Intrinsic value of Washington Prime Group - WPG

Previous Close

$7.02

  Intrinsic Value

$1.47

stock screener

  Rating & Target

str. sell

-79%

Previous close

$7.02

 
Intrinsic value

$1.47

 
Up/down potential

-79%

 
Rating

str. sell

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

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

We calculate the intrinsic value of WPG 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 1.3

 

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, %
  -8.47
  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
  843
  860
  880
  902
  928
  956
  987
  1,020
  1,057
  1,096
  1,138
  1,183
  1,231
  1,282
  1,336
  1,394
  1,455
  1,520
  1,588
  1,660
  1,737
  1,817
  1,902
  1,991
  2,086
  2,185
  2,290
  2,400
  2,515
  2,637
  2,765
Variable operating expenses, $m
 
  824
  843
  864
  889
  916
  945
  977
  1,012
  1,050
  1,090
  1,133
  1,179
  1,228
  1,280
  1,335
  1,394
  1,456
  1,521
  1,591
  1,664
  1,741
  1,822
  1,908
  1,998
  2,093
  2,193
  2,299
  2,410
  2,526
  2,649
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
  626
  824
  843
  864
  889
  916
  945
  977
  1,012
  1,050
  1,090
  1,133
  1,179
  1,228
  1,280
  1,335
  1,394
  1,456
  1,521
  1,591
  1,664
  1,741
  1,822
  1,908
  1,998
  2,093
  2,193
  2,299
  2,410
  2,526
  2,649
Operating income, $m
  218
  36
  37
  38
  39
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  116
EBITDA, $m
  504
  328
  336
  344
  354
  365
  377
  389
  403
  418
  434
  452
  470
  489
  510
  532
  555
  580
  606
  634
  663
  694
  726
  760
  796
  834
  874
  916
  960
  1,007
  1,056
Interest expense (income), $m
  126
  123
  125
  129
  133
  137
  141
  147
  152
  158
  165
  172
  179
  187
  196
  205
  214
  225
  235
  247
  259
  272
  285
  299
  314
  330
  346
  364
  382
  401
  422
Earnings before tax, $m
  80
  -87
  -89
  -91
  -94
  -97
  -100
  -104
  -108
  -112
  -117
  -122
  -128
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -291
  -305
Tax expense, $m
  3
  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
Net income, $m
  67
  -87
  -89
  -91
  -94
  -97
  -100
  -104
  -108
  -112
  -117
  -122
  -128
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -291
  -305

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  59
  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
  5,107
  5,149
  5,267
  5,403
  5,555
  5,723
  5,908
  6,109
  6,327
  6,561
  6,813
  7,083
  7,370
  7,676
  8,001
  8,347
  8,712
  9,100
  9,509
  9,942
  10,398
  10,880
  11,389
  11,924
  12,489
  13,084
  13,710
  14,368
  15,062
  15,791
  16,559
Adjusted assets (=assets-cash), $m
  5,048
  5,149
  5,267
  5,403
  5,555
  5,723
  5,908
  6,109
  6,327
  6,561
  6,813
  7,083
  7,370
  7,676
  8,001
  8,347
  8,712
  9,100
  9,509
  9,942
  10,398
  10,880
  11,389
  11,924
  12,489
  13,084
  13,710
  14,368
  15,062
  15,791
  16,559
Revenue / Adjusted assets
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
Average production assets, $m
  4,354
  4,440
  4,542
  4,659
  4,790
  4,935
  5,095
  5,268
  5,456
  5,658
  5,876
  6,108
  6,356
  6,620
  6,900
  7,198
  7,513
  7,847
  8,200
  8,574
  8,967
  9,383
  9,821
  10,284
  10,770
  11,283
  11,823
  12,391
  12,989
  13,618
  14,280
Working capital, $m
  0
  -60
  -62
  -63
  -65
  -67
  -69
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
Total debt, $m
  3,506
  3,585
  3,679
  3,787
  3,908
  4,042
  4,189
  4,349
  4,522
  4,708
  4,909
  5,123
  5,351
  5,595
  5,853
  6,128
  6,418
  6,726
  7,052
  7,396
  7,759
  8,142
  8,546
  8,972
  9,421
  9,893
  10,391
  10,915
  11,466
  12,046
  12,656
Total liabilities, $m
  4,014
  4,093
  4,187
  4,295
  4,416
  4,550
  4,697
  4,857
  5,030
  5,216
  5,417
  5,631
  5,859
  6,103
  6,361
  6,636
  6,926
  7,234
  7,560
  7,904
  8,267
  8,650
  9,054
  9,480
  9,929
  10,401
  10,899
  11,423
  11,974
  12,554
  13,164
Total equity, $m
  1,093
  1,056
  1,080
  1,108
  1,139
  1,173
  1,211
  1,252
  1,297
  1,345
  1,397
  1,452
  1,511
  1,574
  1,640
  1,711
  1,786
  1,865
  1,949
  2,038
  2,132
  2,230
  2,335
  2,445
  2,560
  2,682
  2,810
  2,946
  3,088
  3,237
  3,395
Total liabilities and equity, $m
  5,107
  5,149
  5,267
  5,403
  5,555
  5,723
  5,908
  6,109
  6,327
  6,561
  6,814
  7,083
  7,370
  7,677
  8,001
  8,347
  8,712
  9,099
  9,509
  9,942
  10,399
  10,880
  11,389
  11,925
  12,489
  13,083
  13,709
  14,369
  15,062
  15,791
  16,559
Debt-to-equity ratio
  3.208
  3.400
  3.410
  3.420
  3.430
  3.450
  3.460
  3.470
  3.490
  3.500
  3.510
  3.530
  3.540
  3.560
  3.570
  3.580
  3.590
  3.610
  3.620
  3.630
  3.640
  3.650
  3.660
  3.670
  3.680
  3.690
  3.700
  3.710
  3.710
  3.720
  3.730
Adjusted equity ratio
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  67
  -87
  -89
  -91
  -94
  -97
  -100
  -104
  -108
  -112
  -117
  -122
  -128
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -291
  -305
Depreciation, amort., depletion, $m
  286
  292
  299
  307
  315
  325
  335
  347
  359
  372
  387
  402
  418
  436
  454
  474
  494
  516
  540
  564
  590
  617
  646
  677
  709
  742
  778
  815
  855
  896
  939
Funds from operations, $m
  221
  206
  210
  216
  222
  228
  235
  243
  251
  260
  270
  280
  291
  302
  314
  327
  341
  355
  371
  387
  404
  422
  441
  461
  482
  504
  528
  552
  578
  605
  634
Change in working capital, $m
  -69
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
Cash from operations, $m
  290
  207
  212
  217
  223
  230
  237
  245
  254
  263
  272
  283
  294
  306
  318
  331
  345
  360
  376
  392
  409
  428
  447
  467
  489
  511
  535
  560
  586
  614
  643
Maintenance CAPEX, $m
  0
  -286
  -292
  -299
  -307
  -315
  -325
  -335
  -347
  -359
  -372
  -387
  -402
  -418
  -436
  -454
  -474
  -494
  -516
  -540
  -564
  -590
  -617
  -646
  -677
  -709
  -742
  -778
  -815
  -855
  -896
New CAPEX, $m
  -174
  -87
  -102
  -117
  -131
  -145
  -159
  -174
  -188
  -202
  -217
  -232
  -248
  -264
  -281
  -298
  -315
  -334
  -353
  -373
  -394
  -416
  -438
  -462
  -487
  -513
  -540
  -568
  -598
  -629
  -662
Cash from investing activities, $m
  -126
  -373
  -394
  -416
  -438
  -460
  -484
  -509
  -535
  -561
  -589
  -619
  -650
  -682
  -717
  -752
  -789
  -828
  -869
  -913
  -958
  -1,006
  -1,055
  -1,108
  -1,164
  -1,222
  -1,282
  -1,346
  -1,413
  -1,484
  -1,558
Free cash flow, $m
  164
  -167
  -183
  -198
  -214
  -230
  -247
  -264
  -281
  -299
  -317
  -336
  -356
  -376
  -398
  -420
  -444
  -468
  -494
  -521
  -549
  -578
  -609
  -641
  -675
  -710
  -747
  -786
  -827
  -870
  -915
Issuance/(repayment) of debt, $m
  17
  79
  94
  108
  121
  134
  147
  160
  173
  187
  200
  214
  229
  243
  259
  274
  291
  308
  326
  344
  363
  383
  404
  426
  449
  473
  498
  524
  551
  580
  610
Issuance/(repurchase) of shares, $m
  1
  108
  113
  119
  125
  131
  138
  145
  152
  160
  169
  177
  187
  196
  206
  217
  228
  240
  253
  266
  280
  294
  309
  325
  342
  360
  378
  398
  419
  440
  463
Cash from financing (excl. dividends), $m  
  14
  187
  207
  227
  246
  265
  285
  305
  325
  347
  369
  391
  416
  439
  465
  491
  519
  548
  579
  610
  643
  677
  713
  751
  791
  833
  876
  922
  970
  1,020
  1,073
Total cash flow (excl. dividends), $m
  178
  21
  24
  28
  31
  35
  38
  41
  45
  48
  52
  56
  59
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  150
  158
Retained Cash Flow (-), $m
  123
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -169
  -177
  -187
  -196
  -206
  -217
  -228
  -240
  -253
  -266
  -280
  -294
  -309
  -325
  -342
  -360
  -378
  -398
  -419
  -440
  -463
Prev. year cash balance distribution, $m
 
  59
  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
 
  -28
  -88
  -91
  -93
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -177
  -185
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -276
  -290
  -305
Discount rate, %
 
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.84
  17.69
  18.57
  19.50
  20.47
  21.50
  22.57
  23.70
  24.88
  26.13
  27.44
  28.81
  30.25
  31.76
  33.35
  35.02
  36.77
  38.60
  40.53
  42.56
  44.69
  46.92
PV of cash for distribution, $m
 
  -25
  -71
  -64
  -57
  -50
  -44
  -38
  -33
  -28
  -23
  -19
  -15
  -12
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.9
  84.4
  77.2
  70.6
  64.3
  58.5
  53.2
  48.3
  43.7
  39.6
  35.7
  32.3
  29.1
  26.2
  23.6
  21.2
  19.1
  17.1
  15.3
  13.8
  12.3
  11.0
  9.9
  8.8
  7.9
  7.1
  6.3
  5.6
  5.0
  4.5

Washington Prime Group Inc. (WPG Inc.), formerly WP Glimcher Inc., operates as a self-administered and self-managed real estate investment trust (REIT). The Company's primary business is the ownership, development and management of retail real estate within the United States. The Company owns, develops and manages enclosed retail properties and community centers. As of December 31, 2016, its assets consisted of material interests in 114 shopping centers in the United States, consisting of approximately 63 million square feet of gross leasable area. The Company also owns parcels of land, which can be used for either the development of new shopping centers or the expansion of existing properties. Washington Prime Group, L.P. is the Company's majority-owned partnership subsidiary that owns, develops and manages, through its affiliates, all of WPG Inc.'s real estate properties and other assets. Its properties include Irving Mall, Lindale Mall, Markland Plaza and Royal Eagle Plaza.

FINANCIAL RATIOS  of  Washington Prime Group (WPG)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 11.2
Growth Rates
Sales Growth Rate -8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.1%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 320.8%
Total Debt to Equity 320.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 5.8%
Return On Equity - 3 Yr. Avg. 3.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 67.6%
Gross Margin - 3 Yr. Avg. 66.9%
EBITDA Margin 58.4%
EBITDA Margin - 3 Yr. Avg. 56.8%
Operating Margin 25.7%
Oper. Margin - 3 Yr. Avg. 24.5%
Pre-Tax Margin 9.5%
Pre-Tax Margin - 3 Yr. Avg. 9.9%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 8.1%
Effective Tax Rate 3.8%
Eff/ Tax Rate - 3 Yr. Avg. 1.2%
Payout Ratio 350.7%

WPG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WPG stock intrinsic value calculation we used $843 million for the last fiscal year's total revenue generated by Washington Prime Group. The default revenue input number comes from 2016 income statement of Washington Prime 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 WPG 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 11.4%, whose default value for WPG is calculated based on our internal credit rating of Washington Prime 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 Washington Prime 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 WPG stock the variable cost ratio is equal to 95.8%.

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 WPG 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 3.5% for Washington Prime Group.

Corporate tax rate of 27% is the nominal tax rate for Washington Prime 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 WPG 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 WPG are equal to 516.4%.

Life of production assets of 15.2 years is the average useful life of capital assets used in Washington Prime 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 WPG is equal to -7%. 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 - $1093 million for Washington Prime 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 185.36 million for Washington Prime 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 Washington Prime Group at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ 5 Dividend Stocks for Bull and Bear Markets   [Dec-07-17 08:00AM  Investopedia]
▶ Washington Prime CEO on Retail Trends and Consolidation   [Nov-22-17 03:57PM  Bloomberg Video]
▶ 7 Dividend Funds Yielding Over 5.3%   [Nov-13-17 03:16PM  InvestorPlace]
▶ How and why Polaris Fashion Place is tapping into e-commerce   [01:05PM  American City Business Journals]
▶ Cottonwood Mall Macy's space to get multimillion-dollar facelift   [Oct-26-17 01:40PM  American City Business Journals]
▶ WP Glimcher reports 3Q results   [Oct-25-17 07:03PM  Associated Press]
▶ 3 Reasons Why J C Penney Company Inc Stock Will Rebound   [Oct-18-17 01:50PM  InvestorPlace]
▶ Washington Prime Group Announces Strategic Transactions   [Oct-04-17 05:28PM  Business Wire]
▶ Bruce Berkowitz Buys Washington Prime Group Inc   [Aug-22-17 06:38PM  GuruFocus.com]
▶ Vantiv Seals $12B Worldpay Deal   [Aug-09-17 07:19AM  Investopedia]
▶ WP Glimcher reports 2Q results   [Jul-26-17 11:57PM  Associated Press]
▶ Vantiv Bids $10 Bln To Buy Payment Co. Over JPM   [Jul-05-17 12:25PM  Investopedia]
▶ Washington Prime Group sells $340M stake in 6 mall properties   [May-16-17 05:55PM  American City Business Journals]
▶ Top Ranked Income Stocks to Buy for May 12th   [May-12-17 11:10AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 9th   [May-09-17 11:04AM  Zacks]
▶ Washington Prime Group CEO rips e-commerce hysteria amid retail mall struggles   [Apr-27-17 03:00PM  American City Business Journals]
▶ Washington Prime Group Reports First Quarter 2017 Results   [Apr-26-17 04:15PM  Business Wire]
▶ Hawaii firm makes 100% return on Pearlridge shopping center investment   [01:54PM  American City Business Journals]
▶ Pearlridge owners gain full control of mall with $70M 'uptown' purchase   [08:52PM  American City Business Journals]
▶ Malls May Regret Helping Amazon.com Beat Their Stores   [Feb-27-17 04:33PM  at Motley Fool]
Financial statements of WPG
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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