Intrinsic value of Apollo Commercial Real Estate Finance - ARI

Previous Close

$18.40

  Intrinsic Value

$28.54

stock screener

  Rating & Target

str. buy

+55%

  Value-price divergence*

-20%

Previous close

$18.40

 
Intrinsic value

$28.54

 
Up/down potential

+55%

 
Rating

str. buy

 
Value-price divergence*

-20%

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 1.9

 

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
  28.60
  26.24
  24.12
  22.20
  20.48
  18.94
  17.54
  16.29
  15.16
  14.14
  13.23
  12.41
  11.67
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.24
  6.11
Revenue, $m
  264
  340
  429
  532
  650
  783
  932
  1,095
  1,273
  1,466
  1,674
  1,895
  2,130
  2,379
  2,640
  2,915
  3,202
  3,502
  3,815
  4,141
  4,480
  4,833
  5,199
  5,580
  5,976
  6,387
  6,815
  7,259
  7,722
  8,204
  8,705
Variable operating expenses, $m
 
  132
  167
  207
  254
  305
  363
  427
  497
  572
  653
  739
  831
  928
  1,030
  1,137
  1,249
  1,366
  1,488
  1,615
  1,747
  1,885
  2,028
  2,176
  2,331
  2,491
  2,658
  2,831
  3,012
  3,199
  3,395
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
  132
  167
  207
  254
  305
  363
  427
  497
  572
  653
  739
  831
  928
  1,030
  1,137
  1,249
  1,366
  1,488
  1,615
  1,747
  1,885
  2,028
  2,176
  2,331
  2,491
  2,658
  2,831
  3,012
  3,199
  3,395
Operating income, $m
  192
  207
  261
  324
  397
  478
  568
  668
  777
  894
  1,021
  1,156
  1,299
  1,451
  1,611
  1,778
  1,953
  2,136
  2,327
  2,526
  2,733
  2,948
  3,172
  3,404
  3,645
  3,896
  4,157
  4,428
  4,710
  5,004
  5,310
EBITDA, $m
  192
  207
  261
  324
  397
  478
  568
  668
  777
  894
  1,021
  1,156
  1,299
  1,451
  1,611
  1,778
  1,953
  2,136
  2,327
  2,526
  2,733
  2,948
  3,172
  3,404
  3,645
  3,896
  4,157
  4,428
  4,710
  5,004
  5,310
Interest expense (income), $m
  53
  57
  76
  98
  123
  151
  184
  220
  259
  302
  349
  399
  453
  510
  570
  634
  700
  770
  843
  919
  998
  1,080
  1,165
  1,254
  1,346
  1,442
  1,542
  1,646
  1,753
  1,866
  1,982
Earnings before tax, $m
  158
  150
  185
  227
  274
  326
  385
  448
  518
  592
  672
  757
  846
  941
  1,040
  1,144
  1,253
  1,367
  1,485
  1,608
  1,735
  1,868
  2,006
  2,150
  2,299
  2,454
  2,615
  2,783
  2,957
  3,139
  3,328
Tax expense, $m
  0
  40
  50
  61
  74
  88
  104
  121
  140
  160
  181
  204
  229
  254
  281
  309
  338
  369
  401
  434
  469
  504
  542
  580
  621
  663
  706
  751
  798
  847
  898
Net income, $m
  158
  109
  135
  166
  200
  238
  281
  327
  378
  432
  490
  552
  618
  687
  759
  835
  915
  998
  1,084
  1,174
  1,267
  1,364
  1,465
  1,569
  1,678
  1,791
  1,909
  2,031
  2,159
  2,291
  2,429

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
  4,244
  5,357
  6,649
  8,126
  9,790
  11,644
  13,687
  15,916
  18,329
  20,921
  23,689
  26,627
  29,734
  33,004
  36,436
  40,028
  43,780
  47,692
  51,766
  56,005
  60,412
  64,993
  69,753
  74,699
  79,840
  85,185
  90,743
  96,526
  102,544
  108,811
Adjusted assets (=assets-cash), $m
  3,282
  4,244
  5,357
  6,649
  8,126
  9,790
  11,644
  13,687
  15,916
  18,329
  20,921
  23,689
  26,627
  29,734
  33,004
  36,436
  40,028
  43,780
  47,692
  51,766
  56,005
  60,412
  64,993
  69,753
  74,699
  79,840
  85,185
  90,743
  96,526
  102,544
  108,811
Revenue / Adjusted assets
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
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
  -258
  -326
  -405
  -495
  -596
  -709
  -833
  -969
  -1,116
  -1,274
  -1,442
  -1,621
  -1,810
  -2,009
  -2,218
  -2,437
  -2,665
  -2,904
  -3,152
  -3,410
  -3,678
  -3,957
  -4,247
  -4,548
  -4,861
  -5,186
  -5,524
  -5,876
  -6,243
  -6,624
Total debt, $m
  1,397
  1,853
  2,380
  2,991
  3,690
  4,477
  5,354
  6,320
  7,374
  8,515
  9,742
  11,051
  12,441
  13,910
  15,457
  17,080
  18,779
  20,554
  22,404
  24,331
  26,336
  28,421
  30,587
  32,839
  35,179
  37,611
  40,139
  42,768
  45,503
  48,349
  51,314
Total liabilities, $m
  1,551
  2,007
  2,534
  3,145
  3,844
  4,631
  5,508
  6,474
  7,528
  8,669
  9,896
  11,205
  12,595
  14,064
  15,611
  17,234
  18,933
  20,708
  22,558
  24,485
  26,490
  28,575
  30,741
  32,993
  35,333
  37,765
  40,293
  42,922
  45,657
  48,503
  51,468
Total equity, $m
  1,932
  2,236
  2,823
  3,504
  4,282
  5,159
  6,136
  7,213
  8,388
  9,659
  11,025
  12,484
  14,033
  15,670
  17,393
  19,202
  21,095
  23,072
  25,134
  27,281
  29,515
  31,837
  34,251
  36,760
  39,366
  42,076
  44,893
  47,822
  50,869
  54,041
  57,344
Total liabilities and equity, $m
  3,483
  4,243
  5,357
  6,649
  8,126
  9,790
  11,644
  13,687
  15,916
  18,328
  20,921
  23,689
  26,628
  29,734
  33,004
  36,436
  40,028
  43,780
  47,692
  51,766
  56,005
  60,412
  64,992
  69,753
  74,699
  79,841
  85,186
  90,744
  96,526
  102,544
  108,812
Debt-to-equity ratio
  0.723
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
Adjusted equity ratio
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  158
  109
  135
  166
  200
  238
  281
  327
  378
  432
  490
  552
  618
  687
  759
  835
  915
  998
  1,084
  1,174
  1,267
  1,364
  1,465
  1,569
  1,678
  1,791
  1,909
  2,031
  2,159
  2,291
  2,429
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
  109
  135
  166
  200
  238
  281
  327
  378
  432
  490
  552
  618
  687
  759
  835
  915
  998
  1,084
  1,174
  1,267
  1,364
  1,465
  1,569
  1,678
  1,791
  1,909
  2,031
  2,159
  2,291
  2,429
Change in working capital, $m
  -32
  -57
  -68
  -79
  -90
  -101
  -113
  -124
  -136
  -147
  -158
  -168
  -179
  -189
  -199
  -209
  -219
  -228
  -238
  -248
  -258
  -268
  -279
  -290
  -301
  -313
  -325
  -338
  -352
  -366
  -382
Cash from operations, $m
  119
  167
  203
  244
  290
  340
  394
  452
  514
  579
  648
  721
  797
  876
  959
  1,044
  1,133
  1,226
  1,322
  1,422
  1,525
  1,632
  1,744
  1,859
  1,979
  2,104
  2,234
  2,370
  2,511
  2,658
  2,811
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
  167
  203
  244
  290
  340
  394
  452
  514
  579
  648
  721
  797
  876
  959
  1,044
  1,133
  1,226
  1,322
  1,422
  1,525
  1,632
  1,744
  1,859
  1,979
  2,104
  2,234
  2,370
  2,511
  2,658
  2,811
Issuance/(repayment) of debt, $m
  -1,038
  456
  527
  611
  698
  787
  877
  966
  1,054
  1,141
  1,226
  1,309
  1,390
  1,469
  1,547
  1,623
  1,699
  1,775
  1,850
  1,927
  2,005
  2,085
  2,167
  2,252
  2,340
  2,432
  2,528
  2,629
  2,735
  2,847
  2,964
Issuance/(repurchase) of shares, $m
  178
  396
  451
  515
  578
  639
  696
  749
  797
  839
  876
  906
  931
  950
  964
  973
  978
  980
  978
  973
  967
  959
  949
  939
  929
  918
  908
  898
  889
  881
  874
Cash from financing (excl. dividends), $m  
  -865
  852
  978
  1,126
  1,276
  1,426
  1,573
  1,715
  1,851
  1,980
  2,102
  2,215
  2,321
  2,419
  2,511
  2,596
  2,677
  2,755
  2,828
  2,900
  2,972
  3,044
  3,116
  3,191
  3,269
  3,350
  3,436
  3,527
  3,624
  3,728
  3,838
Total cash flow (excl. dividends), $m
  294
  1,019
  1,181
  1,371
  1,566
  1,766
  1,967
  2,167
  2,365
  2,560
  2,750
  2,936
  3,118
  3,295
  3,469
  3,641
  3,811
  3,980
  4,150
  4,322
  4,497
  4,675
  4,859
  5,050
  5,248
  5,454
  5,670
  5,897
  6,135
  6,385
  6,649
Retained Cash Flow (-), $m
  -557
  -505
  -587
  -681
  -778
  -877
  -977
  -1,076
  -1,175
  -1,272
  -1,366
  -1,459
  -1,549
  -1,637
  -1,723
  -1,809
  -1,893
  -1,977
  -2,062
  -2,147
  -2,234
  -2,323
  -2,414
  -2,509
  -2,607
  -2,709
  -2,817
  -2,929
  -3,047
  -3,172
  -3,303
Prev. year cash balance distribution, $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
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
 
  715
  595
  690
  788
  889
  990
  1,091
  1,190
  1,288
  1,384
  1,478
  1,569
  1,658
  1,746
  1,832
  1,918
  2,003
  2,089
  2,175
  2,263
  2,353
  2,445
  2,541
  2,641
  2,745
  2,853
  2,967
  3,087
  3,213
  3,346
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  665
  511
  543
  565
  574
  572
  558
  533
  500
  460
  416
  369
  321
  274
  230
  189
  152
  120
  93
  70
  52
  38
  27
  18
  12
  8
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  81.4
  67.8
  57.4
  49.3
  42.9
  37.8
  33.7
  30.4
  27.6
  25.3
  23.4
  21.8
  20.4
  19.2
  18.2
  17.3
  16.6
  15.9
  15.3
  14.8
  14.3
  13.9
  13.5
  13.2
  12.9
  12.6
  12.4
  12.2
  12.0
  11.8

Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust. The Company primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities (CMBS) and other commercial real estate-related debt investments. The Company targets investments that are secured by institutional quality real estate. The Company's principal business objective is to make investments in its target assets in order to provide attractive risk adjusted returns to its stockholders over the long term, primarily through dividends and secondarily through capital appreciation. The Company is externally managed and advised by ACREFI Management, LLC.

FINANCIAL RATIOS  of  Apollo Commercial Real Estate Finance (ARI)

Valuation Ratios
P/E Ratio 10.6
Price to Sales 6.4
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 14.1
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 $264 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 28.6% 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 7.5%, 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 39%.

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 4.1% 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 -76.1%. 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 - $1932 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 105.381 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 $1.9 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for September 27th   [Sep-27-17 07:24AM  Zacks]
▶ Vultures Begin to Circle Commercial Real Estate   [Aug-30-17 01:41AM  The Wall Street Journal]
▶ Commercial Real Estate Begins to Draw Vultures   [Aug-29-17 07:58AM  The Wall Street Journal]
▶ Apollo Commerical Finance posts 2Q profit   [Aug-01-17 09:56PM  Associated Press]
▶ GFG Alliance to Buy Australia's Arrium   [Jul-18-17 07:23PM  Bloomberg Video]
▶ 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]
Financial statements 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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