Intrinsic value of Weingarten Realty Investors - WRI

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$32.77

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$32.77

 
Intrinsic value

$2.97

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of WRI 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 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.21
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
Revenue, $m
  550
  605
  662
  722
  785
  850
  917
  988
  1,061
  1,137
  1,215
  1,297
  1,383
  1,471
  1,564
  1,660
  1,760
  1,864
  1,973
  2,086
  2,205
  2,328
  2,457
  2,592
  2,733
  2,881
  3,035
  3,197
  3,366
  3,543
  3,729
Variable operating expenses, $m
 
  310
  340
  371
  403
  436
  471
  507
  544
  583
  624
  666
  709
  755
  802
  851
  903
  956
  1,012
  1,070
  1,131
  1,194
  1,261
  1,330
  1,402
  1,478
  1,557
  1,640
  1,727
  1,818
  1,913
Fixed operating expenses, $m
 
  75
  77
  79
  81
  83
  85
  87
  89
  91
  93
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
Total operating expenses, $m
  353
  385
  417
  450
  484
  519
  556
  594
  633
  674
  717
  762
  807
  856
  905
  957
  1,011
  1,067
  1,126
  1,187
  1,251
  1,317
  1,387
  1,459
  1,534
  1,613
  1,696
  1,782
  1,873
  1,967
  2,066
Operating income, $m
  196
  220
  246
  273
  302
  331
  362
  394
  428
  462
  498
  536
  575
  616
  658
  702
  749
  797
  847
  899
  954
  1,011
  1,071
  1,134
  1,199
  1,268
  1,339
  1,415
  1,494
  1,576
  1,663
EBITDA, $m
  359
  399
  442
  487
  534
  583
  634
  686
  741
  799
  858
  920
  984
  1,051
  1,121
  1,193
  1,269
  1,348
  1,430
  1,516
  1,606
  1,700
  1,798
  1,900
  2,008
  2,120
  2,237
  2,360
  2,489
  2,624
  2,766
Interest expense (income), $m
  80
  85
  95
  106
  117
  129
  141
  154
  167
  181
  195
  210
  226
  242
  259
  276
  294
  313
  333
  353
  375
  397
  421
  445
  470
  497
  525
  554
  585
  617
  650
Earnings before tax, $m
  183
  135
  151
  167
  184
  202
  221
  240
  260
  281
  303
  326
  349
  374
  400
  426
  454
  483
  514
  546
  579
  614
  650
  689
  729
  771
  814
  861
  909
  959
  1,013
Tax expense, $m
  7
  36
  41
  45
  50
  55
  60
  65
  70
  76
  82
  88
  94
  101
  108
  115
  123
  131
  139
  147
  156
  166
  176
  186
  197
  208
  220
  232
  245
  259
  273
Net income, $m
  138
  99
  110
  122
  135
  148
  161
  175
  190
  205
  221
  238
  255
  273
  292
  311
  332
  353
  375
  398
  423
  448
  475
  503
  532
  562
  595
  628
  663
  700
  739

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  4,427
  4,840
  5,300
  5,779
  6,279
  6,799
  7,340
  7,902
  8,486
  9,093
  9,723
  10,379
  11,061
  11,770
  12,508
  13,277
  14,077
  14,912
  15,782
  16,689
  17,636
  18,625
  19,658
  20,738
  21,867
  23,047
  24,283
  25,575
  26,928
  28,345
  29,829
Adjusted assets (=assets-cash), $m
  4,411
  4,840
  5,300
  5,779
  6,279
  6,799
  7,340
  7,902
  8,486
  9,093
  9,723
  10,379
  11,061
  11,770
  12,508
  13,277
  14,077
  14,912
  15,782
  16,689
  17,636
  18,625
  19,658
  20,738
  21,867
  23,047
  24,283
  25,575
  26,928
  28,345
  29,829
Revenue / Adjusted assets
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
Average production assets, $m
  3,417
  3,758
  4,115
  4,488
  4,876
  5,279
  5,699
  6,136
  6,589
  7,060
  7,550
  8,059
  8,589
  9,140
  9,713
  10,309
  10,931
  11,579
  12,254
  12,959
  13,695
  14,462
  15,265
  16,103
  16,980
  17,896
  18,855
  19,859
  20,910
  22,010
  23,162
Working capital, $m
  0
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -68
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
Total debt, $m
  2,357
  2,640
  2,942
  3,256
  3,584
  3,925
  4,280
  4,649
  5,032
  5,430
  5,844
  6,274
  6,721
  7,186
  7,670
  8,175
  8,700
  9,247
  9,818
  10,413
  11,034
  11,683
  12,361
  13,069
  13,810
  14,584
  15,394
  16,242
  17,130
  18,059
  19,033
Total liabilities, $m
  2,892
  3,175
  3,477
  3,791
  4,119
  4,460
  4,815
  5,184
  5,567
  5,965
  6,379
  6,809
  7,256
  7,721
  8,205
  8,710
  9,235
  9,782
  10,353
  10,948
  11,569
  12,218
  12,896
  13,604
  14,345
  15,119
  15,929
  16,777
  17,665
  18,594
  19,568
Total equity, $m
  1,535
  1,665
  1,823
  1,988
  2,160
  2,339
  2,525
  2,718
  2,919
  3,128
  3,345
  3,570
  3,805
  4,049
  4,303
  4,567
  4,843
  5,130
  5,429
  5,741
  6,067
  6,407
  6,762
  7,134
  7,522
  7,928
  8,353
  8,798
  9,263
  9,751
  10,261
Total liabilities and equity, $m
  4,427
  4,840
  5,300
  5,779
  6,279
  6,799
  7,340
  7,902
  8,486
  9,093
  9,724
  10,379
  11,061
  11,770
  12,508
  13,277
  14,078
  14,912
  15,782
  16,689
  17,636
  18,625
  19,658
  20,738
  21,867
  23,047
  24,282
  25,575
  26,928
  28,345
  29,829
Debt-to-equity ratio
  1.536
  1.590
  1.610
  1.640
  1.660
  1.680
  1.700
  1.710
  1.720
  1.740
  1.750
  1.760
  1.770
  1.770
  1.780
  1.790
  1.800
  1.800
  1.810
  1.810
  1.820
  1.820
  1.830
  1.830
  1.840
  1.840
  1.840
  1.850
  1.850
  1.850
  1.850
Adjusted equity ratio
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  138
  99
  110
  122
  135
  148
  161
  175
  190
  205
  221
  238
  255
  273
  292
  311
  332
  353
  375
  398
  423
  448
  475
  503
  532
  562
  595
  628
  663
  700
  739
Depreciation, amort., depletion, $m
  163
  179
  196
  214
  232
  251
  271
  292
  314
  336
  360
  384
  409
  435
  463
  491
  521
  551
  584
  617
  652
  689
  727
  767
  809
  852
  898
  946
  996
  1,048
  1,103
Funds from operations, $m
  220
  277
  306
  336
  367
  399
  433
  467
  504
  541
  581
  622
  664
  708
  754
  802
  852
  904
  959
  1,016
  1,075
  1,137
  1,202
  1,270
  1,340
  1,415
  1,492
  1,574
  1,659
  1,748
  1,842
Change in working capital, $m
  -27
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  247
  498
  308
  338
  369
  401
  435
  470
  506
  544
  583
  624
  666
  711
  757
  805
  855
  907
  962
  1,019
  1,078
  1,140
  1,205
  1,273
  1,345
  1,419
  1,497
  1,579
  1,664
  1,754
  1,848
Maintenance CAPEX, $m
  0
  -163
  -179
  -196
  -214
  -232
  -251
  -271
  -292
  -314
  -336
  -360
  -384
  -409
  -435
  -463
  -491
  -521
  -551
  -584
  -617
  -652
  -689
  -727
  -767
  -809
  -852
  -898
  -946
  -996
  -1,048
New CAPEX, $m
  -602
  -342
  -357
  -372
  -388
  -404
  -420
  -436
  -454
  -471
  -490
  -509
  -529
  -551
  -573
  -597
  -622
  -648
  -675
  -705
  -735
  -768
  -802
  -838
  -877
  -917
  -959
  -1,004
  -1,051
  -1,100
  -1,152
Cash from investing activities, $m
  -389
  -505
  -536
  -568
  -602
  -636
  -671
  -707
  -746
  -785
  -826
  -869
  -913
  -960
  -1,008
  -1,060
  -1,113
  -1,169
  -1,226
  -1,289
  -1,352
  -1,420
  -1,491
  -1,565
  -1,644
  -1,726
  -1,811
  -1,902
  -1,997
  -2,096
  -2,200
Free cash flow, $m
  -142
  -7
  -228
  -231
  -233
  -235
  -237
  -238
  -240
  -241
  -243
  -245
  -247
  -249
  -251
  -254
  -257
  -261
  -265
  -269
  -274
  -280
  -285
  -292
  -299
  -306
  -314
  -323
  -332
  -342
  -353
Issuance/(repayment) of debt, $m
  201
  283
  302
  315
  328
  341
  355
  369
  383
  398
  414
  430
  447
  465
  484
  504
  525
  547
  571
  595
  621
  649
  678
  708
  740
  774
  810
  848
  888
  929
  974
Issuance/(repurchase) of shares, $m
  137
  0
  85
  81
  77
  73
  68
  63
  58
  52
  46
  40
  34
  28
  21
  15
  8
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  321
  283
  387
  396
  405
  414
  423
  432
  441
  450
  460
  470
  481
  493
  505
  519
  533
  548
  571
  595
  621
  649
  678
  708
  740
  774
  810
  848
  888
  929
  974
Total cash flow (excl. dividends), $m
  179
  276
  73
  84
  95
  106
  118
  130
  143
  157
  171
  185
  201
  216
  233
  250
  268
  286
  306
  326
  347
  369
  392
  416
  442
  468
  496
  525
  555
  587
  621
Retained Cash Flow (-), $m
  -146
  -146
  -158
  -165
  -172
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -235
  -244
  -254
  -264
  -275
  -287
  -299
  -312
  -326
  -340
  -355
  -371
  -388
  -406
  -425
  -445
  -465
  -487
  -511
Prev. year cash balance distribution, $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 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
 
  146
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  6
  14
  21
  29
  37
  45
  53
  62
  71
  80
  90
  100
  110
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  133
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  98.2
  96.6
  95.3
  94.1
  93.1
  92.3
  91.6
  91.0
  90.5
  90.1
  89.8
  89.6
  89.4
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3

Weingarten Realty Investors is a publically owned equity real estate investment trust. The firm invests in the real estate markets of United States. The firm engages in ownership, management, acquisition, development and redevelopment. It makes its investments in neighborhood and community shopping centers. Weingarten Realty Investors was formed in 1948, and is based in Houston, Texas.

FINANCIAL RATIOS  of  Weingarten Realty Investors (WRI)

Valuation Ratios
P/E Ratio 30.4
Price to Sales 7.6
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 17
Price to Free Cash Flow -11.8
Growth Rates
Sales Growth Rate 7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 97.4%
Cap. Spend. - 3 Yr. Gr. Rate 26.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 153.6%
Total Debt to Equity 153.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69.8%
Gross Margin - 3 Yr. Avg. 69.8%
EBITDA Margin 77.5%
EBITDA Margin - 3 Yr. Avg. 71.6%
Operating Margin 35.8%
Oper. Margin - 3 Yr. Avg. 35.4%
Pre-Tax Margin 33.3%
Pre-Tax Margin - 3 Yr. Avg. 26.5%
Net Profit Margin 25.1%
Net Profit Margin - 3 Yr. Avg. 25%
Effective Tax Rate 3.8%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 134.1%

WRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WRI stock intrinsic value calculation we used $550 million for the last fiscal year's total revenue generated by Weingarten Realty Investors. The default revenue input number comes from 2016 income statement of Weingarten Realty Investors. 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 WRI stock valuation model: a) initial revenue growth rate of 10% 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 9.7%, whose default value for WRI is calculated based on our internal credit rating of Weingarten Realty Investors, 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 Weingarten Realty Investors.
    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 WRI stock the variable cost ratio is equal to 51.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $73 million in the base year in the intrinsic value calculation for WRI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.6% for Weingarten Realty Investors.

Corporate tax rate of 27% is the nominal tax rate for Weingarten Realty Investors. 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 WRI 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 WRI are equal to 621.2%.

Life of production assets of 21 years is the average useful life of capital assets used in Weingarten Realty Investors 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 WRI is equal to -2.9%. 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 - $1535 million for Weingarten Realty Investors - 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 129.081 million for Weingarten Realty Investors 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 Weingarten Realty Investors at the current share price and the inputted number of shares is $4.2 billion.


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COMPANY NEWS

▶ Weingarten Realty reports 1Q results   [Apr-24-17 04:52PM  Associated Press]
▶ 2 Retail REIT Picks Selling At A Discount   [Mar-21-17 10:32AM  Barrons.com]
▶ 2 Retail REIT Picks Selling At A Discount   [10:32AM  at Barrons.com]
▶ Weingarten Realty Announces Promotions   [Mar-10-17 09:00AM  Business Wire]
▶ Residential tower to rise in River Oaks Shopping Center   [12:55PM  American City Business Journals]
▶ Weingarten Realty reports 4Q results   [Feb-21-17 05:30PM  Associated Press]
▶ REIT Pivots That Paid Off   [Jan-16-17 07:00AM  at Forbes]
▶ How Weingarten Realty Investors (WRI) Stacks Up Against Its Peers   [Dec-18-16 01:49PM  at Insider Monkey]
▶ Amazon Go: The Power Of Clicks And Bricks   [Dec-12-16 07:00AM  at Forbes]
▶ Should You Avoid Dicks Sporting Goods Inc (DKS)?   [Nov-28-16 10:14AM  at Insider Monkey]
▶ Weingarten Realty sells Wake Forest retail center for $36.6M   [Oct-03-16 01:45PM  at bizjournals.com]
▶ Public company acquires South Florida mall for $285M   [Aug-01-16 05:22PM  at bizjournals.com]
▶ Poplar/240 shopping center signs two new tenants   [Jul-20-16 05:47PM  at bizjournals.com]
▶ Torchy's Tacos selects site for west Houston location   [Jun-24-16 12:07PM  at bizjournals.com]
▶ Weingarten Realty reports 1Q results   [Apr-21-16 04:54PM  AP]
▶ Midtown apartment complex sells for $58.1 million   [Apr-04-16 01:43PM  at bizjournals.com]
▶ Weingarten Realty Announces Promotions   [Mar-15-16 08:00AM  Business Wire]
Stock chart of WRI Financial statements of WRI
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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