Intrinsic value of Seritage Growth Properties Cl A - SRG

Previous Close

$41.63

  Intrinsic Value

$5.62

stock screener

  Rating & Target

str. sell

-87%

Previous close

$41.63

 
Intrinsic value

$5.62

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  249
  275
  301
  329
  359
  389
  421
  454
  488
  523
  560
  599
  638
  680
  723
  768
  815
  864
  914
  967
  1,023
  1,080
  1,141
  1,204
  1,270
  1,338
  1,410
  1,486
  1,565
  1,647
  1,734
Variable operating expenses, $m
 
  297
  326
  356
  387
  420
  454
  490
  527
  565
  605
  646
  690
  734
  781
  830
  880
  933
  988
  1,045
  1,105
  1,167
  1,232
  1,300
  1,371
  1,445
  1,523
  1,605
  1,690
  1,779
  1,872
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
  297
  326
  356
  387
  420
  454
  490
  527
  565
  605
  646
  690
  734
  781
  830
  880
  933
  988
  1,045
  1,105
  1,167
  1,232
  1,300
  1,371
  1,445
  1,523
  1,605
  1,690
  1,779
  1,872
Operating income, $m
  -30
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -132
  -139
EBITDA, $m
  147
  174
  191
  208
  227
  246
  266
  287
  308
  331
  354
  378
  404
  430
  457
  486
  515
  546
  578
  612
  647
  683
  721
  761
  803
  846
  892
  939
  989
  1,041
  1,096
Interest expense (income), $m
  61
  62
  72
  83
  94
  106
  118
  131
  144
  158
  172
  187
  203
  219
  236
  253
  271
  290
  310
  330
  352
  374
  398
  422
  447
  474
  502
  531
  561
  593
  627
Earnings before tax, $m
  -91
  -84
  -96
  -109
  -123
  -137
  -152
  -167
  -183
  -200
  -217
  -235
  -254
  -273
  -294
  -315
  -336
  -359
  -383
  -408
  -434
  -461
  -489
  -518
  -549
  -581
  -615
  -650
  -687
  -725
  -765
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
  -84
  -96
  -109
  -123
  -137
  -152
  -167
  -183
  -200
  -217
  -235
  -254
  -273
  -294
  -315
  -336
  -359
  -383
  -408
  -434
  -461
  -489
  -518
  -549
  -581
  -615
  -650
  -687
  -725
  -765

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
  2,922
  3,207
  3,505
  3,816
  4,139
  4,476
  4,826
  5,189
  5,567
  5,960
  6,368
  6,793
  7,234
  7,693
  8,171
  8,669
  9,187
  9,728
  10,291
  10,880
  11,494
  12,135
  12,805
  13,506
  14,238
  15,004
  15,806
  16,645
  17,523
  18,443
Adjusted assets (=assets-cash), $m
  2,660
  2,922
  3,207
  3,505
  3,816
  4,139
  4,476
  4,826
  5,189
  5,567
  5,960
  6,368
  6,793
  7,234
  7,693
  8,171
  8,669
  9,187
  9,728
  10,291
  10,880
  11,494
  12,135
  12,805
  13,506
  14,238
  15,004
  15,806
  16,645
  17,523
  18,443
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
  2,386
  2,620
  2,863
  3,117
  3,381
  3,656
  3,942
  4,239
  4,547
  4,868
  5,201
  5,548
  5,908
  6,283
  6,674
  7,080
  7,504
  7,945
  8,406
  8,886
  9,388
  9,912
  10,459
  11,031
  11,629
  12,255
  12,910
  13,595
  14,312
  15,064
Working capital, $m
  0
  -57
  -63
  -69
  -75
  -81
  -88
  -95
  -102
  -109
  -117
  -125
  -133
  -142
  -151
  -161
  -170
  -180
  -191
  -202
  -214
  -226
  -238
  -252
  -265
  -280
  -295
  -311
  -327
  -344
  -362
Total debt, $m
  1,167
  1,355
  1,560
  1,773
  1,996
  2,228
  2,469
  2,720
  2,981
  3,252
  3,533
  3,826
  4,130
  4,447
  4,776
  5,119
  5,475
  5,847
  6,235
  6,639
  7,061
  7,501
  7,961
  8,441
  8,944
  9,469
  10,018
  10,593
  11,194
  11,824
  12,484
Total liabilities, $m
  1,908
  2,095
  2,300
  2,513
  2,736
  2,968
  3,209
  3,460
  3,721
  3,992
  4,273
  4,566
  4,870
  5,187
  5,516
  5,859
  6,215
  6,587
  6,975
  7,379
  7,801
  8,241
  8,701
  9,181
  9,684
  10,209
  10,758
  11,333
  11,934
  12,564
  13,224
Total equity, $m
  805
  827
  908
  992
  1,080
  1,171
  1,267
  1,366
  1,469
  1,576
  1,687
  1,802
  1,922
  2,047
  2,177
  2,312
  2,453
  2,600
  2,753
  2,912
  3,079
  3,253
  3,434
  3,624
  3,822
  4,029
  4,246
  4,473
  4,710
  4,959
  5,219
Total liabilities and equity, $m
  2,713
  2,922
  3,208
  3,505
  3,816
  4,139
  4,476
  4,826
  5,190
  5,568
  5,960
  6,368
  6,792
  7,234
  7,693
  8,171
  8,668
  9,187
  9,728
  10,291
  10,880
  11,494
  12,135
  12,805
  13,506
  14,238
  15,004
  15,806
  16,644
  17,523
  18,443
Debt-to-equity ratio
  1.450
  1.640
  1.720
  1.790
  1.850
  1.900
  1.950
  1.990
  2.030
  2.060
  2.090
  2.120
  2.150
  2.170
  2.190
  2.210
  2.230
  2.250
  2.260
  2.280
  2.290
  2.310
  2.320
  2.330
  2.340
  2.350
  2.360
  2.370
  2.380
  2.380
  2.390
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
  -84
  -96
  -109
  -123
  -137
  -152
  -167
  -183
  -200
  -217
  -235
  -254
  -273
  -294
  -315
  -336
  -359
  -383
  -408
  -434
  -461
  -489
  -518
  -549
  -581
  -615
  -650
  -687
  -725
  -765
Depreciation, amort., depletion, $m
  177
  196
  215
  235
  255
  277
  300
  323
  347
  373
  399
  426
  455
  484
  515
  547
  580
  615
  651
  689
  728
  769
  812
  857
  904
  953
  1,004
  1,058
  1,114
  1,173
  1,235
Funds from operations, $m
  93
  112
  119
  126
  133
  140
  148
  156
  164
  173
  182
  191
  201
  211
  222
  232
  244
  256
  268
  281
  295
  309
  324
  339
  355
  372
  390
  408
  428
  448
  469
Change in working capital, $m
  1
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
Cash from operations, $m
  92
  117
  124
  132
  139
  147
  155
  163
  171
  180
  190
  199
  209
  220
  231
  242
  254
  266
  279
  292
  306
  321
  336
  352
  369
  387
  405
  424
  444
  465
  487
Maintenance CAPEX, $m
  0
  -177
  -196
  -215
  -235
  -255
  -277
  -300
  -323
  -347
  -373
  -399
  -426
  -455
  -484
  -515
  -547
  -580
  -615
  -651
  -689
  -728
  -769
  -812
  -857
  -904
  -953
  -1,004
  -1,058
  -1,114
  -1,173
New CAPEX, $m
  0
  -223
  -233
  -243
  -254
  -264
  -275
  -286
  -297
  -309
  -321
  -333
  -347
  -360
  -375
  -390
  -407
  -424
  -442
  -460
  -480
  -502
  -524
  -547
  -572
  -598
  -626
  -655
  -685
  -717
  -751
Cash from investing activities, $m
  -53
  -400
  -429
  -458
  -489
  -519
  -552
  -586
  -620
  -656
  -694
  -732
  -773
  -815
  -859
  -905
  -954
  -1,004
  -1,057
  -1,111
  -1,169
  -1,230
  -1,293
  -1,359
  -1,429
  -1,502
  -1,579
  -1,659
  -1,743
  -1,831
  -1,924
Free cash flow, $m
  39
  -283
  -304
  -327
  -350
  -373
  -397
  -423
  -449
  -476
  -504
  -533
  -564
  -596
  -629
  -664
  -700
  -738
  -778
  -819
  -863
  -909
  -957
  -1,008
  -1,060
  -1,116
  -1,174
  -1,235
  -1,299
  -1,366
  -1,437
Issuance/(repayment) of debt, $m
  20
  188
  205
  214
  223
  232
  241
  251
  261
  271
  282
  293
  304
  316
  329
  343
  357
  372
  388
  404
  422
  440
  460
  480
  502
  525
  549
  575
  602
  630
  660
Issuance/(repurchase) of shares, $m
  0
  158
  177
  193
  211
  228
  247
  266
  286
  307
  328
  351
  374
  398
  423
  450
  477
  506
  536
  567
  600
  634
  670
  708
  747
  788
  831
  877
  924
  974
  1,026
Cash from financing (excl. dividends), $m  
  -11
  346
  382
  407
  434
  460
  488
  517
  547
  578
  610
  644
  678
  714
  752
  793
  834
  878
  924
  971
  1,022
  1,074
  1,130
  1,188
  1,249
  1,313
  1,380
  1,452
  1,526
  1,604
  1,686
Total cash flow (excl. dividends), $m
  28
  63
  77
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  140
  146
  152
  159
  166
  173
  181
  189
  198
  207
  216
  226
  237
  248
Retained Cash Flow (-), $m
  82
  -158
  -177
  -193
  -211
  -228
  -247
  -266
  -286
  -307
  -328
  -351
  -374
  -398
  -423
  -450
  -477
  -506
  -536
  -567
  -600
  -634
  -670
  -708
  -747
  -788
  -831
  -877
  -924
  -974
  -1,026
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
 
  -43
  -100
  -113
  -127
  -141
  -156
  -172
  -188
  -205
  -222
  -241
  -259
  -279
  -300
  -321
  -343
  -366
  -390
  -415
  -441
  -469
  -497
  -527
  -558
  -591
  -625
  -660
  -698
  -737
  -777
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
 
  -39
  -82
  -83
  -83
  -81
  -78
  -73
  -68
  -61
  -55
  -48
  -41
  -35
  -29
  -23
  -18
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.8
  80.6
  72.3
  64.8
  58.2
  52.2
  46.9
  42.2
  37.9
  34.1
  30.6
  27.5
  24.8
  22.3
  20.0
  18.0
  16.2
  14.6
  13.1
  11.8
  10.6
  9.6
  8.6
  7.8
  7.0
  6.3
  5.7
  5.1
  4.6
  4.1

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.


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FINANCIAL RATIOS  of  Seritage Growth Properties Cl A (SRG)

Valuation Ratios
P/E Ratio -26.6
Price to Sales 5.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 15
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 10.3% 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 35.838 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

▶ A New Test for Sears CEO Eddie Lampert   [Jan-13-18 09:25AM  TheStreet.com]
▶ Seritage, KDC to develop 1M SF high-rise office campus at Dallas Midtown   [Dec-05-17 07:45AM  American City Business Journals]
▶ Open-air retail replacement for Sears at Aventura Mall breaks ground   [Nov-17-17 09:10AM  American City Business Journals]
▶ Seritage Growth Properties reports 3Q results   [Nov-06-17 05:39AM  Associated Press]
▶ 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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