Intrinsic value of Host Hotels&Resorts - HST

Previous Close

$19.85

  Intrinsic Value

$2.36

stock screener

  Rating & Target

str. sell

-88%

Previous close

$19.85

 
Intrinsic value

$2.36

 
Up/down potential

-88%

 
Rating

str. sell

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

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

We calculate the intrinsic value of HST 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 14.7

 

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, %
  1.50
  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
  5,430
  5,539
  5,666
  5,812
  5,975
  6,156
  6,355
  6,571
  6,806
  7,058
  7,329
  7,619
  7,928
  8,257
  8,607
  8,978
  9,372
  9,788
  10,229
  10,694
  11,186
  11,704
  12,251
  12,827
  13,434
  14,074
  14,747
  15,456
  16,202
  16,987
  17,812
Variable operating expenses, $m
 
  1,872
  1,915
  1,964
  2,020
  2,081
  2,148
  2,221
  2,300
  2,386
  2,477
  2,575
  2,680
  2,791
  2,909
  3,035
  3,168
  3,308
  3,457
  3,615
  3,781
  3,956
  4,141
  4,336
  4,541
  4,757
  4,985
  5,224
  5,476
  5,741
  6,020
Fixed operating expenses, $m
 
  3,061
  3,137
  3,216
  3,296
  3,378
  3,463
  3,549
  3,638
  3,729
  3,822
  3,918
  4,016
  4,116
  4,219
  4,325
  4,433
  4,544
  4,657
  4,774
  4,893
  5,015
  5,141
  5,269
  5,401
  5,536
  5,674
  5,816
  5,962
  6,111
  6,263
Total operating expenses, $m
  4,746
  4,933
  5,052
  5,180
  5,316
  5,459
  5,611
  5,770
  5,938
  6,115
  6,299
  6,493
  6,696
  6,907
  7,128
  7,360
  7,601
  7,852
  8,114
  8,389
  8,674
  8,971
  9,282
  9,605
  9,942
  10,293
  10,659
  11,040
  11,438
  11,852
  12,283
Operating income, $m
  684
  606
  614
  632
  660
  697
  744
  801
  867
  943
  1,029
  1,126
  1,232
  1,350
  1,479
  1,619
  1,771
  1,936
  2,114
  2,306
  2,512
  2,733
  2,969
  3,222
  3,493
  3,781
  4,088
  4,416
  4,764
  5,135
  5,528
EBITDA, $m
  1,408
  1,345
  1,370
  1,408
  1,457
  1,519
  1,593
  1,678
  1,776
  1,886
  2,008
  2,143
  2,291
  2,452
  2,628
  2,818
  3,023
  3,243
  3,480
  3,734
  4,005
  4,295
  4,605
  4,935
  5,286
  5,660
  6,057
  6,479
  6,927
  7,402
  7,906
Interest expense (income), $m
  144
  139
  142
  146
  150
  156
  161
  167
  174
  181
  189
  197
  206
  216
  226
  237
  248
  260
  273
  287
  301
  316
  333
  349
  367
  386
  406
  427
  448
  471
  496
Earnings before tax, $m
  811
  467
  472
  486
  509
  542
  583
  634
  693
  762
  840
  928
  1,026
  1,134
  1,253
  1,382
  1,523
  1,676
  1,841
  2,019
  2,211
  2,416
  2,637
  2,873
  3,125
  3,395
  3,683
  3,989
  4,316
  4,663
  5,032
Tax expense, $m
  40
  126
  127
  131
  137
  146
  157
  171
  187
  206
  227
  251
  277
  306
  338
  373
  411
  452
  497
  545
  597
  652
  712
  776
  844
  917
  994
  1,077
  1,165
  1,259
  1,359
Net income, $m
  762
  341
  344
  355
  372
  395
  426
  463
  506
  556
  614
  678
  749
  828
  914
  1,009
  1,112
  1,223
  1,344
  1,474
  1,614
  1,764
  1,925
  2,097
  2,282
  2,478
  2,688
  2,912
  3,150
  3,404
  3,674

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  372
  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
  11,408
  11,257
  11,516
  11,812
  12,144
  12,513
  12,917
  13,357
  13,833
  14,346
  14,896
  15,485
  16,114
  16,783
  17,494
  18,249
  19,048
  19,895
  20,790
  21,736
  22,735
  23,789
  24,900
  26,071
  27,306
  28,606
  29,974
  31,415
  32,931
  34,526
  36,203
Adjusted assets (=assets-cash), $m
  11,036
  11,257
  11,516
  11,812
  12,144
  12,513
  12,917
  13,357
  13,833
  14,346
  14,896
  15,485
  16,114
  16,783
  17,494
  18,249
  19,048
  19,895
  20,790
  21,736
  22,735
  23,789
  24,900
  26,071
  27,306
  28,606
  29,974
  31,415
  32,931
  34,526
  36,203
Revenue / Adjusted assets
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
Average production assets, $m
  10,364
  10,573
  10,816
  11,094
  11,406
  11,752
  12,132
  12,545
  12,992
  13,474
  13,991
  14,544
  15,134
  15,763
  16,431
  17,140
  17,891
  18,686
  19,527
  20,415
  21,353
  22,343
  23,387
  24,487
  25,646
  26,867
  28,153
  29,506
  30,929
  32,427
  34,003
Working capital, $m
  0
  -382
  -391
  -401
  -412
  -425
  -438
  -453
  -470
  -487
  -506
  -526
  -547
  -570
  -594
  -620
  -647
  -675
  -706
  -738
  -772
  -808
  -845
  -885
  -927
  -971
  -1,018
  -1,066
  -1,118
  -1,172
  -1,229
Total debt, $m
  3,649
  3,738
  3,841
  3,960
  4,093
  4,240
  4,402
  4,578
  4,768
  4,973
  5,194
  5,429
  5,680
  5,948
  6,233
  6,534
  6,854
  7,193
  7,551
  7,929
  8,329
  8,750
  9,195
  9,664
  10,157
  10,677
  11,225
  11,801
  12,407
  13,045
  13,716
Total liabilities, $m
  4,414
  4,503
  4,606
  4,725
  4,858
  5,005
  5,167
  5,343
  5,533
  5,738
  5,959
  6,194
  6,445
  6,713
  6,998
  7,299
  7,619
  7,958
  8,316
  8,694
  9,094
  9,515
  9,960
  10,429
  10,922
  11,442
  11,990
  12,566
  13,172
  13,810
  14,481
Total equity, $m
  6,994
  6,754
  6,910
  7,087
  7,287
  7,508
  7,750
  8,014
  8,300
  8,607
  8,938
  9,291
  9,668
  10,070
  10,496
  10,949
  11,429
  11,937
  12,474
  13,042
  13,641
  14,273
  14,940
  15,643
  16,383
  17,163
  17,985
  18,849
  19,758
  20,715
  21,722
Total liabilities and equity, $m
  11,408
  11,257
  11,516
  11,812
  12,145
  12,513
  12,917
  13,357
  13,833
  14,345
  14,897
  15,485
  16,113
  16,783
  17,494
  18,248
  19,048
  19,895
  20,790
  21,736
  22,735
  23,788
  24,900
  26,072
  27,305
  28,605
  29,975
  31,415
  32,930
  34,525
  36,203
Debt-to-equity ratio
  0.522
  0.550
  0.560
  0.560
  0.560
  0.560
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
Adjusted equity ratio
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  762
  341
  344
  355
  372
  395
  426
  463
  506
  556
  614
  678
  749
  828
  914
  1,009
  1,112
  1,223
  1,344
  1,474
  1,614
  1,764
  1,925
  2,097
  2,282
  2,478
  2,688
  2,912
  3,150
  3,404
  3,674
Depreciation, amort., depletion, $m
  724
  739
  756
  776
  798
  822
  848
  877
  909
  942
  978
  1,017
  1,058
  1,102
  1,149
  1,199
  1,251
  1,307
  1,366
  1,428
  1,493
  1,562
  1,635
  1,712
  1,793
  1,879
  1,969
  2,063
  2,163
  2,268
  2,378
Funds from operations, $m
  1,315
  1,080
  1,101
  1,130
  1,169
  1,217
  1,274
  1,340
  1,415
  1,499
  1,592
  1,695
  1,807
  1,930
  2,063
  2,208
  2,363
  2,530
  2,709
  2,902
  3,107
  3,326
  3,560
  3,810
  4,075
  4,357
  4,657
  4,975
  5,313
  5,672
  6,052
Change in working capital, $m
  12
  -7
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
Cash from operations, $m
  1,303
  1,088
  1,110
  1,140
  1,181
  1,230
  1,288
  1,355
  1,431
  1,516
  1,611
  1,715
  1,829
  1,953
  2,088
  2,233
  2,390
  2,559
  2,740
  2,934
  3,141
  3,362
  3,598
  3,849
  4,117
  4,401
  4,704
  5,024
  5,365
  5,726
  6,108
Maintenance CAPEX, $m
  0
  -725
  -739
  -756
  -776
  -798
  -822
  -848
  -877
  -909
  -942
  -978
  -1,017
  -1,058
  -1,102
  -1,149
  -1,199
  -1,251
  -1,307
  -1,366
  -1,428
  -1,493
  -1,562
  -1,635
  -1,712
  -1,793
  -1,879
  -1,969
  -2,063
  -2,163
  -2,268
New CAPEX, $m
  -519
  -209
  -243
  -278
  -312
  -346
  -379
  -413
  -447
  -482
  -517
  -553
  -590
  -628
  -668
  -709
  -751
  -795
  -841
  -888
  -938
  -990
  -1,044
  -1,100
  -1,159
  -1,221
  -1,285
  -1,353
  -1,424
  -1,498
  -1,576
Cash from investing activities, $m
  -115
  -934
  -982
  -1,034
  -1,088
  -1,144
  -1,201
  -1,261
  -1,324
  -1,391
  -1,459
  -1,531
  -1,607
  -1,686
  -1,770
  -1,858
  -1,950
  -2,046
  -2,148
  -2,254
  -2,366
  -2,483
  -2,606
  -2,735
  -2,871
  -3,014
  -3,164
  -3,322
  -3,487
  -3,661
  -3,844
Free cash flow, $m
  1,188
  154
  127
  106
  93
  86
  86
  93
  106
  126
  151
  183
  221
  266
  317
  375
  440
  513
  592
  680
  775
  879
  992
  1,114
  1,245
  1,387
  1,539
  1,703
  1,878
  2,065
  2,265
Issuance/(repayment) of debt, $m
  -219
  89
  104
  118
  133
  147
  162
  176
  190
  205
  220
  236
  251
  268
  284
  302
  320
  339
  358
  378
  399
  422
  445
  469
  494
  520
  547
  576
  606
  638
  671
Issuance/(repurchase) of shares, $m
  -214
  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 from financing (excl. dividends), $m  
  -441
  89
  104
  118
  133
  147
  162
  176
  190
  205
  220
  236
  251
  268
  284
  302
  320
  339
  358
  378
  399
  422
  445
  469
  494
  520
  547
  576
  606
  638
  671
Total cash flow (excl. dividends), $m
  747
  243
  231
  224
  226
  233
  248
  269
  297
  331
  372
  419
  473
  534
  602
  677
  760
  851
  950
  1,058
  1,175
  1,301
  1,436
  1,582
  1,739
  1,907
  2,087
  2,279
  2,484
  2,703
  2,936
Retained Cash Flow (-), $m
  70
  -132
  -155
  -178
  -199
  -221
  -242
  -264
  -286
  -308
  -330
  -353
  -377
  -401
  -427
  -453
  -480
  -508
  -537
  -568
  -599
  -632
  -667
  -703
  -741
  -780
  -821
  -864
  -910
  -957
  -1,006
Prev. year cash balance distribution, $m
 
  372
  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
 
  483
  75
  47
  26
  13
  6
  5
  11
  23
  41
  65
  96
  132
  175
  224
  280
  343
  413
  491
  575
  668
  770
  879
  998
  1,127
  1,266
  1,415
  1,575
  1,746
  1,930
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  458
  67
  39
  21
  9
  4
  3
  6
  12
  18
  26
  33
  40
  45
  49
  51
  52
  51
  48
  45
  40
  35
  30
  25
  20
  16
  12
  9
  7
  5
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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Host Hotels & Resorts, Inc. (Host Inc.) operates as a self-managed and self-administered real estate investment trust (REIT). The Company operates through hotel ownership segment. The Company operates through hotel ownership segment. The Company owned properties and conducted operations through Host Hotels & Resorts, L.P. (Host L.P.), of which Host Inc. was the general partner and of which it held approximately 99% of the partnership interests (OP units), as of December 31, 2016. As of February 20, 2017, its lodging portfolio consisted of 96 primarily luxury and upper-upscale hotels containing approximately 53,500 rooms, with the majority located in the United States, and with seven of the properties located outside of the United States in Australia, Brazil, Canada and Mexico. In addition, it owns non-controlling interests in two international joint ventures: approximately a 33% interest in a joint venture in Europe, and a 9% indirect interest, through joint ventures in India.

FINANCIAL RATIOS  of  Host Hotels&Resorts (HST)

Valuation Ratios
P/E Ratio 19.2
Price to Sales 2.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 18.7
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 52.2%
Total Debt to Equity 52.2%
Interest Coverage 7
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 10.8%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 30.9%
EBITDA Margin - 3 Yr. Avg. 29.8%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin 14.9%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 14%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 4.9%
Eff/ Tax Rate - 3 Yr. Avg. 2.8%
Payout Ratio 78.2%

HST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HST stock intrinsic value calculation we used $5430 million for the last fiscal year's total revenue generated by Host Hotels&Resorts. The default revenue input number comes from 2016 income statement of Host Hotels&Resorts. 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 HST 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 5.4%, whose default value for HST is calculated based on our internal credit rating of Host Hotels&Resorts, 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 Host Hotels&Resorts.
    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 HST stock the variable cost ratio is equal to 33.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2986 million in the base year in the intrinsic value calculation for HST 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 3.8% for Host Hotels&Resorts.

Corporate tax rate of 27% is the nominal tax rate for Host Hotels&Resorts. 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 HST 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 HST are equal to 190.9%.

Life of production assets of 14.3 years is the average useful life of capital assets used in Host Hotels&Resorts 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 HST is equal to -6.9%. 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 - $6994 million for Host Hotels&Resorts - 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 739.979 million for Host Hotels&Resorts 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 Host Hotels&Resorts at the current share price and the inputted number of shares is $14.7 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 6.71 20.77  str.buy
VNO Vornado Realty 77.71 13.68  str.sell
SOHO Sotherly Hotel 6.81 4.87  hold
AHP Ashford Hospit 9.85 4.27  str.sell
HPT Hospitality Pr 30.06 4.76  str.sell
INN Summit Hotel P 14.91 3.44  str.sell
CHSP Chesapeake Lod 27.91 4.95  str.sell
RLJ RLJ Lodging Tr 21.45 4.77  str.sell

COMPANY NEWS

▶ Stocks Generating Improved Relative Strength: Host Hotels & Resorts   [Nov-09-17 03:00AM  Investor's Business Daily]
▶ Host Hotels reports 3Q results   [Nov-01-17 04:45PM  Associated Press]
▶ These Stocks Have Changed Direction   [Oct-16-17 02:00PM  TheStreet.com]
▶ An Impressive REIT: Host Hotels   [Aug-05-17 10:18AM  GuruFocus.com]
▶ Host Hotels reports 2Q results   [Jul-26-17 10:29PM  Associated Press]
▶ [$$] U.S. Companies Have a New 401(k) Fix: Spend More   [12:44AM  The Wall Street Journal]
▶ [$$] U.S. Companies Have a New 401(k) Fix: Spend More   [Jul-17-17 06:24AM  The Wall Street Journal]
▶ The Catholic Church's Top 5 Dividend Stocks   [Jul-15-17 08:03AM  Forbes]
▶ U.S. Stocks Fall as Apple Shares Decline   [Jun-06-17 12:29AM  The Wall Street Journal]
▶ [$$] The Roundup   [09:51AM  The Wall Street Journal]
▶ 5 Top Hotel REITs for 2017   [May-26-17 03:42PM  Motley Fool]
▶ The Phoenician undergoing massive renovation   [May-10-17 07:06PM  American City Business Journals]
▶ [$$] Fifth Wall Targets Real Estate Startups with $212 Million Fund   [May-02-17 07:30AM  The Wall Street Journal]
▶ Host Hotels reports 1Q results   [06:06AM  Associated Press]
▶ RLJ to buy fellow lodging trust FelCor   [Apr-24-17 08:36AM  Reuters]
▶ Real estate's tough run   [Mar-27-17 06:48AM  CNBC Videos]
▶ BlackRock: 'Make Room for Real Estate'   [Mar-20-17 01:12PM  Barrons.com]
▶ BlackRock: 'Make Room for Real Estate'   [01:12PM  at Barrons.com]
Financial statements of HST
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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