Intrinsic value of Federal Agricultural Mortgage Cl C - AGM

Previous Close

$71.96

  Intrinsic Value

$263.00

stock screener

  Rating & Target

str. buy

+265%

Previous close

$71.96

 
Intrinsic value

$263.00

 
Up/down potential

+265%

 
Rating

str. buy

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

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 0.8

 

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
  27.30
  25.07
  23.06
  21.26
  19.63
  18.17
  16.85
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
Revenue, $m
  312
  397
  497
  611
  741
  887
  1,048
  1,224
  1,416
  1,623
  1,844
  2,080
  2,330
  2,593
  2,869
  3,159
  3,462
  3,779
  4,108
  4,451
  4,807
  5,178
  5,563
  5,964
  6,380
  6,812
  7,262
  7,730
  8,216
  8,723
  9,251
Variable operating expenses, $m
 
  242
  303
  372
  451
  540
  638
  746
  863
  988
  1,123
  1,267
  1,419
  1,579
  1,747
  1,924
  2,109
  2,301
  2,502
  2,711
  2,928
  3,154
  3,388
  3,632
  3,885
  4,149
  4,423
  4,707
  5,004
  5,312
  5,634
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
  303
  372
  451
  540
  638
  746
  863
  988
  1,123
  1,267
  1,419
  1,579
  1,747
  1,924
  2,109
  2,301
  2,502
  2,711
  2,928
  3,154
  3,388
  3,632
  3,885
  4,149
  4,423
  4,707
  5,004
  5,312
  5,634
Operating income, $m
  116
  155
  194
  239
  290
  347
  410
  479
  554
  635
  721
  813
  911
  1,014
  1,122
  1,235
  1,354
  1,477
  1,606
  1,740
  1,880
  2,025
  2,175
  2,332
  2,495
  2,664
  2,839
  3,022
  3,213
  3,411
  3,617
EBITDA, $m
  116
  155
  194
  239
  290
  347
  410
  479
  554
  635
  721
  813
  911
  1,014
  1,122
  1,235
  1,354
  1,477
  1,606
  1,740
  1,880
  2,025
  2,175
  2,332
  2,495
  2,664
  2,839
  3,022
  3,213
  3,411
  3,617
Interest expense (income), $m
  111
  509
  620
  777
  957
  1,162
  1,391
  1,645
  1,923
  2,225
  2,551
  2,899
  3,271
  3,664
  4,078
  4,514
  4,970
  5,448
  5,946
  6,465
  7,005
  7,566
  8,150
  8,757
  9,388
  10,043
  10,724
  11,432
  12,169
  12,935
  13,734
Earnings before tax, $m
  119
  -354
  -426
  -538
  -667
  -815
  -981
  -1,166
  -1,369
  -1,591
  -1,830
  -2,086
  -2,360
  -2,650
  -2,956
  -3,279
  -3,617
  -3,970
  -4,339
  -4,724
  -5,125
  -5,542
  -5,975
  -6,425
  -6,893
  -7,379
  -7,885
  -8,410
  -8,956
  -9,525
  -10,116
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
  -354
  -426
  -538
  -667
  -815
  -981
  -1,166
  -1,369
  -1,591
  -1,830
  -2,086
  -2,360
  -2,650
  -2,956
  -3,279
  -3,617
  -3,970
  -4,339
  -4,724
  -5,125
  -5,542
  -5,975
  -6,425
  -6,893
  -7,379
  -7,885
  -8,410
  -8,956
  -9,525
  -10,116

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
  19,859
  24,837
  30,566
  37,063
  44,339
  52,394
  61,223
  70,814
  81,153
  92,222
  104,004
  116,482
  129,642
  143,473
  157,966
  173,117
  188,926
  205,399
  222,544
  240,375
  258,911
  278,174
  298,191
  318,994
  340,618
  363,102
  386,489
  410,825
  436,161
  462,550
Adjusted assets (=assets-cash), $m
  15,341
  19,859
  24,837
  30,566
  37,063
  44,339
  52,394
  61,223
  70,814
  81,153
  92,222
  104,004
  116,482
  129,642
  143,473
  157,966
  173,117
  188,926
  205,399
  222,544
  240,375
  258,911
  278,174
  298,191
  318,994
  340,618
  363,102
  386,489
  410,825
  436,161
  462,550
Revenue / Adjusted assets
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
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
  199
  248
  306
  371
  443
  524
  612
  708
  812
  922
  1,040
  1,165
  1,296
  1,435
  1,580
  1,731
  1,889
  2,054
  2,225
  2,404
  2,589
  2,782
  2,982
  3,190
  3,406
  3,631
  3,865
  4,108
  4,362
  4,626
Total debt, $m
  14,806
  17,716
  22,197
  27,352
  33,200
  39,748
  46,998
  54,944
  63,576
  72,881
  82,843
  93,446
  104,677
  116,521
  128,969
  142,012
  155,648
  169,877
  184,702
  200,132
  216,180
  232,862
  250,199
  268,215
  286,938
  306,399
  326,635
  347,683
  369,585
  392,388
  416,138
Total liabilities, $m
  14,963
  17,873
  22,354
  27,509
  33,357
  39,905
  47,155
  55,101
  63,733
  73,038
  83,000
  93,603
  104,834
  116,678
  129,126
  142,169
  155,805
  170,034
  184,859
  200,289
  216,337
  233,019
  250,356
  268,372
  287,095
  306,556
  326,792
  347,840
  369,742
  392,545
  416,295
Total equity, $m
  643
  1,986
  2,484
  3,057
  3,706
  4,434
  5,239
  6,122
  7,081
  8,115
  9,222
  10,400
  11,648
  12,964
  14,347
  15,797
  17,312
  18,893
  20,540
  22,254
  24,037
  25,891
  27,817
  29,819
  31,899
  34,062
  36,310
  38,649
  41,082
  43,616
  46,255
Total liabilities and equity, $m
  15,606
  19,859
  24,838
  30,566
  37,063
  44,339
  52,394
  61,223
  70,814
  81,153
  92,222
  104,003
  116,482
  129,642
  143,473
  157,966
  173,117
  188,927
  205,399
  222,543
  240,374
  258,910
  278,173
  298,191
  318,994
  340,618
  363,102
  386,489
  410,824
  436,161
  462,550
Debt-to-equity ratio
  23.026
  8.920
  8.940
  8.950
  8.960
  8.960
  8.970
  8.970
  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
  8.990
  8.990
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
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
  -354
  -426
  -538
  -667
  -815
  -981
  -1,166
  -1,369
  -1,591
  -1,830
  -2,086
  -2,360
  -2,650
  -2,956
  -3,279
  -3,617
  -3,970
  -4,339
  -4,724
  -5,125
  -5,542
  -5,975
  -6,425
  -6,893
  -7,379
  -7,885
  -8,410
  -8,956
  -9,525
  -10,116
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
  -354
  -426
  -538
  -667
  -815
  -981
  -1,166
  -1,369
  -1,591
  -1,830
  -2,086
  -2,360
  -2,650
  -2,956
  -3,279
  -3,617
  -3,970
  -4,339
  -4,724
  -5,125
  -5,542
  -5,975
  -6,425
  -6,893
  -7,379
  -7,885
  -8,410
  -8,956
  -9,525
  -10,116
Change in working capital, $m
  32
  43
  50
  57
  65
  73
  81
  88
  96
  103
  111
  118
  125
  132
  138
  145
  152
  158
  165
  171
  178
  185
  193
  200
  208
  216
  225
  234
  243
  253
  264
Cash from operations, $m
  209
  -396
  -476
  -595
  -732
  -888
  -1,062
  -1,254
  -1,465
  -1,694
  -1,940
  -2,204
  -2,485
  -2,781
  -3,095
  -3,424
  -3,768
  -4,128
  -4,504
  -4,896
  -5,303
  -5,727
  -6,167
  -6,625
  -7,101
  -7,595
  -8,109
  -8,644
  -9,200
  -9,778
  -10,380
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
  -396
  -476
  -595
  -732
  -888
  -1,062
  -1,254
  -1,465
  -1,694
  -1,940
  -2,204
  -2,485
  -2,781
  -3,095
  -3,424
  -3,768
  -4,128
  -4,504
  -4,896
  -5,303
  -5,727
  -6,167
  -6,625
  -7,101
  -7,595
  -8,109
  -8,644
  -9,200
  -9,778
  -10,380
Issuance/(repayment) of debt, $m
  -529
  3,175
  4,481
  5,155
  5,848
  6,548
  7,250
  7,946
  8,632
  9,305
  9,962
  10,604
  11,230
  11,844
  12,448
  13,044
  13,636
  14,228
  14,825
  15,430
  16,048
  16,682
  17,337
  18,016
  18,723
  19,462
  20,236
  21,048
  21,903
  22,802
  23,750
Issuance/(repurchase) of shares, $m
  -9
  1,697
  924
  1,111
  1,317
  1,543
  1,787
  2,049
  2,328
  2,624
  2,937
  3,264
  3,608
  3,966
  4,339
  4,728
  5,132
  5,551
  5,987
  6,439
  6,908
  7,395
  7,901
  8,427
  8,973
  9,542
  10,133
  10,749
  11,390
  12,058
  12,755
Cash from financing (excl. dividends), $m  
  -536
  4,872
  5,405
  6,266
  7,165
  8,091
  9,037
  9,995
  10,960
  11,929
  12,899
  13,868
  14,838
  15,810
  16,787
  17,772
  18,768
  19,779
  20,812
  21,869
  22,956
  24,077
  25,238
  26,443
  27,696
  29,004
  30,369
  31,797
  33,293
  34,860
  36,505
Total cash flow (excl. dividends), $m
  -921
  4,475
  4,929
  5,671
  6,432
  7,203
  7,975
  8,741
  9,495
  10,235
  10,958
  11,664
  12,354
  13,029
  13,692
  14,348
  15,000
  15,651
  16,308
  16,973
  17,653
  18,350
  19,070
  19,817
  20,595
  21,408
  22,259
  23,153
  24,093
  25,082
  26,125
Retained Cash Flow (-), $m
  -89
  -1,697
  -924
  -1,111
  -1,317
  -1,543
  -1,787
  -2,049
  -2,328
  -2,624
  -2,937
  -3,264
  -3,608
  -3,966
  -4,339
  -4,728
  -5,132
  -5,551
  -5,987
  -6,439
  -6,908
  -7,395
  -7,901
  -8,427
  -8,973
  -9,542
  -10,133
  -10,749
  -11,390
  -12,058
  -12,755
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
 
  2,779
  4,005
  4,560
  5,115
  5,660
  6,188
  6,692
  7,167
  7,611
  8,022
  8,400
  8,746
  9,063
  9,353
  9,620
  9,868
  10,100
  10,321
  10,535
  10,745
  10,955
  11,169
  11,390
  11,622
  11,866
  12,126
  12,404
  12,703
  13,024
  13,370
Discount rate, %
 
  15.10
  15.86
  16.65
  17.48
  18.35
  19.27
  20.24
  21.25
  22.31
  23.43
  24.60
  25.83
  27.12
  28.47
  29.90
  31.39
  32.96
  34.61
  36.34
  38.16
  40.06
  42.07
  44.17
  46.38
  48.70
  51.13
  53.69
  56.38
  59.19
  62.15
PV of cash for distribution, $m
 
  2,414
  2,984
  2,873
  2,685
  2,437
  2,149
  1,842
  1,534
  1,242
  978
  748
  555
  400
  280
  190
  125
  80
  49
  29
  17
  9
  5
  3
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  31.1
  22.3
  16.2
  11.9
  8.8
  6.6
  5.0
  3.8
  2.9
  2.2
  1.7
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0

Federal Agricultural Mortgage Corporation (Farmer Mac) provides a secondary market for a range of loans made to borrowers in rural America. The Company's segments include Farm & Ranch, USDA Guarantees, Rural Utilities, Institutional Credit and Corporate. Its secondary market activities are purchasing eligible loans directly from lenders; providing advances against eligible loans by purchasing obligations secured by those loans; securitizing assets and guaranteeing the payment of principal and interest on the resulting securities that represent interests in, or obligations secured by, pools of eligible loans; and issuing long-term standby purchase commitments (LTSPCs) for eligible loans. The loans eligible for the secondary market provided by Farmer Mac include mortgage loans secured by first liens on agricultural real estate, including part-time farms and rural housing (comprising the assets eligible for the Farm & Ranch line of business).

FINANCIAL RATIOS  of  Federal Agricultural Mortgage Cl C (AGM)

Valuation Ratios
P/E Ratio 9.9
Price to Sales 2.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 3.6
Price to Free Cash Flow 3.6
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 49.7%
Gross Margin - 3 Yr. Avg. 45.9%
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 $312 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 27.3% 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 15.1%, 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 60.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for 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 - $643 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 10.634 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 $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
CIM Chimera Invest 18.84 58.10  str.buy
LC LendingClub 4.02 0.57  str.sell

COMPANY NEWS

▶ Farmer Mac posts 3Q profit   [08:56AM  Associated Press]
▶ Farmer Mac posts 2Q profit   [Aug-09-17 10:22PM  Associated Press]
▶ Farmer Mac posts 1Q profit   [May-10-17 08:50AM  Associated Press]
▶ The Many Facets Of Mae And Mac   [Apr-24-17 07:07AM  Benzinga]
▶ Farmer Mac posts 4Q profit   [08:32AM  Associated Press]
Financial statements of AGM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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