Intrinsic value of Agree Realty - ADC

Previous Close

$49.52

  Intrinsic Value

$5.96

stock screener

  Rating & Target

str. sell

-88%

Previous close

$49.52

 
Intrinsic value

$5.96

 
Up/down potential

-88%

 
Rating

str. sell

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

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

We calculate the intrinsic value of ADC 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 1.4

 

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, %
  31.43
  27.30
  25.07
  23.06
  21.26
  19.63
  18.17
  16.85
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
Revenue, $m
  92
  117
  146
  180
  219
  261
  309
  361
  418
  479
  544
  613
  687
  765
  846
  932
  1,021
  1,114
  1,211
  1,312
  1,418
  1,527
  1,641
  1,759
  1,881
  2,009
  2,141
  2,279
  2,423
  2,572
  2,728
Variable operating expenses, $m
 
  50
  62
  76
  93
  111
  131
  153
  177
  203
  231
  260
  291
  324
  359
  395
  433
  472
  514
  556
  601
  647
  696
  746
  798
  852
  908
  966
  1,027
  1,091
  1,157
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
  40
  50
  62
  76
  93
  111
  131
  153
  177
  203
  231
  260
  291
  324
  359
  395
  433
  472
  514
  556
  601
  647
  696
  746
  798
  852
  908
  966
  1,027
  1,091
  1,157
Operating income, $m
  51
  67
  84
  104
  126
  151
  178
  208
  241
  276
  313
  353
  396
  440
  487
  537
  588
  642
  698
  756
  817
  879
  945
  1,013
  1,084
  1,157
  1,233
  1,313
  1,396
  1,482
  1,571
EBITDA, $m
  74
  107
  134
  164
  199
  239
  282
  329
  381
  437
  496
  560
  627
  697
  772
  850
  931
  1,016
  1,105
  1,197
  1,293
  1,393
  1,497
  1,604
  1,716
  1,832
  1,953
  2,079
  2,210
  2,346
  2,488
Interest expense (income), $m
  14
  16
  21
  26
  33
  40
  49
  58
  68
  79
  91
  104
  117
  131
  146
  162
  179
  196
  214
  233
  253
  274
  295
  317
  340
  364
  389
  414
  441
  469
  498
Earnings before tax, $m
  46
  52
  64
  78
  93
  110
  129
  150
  173
  197
  222
  250
  279
  309
  341
  374
  409
  445
  483
  523
  563
  606
  650
  696
  744
  793
  845
  899
  954
  1,013
  1,073
Tax expense, $m
  0
  14
  17
  21
  25
  30
  35
  41
  47
  53
  60
  67
  75
  83
  92
  101
  110
  120
  130
  141
  152
  164
  176
  188
  201
  214
  228
  243
  258
  273
  290
Net income, $m
  45
  38
  47
  57
  68
  81
  94
  110
  126
  144
  162
  182
  203
  226
  249
  273
  299
  325
  353
  381
  411
  442
  475
  508
  543
  579
  617
  656
  697
  739
  783

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  1,142
  1,411
  1,765
  2,172
  2,633
  3,150
  3,723
  4,350
  5,032
  5,766
  6,553
  7,390
  8,276
  9,212
  10,194
  11,224
  12,301
  13,424
  14,594
  15,812
  17,079
  18,396
  19,765
  21,188
  22,666
  24,202
  25,800
  27,461
  29,191
  30,991
  32,866
Adjusted assets (=assets-cash), $m
  1,109
  1,411
  1,765
  2,172
  2,633
  3,150
  3,723
  4,350
  5,032
  5,766
  6,553
  7,390
  8,276
  9,212
  10,194
  11,224
  12,301
  13,424
  14,594
  15,812
  17,079
  18,396
  19,765
  21,188
  22,666
  24,202
  25,800
  27,461
  29,191
  30,991
  32,866
Revenue / Adjusted assets
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
Average production assets, $m
  928
  1,181
  1,478
  1,818
  2,205
  2,638
  3,117
  3,642
  4,213
  4,828
  5,486
  6,187
  6,929
  7,712
  8,535
  9,397
  10,298
  11,239
  12,219
  13,239
  14,299
  15,402
  16,548
  17,739
  18,976
  20,262
  21,600
  22,991
  24,439
  25,946
  27,516
Working capital, $m
  0
  -42
  -53
  -65
  -78
  -94
  -111
  -130
  -150
  -172
  -195
  -220
  -247
  -274
  -304
  -334
  -367
  -400
  -435
  -471
  -509
  -548
  -589
  -631
  -675
  -721
  -769
  -818
  -870
  -923
  -979
Total debt, $m
  401
  526
  673
  841
  1,032
  1,246
  1,483
  1,743
  2,025
  2,329
  2,655
  3,001
  3,368
  3,756
  4,162
  4,589
  5,034
  5,499
  5,984
  6,488
  7,013
  7,558
  8,125
  8,714
  9,326
  9,962
  10,623
  11,311
  12,027
  12,772
  13,548
Total liabilities, $m
  459
  584
  731
  899
  1,090
  1,304
  1,541
  1,801
  2,083
  2,387
  2,713
  3,059
  3,426
  3,814
  4,220
  4,647
  5,092
  5,557
  6,042
  6,546
  7,071
  7,616
  8,183
  8,772
  9,384
  10,020
  10,681
  11,369
  12,085
  12,830
  13,606
Total equity, $m
  683
  827
  1,034
  1,273
  1,543
  1,846
  2,182
  2,549
  2,949
  3,379
  3,840
  4,330
  4,850
  5,398
  5,974
  6,577
  7,208
  7,866
  8,552
  9,266
  10,009
  10,780
  11,582
  12,416
  13,282
  14,182
  15,119
  16,092
  17,106
  18,161
  19,259
Total liabilities and equity, $m
  1,142
  1,411
  1,765
  2,172
  2,633
  3,150
  3,723
  4,350
  5,032
  5,766
  6,553
  7,389
  8,276
  9,212
  10,194
  11,224
  12,300
  13,423
  14,594
  15,812
  17,080
  18,396
  19,765
  21,188
  22,666
  24,202
  25,800
  27,461
  29,191
  30,991
  32,865
Debt-to-equity ratio
  0.587
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
Adjusted equity ratio
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  38
  47
  57
  68
  81
  94
  110
  126
  144
  162
  182
  203
  226
  249
  273
  299
  325
  353
  381
  411
  442
  475
  508
  543
  579
  617
  656
  697
  739
  783
Depreciation, amort., depletion, $m
  23
  39
  49
  61
  73
  88
  104
  121
  140
  161
  183
  206
  231
  257
  284
  313
  343
  375
  407
  441
  477
  513
  552
  591
  633
  675
  720
  766
  815
  865
  917
Funds from operations, $m
  61
  77
  96
  117
  141
  168
  198
  231
  266
  305
  345
  389
  434
  483
  533
  586
  642
  700
  760
  823
  888
  956
  1,026
  1,099
  1,175
  1,255
  1,337
  1,422
  1,511
  1,604
  1,701
Change in working capital, $m
  -1
  -9
  -11
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
Cash from operations, $m
  62
  86
  106
  129
  155
  184
  215
  250
  287
  326
  369
  413
  461
  511
  563
  617
  674
  733
  795
  859
  926
  995
  1,067
  1,142
  1,220
  1,300
  1,384
  1,472
  1,563
  1,658
  1,756
Maintenance CAPEX, $m
  0
  -31
  -39
  -49
  -61
  -73
  -88
  -104
  -121
  -140
  -161
  -183
  -206
  -231
  -257
  -284
  -313
  -343
  -375
  -407
  -441
  -477
  -513
  -552
  -591
  -633
  -675
  -720
  -766
  -815
  -865
New CAPEX, $m
  -326
  -253
  -296
  -341
  -387
  -433
  -479
  -525
  -571
  -615
  -658
  -701
  -742
  -783
  -823
  -862
  -901
  -940
  -980
  -1,020
  -1,061
  -1,103
  -1,146
  -1,191
  -1,238
  -1,286
  -1,338
  -1,391
  -1,448
  -1,507
  -1,570
Cash from investing activities, $m
  -298
  -284
  -335
  -390
  -448
  -506
  -567
  -629
  -692
  -755
  -819
  -884
  -948
  -1,014
  -1,080
  -1,146
  -1,214
  -1,283
  -1,355
  -1,427
  -1,502
  -1,580
  -1,659
  -1,743
  -1,829
  -1,919
  -2,013
  -2,111
  -2,214
  -2,322
  -2,435
Free cash flow, $m
  -236
  -198
  -229
  -261
  -292
  -322
  -352
  -379
  -405
  -429
  -451
  -470
  -488
  -503
  -517
  -530
  -541
  -550
  -560
  -568
  -576
  -584
  -592
  -601
  -609
  -619
  -629
  -639
  -651
  -664
  -678
Issuance/(repayment) of debt, $m
  84
  125
  146
  169
  191
  214
  237
  260
  282
  304
  326
  347
  367
  387
  407
  426
  446
  465
  485
  504
  525
  545
  567
  589
  612
  636
  661
  688
  716
  745
  776
Issuance/(repurchase) of shares, $m
  227
  139
  161
  182
  203
  222
  241
  258
  273
  287
  299
  308
  316
  322
  327
  330
  332
  333
  333
  332
  331
  329
  327
  325
  323
  321
  319
  318
  317
  316
  315
Cash from financing (excl. dividends), $m  
  310
  264
  307
  351
  394
  436
  478
  518
  555
  591
  625
  655
  683
  709
  734
  756
  778
  798
  818
  836
  856
  874
  894
  914
  935
  957
  980
  1,006
  1,033
  1,061
  1,091
Total cash flow (excl. dividends), $m
  74
  66
  78
  90
  102
  114
  126
  138
  150
  162
  173
  185
  195
  206
  217
  227
  237
  248
  258
  269
  279
  290
  302
  314
  326
  339
  352
  366
  381
  397
  413
Retained Cash Flow (-), $m
  -232
  -177
  -207
  -239
  -271
  -303
  -335
  -368
  -399
  -430
  -461
  -491
  -520
  -548
  -576
  -603
  -631
  -658
  -686
  -714
  -742
  -772
  -802
  -833
  -866
  -900
  -936
  -974
  -1,013
  -1,055
  -1,099
Prev. year cash balance distribution, $m
 
  33
  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
 
  -78
  -129
  -149
  -169
  -189
  -209
  -229
  -249
  -269
  -287
  -306
  -324
  -342
  -359
  -376
  -393
  -411
  -428
  -445
  -463
  -481
  -500
  -520
  -540
  -562
  -584
  -607
  -632
  -658
  -685
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  -73
  -112
  -119
  -124
  -126
  -125
  -122
  -117
  -111
  -103
  -93
  -83
  -73
  -63
  -54
  -45
  -37
  -29
  -23
  -18
  -13
  -10
  -7
  -5
  -3
  -2
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  90.7
  82.9
  76.5
  71.0
  66.4
  62.5
  59.1
  56.2
  53.7
  51.5
  49.6
  47.9
  46.4
  45.1
  44.0
  42.9
  42.0
  41.1
  40.4
  39.7
  39.1
  38.5
  38.0
  37.5
  37.1
  36.7
  36.3
  36.0
  35.7
  35.4

Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA). As of December 31, 2016, its portfolio included 363 net lease properties, which contributed approximately 98.1% of annualized base rent, and three community shopping centers. The Company's business objective is to generate consistent shareholder returns by investing in and actively managing a diversified portfolio of retail properties net leased to industry tenants. Its community shopping centers include Capital Plaza, Frankfort; Central Michigan Commons, Mount Pleasant, and West Frankfort Plaza, West Frankfort.

FINANCIAL RATIOS  of  Agree Realty (ADC)

Valuation Ratios
P/E Ratio 28.8
Price to Sales 14.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow -4.9
Growth Rates
Sales Growth Rate 31.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.1%
Cap. Spend. - 3 Yr. Gr. Rate 29.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 58.7%
Total Debt to Equity 58.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 91.3%
Gross Margin - 3 Yr. Avg. 91.2%
EBITDA Margin 90.2%
EBITDA Margin - 3 Yr. Avg. 86.4%
Operating Margin 56.5%
Oper. Margin - 3 Yr. Avg. 55.2%
Pre-Tax Margin 50%
Pre-Tax Margin - 3 Yr. Avg. 47.4%
Net Profit Margin 48.9%
Net Profit Margin - 3 Yr. Avg. 46%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 95.6%

ADC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADC stock intrinsic value calculation we used $92 million for the last fiscal year's total revenue generated by Agree Realty. The default revenue input number comes from 2016 income statement of Agree Realty. 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 ADC stock valuation model: a) initial revenue growth rate of 27.3% 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 7%, whose default value for ADC is calculated based on our internal credit rating of Agree Realty, 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 Agree Realty.
    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 ADC stock the variable cost ratio is equal to 42.4%.

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 ADC 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 3.9% for Agree Realty.

Corporate tax rate of 27% is the nominal tax rate for Agree Realty. 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 ADC 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 ADC are equal to 1008.7%.

Life of production assets of 40.3 years is the average useful life of capital assets used in Agree Realty 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 ADC is equal to -35.9%. 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 - $683 million for Agree Realty - 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 28.675 million for Agree Realty 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 Agree Realty at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Agree Realty Declares Quarterly Cash Dividend   [Sep-05-17 04:01PM  PR Newswire]
▶ Agree Realty reports 2Q results   [Jul-24-17 09:20PM  Associated Press]
▶ ETFs with exposure to Agree Realty Corp. : July 14, 2017   [Jul-14-17 12:36PM  Capital Cube]
▶ Agree Realty Announces Pricing Of Common Stock Offering   [Jun-13-17 09:00AM  PR Newswire]
▶ Agree Realty Announces Common Stock Offering   [Jun-12-17 04:02PM  PR Newswire]
▶ Agree Realty Declares Increased Quarterly Cash Dividend   [May-22-17 08:15AM  PR Newswire]
▶ Agree Realty reports 1Q results   [Apr-24-17 04:26PM  Associated Press]
▶ Agree Realty Declares Quarterly Cash Dividend   [Feb-28-17 04:01PM  PR Newswire]
▶ Agree Realty reports 4Q results   [Feb-23-17 05:07PM  Associated Press]
▶ Is Atkore International Group Inc (ATKR) a Good Stock to Buy?   [Dec-12-16 06:04PM  at Insider Monkey]
▶ Agree Realty Declares Increased Quarterly Cash Dividend   [Dec-06-16 04:01PM  PR Newswire]
Financial statements of ADC
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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