Intrinsic value of GGP - GGP

Previous Close

$23.43

  Intrinsic Value

$2.45

stock screener

  Rating & Target

str. sell

-90%

Previous close

$23.43

 
Intrinsic value

$2.45

 
Up/down potential

-90%

 
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.

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 20.7

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,346
  2,393
  2,448
  2,511
  2,582
  2,660
  2,746
  2,839
  2,940
  3,049
  3,166
  3,292
  3,425
  3,567
  3,719
  3,879
  4,049
  4,229
  4,419
  4,620
  4,833
  5,057
  5,293
  5,542
  5,804
  6,081
  6,371
  6,678
  7,000
  7,339
  7,696
Variable operating expenses, $m
 
  1,474
  1,508
  1,547
  1,590
  1,638
  1,691
  1,749
  1,811
  1,878
  1,951
  2,028
  2,110
  2,198
  2,291
  2,389
  2,494
  2,605
  2,722
  2,846
  2,977
  3,115
  3,260
  3,414
  3,575
  3,746
  3,925
  4,113
  4,312
  4,521
  4,740
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
  1,474
  1,508
  1,547
  1,590
  1,638
  1,691
  1,749
  1,811
  1,878
  1,951
  2,028
  2,110
  2,198
  2,291
  2,389
  2,494
  2,605
  2,722
  2,846
  2,977
  3,115
  3,260
  3,414
  3,575
  3,746
  3,925
  4,113
  4,312
  4,521
  4,740
Operating income, $m
  800
  919
  940
  964
  991
  1,021
  1,054
  1,090
  1,129
  1,171
  1,216
  1,264
  1,315
  1,370
  1,428
  1,490
  1,555
  1,624
  1,697
  1,774
  1,856
  1,942
  2,032
  2,128
  2,229
  2,335
  2,447
  2,564
  2,688
  2,818
  2,955
EBITDA, $m
  1,502
  1,635
  1,673
  1,716
  1,764
  1,817
  1,876
  1,940
  2,009
  2,084
  2,164
  2,249
  2,340
  2,438
  2,541
  2,650
  2,767
  2,890
  3,020
  3,157
  3,302
  3,455
  3,617
  3,787
  3,966
  4,155
  4,354
  4,563
  4,783
  5,015
  5,258
Interest expense (income), $m
  567
  531
  545
  559
  575
  593
  612
  634
  658
  683
  711
  741
  772
  806
  842
  880
  921
  964
  1,010
  1,058
  1,109
  1,163
  1,219
  1,279
  1,342
  1,409
  1,478
  1,552
  1,630
  1,711
  1,797
Earnings before tax, $m
  1,026
  388
  395
  405
  417
  429
  442
  456
  471
  488
  505
  523
  543
  564
  586
  609
  634
  660
  687
  716
  747
  779
  813
  849
  887
  926
  968
  1,012
  1,058
  1,107
  1,158
Tax expense, $m
  1
  105
  107
  109
  112
  116
  119
  123
  127
  132
  136
  141
  147
  152
  158
  164
  171
  178
  186
  193
  202
  210
  220
  229
  239
  250
  261
  273
  286
  299
  313
Net income, $m
  1,288
  283
  289
  296
  304
  313
  323
  333
  344
  356
  369
  382
  396
  412
  428
  445
  463
  482
  502
  523
  545
  569
  594
  620
  647
  676
  707
  739
  773
  808
  845

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
  22,790
  23,314
  23,913
  24,586
  25,331
  26,149
  27,039
  28,003
  29,042
  30,157
  31,349
  32,621
  33,976
  35,416
  36,943
  38,562
  40,276
  42,088
  44,003
  46,025
  48,158
  50,408
  52,780
  55,278
  57,910
  60,681
  63,597
  66,666
  69,895
  73,291
Adjusted assets (=assets-cash), $m
  22,258
  22,790
  23,314
  23,913
  24,586
  25,331
  26,149
  27,039
  28,003
  29,042
  30,157
  31,349
  32,621
  33,976
  35,416
  36,943
  38,562
  40,276
  42,088
  44,003
  46,025
  48,158
  50,408
  52,780
  55,278
  57,910
  60,681
  63,597
  66,666
  69,895
  73,291
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
  17,976
  18,389
  18,862
  19,392
  19,980
  20,625
  21,328
  22,088
  22,907
  23,786
  24,727
  25,730
  26,799
  27,934
  29,139
  30,416
  31,768
  33,198
  34,708
  36,303
  37,985
  39,760
  41,631
  43,601
  45,677
  47,863
  50,163
  52,584
  55,130
  57,809
Working capital, $m
  0
  -483
  -494
  -507
  -521
  -537
  -555
  -574
  -594
  -616
  -640
  -665
  -692
  -721
  -751
  -784
  -818
  -854
  -893
  -933
  -976
  -1,021
  -1,069
  -1,119
  -1,172
  -1,228
  -1,287
  -1,349
  -1,414
  -1,482
  -1,554
Total debt, $m
  12,642
  12,971
  13,303
  13,682
  14,108
  14,580
  15,097
  15,661
  16,271
  16,929
  17,634
  18,389
  19,194
  20,052
  20,963
  21,930
  22,955
  24,040
  25,187
  26,399
  27,679
  29,029
  30,453
  31,955
  33,536
  35,202
  36,956
  38,802
  40,745
  42,788
  44,938
Total liabilities, $m
  14,097
  14,426
  14,758
  15,137
  15,563
  16,035
  16,552
  17,116
  17,726
  18,384
  19,089
  19,844
  20,649
  21,507
  22,418
  23,385
  24,410
  25,495
  26,642
  27,854
  29,134
  30,484
  31,908
  33,410
  34,991
  36,657
  38,411
  40,257
  42,200
  44,243
  46,393
Total equity, $m
  8,636
  8,364
  8,556
  8,776
  9,023
  9,297
  9,597
  9,923
  10,277
  10,658
  11,067
  11,505
  11,972
  12,469
  12,998
  13,558
  14,152
  14,781
  15,446
  16,149
  16,891
  17,674
  18,500
  19,370
  20,287
  21,253
  22,270
  23,340
  24,466
  25,651
  26,898
Total liabilities and equity, $m
  22,733
  22,790
  23,314
  23,913
  24,586
  25,332
  26,149
  27,039
  28,003
  29,042
  30,156
  31,349
  32,621
  33,976
  35,416
  36,943
  38,562
  40,276
  42,088
  44,003
  46,025
  48,158
  50,408
  52,780
  55,278
  57,910
  60,681
  63,597
  66,666
  69,894
  73,291
Debt-to-equity ratio
  1.464
  1.550
  1.550
  1.560
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  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
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
  283
  289
  296
  304
  313
  323
  333
  344
  356
  369
  382
  396
  412
  428
  445
  463
  482
  502
  523
  545
  569
  594
  620
  647
  676
  707
  739
  773
  808
  845
Depreciation, amort., depletion, $m
  702
  716
  733
  751
  773
  796
  822
  850
  880
  913
  948
  985
  1,025
  1,068
  1,113
  1,161
  1,212
  1,266
  1,323
  1,383
  1,446
  1,513
  1,584
  1,659
  1,737
  1,820
  1,907
  1,999
  2,095
  2,196
  2,303
Funds from operations, $m
  1,187
  999
  1,021
  1,047
  1,077
  1,109
  1,144
  1,183
  1,224
  1,269
  1,316
  1,367
  1,421
  1,479
  1,541
  1,606
  1,674
  1,747
  1,824
  1,906
  1,992
  2,082
  2,178
  2,278
  2,384
  2,496
  2,614
  2,737
  2,868
  3,004
  3,148
Change in working capital, $m
  54
  -9
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
Cash from operations, $m
  1,133
  1,009
  1,032
  1,060
  1,091
  1,125
  1,162
  1,202
  1,245
  1,291
  1,340
  1,392
  1,448
  1,508
  1,571
  1,638
  1,709
  1,784
  1,863
  1,946
  2,034
  2,127
  2,225
  2,329
  2,437
  2,552
  2,672
  2,799
  2,933
  3,073
  3,220
Maintenance CAPEX, $m
  0
  -702
  -716
  -733
  -751
  -773
  -796
  -822
  -850
  -880
  -913
  -948
  -985
  -1,025
  -1,068
  -1,113
  -1,161
  -1,212
  -1,266
  -1,323
  -1,383
  -1,446
  -1,513
  -1,584
  -1,659
  -1,737
  -1,820
  -1,907
  -1,999
  -2,095
  -2,196
New CAPEX, $m
  -1,261
  -354
  -413
  -473
  -531
  -588
  -645
  -702
  -760
  -819
  -879
  -941
  -1,004
  -1,069
  -1,136
  -1,205
  -1,277
  -1,352
  -1,429
  -1,510
  -1,595
  -1,683
  -1,775
  -1,871
  -1,971
  -2,076
  -2,185
  -2,300
  -2,421
  -2,547
  -2,679
Cash from investing activities, $m
  550
  -1,056
  -1,129
  -1,206
  -1,282
  -1,361
  -1,441
  -1,524
  -1,610
  -1,699
  -1,792
  -1,889
  -1,989
  -2,094
  -2,204
  -2,318
  -2,438
  -2,564
  -2,695
  -2,833
  -2,978
  -3,129
  -3,288
  -3,455
  -3,630
  -3,813
  -4,005
  -4,207
  -4,420
  -4,642
  -4,875
Free cash flow, $m
  1,683
  -47
  -97
  -145
  -191
  -236
  -279
  -323
  -366
  -409
  -452
  -496
  -540
  -586
  -632
  -680
  -729
  -780
  -832
  -887
  -943
  -1,002
  -1,063
  -1,126
  -1,192
  -1,261
  -1,333
  -1,408
  -1,487
  -1,569
  -1,655
Issuance/(repayment) of debt, $m
  -835
  329
  332
  379
  426
  472
  518
  564
  610
  657
  706
  755
  805
  858
  911
  967
  1,025
  1,085
  1,147
  1,212
  1,280
  1,350
  1,424
  1,501
  1,582
  1,666
  1,754
  1,846
  1,943
  2,044
  2,150
Issuance/(repurchase) of shares, $m
  -34
  0
  0
  0
  0
  0
  0
  0
  10
  25
  40
  56
  71
  86
  101
  116
  132
  147
  163
  180
  197
  214
  232
  251
  270
  290
  310
  332
  354
  377
  401
Cash from financing (excl. dividends), $m  
  -863
  329
  332
  379
  426
  472
  518
  564
  620
  682
  746
  811
  876
  944
  1,012
  1,083
  1,157
  1,232
  1,310
  1,392
  1,477
  1,564
  1,656
  1,752
  1,852
  1,956
  2,064
  2,178
  2,297
  2,421
  2,551
Total cash flow (excl. dividends), $m
  820
  282
  234
  234
  235
  236
  238
  241
  254
  274
  294
  315
  336
  357
  380
  403
  427
  452
  478
  505
  534
  563
  594
  626
  659
  694
  731
  770
  810
  852
  896
Retained Cash Flow (-), $m
  -366
  -203
  -192
  -220
  -247
  -274
  -300
  -327
  -354
  -381
  -409
  -438
  -467
  -497
  -528
  -561
  -594
  -629
  -665
  -703
  -742
  -783
  -826
  -870
  -917
  -966
  -1,017
  -1,070
  -1,126
  -1,185
  -1,246
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
 
  554
  42
  14
  -12
  -37
  -62
  -86
  -99
  -107
  -115
  -123
  -131
  -140
  -148
  -158
  -167
  -177
  -187
  -197
  -209
  -220
  -232
  -245
  -258
  -271
  -286
  -301
  -316
  -333
  -350
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
 
  505
  35
  11
  -8
  -21
  -31
  -36
  -36
  -32
  -28
  -24
  -21
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  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
  99.9
  99.7
  99.5
  99.2
  98.9
  98.6
  98.2
  97.8
  97.4
  97.0
  96.5
  96.0
  95.5
  95.0
  94.5
  93.9
  93.3
  92.8
  92.2
  91.6
  91.0
  90.5

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 16.1
Price to Sales 8.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 18.3
Price to Free Cash Flow -161.8
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 2% 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 881.908 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 $20.7 billion.

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COMPANY NEWS

▶ 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]
▶ How GGP Managed Its Expenses in 2Q17   [07:40AM  Market Realist]
▶ What Caused GGPs Soft Rent Growth in 2Q17?   [Aug-08-17 05:35PM  Market Realist]
▶ How Simon Property Managed Its Expenses in 2Q17   [Aug-04-17 04:05PM  Market Realist]
▶ GGP reports 2Q results   [Aug-02-17 09:25PM  Associated Press]
▶ 3 ways to play media stocks   [05:00PM  CNBC Videos]
▶ Realty Income Corp (O) Stock Isnt Convincing   [01:19PM  InvestorPlace]
Financial statements of GGP
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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