Intrinsic value of VEREIT - VER

Previous Close

$7.39

  Intrinsic Value

$5.79

stock screener

  Rating & Target

sell

-22%

Previous close

$7.39

 
Intrinsic value

$5.79

 
Up/down potential

-22%

 
Rating

sell

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

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

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, %
  -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
  1,277
  1,306
  1,340
  1,378
  1,419
  1,465
  1,515
  1,569
  1,627
  1,690
  1,757
  1,828
  1,904
  1,985
  2,070
  2,161
  2,257
  2,358
  2,466
  2,579
  2,699
  2,825
  2,958
  3,098
  3,245
  3,400
  3,564
  3,736
  3,917
  4,107
Variable operating expenses, $m
 
  1,095
  1,120
  1,148
  1,179
  1,214
  1,252
  1,293
  1,338
  1,387
  1,439
  1,463
  1,523
  1,586
  1,653
  1,725
  1,800
  1,880
  1,965
  2,054
  2,149
  2,248
  2,353
  2,464
  2,581
  2,703
  2,833
  2,969
  3,112
  3,263
  3,421
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
  1,402
  1,095
  1,120
  1,148
  1,179
  1,214
  1,252
  1,293
  1,338
  1,387
  1,439
  1,463
  1,523
  1,586
  1,653
  1,725
  1,800
  1,880
  1,965
  2,054
  2,149
  2,248
  2,353
  2,464
  2,581
  2,703
  2,833
  2,969
  3,112
  3,263
  3,421
Operating income, $m
  53
  182
  187
  192
  199
  206
  213
  222
  231
  240
  251
  293
  305
  318
  331
  346
  361
  377
  394
  412
  430
  450
  471
  494
  517
  542
  568
  595
  624
  654
  686
EBITDA, $m
  860
  1,789
  1,830
  1,877
  1,930
  1,988
  2,052
  2,122
  2,198
  2,280
  2,367
  2,461
  2,560
  2,667
  2,780
  2,900
  3,027
  3,161
  3,304
  3,454
  3,613
  3,780
  3,957
  4,143
  4,339
  4,545
  4,763
  4,992
  5,233
  5,486
  5,753
Interest expense (income), $m
  317
  264
  267
  267
  267
  267
  268
  268
  269
  269
  269
  270
  270
  271
  272
  272
  273
  274
  274
  275
  276
  277
  278
  279
  280
  281
  282
  284
  285
  286
  288
Earnings before tax, $m
  -205
  -82
  -80
  -74
  -68
  -62
  -54
  -46
  -38
  -29
  -19
  23
  35
  47
  60
  73
  88
  103
  119
  136
  154
  173
  194
  215
  237
  261
  285
  311
  339
  368
  398
Tax expense, $m
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  6
  9
  13
  16
  20
  24
  28
  32
  37
  42
  47
  52
  58
  64
  70
  77
  84
  91
  99
  107
Net income, $m
  -196
  -82
  -80
  -74
  -68
  -62
  -54
  -46
  -38
  -29
  -19
  17
  25
  34
  44
  53
  64
  75
  87
  100
  113
  127
  141
  157
  173
  190
  208
  227
  247
  268
  290

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
  -4,874
  -4,986
  -5,114
  -5,258
  -5,418
  -5,593
  -5,783
  -5,989
  -6,211
  -6,450
  -6,705
  -6,977
  -7,267
  -7,575
  -7,901
  -8,248
  -8,614
  -9,002
  -9,411
  -9,844
  -10,300
  -10,781
  -11,288
  -11,823
  -12,386
  -12,978
  -13,602
  -14,258
  -14,949
  -15,675
Adjusted assets (=assets-cash), $m
  15,332
  -4,874
  -4,986
  -5,114
  -5,258
  -5,418
  -5,593
  -5,783
  -5,989
  -6,211
  -6,450
  -6,705
  -6,977
  -7,267
  -7,575
  -7,901
  -8,248
  -8,614
  -9,002
  -9,411
  -9,844
  -10,300
  -10,781
  -11,288
  -11,823
  -12,386
  -12,978
  -13,602
  -14,258
  -14,949
  -15,675
Revenue / Adjusted assets
  0.095
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
  -0.262
Average production assets, $m
  14,167
  15,756
  16,119
  16,533
  16,998
  17,513
  18,079
  18,694
  19,361
  20,079
  20,849
  21,674
  22,553
  23,490
  24,485
  25,541
  26,661
  27,846
  29,099
  30,423
  31,820
  33,295
  34,851
  36,490
  38,218
  40,037
  41,953
  43,969
  46,091
  48,323
  50,671
Working capital, $m
  0
  -5,430
  -5,555
  -5,698
  -5,858
  -6,035
  -6,230
  -6,443
  -6,672
  -6,920
  -7,185
  -7,469
  -7,772
  -8,095
  -8,438
  -8,802
  -9,188
  -9,596
  -10,028
  -10,484
  -10,966
  -11,474
  -12,010
  -12,576
  -13,171
  -13,798
  -14,458
  -15,153
  -15,884
  -16,653
  -17,463
Total debt, $m
  6,367
  128
  129
  129
  129
  129
  129
  129
  130
  130
  130
  130
  131
  131
  131
  131
  132
  132
  133
  133
  133
  134
  134
  135
  135
  136
  137
  137
  138
  139
  139
Total liabilities, $m
  7,140
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Total equity, $m
  8,447
  -4,879
  -4,991
  -5,120
  -5,264
  -5,423
  -5,598
  -5,789
  -5,995
  -6,218
  -6,456
  -6,712
  -6,984
  -7,274
  -7,582
  -7,909
  -8,256
  -8,623
  -9,011
  -9,421
  -9,854
  -10,310
  -10,792
  -11,300
  -11,835
  -12,398
  -12,991
  -13,616
  -14,273
  -14,964
  -15,691
Total liabilities and equity, $m
  15,587
  -4,874
  -4,986
  -5,115
  -5,259
  -5,418
  -5,592
  -5,783
  -5,989
  -6,212
  -6,450
  -6,705
  -6,977
  -7,267
  -7,574
  -7,901
  -8,248
  -8,614
  -9,002
  -9,412
  -9,844
  -10,300
  -10,781
  -11,289
  -11,823
  -12,386
  -12,978
  -13,602
  -14,259
  -14,949
  -15,675
Debt-to-equity ratio
  0.754
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.534
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -196
  -82
  -80
  -74
  -68
  -62
  -54
  -46
  -38
  -29
  -19
  17
  25
  34
  44
  53
  64
  75
  87
  100
  113
  127
  141
  157
  173
  190
  208
  227
  247
  268
  290
Depreciation, amort., depletion, $m
  807
  1,607
  1,643
  1,684
  1,731
  1,783
  1,839
  1,901
  1,967
  2,039
  2,116
  2,167
  2,255
  2,349
  2,449
  2,554
  2,666
  2,785
  2,910
  3,042
  3,182
  3,330
  3,485
  3,649
  3,822
  4,004
  4,195
  4,397
  4,609
  4,832
  5,067
Funds from operations, $m
  735
  1,525
  1,563
  1,610
  1,663
  1,721
  1,785
  1,854
  1,929
  2,011
  2,098
  2,184
  2,281
  2,383
  2,492
  2,608
  2,730
  2,860
  2,997
  3,142
  3,295
  3,456
  3,626
  3,806
  3,995
  4,194
  4,404
  4,624
  4,856
  5,101
  5,358
Change in working capital, $m
  -66
  -106
  -125
  -143
  -160
  -178
  -195
  -212
  -230
  -247
  -266
  -284
  -303
  -323
  -343
  -364
  -386
  -408
  -432
  -456
  -482
  -508
  -536
  -565
  -595
  -627
  -660
  -695
  -731
  -769
  -809
Cash from operations, $m
  801
  1,631
  1,688
  1,753
  1,823
  1,898
  1,979
  2,066
  2,159
  2,258
  2,363
  2,468
  2,584
  2,706
  2,835
  2,972
  3,116
  3,268
  3,429
  3,598
  3,776
  3,964
  4,162
  4,371
  4,590
  4,821
  5,064
  5,319
  5,588
  5,870
  6,167
Maintenance CAPEX, $m
  0
  -1,545
  -1,576
  -1,612
  -1,653
  -1,700
  -1,751
  -1,808
  -1,869
  -1,936
  -2,008
  -2,085
  -2,167
  -2,255
  -2,349
  -2,449
  -2,554
  -2,666
  -2,785
  -2,910
  -3,042
  -3,182
  -3,330
  -3,485
  -3,649
  -3,822
  -4,004
  -4,195
  -4,397
  -4,609
  -4,832
New CAPEX, $m
  -42
  -305
  -362
  -414
  -465
  -515
  -565
  -616
  -666
  -718
  -771
  -824
  -880
  -937
  -995
  -1,056
  -1,119
  -1,185
  -1,253
  -1,324
  -1,398
  -1,475
  -1,555
  -1,640
  -1,727
  -1,819
  -1,916
  -2,016
  -2,122
  -2,232
  -2,348
Cash from investing activities, $m
  890
  -1,850
  -1,938
  -2,026
  -2,118
  -2,215
  -2,316
  -2,424
  -2,535
  -2,654
  -2,779
  -2,909
  -3,047
  -3,192
  -3,344
  -3,505
  -3,673
  -3,851
  -4,038
  -4,234
  -4,440
  -4,657
  -4,885
  -5,125
  -5,376
  -5,641
  -5,920
  -6,211
  -6,519
  -6,841
  -7,180
Free cash flow, $m
  1,691
  -219
  -250
  -273
  -296
  -317
  -337
  -357
  -377
  -396
  -415
  -441
  -463
  -486
  -509
  -533
  -558
  -583
  -609
  -636
  -664
  -693
  -723
  -754
  -786
  -820
  -856
  -893
  -931
  -971
  -1,013
Issuance/(repayment) of debt, $m
  -1,602
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
Issuance/(repurchase) of shares, $m
  698
  -99
  -112
  -128
  -144
  -160
  -175
  -191
  -206
  -222
  -239
  -255
  -272
  -290
  -308
  -327
  -347
  -367
  -388
  -410
  -433
  -457
  -482
  -508
  -535
  -563
  -593
  -624
  -657
  -691
  -727
Cash from financing (excl. dividends), $m  
  -922
  -98
  -112
  -128
  -144
  -160
  -175
  -191
  -206
  -222
  -239
  -255
  -272
  -290
  -308
  -327
  -347
  -367
  -388
  -410
  -433
  -457
  -482
  -507
  -534
  -562
  -592
  -623
  -656
  -690
  -726
Total cash flow (excl. dividends), $m
  768
  -316
  -362
  -401
  -439
  -476
  -512
  -548
  -583
  -618
  -654
  -696
  -735
  -776
  -817
  -860
  -904
  -949
  -996
  -1,045
  -1,096
  -1,149
  -1,204
  -1,261
  -1,321
  -1,383
  -1,448
  -1,516
  -1,587
  -1,662
  -1,740
Retained Cash Flow (-), $m
  77
  17
  32
  54
  76
  98
  121
  144
  169
  194
  220
  255
  272
  290
  308
  327
  347
  367
  388
  410
  433
  457
  482
  508
  535
  563
  593
  624
  657
  691
  727
Prev. year cash balance distribution, $m
 
  4,780
  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
 
  16
  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
 
  4,481
  32
  54
  76
  98
  121
  144
  169
  194
  220
  255
  272
  290
  308
  327
  347
  367
  388
  410
  433
  457
  482
  508
  535
  563
  593
  624
  657
  691
  727
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  4,243
  29
  45
  59
  70
  80
  87
  92
  95
  96
  98
  91
  83
  76
  68
  60
  52
  44
  37
  31
  25
  20
  15
  12
  9
  6
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

VEREIT, Inc. is a full-service real estate operating company. The Company owns and manages a diversified portfolio of retail, restaurant, office and industrial real estate assets. It operates through two segments: real estate investment (REI) segment and its investment management segment, Cole Capital. The Company manages real estate investments on behalf of the Cole Capital. The Cole Capital segment sponsors and manages direct investment real estate programs, which primarily include publicly registered, non-traded real estate investment trusts (REITs). The Cole Capital segment's operations are conducted through Cole Capital Advisors, Inc. (CCA), which is a subsidiary of the Operating Partnership. The Company's portfolio consists of Industrial distribution, shopping centers and single-tenant retail. The Company serves in various industries, such as casual dining restaurants, manufacturing, quick service restaurants, grocery and super market, home and garden retail and logistics.

FINANCIAL RATIOS  of  VEREIT (VER)

Valuation Ratios
P/E Ratio -36.7
Price to Sales 4.9
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 9.5
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 $1252 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 5.6%, 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 85.8%.

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 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 207.6% 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 1.3%.

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 1233.8%.

Life of production assets of 10 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 -425.2%. 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 - $0 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 974 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 $7.2 billion.

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COMPANY NEWS

▶ How Financially Strong Is MPL Verbum SA (WSE:VER)?   [Jun-27-18 07:42AM  Simply Wall St.]
▶ The Next GE? Avoid These 5 Dicey Dividends   [Jun-25-18 02:10PM  InvestorPlace]
▶ Vereit: 1Q Earnings Snapshot   [May-04-18 06:19AM  Associated Press]
▶ How Financially Strong Is MPL Verbum SA. (WSE:VER)?   [Apr-26-18 03:50AM  Simply Wall St.]
▶ 3 Top Value Stocks to Buy Right Now   [Mar-31-18 07:00AM  Motley Fool]
▶ Vereit reports 4Q results   [Feb-22-18 06:33AM  Associated Press]
▶ VEREIT, Inc. Announces Tax Treatment of 2017 Dividends   [Jan-24-18 04:15PM  PR Newswire]
▶ Should You Buy VEREIT Inc (NYSE:VER)?   [Jan-01-18 06:45AM  Simply Wall St.]
▶ VEREIT To Sell Cole Capital to an Affiliate of CIM Group   [Nov-13-17 04:15PM  PR Newswire]
▶ Real estate investor sees profit dip but lifts guidance   [Nov-09-17 12:35PM  American City Business Journals]
▶ VEREIT, Inc. Class A to Host Earnings Call   [Nov-08-17 09:00AM  ACCESSWIRE]
▶ Vereit reports 3Q results   [06:15AM  Associated Press]
▶ EU mergers and takeovers (Nov 3)   [Nov-03-17 11:56AM  Reuters]
▶ 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]
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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