Intrinsic value of Vornado Realty Trust - VNO

Previous Close

$77.42

  Intrinsic Value

$13.68

stock screener

  Rating & Target

str. sell

-82%

Previous close

$77.42

 
Intrinsic value

$13.68

 
Up/down potential

-82%

 
Rating

str. sell

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

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 14.7

 

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
  -1,531
  -1,566
  -1,607
  -1,652
  -1,702
  -1,757
  -1,817
  -1,881
  -1,951
  -2,026
  -2,106
  -2,192
  -2,283
  -2,379
  -2,482
  -2,591
  -2,706
  -2,828
  -2,956
  -3,092
  -3,236
  -3,387
  -3,546
  -3,714
  -3,891
  -4,077
  -4,273
  -4,479
  -4,696
  -4,924
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
  -30
  -35
  -40
  -45
  -50
  -55
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -103
  -109
  -115
  -122
  -129
  -136
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
  -228
Cash from operations, $m
  1,001
  934
  960
  987
  1,017
  1,050
  1,085
  1,123
  1,163
  1,207
  1,253
  1,302
  1,354
  1,409
  1,467
  1,529
  1,594
  1,663
  1,736
  1,813
  1,894
  1,979
  2,069
  2,164
  2,264
  2,369
  2,479
  2,595
  2,717
  2,846
  2,981
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
  40
  1
  -36
  -71
  -105
  -138
  -171
  -203
  -236
  -268
  -301
  -334
  -368
  -403
  -438
  -475
  -512
  -551
  -592
  -633
  -676
  -721
  -768
  -817
  -868
  -921
  -976
  -1,034
  -1,094
  -1,157
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
  301
  327
  337
  348
  359
  371
  383
  396
  410
  425
  441
  457
  475
  493
  512
  532
  554
  576
  600
  625
  651
  678
  707
  737
  769
  803
  838
  881
  927
  975
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
 
  1,714
  201
  193
  186
  179
  174
  169
  164
  160
  157
  154
  151
  148
  146
  144
  143
  141
  140
  139
  138
  137
  137
  136
  136
  136
  136
  136
  142
  150
  158
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
 
  1,574
  168
  146
  125
  107
  91
  77
  64
  53
  43
  35
  28
  22
  17
  13
  9
  7
  5
  3
  2
  2
  1
  1
  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 real estate investment trust (REIT). The Company conducts its business through Vornado Realty L.P. (the Operating Partnership). The Company operates through two segments: New York and Washington, DC. As of December 31, 2016, the Company's New York segment consisted of 28.3 million square feet in 86 properties. Its properties include 1290 Avenue of the Americas, Two Penn Plaza, 770 Broadway and 90 Park Avenue. As of December 31, 2016, the Company's Washington, DC segment consisted of 58 properties aggregating 14.7 million square feet, including 11.1 million square feet of office space in 44 properties, nine residential properties containing 3,156 units and a hotel property. Its properties include 2001 Jefferson Davis Highway, 223 23rd Street, 2221 South Clark Street and 1700 M Street. The Company's interests in properties are held by the Operating Partnership. As of December 31, 2016, the Company owned the 3.7 million square foot Mart (theMart) in Chicago.

FINANCIAL RATIOS  of  Vornado Realty Trust (VNO)

Valuation Ratios
P/E Ratio 16.1
Price to Sales 5.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow -266.2
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 -59.9%. 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 189.53 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 $14.7 billion.

RELATED COMPANIES Price Int.Val. Rating
LXP Lexington Real 10.15 1.45  str.sell
ALX Alexander' 398.34 138.93  str.sell
UE Urban Edge Pro 25.35 1.73  str.sell
IPG Interpublic Gr 20.15 46.31  str.buy
LMT Lockheed Marti 317.79 124.24  str.sell
GOOGL Alphabet Cl A 1,051.39 926.27  hold
CLI Mack-Cali Real 21.58 4.24  str.sell
BXP Boston Propert 126.37 9.37  str.sell
CMCT CIM Commerical 19.75 4.18  str.sell

COMPANY NEWS

▶ Trump charity stepped up 2016 giving amid campaign scrutiny   [Nov-20-17 06:52PM  Associated Press]
▶ No, the housing market isnt experiencing a Trump bump   [Nov-02-17 10:51AM  Yahoo Finance Video]
▶ Vornado hasn't escaped D.C. yet, but it's trying   [11:05AM  American City Business Journals]
▶ Why Kushner's Grand Development Plans Are on Hold   [Oct-31-17 06:26PM  Bloomberg Video]
▶ Vornado Announces Third Quarter 2017 Financial Results   [Oct-30-17 05:34PM  GlobeNewswire]
▶ And our 2017 CEO of the Year is   [11:21AM  American City Business Journals]
▶ Vornado Declares Quarterly Dividends On Preferred Shares   [Oct-26-17 03:40PM  GlobeNewswire]
▶ Kushner Partner Blocks Fifth Avenue Tower Plans   [Oct-16-17 12:37PM  Bloomberg Video]
▶ Vornado's Moving On Up   [Oct-11-17 07:00AM  Morningstar]
▶ [$$] Boutique Office Buildings Attract Big-Name Tenants   [Oct-09-17 12:34AM  The Wall Street Journal]
▶ [$$] Distinctive Designs Are Key to Boutique Office Buildings   [Oct-08-17 09:38PM  The Wall Street Journal]
▶ [$$] Boutique Office Buildings Attract Big-Name Tenants   [09:38PM  The Wall Street Journal]
▶ [$$] Edgy Buildings Lure Companies That Want It All   [08:48PM  The Wall Street Journal]
▶ Why Vornado Looks Attractive   [Oct-05-17 07:00PM  Morningstar]
▶ 5 Real Estate Stocks in Gurus' Portfolios   [Oct-02-17 03:54PM  GuruFocus.com]
▶ Real Estate: Enter With Caution   [Sep-29-17 07:00AM  Morningstar]
▶ Toys R Us sales woes may have been sign of what was to come   [Sep-28-17 11:12AM  Associated Press]
▶ [$$] Heavy Debt Crushed Owners of Toys R Us   [12:24AM  The Wall Street Journal]
▶ [$$] Heavy Debt Crushed Owners of Toys 'R' Us   [Sep-19-17 08:10PM  The Wall Street Journal]
▶ Bain Capital's Toys 'R' Us play ends up backfiring with bankruptcy   [05:00PM  American City Business Journals]
▶ iPhone X delay rattle markets   [Sep-13-17 08:51AM  Yahoo Finance]
▶ Meet 'North District,' JBG Smith's partial rebranding of Crystal City   [Sep-11-17 04:21PM  American City Business Journals]
▶ An Undervalued Play on Shifting NYC Office Market   [Aug-29-17 08:10PM  Morningstar]
▶ 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]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.