JBG SMITH Properties
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Let's analyse JBG SMITH Properties together

Penke I guess you are interested in JBG SMITH Properties. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of JBG SMITH Properties. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of JBG SMITH Properties (30 sec.)

What can you expect buying and holding a share of JBG SMITH Properties? (30 sec.)

How much money do you get?

$0.89

When do you have the money?

1 year

How often do you get paid?

87.9%

What is your share worth?

Current worth

$28.21

Expected worth in 1 year

$28.36

How sure are you?

60.6%

+ What do you gain per year?

Total Gains per Share

$1.04

Return On Investment

6.9%

For what price can you sell your share?

Current Price per Share

$15.15

Expected price per share

$13.99 - $17.25

How sure are you?

50%

1. Valuation of JBG SMITH Properties (5 min.)

Live pricePrice per Share (EOD)

$15.15

Book Value per Share

$28.21

Intrinsic Value Per Share

$-0.68 - $-0.82

Total Value Per Share

$27.53 - $27.39

My calculation of the intrinsic value of JBG SMITH Properties is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 3Y: ($0.00) TTM: ($-0.36)
The change per quarter (trend) of the Free Cash Flow Per Share is 3Y: ($0.00) TTM: ($0.07)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-0.02	$-0.02	$-0.03 - $-0.03
2	$-0.05	$-0.05	$-0.04 - $-0.04
3	$-0.10	$-0.11	$-0.06 - $-0.06
4	$-0.16	$-0.17	$-0.08 - $-0.08
5	$-0.23	$-0.25	$-0.10 - $-0.10
6	$-0.31	$-0.34	$-0.12 - $-0.12
7	$-0.39	$-0.45	$-0.13 - $-0.13
8	$-0.48	$-0.56	$-0.15 - $-0.15
9	$-0.58	$-0.69	$-0.17 - $-0.17
10	$-0.68	$-0.82	$-0.19 - $-0.19

2. Growth of JBG SMITH Properties (5 min.)

Is JBG SMITH Properties growing?

	Current year	Previous year	Grow	Grow %
How rich?	$2.6b	$3.3b	-$363.4m	-12.3%

How much money is JBG SMITH Properties making?

	Current year	Previous year	Grow	Grow %
Making money	-$19.9m	$20.2m	-$40.1m	-201.0%
Net Profit Margin	-13.4%	14.1%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of JBG SMITH Properties (5 min.)

What can you expect buying and holding a share of JBG SMITH Properties? (5 min.)

Welcome investor! JBG SMITH Properties's management wants to use your money to grow the business. In return you get a share of JBG SMITH Properties.

What can you expect buying and holding a share of JBG SMITH Properties?

First you should know what it really means to hold a share of JBG SMITH Properties. And how you can make/lose money.

Speculation

The Price per Share of JBG SMITH Properties is $15.15. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of JBG SMITH Properties.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in JBG SMITH Properties, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $28.21. Based on the TTM, the Book Value Change Per Share is $0.04 per quarter. Based on the YOY, the Book Value Change Per Share is $1.32 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.22 per quarter.

Based on historical numbers we can estimate the returns while holding a share of JBG SMITH Properties.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	-0.34	-2.3%	-0.21	-1.4%	0.17	1.1%	-0.04	-0.2%	0.00	0.0%
Usd Book Value Change Per Share	0.13	0.8%	0.04	0.2%	1.32	8.7%	-0.06	-0.4%	0.85	5.6%
Usd Dividend Per Share	0.23	1.5%	0.22	1.5%	0.23	1.5%	0.23	1.5%	0.19	1.3%
Usd Total Gains Per Share	0.35	2.3%	0.26	1.7%	1.55	10.2%	0.17	1.2%	1.05	6.9%
Usd Price Per Share	17.01	-	15.39	-	22.61	-	27.64	-	23.14	-
Price to Earnings Ratio	-12.45	-	-9.38	-	-7,242.48	-	-1,423.75	-	-864.92	-
Price-to-Total Gains Ratio	48.46	-	-63.45	-	-0.03	-	104.73	-	73.79	-
Price to Book Ratio	0.60	-	0.55	-	0.82	-	0.98	-	0.80	-
Price-to-Total Gains Ratio	48.46	-	-63.45	-	-0.03	-	104.73	-	73.79	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	15.15
Number of shares	66

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.22	0.23
Usd Book Value Change Per Share	0.04	-0.06
Usd Total Gains Per Share	0.26	0.17
Gains per Quarter (66 shares)	17.20	11.51
Gains per Year (66 shares)	68.81	46.06

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	59	10	59	61	-15	36
2	118	20	128	121	-29	82
3	177	29	197	182	-44	128
4	236	39	266	243	-58	174
5	295	49	335	303	-73	220
6	354	59	404	364	-88	266
7	413	68	473	425	-102	312
8	472	78	542	485	-117	358
9	531	88	611	546	-132	404
10	590	98	680	607	-146	450

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	1.0	3.0	0.0	25.0%	3.0	9.0	0.0	25.0%	7.0	13.0	0.0	35.0%	17.0	16.0	0.0	51.5%	17.0	16.0	0.0	51.5%
Book Value Change Per Share	2.0	2.0	0.0	50.0%	6.0	6.0	0.0	50.0%	7.0	13.0	0.0	35.0%	14.0	17.0	2.0	42.4%	14.0	17.0	2.0	42.4%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	29.0	0.0	4.0	87.9%	29.0	0.0	4.0	87.9%
Total Gains per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	12.0	8.0	0.0	60.0%	20.0	12.0	1.0	60.6%	20.0	12.0	1.0	60.6%

Fundamentals of JBG SMITH Properties

About JBG SMITH Properties

https://www.jbgsmith.com
844
4747 Bethesda Avenue, Bethesda, MD, United States, 20814-4641
Google Maps Bing Maps

JBG SMITH owns, operates, invests in, and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around Washington, DC, most notably National Landing. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's new headquarters; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket's proximity to the Pentagon; and JBG SMITH's deployment of 5G digital infrastructure. JBG SMITH's dynamic portfolio currently comprises 14.2 million square feet of high-growth office, multifamily, and retail assets at share, 99% of which are Metro-served. It also maintains a development pipeline encompassing 8.8 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually.

Fundamental data was last updated by Penke on 2024-04-04 16:58:02.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is expensive.

1.1. Profitability of JBG SMITH Properties.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit JBG SMITH Properties earns for each $1 of revenue.

Above 10% is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
A Net Profit Margin of -22.1% means that $-0.22 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of JBG SMITH Properties:

The MRQ is -22.1%. The company is making a huge loss. -2
The TTM is -13.4%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-22.1%	TTM	-13.4%	-8.7%
TTM	-13.4%	YOY	14.1%	-27.4%
TTM	-13.4%	5Y	-2.5%	-10.8%
5Y	-2.5%	10Y	0.0%	-2.5%

Measures how much net profit JBG SMITH Properties earns for each $1 of revenue.

Revenue is the amount of profit JBG SMITH Properties generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit JBG SMITH Properties earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
Can be used to compare companies within the REIT - Office industry.

You typically want a high profit margin. This means that for each $1 in sales, JBG SMITH Properties makes more profit. This shows the investor how efficiently JBG SMITH Properties is operating in general and compared to other companies in the same industry. JBG SMITH Properties operates in the REIT - Office industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of JBG SMITH Properties. If profit margins remain low (compared to the REIT - Office industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of JBG SMITH Properties is -0.22. This means that JBG SMITH Properties earned $-0.22 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare JBG SMITH Properties with other companies in the same industry (REIT - Office).
Net profit margin should rise over the years.
Can be influenced when JBG SMITH Properties sells assets (profit will increase while costs remain the same).
It won’t show what part of JBG SMITH Properties is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of JBG SMITH Properties

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ JBG SMITH Properties = -32,597
Total revenue MRQ JBG SMITH Properties = 147,579
$-32,597 / $147,579 = -0.22 or -22.1%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient JBG SMITH Properties is using its assets to generate profit.

Above 5% is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
-0.6% Return on Assets means that JBG SMITH Properties generated $-0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of JBG SMITH Properties:

The MRQ is -0.6%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -0.4%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-0.6%	TTM	-0.4%	-0.2%
TTM	-0.4%	YOY	0.4%	-0.7%
TTM	-0.4%	5Y	-0.1%	-0.3%
5Y	-0.1%	10Y	0.0%	-0.1%

Shows how efficient JBG SMITH Properties is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively JBG SMITH Properties is using its resources to generate profit. If the return on assets (-0.6%) from JBG SMITH Properties are higher than the REIT - Office mean () that means JBG SMITH Properties is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of JBG SMITH Properties is -0.6%. This means the company generated $-0.01 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example JBG SMITH Properties

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from JBG SMITH Properties = -32,597
Total assets MRQ (balance sheet) from JBG SMITH Properties = 5,518,515
-32,597 / 5,518,515 = -0.01 or -0.6%

ROA is an important ratio as it will tell you how effectively JBG SMITH Properties is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient JBG SMITH Properties is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
-1.5% Return on Equity means JBG SMITH Properties generated $-0.01 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of JBG SMITH Properties:

The MRQ is -1.5%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -0.9%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-1.5%	TTM	-0.9%	-0.6%
TTM	-0.9%	YOY	0.7%	-1.6%
TTM	-0.9%	5Y	-0.2%	-0.7%
5Y	-0.2%	10Y	0.0%	-0.2%

Shows how efficient JBG SMITH Properties is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the REIT - Office industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of JBG SMITH Properties is -1.5%. This means JBG SMITH Properties generated $-0.01 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if JBG SMITH Properties existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of JBG SMITH Properties

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) JBG SMITH Properties = -32,597
Shareholders equity (balance sheet) MRQ JBG SMITH Properties = 2,222,876
-32,597 / 2,222,876 = -0.01 or -1.5%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of JBG SMITH Properties.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient JBG SMITH Properties is operating .

Measures how much profit JBG SMITH Properties makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
An Operating Margin of -13.1% means the company generated $-0.13 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of JBG SMITH Properties:

The MRQ is -13.1%. The company is operating very inefficient. -2
The TTM is 4.6%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	-13.1%	TTM	4.6%	-17.7%
TTM	4.6%	YOY	2.7%	+1.9%
TTM	4.6%	5Y	0.1%	+4.4%
5Y	0.1%	10Y	4.3%	-4.2%

Measures how efficient JBG SMITH Properties is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit JBG SMITH Properties is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of JBG SMITH Properties is -13.1%. This means that JBG SMITH Properties earned $-0.13 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of JBG SMITH Properties

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ JBG SMITH Properties = -19,291
Total revenue MRQ JBG SMITH Properties = 147,579
$-19,291 / $147,579 = -0.13 or -13.1%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient JBG SMITH Properties is keeping operating costs low.

Below 1 is considered healthy (always compare to REIT - Office industry mean).
An Operation Ratio of 0.95 means that the operating costs are $0.95 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of JBG SMITH Properties:

The MRQ is 0.948. The company is less efficient in keeping operating costs low.
The TTM is 0.921. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.948	TTM	0.921	+0.028
TTM	0.921	YOY	0.963	-0.043
TTM	0.921	5Y	0.973	-0.052
5Y	0.973	10Y	0.918	+0.055

Measures how efficient JBG SMITH Properties is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of JBG SMITH Properties is 94.8%. This means that JBG SMITH Properties earned $0.95 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example JBG SMITH Properties

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(70,159 +69,809) \ 147,579 = 0.95

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of JBG SMITH Properties.

1.3. Liquidity

1.3.1. Current Ratio

Measures if JBG SMITH Properties is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to REIT - Office industry mean).
A Current Ratio of 2.30 means the company has $2.30 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of JBG SMITH Properties:

The MRQ is 2.298. The company is able to pay all its short-term debts. +1
The TTM is 2.953. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	2.298	TTM	2.953	-0.655
TTM	2.953	YOY	3.823	-0.870
TTM	2.953	5Y	3.988	-1.035
5Y	3.988	10Y	3.284	+0.704

Measures if JBG SMITH Properties is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to REIT - Office industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for JBG SMITH Properties if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of JBG SMITH Properties is 2.30. This means JBG SMITH Properties has $2.30 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example JBG SMITH Properties

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
429,487 \ 186,874) = 2.30

The current ratio measures if JBG SMITH Properties is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if JBG SMITH Properties is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then JBG SMITH Properties does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate JBG SMITH Properties is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if JBG SMITH Properties is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
A Quick Ratio of 2.03 means the company can pay off $2.03 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of JBG SMITH Properties:

The MRQ is 2.035. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 2.604. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	2.035	TTM	2.604	-0.570
TTM	2.604	YOY	2.792	-0.187
TTM	2.604	5Y	3.685	-1.081
5Y	3.685	10Y	3.051	+0.634

Measures if JBG SMITH Properties is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast JBG SMITH Properties can pay off its short term debts. This shows if JBG SMITH Properties can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of JBG SMITH Properties is 2.03. This means that JBG SMITH Properties can pay off $2.03 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example JBG SMITH Properties

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio JBG SMITH Properties: (164,773 + 0 +215,460) / 186,874 = 2.03

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of JBG SMITH Properties.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of JBG SMITH Properties assets are financed with debt.

Below 1 (100%) is considered healthy but always compare JBG SMITH Properties to REIT - Office industry mean.
A Debt to Asset Ratio of 0.51 means that JBG SMITH Properties assets are financed with 51.2% credit (debt) and the remaining percentage (100% - 51.2%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of JBG SMITH Properties:

The MRQ is 0.512. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.484. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.512	TTM	0.484	+0.028
TTM	0.484	YOY	0.440	+0.043
TTM	0.484	5Y	0.416	+0.068
5Y	0.416	10Y	0.414	+0.002

Measures how much % of JBG SMITH Properties assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake JBG SMITH Properties than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare JBG SMITH Properties to REIT - Office industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of JBG SMITH Properties is 0.51. This means means that JBG SMITH Properties is financed with 51.2% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why JBG SMITH Properties has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example JBG SMITH Properties

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
2,825,929 \ 5,518,515 = 51.2% or 0.51.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if JBG SMITH Properties is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare JBG SMITH Properties to the REIT - Office industry mean.
A Debt to Equity ratio of 127.1% means that company has $1.27 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of JBG SMITH Properties:

The MRQ is 1.271. The company is able to pay all its debts with equity. +1
The TTM is 1.123. The company is able to pay all its debts with equity. +1

Trends

Current period		Compared to		+/-
MRQ	1.271	TTM	1.123	+0.149
TTM	1.123	YOY	0.941	+0.181
TTM	1.123	5Y	0.864	+0.259
5Y	0.864	10Y	0.824	+0.040

Measures if JBG SMITH Properties is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of JBG SMITH Properties is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of JBG SMITH Properties is 1.27. This means that JBG SMITH Properties can pay off $1.27 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example JBG SMITH Properties

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
2,825,929 \ 2,222,876 = 1.27 or 127.1%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of JBG SMITH Properties

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings JBG SMITH Properties generates.

Above 15 is considered overpriced but always compare JBG SMITH Properties to the REIT - Office industry mean.
A PE ratio of -12.45 means the investor is paying $-12.45 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of JBG SMITH Properties:

The EOD is -11.089. Based on the earnings, the company is expensive. -2
The MRQ is -12.450. Based on the earnings, the company is expensive. -2
The TTM is -9.382. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-11.089	MRQ	-12.450	+1.361
MRQ	-12.450	TTM	-9.382	-3.068
TTM	-9.382	YOY	-7,242.480	+7,233.098
TTM	-9.382	5Y	-1,423.748	+1,414.366
5Y	-1,423.748	10Y	-864.920	-558.829

Measures how much money you pay for each share for every $1 in earnings JBG SMITH Properties generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare JBG SMITH Properties to the REIT - Office industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of JBG SMITH Properties is -12.45. This means the investor is paying $-12.45 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Office industry is .
What is the trend?
The trend is important because it shows you how JBG SMITH Properties is performing over time. The most recent quarter might be important if JBG SMITH Properties released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for JBG SMITH Properties up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example JBG SMITH Properties

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 95,434 = EPS
PE ratio MRQ = -12.45

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of JBG SMITH Properties:

The EOD is -15.105. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -16.960. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is -11.642. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-15.105	MRQ	-16.960	+1.855
MRQ	-16.960	TTM	-11.642	-5.318
TTM	-11.642	YOY	3.840	-15.482
TTM	-11.642	5Y	-10.363	-1.279
5Y	-10.363	10Y	-8.165	-2.198

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of JBG SMITH Properties is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to REIT - Office industry mean).
A PB ratio of 0.60 means the investor is paying $0.60 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of JBG SMITH Properties:

The EOD is 0.537. Based on the equity, the company is cheap. +2
The MRQ is 0.603. Based on the equity, the company is cheap. +2
The TTM is 0.549. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	0.537	MRQ	0.603	-0.066
MRQ	0.603	TTM	0.549	+0.054
TTM	0.549	YOY	0.816	-0.267
TTM	0.549	5Y	0.975	-0.426
5Y	0.975	10Y	0.797	+0.178

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of JBG SMITH Properties.

3.1. Institutions holding JBG SMITH Properties

Institutions are holding 101.718% of the shares of JBG SMITH Properties.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	19.843	0.0079	18192553	-1626914	-8.2087
2023-12-31	Vanguard Group Inc	16.6544	0.0057	15269196	-1116237	-6.8124
2023-12-31	Morgan Stanley - Brokerage Accounts	7.6735	0.0106	7035233	-142699	-1.988
2023-12-31	Long Pond Capital, LP	7.6661	9.6119	7028426	-632130	-8.2518
2023-12-31	State Street Corporation	6.8958	0.0052	6322266	-282643	-4.2793
2023-12-31	NORGES BANK	6.5748	0.0179	6027930	-3483194	-36.6223
2023-12-31	Citigroup Inc	3.1249	0.0343	2864982	303433	11.8457
2023-12-31	Geode Capital Management, LLC	2.4681	0.004	2262792	-63840	-2.7439
2023-12-31	Thompson, Siegel & Walmsley LLC	2.2556	0.5689	2068004	-1017933	-32.9862
2023-12-31	Charles Schwab Investment Management Inc	2.1236	0.0084	1947011	22776	1.1836
2023-12-31	Private Management Group Inc	1.7226	1.0281	1579343	-76534	-4.622
2023-12-31	Dimensional Fund Advisors, Inc.	1.443	0.0066	1323015	-197471	-12.9874
2023-12-31	Wellington Management Company LLP	1.4034	0.0041	1286706	153552	13.5509
2023-12-31	Northern Trust Corp	1.2044	0.0034	1104183	-217435	-16.4522
2023-12-31	UBS Group AG	1.0998	0.0051	1008347	-21284	-2.0671
2023-12-31	Bank of New York Mellon Corp	1.0817	0.0034	991749	-229184	-18.7712
2023-12-31	Goldman Sachs Group Inc	1.0673	0.0015	978570	202344	26.0677
2023-12-31	Legal & General Group PLC	1.0351	0.0041	949046	2359	0.2492
2023-12-31	Aristotle Capital Boston, LLC	0.8893	0.4239	815312	-46376	-5.382
2023-12-31	Wells Fargo & Co	0.7521	0.0031	689539	-724303	-51.2294
Total		86.9785	11.7581	79744203	-9193713	-11.5%

3.2. Funds holding JBG SMITH Properties

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	iShares Core S&P Small-Cap ETF	6.4383	0.1263	5902756	0	0
2024-02-29	Vanguard Real Estate Index Investor	4.0475	0.0963	3710807	-288683	-7.218
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.1955	0.0031	2929700	-11858	-0.4031
2024-02-29	Vanguard Small Cap Index	2.6915	0.0291	2467632	23187	0.9486
2024-02-29	iShares Russell 2000 ETF	2.6685	0.0651	2446566	0	0
2024-02-29	iShares Envir&Lw Carb Tilt REIdx(UK)LAcc	2.0032	0.3893	1836567	438280	31.3441
2024-02-29	Vanguard Small Cap Value Index Inv	1.8391	0.0526	1686164	16257	0.9735
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.3981	0.0208	1281806	1029	0.0803
2024-02-29	iShares S&P Small-Cap 600 Value ETF	1.1951	0.2582	1095725	0	0
2023-12-31	Fidelity Small Cap Index	1.1133	0.0683	1020675	-65236	-6.0075
2024-02-01	iShares Russell 2000 Value ETF	1.0597	0.1324	971573	0	0
2024-02-29	SPDR® Portfolio S&P 600 Sm Cap ETF	0.8584	0.1271	787033	160	0.0203
2024-02-29	Transamerica Mid Cap Value Opps I3	0.8491	0.9276	778462	0	0
2024-02-29	Vanguard Tax-Managed Small Cap Adm	0.7421	0.1269	680357	0	0
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.6914	0.0252	633918	15800	2.5561
2024-02-29	SPDR® S&P 600 Small Cap Value ETF	0.659	0.2568	604180	-1264	-0.2088
2024-02-29	Schwab Fundamental US Small Company ETF	0.6488	0.1232	594861	206	0.0346
2024-02-29	Vanguard Real Estate II Index	0.6281	0.1109	575899	-48264	-7.7326
2024-01-31	DFA Real Estate Securities I	0.5715	0.1197	523959	-7503	-1.4118
2024-01-31	Fidelity Extended Market Index	0.5342	0.0219	489799	4720	0.973
Total		33.8324	3.0808	31018439	+76831	+0.2%

3.3. Insider Transactions

Insiders are holding 0.036% of the shares of JBG SMITH Properties.

Date	Owner	Type	Amount	Price
2023-02-23	Madhumita Moina Banerjee	SELL	41751	18.14
2022-12-09	David Peter Paul	SELL	562	19.93
2022-11-14	Robert Alexander Stewart	SELL	36500	19.67
2022-09-09	George Laucks Xanders	SELL	7000	22.38
2022-08-23	Scott A Estes	BUY	10000	23.15
2022-08-16	Madhumita Moina Banerjee	SELL	26000	23.95
2022-08-16	Steven A Museles	SELL	13487	23.96
2022-08-12	David Peter Paul	SELL	24360	24.33
2022-08-10	David Peter Paul	SELL	5000	23.92
2022-05-10	Alan S Forman	BUY	5000	24.32

4. Summary

4.1. Key Performance Indicators

The key performance indicators of JBG SMITH Properties compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.126	0.037	+239%	1.321	-91%	-0.055	+144%	0.855	-85%
Book Value Per Share	-	-	28.214	28.027	+1%	27.827	+1%	28.290	0%	26.622	+6%
Current Ratio	-	-	2.298	2.953	-22%	3.823	-40%	3.988	-42%	3.284	-30%
Debt To Asset Ratio	-	-	0.512	0.484	+6%	0.440	+16%	0.416	+23%	0.414	+24%
Debt To Equity Ratio	-	-	1.271	1.123	+13%	0.941	+35%	0.864	+47%	0.824	+54%
Dividend Per Share	-	-	0.225	0.224	+1%	0.226	0%	0.230	-2%	0.193	+17%
Eps	-	-	-0.342	-0.208	-39%	0.171	-300%	-0.038	-89%	0.002	-19700%
Free Cash Flow Per Share	-	-	-0.251	-0.357	+42%	-0.065	-74%	0.042	-695%	0.092	-371%
Free Cash Flow To Equity Per Share	-	-	-0.899	-0.756	-16%	-1.549	+72%	-0.289	-68%	-0.066	-93%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	-0.822	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-0.685	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-0.019	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.019	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-0.106	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-0.100	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-0.250	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-0.228	-	-	-	-	-	-	-	-
Market Cap	1388989814.400	-17%	1623332340.000	1614415740.000	+1%	2713829000.000	-40%	3504499073.000	-54%	2865953568.788	-43%
Net Profit Margin	-	-	-0.221	-0.134	-39%	0.141	-257%	-0.025	-89%	0.000	-100%
Operating Margin	-	-	-0.131	0.046	-385%	0.027	-584%	0.001	-8977%	0.043	-401%
Operating Ratio	-	-	0.948	0.921	+3%	0.963	-2%	0.973	-3%	0.918	+3%
Pb Ratio	0.537	-12%	0.603	0.549	+10%	0.816	-26%	0.975	-38%	0.797	-24%
Pe Ratio	-11.089	+11%	-12.450	-9.382	-25%	-7242.480	+58072%	-1423.748	+11336%	-864.920	+6847%
Price Per Share	15.150	-12%	17.010	15.393	+11%	22.605	-25%	27.641	-38%	23.138	-26%
Price To Free Cash Flow Ratio	-15.105	+11%	-16.960	-11.642	-31%	3.840	-542%	-10.363	-39%	-8.165	-52%
Price To Total Gains Ratio	43.161	-12%	48.460	-63.448	+231%	-0.032	+100%	104.728	-54%	73.785	-34%
Quick Ratio	-	-	2.035	2.604	-22%	2.792	-27%	3.685	-45%	3.051	-33%
Return On Assets	-	-	-0.006	-0.004	-39%	0.004	-259%	-0.001	-91%	0.000	-2652%
Return On Equity	-	-	-0.015	-0.009	-39%	0.007	-305%	-0.002	-88%	0.000	-99%
Total Gains Per Share	-	-	0.351	0.261	+35%	1.547	-77%	0.174	+101%	1.048	-67%
Usd Book Value	-	-	2692586000.000	2946429750.000	-9%	3309840500.000	-19%	3508639150.000	-23%	3234706818.182	-17%
Usd Book Value Change Per Share	-	-	0.126	0.037	+239%	1.321	-91%	-0.055	+144%	0.855	-85%
Usd Book Value Per Share	-	-	28.214	28.027	+1%	27.827	+1%	28.290	0%	26.622	+6%
Usd Dividend Per Share	-	-	0.225	0.224	+1%	0.226	0%	0.230	-2%	0.193	+17%
Usd Eps	-	-	-0.342	-0.208	-39%	0.171	-300%	-0.038	-89%	0.002	-19700%
Usd Free Cash Flow	-	-	-23929000.000	-37593000.000	+57%	-5147500.000	-78%	8005300.000	-399%	13036000.000	-284%
Usd Free Cash Flow Per Share	-	-	-0.251	-0.357	+42%	-0.065	-74%	0.042	-695%	0.092	-371%
Usd Free Cash Flow To Equity Per Share	-	-	-0.899	-0.756	-16%	-1.549	+72%	-0.289	-68%	-0.066	-93%
Usd Market Cap	1388989814.400	-17%	1623332340.000	1614415740.000	+1%	2713829000.000	-40%	3504499073.000	-54%	2865953568.788	-43%
Usd Price Per Share	15.150	-12%	17.010	15.393	+11%	22.605	-25%	27.641	-38%	23.138	-26%
Usd Profit	-	-	-32597000.000	-19994500.000	-39%	20203000.000	-261%	-3757750.000	-88%	-724727.273	-98%
Usd Revenue	-	-	147579000.000	151049500.000	-2%	151456000.000	-3%	154743850.000	-5%	147872000.000	0%
Usd Total Gains Per Share	-	-	0.351	0.261	+35%	1.547	-77%	0.174	+101%	1.048	-67%
	EOD	+2 -6	MRQ	TTM	+17 -18	YOY	+9 -26	5Y	+8 -27	10Y	+7 -28

4.2. Fundamental Score

Let's check the fundamental score of JBG SMITH Properties based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-11.089
Price to Book Ratio (EOD)	Between	0-1	0.537
Net Profit Margin (MRQ)	Greater than	0	-0.221
Operating Margin (MRQ)	Greater than	0	-0.131
Quick Ratio (MRQ)	Greater than	1	2.035
Current Ratio (MRQ)	Greater than	1	2.298
Debt to Asset Ratio (MRQ)	Less than	1	0.512
Debt to Equity Ratio (MRQ)	Less than	1	1.271
Return on Equity (MRQ)	Greater than	0.15	-0.015
Return on Assets (MRQ)	Greater than	0.05	-0.006
Total			4/10 (40.0%)

Create your own Stock Scanner

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4.3. Technical Score

Let's check the technical score of JBG SMITH Properties based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	44.070
Ma 20	Greater than	Ma 50	15.341
Ma 50	Greater than	Ma 100	16.115
Ma 100	Greater than	Ma 200	16.215
Open	Greater than	Close	14.920
Total			1/5 (20.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
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Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
EBIT		1,109	11,752	12,861	3,922	16,783	1,324	18,107	-37,398	-19,291

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	5,518,515
Total Liabilities	2,825,929
Total Stockholder Equity	2,222,876

	As reported
Total Liabilities	2,825,929
Total Stockholder Equity	+ 2,222,876
Total Assets	= 5,518,515

Assets

Total Assets	5,518,515
Total Current Assets	429,487
Long-term Assets	5,089,028

Total Current Assets

Total Current Assets (as reported)	429,487
Cash And Cash Equivalents	164,773
Net Receivables	215,460
Inventory	465,155
Other Current Assets	-415,901
Total Current Assets (calculated)	429,487
+/-	0

Long-term Assets

Long-term Assets (as reported)	5,089,028
Property Plant Equipment	60,329
Long Term Investments	289,553
Intangible Assets	56,616
Long-term Assets Other	11,754
Long-term Assets (calculated)	418,252
+/-	4,670,776

Liabilities & Shareholders' Equity

Total Current Liabilities	186,874
Long-term Liabilities	2,639,055
Total Stockholder Equity	2,222,876

Total Current Liabilities

Total Current Liabilities (as reported)	186,874
Short-term Debt	62,000
Short Long Term Debt	62,000
Accounts payable	124,874
Total Current Liabilities (calculated)	248,874
+/-	62,000

Long-term Liabilities

Long-term Liabilities (as reported)	2,639,055
Long term Debt	2,500,186
Capital Lease Obligations	75,568
Long-term Liabilities Other	33,650
Long-term Liabilities (calculated)	2,609,404
+/-	29,651

Total Stockholder Equity

Total Stockholder Equity (as reported)	2,222,876
Common Stock	944
Accumulated Other Comprehensive Income	20,042
Other Stockholders Equity	2,251,849
Total Stockholder Equity (calculated)	2,272,835
+/-	49,959

Other

Capital Stock	944
Cash and Short Term Investments	164,773
Common Stock Shares Outstanding	95,434
Liabilities and Stockholders Equity	5,518,515
Net Debt	2,472,981
Net Invested Capital	4,785,062
Net Working Capital	242,613
Property Plant and Equipment Gross	60,329
Short Long Term Debt Total	2,637,754

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

> Total Assets

3,625,314
0
0
3,703,329
3,660,640
3,686,203
3,909,945
6,015,027
6,071,807
6,061,746
5,914,949
6,011,194
5,997,285
6,024,694
6,007,275
6,022,264
5,986,251
6,139,813
6,495,777
6,277,324
6,079,547
6,019,317
6,008,211
6,008,978
6,386,206
6,315,880
5,579,902
5,895,980
5,903,438
5,835,020
5,783,602
5,666,168
5,518,515

5,518,515

5,666,168

5,783,602

5,835,020

5,903,438

5,895,980

5,579,902

6,315,880

6,386,206

6,008,978

6,008,211

6,019,317

6,079,547

6,277,324

6,495,777

6,139,813

5,986,251

6,022,264

6,007,275

6,024,694

5,997,285

6,011,194

5,914,949

6,061,746

6,071,807

6,015,027

3,909,945

3,686,203

3,660,640

3,703,329

3,625,314

> Total Current Assets

311,154
0
0
282,737
277,287
300,105
536,824
603,516
555,254
463,396
454,366
576,033
589,573
632,258
531,500
502,217
365,178
558,728
977,779
800,338
489,786
510,891
500,944
521,468
538,856
434,348
592,731
716,640
501,201
527,420
424,961
411,991
429,487

429,487

411,991

424,961

527,420

501,201

716,640

592,731

434,348

538,856

521,468

500,944

510,891

489,786

800,338

977,779

558,728

365,178

502,217

531,500

632,258

589,573

576,033

454,366

463,396

555,254

603,516

536,824

300,105

277,287

282,737

311,154

Cash And Cash Equivalents

74,966
0
0
35,283
29,000
50,712
280,613
367,896
316,676
221,578
239,440
253,148
260,553
395,584
280,349
230,147
126,413
295,442
710,677
455,111
225,600
208,708
201,150
194,277
264,356
189,140
162,270
258,871
241,098
279,553
156,639
130,522
164,773

164,773

130,522

156,639

279,553

241,098

258,871

162,270

189,140

264,356

194,277

201,150

208,708

225,600

455,111

710,677

295,442

126,413

230,147

280,349

395,584

260,553

253,148

239,440

221,578

316,676

367,896

280,613

50,712

29,000

35,283

74,966

Short-term Investments

5,480
0
0
0
3,263
4,728
3,735
17,521
21,881
26,830
22,248
127,061
0
0
0
0
0
0
0
0
0
0
0
486,052
-75,216
0
0
0
20,272
0
0
0
0

20,272

-75,216

486,052

127,061

22,248

26,830

21,881

17,521

3,735

4,728

3,263

5,480

Net Receivables

230,708
0
0
245,208
245,024
244,665
248,365
196,157
193,049
200,527
182,697
177,609
190,041
202,302
214,428
226,351
222,662
230,764
234,053
258,843
226,450
246,646
248,849
260,094
236,761
196,726
201,092
210,215
227,128
205,528
210,660
215,201
215,460

215,460

215,201

210,660

205,528

227,128

210,215

201,092

196,726

236,761

260,094

248,849

246,646

226,450

258,843

234,053

230,764

222,662

226,351

214,428

202,302

190,041

177,609

182,697

200,527

193,049

196,157

248,365

244,665

245,024

245,208

230,708

Inventory

0
0
0
0
0
0
4,111
21,942
15,355
14,461
9,981
18,215
0
16,495
20,294
32,146
0
13,945
12,693
48,782
0
15,698
0
0
-85,737
0
0
0
-16,923
0
0
450,248
465,155

465,155

450,248

-16,923

-85,737

15,698

48,782

12,693

13,945

32,146

20,294

16,495

18,215

9,981

14,461

15,355

21,942

4,111

> Long-term Assets

3,314,160
0
0
3,420,592
3,383,353
3,386,098
3,373,121
5,411,511
5,516,553
5,598,350
5,460,583
5,435,161
5,407,712
5,392,436
5,475,775
5,520,047
5,621,073
5,581,085
5,517,998
5,476,986
5,589,761
5,508,426
5,507,267
5,487,510
5,847,350
5,881,532
4,987,171
5,179,340
5,402,237
5,307,600
5,358,641
5,254,177
5,089,028

5,089,028

5,254,177

5,358,641

5,307,600

5,402,237

5,179,340

4,987,171

5,881,532

5,847,350

5,487,510

5,507,267

5,508,426

5,589,761

5,476,986

5,517,998

5,581,085

5,621,073

5,520,047

5,475,775

5,392,436

5,407,712

5,435,161

5,460,583

5,598,350

5,516,553

5,411,511

3,373,121

3,386,098

3,383,353

3,420,592

3,314,160

Property Plant Equipment

3,129,973
0
0
0
3,224,622
3,220,795
3,211,961
4,860,076
5,014,467
4,968,756
4,828,534
4,810,404
4,819,840
34,151
32,949
31,795
19,865
48,880
48,636
48,389
45,538
45,359
45,180
45,001
182,616
1,591
1,521
1,452
1,383
62,688
61,908
61,122
60,329

60,329

61,122

61,908

62,688

1,383

1,452

1,521

1,591

182,616

45,001

45,180

45,359

45,538

48,389

48,636

48,880

19,865

31,795

32,949

34,151

4,819,840

4,810,404

4,828,534

4,968,756

5,014,467

4,860,076

3,211,961

3,220,795

3,224,622

3,129,973

Long Term Investments

27,531
0
0
0
45,776
49,958
45,476
284,986
261,811
368,052
368,308
361,014
322,878
321,366
319,756
320,920
543,026
542,983
464,437
463,026
461,369
455,476
497,770
486,052
462,885
461,444
414,349
360,846
320,153
312,651
309,219
320,209
289,553

289,553

320,209

309,219

312,651

320,153

360,846

414,349

461,444

462,885

486,052

497,770

455,476

461,369

463,026

464,437

542,983

543,026

320,920

319,756

321,366

322,878

361,014

368,308

368,052

261,811

284,986

45,476

49,958

45,776

27,531

Intangible Assets

3,803
0
0
3,270
3,063
2,904
2,739
143,000
126,467
109,962
104,073
94,221
89,859
84,969
80,911
74,479
72,264
68,700
64,440
34,425
58,577
55,812
54,602
54,145
77,214
162,139
157,819
155,812
162,246
149,243
144,308
139,876
56,616

56,616

139,876

144,308

149,243

162,246

155,812

157,819

162,139

77,214

54,145

54,602

55,812

58,577

34,425

64,440

68,700

72,264

74,479

80,911

84,969

89,859

94,221

104,073

109,962

126,467

143,000

2,739

2,904

3,063

3,270

3,803

Long-term Assets Other

3,233,390
0
0
3,323,924
3,330,527
3,333,236
3,324,906
4,983,525
5,128,275
5,120,336
4,988,202
4,979,926
4,994,975
187,810
185,339
185,178
422,099
90,966
90,388
90,807
360,451
89,780
90,722
96,388
515,992
5,256,358
4,413,482
4,641,590
4,938,727
4,783,018
11,830
41,141
11,754

11,754

41,141

11,830

4,783,018

4,938,727

4,641,590

4,413,482

5,256,358

515,992

96,388

90,722

89,780

360,451

90,807

90,388

90,966

422,099

185,178

185,339

187,810

4,994,975

4,979,926

4,988,202

5,120,336

5,128,275

4,983,525

3,324,906

3,333,236

3,330,527

3,323,924

3,233,390

> Total Liabilities

1,516,387
0
0
1,511,870
1,538,656
1,545,616
1,747,805
2,372,215
2,487,864
2,455,546
2,295,660
2,379,339
2,451,793
2,442,815
1,990,189
2,021,497
1,986,816
2,145,619
2,556,008
2,416,465
2,342,593
2,289,544
2,290,331
2,378,289
3,447,789
2,894,785
2,235,305
2,617,732
2,708,016
2,638,202
2,736,734
2,816,721
2,825,929

2,825,929

2,816,721

2,736,734

2,638,202

2,708,016

2,617,732

2,235,305

2,894,785

3,447,789

2,378,289

2,290,331

2,289,544

2,342,593

2,416,465

2,556,008

2,145,619

1,986,816

2,021,497

1,990,189

2,442,815

2,451,793

2,379,339

2,295,660

2,455,546

2,487,864

2,372,215

1,747,805

1,545,616

1,538,656

1,511,870

1,516,387

> Total Current Liabilities

137,004
0
0
276,991
324,155
331,817
321,683
131,627
138,607
188,709
130,431
192,868
134,677
135,262
140,132
160,097
357,702
125,024
125,433
111,440
103,102
96,026
99,310
125,650
406,136
476,442
112,784
130,408
138,060
124,268
191,325
135,085
186,874

186,874

135,085

191,325

124,268

138,060

130,408

112,784

476,442

406,136

125,650

99,310

96,026

103,102

111,440

125,433

125,024

357,702

160,097

140,132

135,262

134,677

192,868

130,431

188,709

138,607

131,627

321,683

331,817

324,155

276,991

137,004

Short-term Debt

1,385,868
0
0
0
1,448,246
1,451,574
1,665,981
115,751
115,751
115,751
35,729
0
0
0
0
0
200,000
200,000
500,000
0
0
0
0
0
300,000
300,000
0
100,000
281,964
0
62,000
92,000
62,000

62,000

92,000

62,000

281,964

100,000

300,000

500,000

200,000

35,729

115,751

1,665,981

1,451,574

1,448,246

1,385,868

Short Long Term Debt

1,385,868
0
0
0
1,448,246
1,451,574
1,665,981
703
2,203,799
2,149,277
2,054,730
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
100,000
0
0
62,000
92,000
62,000

62,000

92,000

62,000

100,000

2,054,730

2,149,277

2,203,799

703

1,665,981

1,451,574

1,448,246

1,385,868

Accounts payable

54,092
0
0
35,803
40,923
42,227
31,779
131,627
138,607
130,185
130,431
147,211
130,960
134,776
140,132
160,031
157,702
124,811
125,433
111,440
103,102
95,813
99,310
105,307
106,136
108,436
112,784
130,408
138,060
124,268
129,325
135,085
124,874

124,874

135,085

129,325

124,268

138,060

130,408

112,784

108,436

106,136

105,307

99,310

95,813

103,102

111,440

125,433

124,811

157,702

160,031

140,132

134,776

130,960

147,211

130,431

130,185

138,607

131,627

31,779

42,227

40,923

35,803

54,092

Other Current Liabilities

82,912
0
0
241,188
283,232
289,590
289,904
-115,751
-115,751
58,524
-35,729
45,657
3,717
486
20,628
66
51,452
213
-500,000
49,236
103,102
96,026
99,310
28,406
-300,000
368,006
0
-100,000
48,713
166
18,745
-92,000
0

-92,000

18,745

166

48,713

-100,000

368,006

-300,000

28,406

99,310

96,026

103,102

49,236

-500,000

213

51,452

20,628

486

3,717

45,657

-35,729

58,524

-115,751

289,904

289,590

283,232

241,188

82,912

> Long-term Liabilities

1,379,383
0
0
1,234,879
1,214,501
1,213,799
1,426,122
2,240,588
2,349,257
2,266,837
2,165,229
2,186,471
2,317,116
2,307,553
1,850,057
1,861,400
1,629,114
2,020,595
2,430,575
2,305,025
2,239,491
2,193,518
2,191,021
2,252,639
3,041,653
2,418,343
2,122,521
2,487,324
2,569,956
2,513,934
2,545,409
2,681,636
2,639,055

2,639,055

2,681,636

2,545,409

2,513,934

2,569,956

2,487,324

2,122,521

2,418,343

3,041,653

2,252,639

2,191,021

2,193,518

2,239,491

2,305,025

2,430,575

2,020,595

1,629,114

1,861,400

1,850,057

2,307,553

2,317,116

2,186,471

2,165,229

2,266,837

2,349,257

2,240,588

1,426,122

1,213,799

1,214,501

1,234,879

1,379,383

Long term Debt Total

0
0
0
0
0
0
1,376,077
2,024,063
2,072,229
2,017,733
2,003,235
2,066,919
2,135,510
2,148,790
1,673,057
1,671,296
1,623,072
1,831,983
0
2,088,531
1,991,717
1,990,034
1,989,465
2,072,778
2,176,363
2,011,414
2,010,669
2,288,493
2,437,246
2,349,307
2,405,964
0
0

2,405,964

2,349,307

2,437,246

2,288,493

2,010,669

2,011,414

2,176,363

2,072,778

1,989,465

1,990,034

1,991,717

2,088,531

1,831,983

1,623,072

1,671,296

1,673,057

2,148,790

2,135,510

2,066,919

2,003,235

2,017,733

2,072,229

2,024,063

1,376,077

Long term Debt

1,302,956
0
0
0
1,165,014
1,161,984
1,376,077
2,024,063
2,072,229
2,017,733
2,003,235
2,066,919
2,135,510
2,133,119
1,657,419
1,655,695
1,623,072
1,792,272
2,210,161
2,088,531
1,991,717
1,990,034
1,989,465
2,072,778
2,176,363
2,011,414
2,010,669
2,288,493
2,437,246
2,349,307
2,405,964
2,536,086
2,500,186

2,500,186

2,536,086

2,405,964

2,349,307

2,437,246

2,288,493

2,010,669

2,011,414

2,176,363

2,072,778

1,989,465

1,990,034

1,991,717

2,088,531

2,210,161

1,792,272

1,623,072

1,655,695

1,657,419

2,133,119

2,135,510

2,066,919

2,003,235

2,017,733

2,072,229

2,024,063

1,376,077

1,161,984

1,165,014

1,302,956

Capital Lease Obligations

0
0
0
0
0
0
0
0
0
0
0
0
0
52,537
51,303
50,141
28,476
53,811
51,521
51,253
50,973
50,191
49,871
49,647
169,420
6,329
5,868
5,499
5,308
66,511
65,875
79,315
75,568

75,568

79,315

65,875

66,511

5,308

5,499

5,868

6,329

169,420

49,647

49,871

50,191

50,973

51,253

51,521

53,811

28,476

50,141

51,303

52,537

Warrants

0
0
0
0
0
0
0
567,001
609,129
605,504
665,623
562,318
558,140
584,763
574,228
586,532
612,758
503,040
0
490,921
530,748
552,927
544,639
526,913
522,725
546,049
521,392
491,479
481,310
457,778
455,886
0
0

455,886

457,778

481,310

491,479

521,392

546,049

522,725

526,913

544,639

552,927

530,748

490,921

503,040

612,758

586,532

574,228

584,763

558,140

562,318

665,623

605,504

609,129

567,001

Other Liabilities

76,427
0
0
0
49,487
51,815
50,045
62,791
106,159
117,560
110,499
103,816
102,811
103,999
102,809
110,089
108,216
106,445
98,437
98,107
247,774
203,484
201,556
200,204
342,565
81,774
111,852
75,323
79,791
79,960
139,445
53,120
0

53,120

139,445

79,960

79,791

75,323

111,852

81,774

342,565

200,204

201,556

203,484

247,774

98,107

98,437

106,445

108,216

110,089

102,809

103,999

102,811

103,816

110,499

117,560

106,159

62,791

50,045

51,815

49,487

76,427

Long-term Liabilities Other

0
0
0
0
0
0
50,045
100,774
161,277
191,877
126,265
165,209
185,323
60,137
60,702
61,456
62,714
59,256
54,495
216,494
247,774
203,697
37,664
200,204
342,565
474,935
111,852
98,831
39,518
164,627
139,445
19,118
33,650

33,650

19,118

139,445

164,627

39,518

98,831

111,852

474,935

342,565

200,204

37,664

203,697

247,774

216,494

54,495

59,256

62,714

61,456

60,702

60,137

185,323

165,209

126,265

191,877

161,277

100,774

50,045

Deferred Long Term Liability

96,429
0
0
0
99,348
102,356
0
0
110,627
123,554
124,415
123,034
134,407
140,664
145,775
146,982
129,087
133,074
130,703
126,711
123,797
132,643
129,766
125,896
136,178
10,671
9,907
6,064
99,585
5,003
13,653
12,732
0

12,732

13,653

5,003

99,585

6,064

9,907

10,671

136,178

125,896

129,766

132,643

123,797

126,711

130,703

133,074

129,087

146,982

145,775

140,664

134,407

123,034

124,415

123,554

110,627

102,356

99,348

96,429

> Total Stockholder Equity

2,108,412
0
0
2,190,951
2,121,689
2,140,292
2,161,845
3,071,409
2,970,608
2,996,974
2,950,074
3,066,022
2,987,352
2,996,751
3,442,512
3,413,905
3,386,677
3,490,951
3,440,495
3,369,759
3,206,206
3,168,116
3,156,701
3,087,281
2,415,692
2,846,608
2,791,565
2,754,879
2,714,112
2,739,040
2,559,241
2,372,835
2,222,876

2,222,876

2,372,835

2,559,241

2,739,040

2,714,112

2,754,879

2,791,565

2,846,608

2,415,692

3,087,281

3,156,701

3,168,116

3,206,206

3,369,759

3,440,495

3,490,951

3,386,677

3,413,905

3,442,512

2,996,751

2,987,352

3,066,022

2,950,074

2,996,974

2,970,608

3,071,409

2,161,845

2,140,292

2,121,689

2,190,951

2,108,412

Common Stock

2,058,976
0
0
0
2,121,689
2,140,292
0
1,180
1,180
1,180
1,180
1,210
1,210
1,227
1,342
1,342
1,342
1,336
1,338
1,325
1,319
1,314
1,319
1,298
1,275
1,243
1,160
1,138
1,141
1,137
1,052
978
944

944

978

1,052

1,137

1,141

1,138

1,160

1,243

1,275

1,298

1,319

1,314

1,319

1,325

1,338

1,336

1,342

1,227

1,210

1,180

2,140,292

2,121,689

2,058,976

Retained Earnings

-776,962

-722,847

-641,813

-607,465

-628,636

-558,788

-513,746

-609,363

-609,331

-495,033

-466,230

-433,675

-412,944

-307,975

-255,162

-188,239

-231,164

-205,192

-184,373

-151,157

-176,018

-110,219

-105,962

-99,999

-95,809

-28,827

Accumulated Other Comprehensive Income

0
0
0
0
0
0
0
0
1,612
14,867
19,662
24,132
6,700
-3,452
-19,156
-25,578
-16,744
-45,941
-47,886
-44,650
-39,979
-30,800
-28,605
-25,446
-15,950
9,935
18,640
46,870
45,644
32,036
43,491
51,668
20,042

20,042

51,668

43,491

32,036

45,644

46,870

18,640

9,935

-15,950

-25,446

-28,605

-30,800

-39,979

-44,650

-47,886

-45,941

-16,744

-25,578

-19,156

-3,452

6,700

24,132

19,662

14,867

1,612

Capital Surplus

0
0
0
0
0
0
0
3,099,056
3,063,625
3,080,926
3,035,194
3,150,899
3,155,256
3,150,133
3,644,699
3,643,333
3,633,042
3,723,795
0
3,721,059
3,657,643
3,631,277
3,650,217
3,606,462
3,539,916
3,444,793
3,285,511
3,265,659
3,263,738
3,282,290
3,156,511
0
0

3,156,511

3,282,290

3,263,738

3,265,659

3,285,511

3,444,793

3,539,916

3,606,462

3,650,217

3,631,277

3,657,643

3,721,059

3,723,795

3,633,042

3,643,333

3,644,699

3,150,133

3,155,256

3,150,899

3,035,194

3,080,926

3,063,625

3,099,056

Treasury Stock

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Accounts Payable	124,874	138,060	106,136	103,102	157,702	130,960	138,607	40,923	54,092	40,233	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	20,042	45,644	-15,950	-39,979	-16,744	6,700	1,612	0	0	0	0
Additional Paid In Capital	0	0	0	0	0	0	3,063,625	0	0	0	0
Capital Lease Obligations	75,568	5,308	169,420	50,973	28,476	15,704	15,819	0	0	0	0
Capital Stock	944	1,141	1,275	1,319	1,342	1,210	0	0	0	0	0
Capital Surpluse	0	3,263,738	3,539,916	3,657,643	3,633,042	3,155,256	3,063,625	0	0	0	0
Cash	164,773	241,098	264,356	225,600	126,413	260,553	316,676	29,000	74,966	12,018	0
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	164,773	241,098	264,356	225,600	126,413	260,553	316,676	29,000	74,966	12,018	0
Common Stock	944	1,141	1,275	1,319	1,342	1,210	1,180	2,121,689	2,058,976	0	0
Common Stock Shares Outstanding	105,095	119,005	130,839	133,451	130,687	119,176	105,359	118,500	118,500	118,500	118,500
Common Stock Total Equity	0	1,141	1,275	1,319	1,342	1,210	1,180	0	0	0	0
Current Deferred Revenue	0	-330,677	0	-168,715	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	99,585	136,178	123,797	129,087	134,407	110,627	99,348	96,429	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	56,616	162,246	77,214	58,577	72,264	89,859	126,467	3,063	3,803	5,572	0
Inventory	465,155	-16,923	576,595	0	0	0	15,355	0	0	0	0
Liabilities And Stockholders Equity	5,518,515	5,903,438	6,386,206	6,079,547	5,986,251	5,997,285	6,071,807	3,660,640	3,625,314	3,411,198	0
Long Term Debt	2,500,186	2,437,246	2,176,363	1,991,717	1,623,072	2,135,510	2,187,980	1,165,014	1,385,868	0	0
Long Term Debt Total	0	2,437,246	2,176,363	1,991,717	1,623,072	2,151,214	2,203,799	1,448,246	1,385,868	0	0
Long Term Investments	289,553	320,153	462,885	461,369	543,026	322,878	261,811	49,763	27,531	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0
Net Debt	2,472,981	2,196,148	2,212,007	1,766,117	1,496,659	1,874,957	1,887,123	1,136,014	1,227,990	1,265,871	0
Net Invested Capital	4,785,062	5,119,133	5,392,273	5,197,756	5,009,548	5,122,658	5,158,588	0	0	0	0
Net Receivables	215,460	227,128	236,761	226,450	222,662	190,041	193,049	245,024	230,708	227,971	0
Net Tangible Assets	0	3,000,951	2,915,910	3,736,787	3,314,212	2,897,289	2,844,141	2,118,626	2,055,173	0	0
Net Working Capital	242,613	350,443	419,159	386,684	207,476	454,896	401,292	-46,868	174,150	203,900	0
Non Current Assets Total	5,089,028	5,402,237	5,847,350	5,589,761	5,621,073	5,407,712	5,516,553	3,383,353	3,314,160	3,167,065	0
Non Current Liabilities Other	33,650	39,518	342,565	247,774	62,714	52,729	73,060	49,487	0	0	0
Non Current Liabilities Total	2,639,055	2,569,956	3,341,653	2,239,491	1,829,114	2,317,116	2,349,257	1,214,501	1,379,383	1,328,596	0
Non Currrent Assets Other	11,754	4,938,727	515,992	360,451	422,099	4,994,975	5,128,275	3,330,527	3,233,390	3,084,057	0
Noncontrolling Interest In Consolidated Entity	0	32,225	22,507	167	201	204	4,206	0	0	0	0
Other Assets	0	110,897	5,105,326	5,853,947	145,792	154,637	119,980	107,593	101,909	0	0
Other Current Assets	-415,901	49,898	-538,856	-489,786	-365,178	138,979	30,174	3,263	5,480	4,144	0
Other Current Liab	0	48,713	-300,000	96,539	-200,000	3,717	-115,751	283,232	82,912	0	0
Other Liab	0	79,791	342,565	247,774	108,216	101,088	111,461	49,487	76,427	0	0
Other Stockholder Equity	2,978,852	3,295,963	3,039,698	3,657,810	3,633,243	3,155,256	3,063,625	2,121,689	2,108,412	2,041,801	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	60,329	1,383	182,616	45,538	19,865	0	0	0	0	0	0
Property Plant And Equipment Net	60,329	1,383	182,616	45,538	19,865	0	0	0	0	0	0
Property Plant Equipment	0	4,823,082	4,868,473	4,841,817	4,675,813	4,740,859	5,006,174	3,224,622	3,129,973	0	0
Retained Earnings	-776,962	-628,636	-609,331	-412,944	-231,164	-176,018	-95,809	0	0	0	0
Retained Earnings Total Equity	0	-628,636	-609,331	-412,944	-231,164	-176,018	-95,809	0	0	0	0
Short Long Term Debt	62,000	0	300,000	0	200,000	0	2,203,799	1,448,246	1,385,868	0	0
Short Long Term Debt Total	2,637,754	2,437,246	2,476,363	1,991,717	1,623,072	2,135,510	2,203,799	1,165,014	1,302,956	1,277,889	0
Short Term Debt	62,000	281,964	300,000	72,176	200,000	0	115,751	1,448,246	1,385,868	0	0
Short Term Investments	0	20,272	462,885	0	0	0	21,881	3,263	5,480	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0
Total Assets	5,518,515	5,903,438	6,386,206	6,079,547	5,986,251	5,997,285	6,071,807	3,660,640	3,625,314	3,411,198	0
Total Current Assets	429,487	501,201	538,856	489,786	365,178	589,573	555,254	277,287	311,154	244,133	0
Total Current Liabilities	186,874	138,060	106,136	103,102	157,702	134,677	138,607	324,155	137,004	40,233	0
Total Liab	2,825,929	2,708,016	3,447,789	2,342,593	1,986,816	2,451,793	2,487,864	1,538,656	1,516,387	1,368,829	0
Total Permanent Equity	0	0	0	0	0	0	2,974,814	0	0	0	0
Total Stockholder Equity	2,222,876	2,714,112	2,415,692	3,206,206	3,386,677	2,987,352	2,970,608	2,121,689	2,108,412	2,041,801	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	481,310	522,725	530,748	612,758	558,140	609,129	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31
Accounts Payable	124,874	135,085	129,325	124,268	138,060	130,408	112,784	108,436	106,136	105,307	99,310	95,813	103,102	111,440	125,433	124,811	157,702	160,031	140,132	134,776	130,960	147,211	130,431	130,185	138,607	131,627	31,779	42,227	40,923	35,803	0	0	54,092
Accumulated Amortization	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	0	0	0
Accumulated Depreciation	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	0	0	0
Accumulated Other Comprehensive Income	20,042	51,668	43,491	32,036	45,644	46,870	18,640	9,935	-15,950	-25,446	-28,605	-30,800	-39,979	-44,650	-47,886	-45,941	-16,744	-25,578	-19,156	-3,452	6,700	24,132	19,662	14,867	1,612	0	0	0	0	0	0	0	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,150,899	3,035,194	3,080,926	3,063,625	3,099,056	0	0	0	0	0	0	0
Capital Lease Obligations	75,568	79,315	65,875	66,511	5,308	5,499	5,868	6,329	169,420	49,647	49,871	50,191	50,973	51,253	51,521	53,811	28,476	50,141	51,303	52,537	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	944	978	1,052	1,137	1,141	1,138	1,160	1,243	1,275	1,298	1,319	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	3,156,511	3,282,290	3,263,738	3,265,659	3,285,511	3,444,793	3,539,916	3,606,462	3,650,217	3,631,277	3,657,643	3,721,059	0	3,723,795	3,633,042	3,643,333	3,644,699	3,150,133	3,155,256	3,150,899	3,035,194	3,080,926	3,063,625	3,099,056	0	0	0	0	0	0	0
Cash	164,773	130,522	156,639	279,553	241,098	258,871	162,270	189,140	264,356	194,277	201,150	208,708	225,600	455,111	710,677	295,442	126,413	230,147	280,349	395,584	260,553	253,148	239,440	221,578	316,676	367,896	280,613	50,712	29,000	35,283	0	0	74,966
Cash And Equivalents	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	0	0	0
Cash And Short Term Investments	164,773	130,522	156,639	279,553	241,098	258,871	162,270	189,140	264,356	194,277	201,150	208,708	225,600	455,111	710,677	295,442	126,413	230,147	280,349	395,584	260,553	253,148	239,440	221,578	316,676	367,896	280,613	50,712	29,000	35,283	0	0	74,966
Common Stock	944	978	1,052	1,137	1,141	1,138	1,160	1,243	1,275	1,298	1,319	1,314	1,319	1,325	1,338	1,336	1,342	1,342	1,342	1,227	1,210	1,210	1,180	1,180	1,180	1,180	0	2,140,292	2,121,689	0	0	0	2,058,976
Common Stock Shares Outstanding	95,434	101,445	109,695	114,052	113,854	114,360	121,316	126,682	128,988	131,351	131,480	131,540	132,042	133,620	133,613	135,429	134,129	134,127	131,754	123,423	120,917	119,835	117,955	117,955	105,395	114,744	118,500	118,500	118,500	118,500	118,500	118,500	118,500
Common Stock Total Equity	0	0	1,052	1,137	1,141	1,138	1,160	1,243	1,275	1,298	1,319	1,314	1,319	1,325	1,338	1,336	1,342	1,342	1,342	1,227	1,210	1,210	1,180	1,180	1,180	1,180	0	0	0	0	0	0	0
Current Deferred Revenue	0	0	-18,745	0	-330,677	0	0	-300,000	300,000	20,343	0	0	0	0	0	-200,000	0	0	0	0	0	0	0	-115,751	0	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	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	0	0	0
Deferred Long Term Liab	0	12,732	13,653	5,003	99,585	6,064	9,907	10,671	136,178	125,896	129,766	132,643	123,797	126,711	130,703	133,074	129,087	146,982	145,775	140,664	134,407	123,034	124,415	123,554	110,627	0	0	102,356	99,348	0	0	0	96,429
Earning Assets	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	0	0	0
Good Will	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	0	0	0
Intangible Assets	56,616	139,876	144,308	149,243	162,246	155,812	157,819	162,139	77,214	54,145	54,602	55,812	58,577	34,425	64,440	68,700	72,264	74,479	80,911	84,969	89,859	94,221	104,073	109,962	126,467	143,000	2,739	2,904	3,063	3,270	0	0	3,803
Inventory	465,155	450,248	0	0	-16,923	0	0	0	-85,737	0	0	15,698	0	48,782	12,693	13,945	0	32,146	20,294	16,495	0	18,215	9,981	14,461	15,355	21,942	4,111	0	0	0	0	0	0
Liabilities And Stockholders Equity	5,518,515	5,666,168	5,783,602	5,835,020	5,903,438	5,895,980	5,579,902	6,315,880	6,386,206	6,008,978	6,008,211	6,019,317	6,079,547	6,277,324	6,495,777	6,139,813	5,986,251	6,022,264	6,007,275	6,024,694	5,997,285	6,011,194	5,914,949	6,061,746	6,071,807	6,015,027	3,909,945	3,686,203	3,660,640	3,703,329	0	0	3,625,314
Long Term Debt	2,500,186	2,536,086	2,405,964	2,349,307	2,437,246	2,288,493	2,010,669	2,011,414	2,176,363	2,072,778	1,989,465	1,990,034	1,991,717	2,088,531	2,210,161	1,792,272	1,623,072	1,655,695	1,657,419	2,133,119	2,135,510	2,066,919	2,003,235	2,017,733	2,072,229	2,024,063	1,376,077	1,161,984	1,165,014	0	0	0	1,302,956
Long Term Debt Total	0	0	2,405,964	2,349,307	2,437,246	2,288,493	2,010,669	2,011,414	2,176,363	2,072,778	1,989,465	1,990,034	1,991,717	2,088,531	0	1,831,983	1,623,072	1,671,296	1,673,057	2,148,790	2,135,510	2,066,919	2,003,235	2,017,733	2,072,229	2,024,063	1,376,077	0	0	0	0	0	0
Long Term Investments	289,553	320,209	309,219	312,651	320,153	360,846	414,349	461,444	462,885	486,052	497,770	455,476	461,369	463,026	464,437	542,983	543,026	320,920	319,756	321,366	322,878	361,014	368,308	368,052	261,811	284,986	45,476	49,958	45,776	0	0	0	27,531
Negative Goodwill	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	0	0	0
Net Debt	2,472,981	2,484,879	2,377,200	2,069,754	2,196,148	2,135,121	1,854,267	2,128,603	2,212,007	1,928,148	1,838,186	1,831,517	1,766,117	1,684,673	1,551,005	1,550,641	1,496,659	1,475,689	1,428,373	1,790,072	1,874,957	1,829,507	1,815,290	1,927,699	1,887,123	1,787,894	1,095,464	1,111,272	1,136,014	1,144,902	0	0	1,227,990
Net Invested Capital	4,785,062	4,908,921	5,027,205	5,088,347	5,119,133	5,143,372	4,802,234	5,158,022	5,392,273	5,160,059	5,146,166	5,158,150	5,197,756	5,458,290	5,650,656	5,283,223	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	215,460	215,201	210,660	205,528	227,128	210,215	201,092	196,726	236,761	260,094	248,849	246,646	226,450	258,843	234,053	230,764	222,662	226,351	214,428	202,302	190,041	177,609	182,697	200,527	193,049	196,157	248,365	244,665	245,024	245,208	0	0	230,708
Net Tangible Assets	0	2,232,959	2,870,819	3,016,533	3,000,951	3,090,546	3,155,138	3,230,518	2,915,910	3,087,281	3,173,241	3,721,043	3,736,787	3,860,680	3,376,055	3,422,251	3,314,212	3,339,426	3,361,601	2,911,782	3,545,288	3,628,340	3,615,697	3,602,478	3,579,737	3,638,410	2,161,845	2,137,388	2,118,626	0	0	0	2,055,173
Net Working Capital	242,613	276,906	233,636	403,152	350,443	586,232	479,947	-42,094	419,159	395,818	388,232	399,167	386,684	640,116	839,653	419,759	7,476	342,120	391,368	496,996	454,896	383,165	323,935	274,687	416,647	471,889	215,141	-31,712	-46,868	5,746	0	0	174,150
Non Current Assets Total	5,089,028	5,254,177	5,358,641	5,307,600	5,402,237	5,179,340	4,987,171	5,881,532	5,847,350	5,487,510	5,507,267	5,508,426	5,589,761	5,476,986	5,517,998	5,581,085	5,621,073	5,520,047	5,475,775	5,392,436	5,407,712	5,435,161	5,460,583	5,598,350	5,516,553	5,411,511	3,373,121	3,386,098	3,383,353	3,420,592	0	0	3,314,160
Non Current Liabilities Other	33,650	19,118	139,445	164,627	39,518	98,831	111,852	474,935	342,565	200,204	37,664	203,697	247,774	216,494	54,495	59,256	62,714	61,456	60,702	60,137	185,323	165,209	126,265	191,877	161,277	100,774	50,045	0	0	0	0	0	0
Non Current Liabilities Total	2,639,055	2,681,636	2,545,409	2,513,934	2,569,956	2,487,324	2,122,521	2,418,343	3,041,653	2,252,639	2,191,021	2,193,518	2,239,491	2,305,025	2,430,575	2,020,595	1,629,114	1,861,400	1,850,057	2,307,553	2,317,116	2,186,471	2,165,229	2,266,837	2,349,257	2,240,588	1,426,122	1,213,799	1,214,501	1,234,879	0	0	1,379,383
Non Currrent Assets Other	11,754	41,141	11,830	4,783,018	4,938,727	4,641,590	4,413,482	5,256,358	515,992	96,388	90,722	89,780	360,451	90,807	90,388	90,966	422,099	185,178	185,339	187,810	4,994,975	4,979,926	4,988,202	5,120,336	5,128,275	4,983,525	3,324,906	3,333,236	3,330,527	3,323,924	0	0	3,233,390
Noncontrolling Interest In Consolidated Entity	0	0	31,741	31,042	32,225	31,890	31,640	28,438	22,507	16,495	16,540	8,730	167	179	0	203	201	330	346	365	204	3,515	3,592	3,722	4,206	4,402	295	0	0	0	0	0	0
Other Assets	0	5,224,649	5,316,858	16,718	110,897	5,319,303	5,105,326	35,907	5,418,552	5,328,649	5,970,668	289,452	5,853,947	170,418	147,215	150,164	145,792	163,340	162,683	326,999	154,717	141,246	139,791	139,942	5,531,163	5,411,511	3,373,121	3,386,098	3,383,353	0	0	0	3,264,724
Other Current Assets	-415,901	-383,980	-413,504	-527,420	49,898	247,554	229,369	48,482	-151,024	67,097	50,945	39,839	37,736	37,602	20,356	18,577	16,103	13,573	16,429	17,877	138,979	127,061	22,248	26,830	30,174	17,521	3,735	4,728	3,263	2,246	0	0	5,480
Other Current Liab	0	-92,000	18,745	166	48,713	-100,000	0	368,006	-300,000	28,406	99,310	96,026	103,102	49,236	-500,000	213	51,452	66	20,628	486	3,717	45,657	-35,729	58,524	-115,751	-115,751	289,904	289,590	283,232	241,188	0	0	82,912
Other Liab	0	53,120	139,445	79,960	79,791	75,323	111,852	81,774	342,565	200,204	201,556	203,484	247,774	98,107	98,437	106,445	108,216	110,089	102,809	103,999	102,811	103,816	110,499	117,560	106,159	62,791	50,045	51,815	49,487	0	0	0	76,427
Other Stockholder Equity	2,251,849	3,043,036	3,156,511	3,313,332	3,295,963	3,265,659	3,285,511	3,444,793	3,484,409	3,606,462	3,650,217	3,631,277	3,657,643	3,721,059	3,742,205	3,723,795	3,633,042	3,643,333	3,644,699	3,150,133	3,155,256	3,150,899	3,035,194	3,080,926	3,063,625	3,099,056	2,161,845	2,140,292	2,121,689	2,190,951	0	0	2,108,412
Preferred Stock Redeemable	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	0	0	0
Preferred Stock Total Equity	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	0	0	0
Property Plant And Equipment Gross	60,329	61,122	61,908	62,688	1,383	1,452	0	0	0	0	45,180	45,359	45,538	48,389	48,636	48,880	19,865	31,795	32,949	34,151	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	60,329	61,122	61,908	62,688	1,383	1,452	1,521	1,591	182,616	45,001	45,180	45,359	45,538	48,389	48,636	48,880	19,865	31,795	32,949	34,151	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant Equipment	0	4,660,798	4,740,894	4,687,588	4,823,082	4,563,819	4,348,716	5,204,973	4,868,473	4,680,028	4,689,227	4,803,232	4,841,817	4,787,717	4,767,984	4,745,299	4,675,813	4,792,488	4,743,915	4,655,733	4,819,840	4,810,404	4,828,534	4,968,756	5,014,467	4,860,076	3,211,961	3,220,795	3,224,622	0	0	0	3,129,973
Retained Earnings	-776,962	-722,847	-641,813	-607,465	-628,636	-558,788	-513,746	-609,363	-609,331	-495,033	-466,230	-433,675	-412,944	-307,975	-255,162	-188,239	-231,164	-205,192	-184,373	-151,157	-176,018	-110,219	-105,962	-99,999	-95,809	-28,827	0	0	0	0	0	0	0
Retained Earnings Total Equity	0	0	-641,813	-607,465	-628,636	-558,788	-513,746	-609,363	-609,331	-495,033	-466,230	-433,675	-412,944	-307,975	0	-188,239	-231,164	-205,192	-184,373	-151,157	-176,018	-110,219	-105,962	-99,999	-95,809	-28,827	0	0	0	0	0	0	0
Short Long Term Debt	62,000	92,000	62,000	0	0	100,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,054,730	2,149,277	2,203,799	703	1,665,981	1,451,574	1,448,246	0	0	0	1,385,868
Short Long Term Debt Total	2,637,754	2,615,401	2,533,839	2,349,307	2,437,246	2,393,992	2,016,537	2,317,743	2,476,363	2,122,425	2,039,336	2,040,225	1,991,717	2,139,784	2,261,682	1,846,083	1,623,072	1,705,836	1,708,722	2,185,656	2,135,510	2,082,655	2,054,730	2,149,277	2,203,799	2,155,790	1,376,077	1,161,984	1,165,014	1,180,185	0	0	1,302,956
Short Term Debt	62,000	92,000	62,000	0	281,964	100,000	0	300,000	300,000	0	0	0	0	0	500,000	200,000	200,000	0	0	0	0	0	35,729	115,751	115,751	115,751	1,665,981	1,451,574	1,448,246	0	0	0	1,385,868
Short Term Investments	0	0	0	0	20,272	0	0	0	-75,216	486,052	0	0	0	0	0	0	0	0	0	0	0	127,061	22,248	26,830	21,881	17,521	3,735	4,728	3,263	0	0	0	5,480
Temporary Equity Redeemable Noncontrolling Interests	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	0	0	0
Total Assets	5,518,515	5,666,168	5,783,602	5,835,020	5,903,438	5,895,980	5,579,902	6,315,880	6,386,206	6,008,978	6,008,211	6,019,317	6,079,547	6,277,324	6,495,777	6,139,813	5,986,251	6,022,264	6,007,275	6,024,694	5,997,285	6,011,194	5,914,949	6,061,746	6,071,807	6,015,027	3,909,945	3,686,203	3,660,640	3,703,329	0	0	3,625,314
Total Current Assets	429,487	411,991	424,961	527,420	501,201	716,640	592,731	434,348	538,856	521,468	500,944	510,891	489,786	800,338	977,779	558,728	365,178	502,217	531,500	632,258	589,573	576,033	454,366	463,396	555,254	603,516	536,824	300,105	277,287	282,737	0	0	311,154
Total Current Liabilities	186,874	135,085	191,325	124,268	138,060	130,408	112,784	476,442	406,136	125,650	99,310	96,026	103,102	111,440	125,433	125,024	357,702	160,097	140,132	135,262	134,677	192,868	130,431	188,709	138,607	131,627	321,683	331,817	324,155	276,991	0	0	137,004
Total Liab	2,825,929	2,816,721	2,736,734	2,638,202	2,708,016	2,617,732	2,235,305	2,894,785	3,447,789	2,378,289	2,290,331	2,289,544	2,342,593	2,416,465	2,556,008	2,145,619	1,986,816	2,021,497	1,990,189	2,442,815	2,451,793	2,379,339	2,295,660	2,455,546	2,487,864	2,372,215	1,747,805	1,545,616	1,538,656	1,511,870	0	0	1,516,387
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,069,537	2,953,666	3,000,696	2,974,814	3,075,811	2,162,140	0	0	0	0	0	0
Total Stockholder Equity	2,222,876	2,372,835	2,559,241	2,739,040	2,714,112	2,754,879	2,791,565	2,846,608	2,415,692	3,087,281	3,156,701	3,168,116	3,206,206	3,369,759	3,440,495	3,490,951	3,386,677	3,413,905	3,442,512	2,996,751	2,987,352	3,066,022	2,950,074	2,996,974	2,970,608	3,071,409	2,161,845	2,140,292	2,121,689	2,190,951	0	0	2,108,412
Treasury Stock	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	0	0	0
Warrants	0	0	455,886	457,778	481,310	491,479	521,392	546,049	522,725	526,913	544,639	552,927	530,748	490,921	0	503,040	612,758	586,532	574,228	584,763	558,140	562,318	665,623	605,504	609,129	567,001	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Begin Period Cash Flow	274,073	302,095	263,336	142,516	399,532	338,557	32,263	74,966	12,018	28,202	24,676
Capital Expenditures	333,744	326,741	173,177	307,497	441,014	3,888	210,593	237,814	234,285	15,228	0
Cash And Cash Equivalents Changes	0	-28,022	38,759	120,820	-257,016	60,975	306,294	0	0	0	0
Cash Flows Other Operating	0	-16,458	-9,616	-11,455	-4,163	-4,678	-24,343	0	0	0	0
Change In Cash	-73,632	-28,022	38,759	120,820	-257,016	60,975	306,294	-45,966	62,948	-16,184	3,526
Change In Working Capital	-22,503	-15,237	633	-47,029	-43,457	-47,303	-16,816	-38,149	-19,397	-16,902	-18,954
Change Receivables	0	-13,154	8,812	-9,231	-8,382	-5,582	-2,098	0	0	0	0
Change To Account Receivables	11,123	-13,154	8,812	25,805	-8,382	-5,582	-2,098	-3,693	-428	-5,830	0
Change To Inventory	-11,123	13,154	-8,812	9,231	8,382	0	0	0	0	0	0
Change To Liabilities	0	8,654	8,700	-26,723	-25,898	-25,121	16,160	7,667	-4,004	1,622	0
Change To Netincome	0	-117,832	59,476	51,491	-63,846	-36,949	-5,076	-1,680	1,156	11,516	0
Change To Operating Activities	0	-801	-16,879	-38,389	-27,397	-35,737	-30,878	-42,123	-14,965	-12,694	0
Depreciation	215,628	217,841	240,454	225,597	195,795	215,659	164,580	135,072	146,985	113,205	109,898
Dividends Paid	94,002	107,688	118,115	120,011	129,834	107,372	26,540	3,763	3,763	63,318	0
End Period Cash Flow	200,441	274,073	302,095	263,336	142,516	399,532	338,557	29,000	74,966	12,018	28,202
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-150,372	-148,704	44,445	-138,476	-267,028	192,081	-136,410	159,541	178,910	172,158	177,972
Investments	-98,179	524,021	-1,592	56,426	-11,961	62,439	-7,676	-256,590	-9,332	-9,285	0
Issuance Of Capital Stock	0	0	0	0	472,780	597	0	0	0	0	0
Net Borrowings	0	-246,069	464,419	361,166	-517,455	-63,732	129,628	55,136	108,548	99,711	0
Net Income	-91,709	98,986	-89,725	-67,261	74,144	46,613	-79,084	61,974	46,290	81,299	88,661
Other Cashflows From Financing Activities	-25,898	409,326	-334	-29,932	-17,793	376,392	672,689	75,447	451,415	118,642	96,671
Other Cashflows From Investing Activities	0	602,167	-158,807	-178,428	377,511	413,077	125,934	4,000	-2,332	-83,587	0
Other Non Cash Items	-8,213	-164,825	-13,507	16,208	-116,433	-78,733	-17,782	644	5,032	9,784	-1,633
Sale Purchase Of Stock	-335,313	-361,042	-157,686	-104,774	203,657	597	160,542	160,203	16,495	16,495	0
Stock Based Compensation	32,100	41,272	51,551	66,051	65,273	52,675	33,693	0	0	0	0
Total Cash From Financing Activities	-158,825	-730,080	189,878	119,489	-190,330	-193,545	239,787	51,083	121,991	33,353	-75,428
Total Cash From Operating Activities	183,372	178,037	217,622	169,021	173,986	188,193	74,183	159,541	178,910	187,386	177,972
Total Cashflows From Investing Activities	0	524,021	-368,741	-167,690	-240,672	66,327	-7,676	-258,807	-236,617	-236,923	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31
Begin Period Cash Flow	168,779	202,844	321,892	274,073	471,869	375,118	219,213	302,095	229,177	238,693	248,547	263,336	492,713	731,033	314,019	142,516	243,720	296,778	413,461	399,532	380,209	261,688	248,408	338,557	367,896	280,613	50,712	29,000	35,283	46,263	42,449	74,966	28,349
Capital Expenditures	92,408	76,560	86,444	78,332	107,906	90,721	2,618	60,044	250,002	2	2,994	38,668	47,480	78,765	84,952	47,480	83,891	73,814	112,340	40,484	81,865	18,589	149,653	82,489	94,671	61,175	26,268	28,479	0	0	0	0	0
Cash And Cash Equivalents Changes	0	0	-119,048	47,819	-197,796	96,751	155,905	-82,882	72,918	-9,516	-9,854	-14,789	0	0	0	171,503	-101,204	-53,058	-116,683	13,929	19,323	118,521	13,280	-90,149	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	4,552	-1,105	26,898	-28,087	-1,852	-13,417	3,339	-12,571	-2,041	1,657	0	0	0	-1,235	10,181	-11,132	-4,727	1,515	6,411	-13,575	7,423	-4,937	0	0	0	0	0	0	0	0	0
Change In Cash	31,662	-34,065	-119,048	47,819	-197,796	96,751	155,905	-82,882	72,918	-9,516	-9,854	-14,789	-229,377	-238,320	417,014	171,503	-101,204	-53,058	-116,683	13,929	19,323	118,521	13,280	-90,149	-29,339	87,283	229,901	21,712	-6,283	-10,980	3,814	-32,517	46,617
Change In Working Capital	12,322	-28,702	-4,878	-1,245	2,952	-24,241	-9,961	16,013	7,154	-18,269	2,216	9,532	-16,325	-6,406	-10,150	-14,148	3,658	2,738	-20,505	-29,348	4,592	-20,300	-4,273	-27,322	1,425	-9,471	-9,487	717	7,308	-38,663	-16,936	10,142	4,703
Change Receivables	0	0	514	11,624	-8,110	-2,197	-1,054	-1,793	5,108	-7,500	1,368	9,836	0	0	0	-4,210	695	-2,845	-2,047	-4,185	-7,749	-3,710	11,915	-6,038	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-1,100	85	514	514	-8,110	-2,197	-1,054	-1,793	5,108	-7,500	1,368	501	25,805	5,441	-5,988	-4,210	695	-2,845	-2,047	-4,185	-7,749	-3,710	11,915	-6,038	-2,098	0	4,472	4,832	-3,693	0	0	0	-428
Change To Inventory	0	0	0	-11,624	8,110	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
Change To Liabilities	0	1,043	-8,245	-14,289	1,247	-5,161	-6,605	19,173	2,746	5,716	1,080	-2,419	-775	2,983	4,351	-8,833	-1,718	16,501	-13,871	-26,810	10,304	-3,216	-15,766	-16,443	16,160	19,077	359	3,834	7,667	0	0	0	-4,004
Change To Netincome	0	60,220	11,764	-32,545	-8,558	28,643	-144,467	6,550	62,136	-11,195	-1,532	13,405	36,571	12,513	35,178	-42,950	-39,422	-1,570	9,999	-32,853	-21,734	-10,909	-18,717	14,411	-5,076	-9,220	-822	-1,285	-1,680	0	0	0	1,156
Change To Operating Activities	0	-29,830	-2,289	-2,289	8,696	-19,771	-12,107	22,381	-700	-16,485	-232	538	-11,076	-14,830	-8,513	-3,970	-6,530	-5,759	-8,888	-6,220	-5,550	-22,928	-3,164	-4,095	-30,878	-20,100	-5,652	-7,949	-42,123	0	0	0	-14,965
Depreciation	59,554	51,479	49,958	54,637	57,918	50,847	50,267	58,809	60,133	57,535	57,497	65,289	65,202	57,499	53,536	49,360	50,927	47,815	47,117	49,936	68,701	47,646	49,139	50,173	52,896	45,121	32,369	34,194	35,460	31,806	33,080	34,726	35,147
Dividends Paid	21,519	23,028	23,791	25,664	25,616	25,749	27,658	28,665	29,187	29,696	29,582	29,650	29,664	30,020	30,143	30,184	30,180	30,181	30,175	39,298	27,206	27,089	26,537	26,540	26,540	0	0	26,540	3,763	0	0	41,114	3,763
End Period Cash Flow	200,441	168,779	202,844	321,892	274,073	471,869	375,118	219,213	302,095	229,177	238,693	248,547	263,336	492,713	731,033	314,019	142,516	243,720	296,778	413,461	399,532	380,209	261,688	248,408	338,557	367,896	280,613	50,712	29,000	35,283	46,263	42,449	74,966
Exchange Rate Changes	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	0	0	0
Free Cash Flow	-23,929	-51,098	-39,645	-35,700	-60,235	-68,004	38,051	69,598	63,210	30,856	57,054	66,502	-6,314	42,336	43,603	89,396	-22,544	-13,958	-77,465	58,392	-30,333	61,705	208,537	-47,828	-43,881	-110,440	6,789	11,122	57,900	10,721	33,059	57,861	54,870
Investments	25,061	12,260	-3,282	-16,889	-150,381	-3,199	-26,276	16,586	-9,095	24,910	-40,930	-1,016	-109,994	-91,042	-10,571	-3,563	-3,068	-3,516	-556	-4,821	59,311	18,996	-5,012	-10,856	-20,433	-3,562	-1,260	-150	-24,993	0	0	0	-9,332
Issuance Of Capital Stock	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	0	0	0
Net Borrowings	0	64,202	105,795	82,237	-56,570	278,889	-466,679	-1,709	383,881	83,880	-1,108	-6,821	-97,653	-117,547	417,554	163,501	-34,027	-2,173	-478,157	-3,098	25,935	69,084	-159,051	300	129,628	-131,629	216,658	653	55,136	0	0	0	108,548
Net Income	-37,664	-66,101	-12,254	24,310	-20,850	-21,581	141,494	-77	-63,334	996	-3,318	-24,069	-50,168	-25,005	-40,263	48,175	38,692	10,532	-3,328	28,248	994	26,382	24,023	-4,786	-18,752	-77,991	11,341	6,318	15,398	18,246	16,783	11,547	12,647
Other Cashflows From Financing Activities	-5,173	5,045	-13,949	211,482	32,579	376,182	-897	1,462	1,676	-5,153	4,712	-689	-4,607	-8,805	-4,301	-13,106	-3,820	-3,830	469,155	-5,771	-11,723	197,932	53,140	63,322	119,283	311,133	226,721	15,552	4,014	41,457	60,090	11,000	84,112
Other Cashflows From Investing Activities	0	-9,365	-86,444	-9,334	-100,356	-92,471	844,531	-49,537	-54,553	-51,216	-24,539	-28,499	0	0	0	154,493	219,701	40,134	120,824	117,676	66,928	113,267	230,728	2,154	125,934	125,934	0	-1,465	4,000	0	0	0	7,000
Other Non Cash Items	2,050	-1,796	-2,039	-45,498	-1,297	10,743	-156,220	-18,051	46,574	-3,195	-2,150	-4,381	15,529	-1,576	4,821	-2,566	-48,435	-9,948	-8,728	-5,329	-35,022	-648	-1,196	-949	9,100	-6,924	-1,166	-1,628	-266	-668	132	1,446	2,373
Sale Purchase Of Stock	-61,462	-118,006	-135,747	-20,098	-8,889	-64,002	-205,892	-91,148	-75,386	-63,097	8,639	-19,203	-30,340	-33,242	-15	-41,177	203,657	473,527	473,509	124	597	-69	0	-120	0	0	0	11,594	160,203	0	0	0	16,495
Stock Based Compensation	5,089	6,497	10,086	10,428	8,948	6,949	12,471	12,904	13,231	11,428	13,656	13,236	12,868	15,009	20,812	17,362	17,841	15,318	15,525	16,589	12,985	12,414	14,177	13,099	16,529	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-61,878	-71,787	-57,020	31,860	-95,086	184,936	-700,401	-119,529	281,698	-14,066	-25,978	-51,776	-160,549	-189,614	383,982	85,670	-67,317	-36,184	-38,662	-48,167	-9,655	37,820	-190,245	-31,465	12,468	-8,265	223,379	12,205	-11,479	37,444	57,314	-32,196	70,219
Total Cash From Operating Activities	68,479	25,462	46,799	42,632	47,671	22,717	38,051	69,598	63,210	30,856	57,054	66,502	41,166	42,336	43,603	41,916	61,347	59,856	34,875	17,908	51,532	43,116	58,884	34,661	50,790	-49,265	33,057	39,601	57,900	10,721	33,059	57,861	54,870
Total Cashflows From Investing Activities	0	12,260	-108,827	-26,673	-150,381	-110,902	818,255	-32,951	-271,990	-26,306	-40,930	-29,515	-109,994	-91,042	-10,571	43,917	-95,234	-76,730	-112,896	44,188	-22,554	37,585	144,641	-93,345	-7,676	88,184	-56,629	-30,094	-258,807	0	0	0	-236,617

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Cost Of Revenue	290,665	306,700	328,620	331,412	321,610	308,961	229,408	173,637	175,677	171,050	167,797
Depreciation And Amortization	215,628	213,771	236,303	221,756	191,580	211,436	164,580	135,072	146,985	113,205	109,898
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0
Ebit	26,954	22,870	-4,369	-57,763	26,351	80,898	-54,530	113,109	95,532	137,519	140,668
Ebitda	242,582	236,641	231,934	163,993	217,931	292,334	110,050	248,181	242,517	250,724	250,566
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	3,900	0	0	0	0
Gross Profit	313,533	299,124	305,742	271,311	326,160	335,221	313,605	304,882	294,930	301,873	308,514
Income Before Tax	-92,005	100,250	-86,184	-71,526	72,842	45,875	-88,996	63,057	46,710	81,541	76,181
Income Tax Expense	-296	1,264	3,541	-4,265	-1,302	-738	-9,912	1,083	420	242	-12,480
Interest Expense	91,059	75,930	67,961	62,946	52,695	74,447	58,141	50,052	48,822	55,978	64,487
Interest Income	15,781	18,617	8,835	4,043	5,385	15,168	1,788	3,287	48,115	0	0
Minority Interest	11,731	-13,615	-10,468	-4,958	612,959	558,344	613,335	295	515	515	0
Net Income	-79,978	85,371	-89,725	-67,261	65,571	39,924	-71,753	61,974	46,290	81,299	88,661
Net Income Applicable To Common Shares	0	85,371	-79,257	-62,303	63,082	37,325	-73,408	61,974	49,628	81,299	0
Net Income From Continuing Ops	-91,709	98,986	-89,725	-67,261	74,144	46,613	-79,084	61,974	49,628	81,299	0
Net Interest Income	-85,057	-64,364	-59,468	-62,762	-47,260	-60,340	-56,353	-48,494	0	0	0
Non Operating Income Net Other	0	160,009	-7,089	28,222	103,176	19,554	21,320	0	0	0	0
Non Recurring	0	0	0	0	0	27,706	127,739	0	0	0	0
Operating Income	26,954	22,870	-4,369	-57,763	26,351	54,027	-52,175	112,793	102,597	138,619	149,674
Other Items	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	556,247	584,142	635,067	631,480	602,174	590,155	467,449	359,250	368,010	334,304	326,637
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	215,628	217,841	240,454	225,597	195,795	215,659	164,580	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	55,387	63,671	70,144	78,312	88,984	69,758	76,382	52,270	47,349	51,208	50,269
Tax Provision	-296	1,264	3,541	-4,265	-1,302	-738	-9,912	1,083	420	0	0
Total Operating Expenses	265,582	277,442	306,447	300,068	280,564	281,194	238,041	185,613	192,333	163,254	158,840
Total Other Income Expense Net	-54,899	77,380	-81,815	-13,763	46,491	51,127	-108,207	-7,718	-7,772	-1,279	-7,808
Total Revenue	604,198	605,824	634,362	602,723	647,770	644,182	543,013	478,519	470,607	472,923	476,311

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31
Cost Of Revenue	70,159	73,406	72,441	74,659	73,939	72,348	74,534	85,879	83,529	83,999	79,115	81,977	85,863	83,133	80,900	81,516	82,697	82,349	79,089	77,475	82,380	71,826	69,114	73,080	73,727	68,006	43,867	42,912	43,116	46,528	41,511	43,740	44,984
Depreciation And Amortization	59,554	51,479	49,958	53,431	56,174	50,847	50,267	58,809	58,173	57,535	57,497	65,289	64,170	57,499	53,536	49,360	50,004	47,815	47,117	49,936	67,556	47,646	49,139	50,173	52,896	45,121	32,369	34,194	35,460	31,806	33,080	34,726	35,147
Discontinued Operations	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	0	0	0
Ebit	-19,291	18,107	16,783	12,861	1,109	-2,011	2,723	15,494	-21,527	18,936	1,814	-3,257	-20,013	-8,880	-26,160	-2,228	-4,044	13,401	11,005	4,053	14,099	31,618	19,789	11,891	-10,612	-90,419	26,290	20,178	28,308	34,344	30,650	23,457	24,927
Ebitda	40,263	69,586	66,741	66,292	57,283	48,836	52,990	74,303	36,646	76,471	59,311	62,032	44,157	48,619	27,376	47,132	45,960	61,216	58,122	53,989	81,655	79,264	68,928	62,064	42,284	-45,298	58,659	54,372	63,768	66,150	63,730	58,183	60,074
Effect Of Accounting Charges	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	0	0	0
Extraordinary Items	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	0	0	0
Gross Profit	77,420	78,156	79,654	78,303	76,801	75,266	70,971	76,086	73,878	73,023	75,529	83,312	62,766	67,902	64,052	76,591	82,180	84,728	81,528	77,724	80,875	86,617	90,333	89,957	82,644	84,344	74,153	73,360	78,924	76,829	74,828	73,044	74,200
Income Before Tax	-38,632	-66,024	-11,643	24,294	-22,186	-21,415	144,399	-548	-64,320	1,213	-3,323	-19,754	-50,712	-25,493	-41,151	45,830	38,079	10,964	-3,277	27,076	1,692	25,541	24,336	-5,694	-28,347	-79,025	11,704	6,672	15,597	21,316	17,101	11,811	12,885
Income Tax Expense	-968	77	611	-16	-1,336	166	2,905	-471	-986	217	-5	4,315	-544	-488	-888	-2,345	-613	432	51	-1,172	698	-841	313	-908	-9,595	-1,034	363	354	199	302	318	264	238
Interest Expense	23,873	23,010	21,443	26,842	25,679	19,913	16,947	18,515	17,649	16,110	15,720	15,382	19,307	15,826	14,974	11,433	11,831	10,523	12,393	15,962	18,184	17,784	17,218	19,159	14,328	15,688	14,586	13,506	12,711	13,028	13,549	11,646	12,042
Interest Income	1,649	7,774	2,281	4,077	1,715	984	1,672	14,246	8,672	192	0	9	0	0	114	907	3,022	640	2,052	16,223	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	5,067	8,094	-1,709	3,139	2,271	-2,288	18,219	-45	-6,888	103	544,639	-3,338	530,915	-2,212	499,274	503,243	612,959	586,862	574,574	585,128	558,344	3,552	3,449	-596	42,227	-8,160	5,679	295	295	0	0	0	515
Net Income	-32,597	-58,007	-10,545	21,171	-20,850	-21,581	123,275	-32	-56,446	893	-2,973	-20,731	-45,655	-22,793	-36,780	42,925	34,390	9,360	-3,040	24,861	710	22,830	20,574	-4,190	-13,902	-69,831	11,341	6,318	15,398	21,014	16,783	11,547	12,647
Net Income Applicable To Common Shares	0	-58,696	-10,545	21,171	-18,579	-19,293	123,275	-32	-54,949	893	-2,973	-20,731	-47,026	-22,793	-37,687	42,925	33,575	8,681	-4,036	24,861	-1,889	22,830	20,574	-4,190	1,429	-69,831	11,341	6,318	12,630	21,014	16,783	11,547	49,628
Net Income From Continuing Ops	-37,664	-66,101	-12,254	24,310	-20,850	-21,581	141,494	-77	-63,334	996	-3,318	-24,069	-50,168	-25,005	-40,263	48,175	38,692	10,532	-3,328	28,248	994	26,382	24,023	-4,786	15,271	-77,991	11,341	6,318	61,974	0	0	0	49,628
Net Interest Income	-25,992	-18,617	-20,513	-22,765	-22,522	-20,047	-16,396	-5,399	-9,269	-17,014	-16,765	-16,420	-19,296	-16,683	-15,639	-11,145	-8,809	-11,221	-11,055	-16,175	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	2,341	45,210	378	-14,327	157,294	16,664	-42,055	20,695	15,205	-934	0	-965	0	57,659	0	6,304	-1,647	43,585	0	29,434	33,288	-874	0	25,024	1,075	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,126	3,787	4,221	0	104,095	0	0	0	0	0	0	0
Operating Income	-19,291	-85,987	-36,991	12,861	1,109	-2,011	2,723	15,494	-21,527	18,936	1,814	-3,257	-20,013	-8,880	-26,160	-2,228	-4,044	13,401	11,005	4,053	14,099	15,086	16,681	14,437	-8,256	-88,740	25,215	19,606	25,245	33,011	30,264	24,276	26,627
Other Items	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	0	0	0
Other Operating Expenses	139,968	134,963	136,752	144,564	146,746	135,024	140,372	162,000	160,505	156,310	154,129	164,123	165,435	157,833	155,590	152,622	156,594	149,775	146,166	149,639	167,566	139,231	138,979	144,379	152,061	136,995	87,568	90,825	90,319	88,818	86,075	92,508	92,557
Preferred Stock And Other Adjustments	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	0	0	0
Reconciled Depreciation	59,554	51,479	49,958	53,431	57,918	50,847	50,267	58,809	60,133	57,535	57,497	65,289	65,202	57,499	53,536	49,360	50,622	47,601	46,977	49,804	68,539	47,445	49,378	50,077	52,906	44,936	32,025	33,851	35,460	31,806	33,080	34,726	35,147
Research Development	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	0	0	0
Selling And Marketing Expenses	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	0	0	0
Selling General Administrative	12,528	11,292	15,093	16,474	16,633	12,620	16,359	18,059	18,803	15,585	18,336	17,420	15,402	18,219	22,074	22,617	23,893	20,564	21,082	23,445	17,630	20,802	21,748	22,139	26,401	25,038	11,708	14,131	12,151	10,913	11,939	14,479	12,866
Tax Provision	-968	77	611	-16	-1,336	166	2,905	-471	-986	217	-5	4,315	-544	-488	-888	-2,345	-613	432	51	-1,172	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	69,809	61,557	64,311	69,905	72,807	62,676	65,838	76,121	76,976	72,311	75,014	82,146	79,572	74,700	74,690	71,106	73,897	67,426	67,077	72,164	85,186	67,405	69,865	71,299	78,334	68,989	43,701	47,913	47,203	42,290	44,564	48,768	47,573
Total Other Income Expense Net	-20,251	-64,006	-6,473	11,433	-23,295	-19,404	155,662	4,886	-52,245	17,515	12,927	-4,500	-14,599	-2,012	-14,874	51,490	38,605	4,883	-6,673	37,691	14,196	21,065	21,814	-4,549	-18,751	-78,692	-5,132	-5,753	-3,748	-944	-374	-1,179	-1,652
Total Revenue	147,579	151,562	152,095	152,962	150,740	147,614	145,505	161,965	157,407	157,022	154,644	165,289	148,629	151,035	144,952	158,107	164,877	167,077	160,617	155,199	163,255	158,443	159,447	163,037	156,371	152,350	118,020	116,272	122,040	123,357	116,339	116,784	119,184

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	604,198
Cost of Revenue	-290,665
Gross Profit	313,533	313,533

Operating Income (+$)
Gross Profit	313,533
Operating Expense	-265,582
Operating Income	26,954	47,951

Operating Expense (+$)
Research Development	0
Selling General Administrative	55,387
Selling And Marketing Expenses	0
Operating Expense	265,582	55,387

Net Interest Income (+$)
Interest Income	15,781
Interest Expense	-91,059
Other Finance Cost	-9,779
Net Interest Income	-85,057

Pretax Income (+$)
Operating Income	26,954
Net Interest Income	-85,057
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	-92,005	81,853 EBIT - interestExpense = -64,105 -80,274 11,081
Interest Expense	91,059
Earnings Before Interest and Taxes (EBIT)	26,954	-946
Earnings Before Interest and Taxes (EBITDA)	242,582

After tax Income (+$)
Income Before Tax	-92,005
Tax Provision	--296
Net Income From Continuing Ops	-91,709	-91,709
Net Income	-79,978
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	556,247
Total Other Income/Expenses Net	-54,899	85,057

Technical Analysis of JBG SMITH Properties
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of JBG SMITH Properties. The general trend of JBG SMITH Properties is BEARISH with 28.6% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine JBG SMITH Properties's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (-28.6%)		Bearish trend (28.6%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of JBG SMITH Properties.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is -1/(-1 +1).

Around resistance: The price is trading arround resistance levels. This can be considered as a potential exit level. -1

The bullish price targets are: 14.96 < 16.19 < 17.25.

The bearish price targets are: 14.38 > 14.10 > 13.99.

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JBG SMITH Properties Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of JBG SMITH Properties. The current mas is .

The long score for the Moving Averages is 5/14.
The longshort score for the Moving Averages is -4/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

JBG SMITH Properties Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of JBG SMITH Properties. The current macd is -0.40010378.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the JBG SMITH Properties price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for JBG SMITH Properties. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the JBG SMITH Properties price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

JBG SMITH Properties Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of JBG SMITH Properties. The current adx is 19.47.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -1/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell JBG SMITH Properties shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX < 25 && ADX trending down: The ADX is below 25 and indicates a weak or no trend. Also, the ADX is declining so there is no trend indication.

JBG SMITH Properties Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of JBG SMITH Properties. The current sar is 15.57.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

JBG SMITH Properties Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of JBG SMITH Properties. The current rsi is 44.07. The current phase is Continuation in bear market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is -2/(-13 +13).

Continuation in bear market: Downtrend continues after a consolidation or pullback. Hold or add to short positions.
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

JBG SMITH Properties Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of JBG SMITH Properties. The current phase is Continuation in bear market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 2/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the JBG SMITH Properties price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

JBG SMITH Properties Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of JBG SMITH Properties. The current cci is -39.0598115.

JBG SMITH Properties Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of JBG SMITH Properties. The current cmo is -5.78038171.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

JBG SMITH Properties Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of JBG SMITH Properties. The current willr is -61.53846154.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is 0/(-1 +1).

WILLR between -80 and -20: The Williams %R is between -80 and -20. This indicates that JBG SMITH Properties is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

JBG SMITH Properties Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of JBG SMITH Properties.

JBG SMITH Properties Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of JBG SMITH Properties. The current atr is 0.43345059.

JBG SMITH Properties Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of JBG SMITH Properties. The current obv is -31,986,414.

JBG SMITH Properties Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of JBG SMITH Properties. The current mfi is 59.86.

The long score for the Money Flow Index (MFI) is 1/2.
The longshort score for the Money Flow Index (MFI) is 1/(-2 +2).

MFI > 50: +1

JBG SMITH Properties Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for JBG SMITH Properties.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-13	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-19	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2023-12-21	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-12-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-28	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-03	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-10	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-12	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-17	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-18	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-24	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-31	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-08	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-12	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-02-13	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-14	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-02-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-16	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-20	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-21	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-23	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-29	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-01	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-19	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-20	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-22	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-25	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-26	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-09	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.

6.3. Candlestick Patterns

JBG SMITH Properties Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of JBG SMITH Properties based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	44.070
Ma 20	Greater than	Ma 50	15.341
Ma 50	Greater than	Ma 100	16.115
Ma 100	Greater than	Ma 200	16.215
Open	Greater than	Close	14.920
Total			1/5 (20.0%)

Create your own Symbol Scanner

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JBG SMITH Properties Buy, Hold or Sell?

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Quick analysis of JBG SMITH Properties (30 sec.)

What can you expect buying and holding a share of JBG SMITH Properties? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of JBG SMITH Properties (5 min.)

$15.15

$28.21

$-0.68 - $-0.82

$27.53 - $27.39

2. Growth of JBG SMITH Properties (5 min.)

Is JBG SMITH Properties growing?

How much money is JBG SMITH Properties making?

How much money comes from the company's main activities?

3. Financial Health of JBG SMITH Properties (5 min.)

What can you expect buying and holding a share of JBG SMITH Properties? (5 min.)

What can you expect buying and holding a share of JBG SMITH Properties?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of JBG SMITH Properties

About JBG SMITH Properties

Financial Health

Valuation

1.1. Profitability of JBG SMITH Properties.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

1.1.2. Return on Assets

Trends

1.1.3. Return on Equity

Trends

1.2. Operating Efficiency of JBG SMITH Properties.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of JBG SMITH Properties.

1.3. Liquidity

1.3.1. Current Ratio

Trends

1.3.2. Quick Ratio

Trends

1.4. Solvency of JBG SMITH Properties.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

1.4.2. Debt to Equity Ratio

Trends

2. Market Valuation of JBG SMITH Properties

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

2.2. Price To Free Cash Flow Ratio

Trends

2. Book Value per Share

2.3. Price to Book Ratio

Trends

JBG SMITH Properties
Buy, Hold or Sell?