Intrinsic value of Apollo Commercial Real Estate Finance - ARI

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$19.17

  Intrinsic Value

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  Value-price divergence*

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$19.17

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

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

We calculate the intrinsic value of ARI 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 1.8

 

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, %
  37.50
  56.10
  50.99
  46.39
  42.25
  38.53
  35.17
  32.16
  29.44
  27.00
  24.80
  22.82
  21.04
  19.43
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
Revenue, $m
  264
  300
  453
  662
  942
  1,305
  1,765
  2,332
  3,019
  3,834
  4,784
  5,876
  7,112
  8,494
  10,022
  11,694
  13,510
  15,464
  17,555
  19,780
  22,134
  24,616
  27,223
  29,954
  32,808
  35,786
  38,888
  42,116
  45,473
  48,963
  52,590
Variable operating expenses, $m
 
  109
  165
  242
  344
  476
  644
  851
  1,102
  1,399
  1,746
  2,145
  2,596
  3,100
  3,658
  4,268
  4,931
  5,644
  6,408
  7,220
  8,079
  8,985
  9,936
  10,933
  11,975
  13,062
  14,194
  15,372
  16,598
  17,872
  19,195
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
  72
  109
  165
  242
  344
  476
  644
  851
  1,102
  1,399
  1,746
  2,145
  2,596
  3,100
  3,658
  4,268
  4,931
  5,644
  6,408
  7,220
  8,079
  8,985
  9,936
  10,933
  11,975
  13,062
  14,194
  15,372
  16,598
  17,872
  19,195
Operating income, $m
  192
  190
  287
  421
  598
  829
  1,121
  1,481
  1,917
  2,434
  3,038
  3,731
  4,516
  5,394
  6,364
  7,426
  8,579
  9,820
  11,148
  12,560
  14,055
  15,631
  17,286
  19,021
  20,833
  22,724
  24,694
  26,744
  28,876
  31,092
  33,395
EBITDA, $m
  192
  190
  287
  421
  598
  829
  1,121
  1,481
  1,917
  2,434
  3,038
  3,731
  4,516
  5,394
  6,364
  7,426
  8,579
  9,820
  11,148
  12,560
  14,055
  15,631
  17,286
  19,021
  20,833
  22,724
  24,694
  26,744
  28,876
  31,092
  33,395
Interest expense (income), $m
  53
  49
  80
  125
  186
  267
  373
  507
  672
  872
  1,109
  1,386
  1,704
  2,064
  2,466
  2,911
  3,398
  3,926
  4,495
  5,104
  5,751
  6,437
  7,159
  7,918
  8,713
  9,544
  10,411
  11,314
  12,254
  13,232
  14,247
Earnings before tax, $m
  158
  141
  207
  296
  412
  561
  747
  974
  1,245
  1,562
  1,929
  2,345
  2,812
  3,330
  3,898
  4,515
  5,181
  5,894
  6,653
  7,456
  8,304
  9,194
  10,127
  11,102
  12,120
  13,180
  14,283
  15,430
  16,622
  17,860
  19,147
Tax expense, $m
  0
  38
  56
  80
  111
  152
  202
  263
  336
  422
  521
  633
  759
  899
  1,052
  1,219
  1,399
  1,591
  1,796
  2,013
  2,242
  2,482
  2,734
  2,998
  3,272
  3,559
  3,856
  4,166
  4,488
  4,822
  5,170
Net income, $m
  158
  103
  151
  216
  301
  410
  546
  711
  909
  1,141
  1,408
  1,712
  2,053
  2,431
  2,846
  3,296
  3,782
  4,302
  4,856
  5,443
  6,062
  6,712
  7,393
  8,105
  8,847
  9,621
  10,426
  11,264
  12,134
  13,038
  13,977

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  201
  0
  0
  0
  0
  0
  0
  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
  3,483
  4,106
  6,199
  9,075
  12,909
  17,883
  24,173
  31,946
  41,351
  52,515
  65,537
  80,491
  97,423
  116,354
  137,285
  160,198
  185,062
  211,839
  240,484
  270,953
  303,204
  337,201
  372,915
  410,327
  449,426
  490,217
  532,711
  576,934
  622,925
  670,730
  720,410
Adjusted assets (=assets-cash), $m
  3,282
  4,106
  6,199
  9,075
  12,909
  17,883
  24,173
  31,946
  41,351
  52,515
  65,537
  80,491
  97,423
  116,354
  137,285
  160,198
  185,062
  211,839
  240,484
  270,953
  303,204
  337,201
  372,915
  410,327
  449,426
  490,217
  532,711
  576,934
  622,925
  670,730
  720,410
Revenue / Adjusted assets
  0.080
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
  0.073
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
  -105
  -158
  -231
  -329
  -456
  -616
  -814
  -1,054
  -1,338
  -1,670
  -2,051
  -2,482
  -2,964
  -3,498
  -4,081
  -4,715
  -5,397
  -6,127
  -6,903
  -7,725
  -8,591
  -9,501
  -10,454
  -11,450
  -12,489
  -13,572
  -14,699
  -15,870
  -17,088
  -18,354
Total debt, $m
  1,397
  1,913
  2,973
  4,428
  6,368
  8,885
  12,067
  16,001
  20,760
  26,409
  32,998
  40,564
  49,132
  58,711
  69,302
  80,896
  93,478
  107,027
  121,521
  136,938
  153,257
  170,460
  188,531
  207,461
  227,246
  247,886
  269,388
  291,765
  315,036
  339,225
  364,363
Total liabilities, $m
  1,551
  2,077
  3,137
  4,592
  6,532
  9,049
  12,231
  16,165
  20,924
  26,573
  33,162
  40,728
  49,296
  58,875
  69,466
  81,060
  93,642
  107,191
  121,685
  137,102
  153,421
  170,624
  188,695
  207,625
  227,410
  248,050
  269,552
  291,929
  315,200
  339,389
  364,527
Total equity, $m
  1,932
  2,028
  3,062
  4,483
  6,377
  8,834
  11,941
  15,781
  20,428
  25,942
  32,375
  39,763
  48,127
  57,479
  67,819
  79,138
  91,421
  104,648
  118,799
  133,851
  149,783
  166,577
  184,220
  202,701
  222,017
  242,167
  263,159
  285,006
  307,725
  331,340
  355,882
Total liabilities and equity, $m
  3,483
  4,105
  6,199
  9,075
  12,909
  17,883
  24,172
  31,946
  41,352
  52,515
  65,537
  80,491
  97,423
  116,354
  137,285
  160,198
  185,063
  211,839
  240,484
  270,953
  303,204
  337,201
  372,915
  410,326
  449,427
  490,217
  532,711
  576,935
  622,925
  670,729
  720,409
Debt-to-equity ratio
  0.723
  0.940
  0.970
  0.990
  1.000
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
Adjusted equity ratio
  0.527
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  158
  103
  151
  216
  301
  410
  546
  711
  909
  1,141
  1,408
  1,712
  2,053
  2,431
  2,846
  3,296
  3,782
  4,302
  4,856
  5,443
  6,062
  6,712
  7,393
  8,105
  8,847
  9,621
  10,426
  11,264
  12,134
  13,038
  13,977
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
  87
  103
  151
  216
  301
  410
  546
  711
  909
  1,141
  1,408
  1,712
  2,053
  2,431
  2,846
  3,296
  3,782
  4,302
  4,856
  5,443
  6,062
  6,712
  7,393
  8,105
  8,847
  9,621
  10,426
  11,264
  12,134
  13,038
  13,977
Change in working capital, $m
  -32
  -38
  -53
  -73
  -98
  -127
  -160
  -198
  -240
  -284
  -332
  -381
  -431
  -482
  -533
  -584
  -633
  -682
  -730
  -776
  -822
  -866
  -910
  -953
  -996
  -1,039
  -1,083
  -1,127
  -1,172
  -1,218
  -1,266
Cash from operations, $m
  119
  141
  204
  289
  399
  537
  706
  909
  1,148
  1,425
  1,740
  2,093
  2,484
  2,913
  3,379
  3,880
  4,416
  4,985
  5,586
  6,219
  6,883
  7,578
  8,303
  9,058
  9,844
  10,660
  11,509
  12,390
  13,305
  14,256
  15,243
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
  1,039
  0
  0
  0
  0
  0
  0
  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
  1,158
  141
  204
  289
  399
  537
  706
  909
  1,148
  1,425
  1,740
  2,093
  2,484
  2,913
  3,379
  3,880
  4,416
  4,985
  5,586
  6,219
  6,883
  7,578
  8,303
  9,058
  9,844
  10,660
  11,509
  12,390
  13,305
  14,256
  15,243
Issuance/(repayment) of debt, $m
  -1,038
  739
  1,059
  1,455
  1,940
  2,517
  3,183
  3,933
  4,759
  5,649
  6,589
  7,567
  8,568
  9,579
  10,591
  11,594
  12,581
  13,549
  14,494
  15,417
  16,319
  17,202
  18,071
  18,930
  19,785
  20,640
  21,502
  22,377
  23,271
  24,189
  25,138
Issuance/(repurchase) of shares, $m
  178
  0
  0
  0
  0
  0
  0
  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  
  -865
  739
  1,059
  1,455
  1,940
  2,517
  3,183
  3,933
  4,759
  5,649
  6,589
  7,567
  8,568
  9,579
  10,591
  11,594
  12,581
  13,549
  14,494
  15,417
  16,319
  17,202
  18,071
  18,930
  19,785
  20,640
  21,502
  22,377
  23,271
  24,189
  25,138
Total cash flow (excl. dividends), $m
  294
  880
  1,264
  1,744
  2,339
  3,053
  3,889
  4,842
  5,907
  7,074
  8,329
  9,660
  11,052
  12,493
  13,970
  15,474
  16,997
  18,534
  20,080
  21,637
  23,202
  24,780
  26,374
  27,988
  29,628
  31,300
  33,011
  34,767
  36,576
  38,445
  40,381
Retained Cash Flow (-), $m
  -557
  -720
  -1,034
  -1,421
  -1,894
  -2,457
  -3,107
  -3,840
  -4,646
  -5,515
  -6,433
  -7,387
  -8,364
  -9,352
  -10,340
  -11,319
  -12,283
  -13,228
  -14,151
  -15,052
  -15,932
  -16,794
  -17,643
  -18,481
  -19,315
  -20,150
  -20,992
  -21,846
  -22,719
  -23,616
  -24,542
Prev. year cash balance distribution, $m
 
  67
  0
  0
  0
  0
  0
  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
 
  227
  230
  324
  445
  596
  781
  1,002
  1,261
  1,559
  1,896
  2,272
  2,688
  3,140
  3,630
  4,155
  4,714
  5,306
  5,930
  6,585
  7,270
  7,986
  8,731
  9,507
  10,313
  11,150
  12,019
  12,921
  13,857
  14,830
  15,839
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  210
  195
  250
  309
  371
  430
  483
  526
  557
  573
  572
  556
  526
  485
  435
  380
  323
  267
  215
  168
  128
  94
  68
  47
  32
  21
  13
  8
  5
  3
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

Apollo Commercial Real Estate Finance, Inc. operates as a real estate investment trust that primarily originates, acquires, invests in, and manages commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities, and other commercial real estate-related debt investments in the United States. The company is qualified as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, it would not be subject to federal income taxes, if it distributes at least 90% of its REIT taxable income to its stockholders. Apollo Commercial Real Estate Finance, Inc. was founded in 2009 and is based in New York, New York.

FINANCIAL RATIOS  of  Apollo Commercial Real Estate Finance (ARI)

Valuation Ratios
P/E Ratio 11.1
Price to Sales 6.6
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 14.7
Growth Rates
Sales Growth Rate 37.5%
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 NaN
Current Ratio NaN
LT Debt to Equity 72.3%
Total Debt to Equity 72.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 76.1%
Gross Margin - 3 Yr. Avg. 76.5%
EBITDA Margin 79.9%
EBITDA Margin - 3 Yr. Avg. 79.4%
Operating Margin 72.7%
Oper. Margin - 3 Yr. Avg. 65.7%
Pre-Tax Margin 59.8%
Pre-Tax Margin - 3 Yr. Avg. 60.3%
Net Profit Margin 59.8%
Net Profit Margin - 3 Yr. Avg. 60.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 101.3%

ARI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARI stock intrinsic value calculation we used $192 million for the last fiscal year's total revenue generated by Apollo Commercial Real Estate Finance. The default revenue input number comes from 2016 income statement of Apollo Commercial Real Estate Finance. 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 ARI stock valuation model: a) initial revenue growth rate of 56.1% 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 8.2%, whose default value for ARI is calculated based on our internal credit rating of Apollo Commercial Real Estate Finance, 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 Apollo Commercial Real Estate Finance.
    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 ARI stock the variable cost ratio is equal to 36.5%.

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 ARI 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 4.2% for Apollo Commercial Real Estate Finance.

Corporate tax rate of 27% is the nominal tax rate for Apollo Commercial Real Estate Finance. 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 ARI 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 ARI are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Apollo Commercial Real Estate Finance 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 ARI is equal to -34.9%. 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 - $1375 million for Apollo Commercial Real Estate Finance - 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 93.58 million for Apollo Commercial Real Estate Finance 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 Apollo Commercial Real Estate Finance at the current share price and the inputted number of shares is $1.8 billion.


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COMPANY NEWS

▶ Apollo Commerical Finance posts 1Q profit   [May-02-17 05:40PM  Associated Press]
▶ Five Yields Up To 10% With 40% Price Upside, Too   [Apr-09-17 08:17AM  Forbes]
▶ Apollo Commerical Finance posts 4Q profit   [Feb-27-17 06:26PM  Associated Press]
▶ Is Adeptus Health Inc (ADPT) A Good Stock To Buy?   [Dec-05-16 04:35PM  at Insider Monkey]
▶ Is Etsy Inc (NASDAQ:ETSY) A Good Stock To Buy?   [Dec-04-16 09:17PM  at Insider Monkey]
Stock chart of ARI Financial statements of ARI Annual reports of ARI
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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