Intrinsic value of Weingarten Realty Investors - WRI

Previous Close

$28.12

  Intrinsic Value

$2.99

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  Rating & Target

str. sell

-89%

Previous close

$28.12

 
Intrinsic value

$2.99

 
Up/down potential

-89%

 
Rating

str. sell

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

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

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, %
  7.21
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  550
  570
  591
  614
  638
  664
  692
  722
  753
  786
  821
  858
  897
  939
  982
  1,028
  1,077
  1,128
  1,181
  1,238
  1,297
  1,360
  1,426
  1,495
  1,568
  1,645
  1,726
  1,810
  1,899
  1,993
  2,091
Variable operating expenses, $m
 
  292
  303
  315
  327
  341
  355
  370
  386
  403
  421
  440
  460
  481
  504
  527
  552
  578
  606
  635
  666
  698
  732
  767
  805
  844
  885
  929
  974
  1,022
  1,073
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
  367
  380
  394
  408
  424
  440
  457
  475
  494
  514
  536
  558
  582
  607
  633
  660
  689
  720
  752
  786
  821
  858
  896
  937
  979
  1,024
  1,071
  1,120
  1,171
  1,226
Operating income, $m
  196
  203
  211
  220
  230
  241
  252
  265
  278
  292
  306
  322
  339
  356
  375
  395
  416
  438
  461
  486
  512
  540
  569
  599
  632
  666
  702
  739
  779
  821
  865
EBITDA, $m
  359
  371
  386
  402
  419
  438
  457
  478
  500
  524
  549
  576
  604
  634
  666
  699
  734
  772
  811
  852
  896
  942
  991
  1,042
  1,096
  1,152
  1,212
  1,275
  1,341
  1,411
  1,484
Interest expense (income), $m
  80
  85
  88
  92
  97
  101
  106
  112
  117
  123
  129
  136
  143
  150
  158
  166
  175
  184
  194
  204
  215
  226
  238
  250
  263
  277
  292
  307
  323
  340
  357
Earnings before tax, $m
  183
  118
  123
  128
  134
  140
  146
  153
  161
  169
  177
  186
  196
  206
  217
  229
  241
  254
  268
  282
  298
  314
  331
  349
  368
  389
  410
  433
  456
  482
  508
Tax expense, $m
  7
  32
  33
  35
  36
  38
  39
  41
  43
  46
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  85
  89
  94
  99
  105
  111
  117
  123
  130
  137
Net income, $m
  138
  86
  90
  93
  98
  102
  107
  112
  117
  123
  129
  136
  143
  151
  158
  167
  176
  185
  195
  206
  217
  229
  242
  255
  269
  284
  299
  316
  333
  352
  371

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
  4,558
  4,729
  4,912
  5,107
  5,316
  5,537
  5,773
  6,023
  6,288
  6,568
  6,865
  7,178
  7,508
  7,857
  8,225
  8,612
  9,020
  9,450
  9,903
  10,379
  10,881
  11,408
  11,963
  12,546
  13,159
  13,804
  14,482
  15,194
  15,943
  16,729
Adjusted assets (=assets-cash), $m
  4,411
  4,558
  4,729
  4,912
  5,107
  5,316
  5,537
  5,773
  6,023
  6,288
  6,568
  6,865
  7,178
  7,508
  7,857
  8,225
  8,612
  9,020
  9,450
  9,903
  10,379
  10,881
  11,408
  11,963
  12,546
  13,159
  13,804
  14,482
  15,194
  15,943
  16,729
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
  3,540
  3,672
  3,814
  3,966
  4,128
  4,300
  4,483
  4,677
  4,883
  5,100
  5,330
  5,573
  5,830
  6,101
  6,386
  6,687
  7,004
  7,338
  7,690
  8,060
  8,449
  8,858
  9,289
  9,742
  10,218
  10,719
  11,245
  11,798
  12,379
  12,990
Working capital, $m
  0
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -61
Total debt, $m
  2,357
  2,455
  2,567
  2,687
  2,815
  2,952
  3,098
  3,252
  3,416
  3,590
  3,774
  3,968
  4,174
  4,390
  4,619
  4,860
  5,115
  5,382
  5,664
  5,961
  6,274
  6,603
  6,949
  7,313
  7,695
  8,098
  8,520
  8,965
  9,432
  9,923
  10,439
Total liabilities, $m
  2,892
  2,990
  3,102
  3,222
  3,350
  3,487
  3,633
  3,787
  3,951
  4,125
  4,309
  4,503
  4,709
  4,925
  5,154
  5,395
  5,650
  5,917
  6,199
  6,496
  6,809
  7,138
  7,484
  7,848
  8,230
  8,633
  9,055
  9,500
  9,967
  10,458
  10,974
Total equity, $m
  1,535
  1,568
  1,627
  1,690
  1,757
  1,829
  1,905
  1,986
  2,072
  2,163
  2,259
  2,361
  2,469
  2,583
  2,703
  2,829
  2,963
  3,103
  3,251
  3,407
  3,571
  3,743
  3,924
  4,115
  4,316
  4,527
  4,749
  4,982
  5,227
  5,484
  5,755
Total liabilities and equity, $m
  4,427
  4,558
  4,729
  4,912
  5,107
  5,316
  5,538
  5,773
  6,023
  6,288
  6,568
  6,864
  7,178
  7,508
  7,857
  8,224
  8,613
  9,020
  9,450
  9,903
  10,380
  10,881
  11,408
  11,963
  12,546
  13,160
  13,804
  14,482
  15,194
  15,942
  16,729
Debt-to-equity ratio
  1.536
  1.570
  1.580
  1.590
  1.600
  1.610
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.730
  1.740
  1.750
  1.760
  1.760
  1.770
  1.780
  1.780
  1.790
  1.790
  1.800
  1.800
  1.810
  1.810
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
  86
  90
  93
  98
  102
  107
  112
  117
  123
  129
  136
  143
  151
  158
  167
  176
  185
  195
  206
  217
  229
  242
  255
  269
  284
  299
  316
  333
  352
  371
Depreciation, amort., depletion, $m
  163
  169
  175
  182
  189
  197
  205
  213
  223
  233
  243
  254
  265
  278
  291
  304
  318
  334
  349
  366
  384
  402
  422
  442
  464
  487
  510
  535
  562
  589
  619
Funds from operations, $m
  220
  255
  264
  275
  286
  298
  311
  325
  340
  356
  372
  390
  408
  428
  449
  471
  494
  519
  545
  572
  601
  631
  664
  697
  733
  770
  810
  851
  895
  941
  989
Change in working capital, $m
  -27
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
Cash from operations, $m
  247
  255
  265
  276
  287
  299
  312
  326
  341
  357
  373
  391
  410
  429
  450
  472
  496
  520
  546
  574
  603
  633
  665
  699
  735
  773
  812
  854
  898
  944
  992
Maintenance CAPEX, $m
  0
  -163
  -169
  -175
  -182
  -189
  -197
  -205
  -213
  -223
  -233
  -243
  -254
  -265
  -278
  -291
  -304
  -318
  -334
  -349
  -366
  -384
  -402
  -422
  -442
  -464
  -487
  -510
  -535
  -562
  -589
New CAPEX, $m
  -602
  -123
  -132
  -142
  -152
  -162
  -172
  -183
  -194
  -206
  -218
  -230
  -243
  -257
  -271
  -286
  -301
  -317
  -334
  -351
  -370
  -389
  -409
  -431
  -453
  -476
  -501
  -526
  -553
  -581
  -611
Cash from investing activities, $m
  -389
  -286
  -301
  -317
  -334
  -351
  -369
  -388
  -407
  -429
  -451
  -473
  -497
  -522
  -549
  -577
  -605
  -635
  -668
  -700
  -736
  -773
  -811
  -853
  -895
  -940
  -988
  -1,036
  -1,088
  -1,143
  -1,200
Free cash flow, $m
  -142
  -31
  -36
  -41
  -46
  -51
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -109
  -115
  -121
  -127
  -133
  -140
  -146
  -153
  -160
  -168
  -175
  -183
  -191
  -199
  -208
Issuance/(repayment) of debt, $m
  201
  98
  112
  120
  128
  137
  146
  155
  164
  174
  184
  194
  205
  217
  229
  241
  254
  268
  282
  297
  313
  329
  346
  364
  383
  402
  423
  445
  467
  491
  516
Issuance/(repurchase) of shares, $m
  137
  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 from financing (excl. dividends), $m  
  321
  98
  112
  120
  128
  137
  146
  155
  164
  174
  184
  194
  205
  217
  229
  241
  254
  268
  282
  297
  313
  329
  346
  364
  383
  402
  423
  445
  467
  491
  516
Total cash flow (excl. dividends), $m
  179
  68
  76
  79
  82
  85
  89
  93
  97
  102
  107
  112
  118
  124
  131
  138
  145
  153
  161
  170
  179
  189
  200
  211
  222
  235
  248
  262
  276
  292
  308
Retained Cash Flow (-), $m
  -146
  -49
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -172
  -181
  -191
  -201
  -211
  -222
  -233
  -245
  -258
  -271
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
 
  35
  17
  16
  15
  14
  13
  12
  11
  11
  11
  10
  10
  10
  11
  11
  12
  12
  13
  14
  15
  17
  18
  20
  22
  24
  26
  29
  31
  34
  37
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
 
  32
  14
  12
  10
  8
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  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
  100.0
  100.0

Weingarten Realty Investors is a real estate investment trust (REIT). The Company's primary business is leasing space to tenants in the shopping centers it owns or leases. The Company also provides property management services. The Company is in the business of owning, managing and developing retail shopping centers. As of December 31, 2016, the Company had owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 220 centers, primarily neighborhood and community shopping centers, which were located in 18 states spanning the country from coast to coast with approximately 44.7 million square feet of gross leasable area. Its centers are located principally in the South, West Coast and Southeast Coast of the United States with concentrations in Arizona, California, Florida and Texas. It also owned interests in 28 parcels of land that totaled approximately 19.8 million square feet, as of December 31, 2016.

FINANCIAL RATIOS  of  Weingarten Realty Investors (WRI)

Valuation Ratios
P/E Ratio 26.1
Price to Sales 6.5
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow -10.1
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 3.6% 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 128.385 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 $3.6 billion.

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COMPANY NEWS

▶ Stocks That Fell to 3-Year Lows in the Week of Jan. 26   [Jan-28-18 09:19AM  GuruFocus.com]
▶ Weingarten Realty Announces Transaction Activity   [Jan-25-18 04:44PM  Business Wire]
▶ Kingwood Randalls now open after repairing damage from Harvey   [Nov-16-17 12:45PM  American City Business Journals]
▶ What Is Weingarten Realty Investorss (WRI) Share Price Doing?   [Nov-09-17 06:45PM  Simply Wall St.]
▶ Weingarten Realty reports 3Q results   [Oct-24-17 05:13PM  Associated Press]
▶ Construction date set for River Oaks Shopping Center residential tower   [12:10PM  American City Business Journals]
▶ River Oaks Shopping Center bar closes to make way for residential tower   [Sep-15-17 10:25AM  American City Business Journals]
▶ Heres how dead malls across America could be saved   [Aug-08-17 02:02PM  Yahoo Finance Video]
▶ Done Deal: Atlanta real estate firm buys Bartlett shopping center   [Jul-24-17 03:10PM  American City Business Journals]
▶ 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]
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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