Intrinsic value of iStar - STAR

Previous Close

$11.22

  Intrinsic Value

$3.19

stock screener

  Rating & Target

str. sell

-72%

Previous close

$11.22

 
Intrinsic value

$3.19

 
Up/down potential

-72%

 
Rating

str. sell

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

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

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, %
  -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
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -147
  -155
Interest expense (income), $m
  200
  180
  184
  189
  194
  200
  207
  214
  222
  231
  240
  250
  261
  273
  285
  298
  312
  326
  342
  358
  376
  394
  413
  434
  455
  478
  501
  526
  553
  581
  610
Earnings before tax, $m
  -15
  -297
  -304
  -312
  -320
  -330
  -341
  -353
  -366
  -380
  -396
  -412
  -429
  -448
  -467
  -488
  -510
  -534
  -558
  -585
  -612
  -642
  -673
  -705
  -739
  -776
  -814
  -854
  -896
  -940
  -987
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
  -297
  -304
  -312
  -320
  -330
  -341
  -353
  -366
  -380
  -396
  -412
  -429
  -448
  -467
  -488
  -510
  -534
  -558
  -585
  -612
  -642
  -673
  -705
  -739
  -776
  -814
  -854
  -896
  -940
  -987

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
  4,590
  4,696
  4,816
  4,952
  5,102
  5,267
  5,446
  5,640
  5,849
  6,074
  6,314
  6,570
  6,843
  7,133
  7,441
  7,767
  8,112
  8,477
  8,863
  9,270
  9,699
  10,153
  10,630
  11,133
  11,663
  12,222
  12,809
  13,427
  14,077
  14,761
Adjusted assets (=assets-cash), $m
  4,497
  4,590
  4,696
  4,816
  4,952
  5,102
  5,267
  5,446
  5,640
  5,849
  6,074
  6,314
  6,570
  6,843
  7,133
  7,441
  7,767
  8,112
  8,477
  8,863
  9,270
  9,699
  10,153
  10,630
  11,133
  11,663
  12,222
  12,809
  13,427
  14,077
  14,761
Revenue / Adjusted assets
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
Average production assets, $m
  2,036
  2,076
  2,124
  2,178
  2,240
  2,308
  2,382
  2,463
  2,551
  2,646
  2,747
  2,856
  2,972
  3,095
  3,226
  3,365
  3,513
  3,669
  3,834
  4,009
  4,193
  4,387
  4,592
  4,808
  5,036
  5,275
  5,528
  5,793
  6,073
  6,367
  6,677
Working capital, $m
  0
  -336
  -343
  -352
  -362
  -373
  -385
  -398
  -413
  -428
  -444
  -462
  -481
  -500
  -522
  -544
  -568
  -593
  -620
  -648
  -678
  -709
  -743
  -777
  -814
  -853
  -894
  -937
  -982
  -1,030
  -1,080
Total debt, $m
  3,390
  3,469
  3,558
  3,660
  3,775
  3,902
  4,042
  4,194
  4,358
  4,535
  4,725
  4,929
  5,146
  5,377
  5,623
  5,883
  6,159
  6,452
  6,761
  7,088
  7,432
  7,796
  8,180
  8,585
  9,011
  9,460
  9,933
  10,430
  10,954
  11,504
  12,084
Total liabilities, $m
  3,809
  3,888
  3,977
  4,079
  4,194
  4,321
  4,461
  4,613
  4,777
  4,954
  5,144
  5,348
  5,565
  5,796
  6,042
  6,302
  6,578
  6,871
  7,180
  7,507
  7,851
  8,215
  8,599
  9,004
  9,430
  9,879
  10,352
  10,849
  11,373
  11,923
  12,503
Total equity, $m
  1,017
  702
  718
  737
  758
  781
  806
  833
  863
  895
  929
  966
  1,005
  1,047
  1,091
  1,138
  1,188
  1,241
  1,297
  1,356
  1,418
  1,484
  1,553
  1,626
  1,703
  1,785
  1,870
  1,960
  2,054
  2,154
  2,258
Total liabilities and equity, $m
  4,826
  4,590
  4,695
  4,816
  4,952
  5,102
  5,267
  5,446
  5,640
  5,849
  6,073
  6,314
  6,570
  6,843
  7,133
  7,440
  7,766
  8,112
  8,477
  8,863
  9,269
  9,699
  10,152
  10,630
  11,133
  11,664
  12,222
  12,809
  13,427
  14,077
  14,761
Debt-to-equity ratio
  3.333
  4.940
  4.950
  4.970
  4.980
  5.000
  5.020
  5.030
  5.050
  5.070
  5.090
  5.100
  5.120
  5.140
  5.150
  5.170
  5.180
  5.200
  5.210
  5.230
  5.240
  5.250
  5.270
  5.280
  5.290
  5.300
  5.310
  5.320
  5.330
  5.340
  5.350
Adjusted equity ratio
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -297
  -304
  -312
  -320
  -330
  -341
  -353
  -366
  -380
  -396
  -412
  -429
  -448
  -467
  -488
  -510
  -534
  -558
  -585
  -612
  -642
  -673
  -705
  -739
  -776
  -814
  -854
  -896
  -940
  -987
Depreciation, amort., depletion, $m
  54
  69
  71
  73
  75
  77
  79
  82
  85
  88
  92
  95
  99
  103
  108
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  223
Funds from operations, $m
  17
  -228
  -233
  -239
  -246
  -253
  -262
  -271
  -281
  -292
  -304
  -317
  -330
  -344
  -360
  -376
  -393
  -411
  -431
  -451
  -473
  -495
  -520
  -545
  -572
  -600
  -629
  -661
  -693
  -728
  -764
Change in working capital, $m
  -3
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
Cash from operations, $m
  20
  -221
  -225
  -230
  -236
  -243
  -250
  -258
  -267
  -277
  -288
  -299
  -311
  -324
  -338
  -353
  -369
  -386
  -404
  -423
  -443
  -464
  -486
  -510
  -535
  -561
  -589
  -618
  -648
  -680
  -714
Maintenance CAPEX, $m
  0
  -68
  -69
  -71
  -73
  -75
  -77
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -112
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
New CAPEX, $m
  -212
  -41
  -48
  -55
  -61
  -68
  -75
  -81
  -88
  -95
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -228
  -240
  -252
  -266
  -280
  -294
  -309
Cash from investing activities, $m
  467
  -109
  -117
  -126
  -134
  -143
  -152
  -160
  -170
  -180
  -190
  -201
  -211
  -222
  -234
  -247
  -259
  -273
  -287
  -302
  -318
  -334
  -351
  -369
  -388
  -408
  -428
  -450
  -473
  -496
  -521
Free cash flow, $m
  487
  -330
  -342
  -356
  -370
  -385
  -401
  -419
  -437
  -457
  -477
  -499
  -522
  -547
  -573
  -600
  -629
  -659
  -691
  -725
  -761
  -798
  -838
  -879
  -923
  -969
  -1,017
  -1,068
  -1,121
  -1,177
  -1,236
Issuance/(repayment) of debt, $m
  -722
  79
  89
  102
  115
  127
  140
  152
  164
  177
  190
  203
  217
  231
  246
  261
  276
  292
  309
  327
  345
  364
  384
  405
  426
  449
  473
  498
  524
  551
  579
Issuance/(repurchase) of shares, $m
  -99
  311
  320
  330
  341
  353
  367
  381
  396
  412
  430
  448
  468
  489
  512
  535
  560
  586
  614
  644
  675
  707
  742
  778
  816
  857
  899
  944
  990
  1,040
  1,091
Cash from financing (excl. dividends), $m  
  -818
  390
  409
  432
  456
  480
  507
  533
  560
  589
  620
  651
  685
  720
  758
  796
  836
  878
  923
  971
  1,020
  1,071
  1,126
  1,183
  1,242
  1,306
  1,372
  1,442
  1,514
  1,591
  1,670
Total cash flow (excl. dividends), $m
  -331
  60
  67
  77
  86
  95
  105
  114
  123
  133
  143
  153
  163
  174
  184
  196
  207
  219
  232
  245
  259
  273
  288
  304
  320
  337
  355
  374
  393
  414
  435
Retained Cash Flow (-), $m
  42
  -311
  -320
  -330
  -341
  -353
  -367
  -381
  -396
  -412
  -430
  -448
  -468
  -489
  -512
  -535
  -560
  -586
  -614
  -644
  -675
  -707
  -742
  -778
  -816
  -857
  -899
  -944
  -990
  -1,040
  -1,091
Prev. year cash balance distribution, $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
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
 
  78
  -253
  -253
  -255
  -258
  -262
  -267
  -273
  -279
  -287
  -296
  -305
  -316
  -327
  -339
  -353
  -367
  -382
  -398
  -416
  -434
  -454
  -474
  -496
  -520
  -544
  -570
  -597
  -626
  -657
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
 
  70
  -200
  -175
  -152
  -131
  -112
  -95
  -79
  -65
  -53
  -42
  -33
  -25
  -19
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  66.0
  43.5
  28.6
  18.7
  12.2
  8.0
  5.2
  3.4
  2.2
  1.4
  0.9
  0.6
  0.4
  0.2
  0.2
  0.1
  0.1
  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

iStar Inc. finances, invests in and develops real estate and real estate related projects as part of its integrated investment platform. The Company's four business segments are Real Estate Finance, Net Lease, Operating Properties, and Land and Development. The Real Estate Finance portfolio consists of senior and mezzanine real estate loans that may be either fixed-rate or variable-rate. The Net Lease portfolio consists of properties owned by the Company and leased to single tenants, where the properties are subject to long-term leases. The Operating Properties portfolio consists of commercial and residential properties, which represent a pool of assets across a range of geographies and property types. The Land and Development portfolio consists of land entitled for master planned communities, as well as waterfront and urban infill land parcels located throughout the United States. Its Land and Development projects include Great Oaks, Sage Scottsdale, Naples Reserve and Coney Island.

FINANCIAL RATIOS  of  iStar (STAR)

Valuation Ratios
P/E Ratio -80.8
Price to Sales 1.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 40.4
Price to Free Cash Flow -4.2
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 333.3%
Total Debt to Equity 333.3%
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 426.7%.

Life of production assets of 37.7 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 -69%. 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 79.752 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 $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
KBH KB Home 35.02 91.38  str.buy
UTI Universal Tech 2.60 1.14  str.sell
AAT American Asset 36.30 4.28  str.sell
SLG SL Green Realt 95.96 19.40  str.sell
LXP Lexington Real 9.24 1.44  str.sell
O Realty Income 53.86 5.98  str.sell
DRE Duke Realty 25.98 2.43  str.sell

COMPANY NEWS

▶ iStar Announces Tax Treatment of 2017 Dividends   [Jan-22-18 04:52PM  PR Newswire]
▶ iStar Declares Preferred Stock Dividends   [Nov-15-17 04:58PM  PR Newswire]
▶ IStar reports 3Q loss   [Nov-02-17 07:59AM  Associated Press]
▶ iStar Announces Proposed Financing Transactions   [Sep-11-17 04:05PM  PR Newswire]
▶ 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]
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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