Intrinsic value of Weingarten Realty Investors - WRI

Previous Close

$32.30

  Intrinsic Value

$3.06

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

+22%

Previous close

$32.30

 
Intrinsic value

$3.06

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

+22%

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 4.0

 

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
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  550
  600
  652
  706
  763
  822
  883
  946
  1,012
  1,080
  1,151
  1,225
  1,302
  1,383
  1,466
  1,553
  1,644
  1,739
  1,837
  1,941
  2,048
  2,161
  2,279
  2,402
  2,531
  2,666
  2,807
  2,955
  3,109
  3,271
  3,441
Variable operating expenses, $m
 
  308
  335
  362
  391
  421
  453
  485
  519
  554
  591
  629
  668
  709
  752
  797
  843
  892
  943
  996
  1,051
  1,109
  1,169
  1,232
  1,298
  1,367
  1,440
  1,516
  1,595
  1,678
  1,765
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
  383
  412
  441
  472
  504
  538
  572
  608
  645
  684
  725
  766
  810
  855
  903
  951
  1,003
  1,057
  1,113
  1,171
  1,232
  1,295
  1,361
  1,430
  1,502
  1,579
  1,658
  1,741
  1,827
  1,918
Operating income, $m
  196
  217
  241
  265
  291
  318
  345
  374
  404
  435
  467
  501
  536
  573
  611
  651
  692
  736
  781
  828
  878
  930
  984
  1,041
  1,100
  1,163
  1,228
  1,297
  1,368
  1,444
  1,523
EBITDA, $m
  359
  395
  434
  474
  517
  561
  606
  654
  703
  754
  808
  863
  921
  982
  1,045
  1,110
  1,179
  1,250
  1,325
  1,402
  1,484
  1,569
  1,658
  1,751
  1,849
  1,951
  2,058
  2,171
  2,288
  2,412
  2,541
Interest expense (income), $m
  80
  85
  94
  104
  114
  125
  136
  147
  159
  172
  185
  198
  212
  227
  242
  258
  274
  291
  309
  328
  347
  368
  389
  411
  435
  459
  484
  511
  539
  568
  599
Earnings before tax, $m
  183
  133
  147
  161
  177
  193
  209
  226
  244
  263
  282
  303
  324
  346
  369
  393
  418
  444
  472
  501
  531
  562
  595
  630
  666
  704
  744
  786
  830
  876
  924
Tax expense, $m
  7
  36
  40
  44
  48
  52
  56
  61
  66
  71
  76
  82
  87
  93
  100
  106
  113
  120
  127
  135
  143
  152
  161
  170
  180
  190
  201
  212
  224
  236
  249
Net income, $m
  138
  97
  107
  118
  129
  141
  153
  165
  178
  192
  206
  221
  236
  253
  269
  287
  305
  324
  344
  365
  387
  410
  434
  460
  486
  514
  543
  574
  606
  639
  675

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
  4,800
  5,218
  5,652
  6,103
  6,573
  7,060
  7,567
  8,094
  8,641
  9,211
  9,803
  10,419
  11,061
  11,729
  12,426
  13,152
  13,909
  14,700
  15,525
  16,388
  17,289
  18,231
  19,216
  20,247
  21,325
  22,454
  23,636
  24,874
  26,172
  27,531
Adjusted assets (=assets-cash), $m
  4,411
  4,800
  5,218
  5,652
  6,103
  6,573
  7,060
  7,567
  8,094
  8,641
  9,211
  9,803
  10,419
  11,061
  11,729
  12,426
  13,152
  13,909
  14,700
  15,525
  16,388
  17,289
  18,231
  19,216
  20,247
  21,325
  22,454
  23,636
  24,874
  26,172
  27,531
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
  3,728
  4,051
  4,389
  4,739
  5,104
  5,482
  5,876
  6,285
  6,710
  7,152
  7,612
  8,091
  8,589
  9,108
  9,649
  10,212
  10,801
  11,415
  12,055
  12,725
  13,425
  14,156
  14,921
  15,721
  16,559
  17,436
  18,354
  19,315
  20,322
  21,378
Working capital, $m
  0
  -17
  -19
  -20
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
Total debt, $m
  2,357
  2,614
  2,888
  3,173
  3,469
  3,777
  4,097
  4,429
  4,775
  5,134
  5,507
  5,896
  6,300
  6,721
  7,159
  7,616
  8,093
  8,590
  9,108
  9,650
  10,215
  10,806
  11,424
  12,071
  12,747
  13,454
  14,195
  14,970
  15,783
  16,634
  17,525
Total liabilities, $m
  2,892
  3,149
  3,423
  3,708
  4,004
  4,312
  4,632
  4,964
  5,310
  5,669
  6,042
  6,431
  6,835
  7,256
  7,694
  8,151
  8,628
  9,125
  9,643
  10,185
  10,750
  11,341
  11,959
  12,606
  13,282
  13,989
  14,730
  15,505
  16,318
  17,169
  18,060
Total equity, $m
  1,535
  1,651
  1,795
  1,944
  2,100
  2,261
  2,429
  2,603
  2,784
  2,973
  3,169
  3,372
  3,584
  3,805
  4,035
  4,274
  4,524
  4,785
  5,057
  5,341
  5,637
  5,947
  6,271
  6,610
  6,965
  7,336
  7,724
  8,131
  8,557
  9,003
  9,471
Total liabilities and equity, $m
  4,427
  4,800
  5,218
  5,652
  6,104
  6,573
  7,061
  7,567
  8,094
  8,642
  9,211
  9,803
  10,419
  11,061
  11,729
  12,425
  13,152
  13,910
  14,700
  15,526
  16,387
  17,288
  18,230
  19,216
  20,247
  21,325
  22,454
  23,636
  24,875
  26,172
  27,531
Debt-to-equity ratio
  1.536
  1.580
  1.610
  1.630
  1.650
  1.670
  1.690
  1.700
  1.710
  1.730
  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
  1.830
  1.840
  1.840
  1.840
  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
  97
  107
  118
  129
  141
  153
  165
  178
  192
  206
  221
  236
  253
  269
  287
  305
  324
  344
  365
  387
  410
  434
  460
  486
  514
  543
  574
  606
  639
  675
Depreciation, amort., depletion, $m
  163
  178
  193
  209
  226
  243
  261
  280
  299
  320
  341
  362
  385
  409
  434
  459
  486
  514
  544
  574
  606
  639
  674
  711
  749
  789
  830
  874
  920
  968
  1,018
Funds from operations, $m
  220
  274
  300
  327
  355
  384
  414
  445
  478
  512
  547
  583
  622
  661
  703
  746
  791
  839
  888
  939
  993
  1,050
  1,109
  1,170
  1,235
  1,302
  1,373
  1,448
  1,525
  1,607
  1,692
Change in working capital, $m
  -27
  -1
  -2
  -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
Cash from operations, $m
  247
  276
  302
  328
  356
  385
  416
  447
  480
  513
  549
  586
  624
  664
  705
  749
  794
  841
  891
  942
  996
  1,053
  1,112
  1,174
  1,239
  1,306
  1,377
  1,452
  1,530
  1,612
  1,697
Maintenance CAPEX, $m
  0
  -163
  -178
  -193
  -209
  -226
  -243
  -261
  -280
  -299
  -320
  -341
  -362
  -385
  -409
  -434
  -459
  -486
  -514
  -544
  -574
  -606
  -639
  -674
  -711
  -749
  -789
  -830
  -874
  -920
  -968
New CAPEX, $m
  -602
  -311
  -324
  -337
  -351
  -364
  -379
  -394
  -409
  -425
  -442
  -460
  -479
  -498
  -519
  -541
  -564
  -588
  -614
  -641
  -670
  -700
  -731
  -765
  -800
  -837
  -877
  -918
  -961
  -1,007
  -1,055
Cash from investing activities, $m
  -389
  -474
  -502
  -530
  -560
  -590
  -622
  -655
  -689
  -724
  -762
  -801
  -841
  -883
  -928
  -975
  -1,023
  -1,074
  -1,128
  -1,185
  -1,244
  -1,306
  -1,370
  -1,439
  -1,511
  -1,586
  -1,666
  -1,748
  -1,835
  -1,927
  -2,023
Free cash flow, $m
  -142
  -198
  -200
  -202
  -203
  -205
  -206
  -208
  -209
  -211
  -213
  -215
  -217
  -220
  -223
  -226
  -229
  -233
  -237
  -242
  -247
  -253
  -259
  -265
  -272
  -280
  -288
  -296
  -306
  -315
  -326
Issuance/(repayment) of debt, $m
  201
  257
  274
  285
  296
  308
  320
  332
  346
  359
  373
  388
  404
  421
  438
  457
  476
  497
  519
  542
  566
  591
  618
  646
  676
  708
  741
  776
  812
  851
  892
Issuance/(repurchase) of shares, $m
  137
  36
  36
  31
  26
  21
  15
  9
  3
  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
  293
  310
  316
  322
  329
  335
  341
  349
  359
  373
  388
  404
  421
  438
  457
  476
  497
  519
  542
  566
  591
  618
  646
  676
  708
  741
  776
  812
  851
  892
Total cash flow (excl. dividends), $m
  179
  95
  110
  115
  119
  124
  129
  134
  139
  148
  161
  174
  187
  201
  216
  231
  247
  264
  281
  299
  318
  338
  359
  381
  404
  428
  453
  479
  507
  536
  566
Retained Cash Flow (-), $m
  -146
  -132
  -144
  -149
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -204
  -212
  -221
  -230
  -240
  -250
  -261
  -272
  -284
  -297
  -310
  -324
  -339
  -355
  -371
  -388
  -407
  -426
  -446
  -468
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
 
  -22
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -40
  -35
  -30
  -25
  -19
  -14
  -8
  -3
  3
  9
  15
  22
  28
  35
  42
  49
  57
  64
  72
  81
  89
  98
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
 
  -20
  -27
  -26
  -24
  -21
  -19
  -17
  -15
  -12
  -9
  -6
  -4
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.1
  98.3
  97.7
  97.2
  96.8
  96.5
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4

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
Price to Sales 7.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow -11.7
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 9.1% 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 125.321 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 $4.0 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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