Intrinsic value of Anworth Mortgage Asset - ANH

Previous Close

$5.58

  Intrinsic Value

$8.95

stock screener

  Rating & Target

str. buy

+60%

Previous close

$5.58

 
Intrinsic value

$8.95

 
Up/down potential

+60%

 
Rating

str. buy

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

We calculate the intrinsic value of ANH 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 0.5

 

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, %
  -2.72
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  143
  163
  184
  206
  230
  254
  280
  307
  336
  365
  396
  428
  461
  496
  531
  569
  607
  648
  690
  733
  778
  826
  875
  926
  980
  1,036
  1,094
  1,155
  1,219
  1,285
  1,355
Variable operating expenses, $m
 
  146
  164
  184
  205
  228
  251
  275
  300
  327
  354
  383
  413
  443
  476
  509
  544
  580
  617
  656
  697
  739
  783
  829
  877
  927
  979
  1,034
  1,091
  1,150
  1,212
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
  120
  146
  164
  184
  205
  228
  251
  275
  300
  327
  354
  383
  413
  443
  476
  509
  544
  580
  617
  656
  697
  739
  783
  829
  877
  927
  979
  1,034
  1,091
  1,150
  1,212
Operating income, $m
  22
  17
  19
  22
  24
  27
  29
  32
  35
  38
  42
  45
  48
  52
  56
  60
  64
  68
  72
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
EBITDA, $m
  22
  17
  19
  22
  24
  27
  29
  32
  35
  38
  42
  45
  48
  52
  56
  60
  64
  68
  72
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
Interest expense (income), $m
  59
  137
  157
  181
  207
  234
  262
  291
  322
  354
  388
  423
  459
  497
  536
  577
  619
  664
  709
  757
  807
  858
  912
  968
  1,026
  1,087
  1,151
  1,217
  1,287
  1,359
  1,435
Earnings before tax, $m
  22
  -120
  -138
  -160
  -183
  -207
  -232
  -259
  -287
  -316
  -346
  -378
  -411
  -445
  -480
  -517
  -556
  -596
  -637
  -680
  -725
  -772
  -820
  -871
  -924
  -979
  -1,036
  -1,096
  -1,159
  -1,224
  -1,293
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
  22
  -120
  -138
  -160
  -183
  -207
  -232
  -259
  -287
  -316
  -346
  -378
  -411
  -445
  -480
  -517
  -556
  -596
  -637
  -680
  -725
  -772
  -820
  -871
  -924
  -979
  -1,036
  -1,096
  -1,159
  -1,224
  -1,293

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,396
  6,027
  6,806
  7,631
  8,502
  9,418
  10,379
  11,383
  12,431
  13,524
  14,661
  15,844
  17,074
  18,352
  19,680
  21,060
  22,495
  23,986
  25,538
  27,152
  28,832
  30,582
  32,406
  34,307
  36,290
  38,359
  40,519
  42,776
  45,133
  47,598
  50,175
Adjusted assets (=assets-cash), $m
  5,365
  6,027
  6,806
  7,631
  8,502
  9,418
  10,379
  11,383
  12,431
  13,524
  14,661
  15,844
  17,074
  18,352
  19,680
  21,060
  22,495
  23,986
  25,538
  27,152
  28,832
  30,582
  32,406
  34,307
  36,290
  38,359
  40,519
  42,776
  45,133
  47,598
  50,175
Revenue / Adjusted assets
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
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
  81
  92
  103
  115
  127
  140
  154
  168
  183
  198
  214
  230
  248
  266
  284
  304
  324
  345
  367
  389
  413
  437
  463
  490
  518
  547
  577
  609
  643
  677
Total debt, $m
  3,948
  4,499
  5,183
  5,907
  6,672
  7,476
  8,320
  9,201
  10,122
  11,081
  12,079
  13,118
  14,198
  15,320
  16,486
  17,698
  18,957
  20,267
  21,629
  23,046
  24,522
  26,058
  27,659
  29,328
  31,069
  32,886
  34,783
  36,764
  38,834
  40,998
  43,261
Total liabilities, $m
  4,741
  5,292
  5,976
  6,700
  7,465
  8,269
  9,113
  9,994
  10,915
  11,874
  12,872
  13,911
  14,991
  16,113
  17,279
  18,491
  19,750
  21,060
  22,422
  23,839
  25,315
  26,851
  28,452
  30,121
  31,862
  33,679
  35,576
  37,557
  39,627
  41,791
  44,054
Total equity, $m
  655
  735
  830
  931
  1,037
  1,149
  1,266
  1,389
  1,517
  1,650
  1,789
  1,933
  2,083
  2,239
  2,401
  2,569
  2,744
  2,926
  3,116
  3,313
  3,518
  3,731
  3,954
  4,185
  4,427
  4,680
  4,943
  5,219
  5,506
  5,807
  6,121
Total liabilities and equity, $m
  5,396
  6,027
  6,806
  7,631
  8,502
  9,418
  10,379
  11,383
  12,432
  13,524
  14,661
  15,844
  17,074
  18,352
  19,680
  21,060
  22,494
  23,986
  25,538
  27,152
  28,833
  30,582
  32,406
  34,306
  36,289
  38,359
  40,519
  42,776
  45,133
  47,598
  50,175
Debt-to-equity ratio
  6.027
  6.120
  6.240
  6.340
  6.430
  6.510
  6.570
  6.630
  6.670
  6.720
  6.750
  6.790
  6.820
  6.840
  6.870
  6.890
  6.910
  6.930
  6.940
  6.960
  6.970
  6.980
  7.000
  7.010
  7.020
  7.030
  7.040
  7.040
  7.050
  7.060
  7.070
Adjusted equity ratio
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  -120
  -138
  -160
  -183
  -207
  -232
  -259
  -287
  -316
  -346
  -378
  -411
  -445
  -480
  -517
  -556
  -596
  -637
  -680
  -725
  -772
  -820
  -871
  -924
  -979
  -1,036
  -1,096
  -1,159
  -1,224
  -1,293
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
  84
  -120
  -138
  -160
  -183
  -207
  -232
  -259
  -287
  -316
  -346
  -378
  -411
  -445
  -480
  -517
  -556
  -596
  -637
  -680
  -725
  -772
  -820
  -871
  -924
  -979
  -1,036
  -1,096
  -1,159
  -1,224
  -1,293
Change in working capital, $m
  3
  10
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
Cash from operations, $m
  81
  -130
  -149
  -171
  -194
  -219
  -245
  -272
  -301
  -331
  -362
  -394
  -427
  -462
  -498
  -536
  -575
  -616
  -658
  -702
  -748
  -795
  -845
  -896
  -950
  -1,007
  -1,065
  -1,127
  -1,191
  -1,258
  -1,327
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
  994
  0
  0
  0
  0
  0
  0
  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
  1,075
  -130
  -149
  -171
  -194
  -219
  -245
  -272
  -301
  -331
  -362
  -394
  -427
  -462
  -498
  -536
  -575
  -616
  -658
  -702
  -748
  -795
  -845
  -896
  -950
  -1,007
  -1,065
  -1,127
  -1,191
  -1,258
  -1,327
Issuance/(repayment) of debt, $m
  -1,005
  582
  684
  725
  765
  804
  843
  882
  920
  959
  999
  1,039
  1,080
  1,122
  1,166
  1,212
  1,260
  1,310
  1,362
  1,417
  1,475
  1,537
  1,601
  1,669
  1,741
  1,817
  1,897
  1,981
  2,070
  2,164
  2,263
Issuance/(repurchase) of shares, $m
  -13
  200
  233
  260
  289
  319
  349
  381
  415
  449
  485
  522
  561
  601
  642
  686
  731
  777
  826
  877
  930
  985
  1,043
  1,103
  1,166
  1,231
  1,300
  1,371
  1,446
  1,525
  1,607
Cash from financing (excl. dividends), $m  
  -1,009
  782
  917
  985
  1,054
  1,123
  1,192
  1,263
  1,335
  1,408
  1,484
  1,561
  1,641
  1,723
  1,808
  1,898
  1,991
  2,087
  2,188
  2,294
  2,405
  2,522
  2,644
  2,772
  2,907
  3,048
  3,197
  3,352
  3,516
  3,689
  3,870
Total cash flow (excl. dividends), $m
  65
  652
  768
  814
  859
  904
  947
  991
  1,034
  1,078
  1,122
  1,167
  1,213
  1,261
  1,310
  1,362
  1,415
  1,471
  1,530
  1,592
  1,658
  1,726
  1,799
  1,875
  1,956
  2,041
  2,131
  2,226
  2,326
  2,431
  2,542
Retained Cash Flow (-), $m
  47
  -200
  -233
  -260
  -289
  -319
  -349
  -381
  -415
  -449
  -485
  -522
  -561
  -601
  -642
  -686
  -731
  -777
  -826
  -877
  -930
  -985
  -1,043
  -1,103
  -1,166
  -1,231
  -1,300
  -1,371
  -1,446
  -1,525
  -1,607
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
 
  452
  535
  554
  570
  585
  598
  609
  619
  629
  637
  645
  652
  660
  668
  676
  685
  694
  704
  715
  728
  741
  756
  773
  791
  810
  831
  854
  879
  906
  935
Discount rate, %
 
  13.70
  14.39
  15.10
  15.86
  16.65
  17.49
  18.36
  19.28
  20.24
  21.25
  22.32
  23.43
  24.60
  25.83
  27.13
  28.48
  29.91
  31.40
  32.97
  34.62
  36.35
  38.17
  40.08
  42.08
  44.18
  46.39
  48.71
  51.15
  53.71
  56.39
PV of cash for distribution, $m
 
  398
  409
  363
  317
  271
  227
  187
  151
  120
  93
  70
  52
  38
  27
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  73.1
  52.9
  38.4
  28.0
  20.4
  15.0
  11.0
  8.1
  6.0
  4.4
  3.3
  2.4
  1.8
  1.3
  1.0
  0.7
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0

Anworth Mortgage Asset Corporation is a real estate investment trust (REIT). The Company's investment objective is to provide risk-adjusted total returns to its stockholders over the long-term primarily through dividends and secondarily through capital appreciation. Its strategy is to invest in residential mortgage-backed securities (MBS) (both Agency MBS and Non-Agency MBS), residential mortgage loans and residential rental properties. Its principal business objective is to generate net income for distribution to its stockholders primarily based upon the spread between the interest income on its mortgage assets and its borrowing costs to finance its acquisition of those assets. The Company finances residential mortgage loans through asset-backed securities, which are issued by the consolidated securitization trusts. The Company is engaged in investing in, financing and managing a portfolio of residential mortgage-backed securities and residential mortgage loans.

FINANCIAL RATIOS  of  Anworth Mortgage Asset (ANH)

Valuation Ratios
P/E Ratio 24.3
Price to Sales 3.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 6.6
Growth Rates
Sales Growth Rate -2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 5.6%
Total Debt to Equity 602.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 2.9%
Asset Turnover 0
Profitability Ratios
Gross Margin 50.3%
Gross Margin - 3 Yr. Avg. 56.5%
EBITDA Margin 56.6%
EBITDA Margin - 3 Yr. Avg. 69%
Operating Margin 16.1%
Oper. Margin - 3 Yr. Avg. 14.7%
Pre-Tax Margin 15.4%
Pre-Tax Margin - 3 Yr. Avg. 14.7%
Net Profit Margin 15.4%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 295.5%

ANH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANH stock intrinsic value calculation we used $143 million for the last fiscal year's total revenue generated by Anworth Mortgage Asset. The default revenue input number comes from 2016 income statement of Anworth Mortgage Asset. 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 ANH stock valuation model: a) initial revenue growth rate of 13.8% 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 13.7%, whose default value for ANH is calculated based on our internal credit rating of Anworth Mortgage Asset, 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 Anworth Mortgage Asset.
    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 ANH stock the variable cost ratio is equal to 89.5%.

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 ANH 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 Anworth Mortgage Asset.

Corporate tax rate of 27% is the nominal tax rate for Anworth Mortgage Asset. 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 ANH 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 ANH are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Anworth Mortgage Asset 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 ANH 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 - $655 million for Anworth Mortgage Asset - 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 97.551 million for Anworth Mortgage Asset 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 Anworth Mortgage Asset at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
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NLY Annaly Capital 11.99 3.55  str.sell
MFA MFA Financial 8.03 5.71  sell
PMT PennyMac Mortg 15.92 14.18  hold
NYMT New York Mortg 6.36 10.35  str.buy

COMPANY NEWS

▶ Anworth posts 3Q profit   [Nov-02-17 06:05PM  Associated Press]
▶ Anworth Announces Preferred Stock Dividends   [Oct-26-17 04:05PM  Business Wire]
▶ Anworth posts 2Q profit   [Aug-03-17 12:37AM  Associated Press]
▶ Anworth Reports Second Quarter 2017 Financial Results   [Aug-02-17 04:05PM  Business Wire]
▶ Anworth Announces Preferred Stock Dividends   [Jul-27-17 04:05PM  Business Wire]
▶ Anworth Announces Annual Meeting Results   [May-22-17 04:05PM  Business Wire]
▶ Anworth posts 1Q profit   [May-02-17 06:29PM  Associated Press]
▶ Anworth Announces Preferred Stock Dividends   [Apr-26-17 04:30PM  Business Wire]
▶ Anworth posts 4Q profit   [Feb-15-17 05:56PM  Associated Press]
▶ Anworth Announces 2016 Dividend Tax Information   [Feb-10-17 11:25AM  Business Wire]
▶ Anworth Announces Preferred Stock Dividends   [04:05PM  Business Wire]
▶ Anheuser-Busch Announces Line Up For Super Bowl 51   [Jan-18-17 09:00AM  PR Newswire]
Financial statements of ANH
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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