Intrinsic value of Federal Agricultural Mortgage Cl C - AGM

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$68.08

  Intrinsic Value

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  Value-price divergence*

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$68.08

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

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

We calculate the intrinsic value of AGM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.74
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
Revenue, $m
  312
  316
  373
  435
  503
  576
  653
  736
  823
  916
  1,013
  1,114
  1,220
  1,331
  1,446
  1,566
  1,691
  1,820
  1,955
  2,095
  2,240
  2,392
  2,549
  2,712
  2,883
  3,060
  3,245
  3,437
  3,638
  3,847
  4,065
Variable operating expenses, $m
 
  242
  286
  334
  385
  441
  500
  564
  631
  701
  776
  853
  935
  1,019
  1,108
  1,199
  1,295
  1,394
  1,497
  1,605
  1,716
  1,832
  1,952
  2,078
  2,208
  2,344
  2,485
  2,633
  2,786
  2,947
  3,114
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  196
  242
  286
  334
  385
  441
  500
  564
  631
  701
  776
  853
  935
  1,019
  1,108
  1,199
  1,295
  1,394
  1,497
  1,605
  1,716
  1,832
  1,952
  2,078
  2,208
  2,344
  2,485
  2,633
  2,786
  2,947
  3,114
Operating income, $m
  116
  74
  87
  102
  118
  135
  153
  172
  193
  214
  237
  261
  285
  311
  338
  366
  396
  426
  457
  490
  524
  560
  596
  635
  675
  716
  759
  804
  851
  900
  951
EBITDA, $m
  116
  74
  87
  102
  118
  135
  153
  172
  193
  214
  237
  261
  285
  311
  338
  366
  396
  426
  457
  490
  524
  560
  596
  635
  675
  716
  759
  804
  851
  900
  951
Interest expense (income), $m
  111
  475
  547
  646
  755
  873
  1,000
  1,136
  1,281
  1,434
  1,596
  1,765
  1,943
  2,128
  2,322
  2,524
  2,733
  2,952
  3,178
  3,414
  3,659
  3,914
  4,179
  4,454
  4,740
  5,038
  5,348
  5,671
  6,008
  6,359
  6,725
Earnings before tax, $m
  119
  -401
  -460
  -544
  -638
  -739
  -848
  -964
  -1,088
  -1,220
  -1,359
  -1,504
  -1,657
  -1,817
  -1,984
  -2,157
  -2,338
  -2,526
  -2,721
  -2,924
  -3,135
  -3,354
  -3,582
  -3,819
  -4,065
  -4,322
  -4,589
  -4,867
  -5,157
  -5,459
  -5,774
Tax expense, $m
  42
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  77
  -401
  -460
  -544
  -638
  -739
  -848
  -964
  -1,088
  -1,220
  -1,359
  -1,504
  -1,657
  -1,817
  -1,984
  -2,157
  -2,338
  -2,526
  -2,721
  -2,924
  -3,135
  -3,354
  -3,582
  -3,819
  -4,065
  -4,322
  -4,589
  -4,867
  -5,157
  -5,459
  -5,774

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  265
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,606
  17,578
  20,735
  24,191
  27,940
  31,976
  36,294
  40,886
  45,747
  50,870
  56,251
  61,888
  67,779
  73,925
  80,327
  86,989
  93,918
  101,120
  108,604
  116,382
  124,465
  132,867
  141,604
  150,692
  160,150
  169,997
  180,254
  190,944
  202,090
  213,718
  225,853
Adjusted assets (=assets-cash), $m
  15,341
  17,578
  20,735
  24,191
  27,940
  31,976
  36,294
  40,886
  45,747
  50,870
  56,251
  61,888
  67,779
  73,925
  80,327
  86,989
  93,918
  101,120
  108,604
  116,382
  124,465
  132,867
  141,604
  150,692
  160,150
  169,997
  180,254
  190,944
  202,090
  213,718
  225,853
Revenue / Adjusted assets
  0.020
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
  0.018
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  0
  158
  187
  218
  251
  288
  327
  368
  412
  458
  506
  557
  610
  665
  723
  783
  845
  910
  977
  1,047
  1,120
  1,196
  1,274
  1,356
  1,441
  1,530
  1,622
  1,718
  1,819
  1,923
  2,033
Total debt, $m
  14,806
  15,627
  18,468
  21,578
  24,952
  28,585
  32,471
  36,604
  40,978
  45,589
  50,432
  55,505
  60,807
  66,338
  72,100
  78,097
  84,332
  90,814
  97,550
  104,550
  111,824
  119,386
  127,250
  135,429
  143,941
  152,803
  162,035
  171,656
  181,687
  192,152
  203,074
Total liabilities, $m
  14,963
  15,821
  18,662
  21,772
  25,146
  28,779
  32,665
  36,798
  41,172
  45,783
  50,626
  55,699
  61,001
  66,532
  72,294
  78,291
  84,526
  91,008
  97,744
  104,744
  112,018
  119,580
  127,444
  135,623
  144,135
  152,997
  162,229
  171,850
  181,881
  192,346
  203,268
Total equity, $m
  643
  1,758
  2,074
  2,419
  2,794
  3,198
  3,629
  4,089
  4,575
  5,087
  5,625
  6,189
  6,778
  7,392
  8,033
  8,699
  9,392
  10,112
  10,860
  11,638
  12,446
  13,287
  14,160
  15,069
  16,015
  17,000
  18,025
  19,094
  20,209
  21,372
  22,585
Total liabilities and equity, $m
  15,606
  17,579
  20,736
  24,191
  27,940
  31,977
  36,294
  40,887
  45,747
  50,870
  56,251
  61,888
  67,779
  73,924
  80,327
  86,990
  93,918
  101,120
  108,604
  116,382
  124,464
  132,867
  141,604
  150,692
  160,150
  169,997
  180,254
  190,944
  202,090
  213,718
  225,853
Debt-to-equity ratio
  23.026
  8.890
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
Adjusted equity ratio
  0.025
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  77
  -401
  -460
  -544
  -638
  -739
  -848
  -964
  -1,088
  -1,220
  -1,359
  -1,504
  -1,657
  -1,817
  -1,984
  -2,157
  -2,338
  -2,526
  -2,721
  -2,924
  -3,135
  -3,354
  -3,582
  -3,819
  -4,065
  -4,322
  -4,589
  -4,867
  -5,157
  -5,459
  -5,774
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  241
  -401
  -460
  -544
  -638
  -739
  -848
  -964
  -1,088
  -1,220
  -1,359
  -1,504
  -1,657
  -1,817
  -1,984
  -2,157
  -2,338
  -2,526
  -2,721
  -2,924
  -3,135
  -3,354
  -3,582
  -3,819
  -4,065
  -4,322
  -4,589
  -4,867
  -5,157
  -5,459
  -5,774
Change in working capital, $m
  32
  26
  28
  31
  34
  36
  39
  41
  44
  46
  48
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  105
  109
Cash from operations, $m
  209
  -427
  -488
  -576
  -671
  -775
  -886
  -1,006
  -1,132
  -1,266
  -1,407
  -1,555
  -1,710
  -1,872
  -2,041
  -2,217
  -2,400
  -2,591
  -2,788
  -2,994
  -3,208
  -3,430
  -3,661
  -3,901
  -4,151
  -4,411
  -4,681
  -4,963
  -5,257
  -5,564
  -5,883
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -593
  0
  0
  0
  0
  0
  0
  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, $m
  -384
  -427
  -488
  -576
  -671
  -775
  -886
  -1,006
  -1,132
  -1,266
  -1,407
  -1,555
  -1,710
  -1,872
  -2,041
  -2,217
  -2,400
  -2,591
  -2,788
  -2,994
  -3,208
  -3,430
  -3,661
  -3,901
  -4,151
  -4,411
  -4,681
  -4,963
  -5,257
  -5,564
  -5,883
Issuance/(repayment) of debt, $m
  -529
  2,045
  2,841
  3,110
  3,374
  3,633
  3,886
  4,133
  4,374
  4,611
  4,843
  5,073
  5,302
  5,531
  5,762
  5,996
  6,236
  6,482
  6,736
  7,000
  7,275
  7,562
  7,863
  8,179
  8,512
  8,862
  9,232
  9,621
  10,031
  10,465
  10,922
Issuance/(repurchase) of shares, $m
  -9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -536
  2,045
  2,841
  3,110
  3,374
  3,633
  3,886
  4,133
  4,374
  4,611
  4,843
  5,073
  5,302
  5,531
  5,762
  5,996
  6,236
  6,482
  6,736
  7,000
  7,275
  7,562
  7,863
  8,179
  8,512
  8,862
  9,232
  9,621
  10,031
  10,465
  10,922
Total cash flow (excl. dividends), $m
  -921
  1,617
  2,353
  2,534
  2,703
  2,858
  3,000
  3,127
  3,242
  3,345
  3,436
  3,518
  3,592
  3,659
  3,721
  3,779
  3,836
  3,891
  3,948
  4,006
  4,067
  4,132
  4,202
  4,279
  4,361
  4,452
  4,550
  4,658
  4,774
  4,901
  5,039
Retained Cash Flow (-), $m
  -89
  -1,204
  -316
  -346
  -375
  -404
  -432
  -459
  -486
  -512
  -538
  -564
  -589
  -615
  -640
  -666
  -693
  -720
  -748
  -778
  -808
  -840
  -874
  -909
  -946
  -985
  -1,026
  -1,069
  -1,115
  -1,163
  -1,214
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  414
  2,038
  2,189
  2,328
  2,454
  2,568
  2,668
  2,756
  2,832
  2,898
  2,954
  3,003
  3,044
  3,081
  3,113
  3,143
  3,171
  3,199
  3,228
  3,259
  3,292
  3,329
  3,370
  3,416
  3,467
  3,525
  3,589
  3,660
  3,738
  3,825
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  362
  1,540
  1,411
  1,261
  1,101
  939
  782
  636
  505
  391
  295
  217
  156
  109
  74
  49
  31
  19
  12
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Federal Agricultural Mortgage Corporation provides a secondary market for various loans made to borrowers primarily in the United States. It operates through four segments: Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit. The Farm & Ranch segment purchases and retains eligible mortgage loans that are secured by first liens on agricultural real estate; securitizes eligible mortgage loans, and guarantees the timely payment of principal and interest on securities representing interests in or obligations secured by pools of eligible mortgage loans; and offers long-term standby purchase commitments on designated eligible mortgage loans. The USDA Guarantees segment purchases portions of certain agricultural, rural development, business and industry, and community facilities loans guaranteed by the United States Department of Agriculture (USDA). The Rural Utilities segment purchases and guarantees securities that are backed by eligible rural electric and telephone loans. The Institutional Credit segment purchases or guarantees general obligations of lenders that are secured by pools of the types of loans eligible for purchase under Farm & Ranch, USDA Guarantees, or Rural Utilities lines of business. This segment also provides advances against eligible loans by purchasing obligations secured by those loans. Federal Agricultural Mortgage Corporation was founded in 1987 and is headquartered in Washington, District of Columbia.

FINANCIAL RATIOS  of  Federal Agricultural Mortgage Cl C (AGM)

Valuation Ratios
P/E Ratio 9.3
Price to Sales 2.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow 3.4
Growth Rates
Sales Growth Rate 17.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 990%
Total Debt to Equity 2302.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 12.9%
Return On Equity - 3 Yr. Avg. 12.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 44.9%
Gross Margin - 3 Yr. Avg. 40.5%
EBITDA Margin 73.7%
EBITDA Margin - 3 Yr. Avg. 85.6%
Operating Margin 37.2%
Oper. Margin - 3 Yr. Avg. 33.2%
Pre-Tax Margin 38.1%
Pre-Tax Margin - 3 Yr. Avg. 36.4%
Net Profit Margin 24.7%
Net Profit Margin - 3 Yr. Avg. 23.5%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 23.6%
Payout Ratio 31.2%

AGM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGM stock intrinsic value calculation we used $265 million for the last fiscal year's total revenue generated by Federal Agricultural Mortgage Cl C. The default revenue input number comes from 2016 income statement of Federal Agricultural Mortgage Cl C. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AGM stock valuation model: a) initial revenue growth rate of 19.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.3%, whose default value for AGM is calculated based on our internal credit rating of Federal Agricultural Mortgage Cl C, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Federal Agricultural Mortgage Cl C.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AGM stock the variable cost ratio is equal to 76.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AGM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Federal Agricultural Mortgage Cl C.

Corporate tax rate of 27% is the nominal tax rate for Federal Agricultural Mortgage Cl C. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AGM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AGM are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Federal Agricultural Mortgage Cl C operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AGM is equal to 50%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $554 million for Federal Agricultural Mortgage Cl C - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 10.269 million for Federal Agricultural Mortgage Cl C is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Federal Agricultural Mortgage Cl C at the current share price and the inputted number of shares is $0.7 billion.


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