Intrinsic value of UDR - UDR

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$37.34

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.34

 
Intrinsic value

$2.88

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of UDR 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 10.0

 

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, %
  7.26
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  960
  980
  1,004
  1,030
  1,060
  1,093
  1,129
  1,168
  1,210
  1,255
  1,304
  1,356
  1,411
  1,470
  1,533
  1,600
  1,670
  1,745
  1,823
  1,907
  1,994
  2,087
  2,185
  2,288
  2,396
  2,511
  2,631
  2,758
  2,891
  3,031
  3,178
Variable operating expenses, $m
 
  754
  772
  792
  815
  840
  868
  898
  930
  965
  1,003
  1,043
  1,085
  1,131
  1,179
  1,230
  1,284
  1,342
  1,402
  1,466
  1,534
  1,605
  1,680
  1,759
  1,843
  1,931
  2,023
  2,121
  2,223
  2,331
  2,444
Fixed operating expenses, $m
 
  49
  50
  52
  53
  54
  56
  57
  58
  60
  61
  63
  65
  66
  68
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  93
  96
  98
  101
Total operating expenses, $m
  785
  803
  822
  844
  868
  894
  924
  955
  988
  1,025
  1,064
  1,106
  1,150
  1,197
  1,247
  1,300
  1,355
  1,415
  1,477
  1,543
  1,613
  1,686
  1,763
  1,844
  1,930
  2,020
  2,114
  2,214
  2,319
  2,429
  2,545
Operating income, $m
  175
  177
  181
  186
  192
  198
  205
  213
  221
  230
  240
  250
  261
  274
  286
  300
  315
  330
  346
  364
  382
  402
  422
  444
  467
  491
  517
  544
  572
  602
  634
EBITDA, $m
  601
  613
  628
  644
  663
  684
  707
  732
  759
  788
  820
  853
  889
  927
  968
  1,011
  1,057
  1,106
  1,157
  1,212
  1,269
  1,330
  1,394
  1,461
  1,532
  1,607
  1,687
  1,770
  1,858
  1,950
  2,047
Interest expense (income), $m
  125
  122
  126
  130
  134
  140
  145
  151
  158
  165
  173
  182
  190
  200
  210
  221
  232
  244
  257
  271
  285
  300
  316
  333
  351
  369
  389
  410
  431
  454
  478
Earnings before tax, $m
  106
  55
  56
  56
  57
  59
  60
  61
  63
  65
  67
  69
  71
  74
  76
  79
  82
  86
  89
  93
  97
  101
  106
  111
  116
  122
  128
  134
  141
  148
  155
Tax expense, $m
  -4
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
Net income, $m
  293
  40
  41
  41
  42
  43
  44
  45
  46
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  7,680
  7,841
  8,029
  8,242
  8,479
  8,742
  9,029
  9,342
  9,679
  10,042
  10,432
  10,848
  11,291
  11,763
  12,265
  12,797
  13,360
  13,956
  14,587
  15,253
  15,956
  16,697
  17,479
  18,303
  19,171
  20,085
  21,048
  22,061
  23,127
  24,248
  25,427
Adjusted assets (=assets-cash), $m
  7,678
  7,841
  8,029
  8,242
  8,479
  8,742
  9,029
  9,342
  9,679
  10,042
  10,432
  10,848
  11,291
  11,763
  12,265
  12,797
  13,360
  13,956
  14,587
  15,253
  15,956
  16,697
  17,479
  18,303
  19,171
  20,085
  21,048
  22,061
  23,127
  24,248
  25,427
Revenue / Adjusted assets
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
Average production assets, $m
  6,618
  6,756
  6,918
  7,101
  7,306
  7,532
  7,780
  8,049
  8,340
  8,653
  8,988
  9,347
  9,729
  10,136
  10,568
  11,026
  11,512
  12,025
  12,568
  13,142
  13,748
  14,387
  15,060
  15,770
  16,518
  17,306
  18,135
  19,008
  19,926
  20,892
  21,909
Working capital, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Total debt, $m
  3,401
  3,495
  3,607
  3,734
  3,876
  4,033
  4,205
  4,391
  4,592
  4,809
  5,042
  5,290
  5,555
  5,837
  6,136
  6,454
  6,790
  7,146
  7,522
  7,920
  8,339
  8,782
  9,249
  9,741
  10,259
  10,805
  11,379
  11,984
  12,621
  13,290
  13,994
Total liabilities, $m
  4,586
  4,681
  4,793
  4,920
  5,062
  5,219
  5,391
  5,577
  5,778
  5,995
  6,228
  6,476
  6,741
  7,023
  7,322
  7,640
  7,976
  8,332
  8,708
  9,106
  9,525
  9,968
  10,435
  10,927
  11,445
  11,991
  12,565
  13,170
  13,807
  14,476
  15,180
Total equity, $m
  3,093
  3,160
  3,236
  3,321
  3,417
  3,523
  3,639
  3,765
  3,901
  4,047
  4,204
  4,372
  4,550
  4,741
  4,943
  5,157
  5,384
  5,624
  5,878
  6,147
  6,430
  6,729
  7,044
  7,376
  7,726
  8,094
  8,482
  8,890
  9,320
  9,772
  10,247
Total liabilities and equity, $m
  7,679
  7,841
  8,029
  8,241
  8,479
  8,742
  9,030
  9,342
  9,679
  10,042
  10,432
  10,848
  11,291
  11,764
  12,265
  12,797
  13,360
  13,956
  14,586
  15,253
  15,955
  16,697
  17,479
  18,303
  19,171
  20,085
  21,047
  22,060
  23,127
  24,248
  25,427
Debt-to-equity ratio
  1.100
  1.110
  1.110
  1.120
  1.130
  1.140
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.310
  1.320
  1.330
  1.330
  1.340
  1.350
  1.350
  1.360
  1.370
Adjusted equity ratio
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  293
  40
  41
  41
  42
  43
  44
  45
  46
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
Depreciation, amort., depletion, $m
  426
  436
  446
  458
  471
  486
  502
  519
  538
  558
  580
  603
  628
  654
  682
  711
  743
  776
  811
  848
  887
  928
  972
  1,017
  1,066
  1,117
  1,170
  1,226
  1,286
  1,348
  1,413
Funds from operations, $m
  508
  476
  487
  499
  513
  529
  546
  564
  584
  605
  629
  653
  680
  708
  737
  769
  803
  838
  876
  916
  958
  1,002
  1,049
  1,098
  1,150
  1,205
  1,263
  1,324
  1,388
  1,456
  1,527
Change in working capital, $m
  -29
  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 from operations, $m
  537
  550
  487
  499
  513
  529
  546
  564
  584
  606
  629
  653
  680
  708
  738
  769
  803
  838
  876
  916
  958
  1,002
  1,049
  1,099
  1,151
  1,206
  1,263
  1,324
  1,388
  1,456
  1,527
Maintenance CAPEX, $m
  0
  -427
  -436
  -446
  -458
  -471
  -486
  -502
  -519
  -538
  -558
  -580
  -603
  -628
  -654
  -682
  -711
  -743
  -776
  -811
  -848
  -887
  -928
  -972
  -1,017
  -1,066
  -1,117
  -1,170
  -1,226
  -1,286
  -1,348
New CAPEX, $m
  -259
  -139
  -161
  -183
  -205
  -226
  -248
  -269
  -291
  -313
  -335
  -359
  -382
  -407
  -432
  -458
  -485
  -514
  -543
  -574
  -606
  -639
  -674
  -710
  -748
  -788
  -829
  -873
  -918
  -966
  -1,016
Cash from investing activities, $m
  -112
  -566
  -597
  -629
  -663
  -697
  -734
  -771
  -810
  -851
  -893
  -939
  -985
  -1,035
  -1,086
  -1,140
  -1,196
  -1,257
  -1,319
  -1,385
  -1,454
  -1,526
  -1,602
  -1,682
  -1,765
  -1,854
  -1,946
  -2,043
  -2,144
  -2,252
  -2,364
Free cash flow, $m
  425
  -15
  -110
  -130
  -150
  -169
  -188
  -207
  -226
  -245
  -265
  -285
  -306
  -327
  -348
  -371
  -394
  -418
  -443
  -469
  -496
  -524
  -553
  -583
  -615
  -648
  -682
  -719
  -756
  -796
  -837
Issuance/(repayment) of debt, $m
  -249
  94
  112
  127
  142
  157
  172
  186
  201
  217
  232
  248
  265
  282
  299
  318
  336
  356
  376
  398
  420
  443
  467
  492
  518
  546
  575
  605
  636
  669
  704
Issuance/(repurchase) of shares, $m
  173
  0
  74
  89
  104
  118
  132
  146
  161
  175
  190
  204
  220
  235
  251
  268
  285
  302
  321
  340
  359
  380
  401
  423
  446
  470
  496
  522
  549
  578
  608
Cash from financing (excl. dividends), $m  
  -116
  94
  186
  216
  246
  275
  304
  332
  362
  392
  422
  452
  485
  517
  550
  586
  621
  658
  697
  738
  779
  823
  868
  915
  964
  1,016
  1,071
  1,127
  1,185
  1,247
  1,312
Total cash flow (excl. dividends), $m
  308
  79
  1
  -3
  -8
  -12
  -16
  -20
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -71
  -76
  -81
  -86
  -91
  -97
  -102
  -108
  -114
  -120
  -126
  -133
Retained Cash Flow (-), $m
  -193
  -69
  -76
  -86
  -96
  -106
  -116
  -126
  -136
  -146
  -157
  -168
  -179
  -190
  -202
  -214
  -227
  -240
  -254
  -268
  -283
  -299
  -315
  -332
  -350
  -368
  -388
  -408
  -430
  -452
  -475
Prev. year cash balance distribution, $m
 
  2
  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
 
  12
  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
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  11
  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
Current shareholders' claim on cash, %
  100
  100.0
  99.3
  98.4
  97.5
  96.5
  95.4
  94.2
  93.0
  91.7
  90.4
  89.1
  87.7
  86.3
  84.9
  83.5
  82.1
  80.7
  79.4
  78.0
  76.6
  75.2
  73.8
  72.5
  71.2
  69.9
  68.6
  67.3
  66.0
  64.8
  63.6

UDR, Inc. is an independent real estate investment trust. The firm invests in the real estate markets of the United States. It owns, operates, acquires, renovates, develops, redevelops, and manages multifamily apartment communities. The firm was previously known as United Dominion Realty Trust, Inc. UDR, Inc. was founded in 1972 and is headquartered in Denver, Colorado with additional offices in Dallas, Texas; Houston, Texas; Newport Beach, California; Orlando, Florida; Phoenix, Arizona; Santa Clara, California; Tampa, Florida; and Washington DC, Virginia.

FINANCIAL RATIOS  of  UDR (UDR)

Valuation Ratios
P/E Ratio 34.1
Price to Sales 10.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 35.9
Growth Rates
Sales Growth Rate 7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.5%
Cap. Spend. - 3 Yr. Gr. Rate 30.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 110%
Total Debt to Equity 110%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 15.1%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 67.8%
Gross Margin - 3 Yr. Avg. 67%
EBITDA Margin 68.4%
EBITDA Margin - 3 Yr. Avg. 65.9%
Operating Margin 18.2%
Oper. Margin - 3 Yr. Avg. 17.2%
Pre-Tax Margin 11%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 30.5%
Net Profit Margin - 3 Yr. Avg. 29.1%
Effective Tax Rate -3.8%
Eff/ Tax Rate - 3 Yr. Avg. -502.2%
Payout Ratio 106.8%

UDR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UDR stock intrinsic value calculation we used $960 million for the last fiscal year's total revenue generated by UDR. The default revenue input number comes from 2016 income statement of UDR. 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 UDR stock valuation model: a) initial revenue growth rate of 2.1% 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 8.5%, whose default value for UDR is calculated based on our internal credit rating of UDR, 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 UDR.
    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 UDR stock the variable cost ratio is equal to 76.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $48 million in the base year in the intrinsic value calculation for UDR 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 3.6% for UDR.

Corporate tax rate of 27% is the nominal tax rate for UDR. 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 UDR 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 UDR are equal to 689.3%.

Life of production assets of 15.5 years is the average useful life of capital assets used in UDR 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 UDR is equal to -0.2%. 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 - $3093 million for UDR - 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 268.34 million for UDR 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 UDR at the current share price and the inputted number of shares is $10.0 billion.


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COMPANY NEWS

▶ UDR reports 1Q results   [Apr-24-17 04:24PM  Associated Press]
▶ UDR Announces First Quarter 2017 Results   [04:16PM  Business Wire]
▶ UDR to Participate in Citi Global Property CEO Conference   [Feb-28-17 04:16PM  Business Wire]
▶ UDR, Inc. Reports Tax Status of 2016 Dividends   [Jan-17-17 04:45PM  Business Wire]
▶ Instant Analysis: HCP Names a New CEO   [Jan-13-17 02:54PM  at Motley Fool]
▶ UDR to Ring NYSE Closing Bell to Celebrate 45th Anniversary   [Jan-05-17 04:17PM  Business Wire]
▶ UDR Declares Quarterly Dividend   [Dec-15-16 04:16PM  Business Wire]
▶ Is UDR, Inc. (UDR) A Good Stock To Buy?   [Dec-14-16 09:50AM  at Insider Monkey]
▶ UDR Names New Chief Financial Officer   [04:16PM  Business Wire]
▶ Is Now A Good Time to Buy Shares of Best Buy Co Inc (BBY)?   [Nov-24-16 03:36PM  at Insider Monkey]
▶ UDR Declares Quarterly Dividend   [Sep-22-16 04:16PM  Business Wire]
▶ UDR Prices $300 million of Senior Unsecured Notes Due 2026   [Aug-16-16 04:22PM  Business Wire]
▶ UDR Declares Quarterly Dividend   [Jun-23-16 04:16PM  Business Wire]
Stock chart of UDR Financial statements of UDR
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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