Intrinsic value of AGNC Investment - AGNC

Previous Close

$21.50

  Intrinsic Value

$5.53

stock screener

  Rating & Target

str. sell

-74%

  Value-price divergence*

0%

Previous close

$21.50

 
Intrinsic value

$5.53

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence*

0%

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

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

We calculate the intrinsic value of AGNC 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 7.2

 

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, %
  64.04
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,122
  1,144
  1,171
  1,201
  1,235
  1,272
  1,313
  1,358
  1,406
  1,458
  1,514
  1,574
  1,638
  1,706
  1,778
  1,855
  1,936
  2,023
  2,114
  2,210
  2,311
  2,418
  2,531
  2,650
  2,776
  2,908
  3,047
  3,194
  3,348
  3,510
  3,680
Variable operating expenses, $m
 
  157
  160
  165
  169
  174
  180
  186
  193
  200
  207
  216
  224
  234
  244
  254
  265
  277
  290
  303
  317
  331
  347
  363
  380
  398
  417
  438
  459
  481
  504
Fixed operating expenses, $m
 
  394
  403
  414
  424
  434
  445
  456
  468
  480
  492
  504
  516
  529
  543
  556
  570
  584
  599
  614
  629
  645
  661
  678
  695
  712
  730
  748
  767
  786
  805
Total operating expenses, $m
  499
  551
  563
  579
  593
  608
  625
  642
  661
  680
  699
  720
  740
  763
  787
  810
  835
  861
  889
  917
  946
  976
  1,008
  1,041
  1,075
  1,110
  1,147
  1,186
  1,226
  1,267
  1,309
Operating income, $m
  623
  594
  607
  623
  642
  663
  688
  715
  746
  779
  815
  855
  897
  943
  992
  1,045
  1,101
  1,161
  1,225
  1,293
  1,365
  1,442
  1,523
  1,610
  1,701
  1,798
  1,900
  2,008
  2,123
  2,243
  2,371
EBITDA, $m
  625
  603
  617
  633
  652
  674
  699
  727
  757
  791
  828
  868
  911
  957
  1,007
  1,060
  1,117
  1,178
  1,243
  1,311
  1,384
  1,462
  1,544
  1,632
  1,724
  1,822
  1,925
  2,034
  2,150
  2,272
  2,401
Interest expense (income), $m
  332
  1,405
  1,452
  1,492
  1,538
  1,589
  1,646
  1,709
  1,777
  1,850
  1,929
  2,014
  2,105
  2,202
  2,306
  2,416
  2,532
  2,656
  2,786
  2,925
  3,071
  3,225
  3,388
  3,559
  3,740
  3,931
  4,131
  4,343
  4,565
  4,799
  5,046
Earnings before tax, $m
  623
  -811
  -846
  -870
  -897
  -926
  -958
  -993
  -1,031
  -1,071
  -1,114
  -1,160
  -1,208
  -1,259
  -1,314
  -1,371
  -1,431
  -1,494
  -1,561
  -1,631
  -1,705
  -1,783
  -1,864
  -1,950
  -2,039
  -2,133
  -2,231
  -2,335
  -2,443
  -2,556
  -2,675
Tax expense, $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
Net income, $m
  623
  -811
  -846
  -870
  -897
  -926
  -958
  -993
  -1,031
  -1,071
  -1,114
  -1,160
  -1,208
  -1,259
  -1,314
  -1,371
  -1,431
  -1,494
  -1,561
  -1,631
  -1,705
  -1,783
  -1,864
  -1,950
  -2,039
  -2,133
  -2,231
  -2,335
  -2,443
  -2,556
  -2,675

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,208
  0
  0
  0
  0
  0
  0
  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
  56,880
  57,222
  58,538
  60,043
  61,732
  63,603
  65,656
  67,893
  70,313
  72,921
  75,719
  78,713
  81,908
  85,309
  88,924
  92,760
  96,825
  101,128
  105,678
  110,486
  115,563
  120,920
  126,569
  132,523
  138,797
  145,405
  152,362
  159,685
  167,390
  175,497
  184,024
Adjusted assets (=assets-cash), $m
  55,672
  57,222
  58,538
  60,043
  61,732
  63,603
  65,656
  67,893
  70,313
  72,921
  75,719
  78,713
  81,908
  85,309
  88,924
  92,760
  96,825
  101,128
  105,678
  110,486
  115,563
  120,920
  126,569
  132,523
  138,797
  145,405
  152,362
  159,685
  167,390
  175,497
  184,024
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
  277
  283
  289
  297
  305
  314
  324
  335
  347
  360
  374
  389
  405
  421
  439
  458
  478
  500
  522
  546
  571
  597
  625
  655
  686
  718
  753
  789
  827
  867
  909
Working capital, $m
  0
  572
  585
  600
  617
  636
  657
  679
  703
  729
  757
  787
  819
  853
  889
  928
  968
  1,011
  1,057
  1,105
  1,156
  1,209
  1,266
  1,325
  1,388
  1,454
  1,524
  1,597
  1,674
  1,755
  1,840
Total debt, $m
  41,355
  41,500
  42,642
  43,948
  45,414
  47,038
  48,821
  50,762
  52,863
  55,126
  57,555
  60,154
  62,927
  65,879
  69,017
  72,347
  75,875
  79,610
  83,560
  87,733
  92,140
  96,789
  101,693
  106,861
  112,307
  118,042
  124,081
  130,437
  137,126
  144,162
  151,564
Total liabilities, $m
  49,524
  49,669
  50,811
  52,117
  53,583
  55,207
  56,990
  58,931
  61,032
  63,295
  65,724
  68,323
  71,096
  74,048
  77,186
  80,516
  84,044
  87,779
  91,729
  95,902
  100,309
  104,958
  109,862
  115,030
  120,476
  126,211
  132,250
  138,606
  145,295
  152,331
  159,733
Total equity, $m
  7,356
  7,553
  7,727
  7,926
  8,149
  8,396
  8,667
  8,962
  9,281
  9,626
  9,995
  10,390
  10,812
  11,261
  11,738
  12,244
  12,781
  13,349
  13,950
  14,584
  15,254
  15,961
  16,707
  17,493
  18,321
  19,193
  20,112
  21,078
  22,096
  23,166
  24,291
Total liabilities and equity, $m
  56,880
  57,222
  58,538
  60,043
  61,732
  63,603
  65,657
  67,893
  70,313
  72,921
  75,719
  78,713
  81,908
  85,309
  88,924
  92,760
  96,825
  101,128
  105,679
  110,486
  115,563
  120,919
  126,569
  132,523
  138,797
  145,404
  152,362
  159,684
  167,391
  175,497
  184,024
Debt-to-equity ratio
  5.622
  5.490
  5.520
  5.550
  5.570
  5.600
  5.630
  5.660
  5.700
  5.730
  5.760
  5.790
  5.820
  5.850
  5.880
  5.910
  5.940
  5.960
  5.990
  6.020
  6.040
  6.060
  6.090
  6.110
  6.130
  6.150
  6.170
  6.190
  6.210
  6.220
  6.240
Adjusted equity ratio
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  623
  -811
  -846
  -870
  -897
  -926
  -958
  -993
  -1,031
  -1,071
  -1,114
  -1,160
  -1,208
  -1,259
  -1,314
  -1,371
  -1,431
  -1,494
  -1,561
  -1,631
  -1,705
  -1,783
  -1,864
  -1,950
  -2,039
  -2,133
  -2,231
  -2,335
  -2,443
  -2,556
  -2,675
Depreciation, amort., depletion, $m
  2
  9
  10
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
Funds from operations, $m
  1,323
  -802
  -836
  -860
  -886
  -916
  -948
  -982
  -1,019
  -1,059
  -1,102
  -1,147
  -1,195
  -1,245
  -1,299
  -1,355
  -1,415
  -1,478
  -1,544
  -1,613
  -1,686
  -1,763
  -1,843
  -1,928
  -2,016
  -2,109
  -2,206
  -2,308
  -2,415
  -2,527
  -2,645
Change in working capital, $m
  -29
  11
  13
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  56
  60
  63
  66
  70
  73
  77
  81
  85
Cash from operations, $m
  1,352
  -813
  -849
  -875
  -903
  -934
  -968
  -1,005
  -1,044
  -1,085
  -1,130
  -1,177
  -1,227
  -1,279
  -1,335
  -1,394
  -1,456
  -1,521
  -1,589
  -1,661
  -1,737
  -1,816
  -1,900
  -1,987
  -2,079
  -2,175
  -2,276
  -2,382
  -2,492
  -2,608
  -2,730
Maintenance CAPEX, $m
  0
  -9
  -9
  -10
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
New CAPEX, $m
  0
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
Cash from investing activities, $m
  4,445
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -68
  -71
Free cash flow, $m
  5,797
  -828
  -865
  -892
  -922
  -954
  -989
  -1,026
  -1,067
  -1,110
  -1,155
  -1,204
  -1,255
  -1,310
  -1,367
  -1,427
  -1,491
  -1,558
  -1,628
  -1,703
  -1,780
  -1,862
  -1,948
  -2,037
  -2,132
  -2,231
  -2,334
  -2,443
  -2,557
  -2,676
  -2,801
Issuance/(repayment) of debt, $m
  -4,068
  1,353
  1,142
  1,306
  1,466
  1,624
  1,782
  1,941
  2,101
  2,263
  2,429
  2,599
  2,773
  2,952
  3,138
  3,330
  3,528
  3,735
  3,950
  4,173
  4,406
  4,650
  4,903
  5,169
  5,446
  5,735
  6,039
  6,356
  6,689
  7,037
  7,401
Issuance/(repurchase) of shares, $m
  -116
  1,008
  1,019
  1,068
  1,120
  1,173
  1,229
  1,289
  1,350
  1,415
  1,483
  1,555
  1,630
  1,708
  1,791
  1,877
  1,968
  2,062
  2,162
  2,266
  2,375
  2,490
  2,610
  2,735
  2,867
  3,005
  3,150
  3,301
  3,460
  3,626
  3,800
Cash from financing (excl. dividends), $m  
  -4,900
  2,361
  2,161
  2,374
  2,586
  2,797
  3,011
  3,230
  3,451
  3,678
  3,912
  4,154
  4,403
  4,660
  4,929
  5,207
  5,496
  5,797
  6,112
  6,439
  6,781
  7,140
  7,513
  7,904
  8,313
  8,740
  9,189
  9,657
  10,149
  10,663
  11,201
Total cash flow (excl. dividends), $m
  897
  1,533
  1,297
  1,482
  1,664
  1,844
  2,023
  2,203
  2,385
  2,569
  2,757
  2,950
  3,147
  3,351
  3,562
  3,779
  4,005
  4,239
  4,483
  4,737
  5,002
  5,278
  5,566
  5,867
  6,181
  6,510
  6,854
  7,215
  7,592
  7,987
  8,401
Retained Cash Flow (-), $m
  615
  -1,008
  -1,019
  -1,068
  -1,120
  -1,173
  -1,229
  -1,289
  -1,350
  -1,415
  -1,483
  -1,555
  -1,630
  -1,708
  -1,791
  -1,877
  -1,968
  -2,062
  -2,162
  -2,266
  -2,375
  -2,490
  -2,610
  -2,735
  -2,867
  -3,005
  -3,150
  -3,301
  -3,460
  -3,626
  -3,800
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
 
  525
  277
  414
  545
  671
  794
  914
  1,034
  1,154
  1,274
  1,395
  1,518
  1,643
  1,771
  1,902
  2,037
  2,177
  2,321
  2,471
  2,626
  2,788
  2,956
  3,131
  3,314
  3,505
  3,705
  3,913
  4,132
  4,361
  4,600
Discount rate, %
 
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.71
  24.89
  26.14
  27.44
  28.81
  30.25
  31.77
  33.36
  35.02
  36.77
  38.61
  40.54
  42.57
  44.70
  46.93
  49.28
  51.75
  54.33
PV of cash for distribution, $m
 
  464
  214
  275
  308
  319
  312
  292
  265
  232
  198
  164
  132
  103
  79
  58
  42
  29
  20
  13
  8
  5
  3
  2
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  87.6
  77.0
  67.4
  58.8
  51.2
  44.5
  38.6
  33.4
  28.9
  25.0
  21.5
  18.5
  15.9
  13.7
  11.8
  10.1
  8.7
  7.4
  6.4
  5.4
  4.7
  4.0
  3.4
  2.9
  2.5
  2.1
  1.8
  1.6
  1.3
  1.1

AGNC Investment Corp. operates as a real estate investment trust (REIT) in the United States. The company invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by government-sponsored enterprise or by the United States government agency. It funds its investments primarily through short-term borrowings structured as repurchase agreements. The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986 and would not be subject to federal corporate income taxes, if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as American Capital Agency Corp. and changed its name to AGNC Investment Corp. in September 2016. AGNC Investment Corp. was founded in 2008 and is based in Bethesda, Maryland.

FINANCIAL RATIOS  of  AGNC Investment (AGNC)

Valuation Ratios
P/E Ratio 11.4
Price to Sales 6.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 5.3
Growth Rates
Sales Growth Rate 64%
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 6.3%
Total Debt to Equity 562.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 0.8%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 8.1%
Return On Equity - 3 Yr. Avg. 2.7%
Asset Turnover 0
Profitability Ratios
Gross Margin 60.2%
Gross Margin - 3 Yr. Avg. 6.6%
EBITDA Margin 85.3%
EBITDA Margin - 3 Yr. Avg. 47.5%
Operating Margin 55.5%
Oper. Margin - 3 Yr. Avg. 1.2%
Pre-Tax Margin 55.5%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin 55.5%
Net Profit Margin - 3 Yr. Avg. 1.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 128.3%

AGNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGNC stock intrinsic value calculation we used $1122 million for the last fiscal year's total revenue generated by AGNC Investment. The default revenue input number comes from 2016 income statement of AGNC Investment. 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 AGNC stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 13.2%, whose default value for AGNC is calculated based on our internal credit rating of AGNC Investment, 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 AGNC Investment.
    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 AGNC stock the variable cost ratio is equal to 13.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $384 million in the base year in the intrinsic value calculation for AGNC 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 AGNC Investment.

Corporate tax rate of 27% is the nominal tax rate for AGNC Investment. 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 AGNC 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 AGNC are equal to 24.7%.

Life of production assets of 138.5 years is the average useful life of capital assets used in AGNC Investment 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 AGNC 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 - $7356 million for AGNC Investment - 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 332.646 million for AGNC Investment 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 AGNC Investment at the current share price and the inputted number of shares is $7.2 billion.

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Stock chart of AGNC Financial statements of AGNC
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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