Intrinsic value of Xenia Hotels&Resorts - XHR

Previous Close

$21.46

  Intrinsic Value

$3.82

stock screener

  Rating & Target

str. sell

-82%

Previous close

$21.46

 
Intrinsic value

$3.82

 
Up/down potential

-82%

 
Rating

str. sell

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

We calculate the intrinsic value of XHR 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 2.3

 

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, %
  -2.66
  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
  950
  969
  991
  1,017
  1,045
  1,077
  1,112
  1,150
  1,191
  1,235
  1,282
  1,333
  1,387
  1,445
  1,506
  1,571
  1,640
  1,713
  1,790
  1,871
  1,957
  2,048
  2,143
  2,244
  2,350
  2,462
  2,580
  2,704
  2,835
  2,972
  3,116
Variable operating expenses, $m
 
  872
  892
  915
  941
  969
  1,001
  1,035
  1,072
  1,111
  1,154
  1,200
  1,248
  1,300
  1,355
  1,414
  1,476
  1,541
  1,611
  1,684
  1,761
  1,843
  1,929
  2,020
  2,115
  2,216
  2,322
  2,434
  2,551
  2,675
  2,805
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
  844
  872
  892
  915
  941
  969
  1,001
  1,035
  1,072
  1,111
  1,154
  1,200
  1,248
  1,300
  1,355
  1,414
  1,476
  1,541
  1,611
  1,684
  1,761
  1,843
  1,929
  2,020
  2,115
  2,216
  2,322
  2,434
  2,551
  2,675
  2,805
Operating income, $m
  106
  97
  99
  102
  105
  108
  111
  115
  119
  123
  128
  133
  139
  144
  151
  157
  164
  171
  179
  187
  196
  205
  214
  224
  235
  246
  258
  270
  283
  297
  312
EBITDA, $m
  259
  253
  259
  266
  273
  281
  290
  300
  311
  323
  335
  348
  362
  377
  393
  410
  428
  447
  467
  489
  511
  535
  560
  586
  614
  643
  674
  706
  740
  776
  814
Interest expense (income), $m
  45
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  62
  65
  67
  70
  74
  77
  81
  85
  89
  93
  98
  102
  108
  113
  119
  124
  131
  137
  144
  152
Earnings before tax, $m
  92
  53
  54
  55
  57
  58
  60
  62
  64
  67
  69
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
Tax expense, $m
  5
  14
  15
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
Net income, $m
  86
  39
  39
  40
  41
  43
  44
  45
  47
  49
  50
  52
  54
  56
  59
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
  93
  97
  102
  107
  112
  117

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  216
  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
  2,860
  2,699
  2,761
  2,832
  2,912
  3,000
  3,097
  3,202
  3,317
  3,440
  3,572
  3,713
  3,864
  4,024
  4,195
  4,375
  4,567
  4,770
  4,985
  5,212
  5,451
  5,704
  5,970
  6,251
  6,547
  6,859
  7,187
  7,532
  7,896
  8,278
  8,680
Adjusted assets (=assets-cash), $m
  2,644
  2,699
  2,761
  2,832
  2,912
  3,000
  3,097
  3,202
  3,317
  3,440
  3,572
  3,713
  3,864
  4,024
  4,195
  4,375
  4,567
  4,770
  4,985
  5,212
  5,451
  5,704
  5,970
  6,251
  6,547
  6,859
  7,187
  7,532
  7,896
  8,278
  8,680
Revenue / Adjusted assets
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
Average production assets, $m
  2,542
  2,593
  2,653
  2,721
  2,797
  2,882
  2,975
  3,077
  3,186
  3,304
  3,431
  3,567
  3,712
  3,866
  4,030
  4,203
  4,388
  4,583
  4,789
  5,007
  5,237
  5,480
  5,736
  6,005
  6,290
  6,589
  6,904
  7,236
  7,585
  7,953
  8,339
Working capital, $m
  0
  -220
  -225
  -231
  -237
  -244
  -252
  -261
  -270
  -280
  -291
  -303
  -315
  -328
  -342
  -357
  -372
  -389
  -406
  -425
  -444
  -465
  -487
  -509
  -534
  -559
  -586
  -614
  -643
  -675
  -707
Total debt, $m
  1,077
  1,102
  1,131
  1,164
  1,201
  1,242
  1,287
  1,336
  1,389
  1,446
  1,508
  1,573
  1,644
  1,718
  1,797
  1,882
  1,971
  2,065
  2,165
  2,270
  2,382
  2,499
  2,623
  2,754
  2,891
  3,036
  3,189
  3,350
  3,519
  3,696
  3,883
Total liabilities, $m
  1,231
  1,255
  1,284
  1,317
  1,354
  1,395
  1,440
  1,489
  1,542
  1,599
  1,661
  1,726
  1,797
  1,871
  1,950
  2,035
  2,124
  2,218
  2,318
  2,423
  2,535
  2,652
  2,776
  2,907
  3,044
  3,189
  3,342
  3,503
  3,672
  3,849
  4,036
Total equity, $m
  1,630
  1,444
  1,477
  1,515
  1,558
  1,605
  1,657
  1,713
  1,774
  1,840
  1,911
  1,986
  2,067
  2,153
  2,244
  2,341
  2,443
  2,552
  2,667
  2,788
  2,916
  3,052
  3,194
  3,344
  3,503
  3,669
  3,845
  4,030
  4,224
  4,429
  4,644
Total liabilities and equity, $m
  2,861
  2,699
  2,761
  2,832
  2,912
  3,000
  3,097
  3,202
  3,316
  3,439
  3,572
  3,712
  3,864
  4,024
  4,194
  4,376
  4,567
  4,770
  4,985
  5,211
  5,451
  5,704
  5,970
  6,251
  6,547
  6,858
  7,187
  7,533
  7,896
  8,278
  8,680
Debt-to-equity ratio
  0.661
  0.760
  0.770
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.840
Adjusted equity ratio
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  39
  39
  40
  41
  43
  44
  45
  47
  49
  50
  52
  54
  56
  59
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
  93
  97
  102
  107
  112
  117
Depreciation, amort., depletion, $m
  153
  156
  160
  164
  169
  174
  179
  185
  192
  199
  207
  215
  224
  233
  243
  253
  264
  276
  288
  302
  315
  330
  346
  362
  379
  397
  416
  436
  457
  479
  502
Funds from operations, $m
  213
  195
  199
  204
  210
  216
  223
  231
  239
  248
  257
  267
  278
  289
  301
  314
  328
  342
  357
  373
  390
  408
  427
  447
  468
  490
  513
  538
  564
  591
  619
Change in working capital, $m
  -13
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
Cash from operations, $m
  226
  199
  204
  210
  216
  223
  231
  239
  248
  258
  268
  279
  290
  302
  315
  329
  343
  359
  375
  392
  410
  429
  449
  470
  492
  516
  540
  566
  593
  622
  652
Maintenance CAPEX, $m
  0
  -153
  -156
  -160
  -164
  -169
  -174
  -179
  -185
  -192
  -199
  -207
  -215
  -224
  -233
  -243
  -253
  -264
  -276
  -288
  -302
  -315
  -330
  -346
  -362
  -379
  -397
  -416
  -436
  -457
  -479
New CAPEX, $m
  -175
  -51
  -60
  -68
  -77
  -85
  -93
  -101
  -110
  -118
  -127
  -136
  -145
  -154
  -164
  -174
  -184
  -195
  -206
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -332
  -349
  -367
  -386
Cash from investing activities, $m
  106
  -204
  -216
  -228
  -241
  -254
  -267
  -280
  -295
  -310
  -326
  -343
  -360
  -378
  -397
  -417
  -437
  -459
  -482
  -506
  -532
  -558
  -586
  -616
  -646
  -678
  -712
  -748
  -785
  -824
  -865
Free cash flow, $m
  332
  -5
  -12
  -18
  -24
  -30
  -36
  -41
  -47
  -52
  -58
  -64
  -70
  -76
  -82
  -88
  -94
  -101
  -107
  -114
  -122
  -129
  -137
  -145
  -154
  -163
  -172
  -182
  -192
  -202
  -213
Issuance/(repayment) of debt, $m
  -48
  25
  29
  33
  37
  41
  45
  49
  53
  57
  61
  66
  70
  75
  79
  84
  89
  94
  100
  105
  111
  117
  124
  131
  138
  145
  153
  161
  169
  178
  187
Issuance/(repurchase) of shares, $m
  -74
  0
  0
  0
  1
  5
  8
  11
  14
  17
  20
  23
  26
  30
  33
  36
  39
  43
  46
  50
  53
  57
  61
  65
  69
  74
  78
  83
  88
  93
  98
Cash from financing (excl. dividends), $m  
  -123
  25
  29
  33
  38
  46
  53
  60
  67
  74
  81
  89
  96
  105
  112
  120
  128
  137
  146
  155
  164
  174
  185
  196
  207
  219
  231
  244
  257
  271
  285
Total cash flow (excl. dividends), $m
  209
  20
  17
  15
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
Retained Cash Flow (-), $m
  97
  -30
  -33
  -38
  -43
  -47
  -52
  -56
  -61
  -66
  -71
  -76
  -81
  -86
  -91
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -143
  -150
  -158
  -167
  -176
  -185
  -194
  -205
  -215
Prev. year cash balance distribution, $m
 
  216
  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
 
  206
  -16
  -23
  -28
  -31
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -143
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  194
  -14
  -19
  -22
  -22
  -22
  -22
  -21
  -20
  -19
  -18
  -16
  -15
  -13
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.9
  99.7
  99.4
  98.9
  98.3
  97.7
  96.9
  96.1
  95.2
  94.2
  93.2
  92.1
  91.1
  89.9
  88.8
  87.6
  86.5
  85.3
  84.1
  82.9
  81.7
  80.5
  79.3
  78.1
  76.9
  75.7
  74.5

Xenia Hotels & Resorts, Inc. (Xenia) is a self-advised and self-administered real estate investment trust (REIT). The Company invests in premium full service, lifestyle and urban upscale hotels, with a focus on var ious markets, as well as leisure destinations in the United States. As of October 4, 2017, the Company owned 39 hotels, 37 of which are completely owned, comprising 11,533 rooms, across 18 states and the District of Columbia, including a majority interest in two hotels owned through two investments in real estate entities. The Company's hotels are primarily operated and/or licensed by Marriott, Kimpton, Hyatt, Aston, Fairmont, Hilton and Loews, as well as independent management companies. As of May 30, 2017, the Company's portfolio included Andaz Napa, Andaz San Diego, Andaz Savannah, Aston Waikiki Beach Hotel, Bohemian Hotel Celebration, (an Autograph Collection Hotel) and Bohemian Hotel Savannah Riverfront, (an Autograph Collection Hotel).

FINANCIAL RATIOS  of  Xenia Hotels&Resorts (XHR)

Valuation Ratios
P/E Ratio 26.6
Price to Sales 2.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 44.9
Growth Rates
Sales Growth Rate -2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -41.5%
Cap. Spend. - 3 Yr. Gr. Rate -29.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 66.1%
Total Debt to Equity 66.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 5.1%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 60.8%
Gross Margin - 3 Yr. Avg. 59.3%
EBITDA Margin 30.5%
EBITDA Margin - 3 Yr. Avg. 26.3%
Operating Margin 11.2%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 10%
Effective Tax Rate 5.4%
Eff/ Tax Rate - 3 Yr. Avg. 8.8%
Payout Ratio 133.7%

XHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XHR stock intrinsic value calculation we used $950 million for the last fiscal year's total revenue generated by Xenia Hotels&Resorts. The default revenue input number comes from 2016 income statement of Xenia Hotels&Resorts. 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 XHR 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 6.1%, whose default value for XHR is calculated based on our internal credit rating of Xenia Hotels&Resorts, 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 Xenia Hotels&Resorts.
    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 XHR stock the variable cost ratio is equal to 90%.

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 XHR 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 4.1% for Xenia Hotels&Resorts.

Corporate tax rate of 27% is the nominal tax rate for Xenia Hotels&Resorts. 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 XHR 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 XHR are equal to 267.6%.

Life of production assets of 16.6 years is the average useful life of capital assets used in Xenia Hotels&Resorts 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 XHR is equal to -22.7%. 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 - $1630 million for Xenia Hotels&Resorts - 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 106.673 million for Xenia Hotels&Resorts 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 Xenia Hotels&Resorts at the current share price and the inputted number of shares is $2.3 billion.

RELATED COMPANIES Price Int.Val. Rating
SOHO Sotherly Hotel 6.82 4.87  hold
L Loews 49.84 34.45  sell
H Hyatt Hotels 72.29 17.87  str.sell
MAR Marriott Inter 129.32 597.63  str.buy
HLT Hilton Worldwi 78.38 131.88  str.buy
SHO Sunstone Hotel 16.71 2.76  str.sell
RLJ RLJ Lodging Tr 21.45 4.77  str.sell

COMPANY NEWS

▶ Xenia Hotels & Resorts, Inc. to Host Earnings Call   [Nov-07-17 09:00AM  ACCESSWIRE]
▶ Xenia Hotels & Resorts reports 3Q results   [06:41AM  Associated Press]
▶ Xenia Hotels & Resorts Reaches 80-Plus Relative Strength Rating Benchmark   [Oct-09-17 03:00AM  Investor's Business Daily]
▶ Florida hotel company acquires Gainey Ranch Hyatt Regency, Royal Palms for $305M   [Oct-05-17 01:55PM  American City Business Journals]
▶ Xenia Hotels & Resorts Provides Hurricane Harvey Update   [Aug-28-17 12:34PM  PR Newswire]
▶ Xenia Hotels & Resorts reports 2Q results   [Aug-08-17 04:48PM  Associated Press]
▶ 5 Top Hotel REITs for 2017   [May-26-17 03:42PM  Motley Fool]
▶ Xenia Hotels & Resorts reports 1Q results   [07:38AM  Associated Press]
▶ Xenia Hotels & Resorts reports 4Q results   [06:57AM  Associated Press]
▶ Introducing OBJs 2017 Coolest Office Spaces honorees   [09:56AM  American City Business Journals]
▶ Galleria-area hotel, three others sold in $119M deal   [Dec-16-16 01:30PM  at bizjournals.com]
Financial statements of XHR
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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