Intrinsic value of Cherry Hill Mortgage Investment - CHMI

Previous Close

$18.20

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$18.20

 
Intrinsic value

$585.57

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying
Our model is not good at valuating stocks of financial companies, such as CHMI.

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

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

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 0.2

 

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
  67
  104
  155
  225
  318
  437
  587
  770
  991
  1,252
  1,554
  1,900
  2,291
  2,725
  3,204
  3,728
  4,294
  4,902
  5,552
  6,242
  6,972
  7,740
  8,546
  9,390
  10,272
  11,191
  12,148
  13,144
  14,180
  15,256
Variable operating expenses, $m
 
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  452
  545
  649
  763
  887
  1,022
  1,167
  1,321
  1,486
  1,659
  1,842
  2,034
  2,235
  2,445
  2,663
  2,891
  3,128
  3,375
  3,631
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  17
  23
  32
  45
  62
  84
  112
  148
  192
  245
  307
  379
  461
  555
  659
  773
  897
  1,033
  1,178
  1,332
  1,497
  1,671
  1,854
  2,046
  2,248
  2,458
  2,676
  2,905
  3,142
  3,389
  3,646
Operating income, $m
  26
  44
  72
  111
  164
  234
  325
  439
  578
  746
  945
  1,175
  1,439
  1,736
  2,067
  2,432
  2,830
  3,261
  3,725
  4,220
  4,745
  5,301
  5,886
  6,500
  7,143
  7,814
  8,514
  9,243
  10,002
  10,790
  11,610
EBITDA, $m
  26
  44
  72
  111
  164
  234
  325
  439
  578
  746
  945
  1,175
  1,439
  1,736
  2,067
  2,432
  2,830
  3,261
  3,725
  4,220
  4,745
  5,301
  5,886
  6,500
  7,143
  7,814
  8,514
  9,243
  10,002
  10,790
  11,610
Interest expense (income), $m
  7
  21
  34
  53
  80
  116
  164
  226
  304
  400
  514
  650
  807
  987
  1,190
  1,416
  1,665
  1,937
  2,231
  2,548
  2,885
  3,244
  3,623
  4,023
  4,442
  4,880
  5,339
  5,816
  6,314
  6,832
  7,370
Earnings before tax, $m
  26
  23
  38
  58
  84
  118
  160
  212
  274
  347
  430
  525
  631
  749
  877
  1,016
  1,165
  1,324
  1,493
  1,672
  1,860
  2,057
  2,263
  2,477
  2,701
  2,934
  3,175
  3,427
  3,688
  3,959
  4,240
Tax expense, $m
  1
  6
  10
  16
  23
  32
  43
  57
  74
  94
  116
  142
  170
  202
  237
  274
  315
  358
  403
  451
  502
  555
  611
  669
  729
  792
  857
  925
  996
  1,069
  1,145
Net income, $m
  25
  17
  27
  42
  61
  86
  117
  155
  200
  253
  314
  383
  461
  547
  640
  742
  850
  967
  1,090
  1,221
  1,358
  1,501
  1,652
  1,808
  1,972
  2,142
  2,318
  2,502
  2,692
  2,890
  3,095

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
  1,244
  1,923
  2,875
  4,172
  5,886
  8,092
  10,862
  14,262
  18,352
  23,180
  28,784
  35,192
  42,418
  50,469
  59,342
  69,030
  79,516
  90,786
  102,820
  115,600
  129,109
  143,335
  158,265
  173,893
  190,217
  207,238
  224,964
  243,407
  262,584
  282,516
Adjusted assets (=assets-cash), $m
  777
  1,244
  1,923
  2,875
  4,172
  5,886
  8,092
  10,862
  14,262
  18,352
  23,180
  28,784
  35,192
  42,418
  50,469
  59,342
  69,030
  79,516
  90,786
  102,820
  115,600
  129,109
  143,335
  158,265
  173,893
  190,217
  207,238
  224,964
  243,407
  262,584
  282,516
Revenue / Adjusted assets
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
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
  34
  52
  78
  113
  159
  218
  293
  385
  496
  626
  777
  950
  1,145
  1,363
  1,602
  1,864
  2,147
  2,451
  2,776
  3,121
  3,486
  3,870
  4,273
  4,695
  5,136
  5,595
  6,074
  6,572
  7,090
  7,628
Total debt, $m
  618
  977
  1,521
  2,285
  3,325
  4,700
  6,469
  8,690
  11,417
  14,697
  18,569
  23,064
  28,203
  33,998
  40,455
  47,572
  55,341
  63,751
  72,789
  82,440
  92,690
  103,525
  114,934
  126,907
  139,441
  152,533
  166,184
  180,400
  195,192
  210,571
  226,557
Total liabilities, $m
  639
  998
  1,542
  2,306
  3,346
  4,721
  6,490
  8,711
  11,438
  14,718
  18,590
  23,085
  28,224
  34,019
  40,476
  47,593
  55,362
  63,772
  72,810
  82,461
  92,711
  103,546
  114,955
  126,928
  139,462
  152,554
  166,205
  180,421
  195,213
  210,592
  226,578
Total equity, $m
  154
  246
  381
  569
  826
  1,165
  1,602
  2,151
  2,824
  3,634
  4,590
  5,699
  6,968
  8,399
  9,993
  11,750
  13,668
  15,744
  17,976
  20,358
  22,889
  25,564
  28,380
  31,336
  34,431
  37,663
  41,033
  44,543
  48,195
  51,992
  55,938
Total liabilities and equity, $m
  793
  1,244
  1,923
  2,875
  4,172
  5,886
  8,092
  10,862
  14,262
  18,352
  23,180
  28,784
  35,192
  42,418
  50,469
  59,343
  69,030
  79,516
  90,786
  102,819
  115,600
  129,110
  143,335
  158,264
  173,893
  190,217
  207,238
  224,964
  243,408
  262,584
  282,516
Debt-to-equity ratio
  4.013
  3.970
  4.000
  4.010
  4.030
  4.030
  4.040
  4.040
  4.040
  4.040
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
  4.050
Adjusted equity ratio
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  17
  27
  42
  61
  86
  117
  155
  200
  253
  314
  383
  461
  547
  640
  742
  850
  967
  1,090
  1,221
  1,358
  1,501
  1,652
  1,808
  1,972
  2,142
  2,318
  2,502
  2,692
  2,890
  3,095
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
  42
  17
  27
  42
  61
  86
  117
  155
  200
  253
  314
  383
  461
  547
  640
  742
  850
  967
  1,090
  1,221
  1,358
  1,501
  1,652
  1,808
  1,972
  2,142
  2,318
  2,502
  2,692
  2,890
  3,095
Change in working capital, $m
  8
  13
  18
  26
  35
  46
  60
  75
  92
  110
  130
  151
  173
  195
  217
  240
  262
  283
  304
  325
  345
  365
  384
  403
  422
  441
  460
  479
  498
  518
  538
Cash from operations, $m
  34
  4
  9
  16
  26
  40
  58
  80
  108
  143
  184
  232
  288
  351
  423
  502
  589
  684
  786
  896
  1,013
  1,137
  1,268
  1,405
  1,550
  1,701
  1,859
  2,023
  2,194
  2,372
  2,557
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
  -146
  0
  0
  0
  0
  0
  0
  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
  -112
  4
  9
  16
  26
  40
  58
  80
  108
  143
  184
  232
  288
  351
  423
  502
  589
  684
  786
  896
  1,013
  1,137
  1,268
  1,405
  1,550
  1,701
  1,859
  2,023
  2,194
  2,372
  2,557
Issuance/(repayment) of debt, $m
  145
  375
  544
  764
  1,040
  1,375
  1,769
  2,221
  2,727
  3,280
  3,872
  4,495
  5,139
  5,795
  6,457
  7,117
  7,769
  8,410
  9,038
  9,651
  10,250
  10,835
  11,409
  11,974
  12,534
  13,092
  13,651
  14,216
  14,791
  15,380
  15,985
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  133
  375
  544
  764
  1,040
  1,375
  1,769
  2,221
  2,727
  3,280
  3,872
  4,495
  5,139
  5,795
  6,457
  7,117
  7,769
  8,410
  9,038
  9,651
  10,250
  10,835
  11,409
  11,974
  12,534
  13,092
  13,651
  14,216
  14,791
  15,380
  15,985
Total cash flow (excl. dividends), $m
  21
  379
  553
  780
  1,066
  1,414
  1,827
  2,302
  2,835
  3,423
  4,056
  4,727
  5,427
  6,147
  6,880
  7,619
  8,358
  9,094
  9,824
  10,547
  11,262
  11,971
  12,676
  13,379
  14,083
  14,792
  15,510
  16,239
  16,985
  17,752
  18,542
Retained Cash Flow (-), $m
  -3
  -92
  -134
  -189
  -257
  -339
  -437
  -548
  -673
  -810
  -956
  -1,110
  -1,269
  -1,431
  -1,594
  -1,757
  -1,918
  -2,076
  -2,231
  -2,383
  -2,530
  -2,675
  -2,817
  -2,956
  -3,094
  -3,232
  -3,370
  -3,510
  -3,652
  -3,797
  -3,946
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
 
  287
  419
  592
  809
  1,075
  1,390
  1,753
  2,162
  2,613
  3,100
  3,617
  4,158
  4,716
  5,286
  5,862
  6,440
  7,018
  7,593
  8,164
  8,732
  9,297
  9,860
  10,423
  10,989
  11,560
  12,139
  12,730
  13,334
  13,955
  14,596
Discount rate, %
 
  12.50
  13.13
  13.78
  14.47
  15.19
  15.95
  16.75
  17.59
  18.47
  19.39
  20.36
  21.38
  22.45
  23.57
  24.75
  25.99
  27.29
  28.65
  30.08
  31.59
  33.17
  34.82
  36.57
  38.39
  40.31
  42.33
  44.45
  46.67
  49.00
  51.45
PV of cash for distribution, $m
 
  255
  327
  402
  471
  530
  572
  593
  592
  568
  527
  471
  407
  339
  273
  213
  160
  116
  81
  55
  36
  23
  14
  8
  5
  2
  1
  1
  0
  0
  0
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

Cherry Hill Mortgage Investment Corporation, a residential real estate finance company, acquires, invests in, and manages residential mortgage assets in the United States. The company operates through Investments in Residential Mortgage-Backed Securities (RMBS); and Investments in Servicing Related Assets segments. It manages a portfolio of servicing related assets, RMBS, and prime mortgage loans, as well as other residential mortgage assets, such as mortgage servicing rights. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Cherry Hill Mortgage Investment Corporation was founded in 2012 and is based in Moorestown, New Jersey.

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
Price to Free Cash Flow 4
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 $42 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 12.5%, 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 23.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 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 3.5% 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 0%.

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 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 - $154 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 12.025 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
PMT PennyMac Mortg 17.85 prem.  prem.
RWT Redwood Trust 16.68 prem.  prem.
NRZ New Residentia 16.33 prem.  prem.
ARR Armour Residen 25.57 prem.  prem.
IVR Invesco Mortga 16.07 prem.  prem.
DX Dynex Capital 6.84 prem.  prem.
STWD Starwood Prope 22.03 prem.  prem.

COMPANY NEWS

▶ 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]
▶ Major Shareholder Dumps Novatel Wireless Inc (MIFI) In Q3   [Nov-23  02:32PM  at Insider Monkey]
Stock chart of CHMI Financial statements of CHMI Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.