Intrinsic value of STORE Capital - STOR

Previous Close

$25.75

  Intrinsic Value

$3.27

stock screener

  Rating & Target

str. sell

-87%

Previous close

$25.75

 
Intrinsic value

$3.27

 
Up/down potential

-87%

 
Rating

str. sell

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

We calculate the intrinsic value of STOR 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 4.9

 

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, %
  31.93
  23.90
  22.01
  20.31
  18.78
  17.40
  16.16
  15.04
  14.04
  13.14
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
Revenue, $m
  376
  466
  568
  684
  812
  954
  1,108
  1,274
  1,453
  1,644
  1,847
  2,061
  2,286
  2,522
  2,770
  3,028
  3,297
  3,577
  3,869
  4,172
  4,487
  4,815
  5,155
  5,509
  5,877
  6,259
  6,657
  7,071
  7,502
  7,952
  8,420
Variable operating expenses, $m
 
  196
  239
  287
  341
  401
  465
  535
  610
  691
  776
  866
  960
  1,059
  1,163
  1,272
  1,385
  1,503
  1,625
  1,752
  1,885
  2,022
  2,165
  2,314
  2,468
  2,629
  2,796
  2,970
  3,151
  3,340
  3,536
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
  161
  196
  239
  287
  341
  401
  465
  535
  610
  691
  776
  866
  960
  1,059
  1,163
  1,272
  1,385
  1,503
  1,625
  1,752
  1,885
  2,022
  2,165
  2,314
  2,468
  2,629
  2,796
  2,970
  3,151
  3,340
  3,536
Operating income, $m
  216
  270
  330
  397
  471
  553
  642
  739
  843
  954
  1,071
  1,195
  1,326
  1,463
  1,606
  1,756
  1,912
  2,075
  2,244
  2,420
  2,603
  2,793
  2,990
  3,195
  3,408
  3,630
  3,861
  4,101
  4,351
  4,612
  4,884
EBITDA, $m
  336
  438
  535
  643
  764
  897
  1,042
  1,199
  1,367
  1,547
  1,737
  1,939
  2,151
  2,373
  2,606
  2,849
  3,102
  3,366
  3,640
  3,925
  4,222
  4,530
  4,850
  5,183
  5,529
  5,888
  6,263
  6,652
  7,058
  7,481
  7,921
Interest expense (income), $m
  96
  111
  138
  169
  205
  244
  288
  335
  386
  441
  500
  562
  628
  697
  769
  845
  925
  1,007
  1,093
  1,183
  1,276
  1,373
  1,473
  1,578
  1,686
  1,799
  1,917
  2,039
  2,166
  2,298
  2,436
Earnings before tax, $m
  110
  160
  192
  227
  266
  309
  355
  404
  457
  512
  571
  633
  698
  766
  837
  911
  988
  1,068
  1,151
  1,237
  1,327
  1,420
  1,517
  1,617
  1,722
  1,831
  1,944
  2,062
  2,185
  2,314
  2,447
Tax expense, $m
  0
  43
  52
  61
  72
  83
  96
  109
  123
  138
  154
  171
  189
  207
  226
  246
  267
  288
  311
  334
  358
  383
  410
  437
  465
  494
  525
  557
  590
  625
  661
Net income, $m
  123
  117
  140
  166
  194
  225
  259
  295
  333
  374
  417
  462
  510
  559
  611
  665
  721
  779
  840
  903
  969
  1,037
  1,107
  1,181
  1,257
  1,337
  1,419
  1,506
  1,595
  1,689
  1,787

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  54
  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
  4,942
  6,050
  7,382
  8,881
  10,549
  12,384
  14,386
  16,550
  18,873
  21,352
  23,983
  26,763
  29,689
  32,758
  35,969
  39,323
  42,820
  46,460
  50,248
  54,185
  58,278
  62,531
  66,951
  71,544
  76,320
  81,287
  86,454
  91,832
  97,433
  103,269
  109,351
Adjusted assets (=assets-cash), $m
  4,888
  6,050
  7,382
  8,881
  10,549
  12,384
  14,386
  16,550
  18,873
  21,352
  23,983
  26,763
  29,689
  32,758
  35,969
  39,323
  42,820
  46,460
  50,248
  54,185
  58,278
  62,531
  66,951
  71,544
  76,320
  81,287
  86,454
  91,832
  97,433
  103,269
  109,351
Revenue / Adjusted assets
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
  0.077
Average production assets, $m
  4,070
  5,042
  6,152
  7,401
  8,791
  10,321
  11,988
  13,792
  15,728
  17,794
  19,987
  22,304
  24,742
  27,299
  29,976
  32,771
  35,685
  38,719
  41,875
  45,157
  48,567
  52,112
  55,795
  59,623
  63,603
  67,742
  72,048
  76,530
  81,198
  86,061
  91,130
Working capital, $m
  0
  -67
  -82
  -98
  -117
  -137
  -160
  -184
  -209
  -237
  -266
  -297
  -329
  -363
  -399
  -436
  -475
  -515
  -557
  -601
  -646
  -693
  -742
  -793
  -846
  -901
  -959
  -1,018
  -1,080
  -1,145
  -1,212
Total debt, $m
  2,352
  2,936
  3,606
  4,360
  5,199
  6,122
  7,129
  8,217
  9,386
  10,633
  11,957
  13,355
  14,826
  16,370
  17,986
  19,673
  21,431
  23,262
  25,168
  27,148
  29,207
  31,346
  33,569
  35,880
  38,282
  40,780
  43,379
  46,085
  48,902
  51,837
  54,897
Total liabilities, $m
  2,458
  3,043
  3,713
  4,467
  5,306
  6,229
  7,236
  8,324
  9,493
  10,740
  12,064
  13,462
  14,933
  16,477
  18,093
  19,780
  21,538
  23,369
  25,275
  27,255
  29,314
  31,453
  33,676
  35,987
  38,389
  40,887
  43,486
  46,192
  49,009
  51,944
  55,004
Total equity, $m
  2,483
  3,007
  3,669
  4,414
  5,243
  6,155
  7,150
  8,225
  9,380
  10,612
  11,920
  13,301
  14,755
  16,281
  17,877
  19,544
  21,281
  23,091
  24,973
  26,930
  28,964
  31,078
  33,275
  35,558
  37,931
  40,399
  42,968
  45,641
  48,424
  51,324
  54,348
Total liabilities and equity, $m
  4,941
  6,050
  7,382
  8,881
  10,549
  12,384
  14,386
  16,549
  18,873
  21,352
  23,984
  26,763
  29,688
  32,758
  35,970
  39,324
  42,819
  46,460
  50,248
  54,185
  58,278
  62,531
  66,951
  71,545
  76,320
  81,286
  86,454
  91,833
  97,433
  103,268
  109,352
Debt-to-equity ratio
  0.947
  0.980
  0.980
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
Adjusted equity ratio
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  123
  117
  140
  166
  194
  225
  259
  295
  333
  374
  417
  462
  510
  559
  611
  665
  721
  779
  840
  903
  969
  1,037
  1,107
  1,181
  1,257
  1,337
  1,419
  1,506
  1,595
  1,689
  1,787
Depreciation, amort., depletion, $m
  120
  168
  205
  247
  293
  344
  400
  460
  524
  593
  666
  743
  825
  910
  999
  1,092
  1,189
  1,291
  1,396
  1,505
  1,619
  1,737
  1,860
  1,987
  2,120
  2,258
  2,402
  2,551
  2,707
  2,869
  3,038
Funds from operations, $m
  247
  285
  345
  413
  487
  569
  659
  755
  858
  967
  1,083
  1,206
  1,334
  1,469
  1,610
  1,757
  1,911
  2,070
  2,236
  2,408
  2,587
  2,774
  2,967
  3,168
  3,377
  3,595
  3,821
  4,057
  4,302
  4,558
  4,824
Change in working capital, $m
  1
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
Cash from operations, $m
  246
  298
  360
  429
  506
  590
  681
  779
  883
  995
  1,112
  1,237
  1,367
  1,503
  1,646
  1,794
  1,949
  2,110
  2,278
  2,452
  2,633
  2,821
  3,016
  3,219
  3,430
  3,650
  3,878
  4,116
  4,364
  4,622
  4,892
Maintenance CAPEX, $m
  0
  -136
  -168
  -205
  -247
  -293
  -344
  -400
  -460
  -524
  -593
  -666
  -743
  -825
  -910
  -999
  -1,092
  -1,189
  -1,291
  -1,396
  -1,505
  -1,619
  -1,737
  -1,860
  -1,987
  -2,120
  -2,258
  -2,402
  -2,551
  -2,707
  -2,869
New CAPEX, $m
  -1,153
  -973
  -1,110
  -1,249
  -1,390
  -1,530
  -1,668
  -1,804
  -1,936
  -2,066
  -2,193
  -2,317
  -2,438
  -2,558
  -2,676
  -2,795
  -2,914
  -3,034
  -3,156
  -3,282
  -3,411
  -3,544
  -3,683
  -3,828
  -3,980
  -4,139
  -4,306
  -4,482
  -4,668
  -4,863
  -5,069
Cash from investing activities, $m
  -1,130
  -1,109
  -1,278
  -1,454
  -1,637
  -1,823
  -2,012
  -2,204
  -2,396
  -2,590
  -2,786
  -2,983
  -3,181
  -3,383
  -3,586
  -3,794
  -4,006
  -4,223
  -4,447
  -4,678
  -4,916
  -5,163
  -5,420
  -5,688
  -5,967
  -6,259
  -6,564
  -6,884
  -7,219
  -7,570
  -7,938
Free cash flow, $m
  -884
  -811
  -918
  -1,025
  -1,131
  -1,233
  -1,331
  -1,424
  -1,513
  -1,596
  -1,673
  -1,746
  -1,815
  -1,879
  -1,941
  -2,000
  -2,057
  -2,113
  -2,169
  -2,226
  -2,283
  -2,342
  -2,404
  -2,469
  -2,537
  -2,609
  -2,686
  -2,768
  -2,855
  -2,947
  -3,046
Issuance/(repayment) of debt, $m
  584
  584
  670
  754
  839
  923
  1,007
  1,089
  1,169
  1,247
  1,323
  1,398
  1,472
  1,544
  1,615
  1,687
  1,759
  1,831
  1,905
  1,981
  2,059
  2,139
  2,223
  2,311
  2,402
  2,498
  2,599
  2,705
  2,817
  2,935
  3,060
Issuance/(repurchase) of shares, $m
  477
  461
  522
  579
  635
  687
  736
  781
  821
  858
  891
  919
  944
  966
  985
  1,002
  1,017
  1,030
  1,042
  1,054
  1,066
  1,077
  1,089
  1,102
  1,116
  1,132
  1,149
  1,168
  1,188
  1,211
  1,237
Cash from financing (excl. dividends), $m  
  1,037
  1,045
  1,192
  1,333
  1,474
  1,610
  1,743
  1,870
  1,990
  2,105
  2,214
  2,317
  2,416
  2,510
  2,600
  2,689
  2,776
  2,861
  2,947
  3,035
  3,125
  3,216
  3,312
  3,413
  3,518
  3,630
  3,748
  3,873
  4,005
  4,146
  4,297
Total cash flow (excl. dividends), $m
  153
  235
  274
  308
  343
  377
  411
  445
  477
  509
  541
  571
  601
  631
  660
  689
  718
  748
  778
  809
  841
  874
  908
  944
  981
  1,021
  1,062
  1,105
  1,151
  1,199
  1,250
Retained Cash Flow (-), $m
  -423
  -578
  -662
  -745
  -829
  -912
  -995
  -1,076
  -1,155
  -1,232
  -1,308
  -1,382
  -1,454
  -1,525
  -1,596
  -1,667
  -1,738
  -1,809
  -1,882
  -1,957
  -2,034
  -2,114
  -2,197
  -2,283
  -2,374
  -2,468
  -2,568
  -2,673
  -2,784
  -2,900
  -3,023
Prev. year cash balance distribution, $m
 
  54
  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
 
  -289
  -388
  -437
  -486
  -535
  -583
  -631
  -677
  -723
  -767
  -810
  -853
  -895
  -936
  -978
  -1,019
  -1,061
  -1,104
  -1,148
  -1,193
  -1,240
  -1,288
  -1,339
  -1,392
  -1,448
  -1,506
  -1,568
  -1,633
  -1,701
  -1,773
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  -266
  -327
  -333
  -333
  -325
  -312
  -294
  -272
  -246
  -219
  -192
  -164
  -138
  -114
  -92
  -73
  -57
  -43
  -32
  -23
  -17
  -11
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  91.2
  83.8
  77.6
  72.3
  67.8
  63.9
  60.6
  57.7
  55.1
  52.9
  50.9
  49.1
  47.5
  46.1
  44.8
  43.7
  42.6
  41.7
  40.8
  40.0
  39.3
  38.6
  37.9
  37.3
  36.8
  36.3
  35.8
  35.3
  34.9
  34.4

STORE Capital Corporation is an internally managed net-lease real estate investment trust. The Company is engaged in the acquisition, investment and management of single tenant operational real estate (STORE) properties. As of December 31, 2016, the Company owned a portfolio that consisted of investments in 1,660 property locations operated by 360 customers across 48 states. Its customers operate across a range of industries within the service, retail and manufacturing sectors of the United States economy, with restaurants, early childhood education centers, movie theaters, health clubs and furniture stores. The Company's portfolio includes investments in approximately 1,330 property locations operated by over 300 customers across approximately 50 states. The Company provides real estate financing solutions principally to businesses that own STORE properties and operate within the broad-based service, retail and industrial sectors of the United States economy.

FINANCIAL RATIOS  of  STORE Capital (STOR)

Valuation Ratios
P/E Ratio 33.4
Price to Sales 10.9
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow -4.5
Growth Rates
Sales Growth Rate 31.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.4%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 94.7%
Total Debt to Equity 94.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 4.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 98.9%
Gross Margin - 3 Yr. Avg. 99.4%
EBITDA Margin 86.7%
EBITDA Margin - 3 Yr. Avg. 85.7%
Operating Margin 57.2%
Oper. Margin - 3 Yr. Avg. 57.7%
Pre-Tax Margin 29.3%
Pre-Tax Margin - 3 Yr. Avg. 27%
Net Profit Margin 32.7%
Net Profit Margin - 3 Yr. Avg. 29.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 132.5%

STOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STOR stock intrinsic value calculation we used $376 million for the last fiscal year's total revenue generated by STORE Capital. The default revenue input number comes from 2016 income statement of STORE Capital. 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 STOR stock valuation model: a) initial revenue growth rate of 23.9% 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 8.6%, whose default value for STOR is calculated based on our internal credit rating of STORE Capital, 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 STORE Capital.
    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 STOR stock the variable cost ratio is equal to 42%.

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 STOR 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 4.7% for STORE Capital.

Corporate tax rate of 27% is the nominal tax rate for STORE Capital. 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 STOR 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 STOR are equal to 1082.3%.

Life of production assets of 33.9 years is the average useful life of capital assets used in STORE Capital 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 STOR is equal to -14.4%. 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 - $2483 million for STORE Capital - 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 190.043 million for STORE Capital 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 STORE Capital at the current share price and the inputted number of shares is $4.9 billion.

RELATED COMPANIES Price Int.Val. Rating
CONN Conn's 31.70 9.76  str.sell
HOME At Home Group 28.58 46.22  str.buy
AMC AMC Entertainm 15.25 166.23  str.buy
VER VEREIT 7.86 1.79  str.sell
FCPT Four Corners P 25.81 1.91  str.sell
O Realty Income 55.74 6.16  str.sell
OLP One Liberty Pr 26.24 3.89  str.sell
STAR iStar 11.32 12.66  hold

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Financial statements of STOR
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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