Intrinsic value of GGP - GGP

Previous Close

$21.28

  Intrinsic Value

$2.28

stock screener

  Rating & Target

str. sell

-89%

Previous close

$21.28

 
Intrinsic value

$2.28

 
Up/down potential

-89%

 
Rating

str. sell

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

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

We calculate the intrinsic value of GGP 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of GGP (GGP) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -2.41
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  2,346
  2,447
  2,554
  2,667
  2,787
  2,913
  3,047
  3,188
  3,337
  3,493
  3,659
  3,833
  4,016
  4,209
  4,412
  4,625
  4,850
  5,086
  5,334
  5,595
  5,870
  6,158
  6,462
  6,780
  7,115
  7,467
  7,836
  8,225
  8,633
  9,061
  9,511
Variable operating expenses, $m
 
  1,507
  1,573
  1,643
  1,717
  1,795
  1,877
  1,964
  2,055
  2,152
  2,254
  2,361
  2,474
  2,593
  2,718
  2,849
  2,987
  3,133
  3,286
  3,447
  3,616
  3,794
  3,980
  4,177
  4,383
  4,600
  4,827
  5,066
  5,318
  5,582
  5,859
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
  1,546
  1,507
  1,573
  1,643
  1,717
  1,795
  1,877
  1,964
  2,055
  2,152
  2,254
  2,361
  2,474
  2,593
  2,718
  2,849
  2,987
  3,133
  3,286
  3,447
  3,616
  3,794
  3,980
  4,177
  4,383
  4,600
  4,827
  5,066
  5,318
  5,582
  5,859
Operating income, $m
  800
  940
  981
  1,024
  1,070
  1,119
  1,170
  1,224
  1,281
  1,341
  1,405
  1,472
  1,542
  1,616
  1,694
  1,776
  1,862
  1,953
  2,048
  2,149
  2,254
  2,365
  2,481
  2,604
  2,732
  2,867
  3,009
  3,158
  3,315
  3,479
  3,652
EBITDA, $m
  1,502
  1,672
  1,745
  1,822
  1,904
  1,991
  2,082
  2,178
  2,280
  2,387
  2,500
  2,619
  2,744
  2,876
  3,014
  3,160
  3,314
  3,475
  3,645
  3,823
  4,011
  4,208
  4,415
  4,633
  4,862
  5,102
  5,354
  5,620
  5,898
  6,191
  6,499
Interest expense (income), $m
  567
  531
  558
  586
  614
  644
  677
  710
  746
  784
  823
  865
  909
  956
  1,005
  1,056
  1,110
  1,167
  1,227
  1,290
  1,356
  1,425
  1,498
  1,575
  1,656
  1,740
  1,829
  1,923
  2,021
  2,125
  2,233
Earnings before tax, $m
  1,026
  409
  422
  439
  456
  474
  493
  514
  535
  558
  581
  606
  633
  660
  690
  720
  752
  786
  822
  859
  898
  940
  983
  1,029
  1,077
  1,127
  1,180
  1,235
  1,294
  1,355
  1,419
Tax expense, $m
  1
  110
  114
  118
  123
  128
  133
  139
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  254
  265
  278
  291
  304
  319
  334
  349
  366
  383
Net income, $m
  1,288
  298
  308
  320
  333
  346
  360
  375
  391
  407
  424
  443
  462
  482
  503
  526
  549
  574
  600
  627
  656
  686
  718
  751
  786
  823
  861
  902
  944
  989
  1,036

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  475
  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
  22,733
  23,304
  24,322
  25,400
  26,541
  27,746
  29,018
  30,361
  31,778
  33,271
  34,844
  36,501
  38,246
  40,083
  42,016
  44,049
  46,188
  48,438
  50,803
  53,290
  55,904
  58,651
  61,539
  64,574
  67,762
  71,113
  74,632
  78,330
  82,215
  86,296
  90,582
Adjusted assets (=assets-cash), $m
  22,258
  23,304
  24,322
  25,400
  26,541
  27,746
  29,018
  30,361
  31,778
  33,271
  34,844
  36,501
  38,246
  40,083
  42,016
  44,049
  46,188
  48,438
  50,803
  53,290
  55,904
  58,651
  61,539
  64,574
  67,762
  71,113
  74,632
  78,330
  82,215
  86,296
  90,582
Revenue / Adjusted assets
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
  0.105
Average production assets, $m
  17,622
  18,381
  19,184
  20,035
  20,934
  21,885
  22,888
  23,948
  25,065
  26,243
  27,484
  28,791
  30,167
  31,616
  33,140
  34,744
  36,431
  38,206
  40,071
  42,033
  44,095
  46,262
  48,540
  50,933
  53,448
  56,091
  58,867
  61,784
  64,848
  68,066
  71,447
Working capital, $m
  0
  -494
  -516
  -539
  -563
  -588
  -615
  -644
  -674
  -706
  -739
  -774
  -811
  -850
  -891
  -934
  -980
  -1,027
  -1,078
  -1,130
  -1,186
  -1,244
  -1,305
  -1,370
  -1,437
  -1,508
  -1,583
  -1,661
  -1,744
  -1,830
  -1,921
Total debt, $m
  12,642
  13,296
  13,941
  14,623
  15,345
  16,108
  16,914
  17,764
  18,660
  19,605
  20,601
  21,650
  22,755
  23,917
  25,141
  26,428
  27,782
  29,206
  30,703
  32,277
  33,932
  35,671
  37,499
  39,420
  41,438
  43,559
  45,787
  48,128
  50,587
  53,170
  55,883
Total liabilities, $m
  14,097
  14,751
  15,396
  16,078
  16,800
  17,563
  18,369
  19,219
  20,115
  21,060
  22,056
  23,105
  24,210
  25,372
  26,596
  27,883
  29,237
  30,661
  32,158
  33,732
  35,387
  37,126
  38,954
  40,875
  42,893
  45,014
  47,242
  49,583
  52,042
  54,625
  57,338
Total equity, $m
  8,636
  8,552
  8,926
  9,322
  9,740
  10,183
  10,650
  11,143
  11,662
  12,210
  12,788
  13,396
  14,036
  14,710
  15,420
  16,166
  16,951
  17,777
  18,645
  19,557
  20,517
  21,525
  22,585
  23,699
  24,869
  26,098
  27,390
  28,747
  30,173
  31,670
  33,244
Total liabilities and equity, $m
  22,733
  23,303
  24,322
  25,400
  26,540
  27,746
  29,019
  30,362
  31,777
  33,270
  34,844
  36,501
  38,246
  40,082
  42,016
  44,049
  46,188
  48,438
  50,803
  53,289
  55,904
  58,651
  61,539
  64,574
  67,762
  71,112
  74,632
  78,330
  82,215
  86,295
  90,582
Debt-to-equity ratio
  1.464
  1.550
  1.560
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.610
  1.610
  1.620
  1.620
  1.630
  1.630
  1.630
  1.640
  1.640
  1.650
  1.650
  1.650
  1.660
  1.660
  1.660
  1.670
  1.670
  1.670
  1.670
  1.680
  1.680
  1.680
Adjusted equity ratio
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,288
  298
  308
  320
  333
  346
  360
  375
  391
  407
  424
  443
  462
  482
  503
  526
  549
  574
  600
  627
  656
  686
  718
  751
  786
  823
  861
  902
  944
  989
  1,036
Depreciation, amort., depletion, $m
  702
  732
  764
  798
  834
  872
  912
  954
  999
  1,046
  1,095
  1,147
  1,202
  1,260
  1,320
  1,384
  1,451
  1,522
  1,596
  1,675
  1,757
  1,843
  1,934
  2,029
  2,129
  2,235
  2,345
  2,462
  2,584
  2,712
  2,847
Funds from operations, $m
  1,187
  1,031
  1,073
  1,118
  1,167
  1,218
  1,272
  1,329
  1,389
  1,453
  1,519
  1,590
  1,664
  1,742
  1,824
  1,910
  2,001
  2,096
  2,196
  2,302
  2,413
  2,529
  2,651
  2,780
  2,915
  3,057
  3,206
  3,363
  3,528
  3,701
  3,882
Change in working capital, $m
  54
  -20
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -87
  -91
Cash from operations, $m
  1,133
  1,051
  1,094
  1,141
  1,191
  1,244
  1,299
  1,358
  1,419
  1,484
  1,553
  1,625
  1,701
  1,781
  1,865
  1,953
  2,046
  2,144
  2,246
  2,355
  2,468
  2,587
  2,713
  2,844
  2,983
  3,128
  3,281
  3,442
  3,610
  3,787
  3,973
Maintenance CAPEX, $m
  0
  -702
  -732
  -764
  -798
  -834
  -872
  -912
  -954
  -999
  -1,046
  -1,095
  -1,147
  -1,202
  -1,260
  -1,320
  -1,384
  -1,451
  -1,522
  -1,596
  -1,675
  -1,757
  -1,843
  -1,934
  -2,029
  -2,129
  -2,235
  -2,345
  -2,462
  -2,584
  -2,712
New CAPEX, $m
  -1,261
  -759
  -803
  -850
  -899
  -951
  -1,004
  -1,059
  -1,117
  -1,178
  -1,241
  -1,307
  -1,376
  -1,449
  -1,525
  -1,604
  -1,687
  -1,774
  -1,866
  -1,961
  -2,062
  -2,167
  -2,278
  -2,394
  -2,515
  -2,643
  -2,776
  -2,917
  -3,064
  -3,219
  -3,381
Cash from investing activities, $m
  550
  -1,461
  -1,535
  -1,614
  -1,697
  -1,785
  -1,876
  -1,971
  -2,071
  -2,177
  -2,287
  -2,402
  -2,523
  -2,651
  -2,785
  -2,924
  -3,071
  -3,225
  -3,388
  -3,557
  -3,737
  -3,924
  -4,121
  -4,328
  -4,544
  -4,772
  -5,011
  -5,262
  -5,526
  -5,803
  -6,093
Free cash flow, $m
  1,683
  -410
  -441
  -473
  -507
  -541
  -577
  -614
  -652
  -692
  -734
  -777
  -823
  -870
  -919
  -971
  -1,025
  -1,082
  -1,141
  -1,203
  -1,268
  -1,337
  -1,408
  -1,483
  -1,561
  -1,644
  -1,730
  -1,820
  -1,915
  -2,015
  -2,119
Issuance/(repayment) of debt, $m
  -835
  654
  645
  682
  722
  763
  806
  850
  897
  945
  996
  1,049
  1,105
  1,163
  1,223
  1,287
  1,354
  1,424
  1,497
  1,574
  1,655
  1,739
  1,828
  1,921
  2,018
  2,121
  2,228
  2,341
  2,459
  2,583
  2,713
Issuance/(repurchase) of shares, $m
  -34
  93
  66
  76
  86
  96
  107
  118
  129
  141
  153
  165
  178
  192
  206
  221
  236
  252
  268
  285
  304
  322
  342
  363
  384
  407
  431
  455
  481
  509
  537
Cash from financing (excl. dividends), $m  
  -863
  747
  711
  758
  808
  859
  913
  968
  1,026
  1,086
  1,149
  1,214
  1,283
  1,355
  1,429
  1,508
  1,590
  1,676
  1,765
  1,859
  1,959
  2,061
  2,170
  2,284
  2,402
  2,528
  2,659
  2,796
  2,940
  3,092
  3,250
Total cash flow (excl. dividends), $m
  820
  337
  269
  285
  301
  318
  336
  354
  374
  394
  415
  437
  460
  485
  510
  537
  564
  594
  624
  656
  690
  725
  762
  801
  841
  884
  929
  976
  1,025
  1,077
  1,131
Retained Cash Flow (-), $m
  -366
  -391
  -374
  -396
  -419
  -442
  -467
  -493
  -520
  -548
  -577
  -608
  -640
  -674
  -709
  -746
  -785
  -826
  -868
  -913
  -959
  -1,008
  -1,060
  -1,114
  -1,170
  -1,230
  -1,292
  -1,357
  -1,426
  -1,498
  -1,573
Prev. year cash balance distribution, $m
 
  475
  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
 
  421
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -210
  -221
  -232
  -244
  -256
  -270
  -283
  -298
  -313
  -329
  -345
  -363
  -381
  -401
  -421
  -442
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  384
  -87
  -82
  -77
  -71
  -65
  -59
  -52
  -46
  -40
  -34
  -29
  -23
  -19
  -15
  -12
  -9
  -7
  -5
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.5
  99.2
  98.8
  98.4
  98.0
  97.6
  97.1
  96.6
  96.2
  95.6
  95.1
  94.6
  94.0
  93.5
  92.9
  92.3
  91.7
  91.1
  90.5
  89.9
  89.3
  88.7
  88.1
  87.5
  86.9
  86.3
  85.7
  85.1
  84.5
  83.9

GGP Inc. (GGP), formerly General Growth Properties, Inc., is a self-administered and self-managed real estate investment trust (REIT). The Company operates as a holding company, which is engaged in the operation, development and management of retail and other rental properties, primarily regional malls. As of December 31, 2016, the Company owned, either entirely or with joint venture partners, 127 retail properties located throughout the United States comprising approximately 125 million square feet of gross leasable area (GLA). As of December 31, 2016, the Company's retail properties included 200 Lafayette, The Shoppes at Buckland Hills, Northridge Fashion Center, Brass Mill Center, Jordan Creek Town Center, Westroads Mall and Stonestown Galleria. The Company's business is conducted through GGP Operating Partnership, LP (GGPOP), GGP Nimbus, LP (GGPN) and GGP Limited Partnership (GGPLP, and together with GGPN and GGPOP, the Operating Partnerships), subsidiaries of GGP.

FINANCIAL RATIOS  of  GGP (GGP)

Valuation Ratios
P/E Ratio 14.6
Price to Sales 8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow -147
Growth Rates
Sales Growth Rate -2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 146.4%
Total Debt to Equity 146.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 15.2%
Return On Equity - 3 Yr. Avg. 13.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69.9%
Gross Margin - 3 Yr. Avg. 69.3%
EBITDA Margin 97.8%
EBITDA Margin - 3 Yr. Avg. 88%
Operating Margin 34.1%
Oper. Margin - 3 Yr. Avg. 36.6%
Pre-Tax Margin 43.7%
Pre-Tax Margin - 3 Yr. Avg. 32.3%
Net Profit Margin 54.9%
Net Profit Margin - 3 Yr. Avg. 46.1%
Effective Tax Rate 0.1%
Eff/ Tax Rate - 3 Yr. Avg. -0.6%
Payout Ratio 54.5%

GGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GGP stock intrinsic value calculation we used $2346 million for the last fiscal year's total revenue generated by GGP. The default revenue input number comes from 2016 income statement of GGP. 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 GGP stock valuation model: a) initial revenue growth rate of 4.3% 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 9.7%, whose default value for GGP is calculated based on our internal credit rating of GGP, 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 GGP.
    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 GGP stock the variable cost ratio is equal to 61.6%.

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 GGP 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 4.2% for GGP.

Corporate tax rate of 27% is the nominal tax rate for GGP. 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 GGP 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 GGP are equal to 751.2%.

Life of production assets of 25.1 years is the average useful life of capital assets used in GGP 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 GGP is equal to -20.2%. 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 - $8636 million for GGP - 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 946.986 million for GGP 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 GGP at the current share price and the inputted number of shares is $20.2 billion.

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COMPANY NEWS

▶ Von Maur Deepens Historic Ties to Iowa   [Feb-07-18 01:42PM  PR Newswire]
▶ Should You Buy GGP Inc (NYSE:GGP.PRA) Now?   [10:12AM  Simply Wall St.]
▶ GGP, Inc. to Host Earnings Call   [07:40AM  ACCESSWIRE]
▶ Macy's to shutter two Bay Area stores in wake of uncertain retail future   [Jan-05-18 12:56PM  American City Business Journals]
▶ [$$] Brookfield Is Working to Restructure Bid for Mall Owner GGP   [Dec-22-17 11:24PM  The Wall Street Journal]
▶ Brookfield CEO Flatt Says GGP Will See Offer as Fair   [Dec-11-17 10:07AM  Bloomberg Video]
▶ 10 Losers That Will Be 2018s Best Stocks to Buy   [Dec-04-17 02:10PM  InvestorPlace]
▶ [$$] Are Malls Too Cheap to Ignore?   [Nov-15-17 12:23AM  The Wall Street Journal]
▶ [$$] Are Malls Too Cheap to Ignore?   [11:57AM  The Wall Street Journal]
▶ Why Roku, GGP, and Nektar Therapeutics Jumped Today   [Nov-13-17 04:30PM  Motley Fool]
▶ Brookfield offers $14.8 billion to purchase remainder of GGP   [01:35PM  American City Business Journals]
▶ Vision Capital CEO on Brookfield-GGP Takeover Talks   [Nov-09-17 03:23PM  Bloomberg Video]
▶ The Hottest Sales at the Mall? The Malls Themselves   [Nov-08-17 09:51AM  Barrons.com]
▶ The Hot Stock: GGP Jumps 16.8%   [Nov-07-17 04:29PM  Barrons.com]
▶ GGP reports 3Q results   [07:28AM  Associated Press]
▶ GGP, Inc. to Host Earnings Call   [07:28AM  ACCESSWIRE]
▶ [$$] Big Mall Operator Does the UnthinkableBuilds a Mall   [12:09AM  The Wall Street Journal]
▶ [$$] Big Mall Operator Does the Unthinkable---Builds a Mall   [07:07AM  The Wall Street Journal]
▶ [$$] GGP Names New Finance Chief   [Sep-21-17 05:21PM  The Wall Street Journal]
▶ Whats Driving GGPs Dividend Yield Upward   [Sep-18-17 11:15AM  Market Realist]
▶ Stocks That Fell to 3-Year Lows Last Week   [Sep-08-17 11:07PM  GuruFocus.com]
▶ Bulls say watch this mining name & a real estate mover   [Sep-01-17 12:40PM  CNBC Videos]
▶ Coronado Center restaurant shuts doors   [Aug-30-17 05:20PM  American City Business Journals]
▶ Chris Davis Keeps Buying Intel, Ctrip.com, Novartis   [Aug-24-17 04:46PM  GuruFocus.com]
▶ Time To Get More Constructive OnMalls?   [Aug-23-17 11:15AM  Barrons.com]
▶ Stocks That Fell to 3-Year Lows in the Week of August 11   [Aug-13-17 12:49PM  GuruFocus.com]
▶ [$$] Counting Heads   [Aug-12-17 12:01AM  Barrons.com]
▶ How GGP Stacks Up against Its Peers after 2Q17   [Aug-10-17 09:05AM  Market Realist]
▶ GGPs Generous Return to Stockholders in 2Q17   [07:35AM  Market Realist]
▶ 3 Reasons Macys Inc (M) Stock Still Might Stand a Chance   [Aug-09-17 11:50AM  InvestorPlace]
Financial statements of GGP
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