Intrinsic value of Vornado Realty Trust - VNO

Previous Close

$75.90

  Intrinsic Value

$12.17

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

+46%

Previous close

$75.90

 
Intrinsic value

$12.17

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

+46%

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

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

We calculate the intrinsic value of VNO 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 14.3

 

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, %
  0.16
  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
  2,506
  2,556
  2,615
  2,682
  2,758
  2,841
  2,933
  3,033
  3,141
  3,257
  3,382
  3,516
  3,659
  3,811
  3,972
  4,144
  4,325
  4,517
  4,721
  4,935
  5,162
  5,402
  5,654
  5,920
  6,200
  6,495
  6,806
  7,133
  7,477
  7,839
  8,220
Variable operating expenses, $m
 
  1,779
  1,820
  1,867
  1,919
  1,977
  2,041
  2,111
  2,186
  2,267
  2,354
  2,447
  2,547
  2,652
  2,765
  2,884
  3,010
  3,144
  3,286
  3,435
  3,593
  3,759
  3,935
  4,120
  4,315
  4,521
  4,737
  4,965
  5,204
  5,456
  5,721
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
  1,468
  1,779
  1,820
  1,867
  1,919
  1,977
  2,041
  2,111
  2,186
  2,267
  2,354
  2,447
  2,547
  2,652
  2,765
  2,884
  3,010
  3,144
  3,286
  3,435
  3,593
  3,759
  3,935
  4,120
  4,315
  4,521
  4,737
  4,965
  5,204
  5,456
  5,721
Operating income, $m
  1,039
  777
  795
  815
  838
  864
  892
  922
  955
  990
  1,028
  1,069
  1,112
  1,158
  1,208
  1,260
  1,315
  1,373
  1,435
  1,500
  1,569
  1,642
  1,719
  1,800
  1,885
  1,975
  2,069
  2,168
  2,273
  2,383
  2,499
EBITDA, $m
  1,634
  1,385
  1,417
  1,453
  1,494
  1,539
  1,589
  1,643
  1,702
  1,765
  1,833
  1,905
  1,982
  2,065
  2,152
  2,245
  2,343
  2,448
  2,558
  2,674
  2,797
  2,927
  3,063
  3,207
  3,359
  3,519
  3,688
  3,865
  4,051
  4,248
  4,454
Interest expense (income), $m
  369
  371
  381
  392
  405
  420
  436
  454
  473
  494
  517
  541
  567
  595
  624
  655
  689
  724
  761
  801
  842
  886
  933
  982
  1,033
  1,088
  1,145
  1,206
  1,269
  1,336
  1,406
Earnings before tax, $m
  983
  406
  414
  423
  433
  444
  456
  468
  482
  496
  512
  528
  545
  564
  583
  604
  626
  649
  674
  700
  727
  756
  786
  818
  851
  887
  924
  963
  1,004
  1,047
  1,093
Tax expense, $m
  8
  110
  112
  114
  117
  120
  123
  126
  130
  134
  138
  143
  147
  152
  158
  163
  169
  175
  182
  189
  196
  204
  212
  221
  230
  239
  249
  260
  271
  283
  295
Net income, $m
  907
  296
  303
  309
  316
  324
  333
  342
  352
  362
  373
  385
  398
  412
  426
  441
  457
  474
  492
  511
  531
  552
  574
  597
  621
  647
  674
  703
  733
  765
  798

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,501
  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
  20,815
  19,662
  20,115
  20,632
  21,212
  21,855
  22,561
  23,329
  24,161
  25,057
  26,018
  27,047
  28,145
  29,314
  30,556
  31,874
  33,271
  34,749
  36,313
  37,965
  39,709
  41,550
  43,491
  45,537
  47,693
  49,964
  52,354
  54,870
  57,518
  60,304
  63,234
Adjusted assets (=assets-cash), $m
  19,314
  19,662
  20,115
  20,632
  21,212
  21,855
  22,561
  23,329
  24,161
  25,057
  26,018
  27,047
  28,145
  29,314
  30,556
  31,874
  33,271
  34,749
  36,313
  37,965
  39,709
  41,550
  43,491
  45,537
  47,693
  49,964
  52,354
  54,870
  57,518
  60,304
  63,234
Revenue / Adjusted assets
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
Average production assets, $m
  14,960
  15,257
  15,608
  16,010
  16,460
  16,959
  17,506
  18,103
  18,748
  19,443
  20,189
  20,988
  21,840
  22,747
  23,710
  24,733
  25,817
  26,964
  28,178
  29,460
  30,813
  32,242
  33,748
  35,336
  37,008
  38,770
  40,625
  42,578
  44,632
  46,794
  49,067
Working capital, $m
  0
  -256
  -261
  -268
  -276
  -284
  -293
  -303
  -314
  -326
  -338
  -352
  -366
  -381
  -397
  -414
  -433
  -452
  -472
  -494
  -516
  -540
  -565
  -592
  -620
  -650
  -681
  -713
  -748
  -784
  -822
Total debt, $m
  10,612
  10,873
  11,199
  11,571
  11,990
  12,454
  12,962
  13,516
  14,116
  14,762
  15,455
  16,197
  16,988
  17,831
  18,727
  19,677
  20,684
  21,750
  22,878
  24,069
  25,326
  26,654
  28,053
  29,528
  31,083
  32,720
  34,443
  36,258
  38,167
  40,175
  42,288
Total liabilities, $m
  13,916
  14,177
  14,503
  14,875
  15,294
  15,758
  16,266
  16,820
  17,420
  18,066
  18,759
  19,501
  20,292
  21,135
  22,031
  22,981
  23,988
  25,054
  26,182
  27,373
  28,630
  29,958
  31,357
  32,832
  34,387
  36,024
  37,747
  39,562
  41,471
  43,479
  45,592
Total equity, $m
  6,899
  5,486
  5,612
  5,756
  5,918
  6,098
  6,294
  6,509
  6,741
  6,991
  7,259
  7,546
  7,852
  8,179
  8,525
  8,893
  9,283
  9,695
  10,131
  10,592
  11,079
  11,592
  12,134
  12,705
  13,306
  13,940
  14,607
  15,309
  16,048
  16,825
  17,642
Total liabilities and equity, $m
  20,815
  19,663
  20,115
  20,631
  21,212
  21,856
  22,560
  23,329
  24,161
  25,057
  26,018
  27,047
  28,144
  29,314
  30,556
  31,874
  33,271
  34,749
  36,313
  37,965
  39,709
  41,550
  43,491
  45,537
  47,693
  49,964
  52,354
  54,871
  57,519
  60,304
  63,234
Debt-to-equity ratio
  1.538
  1.980
  2.000
  2.010
  2.030
  2.040
  2.060
  2.080
  2.090
  2.110
  2.130
  2.150
  2.160
  2.180
  2.200
  2.210
  2.230
  2.240
  2.260
  2.270
  2.290
  2.300
  2.310
  2.320
  2.340
  2.350
  2.360
  2.370
  2.380
  2.390
  2.400
Adjusted equity ratio
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  907
  296
  303
  309
  316
  324
  333
  342
  352
  362
  373
  385
  398
  412
  426
  441
  457
  474
  492
  511
  531
  552
  574
  597
  621
  647
  674
  703
  733
  765
  798
Depreciation, amort., depletion, $m
  595
  608
  622
  638
  656
  676
  697
  721
  747
  775
  804
  836
  870
  906
  945
  985
  1,029
  1,074
  1,123
  1,174
  1,228
  1,285
  1,345
  1,408
  1,474
  1,545
  1,619
  1,696
  1,778
  1,864
  1,955
Funds from operations, $m
  928
  904
  924
  947
  972
  1,000
  1,030
  1,063
  1,099
  1,137
  1,178
  1,222
  1,268
  1,318
  1,371
  1,426
  1,486
  1,548
  1,615
  1,684
  1,758
  1,836
  1,918
  2,005
  2,096
  2,192
  2,293
  2,399
  2,511
  2,629
  2,753
Change in working capital, $m
  -73
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
Cash from operations, $m
  1,001
  909
  930
  954
  980
  1,008
  1,039
  1,073
  1,109
  1,148
  1,190
  1,235
  1,283
  1,333
  1,387
  1,444
  1,504
  1,568
  1,635
  1,706
  1,781
  1,860
  1,943
  2,031
  2,124
  2,221
  2,324
  2,432
  2,546
  2,665
  2,791
Maintenance CAPEX, $m
  0
  -596
  -608
  -622
  -638
  -656
  -676
  -697
  -721
  -747
  -775
  -804
  -836
  -870
  -906
  -945
  -985
  -1,029
  -1,074
  -1,123
  -1,174
  -1,228
  -1,285
  -1,345
  -1,408
  -1,474
  -1,545
  -1,619
  -1,696
  -1,778
  -1,864
New CAPEX, $m
  -1,056
  -298
  -351
  -401
  -450
  -499
  -548
  -596
  -645
  -695
  -746
  -798
  -852
  -907
  -964
  -1,023
  -1,084
  -1,147
  -1,213
  -1,282
  -1,354
  -1,428
  -1,506
  -1,588
  -1,673
  -1,762
  -1,855
  -1,953
  -2,055
  -2,162
  -2,274
Cash from investing activities, $m
  -889
  -894
  -959
  -1,023
  -1,088
  -1,155
  -1,224
  -1,293
  -1,366
  -1,442
  -1,521
  -1,602
  -1,688
  -1,777
  -1,870
  -1,968
  -2,069
  -2,176
  -2,287
  -2,405
  -2,528
  -2,656
  -2,791
  -2,933
  -3,081
  -3,236
  -3,400
  -3,572
  -3,751
  -3,940
  -4,138
Free cash flow, $m
  112
  15
  -29
  -69
  -109
  -147
  -184
  -221
  -257
  -294
  -331
  -368
  -405
  -444
  -483
  -524
  -565
  -608
  -653
  -699
  -746
  -796
  -847
  -901
  -957
  -1,015
  -1,076
  -1,139
  -1,205
  -1,275
  -1,347
Issuance/(repayment) of debt, $m
  509
  261
  326
  373
  418
  464
  509
  554
  600
  646
  693
  742
  791
  843
  896
  950
  1,007
  1,066
  1,127
  1,191
  1,258
  1,327
  1,400
  1,475
  1,554
  1,637
  1,724
  1,814
  1,909
  2,008
  2,113
Issuance/(repurchase) of shares, $m
  -238
  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
  6
  13
  20
Cash from financing (excl. dividends), $m  
  110
  261
  326
  373
  418
  464
  509
  554
  600
  646
  693
  742
  791
  843
  896
  950
  1,007
  1,066
  1,127
  1,191
  1,258
  1,327
  1,400
  1,475
  1,554
  1,637
  1,724
  1,814
  1,915
  2,021
  2,133
Total cash flow (excl. dividends), $m
  221
  276
  298
  303
  310
  317
  325
  333
  342
  352
  363
  374
  386
  399
  412
  427
  442
  458
  475
  492
  511
  531
  552
  574
  598
  622
  648
  675
  709
  746
  785
Retained Cash Flow (-), $m
  -201
  -88
  -126
  -144
  -162
  -179
  -197
  -214
  -232
  -250
  -268
  -287
  -306
  -326
  -347
  -368
  -390
  -413
  -436
  -461
  -487
  -514
  -542
  -571
  -601
  -633
  -667
  -702
  -739
  -777
  -817
Prev. year cash balance distribution, $m
 
  1,501
  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
 
  1,689
  171
  159
  148
  138
  128
  119
  110
  102
  95
  87
  80
  73
  66
  59
  52
  45
  38
  32
  25
  18
  11
  4
  -4
  -11
  -19
  -27
  -29
  -31
  -32
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  1,551
  143
  120
  100
  82
  67
  54
  43
  34
  26
  20
  15
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
  99.9
  99.9

Vornado Realty Trust is a publicly owned real estate investment trust. The firm invests in the real estate markets of the United States. It makes investments in commercial real estate properties to create its portfolio. The firm was formerly known as Vornado Inc. Vornado Realty Trust is based in New York City with additional offices in Arlington, Virginia; and Paramus, New Jersey.

FINANCIAL RATIOS  of  Vornado Realty Trust (VNO)

Valuation Ratios
P/E Ratio 15.8
Price to Sales 5.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow -261
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 153.8%
Total Debt to Equity 153.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 13.3%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 59.1%
Gross Margin - 3 Yr. Avg. 59.2%
EBITDA Margin 77.7%
EBITDA Margin - 3 Yr. Avg. 68.4%
Operating Margin 41.4%
Oper. Margin - 3 Yr. Avg. 33.9%
Pre-Tax Margin 39.2%
Pre-Tax Margin - 3 Yr. Avg. 28.9%
Net Profit Margin 36.2%
Net Profit Margin - 3 Yr. Avg. 34.7%
Effective Tax Rate 0.8%
Eff/ Tax Rate - 3 Yr. Avg. -2.9%
Payout Ratio 61.3%

VNO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VNO stock intrinsic value calculation we used $2506 million for the last fiscal year's total revenue generated by Vornado Realty Trust. The default revenue input number comes from 2016 income statement of Vornado Realty Trust. 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 VNO 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 8.9%, whose default value for VNO is calculated based on our internal credit rating of Vornado Realty Trust, 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 Vornado Realty Trust.
    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 VNO stock the variable cost ratio is equal to 69.6%.

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 VNO 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 3.5% for Vornado Realty Trust.

Corporate tax rate of 27% is the nominal tax rate for Vornado Realty Trust. 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 VNO 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 VNO are equal to 596.9%.

Life of production assets of 25.1 years is the average useful life of capital assets used in Vornado Realty Trust 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 VNO is equal to -10%. 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 - $6899 million for Vornado Realty Trust - 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 187.792 million for Vornado Realty Trust 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 Vornado Realty Trust at the current share price and the inputted number of shares is $14.3 billion.

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COMPANY NEWS

▶ JBG Smith Properties discloses first earnings since its launch   [Aug-16-17 03:01PM  American City Business Journals]
▶ How Vornado Stacks Up against Peers   [Aug-07-17 09:06AM  Market Realist]
▶ Did Vornados Cost Reduction Efforts Bear Fruit in 2Q17?   [Aug-04-17 10:36AM  Market Realist]
▶ How Vornados New York Office Segment Performed in 2Q17   [Aug-03-17 01:35PM  Market Realist]
▶ Vornados New Leases Drove Revenue in 2Q17   [11:40AM  Market Realist]
▶ Where Does Vornado Stand after 2Q17 Earnings?   [10:07AM  Market Realist]
▶ Vornado Announces Second Quarter 2017 Financial Results   [Jul-31-17 05:22PM  Marketwired]
▶ How Wall Street Analysts Rate Vornado   [09:07AM  Market Realist]
▶ JBG Smith CEO Matt Kelly rings in new era at NYSE   [Jul-26-17 06:26PM  American City Business Journals]
▶ How Macro Issues Could Affect Vornado in 2Q17   [09:09AM  Market Realist]
▶ Whats in Store for Vornados 2Q17 Earnings?   [02:24PM  Market Realist]
▶ These Stocks Are Ready to Reverse Course   [Jul-24-17 02:00PM  TheStreet.com]
▶ Vornado Completes Tax-Free Spin-Off JBG Smith   [Jul-19-17 12:50PM  Forbes]
▶ [$$] A Pure Play on the Washington, D.C., Market Makes Its Debut   [Jul-18-17 05:48PM  The Wall Street Journal]
▶ What to expect ahead of JBG Smith's big day   [10:17AM  American City Business Journals]
▶ JBG Smith to establish new headquarters after merger   [Jul-12-17 04:31PM  American City Business Journals]
▶ Where Vornado Stands among Its Peers   [Jul-10-17 10:35AM  Market Realist]
▶ An Analysis of Vornados Shareholder Returns   [07:36AM  Market Realist]
▶ Vornado amid the Economic Transition under President Trump   [Jul-07-17 10:36AM  Market Realist]
▶ Vornado Realty Trust Works to Streamline Its Operations   [Jul-06-17 10:38AM  Market Realist]
▶ A Look at Vornados Top-Line Performance   [09:09AM  Market Realist]
▶ Vornado Realty Trust Wrongly Caught in Retail REIT Vortex   [Jun-28-17 12:00PM  TheStreet.com]
▶ 5 Top Diversified REIT Stocks to Buy in 2017   [Jun-27-17 10:02AM  Motley Fool]
▶ Vornado sets a date for JBG Smith's birth   [Jun-26-17 06:00PM  American City Business Journals]
▶ Vornado Completes $220 Million Financing of The Bartlett   [Jun-21-17 04:33PM  Marketwired]
▶ Soon-to-be JBG Smith lands anchor theater for Crystal City revamp   [02:43PM  American City Business Journals]
▶ Pennsy Food Hall at Penn Station Closes, July Reopening Planned   [Jun-19-17 06:50PM  The Wall Street Journal]
▶ [$$] Two NYC Office REITs That Won't Get Schmeared   [Jun-14-17 03:32PM  Barrons.com]
▶ Trump partner said in running to build FBI headquarters   [Jun-13-17 08:37PM  Associated Press]
▶ Is it Time to Invest in Green Bonds?   [06:00AM  Investopedia]
▶ Here's what Mitchell Schear will do and earn after the JBG Smith merger   [May-02-17 11:47AM  American City Business Journals]
▶ Vornado Announces First Quarter 2017 Financial Results   [May-01-17 05:35PM  Marketwired]
▶ Vornado reports 1Q results   [04:40PM  Associated Press]
▶ Vornado Declares Quarterly Dividends On Preferred Shares   [Apr-26-17 05:34PM  Marketwired]
▶ 5 Top Dividend Stocks in Diversified REITs   [Apr-03-17 01:23PM  Motley Fool]
▶ 5 Top Dividend Stocks in Diversified REITs   [01:23PM  at Motley Fool]
Stock chart of VNO Financial statements of VNO
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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