Intrinsic value of Simon Property Group - SPG

Previous Close

$164.24

  Intrinsic Value

$33.67

stock screener

  Rating & Target

str. sell

-79%

Previous close

$164.24

 
Intrinsic value

$33.67

 
Up/down potential

-79%

 
Rating

str. sell

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

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

We calculate the intrinsic value of SPG 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

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, %
  3.21
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  5,435
  5,625
  5,831
  6,051
  6,288
  6,540
  6,809
  7,095
  7,399
  7,721
  8,063
  8,424
  8,805
  9,208
  9,633
  10,082
  10,555
  11,053
  11,578
  12,131
  12,713
  13,326
  13,970
  14,648
  15,361
  16,111
  16,899
  17,727
  18,598
  19,513
  20,475
Variable operating expenses, $m
 
  2,638
  2,734
  2,838
  2,949
  3,067
  3,193
  3,327
  3,470
  3,621
  3,780
  3,948
  4,126
  4,315
  4,515
  4,725
  4,946
  5,180
  5,426
  5,685
  5,958
  6,245
  6,547
  6,865
  7,199
  7,550
  7,919
  8,308
  8,716
  9,145
  9,595
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
  2,767
  2,638
  2,734
  2,838
  2,949
  3,067
  3,193
  3,327
  3,470
  3,621
  3,780
  3,948
  4,126
  4,315
  4,515
  4,725
  4,946
  5,180
  5,426
  5,685
  5,958
  6,245
  6,547
  6,865
  7,199
  7,550
  7,919
  8,308
  8,716
  9,145
  9,595
Operating income, $m
  2,669
  2,987
  3,096
  3,213
  3,339
  3,473
  3,616
  3,768
  3,930
  4,101
  4,282
  4,476
  4,679
  4,893
  5,119
  5,357
  5,609
  5,873
  6,152
  6,446
  6,755
  7,081
  7,423
  7,783
  8,162
  8,561
  8,979
  9,420
  9,882
  10,369
  10,880
EBITDA, $m
  3,997
  4,366
  4,525
  4,697
  4,880
  5,076
  5,285
  5,507
  5,743
  5,993
  6,258
  6,538
  6,834
  7,147
  7,477
  7,825
  8,192
  8,579
  8,987
  9,416
  9,867
  10,343
  10,843
  11,369
  11,922
  12,504
  13,116
  13,759
  14,435
  15,145
  15,892
Interest expense (income), $m
  887
  896
  932
  971
  1,014
  1,059
  1,108
  1,160
  1,215
  1,273
  1,335
  1,400
  1,470
  1,543
  1,620
  1,702
  1,788
  1,879
  1,975
  2,076
  2,182
  2,294
  2,412
  2,536
  2,666
  2,803
  2,947
  3,098
  3,257
  3,425
  3,601
Earnings before tax, $m
  2,135
  2,091
  2,164
  2,242
  2,325
  2,414
  2,508
  2,609
  2,715
  2,828
  2,947
  3,076
  3,209
  3,350
  3,498
  3,655
  3,820
  3,994
  4,177
  4,370
  4,573
  4,787
  5,012
  5,248
  5,497
  5,758
  6,033
  6,321
  6,625
  6,944
  7,279
Tax expense, $m
  0
  565
  584
  605
  628
  652
  677
  704
  733
  764
  796
  830
  866
  904
  945
  987
  1,031
  1,078
  1,128
  1,180
  1,235
  1,292
  1,353
  1,417
  1,484
  1,555
  1,629
  1,707
  1,789
  1,875
  1,965
Net income, $m
  1,839
  1,526
  1,580
  1,637
  1,697
  1,762
  1,831
  1,904
  1,982
  2,064
  2,152
  2,245
  2,343
  2,445
  2,554
  2,668
  2,789
  2,916
  3,049
  3,190
  3,338
  3,494
  3,658
  3,831
  4,012
  4,203
  4,404
  4,615
  4,836
  5,069
  5,314

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  560
  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
  31,104
  31,602
  32,756
  33,996
  35,324
  36,742
  38,254
  39,862
  41,569
  43,379
  45,296
  47,324
  49,467
  51,731
  54,120
  56,640
  59,297
  62,097
  65,047
  68,153
  71,422
  74,863
  78,484
  82,292
  86,297
  90,509
  94,937
  99,591
  104,484
  109,626
  115,030
Adjusted assets (=assets-cash), $m
  30,544
  31,602
  32,756
  33,996
  35,324
  36,742
  38,254
  39,862
  41,569
  43,379
  45,296
  47,324
  49,467
  51,731
  54,120
  56,640
  59,297
  62,097
  65,047
  68,153
  71,422
  74,863
  78,484
  82,292
  86,297
  90,509
  94,937
  99,591
  104,484
  109,626
  115,030
Revenue / Adjusted assets
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
Average production assets, $m
  24,215
  25,060
  25,975
  26,958
  28,011
  29,136
  30,335
  31,610
  32,964
  34,399
  35,919
  37,527
  39,227
  41,022
  42,917
  44,915
  47,022
  49,243
  51,582
  54,045
  56,637
  59,366
  62,237
  65,257
  68,433
  71,772
  75,284
  78,975
  82,855
  86,933
  91,218
Working capital, $m
  0
  -579
  -601
  -623
  -648
  -674
  -701
  -731
  -762
  -795
  -830
  -868
  -907
  -948
  -992
  -1,038
  -1,087
  -1,138
  -1,193
  -1,250
  -1,309
  -1,373
  -1,439
  -1,509
  -1,582
  -1,659
  -1,741
  -1,826
  -1,916
  -2,010
  -2,109
Total debt, $m
  22,977
  23,898
  24,910
  25,997
  27,162
  28,406
  29,732
  31,142
  32,639
  34,226
  35,907
  37,686
  39,566
  41,551
  43,646
  45,857
  48,187
  50,643
  53,229
  55,953
  58,821
  61,838
  65,013
  68,353
  71,866
  75,559
  79,442
  83,525
  87,816
  92,325
  97,065
Total liabilities, $m
  26,793
  27,715
  28,727
  29,814
  30,979
  32,223
  33,549
  34,959
  36,456
  38,043
  39,724
  41,503
  43,383
  45,368
  47,463
  49,674
  52,004
  54,460
  57,046
  59,770
  62,638
  65,655
  68,830
  72,170
  75,683
  79,376
  83,259
  87,342
  91,633
  96,142
  100,882
Total equity, $m
  4,310
  3,887
  4,029
  4,181
  4,345
  4,519
  4,705
  4,903
  5,113
  5,336
  5,571
  5,821
  6,084
  6,363
  6,657
  6,967
  7,294
  7,638
  8,001
  8,383
  8,785
  9,208
  9,653
  10,122
  10,615
  11,133
  11,677
  12,250
  12,852
  13,484
  14,149
Total liabilities and equity, $m
  31,103
  31,602
  32,756
  33,995
  35,324
  36,742
  38,254
  39,862
  41,569
  43,379
  45,295
  47,324
  49,467
  51,731
  54,120
  56,641
  59,298
  62,098
  65,047
  68,153
  71,423
  74,863
  78,483
  82,292
  86,298
  90,509
  94,936
  99,592
  104,485
  109,626
  115,031
Debt-to-equity ratio
  5.331
  6.150
  6.180
  6.220
  6.250
  6.290
  6.320
  6.350
  6.380
  6.410
  6.440
  6.470
  6.500
  6.530
  6.560
  6.580
  6.610
  6.630
  6.650
  6.670
  6.700
  6.720
  6.730
  6.750
  6.770
  6.790
  6.800
  6.820
  6.830
  6.850
  6.860
Adjusted equity ratio
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,839
  1,526
  1,580
  1,637
  1,697
  1,762
  1,831
  1,904
  1,982
  2,064
  2,152
  2,245
  2,343
  2,445
  2,554
  2,668
  2,789
  2,916
  3,049
  3,190
  3,338
  3,494
  3,658
  3,831
  4,012
  4,203
  4,404
  4,615
  4,836
  5,069
  5,314
Depreciation, amort., depletion, $m
  1,328
  1,379
  1,429
  1,483
  1,541
  1,603
  1,669
  1,739
  1,813
  1,892
  1,976
  2,062
  2,155
  2,254
  2,358
  2,468
  2,584
  2,706
  2,834
  2,969
  3,112
  3,262
  3,420
  3,586
  3,760
  3,944
  4,136
  4,339
  4,552
  4,777
  5,012
Funds from operations, $m
  3,268
  2,905
  3,009
  3,120
  3,238
  3,365
  3,500
  3,643
  3,795
  3,956
  4,127
  4,307
  4,498
  4,699
  4,912
  5,136
  5,372
  5,621
  5,884
  6,160
  6,450
  6,756
  7,078
  7,417
  7,772
  8,147
  8,540
  8,954
  9,389
  9,846
  10,326
Change in working capital, $m
  -105
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
Cash from operations, $m
  3,373
  2,925
  3,030
  3,143
  3,263
  3,391
  3,528
  3,673
  3,827
  3,990
  4,162
  4,344
  4,537
  4,741
  4,956
  5,182
  5,421
  5,673
  5,938
  6,217
  6,510
  6,819
  7,144
  7,486
  7,846
  8,224
  8,621
  9,039
  9,478
  9,940
  10,425
Maintenance CAPEX, $m
  0
  -1,330
  -1,377
  -1,427
  -1,481
  -1,539
  -1,601
  -1,667
  -1,737
  -1,811
  -1,890
  -1,974
  -2,062
  -2,155
  -2,254
  -2,358
  -2,468
  -2,584
  -2,706
  -2,834
  -2,969
  -3,112
  -3,262
  -3,420
  -3,586
  -3,760
  -3,944
  -4,136
  -4,339
  -4,552
  -4,777
New CAPEX, $m
  -798
  -846
  -915
  -983
  -1,053
  -1,125
  -1,199
  -1,275
  -1,354
  -1,435
  -1,520
  -1,608
  -1,700
  -1,795
  -1,895
  -1,999
  -2,107
  -2,220
  -2,339
  -2,463
  -2,593
  -2,729
  -2,871
  -3,020
  -3,176
  -3,340
  -3,511
  -3,691
  -3,880
  -4,078
  -4,285
Cash from investing activities, $m
  -969
  -2,176
  -2,292
  -2,410
  -2,534
  -2,664
  -2,800
  -2,942
  -3,091
  -3,246
  -3,410
  -3,582
  -3,762
  -3,950
  -4,149
  -4,357
  -4,575
  -4,804
  -5,045
  -5,297
  -5,562
  -5,841
  -6,133
  -6,440
  -6,762
  -7,100
  -7,455
  -7,827
  -8,219
  -8,630
  -9,062
Free cash flow, $m
  2,404
  749
  739
  732
  728
  727
  728
  731
  736
  743
  752
  763
  776
  790
  807
  826
  846
  869
  893
  920
  948
  979
  1,012
  1,047
  1,084
  1,124
  1,167
  1,212
  1,259
  1,310
  1,363
Issuance/(repayment) of debt, $m
  216
  921
  1,012
  1,087
  1,165
  1,244
  1,326
  1,410
  1,497
  1,587
  1,681
  1,778
  1,880
  1,985
  2,095
  2,210
  2,330
  2,456
  2,587
  2,724
  2,867
  3,018
  3,175
  3,340
  3,513
  3,694
  3,883
  4,082
  4,291
  4,510
  4,739
Issuance/(repurchase) of shares, $m
  -256
  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  
  -507
  921
  1,012
  1,087
  1,165
  1,244
  1,326
  1,410
  1,497
  1,587
  1,681
  1,778
  1,880
  1,985
  2,095
  2,210
  2,330
  2,456
  2,587
  2,724
  2,867
  3,018
  3,175
  3,340
  3,513
  3,694
  3,883
  4,082
  4,291
  4,510
  4,739
Total cash flow (excl. dividends), $m
  1,897
  1,670
  1,750
  1,820
  1,893
  1,971
  2,054
  2,141
  2,233
  2,331
  2,433
  2,541
  2,655
  2,776
  2,902
  3,036
  3,176
  3,324
  3,480
  3,643
  3,816
  3,996
  4,187
  4,387
  4,597
  4,818
  5,050
  5,294
  5,550
  5,819
  6,102
Retained Cash Flow (-), $m
  161
  -137
  -142
  -152
  -163
  -174
  -186
  -198
  -210
  -223
  -236
  -249
  -264
  -278
  -294
  -310
  -327
  -344
  -363
  -382
  -402
  -423
  -445
  -468
  -493
  -518
  -545
  -573
  -602
  -632
  -665
Prev. year cash balance distribution, $m
 
  560
  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
 
  2,093
  1,608
  1,667
  1,730
  1,797
  1,868
  1,943
  2,023
  2,108
  2,198
  2,292
  2,392
  2,497
  2,609
  2,726
  2,850
  2,980
  3,117
  3,261
  3,413
  3,573
  3,741
  3,918
  4,104
  4,300
  4,505
  4,721
  4,948
  5,187
  5,438
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  1,875
  1,278
  1,162
  1,045
  929
  816
  707
  604
  508
  420
  341
  273
  213
  164
  123
  90
  64
  45
  30
  20
  13
  8
  5
  3
  2
  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
  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

Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company's partnership subsidiary that owns all of its real estate properties and other assets. As of December 31, 2016, the Company owned or held an interest in 206 income-producing properties in the United States, which consisted of 108 malls, 67 Premium Outlets, 14 Mills, four lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. As of December 31, 2016, it had redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at 27 properties in the United States and it had one outlet and one other retail project under development.

FINANCIAL RATIOS  of  Simon Property Group (SPG)

Valuation Ratios
P/E Ratio 28
Price to Sales 9.5
Price to Book 11.9
Price to Tangible Book
Price to Cash Flow 15.2
Price to Free Cash Flow 20
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.8%
Cap. Spend. - 3 Yr. Gr. Rate -1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 533.1%
Total Debt to Equity 533.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 8.6%
Return On Total Capital 6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 41.9%
Return On Equity - 3 Yr. Avg. 35.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 82.1%
Gross Margin - 3 Yr. Avg. 81.9%
EBITDA Margin 80%
EBITDA Margin - 3 Yr. Avg. 80.9%
Operating Margin 49.1%
Oper. Margin - 3 Yr. Avg. 50.6%
Pre-Tax Margin 39.3%
Pre-Tax Margin - 3 Yr. Avg. 37.7%
Net Profit Margin 33.8%
Net Profit Margin - 3 Yr. Avg. 32.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 110.8%

SPG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPG stock intrinsic value calculation we used $5435 million for the last fiscal year's total revenue generated by Simon Property Group. The default revenue input number comes from 2016 income statement of Simon Property Group. 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 SPG stock valuation model: a) initial revenue growth rate of 3.5% 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 11.6%, whose default value for SPG is calculated based on our internal credit rating of Simon Property Group, 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 Simon Property Group.
    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 SPG stock the variable cost ratio is equal to 46.9%.

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 SPG 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 3.9% for Simon Property Group.

Corporate tax rate of 27% is the nominal tax rate for Simon Property Group. 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 SPG 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 SPG are equal to 445.5%.

Life of production assets of 18.2 years is the average useful life of capital assets used in Simon Property Group 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 SPG is equal to -10.3%. 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 - $4310 million for Simon Property Group - 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 318.854 million for Simon Property Group 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 Simon Property Group at the current share price and the inputted number of shares is $52.4 billion.

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COMPANY NEWS

▶ Share Buy-back programme at SP Group A/S   [03:01AM  GlobeNewswire]
▶ Starbucks Settles With Simon   [Jan-17-18 01:05PM  Forbes]
▶ Starbucks settles lawsuit with nation's largest mall operator over Teavana closures   [Jan-16-18 05:05PM  American City Business Journals]
▶ Put REITs In Retirement   [Jan-15-18 07:00AM  Forbes]
▶ American Towers Disciplined Capital Allocation   [Jan-12-18 10:32AM  Market Realist]
▶ What Do Wall Street Analysts Think of SPG?   [Jan-01-18 10:31AM  Market Realist]
▶ SPGs Stable Dividend Policy   [07:31AM  Market Realist]
▶ SPG Investments, US Portfolio Built Up in Upcoming Quarters   [Dec-29-17 10:31AM  Market Realist]
▶ Key Drivers Contributing to SPGs Evolution   [09:01AM  Market Realist]
▶ SPG and High Consumer Confidence   [07:33AM  Market Realist]
▶ Are the Trump Administrations Policies Beneficial for REITs?   [Dec-28-17 10:33AM  Market Realist]
▶ All I Want For Christmas Are A Few Good REITs   [Dec-24-17 11:37AM  Forbes]
▶ 3 Reasons Lululemon Athletica Inc. Will Stall Out   [Dec-14-17 01:08PM  InvestorPlace]
▶ Target buys Shipt, Amazon continues retail dominance   [Dec-13-17 01:21PM  Yahoo Finance Video]
▶ Judge Sides With Mall Operator, Against Starbucks   [Dec-11-17 07:55PM  Motley Fool]
▶ Court order keeps some of Atlanta's Teavana mall locations safe -- for now   [Dec-08-17 09:40AM  American City Business Journals]
▶ No More Moats for Mall Owners   [07:00AM  Morningstar]
▶ 3 Dividend Stocks to Fund Your Nest Egg   [07:06AM  Motley Fool]
▶ Santa at Simon Malls® Blends Traditional and Digital   [Dec-06-17 03:01PM  PR Newswire]
▶ [$$] Starbucks Asked to Keep Teavana Stores Open at Some Malls   [Dec-05-17 12:27PM  The Wall Street Journal]
▶ December Storm Clouds Roll In For Starbucks   [Dec-04-17 11:28AM  Forbes]
▶ Simon Property Group Sells $1.35 Billion Of Senior Notes   [Nov-30-17 05:20PM  PR Newswire]
▶ Hotel to open adjacent to Colorado Mills mall   [Nov-28-17 04:21PM  American City Business Journals]
▶ This Stock Is a Door-Busting Black Friday Special   [Nov-23-17 02:00PM  TheStreet.com]
▶ This Stock Is a Door-Busting Black Friday Special   [Nov-18-17 10:24AM  TheStreet.com]
▶ This Stock Is a Door-Busting Black Friday Special   [Nov-07-17 02:00PM  TheStreet.com]
▶ 3 High-Yield Stocks You Probably Missed   [Nov-04-17 06:31AM  Motley Fool]
▶ No, the housing market isnt experiencing a Trump bump   [10:51AM  Yahoo Finance Video]
▶ Simon Property reports 3Q results   [08:41AM  Associated Press]
▶ Online Brand Pop-Ups Can Revive Ailing Malls   [Oct-25-17 08:15AM  Forbes]
▶ Simon Property Group names new general manager for Southdale Center   [Oct-24-17 03:10PM  American City Business Journals]
▶ Big retailers struggle to hire for holidays   [Oct-20-17 01:03PM  Yahoo Finance Video]
▶ Forget Rate Tantrums, Bet on REIT ETFs   [Oct-17-17 04:45PM  Zacks]
▶ Is This the Future of America's Malls?   [09:28AM  Motley Fool]
▶ Is Now the Time to Invest in Real Estate Stocks?   [Oct-13-17 11:57AM  GuruFocus.com]
▶ Simon Property Stands Out in a Malled Sector   [Oct-12-17 03:00PM  Barrons.com]
▶ Colorado Mills: More exterior stores open at hail-damaged mall in Lakewood   [Oct-09-17 01:35PM  American City Business Journals]
▶ Simon Breaks Ground On Denver Premium Outlets®   [Oct-05-17 02:00PM  PR Newswire]
Financial statements of SPG
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