Intrinsic value of Ashford - AINC

Previous Close

$59.78

  Intrinsic Value

$306.15

stock screener

  Rating & Target

str. buy

+412%

Previous close

$59.78

 
Intrinsic value

$306.15

 
Up/down potential

+412%

 
Rating

str. buy

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

We calculate the intrinsic value of AINC 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 0001), $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 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  131
  202
  302
  438
  617
  849
  1,139
  1,496
  1,925
  2,431
  3,019
  3,691
  4,449
  5,293
  6,224
  7,240
  8,340
  9,522
  10,784
  12,124
  13,541
  15,033
  16,599
  18,238
  19,950
  21,735
  23,594
  25,528
  27,540
  29,630
Variable operating expenses, $m
  134
  206
  307
  444
  625
  859
  1,152
  1,512
  1,945
  2,456
  3,047
  3,725
  4,490
  5,342
  6,281
  7,307
  8,417
  9,609
  10,883
  12,236
  13,666
  15,172
  16,752
  18,406
  20,134
  21,935
  23,812
  25,764
  27,794
  29,903
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
  134
  206
  307
  444
  625
  859
  1,152
  1,512
  1,945
  2,456
  3,047
  3,725
  4,490
  5,342
  6,281
  7,307
  8,417
  9,609
  10,883
  12,236
  13,666
  15,172
  16,752
  18,406
  20,134
  21,935
  23,812
  25,764
  27,794
  29,903
Operating income, $m
  -3
  -4
  -5
  -6
  -8
  -10
  -13
  -16
  -20
  -25
  -28
  -34
  -41
  -49
  -57
  -67
  -77
  -88
  -99
  -112
  -125
  -139
  -153
  -168
  -184
  -200
  -218
  -235
  -254
  -273
EBITDA, $m
  3
  4
  6
  8
  12
  16
  22
  29
  37
  47
  59
  72
  86
  103
  121
  141
  162
  185
  209
  235
  263
  292
  322
  354
  387
  422
  458
  496
  535
  575
Interest expense (income), $m
  0
  1
  3
  7
  13
  20
  30
  42
  58
  78
  101
  129
  161
  197
  239
  285
  336
  391
  451
  516
  584
  657
  735
  816
  902
  991
  1,084
  1,182
  1,283
  1,389
  1,498
Earnings before tax, $m
  -4
  -7
  -12
  -19
  -28
  -40
  -55
  -74
  -98
  -126
  -157
  -195
  -239
  -288
  -342
  -402
  -468
  -539
  -615
  -696
  -782
  -873
  -969
  -1,070
  -1,175
  -1,285
  -1,399
  -1,519
  -1,643
  -1,772
Tax expense, $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
Net income, $m
  -4
  -7
  -12
  -19
  -28
  -40
  -55
  -74
  -98
  -126
  -157
  -195
  -239
  -288
  -342
  -402
  -468
  -539
  -615
  -696
  -782
  -873
  -969
  -1,070
  -1,175
  -1,285
  -1,399
  -1,519
  -1,643
  -1,772

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  165
  255
  382
  554
  781
  1,074
  1,442
  1,893
  2,436
  3,077
  3,821
  4,672
  5,631
  6,700
  7,878
  9,164
  10,556
  12,053
  13,650
  15,347
  17,140
  19,029
  21,011
  23,086
  25,253
  27,513
  29,866
  32,315
  34,860
  37,506
Adjusted assets (=assets-cash), $m
  165
  255
  382
  554
  781
  1,074
  1,442
  1,893
  2,436
  3,077
  3,821
  4,672
  5,631
  6,700
  7,878
  9,164
  10,556
  12,053
  13,650
  15,347
  17,140
  19,029
  21,011
  23,086
  25,253
  27,513
  29,866
  32,315
  34,860
  37,506
Revenue / Adjusted assets
  0.794
  0.792
  0.791
  0.791
  0.790
  0.791
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
Average production assets, $m
  36
  55
  82
  119
  168
  231
  310
  407
  524
  661
  821
  1,004
  1,210
  1,440
  1,693
  1,969
  2,268
  2,590
  2,933
  3,298
  3,683
  4,089
  4,515
  4,961
  5,426
  5,912
  6,418
  6,944
  7,491
  8,059
Working capital, $m
  -17
  -26
  -38
  -56
  -78
  -108
  -145
  -190
  -244
  -309
  -383
  -469
  -565
  -672
  -790
  -919
  -1,059
  -1,209
  -1,370
  -1,540
  -1,720
  -1,909
  -2,108
  -2,316
  -2,534
  -2,760
  -2,996
  -3,242
  -3,498
  -3,763
Total debt, $m
  61
  133
  233
  371
  552
  786
  1,080
  1,440
  1,873
  2,385
  2,978
  3,657
  4,423
  5,276
  6,216
  7,242
  8,353
  9,547
  10,822
  12,176
  13,607
  15,114
  16,696
  18,351
  20,081
  21,884
  23,762
  25,716
  27,747
  29,859
Total liabilities, $m
  132
  204
  305
  442
  624
  857
  1,151
  1,511
  1,944
  2,456
  3,049
  3,728
  4,494
  5,347
  6,287
  7,313
  8,424
  9,618
  10,893
  12,247
  13,678
  15,185
  16,767
  18,423
  20,152
  21,955
  23,833
  25,787
  27,819
  29,930
Total equity, $m
  33
  52
  77
  112
  158
  217
  291
  382
  492
  622
  772
  944
  1,138
  1,353
  1,591
  1,851
  2,132
  2,435
  2,757
  3,100
  3,462
  3,844
  4,244
  4,663
  5,101
  5,558
  6,033
  6,528
  7,042
  7,576
Total liabilities and equity, $m
  165
  256
  382
  554
  782
  1,074
  1,442
  1,893
  2,436
  3,078
  3,821
  4,672
  5,632
  6,700
  7,878
  9,164
  10,556
  12,053
  13,650
  15,347
  17,140
  19,029
  21,011
  23,086
  25,253
  27,513
  29,866
  32,315
  34,861
  37,506
Debt-to-equity ratio
  1.820
  2.570
  3.030
  3.310
  3.500
  3.620
  3.710
  3.760
  3.810
  3.840
  3.860
  3.880
  3.890
  3.900
  3.910
  3.910
  3.920
  3.920
  3.920
  3.930
  3.930
  3.930
  3.930
  3.940
  3.940
  3.940
  3.940
  3.940
  3.940
  3.940
Adjusted equity ratio
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -7
  -12
  -19
  -28
  -40
  -55
  -74
  -98
  -126
  -157
  -195
  -239
  -288
  -342
  -402
  -468
  -539
  -615
  -696
  -782
  -873
  -969
  -1,070
  -1,175
  -1,285
  -1,399
  -1,519
  -1,643
  -1,772
Depreciation, amort., depletion, $m
  6
  8
  11
  15
  20
  27
  35
  45
  57
  72
  86
  106
  127
  152
  178
  207
  239
  273
  309
  347
  388
  430
  475
  522
  571
  622
  676
  731
  789
  848
Funds from operations, $m
  2
  1
  -1
  -4
  -8
  -13
  -20
  -29
  -40
  -54
  -70
  -89
  -111
  -136
  -164
  -195
  -229
  -266
  -306
  -349
  -395
  -443
  -494
  -548
  -604
  -662
  -724
  -788
  -854
  -923
Change in working capital, $m
  -6
  -9
  -13
  -17
  -23
  -29
  -37
  -45
  -54
  -64
  -75
  -85
  -96
  -107
  -118
  -129
  -140
  -150
  -160
  -170
  -180
  -189
  -199
  -208
  -217
  -227
  -236
  -246
  -255
  -265
Cash from operations, $m
  8
  10
  11
  13
  15
  16
  17
  16
  14
  10
  4
  -4
  -15
  -29
  -46
  -66
  -90
  -116
  -146
  -179
  -215
  -254
  -295
  -339
  -386
  -436
  -488
  -542
  -599
  -658
Maintenance CAPEX, $m
  -2
  -4
  -6
  -9
  -13
  -18
  -24
  -33
  -43
  -55
  -70
  -86
  -106
  -127
  -152
  -178
  -207
  -239
  -273
  -309
  -347
  -388
  -430
  -475
  -522
  -571
  -622
  -676
  -731
  -789
New CAPEX, $m
  -13
  -19
  -27
  -37
  -49
  -63
  -79
  -97
  -117
  -138
  -160
  -183
  -206
  -230
  -253
  -276
  -299
  -321
  -343
  -365
  -385
  -406
  -426
  -446
  -466
  -486
  -506
  -526
  -547
  -569
Cash from investing activities, $m
  -15
  -23
  -33
  -46
  -62
  -81
  -103
  -130
  -160
  -193
  -230
  -269
  -312
  -357
  -405
  -454
  -506
  -560
  -616
  -674
  -732
  -794
  -856
  -921
  -988
  -1,057
  -1,128
  -1,202
  -1,278
  -1,358
Free cash flow, $m
  -7
  -13
  -22
  -32
  -47
  -65
  -87
  -114
  -145
  -182
  -225
  -273
  -327
  -386
  -451
  -521
  -596
  -676
  -762
  -852
  -947
  -1,047
  -1,151
  -1,260
  -1,374
  -1,493
  -1,616
  -1,744
  -1,877
  -2,015
Issuance/(repayment) of debt, $m
  49
  72
  101
  137
  182
  234
  293
  360
  433
  511
  594
  679
  766
  853
  940
  1,026
  1,111
  1,194
  1,275
  1,354
  1,431
  1,507
  1,582
  1,656
  1,729
  1,803
  1,878
  1,954
  2,032
  2,112
Issuance/(repurchase) of shares, $m
  17
  26
  38
  54
  74
  99
  129
  166
  207
  255
  307
  367
  432
  504
  580
  662
  749
  841
  938
  1,039
  1,145
  1,255
  1,370
  1,489
  1,613
  1,741
  1,875
  2,013
  2,157
  2,306
Cash from financing (excl. dividends), $m  
  66
  98
  139
  191
  256
  333
  422
  526
  640
  766
  901
  1,046
  1,198
  1,357
  1,520
  1,688
  1,860
  2,035
  2,213
  2,393
  2,576
  2,762
  2,952
  3,145
  3,342
  3,544
  3,753
  3,967
  4,189
  4,418
Total cash flow (excl. dividends), $m
  58
  84
  117
  159
  209
  268
  336
  412
  495
  584
  676
  772
  871
  971
  1,070
  1,168
  1,264
  1,359
  1,451
  1,541
  1,629
  1,715
  1,800
  1,884
  1,968
  2,052
  2,137
  2,223
  2,312
  2,403
Retained Cash Flow (-), $m
  -17
  -26
  -38
  -54
  -74
  -99
  -129
  -166
  -207
  -255
  -307
  -367
  -432
  -504
  -580
  -662
  -749
  -841
  -938
  -1,039
  -1,145
  -1,255
  -1,370
  -1,489
  -1,613
  -1,741
  -1,875
  -2,013
  -2,157
  -2,306
Prev. year cash balance distribution, $m
  9
  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
  51
  58
  79
  105
  135
  169
  207
  247
  288
  329
  369
  406
  439
  467
  490
  506
  515
  518
  513
  502
  484
  460
  430
  395
  355
  311
  262
  210
  155
  97
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  49
  53
  69
  86
  105
  123
  140
  154
  165
  172
  175
  173
  167
  157
  144
  128
  112
  95
  79
  64
  50
  38
  28
  20
  14
  9
  6
  3
  2
  1
Current shareholders' claim on cash, %
  84.1
  71.1
  60.5
  51.8
  44.7
  38.9
  34.0
  30.0
  26.5
  23.6
  21.1
  18.9
  17.1
  15.4
  14.0
  12.7
  11.6
  10.6
  9.7
  8.9
  8.2
  7.5
  6.9
  6.4
  5.9
  5.5
  5.1
  4.7
  4.3
  4.0

Ashford Inc. provides asset management and advisory services to other entities, primarily within the hospitality industry. The Company operates in the segment of asset and investment management, which includes managing the day-to-day operations of Ashford Hospitality Prime, Inc. (Ashford Prime) and its subsidiaries. The Company serves as the advisor to Ashford Prime, an New York Stock Exchange (NYSE)-listed real estate investment trust (REIT) that invests primarily in high revenue per available room (RevPAR), luxury, upper-upscale and upscale hotels in gateway and resort locations. The Company also serves as the advisor to Ashford Hospitality Trust, Inc. (Ashford Trust), which is focused on investing opportunistically in the hospitality industry with a focus on upscale and upper-upscale hotels in the United States. The Company conducts its business and owns substantially all of its assets through an operating entity, Ashford Hospitality Advisors LLC (Ashford LLC).

FINANCIAL RATIOS  of  Ashford (AINC)

Valuation Ratios
P/E Ratio -60.4
Price to Sales 2.2
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 1.5
Price to Free Cash Flow 1.6
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 200%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.3%
Ret/ On Assets - 3 Yr. Avg. -60.9%
Return On Total Capital -5.7%
Ret/ On T. Cap. - 3 Yr. Avg. -344%
Return On Equity -5.8%
Return On Equity - 3 Yr. Avg. -344.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -20.4%
EBITDA Margin - 3 Yr. Avg. -102.5%
Operating Margin -29.6%
Oper. Margin - 3 Yr. Avg. -105.7%
Pre-Tax Margin -22.2%
Pre-Tax Margin - 3 Yr. Avg. -103.8%
Net Profit Margin -3.7%
Net Profit Margin - 3 Yr. Avg. -92%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -7.4%
Payout Ratio 0%

AINC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AINC stock intrinsic value calculation we used $81.573 million for the last fiscal year's total revenue generated by Ashford. The default revenue input number comes from 0001 income statement of Ashford. 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 AINC stock valuation model: a) initial revenue growth rate of 60% 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 4.3%, whose default value for AINC is calculated based on our internal credit rating of Ashford, 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 Ashford.
    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 AINC stock the variable cost ratio is equal to 103.7%.

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 AINC 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 5.4% for Ashford.

Corporate tax rate of 27% is the nominal tax rate for Ashford. 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 AINC 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 AINC are equal to 27.2%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Ashford 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 AINC is equal to -12.7%. 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 - $30.185 million for Ashford - 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 2.109 million for Ashford 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 Ashford at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Ashford: 3Q Earnings Snapshot   [05:14PM  Associated Press]
▶ Ashford Reports Third Quarter Results   [04:15PM  PR Newswire]
▶ Ashford To Host Investor & Analyst Day   [Oct-01-18 08:00AM  PR Newswire]
▶ Ashford Prices Public Offering Of Common Stock   [Sep-25-18 07:20PM  PR Newswire]
▶ Ashford Launches Public Offering of Common Stock   [Sep-24-18 04:15PM  PR Newswire]
▶ Ashford Inc to Host Earnings Call   [Aug-10-18 09:00AM  ACCESSWIRE]
▶ Ashford: 2Q Earnings Snapshot   [06:02PM  Associated Press]
▶ Ashford Reports Second Quarter Results   [04:15PM  PR Newswire]
▶ Ashford Inc to Host Earnings Call   [Jul-31-18 09:00AM  ACCESSWIRE]
▶ [$$] Eurostar announcement summed up Brexit Britain   [Jul-27-18 04:52AM  Financial Times]
▶ Ashford: 1Q Earnings Snapshot   [May-03-18 07:29PM  Associated Press]
▶ Ashford Reports First Quarter Results   [04:15PM  PR Newswire]
▶ Ashford Announces Senior Management Promotions   [Mar-12-18 04:15PM  PR Newswire]
▶ [$$] US proxy advisory industry draws regulatory scrutiny   [Mar-06-18 09:38PM  Financial Times]
▶ Ashford Inc to Host Earnings Call   [Mar-02-18 09:30AM  ACCESSWIRE]
▶ Ashford reports 4Q loss   [Mar-01-18 07:54PM  Associated Press]
▶ ETFs with exposure to Ashford, Inc. : December 21, 2017   [Dec-21-17 11:16AM  Capital Cube]
▶ Ashford Inc to Host Earnings Call   [Nov-03-17 10:00AM  ACCESSWIRE]
▶ Ashford reports 3Q loss   [Nov-02-17 07:19PM  Associated Press]
▶ Ashford To Host Investor & Analyst Day   [Oct-02-17 08:00AM  PR Newswire]
▶ Ashford reports 2Q loss   [Aug-05-17 01:10AM  Associated Press]
▶ Investor Network: Ashford Inc to Host Earnings Call   [Aug-04-17 09:00AM  ACCESSWIRE]
▶ Ashford Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  PR Newswire]
▶ Ashford Prime Reports Second Quarter 2017 Results   [Aug-02-17 04:15PM  PR Newswire]
▶ Ashford reports 1Q loss   [May-04-17 07:54PM  Associated Press]
▶ Ashford Prime Reports First Quarter 2017 Results   [May-03-17 04:15PM  PR Newswire]
▶ Ashford posts 4Q profit   [05:02AM  Associated Press]

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