41
  44
  49
  53
  58
  64
  69
  75
  82
  89
  96
  104
  113
  122
  132
  142
  153
Maintenance CAPEX, $m
  0
  -184
  -188
  -192
  -197
  -203
  -209
  -216
  -223
  -231
  -240
  -249
  -259
  -269
  -280
  -292
  -305
  -318
  -332
  -347
  -363
  -380
  -397
  -416
  -436
  -456
  -478
  -501
  -525
  -550
  -577
New CAPEX, $m
  -21
  -54
  -64
  -73
  -82
  -90
  -99
  -108
  -117
  -126
  -135
  -145
  -154
  -164
  -175
  -185
  -196
  -208
  -220
  -232
  -245
  -259
  -273
  -288
  -303
  -319
  -336
  -354
  -372
  -392
  -412
Cash from investing activities, $m
  0
  -238
  -252
  -265
  -279
  -293
  -308
  -324
  -340
  -357
  -375
  -394
  -413
  -433
  -455
  -477
  -501
  -526
  -552
  -579
  -608
  -639
  -670
  -704
  -739
  -775
  -814
  -855
  -897
  -942
  -989
Free cash flow, $m
  99
  -223
  -236
  -248
  -261
  -275
  -288
  -302
  -317
  -331
  -347
  -363
  -379
  -397
  -414
  -433
  -453
  -473
  -494
  -516
  -539
  -563
  -589
  -615
  -642
  -671
  -701
  -733
  -766
  -800
  -836
Issuance/(repayment) of debt, $m
  -30
  43
  53
  60
  67
  75
  82
  89
  97
  104
  112
  120
  128
  136
  144
  153
  162
  172
  182
  192
  203
  214
  226
  238
  251
  264
  278
  293
  308
  324
  341
Issuance/(repurchase) of shares, $m
  -31
  181
  188
  194
  201
  208
  215
  222
  230
  238
  246
  255
  265
  275
  285
  296
  307
  319
  331
  344
  357
  371
  386
  401
  417
  434
  452
  470
  489
  509
  530
Cash from financing (excl. dividends), $m  
  -73
  224
  241
  254
  268
  283
  297
  311
  327
  342
  358
  375
  393
  411
  429
  449
  469
  491
  513
  536
  560
  585
  612
  639
  668
  698
  730
  763
  797
  833
  871
Total cash flow (excl. dividends), $m
  26
  1
  5
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
Retained Cash Flow (-), $m
  188
  -181
  -188
  -194
  -201
  -208
  -215
  -222
  -230
  -238
  -246
  -255
  -265
  -275
  -285
  -296
  -307
  -319
  -331
  -344
  -357
  -371
  -386
  -401
  -417
  -434
  -452
  -470
  -489
  -509
  -530
Prev. year cash balance distribution, $m
 
  58
  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
 
  -122
  -183
  -188
  -194
  -200
  -206
  -213
  -220
  -227
  -235
  -243
  -252
  -261
  -270
  -280
  -290
  -301
  -312
  -324
  -336
  -349
  -363
  -377
  -392
  -407
  -423
  -440
  -458
  -476
  -495
Discount rate, %
 
  12.30
  12.92
  13.56
  14.24
  14.95
  15.70
  16.48
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.19
  24.35
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.65
  43.73
  45.92
  48.22
  50.63
PV of cash for distribution, $m
 
  -109
  -143
  -129
  -114
  -100
  -86
  -73
  -61
  -51
  -41
  -33
  -25
  -19
  -15
  -11
  -8
  -5
  -4
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.1
  57.6
  43.5
  32.8
  24.6
  18.5
  13.9
  10.5
  7.9
  5.9
  4.4
  3.3
  2.5
  1.9
  1.4
  1.1
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

New Senior Investment Group Inc. is a real estate investment trust with a diversified portfolio of primarily private pay senior housing properties located across the United States. The Company operates through two segments: Managed Properties and Triple Net Lease Properties. As of December 31, 2016, the Company owned a diversified portfolio of 152 primarily private pay senior housing properties located across 37 states. Under its Managed Properties segment, the Company invests in senior housing properties throughout the United States and engages property managers to manage those senior housing properties. As of December 31, 2016, the Company owned 94 properties under property management agreements with the property managers. Under its Triple Net Lease Properties segment, the Company invests in senior housing and healthcare properties throughout the United States, and leases those properties to healthcare operating companies under triple net leases.

FINANCIAL RATIOS  of  New Senior Investment Group (SNR)

Valuation Ratios
P/E Ratio -8.9
Price to Sales 1.4
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 8.2
Growth Rates
Sales Growth Rate 21.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 90.9%
Cap. Spend. - 3 Yr. Gr. Rate 39.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 367.9%
Total Debt to Equity 367.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. -0.2%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.9%
Return On Equity -10.7%
Return On Equity - 3 Yr. Avg. -10.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 76.9%
Gross Margin - 3 Yr. Avg. 76%
EBITDA Margin 41.5%
EBITDA Margin - 3 Yr. Avg. 38.9%
Operating Margin -18%
Oper. Margin - 3 Yr. Avg. -19.6%
Pre-Tax Margin -15.3%
Pre-Tax Margin - 3 Yr. Avg. -18.5%
Net Profit Margin -15.3%
Net Profit Margin - 3 Yr. Avg. -18.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.6%
Payout Ratio -118.1%

SNR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNR stock intrinsic value calculation we used $472 million for the last fiscal year's total revenue generated by New Senior Investment Group. The default revenue input number comes from 2016 income statement of New Senior Investment Group. 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 SNR 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 12.3%, whose default value for SNR is calculated based on our internal credit rating of New Senior Investment Group, 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 New Senior Investment Group.
    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 SNR stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $87 million in the base year in the intrinsic value calculation for SNR 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 3.9% for New Senior Investment Group.

Corporate tax rate of 27% is the nominal tax rate for New Senior Investment Group. 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 SNR 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 SNR are equal to 574.3%.

Life of production assets of 14.7 years is the average useful life of capital assets used in New Senior Investment Group 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 SNR is equal to 0.8%. 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 - $579 million for New Senior Investment Group - 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 82.149 million for New Senior Investment Group 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 New Senior Investment Group at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
VTR Ventas 63.31 6.76  str.sell
SNH Senior Housing 19.06 3.36  str.sell
HCN Welltower 66.32 9.99  str.sell
HCP HCP 26.78 2.94  str.sell
GMRE Global Medical 8.75 1.79  str.sell
SBRA Sabra Healthca 19.13 1.44  str.sell
HR Healthcare Rea 32.63 3.33  str.sell

COMPANY NEWS

▶ New Senior Investment Group reports 3Q results   [Nov-03-17 06:37AM  Associated Press]
▶ New Strong Sell Stocks for September 5th   [Sep-05-17 10:08AM  Zacks]
▶ New Strong Sell Stocks for September 1st   [Sep-01-17 07:18AM  Zacks]
▶ It Only Takes One Torpedo To Sink The Ship   [Aug-26-17 07:00AM  Forbes]
▶ New Strong Sell Stocks for August 24th   [Aug-24-17 08:57AM  Zacks]
▶ New Senior Investment Group reports 2Q results   [Aug-03-17 11:43AM  Associated Press]
▶ 5 High Yielding REITs To Buy   [Jul-31-17 07:14PM  Forbes]
▶ Made In The USA: 4 Dividends Up To 10%   [Jul-04-17 08:48AM  Forbes]
▶ New Senior Investment Group reports 1Q results   [06:40AM  Associated Press]
▶ New Senior Investment Group reports 4Q results   [06:39AM  Associated Press]
▶ New Senior Is A Diamond In The Rough   [07:00AM  at Forbes]
▶ New Senior Announces Tax Treatment of 2016 Dividends   [Jan-31-17 06:46PM  Business Wire]
▶ Has The Time Come to Buy New Senior Investment Group Inc (SNR)?   [Dec-08-16 01:18PM  at Insider Monkey]
▶ It's Time To Be A Tactical REIT Investor   [Sep-12-16 07:00AM  at Forbes]
Financial statements of SNR
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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