Intrinsic value of America First Multifamily Investors - ATAX

Previous Close

$6.10

  Intrinsic Value

$20.46

stock screener

  Rating & Target

str. buy

+235%

  Value-price divergence*

-88%

Previous close

$6.10

 
Intrinsic value

$20.46

 
Up/down potential

+235%

 
Rating

str. buy

 
Value-price divergence*

-88%

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

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

We calculate the intrinsic value of ATAX 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 0.4

 

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, %
  12.31
  53.30
  48.47
  44.12
  40.21
  36.69
  33.52
  30.67
  28.10
  25.79
  23.71
  21.84
  20.16
  18.64
  17.28
  16.05
  14.94
  13.95
  13.06
  12.25
  11.52
  10.87
  10.28
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
Revenue, $m
  73
  112
  166
  239
  336
  459
  613
  801
  1,026
  1,290
  1,596
  1,945
  2,337
  2,773
  3,252
  3,773
  4,337
  4,942
  5,588
  6,272
  6,995
  7,755
  8,553
  9,387
  10,259
  11,167
  12,112
  13,096
  14,119
  15,181
  16,286
Variable operating expenses, $m
 
  28
  41
  59
  83
  113
  151
  198
  253
  319
  394
  480
  577
  685
  803
  932
  1,071
  1,221
  1,380
  1,549
  1,728
  1,916
  2,113
  2,319
  2,534
  2,758
  2,992
  3,235
  3,487
  3,750
  4,023
Fixed operating expenses, $m
 
  28
  28
  29
  30
  31
  31
  32
  33
  34
  35
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  53
  54
  55
  57
Total operating expenses, $m
  44
  56
  69
  88
  113
  144
  182
  230
  286
  353
  429
  515
  613
  722
  841
  971
  1,111
  1,262
  1,422
  1,592
  1,772
  1,961
  2,159
  2,367
  2,583
  2,808
  3,043
  3,288
  3,541
  3,805
  4,080
Operating income, $m
  29
  57
  97
  151
  223
  315
  430
  571
  739
  938
  1,167
  1,429
  1,723
  2,050
  2,410
  2,802
  3,226
  3,680
  4,165
  4,680
  5,223
  5,794
  6,394
  7,021
  7,676
  8,359
  9,069
  9,809
  10,577
  11,376
  12,207
EBITDA, $m
  36
  67
  113
  174
  255
  359
  489
  648
  838
  1,062
  1,321
  1,616
  1,948
  2,317
  2,722
  3,164
  3,642
  4,155
  4,702
  5,282
  5,894
  6,539
  7,215
  7,922
  8,661
  9,430
  10,232
  11,066
  11,933
  12,834
  13,770
Interest expense (income), $m
  15
  21
  32
  47
  69
  96
  132
  176
  231
  296
  372
  461
  561
  674
  800
  939
  1,089
  1,252
  1,427
  1,613
  1,811
  2,020
  2,240
  2,470
  2,711
  2,963
  3,225
  3,498
  3,782
  4,078
  4,385
Earnings before tax, $m
  29
  36
  65
  104
  154
  219
  298
  394
  509
  642
  795
  969
  1,162
  1,376
  1,610
  1,864
  2,136
  2,428
  2,738
  3,066
  3,412
  3,774
  4,154
  4,551
  4,965
  5,396
  5,844
  6,310
  6,795
  7,299
  7,822
Tax expense, $m
  5
  10
  18
  28
  42
  59
  80
  106
  137
  173
  215
  262
  314
  372
  435
  503
  577
  656
  739
  828
  921
  1,019
  1,122
  1,229
  1,341
  1,457
  1,578
  1,704
  1,835
  1,971
  2,112
Net income, $m
  24
  26
  47
  76
  113
  160
  218
  288
  371
  469
  581
  707
  848
  1,004
  1,175
  1,360
  1,560
  1,773
  1,999
  2,238
  2,491
  2,755
  3,033
  3,322
  3,624
  3,939
  4,266
  4,607
  4,960
  5,328
  5,710

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  21
  0
  0
  0
  0
  0
  0
  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
  944
  1,417
  2,103
  3,031
  4,250
  5,809
  7,757
  10,136
  12,984
  16,333
  20,205
  24,618
  29,581
  35,095
  41,158
  47,764
  54,902
  62,561
  70,729
  79,393
  88,542
  98,169
  108,265
  118,828
  129,856
  141,352
  153,321
  165,772
  178,716
  192,170
  206,150
Adjusted assets (=assets-cash), $m
  923
  1,417
  2,103
  3,031
  4,250
  5,809
  7,757
  10,136
  12,984
  16,333
  20,205
  24,618
  29,581
  35,095
  41,158
  47,764
  54,902
  62,561
  70,729
  79,393
  88,542
  98,169
  108,265
  118,828
  129,856
  141,352
  153,321
  165,772
  178,716
  192,170
  206,150
Revenue / Adjusted assets
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
Average production assets, $m
  128
  196
  290
  418
  587
  802
  1,071
  1,399
  1,792
  2,254
  2,789
  3,398
  4,083
  4,844
  5,680
  6,592
  7,577
  8,634
  9,761
  10,957
  12,220
  13,549
  14,942
  16,400
  17,922
  19,508
  21,160
  22,879
  24,665
  26,522
  28,451
Working capital, $m
  0
  29
  43
  62
  87
  119
  159
  208
  267
  335
  415
  506
  608
  721
  845
  981
  1,128
  1,285
  1,453
  1,631
  1,819
  2,016
  2,224
  2,441
  2,667
  2,903
  3,149
  3,405
  3,671
  3,947
  4,234
Total debt, $m
  607
  908
  1,355
  1,960
  2,755
  3,772
  5,041
  6,592
  8,449
  10,633
  13,158
  16,035
  19,271
  22,866
  26,819
  31,126
  35,780
  40,774
  46,099
  51,748
  57,714
  63,990
  70,573
  77,460
  84,650
  92,146
  99,949
  108,067
  116,507
  125,279
  134,394
Total liabilities, $m
  623
  924
  1,371
  1,976
  2,771
  3,788
  5,057
  6,608
  8,465
  10,649
  13,174
  16,051
  19,287
  22,882
  26,835
  31,142
  35,796
  40,790
  46,115
  51,764
  57,730
  64,006
  70,589
  77,476
  84,666
  92,162
  99,965
  108,083
  116,523
  125,295
  134,410
Total equity, $m
  321
  493
  732
  1,055
  1,479
  2,022
  2,699
  3,527
  4,518
  5,684
  7,031
  8,567
  10,294
  12,213
  14,323
  16,622
  19,106
  21,771
  24,614
  27,629
  30,813
  34,163
  37,676
  41,352
  45,190
  49,191
  53,356
  57,689
  62,193
  66,875
  71,740
Total liabilities and equity, $m
  944
  1,417
  2,103
  3,031
  4,250
  5,810
  7,756
  10,135
  12,983
  16,333
  20,205
  24,618
  29,581
  35,095
  41,158
  47,764
  54,902
  62,561
  70,729
  79,393
  88,543
  98,169
  108,265
  118,828
  129,856
  141,353
  153,321
  165,772
  178,716
  192,170
  206,150
Debt-to-equity ratio
  1.891
  1.840
  1.850
  1.860
  1.860
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
Adjusted equity ratio
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  26
  47
  76
  113
  160
  218
  288
  371
  469
  581
  707
  848
  1,004
  1,175
  1,360
  1,560
  1,773
  1,999
  2,238
  2,491
  2,755
  3,033
  3,322
  3,624
  3,939
  4,266
  4,607
  4,960
  5,328
  5,710
Depreciation, amort., depletion, $m
  7
  11
  16
  23
  32
  44
  59
  77
  98
  124
  153
  187
  224
  266
  312
  362
  416
  474
  536
  602
  671
  744
  821
  901
  985
  1,072
  1,163
  1,257
  1,355
  1,457
  1,563
Funds from operations, $m
  13
  37
  63
  99
  145
  204
  276
  365
  470
  593
  734
  894
  1,073
  1,271
  1,487
  1,723
  1,976
  2,247
  2,535
  2,840
  3,162
  3,500
  3,854
  4,223
  4,609
  5,011
  5,429
  5,864
  6,316
  6,785
  7,273
Change in working capital, $m
  -2
  10
  14
  19
  25
  32
  40
  49
  59
  69
  80
  91
  102
  113
  125
  136
  147
  157
  168
  178
  188
  198
  207
  217
  227
  236
  246
  256
  266
  276
  287
Cash from operations, $m
  15
  27
  49
  80
  120
  172
  236
  316
  411
  524
  654
  803
  971
  1,157
  1,363
  1,587
  1,829
  2,090
  2,368
  2,662
  2,974
  3,302
  3,646
  4,006
  4,383
  4,775
  5,183
  5,608
  6,050
  6,509
  6,986
Maintenance CAPEX, $m
  0
  -7
  -11
  -16
  -23
  -32
  -44
  -59
  -77
  -98
  -124
  -153
  -187
  -224
  -266
  -312
  -362
  -416
  -474
  -536
  -602
  -671
  -744
  -821
  -901
  -985
  -1,072
  -1,163
  -1,257
  -1,355
  -1,457
New CAPEX, $m
  -11
  -68
  -95
  -128
  -168
  -215
  -269
  -328
  -393
  -462
  -535
  -609
  -685
  -761
  -837
  -912
  -985
  -1,057
  -1,127
  -1,196
  -1,263
  -1,329
  -1,393
  -1,458
  -1,522
  -1,587
  -1,652
  -1,718
  -1,787
  -1,857
  -1,929
Cash from investing activities, $m
  -83
  -75
  -106
  -144
  -191
  -247
  -313
  -387
  -470
  -560
  -659
  -762
  -872
  -985
  -1,103
  -1,224
  -1,347
  -1,473
  -1,601
  -1,732
  -1,865
  -2,000
  -2,137
  -2,279
  -2,423
  -2,572
  -2,724
  -2,881
  -3,044
  -3,212
  -3,386
Free cash flow, $m
  -68
  -48
  -56
  -64
  -71
  -76
  -76
  -71
  -59
  -37
  -4
  41
  99
  172
  260
  363
  482
  616
  766
  930
  1,109
  1,302
  1,508
  1,728
  1,959
  2,203
  2,459
  2,727
  3,006
  3,297
  3,599
Issuance/(repayment) of debt, $m
  67
  322
  448
  605
  795
  1,017
  1,270
  1,551
  1,857
  2,183
  2,525
  2,877
  3,235
  3,595
  3,953
  4,307
  4,654
  4,994
  5,325
  5,649
  5,966
  6,276
  6,583
  6,887
  7,190
  7,495
  7,804
  8,118
  8,440
  8,772
  9,115
Issuance/(repurchase) of shares, $m
  41
  146
  192
  247
  311
  383
  460
  540
  620
  697
  767
  829
  879
  914
  935
  938
  924
  893
  843
  777
  694
  595
  481
  354
  213
  62
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  106
  468
  640
  852
  1,106
  1,400
  1,730
  2,091
  2,477
  2,880
  3,292
  3,706
  4,114
  4,509
  4,888
  5,245
  5,578
  5,887
  6,168
  6,426
  6,660
  6,871
  7,064
  7,241
  7,403
  7,557
  7,804
  8,118
  8,440
  8,772
  9,115
Total cash flow (excl. dividends), $m
  38
  419
  583
  788
  1,035
  1,324
  1,653
  2,020
  2,418
  2,843
  3,288
  3,747
  4,213
  4,682
  5,148
  5,608
  6,060
  6,503
  6,934
  7,356
  7,768
  8,173
  8,572
  8,968
  9,363
  9,760
  10,263
  10,845
  11,446
  12,069
  12,715
Retained Cash Flow (-), $m
  -8
  -172
  -239
  -323
  -424
  -543
  -678
  -828
  -991
  -1,165
  -1,348
  -1,536
  -1,727
  -1,919
  -2,110
  -2,299
  -2,484
  -2,665
  -2,842
  -3,015
  -3,184
  -3,350
  -3,514
  -3,676
  -3,838
  -4,001
  -4,165
  -4,333
  -4,505
  -4,682
  -4,865
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
 
  247
  344
  465
  611
  781
  976
  1,192
  1,427
  1,678
  1,940
  2,211
  2,486
  2,763
  3,038
  3,310
  3,576
  3,837
  4,092
  4,341
  4,584
  4,823
  5,059
  5,292
  5,525
  5,760
  6,098
  6,512
  6,941
  7,387
  7,849
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  223
  277
  331
  380
  419
  447
  459
  456
  438
  407
  366
  320
  270
  222
  177
  136
  102
  74
  52
  35
  23
  15
  9
  5
  3
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  71.1
  52.7
  40.5
  32.0
  26.0
  21.6
  18.3
  15.8
  13.9
  12.4
  11.2
  10.3
  9.5
  8.9
  8.4
  8.0
  7.7
  7.4
  7.2
  7.1
  6.9
  6.8
  6.8
  6.8
  6.7
  6.7
  6.7
  6.7
  6.7
  6.7

America First Multifamily Investors, L.P. acquires, holds, sells, and deals in a portfolio of mortgage revenue bonds that have been issued to provide construction or permanent financing for multifamily and student housing, and commercial properties. It operates through four segments: Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Mortgage-Backed Securities Investments. As of December 31, 2015, the company owned 64 mortgage revenue bonds issued through various state and local housing authorities in order to provide construction or permanent financing for 44 residential properties comprising a total of 8,041 rental units located in the states of California, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Minnesota, New Mexico, North Carolina, Ohio, South Carolina, Tennessee, and Texas. America First Capital Associates Limited Partnership Two serves as the general partner of the company. America First Multifamily Investors, L.P. was founded in 1998 and is based in Omaha, Nebraska.

FINANCIAL RATIOS  of  America First Multifamily Investors (ATAX)

Valuation Ratios
P/E Ratio 15.3
Price to Sales 5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 24.5
Price to Free Cash Flow 91.8
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 266.7%
Cap. Spend. - 3 Yr. Gr. Rate -4.7%
Financial Strength
Quick Ratio 1
Current Ratio NaN
LT Debt to Equity 176.6%
Total Debt to Equity 189.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 7.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 76.7%
Gross Margin - 3 Yr. Avg. 75.8%
EBITDA Margin 69.9%
EBITDA Margin - 3 Yr. Avg. 67.1%
Operating Margin 39.7%
Oper. Margin - 3 Yr. Avg. 35.9%
Pre-Tax Margin 39.7%
Pre-Tax Margin - 3 Yr. Avg. 35.9%
Net Profit Margin 32.9%
Net Profit Margin - 3 Yr. Avg. 35.7%
Effective Tax Rate 17.2%
Eff/ Tax Rate - 3 Yr. Avg. 5.7%
Payout Ratio 141.7%

ATAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATAX stock intrinsic value calculation we used $73 million for the last fiscal year's total revenue generated by America First Multifamily Investors. The default revenue input number comes from 2016 income statement of America First Multifamily Investors. 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 ATAX stock valuation model: a) initial revenue growth rate of 53.3% 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 10.9%, whose default value for ATAX is calculated based on our internal credit rating of America First Multifamily Investors, 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 America First Multifamily Investors.
    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 ATAX stock the variable cost ratio is equal to 24.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $27 million in the base year in the intrinsic value calculation for ATAX 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 America First Multifamily Investors.

Corporate tax rate of 27% is the nominal tax rate for America First Multifamily Investors. 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 ATAX 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 ATAX are equal to 174.7%.

Life of production assets of 18.2 years is the average useful life of capital assets used in America First Multifamily Investors 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 ATAX is equal to 26%. 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 - $321 million for America First Multifamily Investors - 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 58.682 million for America First Multifamily Investors 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 America First Multifamily Investors at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ America First posts 2Q profit   [Aug-07-17 11:57PM  Associated Press]
▶ America First posts 1Q profit   [May-05-17 08:24AM  Associated Press]
Stock chart of ATAX Financial statements of ATAX
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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