Intrinsic value of iStar - STAR

Previous Close

$12.07

  Intrinsic Value

$3.15

stock screener

  Rating & Target

str. sell

-74%

  Value-price divergence*

-47%

Previous close

$12.07

 
Intrinsic value

$3.15

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence*

-47%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of STAR 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 1.0

 

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, %
  -7.38
  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
  477
  487
  498
  511
  525
  541
  558
  577
  598
  620
  644
  669
  696
  725
  756
  789
  823
  860
  899
  939
  983
  1,028
  1,076
  1,127
  1,180
  1,236
  1,295
  1,358
  1,423
  1,492
  1,565
Variable operating expenses, $m
 
  604
  618
  634
  651
  671
  693
  716
  742
  769
  799
  831
  864
  900
  938
  979
  1,022
  1,067
  1,115
  1,166
  1,219
  1,276
  1,336
  1,398
  1,465
  1,534
  1,608
  1,685
  1,766
  1,852
  1,942
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
  570
  604
  618
  634
  651
  671
  693
  716
  742
  769
  799
  831
  864
  900
  938
  979
  1,022
  1,067
  1,115
  1,166
  1,219
  1,276
  1,336
  1,398
  1,465
  1,534
  1,608
  1,685
  1,766
  1,852
  1,942
Operating income, $m
  -93
  -117
  -120
  -123
  -126
  -130
  -135
  -139
  -144
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -217
  -226
  -237
  -248
  -259
  -272
  -284
  -298
  -312
  -327
  -343
  -360
  -377
EBITDA, $m
  -39
  -46
  -47
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
Interest expense (income), $m
  200
  181
  186
  191
  196
  202
  209
  216
  224
  233
  242
  253
  263
  275
  287
  300
  314
  329
  344
  361
  378
  396
  416
  436
  458
  480
  504
  529
  556
  583
  613
Earnings before tax, $m
  -15
  -298
  -306
  -314
  -323
  -332
  -343
  -355
  -368
  -383
  -398
  -414
  -431
  -450
  -469
  -490
  -513
  -536
  -561
  -587
  -615
  -644
  -675
  -708
  -742
  -778
  -816
  -856
  -899
  -943
  -990
Tax expense, $m
  -10
  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
  -10
  -298
  -306
  -314
  -323
  -332
  -343
  -355
  -368
  -383
  -398
  -414
  -431
  -450
  -469
  -490
  -513
  -536
  -561
  -587
  -615
  -644
  -675
  -708
  -742
  -778
  -816
  -856
  -899
  -943
  -990

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  329
  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
  4,826
  4,770
  4,880
  5,005
  5,146
  5,302
  5,473
  5,659
  5,861
  6,079
  6,312
  6,561
  6,828
  7,111
  7,413
  7,732
  8,071
  8,430
  8,809
  9,210
  9,633
  10,080
  10,551
  11,047
  11,570
  12,121
  12,701
  13,311
  13,954
  14,629
  15,340
Adjusted assets (=assets-cash), $m
  4,497
  4,770
  4,880
  5,005
  5,146
  5,302
  5,473
  5,659
  5,861
  6,079
  6,312
  6,561
  6,828
  7,111
  7,413
  7,732
  8,071
  8,430
  8,809
  9,210
  9,633
  10,080
  10,551
  11,047
  11,570
  12,121
  12,701
  13,311
  13,954
  14,629
  15,340
Revenue / Adjusted assets
  0.106
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
Average production assets, $m
  2,104
  2,146
  2,195
  2,252
  2,315
  2,385
  2,462
  2,546
  2,637
  2,735
  2,840
  2,952
  3,072
  3,200
  3,335
  3,479
  3,631
  3,793
  3,963
  4,144
  4,334
  4,535
  4,747
  4,970
  5,206
  5,453
  5,714
  5,989
  6,278
  6,582
  6,902
Working capital, $m
  0
  -49
  -50
  -51
  -52
  -54
  -56
  -58
  -60
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
  -156
Total debt, $m
  3,418
  3,506
  3,596
  3,698
  3,813
  3,941
  4,081
  4,233
  4,398
  4,575
  4,766
  4,970
  5,187
  5,419
  5,665
  5,926
  6,203
  6,496
  6,806
  7,134
  7,479
  7,844
  8,229
  8,634
  9,062
  9,512
  9,986
  10,484
  11,009
  11,561
  12,142
Total liabilities, $m
  3,809
  3,897
  3,987
  4,089
  4,204
  4,332
  4,472
  4,624
  4,789
  4,966
  5,157
  5,361
  5,578
  5,810
  6,056
  6,317
  6,594
  6,887
  7,197
  7,525
  7,870
  8,235
  8,620
  9,025
  9,453
  9,903
  10,377
  10,875
  11,400
  11,952
  12,533
Total equity, $m
  1,017
  873
  893
  916
  942
  970
  1,002
  1,036
  1,073
  1,112
  1,155
  1,201
  1,249
  1,301
  1,357
  1,415
  1,477
  1,543
  1,612
  1,685
  1,763
  1,845
  1,931
  2,022
  2,117
  2,218
  2,324
  2,436
  2,554
  2,677
  2,807
Total liabilities and equity, $m
  4,826
  4,770
  4,880
  5,005
  5,146
  5,302
  5,474
  5,660
  5,862
  6,078
  6,312
  6,562
  6,827
  7,111
  7,413
  7,732
  8,071
  8,430
  8,809
  9,210
  9,633
  10,080
  10,551
  11,047
  11,570
  12,121
  12,701
  13,311
  13,954
  14,629
  15,340
Debt-to-equity ratio
  3.361
  4.020
  4.030
  4.040
  4.050
  4.060
  4.070
  4.090
  4.100
  4.110
  4.130
  4.140
  4.150
  4.160
  4.180
  4.190
  4.200
  4.210
  4.220
  4.230
  4.240
  4.250
  4.260
  4.270
  4.280
  4.290
  4.300
  4.300
  4.310
  4.320
  4.330
Adjusted equity ratio
  0.153
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -298
  -306
  -314
  -323
  -332
  -343
  -355
  -368
  -383
  -398
  -414
  -431
  -450
  -469
  -490
  -513
  -536
  -561
  -587
  -615
  -644
  -675
  -708
  -742
  -778
  -816
  -856
  -899
  -943
  -990
Depreciation, amort., depletion, $m
  54
  72
  73
  75
  77
  80
  82
  85
  88
  91
  95
  98
  102
  107
  111
  116
  121
  126
  132
  138
  144
  151
  158
  166
  174
  182
  190
  200
  209
  219
  230
Funds from operations, $m
  17
  -227
  -233
  -239
  -245
  -253
  -261
  -271
  -281
  -291
  -303
  -315
  -329
  -343
  -358
  -374
  -391
  -410
  -429
  -449
  -470
  -493
  -517
  -542
  -569
  -596
  -626
  -657
  -689
  -724
  -760
Change in working capital, $m
  -3
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  20
  -226
  -231
  -237
  -244
  -251
  -260
  -269
  -278
  -289
  -301
  -313
  -326
  -340
  -355
  -371
  -388
  -406
  -425
  -445
  -466
  -488
  -512
  -537
  -563
  -591
  -620
  -651
  -683
  -717
  -753
Maintenance CAPEX, $m
  0
  -70
  -72
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -190
  -200
  -209
  -219
New CAPEX, $m
  -212
  -42
  -49
  -56
  -63
  -70
  -77
  -84
  -91
  -98
  -105
  -112
  -120
  -128
  -136
  -144
  -152
  -161
  -171
  -180
  -190
  -201
  -212
  -223
  -235
  -248
  -261
  -275
  -289
  -304
  -320
Cash from investing activities, $m
  467
  -112
  -121
  -129
  -138
  -147
  -157
  -166
  -176
  -186
  -196
  -207
  -218
  -230
  -243
  -255
  -268
  -282
  -297
  -312
  -328
  -345
  -363
  -381
  -401
  -422
  -443
  -465
  -489
  -513
  -539
Free cash flow, $m
  487
  -338
  -352
  -367
  -382
  -399
  -416
  -435
  -454
  -475
  -497
  -520
  -544
  -570
  -597
  -626
  -656
  -688
  -722
  -757
  -795
  -834
  -875
  -919
  -964
  -1,012
  -1,063
  -1,116
  -1,171
  -1,230
  -1,292
Issuance/(repayment) of debt, $m
  -722
  88
  90
  102
  115
  127
  140
  152
  165
  178
  191
  204
  218
  232
  246
  261
  277
  293
  310
  327
  346
  365
  385
  406
  427
  450
  474
  499
  525
  552
  581
Issuance/(repurchase) of shares, $m
  -99
  317
  326
  337
  348
  361
  375
  389
  405
  422
  440
  460
  480
  502
  525
  549
  575
  602
  630
  660
  692
  726
  761
  799
  838
  879
  922
  968
  1,016
  1,067
  1,120
Cash from financing (excl. dividends), $m  
  -818
  405
  416
  439
  463
  488
  515
  541
  570
  600
  631
  664
  698
  734
  771
  810
  852
  895
  940
  987
  1,038
  1,091
  1,146
  1,205
  1,265
  1,329
  1,396
  1,467
  1,541
  1,619
  1,701
Total cash flow (excl. dividends), $m
  -331
  67
  63
  72
  81
  90
  98
  107
  116
  125
  134
  144
  153
  163
  173
  184
  195
  206
  218
  231
  243
  257
  271
  286
  301
  317
  334
  351
  370
  389
  409
Retained Cash Flow (-), $m
  42
  -317
  -326
  -337
  -348
  -361
  -375
  -389
  -405
  -422
  -440
  -460
  -480
  -502
  -525
  -549
  -575
  -602
  -630
  -660
  -692
  -726
  -761
  -799
  -838
  -879
  -922
  -968
  -1,016
  -1,067
  -1,120
Prev. year cash balance distribution, $m
 
  163
  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
 
  -88
  -263
  -264
  -267
  -271
  -276
  -282
  -289
  -297
  -306
  -316
  -327
  -339
  -351
  -365
  -380
  -395
  -412
  -430
  -449
  -469
  -490
  -513
  -537
  -562
  -589
  -617
  -647
  -678
  -711
Discount rate, %
 
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
 
  -78
  -208
  -183
  -159
  -138
  -118
  -100
  -84
  -69
  -56
  -45
  -35
  -27
  -21
  -15
  -11
  -8
  -5
  -4
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  72.1
  51.9
  37.2
  26.6
  19.0
  13.6
  9.6
  6.8
  4.8
  3.4
  2.4
  1.7
  1.2
  0.8
  0.6
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

iStar Inc. finances, invests in, and develops real estate and real estate related projects in the United States. It operates through four segments: Real Estate Finance, Net Lease, Operating Properties, and Land and Development. The Real Estate Finance segment offers senior and mezzanine real estate loans; preferred equity investments, and senior and subordinated loans to business entities; and whole loans and loan participations. The Net Lease segment owns and leases properties to single creditworthy tenants. As of December 31, 2015, this segment owned 239 facilities comprising 17.8 million square feet in 33 states. The Operating Properties segment operates commercial properties consisting of office, retail, hotel, and other properties; and residential properties, including luxury condominium projects. This segment operated 20 commercial properties comprising 4.5 million square feet in 10 states; and 9 residential projects representing approximately 210 units located within luxury condominium projects in major cities in the United States. The Land and Development segment owns a portfolio of land entitled for master planned communities (MPC), as well as for waterfront and urban infill land parcels. This segment owned 30 properties, including 11 MPC projects, 13 infill land parcels, and 6 waterfront land parcels. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as iStar Financial Inc. and changed its name to iStar Inc. in August 2015. iStar Inc. was founded in 1993 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  iStar (STAR)

Valuation Ratios
P/E Ratio -87
Price to Sales 1.8
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 43.5
Price to Free Cash Flow -4.5
Growth Rates
Sales Growth Rate -7.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24.7%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 336.1%
Total Debt to Equity 336.1%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. -1.1%
Return On Equity -1%
Return On Equity - 3 Yr. Avg. -5.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 58.1%
Gross Margin - 3 Yr. Avg. 59.4%
EBITDA Margin 50.1%
EBITDA Margin - 3 Yr. Avg. 42.8%
Operating Margin -19.5%
Oper. Margin - 3 Yr. Avg. -26.4%
Pre-Tax Margin -3.1%
Pre-Tax Margin - 3 Yr. Avg. -12.1%
Net Profit Margin -2.1%
Net Profit Margin - 3 Yr. Avg. -12.2%
Effective Tax Rate 66.7%
Eff/ Tax Rate - 3 Yr. Avg. 17.4%
Payout Ratio -510%

STAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STAR stock intrinsic value calculation we used $477 million for the last fiscal year's total revenue generated by iStar. The default revenue input number comes from 2016 income statement of iStar. 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 STAR 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 11.9%, whose default value for STAR is calculated based on our internal credit rating of iStar, 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 iStar.
    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 STAR stock the variable cost ratio is equal to 124.1%.

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 STAR 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 iStar.

Corporate tax rate of 27% is the nominal tax rate for iStar. 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 STAR 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 STAR are equal to 441.1%.

Life of production assets of 39 years is the average useful life of capital assets used in iStar 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 STAR is equal to -10%. 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 - $1017 million for iStar - 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 80.662 million for iStar 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 iStar at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ iStar Declares Preferred Stock Dividends   [Aug-15-17 06:38PM  PR Newswire]
▶ IStar posts 2Q profit   [Aug-03-17 07:41AM  Associated Press]
▶ Luxury living: Expensive condos sprouting & selling on Scottsdale Road   [Jun-04-17 09:00PM  American City Business Journals]
▶ iStar Declares Preferred Stock Dividends   [May-17-17 04:05PM  PR Newswire]
▶ IStar reports 1Q loss   [08:21AM  Associated Press]
▶ US Court of Appeals Affirms Judgment in Favor of iStar   [Apr-14-17 08:00AM  PR Newswire]
▶ ETFs with exposure to iStar, Inc. : April 7, 2017   [Apr-07-17 05:32PM  Capital Cube]
▶ IStar reports 4Q loss   [07:30AM  Associated Press]
▶ iStar Announces Fiscal Year 2016 Results   [07:06AM  PR Newswire]
▶ iStar Declares Preferred Stock Dividends   [Feb-15-17 04:30PM  PR Newswire]
▶ iStar Announces Tax Treatment of 2016 Dividends   [Jan-31-17 11:26PM  PR Newswire]
▶ iStar Reprices Its Senior Secured Credit Facility   [Jan-27-17 07:14PM  PR Newswire]
▶ iStar Added to MSCI US REIT Index (RMZ)   [Nov-16-16 10:05PM  PR Newswire]
▶ iStar Declares Preferred Stock Dividends   [Nov-15-16 04:48PM  PR Newswire]
▶ iStar Declares Preferred Stock Dividends   [Aug-15-16 09:37PM  PR Newswire]
Stock chart of STAR Financial statements of STAR
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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