Intrinsic value of Camden Property Trust - CPT

Previous Close

$93.78

  Intrinsic Value

$8.61

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

+4%

Previous close

$93.78

 
Intrinsic value

$8.61

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

+4%

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

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

We calculate the intrinsic value of CPT 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 8.2

 

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, %
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  876
  918
  962
  1,009
  1,058
  1,109
  1,163
  1,220
  1,280
  1,343
  1,409
  1,479
  1,552
  1,629
  1,709
  1,794
  1,883
  1,976
  2,074
  2,177
  2,286
  2,399
  2,519
  2,644
  2,776
  2,914
  3,060
  3,212
  3,373
  3,541
  3,718
Variable operating expenses, $m
 
  367
  385
  404
  423
  444
  465
  488
  512
  537
  564
  592
  621
  651
  684
  718
  753
  790
  830
  871
  914
  960
  1,008
  1,058
  1,110
  1,166
  1,224
  1,285
  1,349
  1,416
  1,487
Fixed operating expenses, $m
 
  391
  400
  410
  421
  431
  442
  453
  464
  476
  488
  500
  512
  525
  538
  552
  566
  580
  594
  609
  624
  640
  656
  672
  689
  706
  724
  742
  761
  780
  799
Total operating expenses, $m
  722
  758
  785
  814
  844
  875
  907
  941
  976
  1,013
  1,052
  1,092
  1,133
  1,176
  1,222
  1,270
  1,319
  1,370
  1,424
  1,480
  1,538
  1,600
  1,664
  1,730
  1,799
  1,872
  1,948
  2,027
  2,110
  2,196
  2,286
Operating income, $m
  154
  160
  177
  195
  214
  235
  256
  279
  304
  330
  358
  387
  419
  452
  487
  524
  564
  606
  650
  697
  747
  800
  855
  914
  977
  1,042
  1,112
  1,185
  1,263
  1,345
  1,431
EBITDA, $m
  404
  423
  452
  483
  516
  552
  589
  628
  670
  714
  761
  810
  862
  917
  976
  1,037
  1,102
  1,171
  1,243
  1,320
  1,400
  1,485
  1,575
  1,670
  1,770
  1,875
  1,986
  2,103
  2,227
  2,357
  2,494
Interest expense (income), $m
  93
  89
  95
  100
  106
  112
  118
  125
  132
  140
  147
  156
  164
  173
  183
  193
  203
  214
  226
  238
  251
  264
  278
  293
  309
  325
  342
  360
  379
  399
  420
Earnings before tax, $m
  457
  71
  82
  95
  108
  123
  138
  154
  172
  191
  211
  232
  254
  279
  304
  332
  361
  392
  425
  459
  496
  536
  577
  621
  668
  717
  770
  825
  884
  946
  1,012
Tax expense, $m
  2
  19
  22
  26
  29
  33
  37
  42
  46
  51
  57
  63
  69
  75
  82
  90
  97
  106
  115
  124
  134
  145
  156
  168
  180
  194
  208
  223
  239
  255
  273
Net income, $m
  820
  52
  60
  69
  79
  89
  101
  113
  125
  139
  154
  169
  186
  203
  222
  242
  263
  286
  310
  335
  362
  391
  421
  453
  488
  524
  562
  602
  645
  690
  738

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  237
  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
  6,028
  6,080
  6,373
  6,681
  7,005
  7,347
  7,705
  8,082
  8,479
  8,895
  9,333
  9,793
  10,277
  10,785
  11,319
  11,879
  12,468
  13,087
  13,737
  14,420
  15,137
  15,890
  16,681
  17,512
  18,385
  19,301
  20,263
  21,274
  22,335
  23,449
  24,620
Adjusted assets (=assets-cash), $m
  5,791
  6,080
  6,373
  6,681
  7,005
  7,347
  7,705
  8,082
  8,479
  8,895
  9,333
  9,793
  10,277
  10,785
  11,319
  11,879
  12,468
  13,087
  13,737
  14,420
  15,137
  15,890
  16,681
  17,512
  18,385
  19,301
  20,263
  21,274
  22,335
  23,449
  24,620
Revenue / Adjusted assets
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
Average production assets, $m
  5,082
  5,326
  5,582
  5,852
  6,136
  6,435
  6,749
  7,080
  7,427
  7,792
  8,175
  8,578
  9,002
  9,447
  9,915
  10,406
  10,922
  11,464
  12,033
  12,631
  13,259
  13,919
  14,612
  15,340
  16,104
  16,907
  17,750
  18,635
  19,564
  20,540
  21,566
Working capital, $m
  0
  -249
  -261
  -273
  -287
  -301
  -315
  -331
  -347
  -364
  -382
  -401
  -421
  -441
  -463
  -486
  -510
  -536
  -562
  -590
  -619
  -650
  -683
  -717
  -752
  -790
  -829
  -871
  -914
  -960
  -1,007
Total debt, $m
  2,481
  2,629
  2,782
  2,942
  3,111
  3,288
  3,475
  3,671
  3,877
  4,094
  4,321
  4,561
  4,812
  5,076
  5,354
  5,645
  5,952
  6,273
  6,611
  6,966
  7,339
  7,731
  8,142
  8,574
  9,028
  9,504
  10,005
  10,530
  11,082
  11,662
  12,270
Total liabilities, $m
  3,013
  3,161
  3,314
  3,474
  3,643
  3,820
  4,007
  4,203
  4,409
  4,626
  4,853
  5,093
  5,344
  5,608
  5,886
  6,177
  6,484
  6,805
  7,143
  7,498
  7,871
  8,263
  8,674
  9,106
  9,560
  10,036
  10,537
  11,062
  11,614
  12,194
  12,802
Total equity, $m
  3,015
  2,918
  3,059
  3,207
  3,363
  3,526
  3,698
  3,879
  4,070
  4,270
  4,480
  4,701
  4,933
  5,177
  5,433
  5,702
  5,985
  6,282
  6,594
  6,922
  7,266
  7,627
  8,007
  8,406
  8,825
  9,264
  9,726
  10,211
  10,721
  11,256
  11,817
Total liabilities and equity, $m
  6,028
  6,079
  6,373
  6,681
  7,006
  7,346
  7,705
  8,082
  8,479
  8,896
  9,333
  9,794
  10,277
  10,785
  11,319
  11,879
  12,469
  13,087
  13,737
  14,420
  15,137
  15,890
  16,681
  17,512
  18,385
  19,300
  20,263
  21,273
  22,335
  23,450
  24,619
Debt-to-equity ratio
  0.823
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.980
  0.980
  0.990
  0.990
  0.990
  1.000
  1.000
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.030
  1.030
  1.030
  1.030
  1.040
  1.040
Adjusted equity ratio
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  820
  52
  60
  69
  79
  89
  101
  113
  125
  139
  154
  169
  186
  203
  222
  242
  263
  286
  310
  335
  362
  391
  421
  453
  488
  524
  562
  602
  645
  690
  738
Depreciation, amort., depletion, $m
  250
  262
  275
  288
  302
  317
  332
  349
  366
  384
  403
  423
  443
  465
  488
  513
  538
  565
  593
  622
  653
  686
  720
  756
  793
  833
  874
  918
  964
  1,012
  1,062
Funds from operations, $m
  443
  314
  335
  358
  381
  406
  433
  461
  491
  523
  556
  592
  629
  669
  711
  755
  801
  851
  903
  958
  1,015
  1,077
  1,141
  1,209
  1,281
  1,356
  1,436
  1,520
  1,609
  1,702
  1,801
Change in working capital, $m
  0
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -48
Cash from operations, $m
  443
  326
  347
  370
  395
  420
  448
  477
  507
  540
  574
  611
  649
  690
  732
  778
  826
  876
  929
  985
  1,045
  1,107
  1,173
  1,243
  1,317
  1,394
  1,476
  1,562
  1,652
  1,748
  1,849
Maintenance CAPEX, $m
  0
  -250
  -262
  -275
  -288
  -302
  -317
  -332
  -349
  -366
  -384
  -403
  -423
  -443
  -465
  -488
  -513
  -538
  -565
  -593
  -622
  -653
  -686
  -720
  -756
  -793
  -833
  -874
  -918
  -964
  -1,012
New CAPEX, $m
  -343
  -244
  -257
  -270
  -284
  -299
  -314
  -330
  -347
  -365
  -384
  -403
  -424
  -445
  -468
  -491
  -516
  -542
  -569
  -598
  -628
  -660
  -693
  -728
  -764
  -803
  -843
  -885
  -930
  -976
  -1,025
Cash from investing activities, $m
  690
  -494
  -519
  -545
  -572
  -601
  -631
  -662
  -696
  -731
  -768
  -806
  -847
  -888
  -933
  -979
  -1,029
  -1,080
  -1,134
  -1,191
  -1,250
  -1,313
  -1,379
  -1,448
  -1,520
  -1,596
  -1,676
  -1,759
  -1,848
  -1,940
  -2,037
Free cash flow, $m
  1,133
  -169
  -172
  -175
  -178
  -181
  -183
  -186
  -188
  -191
  -193
  -195
  -197
  -199
  -200
  -202
  -203
  -204
  -205
  -205
  -206
  -205
  -205
  -204
  -203
  -202
  -200
  -198
  -195
  -192
  -188
Issuance/(repayment) of debt, $m
  -247
  148
  152
  160
  169
  177
  186
  196
  206
  217
  228
  239
  251
  264
  278
  292
  306
  322
  338
  355
  373
  392
  411
  432
  454
  476
  500
  525
  552
  579
  609
Issuance/(repurchase) of shares, $m
  0
  88
  80
  79
  77
  74
  72
  68
  65
  61
  57
  52
  46
  40
  34
  27
  19
  11
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -241
  236
  232
  239
  246
  251
  258
  264
  271
  278
  285
  291
  297
  304
  312
  319
  325
  333
  340
  355
  373
  392
  411
  432
  454
  476
  500
  525
  552
  579
  609
Total cash flow (excl. dividends), $m
  892
  68
  61
  64
  67
  71
  75
  78
  82
  87
  91
  96
  101
  106
  111
  117
  123
  129
  135
  150
  167
  186
  206
  228
  250
  275
  300
  328
  357
  387
  420
Retained Cash Flow (-), $m
  -198
  -140
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -232
  -244
  -256
  -269
  -283
  -297
  -312
  -328
  -344
  -362
  -380
  -399
  -419
  -440
  -462
  -485
  -509
  -535
  -562
Prev. year cash balance distribution, $m
 
  237
  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
 
  165
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -177
  -178
  -177
  -175
  -173
  -171
  -168
  -165
  -162
  -157
  -153
  -147
  -141
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  154
  -69
  -66
  -64
  -61
  -57
  -53
  -49
  -45
  -41
  -36
  -32
  -28
  -24
  -20
  -17
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.8
  97.9
  96.9
  96.1
  95.3
  94.6
  94.0
  93.4
  92.9
  92.4
  92.1
  91.7
  91.4
  91.2
  91.1
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9

Camden Property Trust is a real estate investment trust (REIT). The Company is engaged in the ownership, management, development, redevelopment, acquisition and construction of multifamily apartment communities. As of December 31, 2016, the Company owned interests in, operated, or were developing 159 multifamily properties, which consisted of 55,366 apartment homes across the United States. The Company also owns land holdings, which it may develop into multifamily communities. The Company's properties consist of mid-rise buildings or two and three story buildings in a landscaped setting and provide residents with a range of amenities common to multifamily rental properties. The 152 operating properties in which the Company owned interests and operated, as of December 31, 2016, averaged 953 square feet of living area per apartment home. As of December 31, 2016, 137 of its operating properties had over 200 apartment homes.

FINANCIAL RATIOS  of  Camden Property Trust (CPT)

Valuation Ratios
P/E Ratio 11.2
Price to Sales 10.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow 91.7
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate -0.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 82.3%
Total Debt to Equity 82.3%
Interest Coverage 6
Management Effectiveness
Return On Assets 15.1%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 28.1%
Return On Equity - 3 Yr. Avg. 15.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 61.2%
Gross Margin - 3 Yr. Avg. 60.7%
EBITDA Margin 91.3%
EBITDA Margin - 3 Yr. Avg. 78.5%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 16%
Pre-Tax Margin 52.2%
Pre-Tax Margin - 3 Yr. Avg. 39%
Net Profit Margin 93.6%
Net Profit Margin - 3 Yr. Avg. 53.5%
Effective Tax Rate 0.4%
Eff/ Tax Rate - 3 Yr. Avg. 0.5%
Payout Ratio 80.9%

CPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPT stock intrinsic value calculation we used $876 million for the last fiscal year's total revenue generated by Camden Property Trust. The default revenue input number comes from 2016 income statement of Camden Property Trust. 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 CPT stock valuation model: a) initial revenue growth rate of 4.8% 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 7.3%, whose default value for CPT is calculated based on our internal credit rating of Camden Property Trust, 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 Camden Property Trust.
    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 CPT stock the variable cost ratio is equal to 40%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $381 million in the base year in the intrinsic value calculation for CPT 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 Camden Property Trust.

Corporate tax rate of 27% is the nominal tax rate for Camden Property Trust. 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 CPT 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 CPT are equal to 580.1%.

Life of production assets of 20.3 years is the average useful life of capital assets used in Camden Property Trust 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 CPT is equal to -27.1%. 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 - $3015 million for Camden Property Trust - 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 87.564 million for Camden Property Trust 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 Camden Property Trust at the current share price and the inputted number of shares is $8.2 billion.

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COMPANY NEWS

▶ 7 Experts Share 10 Favorites Among REITs   [Oct-04-17 02:20PM  Forbes]
▶ Camden Property Trust Announces Pricing of Common Shares   [Sep-11-17 09:35PM  Business Wire]
▶ Camden Property Trust Announces Third Quarter 2017 Dividend   [Sep-08-17 04:15PM  Business Wire]
▶ Camden Property Trust Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Camden Property Trust Provides Update on Hurricane Harvey   [Aug-28-17 12:03PM  Business Wire]
▶ Why apartment REITS are not a good home for your money   [Aug-15-17 08:26AM  MarketWatch]
▶ Camden reports 2Q results   [Jul-27-17 09:53PM  Associated Press]
▶ Equity Residential Compared to Its Peers   [Jul-17-17 02:17PM  Market Realist]
▶ Camden reports 1Q results   [May-04-17 04:54PM  Associated Press]
▶ Houston Preps for the Big Game   [Feb-03-17 03:26PM  at Bloomberg]
▶ Does Camden Property Trust (CPT) Represent a Good Investment?   [Dec-13-16 05:25PM  at Insider Monkey]
▶ Investors Are Clamoring For Teleflex Incorporated (TFX)   [Nov-26-16 01:57PM  at Insider Monkey]
Financial statements of CPT
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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