Intrinsic value of Cherry Hill Mortgage Investment - CHMI

Previous Close

$18.29

  Intrinsic Value

$650.66

stock screener

  Rating & Target

str. buy

+999%

Previous close

$18.29

 
Intrinsic value

$650.66

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of CHMI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  68.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  42
  91
  141
  211
  306
  431
  593
  796
  1,045
  1,345
  1,699
  2,109
  2,579
  3,109
  3,699
  4,349
  5,059
  5,827
  6,653
  7,535
  8,472
  9,462
  10,504
  11,599
  12,744
  13,940
  15,188
  16,487
  17,838
  19,244
  20,704
Variable operating expenses, $m
 
  6
  9
  14
  20
  28
  39
  52
  68
  87
  110
  137
  167
  201
  239
  282
  327
  377
  431
  488
  548
  613
  680
  751
  825
  902
  983
  1,067
  1,155
  1,246
  1,340
Fixed operating expenses, $m
 
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
Total operating expenses, $m
  17
  10
  13
  18
  24
  32
  44
  57
  73
  92
  115
  142
  172
  206
  244
  288
  333
  383
  437
  494
  554
  619
  686
  758
  832
  909
  990
  1,074
  1,162
  1,254
  1,348
Operating income, $m
  26
  81
  127
  193
  281
  399
  550
  740
  972
  1,253
  1,584
  1,968
  2,407
  2,902
  3,454
  4,062
  4,726
  5,444
  6,217
  7,041
  7,917
  8,843
  9,818
  10,841
  11,912
  13,031
  14,197
  15,412
  16,676
  17,990
  19,356
EBITDA, $m
  26
  310
  482
  723
  1,050
  1,483
  2,041
  2,741
  3,600
  4,634
  5,854
  7,271
  8,890
  10,717
  12,752
  14,995
  17,443
  20,094
  22,942
  25,984
  29,214
  32,629
  36,225
  39,999
  43,949
  48,075
  52,377
  56,858
  61,520
  66,367
  71,405
Interest expense (income), $m
  7
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
  107
Earnings before tax, $m
  26
  -26
  21
  86
  175
  292
  443
  633
  866
  1,146
  1,477
  1,861
  2,300
  2,795
  3,347
  3,955
  4,619
  5,338
  6,110
  6,935
  7,810
  8,736
  9,711
  10,734
  11,805
  12,924
  14,091
  15,305
  16,569
  17,884
  19,250
Tax expense, $m
  1
  0
  6
  23
  47
  79
  120
  171
  234
  309
  399
  502
  621
  755
  904
  1,068
  1,247
  1,441
  1,650
  1,872
  2,109
  2,359
  2,622
  2,898
  3,187
  3,489
  3,804
  4,132
  4,474
  4,829
  5,197
Net income, $m
  25
  -26
  15
  63
  127
  213
  323
  462
  632
  837
  1,078
  1,359
  1,679
  2,041
  2,443
  2,887
  3,372
  3,896
  4,460
  5,062
  5,702
  6,377
  7,089
  7,836
  8,618
  9,435
  10,286
  11,173
  12,096
  13,055
  14,052

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  793
  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
Adjusted assets (=assets-cash), $m
  777
  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
Revenue / Adjusted assets
  0.054
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  0
  2,293
  3,542
  5,297
  7,686
  10,844
  14,908
  20,011
  26,276
  33,811
  42,705
  53,030
  64,835
  78,148
  92,980
  109,328
  127,175
  146,495
  167,257
  189,427
  212,973
  237,862
  264,070
  291,576
  320,368
  350,442
  381,801
  414,458
  448,437
  483,766
  520,487
Working capital, $m
  0
  -2,776
  -4,289
  -6,414
  -9,306
  -13,130
  -18,051
  -24,229
  -31,814
  -40,937
  -51,707
  -64,209
  -78,501
  -94,620
  -112,580
  -132,374
  -153,982
  -177,375
  -202,513
  -229,356
  -257,865
  -288,001
  -319,733
  -353,037
  -387,898
  -424,310
  -462,280
  -501,821
  -542,962
  -585,738
  -630,199
Total debt, $m
  618
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
  1,978
Total liabilities, $m
  639
  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 equity, $m
  154
  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 liabilities and equity, $m
  793
  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
Debt-to-equity ratio
  4.013
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.198
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  -26
  15
  63
  127
  213
  323
  462
  632
  837
  1,078
  1,359
  1,679
  2,041
  2,443
  2,887
  3,372
  3,896
  4,460
  5,062
  5,702
  6,377
  7,089
  7,836
  8,618
  9,435
  10,286
  11,173
  12,096
  13,055
  14,052
Depreciation, amort., depletion, $m
  0
  230
  355
  530
  769
  1,085
  1,491
  2,001
  2,628
  3,381
  4,271
  5,303
  6,483
  7,815
  9,298
  10,933
  12,718
  14,650
  16,726
  18,943
  21,297
  23,786
  26,407
  29,158
  32,037
  35,044
  38,180
  41,446
  44,844
  48,377
  52,049
Funds from operations, $m
  42
  204
  369
  593
  896
  1,298
  1,814
  2,463
  3,260
  4,218
  5,349
  6,662
  8,163
  9,855
  11,741
  13,820
  16,089
  18,546
  21,186
  24,005
  26,999
  30,164
  33,496
  36,994
  40,655
  44,479
  48,466
  52,619
  56,939
  61,432
  66,101
Change in working capital, $m
  8
  -1,041
  -1,513
  -2,125
  -2,892
  -3,824
  -4,921
  -6,179
  -7,585
  -9,123
  -10,770
  -12,501
  -14,293
  -16,119
  -17,959
  -19,794
  -21,609
  -23,392
  -25,138
  -26,844
  -28,508
  -30,136
  -31,732
  -33,304
  -34,861
  -36,413
  -37,969
  -39,542
  -41,140
  -42,777
  -44,461
Cash from operations, $m
  34
  1,245
  1,882
  2,718
  3,789
  5,121
  6,735
  8,642
  10,845
  13,341
  16,119
  19,163
  22,455
  25,974
  29,701
  33,614
  37,698
  41,938
  46,324
  50,848
  55,507
  60,300
  65,228
  70,298
  75,516
  80,891
  86,435
  92,160
  98,080
  104,208
  110,562
Maintenance CAPEX, $m
  0
  -143
  -229
  -354
  -530
  -769
  -1,084
  -1,491
  -2,001
  -2,628
  -3,381
  -4,271
  -5,303
  -6,483
  -7,815
  -9,298
  -10,933
  -12,718
  -14,650
  -16,726
  -18,943
  -21,297
  -23,786
  -26,407
  -29,158
  -32,037
  -35,044
  -38,180
  -41,446
  -44,844
  -48,377
New CAPEX, $m
  0
  -865
  -1,250
  -1,755
  -2,389
  -3,158
  -4,064
  -5,103
  -6,265
  -7,535
  -8,895
  -10,325
  -11,804
  -13,313
  -14,833
  -16,348
  -17,847
  -19,320
  -20,762
  -22,170
  -23,545
  -24,890
  -26,208
  -27,506
  -28,792
  -30,073
  -31,359
  -32,658
  -33,978
  -35,330
  -36,721
Cash from investing activities, $m
  -146
  -1,008
  -1,479
  -2,109
  -2,919
  -3,927
  -5,148
  -6,594
  -8,266
  -10,163
  -12,276
  -14,596
  -17,107
  -19,796
  -22,648
  -25,646
  -28,780
  -32,038
  -35,412
  -38,896
  -42,488
  -46,187
  -49,994
  -53,913
  -57,950
  -62,110
  -66,403
  -70,838
  -75,424
  -80,174
  -85,098
Free cash flow, $m
  -112
  236
  404
  608
  870
  1,195
  1,587
  2,048
  2,579
  3,179
  3,843
  4,567
  5,348
  6,178
  7,053
  7,968
  8,918
  9,901
  10,913
  11,952
  13,019
  14,113
  15,234
  16,385
  17,566
  18,781
  20,032
  21,323
  22,656
  24,035
  25,465
Issuance/(repayment) of debt, $m
  145
  -3
  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
Issuance/(repurchase) of shares, $m
  0
  29
  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  
  133
  26
  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 cash flow (excl. dividends), $m
  21
  262
  404
  608
  870
  1,195
  1,587
  2,048
  2,579
  3,179
  3,843
  4,567
  5,348
  6,178
  7,053
  7,968
  8,918
  9,901
  10,913
  11,952
  13,019
  14,113
  15,234
  16,385
  17,566
  18,781
  20,032
  21,323
  22,656
  24,035
  25,465
Retained Cash Flow (-), $m
  -3
  -29
  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
Prev. year cash balance distribution, $m
 
  3
  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
 
  236
  404
  608
  870
  1,195
  1,587
  2,048
  2,579
  3,179
  3,843
  4,567
  5,348
  6,178
  7,053
  7,968
  8,918
  9,901
  10,913
  11,952
  13,019
  14,113
  15,234
  16,385
  17,566
  18,781
  20,032
  21,323
  22,656
  24,035
  25,465
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  217
  338
  461
  590
  719
  838
  939
  1,014
  1,058
  1,069
  1,046
  994
  917
  822
  716
  607
  499
  400
  311
  235
  172
  122
  84
  56
  36
  23
  14
  8
  4
  2
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Cherry Hill Mortgage Investment Corporation is a residential real estate finance company. The Company is focused on acquiring, investing in and managing residential mortgage assets in the United States. Its principal objective is to generate attractive current yields and risk-adjusted total returns for its stockholders over the long term, primarily through dividend distributions and secondarily through capital appreciation. The Company focuses on attaining this objective, subject to market conditions and availability and terms of financing, by selectively constructing and managing a targeted portfolio of Servicing Related Assets, residential mortgage-backed securities (RMBS), prime mortgage loans and other cashflowing residential mortgage assets. The Company operates its business through segments, including investments in RMBS; investments in Servicing Related Assets, and All Other. The Company is externally managed by Cherry Hill Mortgage Management, LLC.

FINANCIAL RATIOS  of  Cherry Hill Mortgage Investment (CHMI)

Valuation Ratios
P/E Ratio 5.5
Price to Sales 3.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow 4.1
Growth Rates
Sales Growth Rate 68%
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 14.9%
Total Debt to Equity 401.3%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 16.4%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69%
Gross Margin - 3 Yr. Avg. 58.2%
EBITDA Margin 78.6%
EBITDA Margin - 3 Yr. Avg. 68.2%
Operating Margin 59.5%
Oper. Margin - 3 Yr. Avg. 41.4%
Pre-Tax Margin 61.9%
Pre-Tax Margin - 3 Yr. Avg. 43.5%
Net Profit Margin 59.5%
Net Profit Margin - 3 Yr. Avg. 42.7%
Effective Tax Rate 3.8%
Eff/ Tax Rate - 3 Yr. Avg. 1.3%
Payout Ratio 64%

CHMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHMI stock intrinsic value calculation we used $57 million for the last fiscal year's total revenue generated by Cherry Hill Mortgage Investment. The default revenue input number comes from 2016 income statement of Cherry Hill Mortgage 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 CHMI stock valuation model: a) initial revenue growth rate of 60% 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 8.8%, whose default value for CHMI is calculated based on our internal credit rating of Cherry Hill Mortgage 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 Cherry Hill Mortgage 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 CHMI stock the variable cost ratio is equal to 7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for CHMI 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 5.4% for Cherry Hill Mortgage Investment.

Corporate tax rate of 27% is the nominal tax rate for Cherry Hill Mortgage 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 CHMI 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 CHMI are equal to 2513.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Cherry Hill Mortgage 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 CHMI is equal to -3043.8%. 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 - $0 million for Cherry Hill Mortgage 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 11 million for Cherry Hill Mortgage 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 Cherry Hill Mortgage Investment at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
RWT Redwood Trust 17.33 8.86  sell
IVR Invesco Mortga 16.07 20.40  buy
STWD Starwood Prope 22.27 0.39  str.sell

COMPANY NEWS

▶ Cheap Financial Stocks This Week   [01:02PM  Simply Wall St.]
▶ Cherry Hill: 1Q Earnings Snapshot   [May-09-18 06:36PM  Associated Press]
▶ Discounted Financial Stocks To Buy Now   [Mar-29-18 01:02PM  Simply Wall St.]
▶ Cherry Hill posts 4Q profit   [Mar-16-18 10:01AM  Associated Press]
▶ Cherry Hill posts 3Q profit   [Nov-07-17 07:01PM  Associated Press]
▶ Cherry Hill reports 2Q loss   [Aug-08-17 11:55PM  Associated Press]
▶ Cherry Hill posts 1Q profit   [May-09-17 07:32PM  Associated Press]
▶ Cherry Hill posts 4Q profit   [04:40PM  Associated Press]
▶ How Endocyte, Inc. (ECYT) Stacks Up Against Its Peers   [Dec-15-16 09:08PM  at Insider Monkey]
Financial statements of CHMI
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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