Intrinsic value of VEREIT - VER

Previous Close

$8.26

  Intrinsic Value

$1.80

stock screener

  Rating & Target

str. sell

-78%

  Value-price divergence*

+19%

Previous close

$8.26

 
Intrinsic value

$1.80

 
Up/down potential

-78%

 
Rating

str. sell

 
Value-price divergence*

+19%

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

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

We calculate the intrinsic value of VER 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 8.0

 

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, %
  -6.49
  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
  1,455
  1,484
  1,518
  1,557
  1,601
  1,650
  1,703
  1,761
  1,824
  1,891
  1,964
  2,041
  2,124
  2,213
  2,306
  2,406
  2,511
  2,623
  2,741
  2,866
  2,997
  3,136
  3,283
  3,437
  3,600
  3,771
  3,952
  4,142
  4,341
  4,552
  4,773
Variable operating expenses, $m
 
  1,098
  1,120
  1,145
  1,173
  1,204
  1,239
  1,276
  1,316
  1,359
  1,406
  1,310
  1,363
  1,419
  1,480
  1,543
  1,611
  1,683
  1,758
  1,838
  1,923
  2,012
  2,106
  2,205
  2,309
  2,419
  2,535
  2,657
  2,785
  2,920
  3,062
Fixed operating expenses, $m
 
  338
  347
  355
  364
  373
  383
  392
  402
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  528
  541
  554
  568
  582
  597
  612
  627
  643
  659
  675
  692
Total operating expenses, $m
  1,402
  1,436
  1,467
  1,500
  1,537
  1,577
  1,622
  1,668
  1,718
  1,771
  1,828
  1,743
  1,807
  1,874
  1,946
  2,021
  2,101
  2,185
  2,273
  2,366
  2,464
  2,566
  2,674
  2,787
  2,906
  3,031
  3,162
  3,300
  3,444
  3,595
  3,754
Operating income, $m
  53
  48
  51
  57
  63
  72
  82
  93
  105
  120
  135
  299
  318
  338
  360
  384
  410
  438
  468
  500
  534
  570
  609
  650
  694
  740
  789
  842
  897
  956
  1,019
EBITDA, $m
  860
  935
  956
  980
  1,009
  1,042
  1,078
  1,118
  1,162
  1,210
  1,262
  1,318
  1,378
  1,443
  1,512
  1,586
  1,664
  1,748
  1,836
  1,931
  2,030
  2,136
  2,248
  2,366
  2,491
  2,623
  2,763
  2,910
  3,065
  3,229
  3,402
Interest expense (income), $m
  317
  280
  286
  294
  302
  312
  322
  333
  346
  360
  374
  390
  407
  424
  443
  464
  485
  508
  532
  558
  584
  613
  643
  674
  708
  743
  780
  819
  860
  903
  948
Earnings before tax, $m
  -205
  -233
  -235
  -237
  -239
  -240
  -240
  -241
  -241
  -240
  -239
  -91
  -89
  -86
  -83
  -79
  -75
  -70
  -64
  -58
  -51
  -43
  -34
  -25
  -14
  -3
  10
  23
  38
  53
  70
Tax expense, $m
  -4
  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
  3
  6
  10
  14
  19
Net income, $m
  -196
  -233
  -235
  -237
  -239
  -240
  -240
  -241
  -241
  -240
  -239
  -91
  -89
  -86
  -83
  -79
  -75
  -70
  -64
  -58
  -51
  -43
  -34
  -25
  -14
  -3
  7
  17
  27
  39
  51

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  256
  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
  15,588
  15,622
  15,981
  16,392
  16,853
  17,364
  17,925
  18,535
  19,196
  19,908
  20,672
  21,489
  22,361
  23,290
  24,277
  25,324
  26,434
  27,609
  28,851
  30,164
  31,550
  33,012
  34,554
  36,180
  37,893
  39,697
  41,596
  43,595
  45,699
  47,912
  50,240
Adjusted assets (=assets-cash), $m
  15,332
  15,622
  15,981
  16,392
  16,853
  17,364
  17,925
  18,535
  19,196
  19,908
  20,672
  21,489
  22,361
  23,290
  24,277
  25,324
  26,434
  27,609
  28,851
  30,164
  31,550
  33,012
  34,554
  36,180
  37,893
  39,697
  41,596
  43,595
  45,699
  47,912
  50,240
Revenue / Adjusted assets
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
Average production assets, $m
  14,167
  14,451
  14,783
  15,163
  15,590
  16,062
  16,581
  17,145
  17,757
  18,415
  19,122
  19,878
  20,685
  21,544
  22,457
  23,425
  24,452
  25,539
  26,688
  27,902
  29,184
  30,537
  31,963
  33,467
  35,051
  36,720
  38,477
  40,326
  42,272
  44,319
  46,473
Working capital, $m
  0
  -261
  -267
  -274
  -282
  -290
  -300
  -310
  -321
  -333
  -346
  -359
  -374
  -389
  -406
  -423
  -442
  -462
  -482
  -504
  -528
  -552
  -578
  -605
  -634
  -664
  -695
  -729
  -764
  -801
  -840
Total debt, $m
  6,367
  6,506
  6,673
  6,865
  7,080
  7,318
  7,579
  7,863
  8,171
  8,503
  8,859
  9,240
  9,646
  10,079
  10,539
  11,027
  11,544
  12,092
  12,671
  13,282
  13,928
  14,610
  15,328
  16,086
  16,884
  17,725
  18,610
  19,541
  20,522
  21,553
  22,638
Total liabilities, $m
  7,140
  7,280
  7,447
  7,639
  7,854
  8,092
  8,353
  8,637
  8,945
  9,277
  9,633
  10,014
  10,420
  10,853
  11,313
  11,801
  12,318
  12,866
  13,445
  14,056
  14,702
  15,384
  16,102
  16,860
  17,658
  18,499
  19,384
  20,315
  21,296
  22,327
  23,412
Total equity, $m
  8,447
  8,342
  8,534
  8,753
  9,000
  9,272
  9,572
  9,898
  10,251
  10,631
  11,039
  11,475
  11,941
  12,437
  12,964
  13,523
  14,116
  14,743
  15,406
  16,107
  16,848
  17,628
  18,452
  19,320
  20,235
  21,198
  22,212
  23,280
  24,403
  25,585
  26,828
Total liabilities and equity, $m
  15,587
  15,622
  15,981
  16,392
  16,854
  17,364
  17,925
  18,535
  19,196
  19,908
  20,672
  21,489
  22,361
  23,290
  24,277
  25,324
  26,434
  27,609
  28,851
  30,163
  31,550
  33,012
  34,554
  36,180
  37,893
  39,697
  41,596
  43,595
  45,699
  47,912
  50,240
Debt-to-equity ratio
  0.754
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
Adjusted equity ratio
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -196
  -233
  -235
  -237
  -239
  -240
  -240
  -241
  -241
  -240
  -239
  -91
  -89
  -86
  -83
  -79
  -75
  -70
  -64
  -58
  -51
  -43
  -34
  -25
  -14
  -3
  7
  17
  27
  39
  51
Depreciation, amort., depletion, $m
  807
  887
  904
  924
  946
  970
  996
  1,025
  1,057
  1,091
  1,127
  1,019
  1,061
  1,105
  1,152
  1,201
  1,254
  1,310
  1,369
  1,431
  1,497
  1,566
  1,639
  1,716
  1,798
  1,883
  1,973
  2,068
  2,168
  2,273
  2,383
Funds from operations, $m
  679
  655
  669
  687
  707
  730
  756
  785
  816
  851
  888
  928
  972
  1,019
  1,069
  1,122
  1,179
  1,240
  1,304
  1,373
  1,446
  1,523
  1,605
  1,692
  1,783
  1,880
  1,980
  2,085
  2,195
  2,312
  2,435
Change in working capital, $m
  -122
  -5
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
Cash from operations, $m
  801
  660
  675
  694
  715
  739
  765
  795
  827
  863
  901
  942
  986
  1,034
  1,085
  1,140
  1,198
  1,259
  1,325
  1,395
  1,469
  1,548
  1,631
  1,719
  1,812
  1,910
  2,012
  2,118
  2,230
  2,349
  2,474
Maintenance CAPEX, $m
  0
  -727
  -741
  -758
  -778
  -799
  -824
  -850
  -879
  -911
  -944
  -981
  -1,019
  -1,061
  -1,105
  -1,152
  -1,201
  -1,254
  -1,310
  -1,369
  -1,431
  -1,497
  -1,566
  -1,639
  -1,716
  -1,798
  -1,883
  -1,973
  -2,068
  -2,168
  -2,273
New CAPEX, $m
  -42
  -284
  -332
  -380
  -427
  -473
  -519
  -565
  -611
  -659
  -707
  -756
  -807
  -859
  -913
  -969
  -1,027
  -1,087
  -1,149
  -1,214
  -1,282
  -1,353
  -1,427
  -1,504
  -1,584
  -1,669
  -1,757
  -1,849
  -1,946
  -2,047
  -2,153
Cash from investing activities, $m
  890
  -1,011
  -1,073
  -1,138
  -1,205
  -1,272
  -1,343
  -1,415
  -1,490
  -1,570
  -1,651
  -1,737
  -1,826
  -1,920
  -2,018
  -2,121
  -2,228
  -2,341
  -2,459
  -2,583
  -2,713
  -2,850
  -2,993
  -3,143
  -3,300
  -3,467
  -3,640
  -3,822
  -4,014
  -4,215
  -4,426
Free cash flow, $m
  1,691
  -350
  -398
  -444
  -489
  -533
  -577
  -620
  -663
  -707
  -750
  -795
  -840
  -886
  -933
  -981
  -1,030
  -1,081
  -1,134
  -1,188
  -1,244
  -1,302
  -1,362
  -1,424
  -1,489
  -1,556
  -1,628
  -1,704
  -1,784
  -1,866
  -1,953
Issuance/(repayment) of debt, $m
  -1,602
  139
  167
  191
  215
  238
  261
  284
  308
  332
  356
  381
  406
  433
  460
  488
  517
  547
  579
  612
  646
  681
  719
  758
  798
  841
  885
  932
  980
  1,031
  1,085
Issuance/(repurchase) of shares, $m
  698
  384
  427
  456
  485
  513
  540
  567
  593
  620
  647
  527
  555
  582
  610
  638
  667
  697
  728
  759
  791
  824
  858
  893
  929
  966
  1,007
  1,051
  1,096
  1,143
  1,192
Cash from financing (excl. dividends), $m  
  -922
  523
  594
  647
  700
  751
  801
  851
  901
  952
  1,003
  908
  961
  1,015
  1,070
  1,126
  1,184
  1,244
  1,307
  1,371
  1,437
  1,505
  1,577
  1,651
  1,727
  1,807
  1,892
  1,983
  2,076
  2,174
  2,277
Total cash flow (excl. dividends), $m
  768
  172
  196
  203
  210
  217
  224
  231
  238
  245
  253
  114
  121
  129
  137
  146
  154
  163
  173
  183
  193
  203
  215
  226
  238
  251
  264
  278
  293
  308
  324
Retained Cash Flow (-), $m
  77
  -384
  -427
  -456
  -485
  -513
  -540
  -567
  -593
  -620
  -647
  -527
  -555
  -582
  -610
  -638
  -667
  -697
  -728
  -759
  -791
  -824
  -858
  -893
  -929
  -966
  -1,014
  -1,068
  -1,123
  -1,182
  -1,243
Prev. year cash balance distribution, $m
 
  256
  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
 
  45
  -231
  -253
  -274
  -295
  -316
  -336
  -355
  -375
  -394
  -414
  -433
  -453
  -473
  -493
  -513
  -534
  -555
  -576
  -598
  -620
  -643
  -667
  -691
  -715
  -750
  -789
  -831
  -874
  -919
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  41
  -197
  -198
  -195
  -189
  -180
  -169
  -156
  -142
  -128
  -113
  -98
  -84
  -71
  -59
  -48
  -38
  -30
  -23
  -17
  -13
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  95.3
  90.4
  85.6
  80.9
  76.3
  71.9
  67.7
  63.7
  59.9
  56.3
  53.6
  51.0
  48.5
  46.1
  43.8
  41.7
  39.6
  37.7
  35.8
  34.1
  32.4
  30.8
  29.3
  27.9
  26.6
  25.3
  24.1
  23.0
  21.9
  20.9

VEREIT, Inc. is a full-service real estate operating company. The Company operates through two business segments: real estate investment (REI) segment and investment management segment, Cole Capital. As of December 31, 2016, through its REI segment, the Company owned and managed a portfolio of 4,142 retail, restaurant, office and industrial real estate properties with an aggregate of 93.3 million square feet, which are located in 49 states, Puerto Rico and Canada. Through its Cole Capital segment, the Company is responsible for raising capital for and managing the affairs of certain non-listed real estate investment trusts (the Cole REITs) on a day-to-day basis, identifying and making acquisitions and investments on the Cole REITs' behalf. The Cole Capital segment sponsors and manages direct investment real estate programs, which primarily include over four publicly registered, non-traded REITs.

FINANCIAL RATIOS  of  VEREIT (VER)

Valuation Ratios
P/E Ratio -41.1
Price to Sales 5.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 10.6
Growth Rates
Sales Growth Rate -6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 121.1%
Cap. Spend. - 3 Yr. Gr. Rate -45.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 75.4%
Total Debt to Equity 75.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. -1.3%
Return On Total Capital -1.2%
Ret/ On T. Cap. - 3 Yr. Avg. -3.5%
Return On Equity -2.3%
Return On Equity - 3 Yr. Avg. -7.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 90%
Gross Margin - 3 Yr. Avg. 90.7%
EBITDA Margin 63.2%
EBITDA Margin - 3 Yr. Avg. 45.5%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. -5.4%
Pre-Tax Margin -14.1%
Pre-Tax Margin - 3 Yr. Avg. -34.4%
Net Profit Margin -13.5%
Net Profit Margin - 3 Yr. Avg. -31.9%
Effective Tax Rate 2%
Eff/ Tax Rate - 3 Yr. Avg. 5.1%
Payout Ratio -296.4%

VER stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VER stock intrinsic value calculation we used $1455 million for the last fiscal year's total revenue generated by VEREIT. The default revenue input number comes from 2016 income statement of VEREIT. 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 VER 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 7.7%, whose default value for VER is calculated based on our internal credit rating of VEREIT, 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 VEREIT.
    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 VER stock the variable cost ratio is equal to 74.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $330 million in the base year in the intrinsic value calculation for VER 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 4.4% for VEREIT.

Corporate tax rate of 27% is the nominal tax rate for VEREIT. 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 VER 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 VER are equal to 973.7%.

Life of production assets of 19.5 years is the average useful life of capital assets used in VEREIT 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 VER is equal to -17.6%. 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 - $8447 million for VEREIT - 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 971.897 million for VEREIT 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 VEREIT at the current share price and the inputted number of shares is $8.0 billion.

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COMPANY NEWS

▶ It Only Takes One Torpedo To Sink The Ship   [Aug-26-17 07:00AM  Forbes]
▶ Top Ranked Income Stocks to Buy for August 7th   [Aug-07-17 09:01AM  Zacks]
▶ Investor Network: VEREIT, Inc. to Host Earnings Call   [Aug-03-17 10:20AM  ACCESSWIRE]
▶ Vereit reports 2Q results   [06:40AM  Associated Press]
▶ Combining My Two Passions: Nothin' But Net   [Jul-31-17 07:00AM  Forbes]
▶ ETFs with exposure to VEREIT, Inc. : July 25, 2017   [Jul-25-17 01:59PM  Capital Cube]
▶ ETFs with exposure to VEREIT, Inc. : July 14, 2017   [Jul-14-17 05:27PM  Capital Cube]
▶ 2 Dividend Stocks to Buy on Sale   [Jul-08-17 10:33AM  Motley Fool]
▶ 3 Value Stocks for the 2nd Quarter   [Jul-01-17 12:02PM  Motley Fool]
▶ 5 Top Diversified REIT Stocks to Buy in 2017   [Jun-27-17 10:02AM  Motley Fool]
▶ ETFs with exposure to VEREIT, Inc. : June 15, 2017   [Jun-15-17 03:40PM  Capital Cube]
▶ Vereit reports 1Q results   [May-04-17 06:30AM  Associated Press]
▶ ETFs with exposure to VEREIT, Inc. : May 1, 2017   [May-01-17 04:33PM  Capital Cube]
▶ ETFs with exposure to VEREIT, Inc. : April 17, 2017   [Apr-17-17 01:11PM  Capital Cube]
▶ ETFs with exposure to VEREIT, Inc. : March 30, 2017   [Mar-29-17 08:37PM  Capital Cube]
▶ Convertible Bonds Are Outperforming Junk Bonds   [Mar-13-17 03:32PM  Barrons.com]
▶ Vereit reports 4Q results   [08:25AM  Associated Press]
▶ When There's Smoke, There's Usually Fire   [Dec-29-16 03:12PM  at Forbes]
▶ How Vereit Inc (VER) Stacks Up Against Similarly Valued Stocks   [Dec-13-16 11:01AM  at Insider Monkey]
▶ Is Lincoln National Corporation (LNC) A Good Stock To Buy?   [Nov-27-16 01:48PM  at Insider Monkey]
Financial statements of VER
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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