Intrinsic value of Saul Centers - BFS

Previous Close

$62.05

  Intrinsic Value

$3.66

stock screener

  Rating & Target

str. sell

-94%

Previous close

$62.05

 
Intrinsic value

$3.66

 
Up/down potential

-94%

 
Rating

str. sell

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

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

We calculate the intrinsic value of BFS 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, %
  3.83
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  217
  229
  242
  256
  270
  285
  300
  316
  333
  351
  369
  388
  409
  430
  452
  476
  500
  526
  553
  581
  610
  641
  674
  708
  744
  782
  821
  863
  906
  952
  1,000
Variable operating expenses, $m
 
  144
  152
  160
  169
  178
  188
  198
  209
  220
  231
  244
  256
  270
  284
  298
  314
  330
  346
  364
  383
  402
  423
  444
  467
  490
  515
  541
  568
  597
  627
Fixed operating expenses, $m
 
  27
  27
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  51
  52
  53
  55
Total operating expenses, $m
  161
  171
  179
  188
  198
  207
  218
  229
  241
  252
  264
  278
  291
  306
  321
  336
  353
  370
  387
  406
  426
  446
  468
  490
  514
  538
  564
  592
  620
  650
  682
Operating income, $m
  56
  59
  63
  67
  72
  77
  82
  87
  93
  98
  104
  111
  117
  125
  132
  140
  148
  157
  166
  175
  185
  196
  207
  218
  230
  243
  257
  271
  286
  302
  318
EBITDA, $m
  100
  105
  112
  119
  127
  135
  143
  151
  160
  170
  179
  190
  201
  212
  224
  236
  249
  263
  278
  293
  309
  326
  344
  362
  382
  402
  424
  446
  470
  495
  521
Interest expense (income), $m
  44
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  100
  106
  111
  117
  124
  130
  137
  145
  152
  160
  169
  178
  187
  197
  207
  218
Earnings before tax, $m
  57
  14
  15
  17
  18
  19
  21
  23
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  55
  58
  62
  66
  70
  75
  79
  84
  89
  95
  101
Tax expense, $m
  0
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
Net income, $m
  45
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  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
  1,343
  1,407
  1,486
  1,569
  1,656
  1,746
  1,841
  1,939
  2,043
  2,151
  2,265
  2,383
  2,508
  2,638
  2,775
  2,918
  3,068
  3,225
  3,390
  3,563
  3,745
  3,935
  4,135
  4,345
  4,565
  4,795
  5,038
  5,292
  5,559
  5,838
  6,132
Adjusted assets (=assets-cash), $m
  1,335
  1,407
  1,486
  1,569
  1,656
  1,746
  1,841
  1,939
  2,043
  2,151
  2,265
  2,383
  2,508
  2,638
  2,775
  2,918
  3,068
  3,225
  3,390
  3,563
  3,745
  3,935
  4,135
  4,345
  4,565
  4,795
  5,038
  5,292
  5,559
  5,838
  6,132
Revenue / Adjusted assets
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
Average production assets, $m
  1,247
  1,318
  1,392
  1,470
  1,551
  1,636
  1,724
  1,817
  1,914
  2,015
  2,121
  2,233
  2,349
  2,471
  2,599
  2,733
  2,874
  3,021
  3,176
  3,338
  3,508
  3,686
  3,874
  4,070
  4,276
  4,492
  4,719
  4,957
  5,207
  5,469
  5,745
Working capital, $m
  0
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
Total debt, $m
  900
  955
  1,016
  1,080
  1,146
  1,215
  1,288
  1,364
  1,443
  1,526
  1,613
  1,704
  1,799
  1,899
  2,004
  2,114
  2,229
  2,350
  2,476
  2,609
  2,748
  2,894
  3,048
  3,208
  3,377
  3,554
  3,740
  3,935
  4,139
  4,354
  4,580
Total liabilities, $m
  1,025
  1,079
  1,140
  1,204
  1,270
  1,339
  1,412
  1,488
  1,567
  1,650
  1,737
  1,828
  1,923
  2,023
  2,128
  2,238
  2,353
  2,474
  2,600
  2,733
  2,872
  3,018
  3,172
  3,332
  3,501
  3,678
  3,864
  4,059
  4,263
  4,478
  4,704
Total equity, $m
  319
  328
  346
  366
  386
  407
  429
  452
  476
  501
  528
  555
  584
  615
  646
  680
  715
  751
  790
  830
  873
  917
  963
  1,012
  1,064
  1,117
  1,174
  1,233
  1,295
  1,360
  1,429
Total liabilities and equity, $m
  1,344
  1,407
  1,486
  1,570
  1,656
  1,746
  1,841
  1,940
  2,043
  2,151
  2,265
  2,383
  2,507
  2,638
  2,774
  2,918
  3,068
  3,225
  3,390
  3,563
  3,745
  3,935
  4,135
  4,344
  4,565
  4,795
  5,038
  5,292
  5,558
  5,838
  6,133
Debt-to-equity ratio
  2.821
  2.910
  2.930
  2.950
  2.970
  2.990
  3.000
  3.020
  3.030
  3.040
  3.060
  3.070
  3.080
  3.090
  3.100
  3.110
  3.120
  3.130
  3.130
  3.140
  3.150
  3.160
  3.160
  3.170
  3.180
  3.180
  3.190
  3.190
  3.200
  3.200
  3.210
Adjusted equity ratio
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
Depreciation, amort., depletion, $m
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
  151
  159
  167
  175
  184
  193
  203
Funds from operations, $m
  74
  57
  60
  64
  68
  72
  76
  81
  85
  90
  95
  101
  107
  113
  119
  125
  132
  140
  147
  155
  164
  173
  182
  192
  202
  213
  225
  237
  249
  262
  276
Change in working capital, $m
  -15
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
Cash from operations, $m
  89
  57
  61
  65
  68
  73
  77
  81
  86
  91
  96
  102
  107
  113
  120
  126
  133
  141
  148
  156
  165
  174
  183
  193
  204
  215
  226
  238
  251
  264
  278
Maintenance CAPEX, $m
  0
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
New CAPEX, $m
  -43
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -147
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -275
Cash from investing activities, $m
  -86
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -196
  -205
  -215
  -226
  -238
  -249
  -262
  -274
  -288
  -302
  -317
  -333
  -350
  -367
  -386
  -405
  -425
  -446
  -468
Free cash flow, $m
  3
  -58
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -174
  -182
  -190
Issuance/(repayment) of debt, $m
  33
  55
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  127
  133
  139
  146
  153
  161
  169
  177
  186
  195
  205
  215
  225
Issuance/(repurchase) of shares, $m
  28
  7
  7
  7
  7
  7
  7
  7
  6
  6
  6
  6
  5
  5
  5
  4
  4
  4
  3
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  47
  62
  68
  70
  73
  76
  79
  83
  85
  89
  93
  97
  100
  105
  110
  114
  119
  125
  130
  136
  141
  148
  154
  162
  169
  177
  186
  195
  205
  215
  225
Total cash flow (excl. dividends), $m
  50
  4
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  23
  24
  26
  28
  30
  33
  35
Retained Cash Flow (-), $m
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
Prev. year cash balance distribution, $m
 
  8
  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
 
  -5
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -30
  -31
  -32
  -33
  -33
Discount rate, %
 
  11.10
  11.66
  12.24
  12.85
  13.49
  14.17
  14.88
  15.62
  16.40
  17.22
  18.08
  18.98
  19.93
  20.93
  21.98
  23.08
  24.23
  25.44
  26.71
  28.05
  29.45
  30.92
  32.47
  34.09
  35.80
  37.59
  39.47
  41.44
  43.51
  45.69
PV of cash for distribution, $m
 
  -4
  -8
  -8
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.5
  99.0
  98.5
  98.1
  97.6
  97.3
  96.9
  96.6
  96.3
  96.0
  95.8
  95.6
  95.4
  95.2
  95.0
  94.9
  94.8
  94.7
  94.6
  94.5
  94.5
  94.5
  94.5
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4
  94.4

Saul Centers, Inc. operates as a real estate investment trust. The Company's principal business activity is the ownership, management and development of income-producing properties. It operates through two segments: Shopping Centers and Mixed-Use Properties. The Company, which conducts all of its activities through its subsidiaries, the Saul Holdings Limited Partnership (Operating Partnership) and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties in the Washington, District of Columbia/Baltimore metropolitan area. As of December 31, 2016, it properties (the Current Portfolio Properties) consisted of 49 shopping center properties (the Shopping Centers), six mixed-use properties, which consists of office, retail and multi-family residential uses (the Mixed-Use Properties) and three (non-operating) development properties.

FINANCIAL RATIOS  of  Saul Centers (BFS)

Valuation Ratios
P/E Ratio 29.9
Price to Sales 6.2
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 29.3
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.8%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 282.1%
Total Debt to Equity 282.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 15%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 76%
Gross Margin - 3 Yr. Avg. 76.1%
EBITDA Margin 66.8%
EBITDA Margin - 3 Yr. Avg. 68.1%
Operating Margin 25.8%
Oper. Margin - 3 Yr. Avg. 25.4%
Pre-Tax Margin 26.3%
Pre-Tax Margin - 3 Yr. Avg. 26.5%
Net Profit Margin 20.7%
Net Profit Margin - 3 Yr. Avg. 21.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 115.6%

BFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BFS stock intrinsic value calculation we used $217 million for the last fiscal year's total revenue generated by Saul Centers. The default revenue input number comes from 2016 income statement of Saul Centers. 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 BFS stock valuation model: a) initial revenue growth rate of 5.7% 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 11.1%, whose default value for BFS is calculated based on our internal credit rating of Saul Centers, 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 Saul Centers.
    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 BFS stock the variable cost ratio is equal to 62.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $26 million in the base year in the intrinsic value calculation for BFS 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% for Saul Centers.

Corporate tax rate of 27% is the nominal tax rate for Saul Centers. 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 BFS 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 BFS are equal to 574.7%.

Life of production assets of 28.3 years is the average useful life of capital assets used in Saul Centers 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 BFS is equal to -3.7%. 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 - $319 million for Saul Centers - 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 21.822 million for Saul Centers 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 Saul Centers at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Saul Centers Declares Quarterly Dividends   [Dec-08-17 04:14PM  PR Newswire]
▶ Saul Centers reports 3Q results   [Nov-02-17 06:27PM  Associated Press]
▶ Saul Centers Declares Quarterly Dividends   [Sep-25-17 04:05PM  PR Newswire]
▶ Is There Now An Opportunity In Saul Centers Inc (BFS)?   [Sep-22-17 06:31PM  Simply Wall St.]
▶ Saul Centers Declares Quarterly Dividends   [Sep-21-17 04:05PM  PR Newswire]
▶ 3 REITs That Are Priced For Perfection   [Sep-19-17 08:20AM  Forbes]
▶ Saul lands $157M loan to partially finance massive Ballston project   [Aug-30-17 06:35PM  American City Business Journals]
▶ Saul Centers reports 2Q results   [Aug-05-17 01:10AM  Associated Press]
▶ Saul Centers reports 2Q results   [Aug-04-17 05:03AM  Associated Press]
▶ Saul Centers, Inc. Reports Second Quarter 2017 Earnings   [Aug-03-17 04:51PM  PR Newswire]
▶ Saul Centers Declares Quarterly Dividends   [Jun-22-17 04:50PM  PR Newswire]
▶ Small-format Target is coming to Ballston   [May-16-17 02:35PM  American City Business Journals]
▶ Saul Centers reports 1Q results   [May-05-17 05:02AM  Associated Press]
▶ Saul Centers, Inc. Reports First Quarter 2017 Earnings   [May-04-17 04:15PM  PR Newswire]
▶ Heres where these D.C.-area billionaires rank on Forbes 2017 list   [Mar-21-17 03:20PM  at bizjournals.com]
▶ Heres where these D.C.-area billionaires rank on Forbes 2017 list   [03:20PM  American City Business Journals]
▶ Saul Centers Declares Quarterly Dividends   [Mar-17-17 04:05PM  PR Newswire]
▶ Saul Centers reports 4Q results   [Mar-07-17 06:02PM  Associated Press]
▶ How Weis Markets, Inc. (WMK) Stacks Up Against Its Peers   [Dec-12-16 10:29PM  at Insider Monkey]
▶ Saul Centers Declares Quarterly Dividends   [Dec-09-16 04:05PM  PR Newswire]
▶ Saul Centers Declares Quarterly Dividends   [Sep-22-16 04:10PM  PR Newswire]
▶ Saul Centers Declares Quarterly Dividends   [Jun-23-16 04:11PM  PR Newswire]
Financial statements of BFS
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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