Intrinsic value of Duke Realty - DRE

Previous Close

$27.71

  Intrinsic Value

$2.44

stock screener

  Rating & Target

str. sell

-91%

Previous close

$27.71

 
Intrinsic value

$2.44

 
Up/down potential

-91%

 
Rating

str. sell

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

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

We calculate the intrinsic value of DRE 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 9.9

 

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, %
  -4.95
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  902
  926
  953
  983
  1,016
  1,052
  1,090
  1,131
  1,175
  1,222
  1,272
  1,326
  1,383
  1,443
  1,506
  1,574
  1,645
  1,720
  1,800
  1,884
  1,972
  2,065
  2,163
  2,266
  2,375
  2,489
  2,610
  2,736
  2,869
  3,009
  3,157
Variable operating expenses, $m
 
  573
  590
  609
  629
  651
  675
  700
  727
  757
  788
  821
  856
  893
  933
  974
  1,018
  1,065
  1,114
  1,166
  1,221
  1,278
  1,339
  1,403
  1,470
  1,541
  1,615
  1,694
  1,776
  1,863
  1,954
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
  459
  573
  590
  609
  629
  651
  675
  700
  727
  757
  788
  821
  856
  893
  933
  974
  1,018
  1,065
  1,114
  1,166
  1,221
  1,278
  1,339
  1,403
  1,470
  1,541
  1,615
  1,694
  1,776
  1,863
  1,954
Operating income, $m
  443
  353
  363
  375
  387
  401
  415
  431
  448
  466
  485
  505
  527
  550
  574
  600
  627
  655
  686
  718
  751
  787
  824
  863
  905
  948
  994
  1,043
  1,093
  1,147
  1,203
EBITDA, $m
  698
  615
  633
  652
  674
  698
  723
  750
  780
  811
  844
  880
  917
  957
  999
  1,044
  1,091
  1,141
  1,194
  1,250
  1,308
  1,370
  1,435
  1,503
  1,575
  1,651
  1,731
  1,815
  1,904
  1,996
  2,094
Interest expense (income), $m
  163
  154
  159
  165
  170
  177
  183
  191
  199
  207
  216
  226
  236
  247
  258
  270
  283
  297
  311
  326
  342
  359
  377
  396
  416
  436
  458
  481
  505
  531
  558
Earnings before tax, $m
  313
  199
  204
  210
  217
  224
  232
  240
  249
  259
  269
  280
  291
  303
  316
  329
  344
  359
  375
  391
  409
  427
  447
  468
  489
  512
  536
  561
  588
  616
  645
Tax expense, $m
  0
  54
  55
  57
  59
  61
  63
  65
  67
  70
  73
  75
  79
  82
  85
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
  138
  145
  152
  159
  166
  174
Net income, $m
  312
  145
  149
  153
  158
  164
  169
  175
  182
  189
  196
  204
  212
  221
  231
  240
  251
  262
  273
  286
  299
  312
  326
  341
  357
  374
  391
  410
  429
  449
  471

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  13
  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
  6,772
  6,965
  7,169
  7,394
  7,640
  7,906
  8,194
  8,504
  8,836
  9,190
  9,568
  9,969
  10,396
  10,848
  11,327
  11,834
  12,369
  12,935
  13,532
  14,162
  14,826
  15,526
  16,263
  17,040
  17,857
  18,717
  19,622
  20,574
  21,575
  22,628
  23,735
Adjusted assets (=assets-cash), $m
  6,759
  6,965
  7,169
  7,394
  7,640
  7,906
  8,194
  8,504
  8,836
  9,190
  9,568
  9,969
  10,396
  10,848
  11,327
  11,834
  12,369
  12,935
  13,532
  14,162
  14,826
  15,526
  16,263
  17,040
  17,857
  18,717
  19,622
  20,574
  21,575
  22,628
  23,735
Revenue / Adjusted assets
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
Average production assets, $m
  5,680
  5,833
  6,004
  6,193
  6,398
  6,622
  6,863
  7,122
  7,400
  7,697
  8,013
  8,349
  8,706
  9,085
  9,486
  9,911
  10,359
  10,833
  11,333
  11,861
  12,417
  13,003
  13,621
  14,271
  14,955
  15,675
  16,433
  17,231
  18,069
  18,951
  19,878
Working capital, $m
  0
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
Total debt, $m
  2,965
  3,065
  3,165
  3,275
  3,395
  3,525
  3,666
  3,817
  3,980
  4,153
  4,338
  4,534
  4,742
  4,964
  5,198
  5,446
  5,708
  5,984
  6,276
  6,584
  6,909
  7,251
  7,612
  7,991
  8,391
  8,812
  9,254
  9,720
  10,209
  10,724
  11,265
Total liabilities, $m
  3,306
  3,406
  3,506
  3,616
  3,736
  3,866
  4,007
  4,158
  4,321
  4,494
  4,679
  4,875
  5,083
  5,305
  5,539
  5,787
  6,049
  6,325
  6,617
  6,925
  7,250
  7,592
  7,953
  8,332
  8,732
  9,153
  9,595
  10,061
  10,550
  11,065
  11,606
Total equity, $m
  3,466
  3,559
  3,663
  3,778
  3,904
  4,040
  4,187
  4,346
  4,515
  4,696
  4,889
  5,094
  5,312
  5,543
  5,788
  6,047
  6,321
  6,610
  6,915
  7,237
  7,576
  7,934
  8,311
  8,707
  9,125
  9,564
  10,027
  10,513
  11,025
  11,563
  12,128
Total liabilities and equity, $m
  6,772
  6,965
  7,169
  7,394
  7,640
  7,906
  8,194
  8,504
  8,836
  9,190
  9,568
  9,969
  10,395
  10,848
  11,327
  11,834
  12,370
  12,935
  13,532
  14,162
  14,826
  15,526
  16,264
  17,039
  17,857
  18,717
  19,622
  20,574
  21,575
  22,628
  23,734
Debt-to-equity ratio
  0.855
  0.860
  0.860
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
Adjusted equity ratio
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  312
  145
  149
  153
  158
  164
  169
  175
  182
  189
  196
  204
  212
  221
  231
  240
  251
  262
  273
  286
  299
  312
  326
  341
  357
  374
  391
  410
  429
  449
  471
Depreciation, amort., depletion, $m
  255
  262
  269
  278
  287
  297
  308
  319
  332
  345
  359
  374
  390
  407
  425
  444
  465
  486
  508
  532
  557
  583
  611
  640
  671
  703
  737
  773
  810
  850
  891
Funds from operations, $m
  460
  407
  418
  431
  445
  461
  477
  495
  514
  534
  556
  579
  603
  629
  656
  685
  715
  748
  782
  818
  855
  895
  937
  981
  1,028
  1,077
  1,128
  1,182
  1,239
  1,299
  1,362
Change in working capital, $m
  10
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  450
  407
  418
  431
  446
  461
  478
  495
  514
  535
  556
  579
  604
  630
  657
  686
  716
  749
  783
  819
  857
  896
  939
  983
  1,029
  1,078
  1,130
  1,184
  1,241
  1,301
  1,364
Maintenance CAPEX, $m
  0
  -255
  -262
  -269
  -278
  -287
  -297
  -308
  -319
  -332
  -345
  -359
  -374
  -390
  -407
  -425
  -444
  -465
  -486
  -508
  -532
  -557
  -583
  -611
  -640
  -671
  -703
  -737
  -773
  -810
  -850
New CAPEX, $m
  -99
  -154
  -171
  -188
  -206
  -223
  -241
  -259
  -278
  -297
  -316
  -336
  -357
  -379
  -401
  -424
  -449
  -474
  -500
  -528
  -556
  -586
  -617
  -650
  -684
  -720
  -758
  -797
  -838
  -882
  -927
Cash from investing activities, $m
  25
  -409
  -433
  -457
  -484
  -510
  -538
  -567
  -597
  -629
  -661
  -695
  -731
  -769
  -808
  -849
  -893
  -939
  -986
  -1,036
  -1,088
  -1,143
  -1,200
  -1,261
  -1,324
  -1,391
  -1,461
  -1,534
  -1,611
  -1,692
  -1,777
Free cash flow, $m
  475
  -1
  -14
  -26
  -38
  -49
  -60
  -72
  -83
  -94
  -105
  -116
  -128
  -140
  -152
  -164
  -177
  -190
  -203
  -217
  -232
  -246
  -262
  -278
  -295
  -313
  -331
  -350
  -370
  -391
  -412
Issuance/(repayment) of debt, $m
  -443
  100
  100
  110
  120
  130
  141
  151
  162
  173
  185
  196
  209
  221
  234
  248
  262
  277
  292
  308
  325
  342
  361
  380
  400
  421
  443
  465
  490
  515
  541
Issuance/(repurchase) of shares, $m
  220
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  6
  10
  14
  19
  23
  27
  32
  36
  41
  46
  50
  55
  60
  66
  71
  77
  82
  88
  95
Cash from financing (excl. dividends), $m  
  -230
  100
  100
  110
  120
  130
  141
  151
  162
  173
  185
  197
  215
  231
  248
  267
  285
  304
  324
  344
  366
  388
  411
  435
  460
  487
  514
  542
  572
  603
  636
Total cash flow (excl. dividends), $m
  245
  98
  86
  84
  82
  81
  80
  80
  79
  79
  80
  81
  86
  91
  97
  102
  108
  114
  121
  127
  134
  141
  149
  157
  165
  174
  183
  192
  202
  213
  223
Retained Cash Flow (-), $m
  -284
  -106
  -104
  -115
  -126
  -136
  -147
  -158
  -169
  -181
  -193
  -205
  -218
  -231
  -245
  -259
  -274
  -289
  -305
  -322
  -339
  -358
  -377
  -397
  -418
  -440
  -462
  -486
  -512
  -538
  -566
Prev. year cash balance distribution, $m
 
  13
  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
  -19
  -31
  -43
  -55
  -67
  -78
  -90
  -102
  -113
  -124
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -294
  -309
  -325
  -342
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  5
  -16
  -24
  -30
  -34
  -37
  -38
  -38
  -37
  -35
  -32
  -28
  -24
  -20
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.7
  99.6
  99.4
  99.2
  99.1
  98.9
  98.6
  98.4
  98.2
  98.0
  97.7
  97.5
  97.2
  96.9
  96.7
  96.4

Duke Realty Corporation is a self-managed real estate investment trust (REIT). The Company and Duke Realty Limited Partnership collectively specialize in the ownership, management and development of bulk distribution (industrial) and medical office real estate. It operates through three segments, the first two of which consist of the ownership and rental of industrial and medical office real estate investments. The operations of its industrial and medical office properties, as well as its rental operations, are collectively referred to as Rental Operations. The third segment includes real estate services, such as property management, asset management, leasing, development, general contracting and construction management. Its Service Operations segment also includes its taxable REIT subsidiary, through which certain of the segment's operations are conducted. It maintains a Baa1 rating from Moody’s Investor Service, Inc. and a BBB+ rating from Standard & Poor's Financial Services LLC.

FINANCIAL RATIOS  of  Duke Realty (DRE)

Valuation Ratios
P/E Ratio 31.5
Price to Sales 10.9
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 21.8
Price to Free Cash Flow 28
Growth Rates
Sales Growth Rate -5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 147.5%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 85.5%
Total Debt to Equity 85.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 66.1%
Gross Margin - 3 Yr. Avg. 61.8%
EBITDA Margin 81%
EBITDA Margin - 3 Yr. Avg. 73.2%
Operating Margin 49.1%
Oper. Margin - 3 Yr. Avg. 42.2%
Pre-Tax Margin 34.7%
Pre-Tax Margin - 3 Yr. Avg. 24.9%
Net Profit Margin 34.6%
Net Profit Margin - 3 Yr. Avg. 40.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.9%
Payout Ratio 81.7%

DRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DRE stock intrinsic value calculation we used $902 million for the last fiscal year's total revenue generated by Duke Realty. The default revenue input number comes from 2016 income statement of Duke 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 DRE stock valuation model: a) initial revenue growth rate of 2.7% 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 8.1%, whose default value for DRE is calculated based on our internal credit rating of Duke 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 Duke 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 DRE stock the variable cost ratio is equal to 61.9%.

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 DRE 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 5.2% for Duke Realty.

Corporate tax rate of 27% is the nominal tax rate for Duke 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 DRE 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 DRE are equal to 629.7%.

Life of production assets of 22.3 years is the average useful life of capital assets used in Duke 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 DRE is equal to -1.4%. 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 - $3466 million for Duke 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 355.633 million for Duke 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 Duke Realty at the current share price and the inputted number of shares is $9.9 billion.

RELATED COMPANIES Price Int.Val. Rating
WRE Washington Rea 31.70 3.41  str.sell
LPT Liberty Proper 44.22 5.10  str.sell
COR CoreSite Realt 115.93 24.08  str.sell
STAG STAG Industria 27.91 2.79  str.sell
MNR Monmouth Real 17.97 2.01  str.sell
DCT DCT Industrial 59.23 5.00  str.sell
FR First Industri 32.21 2.59  str.sell
DLR Digital Realty 114.95 5.14  str.sell
REXR Rexford Indust 30.71 3.30  str.sell
EGP EastGroup Prop 90.69 4.64  str.sell

COMPANY NEWS

▶ Big distribution hub for Wayfair gets underway in DFW   [Nov-06-17 03:20PM  American City Business Journals]
▶ Duke Realty reports 3Q results   [Oct-25-17 04:51PM  Associated Press]
▶ Duke Realty Closes Refinancing of Revolving Credit Facility   [Oct-11-17 04:15PM  GlobeNewswire]
▶ [$$] Duke Realty Buys a Chunk of Logistics Properties   [Oct-03-17 03:23PM  The Wall Street Journal]
▶ [$$] Big REIT Buys: Duke, SL Green, American Tower   [Sep-13-17 05:30AM  Barrons.com]
▶ Duke Realty Sees Relative Strength Rating Rise To 72   [03:00AM  Investor's Business Daily]
▶ Duke Realty reports 2Q results   [12:07AM  Associated Press]
▶ Duke Realty Reports Second Quarter 2017 Results   [Jul-26-17 04:07PM  GlobeNewswire]
▶ 2 REITs that Can Benefit from 'Omnichannel' Retail Trend   [Jul-17-17 11:40AM  Barrons.com]
▶ Prologis on the Street: How Analysts See PLD Stock   [Jun-22-17 09:06AM  Market Realist]
▶ Prologiss Health by Leverage   [Jun-21-17 10:37AM  Market Realist]
▶ How Prologis Has Managed to Remain Afloat amid Online Hype   [Jun-19-17 03:34PM  Market Realist]
▶ What Duke Realty's medical office portfolio sale to Healthcare Trust means for N.C.   [May-01-17 03:15PM  American City Business Journals]
▶ Duke Realty reports 1Q results   [Apr-26-17 06:26PM  Associated Press]
Financial statements of DRE
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.