Intrinsic value of Seritage Growth Properties Cl A - SRG

Previous Close

$42.51

  Intrinsic Value

$5.70

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  Rating & Target

str. sell

-87%

Previous close

$42.51

 
Intrinsic value

$5.70

 
Up/down potential

-87%

 
Rating

str. sell

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

We calculate the intrinsic value of SRG 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 1.5

 

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, %
  118.42
  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
  249
  254
  260
  266
  274
  282
  291
  301
  312
  324
  336
  349
  364
  379
  395
  412
  430
  449
  469
  490
  513
  537
  562
  588
  616
  645
  676
  709
  743
  779
  817
Variable operating expenses, $m
 
  274
  281
  288
  296
  305
  315
  325
  337
  350
  363
  377
  393
  409
  426
  445
  464
  485
  507
  530
  554
  580
  607
  635
  665
  697
  730
  765
  802
  841
  882
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
  279
  274
  281
  288
  296
  305
  315
  325
  337
  350
  363
  377
  393
  409
  426
  445
  464
  485
  507
  530
  554
  580
  607
  635
  665
  697
  730
  765
  802
  841
  882
Operating income, $m
  -30
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
EBITDA, $m
  147
  161
  164
  168
  173
  178
  184
  191
  197
  205
  212
  221
  230
  239
  250
  260
  272
  284
  297
  310
  324
  339
  355
  372
  389
  408
  428
  448
  470
  492
  516
Interest expense (income), $m
  61
  62
  63
  66
  69
  72
  75
  79
  83
  87
  92
  97
  102
  108
  114
  120
  127
  135
  142
  150
  159
  168
  178
  188
  199
  210
  222
  234
  247
  261
  276
Earnings before tax, $m
  -91
  -82
  -84
  -87
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -153
  -162
  -170
  -180
  -190
  -200
  -211
  -223
  -235
  -248
  -261
  -276
  -291
  -307
  -323
  -341
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
  -52
  -82
  -84
  -87
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -153
  -162
  -170
  -180
  -190
  -200
  -211
  -223
  -235
  -248
  -261
  -276
  -291
  -307
  -323
  -341

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  52
  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
  2,712
  2,702
  2,764
  2,835
  2,915
  3,003
  3,100
  3,206
  3,320
  3,443
  3,575
  3,717
  3,868
  4,028
  4,199
  4,380
  4,572
  4,775
  4,990
  5,217
  5,457
  5,710
  5,976
  6,257
  6,554
  6,866
  7,194
  7,540
  7,904
  8,287
  8,689
Adjusted assets (=assets-cash), $m
  2,660
  2,702
  2,764
  2,835
  2,915
  3,003
  3,100
  3,206
  3,320
  3,443
  3,575
  3,717
  3,868
  4,028
  4,199
  4,380
  4,572
  4,775
  4,990
  5,217
  5,457
  5,710
  5,976
  6,257
  6,554
  6,866
  7,194
  7,540
  7,904
  8,287
  8,689
Revenue / Adjusted assets
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
Average production assets, $m
  2,164
  2,207
  2,258
  2,316
  2,381
  2,453
  2,532
  2,618
  2,712
  2,812
  2,920
  3,036
  3,159
  3,290
  3,429
  3,577
  3,734
  3,900
  4,076
  4,261
  4,457
  4,663
  4,881
  5,111
  5,353
  5,608
  5,876
  6,158
  6,456
  6,768
  7,097
Working capital, $m
  0
  -53
  -54
  -56
  -57
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
Total debt, $m
  1,167
  1,197
  1,242
  1,293
  1,350
  1,413
  1,483
  1,559
  1,640
  1,729
  1,823
  1,925
  2,033
  2,148
  2,271
  2,400
  2,538
  2,684
  2,838
  3,001
  3,172
  3,354
  3,545
  3,747
  3,959
  4,183
  4,418
  4,666
  4,927
  5,202
  5,490
Total liabilities, $m
  1,908
  1,937
  1,982
  2,033
  2,090
  2,153
  2,223
  2,299
  2,380
  2,469
  2,563
  2,665
  2,773
  2,888
  3,011
  3,140
  3,278
  3,424
  3,578
  3,741
  3,912
  4,094
  4,285
  4,487
  4,699
  4,923
  5,158
  5,406
  5,667
  5,942
  6,230
Total equity, $m
  805
  765
  782
  802
  825
  850
  877
  907
  940
  974
  1,012
  1,052
  1,095
  1,140
  1,188
  1,240
  1,294
  1,351
  1,412
  1,476
  1,544
  1,616
  1,691
  1,771
  1,855
  1,943
  2,036
  2,134
  2,237
  2,345
  2,459
Total liabilities and equity, $m
  2,713
  2,702
  2,764
  2,835
  2,915
  3,003
  3,100
  3,206
  3,320
  3,443
  3,575
  3,717
  3,868
  4,028
  4,199
  4,380
  4,572
  4,775
  4,990
  5,217
  5,456
  5,710
  5,976
  6,258
  6,554
  6,866
  7,194
  7,540
  7,904
  8,287
  8,689
Debt-to-equity ratio
  1.450
  1.570
  1.590
  1.610
  1.640
  1.660
  1.690
  1.720
  1.750
  1.770
  1.800
  1.830
  1.860
  1.880
  1.910
  1.940
  1.960
  1.990
  2.010
  2.030
  2.050
  2.080
  2.100
  2.120
  2.130
  2.150
  2.170
  2.190
  2.200
  2.220
  2.230
Adjusted equity ratio
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -52
  -82
  -84
  -87
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -153
  -162
  -170
  -180
  -190
  -200
  -211
  -223
  -235
  -248
  -261
  -276
  -291
  -307
  -323
  -341
Depreciation, amort., depletion, $m
  177
  181
  185
  190
  195
  201
  208
  215
  222
  231
  239
  249
  259
  270
  281
  293
  306
  320
  334
  349
  365
  382
  400
  419
  439
  460
  482
  505
  529
  555
  582
Funds from operations, $m
  93
  99
  101
  103
  105
  107
  109
  112
  115
  118
  121
  124
  128
  132
  136
  140
  144
  149
  154
  160
  165
  171
  177
  184
  191
  198
  206
  214
  222
  231
  241
Change in working capital, $m
  1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
Cash from operations, $m
  92
  100
  102
  104
  106
  109
  111
  114
  117
  120
  123
  127
  131
  135
  139
  144
  148
  153
  159
  164
  170
  176
  183
  190
  197
  204
  212
  221
  230
  239
  249
Maintenance CAPEX, $m
  0
  -177
  -181
  -185
  -190
  -195
  -201
  -208
  -215
  -222
  -231
  -239
  -249
  -259
  -270
  -281
  -293
  -306
  -320
  -334
  -349
  -365
  -382
  -400
  -419
  -439
  -460
  -482
  -505
  -529
  -555
New CAPEX, $m
  0
  -43
  -51
  -58
  -65
  -72
  -79
  -86
  -93
  -101
  -108
  -115
  -123
  -131
  -139
  -148
  -157
  -166
  -175
  -185
  -196
  -207
  -218
  -230
  -242
  -255
  -268
  -282
  -297
  -313
  -329
Cash from investing activities, $m
  -53
  -220
  -232
  -243
  -255
  -267
  -280
  -294
  -308
  -323
  -339
  -354
  -372
  -390
  -409
  -429
  -450
  -472
  -495
  -519
  -545
  -572
  -600
  -630
  -661
  -694
  -728
  -764
  -802
  -842
  -884
Free cash flow, $m
  39
  -121
  -130
  -139
  -149
  -159
  -169
  -180
  -191
  -203
  -215
  -228
  -241
  -255
  -270
  -286
  -302
  -319
  -337
  -355
  -375
  -396
  -417
  -440
  -464
  -489
  -516
  -543
  -572
  -603
  -635
Issuance/(repayment) of debt, $m
  20
  30
  45
  51
  57
  63
  70
  76
  82
  88
  95
  101
  108
  115
  122
  130
  138
  146
  154
  163
  172
  181
  191
  202
  212
  224
  236
  248
  261
  274
  289
Issuance/(repurchase) of shares, $m
  0
  94
  102
  107
  113
  119
  126
  133
  140
  148
  156
  165
  174
  183
  194
  205
  216
  228
  241
  254
  268
  283
  298
  315
  332
  350
  369
  389
  410
  432
  455
Cash from financing (excl. dividends), $m  
  -11
  124
  147
  158
  170
  182
  196
  209
  222
  236
  251
  266
  282
  298
  316
  335
  354
  374
  395
  417
  440
  464
  489
  517
  544
  574
  605
  637
  671
  706
  744
Total cash flow (excl. dividends), $m
  28
  3
  17
  19
  22
  24
  26
  28
  31
  33
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  109
Retained Cash Flow (-), $m
  82
  -94
  -102
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -165
  -174
  -183
  -194
  -205
  -216
  -228
  -241
  -254
  -268
  -283
  -298
  -315
  -332
  -350
  -369
  -389
  -410
  -432
  -455
Prev. year cash balance distribution, $m
 
  52
  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
 
  -39
  -85
  -88
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -239
  -252
  -266
  -280
  -295
  -312
  -328
  -346
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  -35
  -70
  -65
  -60
  -55
  -49
  -44
  -39
  -34
  -30
  -25
  -21
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.7
  87.5
  81.5
  75.8
  70.3
  65.1
  60.3
  55.6
  51.3
  47.3
  43.5
  39.9
  36.6
  33.6
  30.7
  28.1
  25.7
  23.4
  21.4
  19.5
  17.7
  16.1
  14.7
  13.3
  12.1
  11.0
  10.0
  9.0
  8.2
  7.4

Seritage Growth Properties (Seritage) is a self-administered and self-managed real estate investment trust. The Company is engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail real estate throughout the United States. Its assets are held by and its operations are primarily conducted through, directly or indirectly, Seritage Growth Properties, L.P. (Operating Partnership). As of December 31, 2016, the Company's portfolio included approximately 42.2 million square feet of gross leasable area (GLA), consisting of 235 owned properties totaling over 36.8 million square feet of GLA across 49 states and Puerto Rico, and interests in 31 joint venture properties totaling over 5.4 million square feet of GLA across 17 states. As of December 31, 2016, it included over 3,000 acres of land or approximately 13 acres per site for its owned properties. Its properties are primarily located in areas, including in California, Florida and Texas.

FINANCIAL RATIOS  of  Seritage Growth Properties Cl A (SRG)

Valuation Ratios
P/E Ratio -27.1
Price to Sales 5.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 15.3
Growth Rates
Sales Growth Rate 118.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 145%
Total Debt to Equity 145%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.3%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.6%
Return On Equity -6.1%
Return On Equity - 3 Yr. Avg. -3.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 91.2%
Gross Margin - 3 Yr. Avg. 61.7%
EBITDA Margin 59%
EBITDA Margin - 3 Yr. Avg. 35.2%
Operating Margin -12%
Oper. Margin - 3 Yr. Avg. -6.6%
Pre-Tax Margin -36.5%
Pre-Tax Margin - 3 Yr. Avg. -23.3%
Net Profit Margin -20.9%
Net Profit Margin - 3 Yr. Avg. -13.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.9%
Payout Ratio -75%

SRG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SRG stock intrinsic value calculation we used $249 million for the last fiscal year's total revenue generated by Seritage Growth Properties Cl A. The default revenue input number comes from 2016 income statement of Seritage Growth Properties Cl A. 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 SRG 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 9.7%, whose default value for SRG is calculated based on our internal credit rating of Seritage Growth Properties Cl A, 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 Seritage Growth Properties Cl A.
    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 SRG stock the variable cost ratio is equal to 108%.

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 SRG 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 5.3% for Seritage Growth Properties Cl A.

Corporate tax rate of 27% is the nominal tax rate for Seritage Growth Properties Cl A. 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 SRG 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 SRG are equal to 868.9%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Seritage Growth Properties Cl A 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 SRG is equal to -20.9%. 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 - $805 million for Seritage Growth Properties Cl A - 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 35.286 million for Seritage Growth Properties Cl A 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 Seritage Growth Properties Cl A at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Seritage Growth Pro Shows Improved Relative Strength; Still Shy Of Benchmark   [Aug-28-17 03:00AM  Investor's Business Daily]
▶ 3 Stocks for Warren Buffett Devotees   [06:05AM  Motley Fool]
▶ Sears Grand store in Austin to slim down, make way for AMC movie theater   [Jul-07-17 04:21PM  American City Business Journals]
▶ The REAL Losers in Sears Holdings Corp (SHLD) Stocks Demise   [Jun-30-17 01:34PM  InvestorPlace]
▶ Sears reportedly adds 2 Houston-area stores to closure list   [Jun-23-17 03:39PM  American City Business Journals]
▶ [$$] Sears Holdings Shuttering 20 More Stores   [12:53PM  The Wall Street Journal]
▶ Sears is shuttering 20 more stores   [Jun-22-17 03:20PM  CNBC]
▶ Why the Bears Might Be Right About Macy's Stock   [Jun-09-17 11:00AM  Motley Fool]
▶ 3 Quotes From Eddie Lampert That Show Sears Is Doomed   [May-30-17 05:54PM  Motley Fool]
▶ Why Sears' Eddie Lampert Needs A Reality Check   [May-22-17 07:10AM  Forbes]
▶ Sears demolition underway at Orlando Fashion Square mall   [May-18-17 02:50PM  American City Business Journals]
▶ Sears CEO: There's still time for a turnaround   [May-11-17 09:00AM  American City Business Journals]
▶ Seritage: The Bull-Bear Battle Continues   [May-09-17 11:22AM  Barrons.com]
▶ Seritage Growth Properties reports 1Q results   [May-04-17 06:05PM  Associated Press]
▶ Why Bankruptcy At Sears Makes Sense For Its CEO   [May-01-17 07:10AM  Forbes]
▶ [$$] Misstatements on Two Companies   [Apr-29-17 12:01AM  Barrons.com]
▶ Sears: Why Better Isn't Good Enough   [Apr-24-17 01:11PM  Barrons.com]
▶ 5 Stocks Insiders Love Right Now   [01:06PM  TheStreet.com]
▶ Sears store near Aventura Mall, Kmart in Hialeah marked for closure   [Apr-06-17 03:31PM  American City Business Journals]
▶ If Sears Goes Bankrupt, Is Its Craftsman Deal Doomed?   [Apr-03-17 08:10PM  Motley Fool]
▶ [$$] Short Sellers Pounce on Sears Landlord   [Mar-30-17 06:30PM  The Wall Street Journal]
▶ Why Did Buffett Buy This Sears-Focused REIT?   [Mar-10-17 12:28PM  at Forbes]
▶ Bargain Shopping In The Mall REIT Sector   [Feb-25-17 07:00AM  at Forbes]
▶ Can Eddie Lampert Save Sears Holdings?   [Feb-16-17 09:07PM  at Motley Fool]
▶ REIT Risk: The Mall Sector Series   [Jan-30-17 07:00AM  at Forbes]
▶ Sama Graphite Begins Trading on the TSXV   [07:01AM  Marketwired]
▶ IIROC Trading Resumption - SRG   [Jan-13-17 04:11PM  PR Newswire]
Financial statements of SRG
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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