Intrinsic value of Ventas - VTR

Previous Close

$58.90

  Intrinsic Value

$529.24

stock screener

  Rating & Target

str. buy

+799%

Previous close

$58.90

 
Intrinsic value

$529.24

 
Up/down potential

+799%

 
Rating

str. buy

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

We calculate the intrinsic value of VTR 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 2017), $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 20.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  3,710
  3,855
  4,011
  4,176
  4,352
  4,539
  4,737
  4,946
  5,168
  5,402
  5,650
  5,911
  6,187
  6,477
  6,783
  7,106
  7,445
  7,802
  8,179
  8,574
  8,990
  9,428
  9,888
  10,372
  10,881
  11,416
  11,978
  12,568
  13,189
  13,841
Variable operating expenses, $m
  1,075
  1,113
  1,153
  1,195
  1,241
  1,289
  1,340
  1,394
  1,451
  1,512
  1,457
  1,524
  1,596
  1,670
  1,749
  1,833
  1,920
  2,012
  2,109
  2,211
  2,319
  2,432
  2,550
  2,675
  2,806
  2,944
  3,089
  3,241
  3,401
  3,569
Fixed operating expenses, $m
  1,567
  1,601
  1,636
  1,672
  1,709
  1,747
  1,785
  1,825
  1,865
  1,906
  1,948
  1,990
  2,034
  2,079
  2,125
  2,171
  2,219
  2,268
  2,318
  2,369
  2,421
  2,474
  2,529
  2,584
  2,641
  2,699
  2,759
  2,819
  2,881
  2,945
Total operating expenses, $m
  2,642
  2,714
  2,789
  2,867
  2,950
  3,036
  3,125
  3,219
  3,316
  3,418
  3,405
  3,514
  3,630
  3,749
  3,874
  4,004
  4,139
  4,280
  4,427
  4,580
  4,740
  4,906
  5,079
  5,259
  5,447
  5,643
  5,848
  6,060
  6,282
  6,514
Operating income, $m
  1,068
  1,141
  1,221
  1,308
  1,402
  1,503
  1,612
  1,728
  1,852
  1,985
  2,245
  2,396
  2,557
  2,728
  2,909
  3,102
  3,306
  3,522
  3,751
  3,994
  4,251
  4,522
  4,809
  5,113
  5,433
  5,772
  6,130
  6,507
  6,906
  7,326
EBITDA, $m
  3,740
  3,914
  4,101
  4,301
  4,516
  4,746
  4,991
  5,251
  5,528
  5,822
  6,135
  6,465
  6,816
  7,187
  7,579
  7,993
  8,431
  8,893
  9,381
  9,896
  10,440
  11,013
  11,617
  12,253
  12,924
  13,631
  14,375
  15,159
  15,985
  16,854
Interest expense (income), $m
  395
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
Earnings before tax, $m
  1,066
  1,139
  1,219
  1,306
  1,400
  1,501
  1,609
  1,725
  1,850
  1,982
  2,242
  2,393
  2,554
  2,724
  2,906
  3,098
  3,302
  3,518
  3,747
  3,990
  4,246
  4,517
  4,804
  5,107
  5,428
  5,766
  6,124
  6,501
  6,899
  7,319
Tax expense, $m
  288
  308
  329
  353
  378
  405
  434
  466
  499
  535
  605
  646
  689
  736
  785
  836
  892
  950
  1,012
  1,077
  1,146
  1,220
  1,297
  1,379
  1,466
  1,557
  1,653
  1,755
  1,863
  1,976
Net income, $m
  778
  832
  890
  953
  1,022
  1,095
  1,175
  1,259
  1,350
  1,447
  1,637
  1,747
  1,864
  1,989
  2,121
  2,261
  2,410
  2,568
  2,735
  2,912
  3,100
  3,298
  3,507
  3,728
  3,962
  4,209
  4,470
  4,746
  5,036
  5,343

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  -2,326
  -2,417
  -2,514
  -2,618
  -2,728
  -2,846
  -2,970
  -3,101
  -3,240
  -3,387
  -3,542
  -3,706
  -3,879
  -4,061
  -4,253
  -4,455
  -4,668
  -4,892
  -5,128
  -5,376
  -5,637
  -5,911
  -6,200
  -6,503
  -6,822
  -7,157
  -7,509
  -7,880
  -8,269
  -8,677
Adjusted assets (=assets-cash), $m
  -2,326
  -2,417
  -2,514
  -2,618
  -2,728
  -2,846
  -2,970
  -3,101
  -3,240
  -3,387
  -3,542
  -3,706
  -3,879
  -4,061
  -4,253
  -4,455
  -4,668
  -4,892
  -5,128
  -5,376
  -5,637
  -5,911
  -6,200
  -6,503
  -6,822
  -7,157
  -7,509
  -7,880
  -8,269
  -8,677
Revenue / Adjusted assets
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
  -1.595
Average production assets, $m
  25,538
  26,539
  27,608
  28,747
  29,958
  31,244
  32,607
  34,050
  35,577
  37,190
  38,894
  40,692
  42,589
  44,589
  46,696
  48,915
  51,252
  53,712
  56,301
  59,025
  61,890
  64,903
  68,072
  71,403
  74,905
  78,585
  82,454
  86,519
  90,790
  95,279
Working capital, $m
  -12,279
  -12,761
  -13,275
  -13,822
  -14,405
  -15,023
  -15,678
  -16,372
  -17,106
  -17,882
  -18,701
  -19,566
  -20,478
  -21,439
  -22,452
  -23,520
  -24,643
  -25,826
  -27,071
  -28,381
  -29,758
  -31,207
  -32,731
  -34,332
  -36,016
  -37,786
  -39,646
  -41,600
  -43,654
  -45,812
Total debt, $m
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  132
  139
Total liabilities, $m
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  132
  139
Total equity, $m
  -2,363
  -2,456
  -2,555
  -2,660
  -2,772
  -2,891
  -3,017
  -3,151
  -3,292
  -3,441
  -3,599
  -3,765
  -3,941
  -4,126
  -4,321
  -4,526
  -4,742
  -4,970
  -5,210
  -5,462
  -5,727
  -6,006
  -6,299
  -6,607
  -6,931
  -7,272
  -7,630
  -8,006
  -8,401
  -8,816
Total liabilities and equity, $m
  -2,326
  -2,417
  -2,515
  -2,618
  -2,728
  -2,845
  -2,969
  -3,101
  -3,240
  -3,387
  -3,542
  -3,706
  -3,879
  -4,061
  -4,253
  -4,455
  -4,667
  -4,892
  -5,128
  -5,376
  -5,637
  -5,911
  -6,200
  -6,503
  -6,822
  -7,157
  -7,510
  -7,880
  -8,269
  -8,677
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  778
  832
  890
  953
  1,022
  1,095
  1,175
  1,259
  1,350
  1,447
  1,637
  1,747
  1,864
  1,989
  2,121
  2,261
  2,410
  2,568
  2,735
  2,912
  3,100
  3,298
  3,507
  3,728
  3,962
  4,209
  4,470
  4,746
  5,036
  5,343
Depreciation, amort., depletion, $m
  2,672
  2,772
  2,879
  2,993
  3,114
  3,243
  3,379
  3,523
  3,676
  3,837
  3,889
  4,069
  4,259
  4,459
  4,670
  4,892
  5,125
  5,371
  5,630
  5,902
  6,189
  6,490
  6,807
  7,140
  7,490
  7,859
  8,245
  8,652
  9,079
  9,528
Funds from operations, $m
  3,450
  3,604
  3,769
  3,946
  4,136
  4,338
  4,554
  4,783
  5,026
  5,284
  5,526
  5,816
  6,123
  6,448
  6,791
  7,153
  7,536
  7,939
  8,365
  8,815
  9,289
  9,788
  10,314
  10,869
  11,453
  12,068
  12,716
  13,397
  14,115
  14,871
Change in working capital, $m
  -450
  -481
  -514
  -548
  -582
  -618
  -655
  -694
  -734
  -776
  -819
  -865
  -912
  -961
  -1,013
  -1,067
  -1,124
  -1,183
  -1,245
  -1,310
  -1,378
  -1,449
  -1,523
  -1,602
  -1,684
  -1,770
  -1,860
  -1,955
  -2,054
  -2,158
Cash from operations, $m
  3,900
  4,085
  4,283
  4,494
  4,718
  4,956
  5,209
  5,477
  5,760
  6,060
  6,346
  6,681
  7,035
  7,409
  7,804
  8,220
  8,659
  9,122
  9,610
  10,124
  10,666
  11,237
  11,838
  12,470
  13,137
  13,838
  14,576
  15,352
  16,169
  17,029
Maintenance CAPEX, $m
  -2,461
  -2,554
  -2,654
  -2,761
  -2,875
  -2,996
  -3,124
  -3,261
  -3,405
  -3,558
  -3,719
  -3,889
  -4,069
  -4,259
  -4,459
  -4,670
  -4,892
  -5,125
  -5,371
  -5,630
  -5,902
  -6,189
  -6,490
  -6,807
  -7,140
  -7,490
  -7,859
  -8,245
  -8,652
  -9,079
New CAPEX, $m
  -933
  -1,001
  -1,069
  -1,139
  -1,211
  -1,286
  -1,363
  -1,443
  -1,527
  -1,613
  -1,704
  -1,798
  -1,897
  -2,000
  -2,107
  -2,219
  -2,337
  -2,460
  -2,589
  -2,724
  -2,865
  -3,013
  -3,168
  -3,331
  -3,502
  -3,681
  -3,868
  -4,065
  -4,272
  -4,488
Cash from investing activities, $m
  -3,394
  -3,555
  -3,723
  -3,900
  -4,086
  -4,282
  -4,487
  -4,704
  -4,932
  -5,171
  -5,423
  -5,687
  -5,966
  -6,259
  -6,566
  -6,889
  -7,229
  -7,585
  -7,960
  -8,354
  -8,767
  -9,202
  -9,658
  -10,138
  -10,642
  -11,171
  -11,727
  -12,310
  -12,924
  -13,567
Free cash flow, $m
  507
  530
  560
  594
  632
  675
  722
  773
  829
  889
  923
  993
  1,069
  1,151
  1,238
  1,331
  1,431
  1,537
  1,650
  1,771
  1,899
  2,035
  2,179
  2,332
  2,494
  2,667
  2,849
  3,042
  3,246
  3,462
Issuance/(repayment) of debt, $m
  2
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
Issuance/(repurchase) of shares, $m
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -134
  -141
  -149
  -158
  -166
  -176
  -185
  -195
  -205
  -216
  -228
  -240
  -252
  -265
  -279
  -293
  -308
  -324
  -341
  -358
  -376
  -395
  -415
Cash from financing (excl. dividends), $m  
  -85
  -92
  -97
  -103
  -110
  -117
  -124
  -132
  -139
  -147
  -156
  -163
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -248
  -261
  -275
  -288
  -303
  -319
  -336
  -352
  -370
  -389
  -408
Total cash flow (excl. dividends), $m
  421
  439
  463
  491
  522
  558
  597
  641
  690
  742
  767
  829
  896
  968
  1,046
  1,129
  1,218
  1,313
  1,414
  1,523
  1,638
  1,760
  1,890
  2,029
  2,176
  2,331
  2,496
  2,671
  2,857
  3,053
Retained Cash Flow (-), $m
  87
  93
  99
  105
  112
  119
  126
  134
  141
  149
  158
  166
  176
  185
  195
  205
  216
  228
  240
  252
  265
  279
  293
  308
  324
  341
  358
  376
  395
  415
Prev. year cash balance distribution, $m
  2,276
  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
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
Cash available for distribution, $m
  2,785
  532
  562
  596
  634
  677
  724
  775
  831
  891
  925
  996
  1,072
  1,154
  1,241
  1,334
  1,434
  1,541
  1,654
  1,775
  1,903
  2,039
  2,184
  2,337
  2,500
  2,672
  2,854
  3,048
  3,252
  3,468
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  2,785
  532
  562
  596
  634
  677
  724
  775
  831
  891
  925
  996
  1,072
  1,154
  1,241
  1,334
  1,434
  1,541
  1,654
  1,775
  1,903
  2,039
  2,184
  2,337
  2,500
  2,672
  2,854
  3,048
  3,252
  3,468
Current shareholders' claim on cash, %
  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

Ventas, Inc. is a real estate investment trust (REIT) with its properties located throughout the United States, Canada and the United Kingdom. The Company operates through three segments: triple-net leased properties, senior living operations and office operations. Under its triple-net leased properties segment, the Company invests in and owns seniors housing and healthcare properties throughout the United States and the United Kingdom and leases those properties to healthcare operating companies under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses. In its senior living operations segment, it invests in seniors housing communities throughout the United States and Canada and engages independent operators to manage those communities. In its office operations segment, the Company primarily acquires, owns, develops, leases and manages medical office buildings (MOBs) and life science and innovation centers throughout the United States.

FINANCIAL RATIOS  of  Ventas (VTR)

Valuation Ratios
P/E Ratio 32.1
Price to Sales 6.1
Price to Book 2
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 18.9
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15%
Cap. Spend. - 3 Yr. Gr. Rate 8.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 104.4%
Total Debt to Equity 104.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 6.4%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 58.1%
Gross Margin - 3 Yr. Avg. 57.2%
EBITDA Margin 52.8%
EBITDA Margin - 3 Yr. Avg. 53.5%
Operating Margin 27.6%
Oper. Margin - 3 Yr. Avg. 24.7%
Pre-Tax Margin 15.2%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin 18.8%
Net Profit Margin - 3 Yr. Avg. 16.2%
Effective Tax Rate -5.9%
Eff/ Tax Rate - 3 Yr. Avg. -6.5%
Payout Ratio 157.9%

VTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VTR stock intrinsic value calculation we used $3574 million for the last fiscal year's total revenue generated by Ventas. The default revenue input number comes from 2017 income statement of Ventas. 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 VTR stock valuation model: a) initial revenue growth rate of 3.8% 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 0%, whose default value for VTR is calculated based on our internal credit rating of Ventas, 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 Ventas.
    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 VTR stock the variable cost ratio is equal to 29.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1533 million in the base year in the intrinsic value calculation for VTR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Ventas.

Corporate tax rate of 27% is the nominal tax rate for Ventas. 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 VTR stock is equal to 0.7%.

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 VTR are equal to 688.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Ventas 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 VTR is equal to -331%. 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 - $0 million for Ventas - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 355 million for Ventas 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 Ventas at the current share price and the inputted number of shares is $20.9 billion.

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COMPANY NEWS

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▶ Correction: PepsiCo-CEO-Women-Glance story   [Aug-07-18 06:57PM  Associated Press]
▶ Ventas Announces Pricing of Senior Notes Offering   [Aug-06-18 05:13PM  Business Wire]
▶ [$$] Ventas Profit Up in 2Q, Revenue Increases   [08:27AM  The Wall Street Journal]
▶ Ventas, Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Ventas Reports 2018 Second Quarter Results   [07:18AM  Business Wire]
▶ Should You Buy Ventas (VTR) Ahead of Earnings?   [Jul-26-18 08:50AM  Zacks]
▶ 5 Top Stock Trades for Thursday Is Microns Run Over?   [Jun-27-18 03:51PM  InvestorPlace]
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▶ Does Ventas Inc (NYSE:VTR) Have A Place In Your Portfolio?   [May-18-18 04:27PM  Simply Wall St.]
▶ Top Rated NasdaqGS Dividend Stocks   [May-02-18 09:02AM  Simply Wall St.]
▶ Ventas: Cramer's Top Takeaways   [06:30AM  TheStreet.com]
▶ Cramer Remix: The world has turned on this sector   [Apr-30-18 07:06PM  CNBC Videos]
▶ Ventas, Inc. to Host Earnings Call   [07:45AM  ACCESSWIRE]
▶ Ventas: 1Q Earnings Snapshot   [07:08AM  Associated Press]
▶ Ventas Reports 2018 First Quarter Results   [06:58AM  Business Wire]
▶ Look Past Near Term for Healthcare REITs' Value   [Apr-25-18 07:00AM  Morningstar]
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▶ The Biggest Movers: Ventas Edges Up; Incyte Plunges   [Apr-06-18 04:51PM  Barrons.com]
▶ 3 Top Dividend Stocks to Buy in March   [Mar-21-18 07:19PM  Motley Fool]
▶ 2 Cheap Stocks That Could Make Your Grandkids Rich   [Mar-14-18 08:17AM  Motley Fool]
▶ 4 High-Quality REITs For Retirement   [Mar-13-18 12:22PM  Forbes]
▶ 7 Healthy REITs in Medical Properties and Senior Living   [Mar-08-18 06:00AM  Investopedia]
▶ Best NYSE Dividend Paying Companies   [Mar-05-18 08:02AM  Simply Wall St.]
▶ How to Pick REITs with 160% Upside as Rates Rise   [03:56AM  Harvest Exchange]
▶ 4 REITs To Help You Sleep Well At Night   [Feb-16-18 11:46AM  Forbes]
▶ Netflix and Fossil jump while Groupon and Ventas stumble   [Feb-14-18 04:36PM  Associated Press]
▶ Ventas Announces Pricing of Senior Notes Offering   [Feb-13-18 05:07PM  Business Wire]
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