Intrinsic value of Chimera Investment - CIM

Previous Close

$17.02

  Intrinsic Value

$32.18

stock screener

  Rating & Target

str. buy

+89%

Previous close

$17.02

 
Intrinsic value

$32.18

 
Up/down potential

+89%

 
Rating

str. buy

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

We calculate the intrinsic value of CIM 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, %
  0.21
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  952
  1,113
  1,288
  1,476
  1,678
  1,893
  2,121
  2,361
  2,613
  2,878
  3,154
  3,443
  3,744
  4,057
  4,382
  4,721
  5,072
  5,438
  5,818
  6,212
  6,623
  7,050
  7,494
  7,957
  8,438
  8,940
  9,464
  10,010
  10,580
  11,174
  11,796
Variable operating expenses, $m
 
  818
  946
  1,085
  1,233
  1,391
  1,559
  1,735
  1,921
  2,115
  2,318
  2,531
  2,752
  2,982
  3,221
  3,470
  3,728
  3,997
  4,276
  4,566
  4,868
  5,182
  5,508
  5,848
  6,202
  6,571
  6,956
  7,357
  7,776
  8,213
  8,670
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
  400
  818
  946
  1,085
  1,233
  1,391
  1,559
  1,735
  1,921
  2,115
  2,318
  2,531
  2,752
  2,982
  3,221
  3,470
  3,728
  3,997
  4,276
  4,566
  4,868
  5,182
  5,508
  5,848
  6,202
  6,571
  6,956
  7,357
  7,776
  8,213
  8,670
Operating income, $m
  552
  295
  341
  391
  445
  502
  562
  626
  693
  763
  836
  912
  992
  1,075
  1,161
  1,251
  1,344
  1,441
  1,542
  1,646
  1,755
  1,868
  1,986
  2,109
  2,236
  2,369
  2,508
  2,653
  2,804
  2,961
  3,126
EBITDA, $m
  552
  295
  341
  391
  445
  502
  562
  626
  693
  763
  836
  912
  992
  1,075
  1,161
  1,251
  1,344
  1,441
  1,542
  1,646
  1,755
  1,868
  1,986
  2,109
  2,236
  2,369
  2,508
  2,653
  2,804
  2,961
  3,126
Interest expense (income), $m
  335
  444
  521
  606
  698
  797
  902
  1,014
  1,131
  1,255
  1,384
  1,520
  1,661
  1,808
  1,961
  2,121
  2,286
  2,458
  2,637
  2,823
  3,016
  3,217
  3,426
  3,644
  3,870
  4,106
  4,351
  4,608
  4,875
  5,154
  5,445
Earnings before tax, $m
  552
  -150
  -179
  -215
  -254
  -296
  -340
  -388
  -439
  -492
  -549
  -607
  -669
  -733
  -800
  -870
  -942
  -1,017
  -1,096
  -1,177
  -1,261
  -1,349
  -1,440
  -1,535
  -1,634
  -1,737
  -1,844
  -1,955
  -2,071
  -2,192
  -2,319
Tax expense, $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
Net income, $m
  552
  -150
  -179
  -215
  -254
  -296
  -340
  -388
  -439
  -492
  -549
  -607
  -669
  -733
  -800
  -870
  -942
  -1,017
  -1,096
  -1,177
  -1,261
  -1,349
  -1,440
  -1,535
  -1,634
  -1,737
  -1,844
  -1,955
  -2,071
  -2,192
  -2,319

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  16,685
  19,188
  22,202
  25,452
  28,933
  32,639
  36,564
  40,704
  45,056
  49,617
  54,386
  59,362
  64,546
  69,943
  75,556
  81,391
  87,454
  93,755
  100,304
  107,111
  114,188
  121,549
  129,210
  137,184
  145,490
  154,146
  163,170
  172,583
  182,406
  192,663
  203,376
Adjusted assets (=assets-cash), $m
  16,507
  19,188
  22,202
  25,452
  28,933
  32,639
  36,564
  40,704
  45,056
  49,617
  54,386
  59,362
  64,546
  69,943
  75,556
  81,391
  87,454
  93,755
  100,304
  107,111
  114,188
  121,549
  129,210
  137,184
  145,490
  154,146
  163,170
  172,583
  182,406
  192,663
  203,376
Revenue / Adjusted assets
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
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
  556
  644
  738
  839
  947
  1,060
  1,180
  1,307
  1,439
  1,577
  1,721
  1,872
  2,028
  2,191
  2,360
  2,536
  2,719
  2,909
  3,106
  3,311
  3,525
  3,747
  3,978
  4,219
  4,470
  4,732
  5,005
  5,290
  5,587
  5,898
Total debt, $m
  12,876
  14,876
  17,321
  19,957
  22,780
  25,785
  28,968
  32,326
  35,856
  39,555
  43,422
  47,457
  51,662
  56,039
  60,591
  65,323
  70,240
  75,351
  80,661
  86,182
  91,921
  97,892
  104,104
  110,571
  117,308
  124,327
  131,646
  139,280
  147,247
  155,565
  164,253
Total liabilities, $m
  13,561
  15,561
  18,006
  20,642
  23,465
  26,470
  29,653
  33,011
  36,541
  40,240
  44,107
  48,142
  52,347
  56,724
  61,276
  66,008
  70,925
  76,036
  81,346
  86,867
  92,606
  98,577
  104,789
  111,256
  117,993
  125,012
  132,331
  139,965
  147,932
  156,250
  164,938
Total equity, $m
  3,124
  3,626
  4,196
  4,810
  5,468
  6,169
  6,911
  7,693
  8,516
  9,378
  10,279
  11,219
  12,199
  13,219
  14,280
  15,383
  16,529
  17,720
  18,957
  20,244
  21,582
  22,973
  24,421
  25,928
  27,498
  29,134
  30,839
  32,618
  34,475
  36,413
  38,438
Total liabilities and equity, $m
  16,685
  19,187
  22,202
  25,452
  28,933
  32,639
  36,564
  40,704
  45,057
  49,618
  54,386
  59,361
  64,546
  69,943
  75,556
  81,391
  87,454
  93,756
  100,303
  107,111
  114,188
  121,550
  129,210
  137,184
  145,491
  154,146
  163,170
  172,583
  182,407
  192,663
  203,376
Debt-to-equity ratio
  4.122
  4.100
  4.130
  4.150
  4.170
  4.180
  4.190
  4.200
  4.210
  4.220
  4.220
  4.230
  4.230
  4.240
  4.240
  4.250
  4.250
  4.250
  4.250
  4.260
  4.260
  4.260
  4.260
  4.260
  4.270
  4.270
  4.270
  4.270
  4.270
  4.270
  4.270
Adjusted equity ratio
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  552
  -150
  -179
  -215
  -254
  -296
  -340
  -388
  -439
  -492
  -549
  -607
  -669
  -733
  -800
  -870
  -942
  -1,017
  -1,096
  -1,177
  -1,261
  -1,349
  -1,440
  -1,535
  -1,634
  -1,737
  -1,844
  -1,955
  -2,071
  -2,192
  -2,319
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
  560
  -150
  -179
  -215
  -254
  -296
  -340
  -388
  -439
  -492
  -549
  -607
  -669
  -733
  -800
  -870
  -942
  -1,017
  -1,096
  -1,177
  -1,261
  -1,349
  -1,440
  -1,535
  -1,634
  -1,737
  -1,844
  -1,955
  -2,071
  -2,192
  -2,319
Change in working capital, $m
  7
  80
  87
  94
  101
  107
  114
  120
  126
  132
  138
  144
  150
  157
  163
  169
  176
  183
  190
  197
  205
  213
  222
  231
  241
  251
  262
  273
  285
  297
  311
Cash from operations, $m
  553
  -230
  -267
  -309
  -355
  -403
  -454
  -508
  -565
  -625
  -687
  -752
  -819
  -890
  -963
  -1,039
  -1,118
  -1,200
  -1,286
  -1,374
  -1,467
  -1,563
  -1,662
  -1,766
  -1,875
  -1,988
  -2,105
  -2,228
  -2,356
  -2,490
  -2,630
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
  -1,271
  0
  0
  0
  0
  0
  0
  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
  -718
  -230
  -267
  -309
  -355
  -403
  -454
  -508
  -565
  -625
  -687
  -752
  -819
  -890
  -963
  -1,039
  -1,118
  -1,200
  -1,286
  -1,374
  -1,467
  -1,563
  -1,662
  -1,766
  -1,875
  -1,988
  -2,105
  -2,228
  -2,356
  -2,490
  -2,630
Issuance/(repayment) of debt, $m
  1,096
  2,178
  2,445
  2,636
  2,823
  3,005
  3,183
  3,358
  3,529
  3,699
  3,867
  4,035
  4,205
  4,377
  4,552
  4,732
  4,918
  5,110
  5,311
  5,520
  5,740
  5,970
  6,212
  6,467
  6,736
  7,020
  7,319
  7,634
  7,967
  8,318
  8,688
Issuance/(repurchase) of shares, $m
  140
  652
  749
  829
  912
  996
  1,082
  1,171
  1,261
  1,354
  1,450
  1,548
  1,649
  1,753
  1,861
  1,972
  2,088
  2,208
  2,333
  2,463
  2,599
  2,740
  2,888
  3,042
  3,204
  3,372
  3,549
  3,734
  3,928
  4,131
  4,344
Cash from financing (excl. dividends), $m  
  1,235
  2,830
  3,194
  3,465
  3,735
  4,001
  4,265
  4,529
  4,790
  5,053
  5,317
  5,583
  5,854
  6,130
  6,413
  6,704
  7,006
  7,318
  7,644
  7,983
  8,339
  8,710
  9,100
  9,509
  9,940
  10,392
  10,868
  11,368
  11,895
  12,449
  13,032
Total cash flow (excl. dividends), $m
  518
  2,600
  2,927
  3,156
  3,380
  3,598
  3,812
  4,020
  4,226
  4,429
  4,630
  4,832
  5,034
  5,240
  5,450
  5,665
  5,888
  6,118
  6,359
  6,609
  6,872
  7,148
  7,438
  7,743
  8,065
  8,405
  8,762
  9,140
  9,539
  9,959
  10,402
Retained Cash Flow (-), $m
  -178
  -652
  -749
  -829
  -912
  -996
  -1,082
  -1,171
  -1,261
  -1,354
  -1,450
  -1,548
  -1,649
  -1,753
  -1,861
  -1,972
  -2,088
  -2,208
  -2,333
  -2,463
  -2,599
  -2,740
  -2,888
  -3,042
  -3,204
  -3,372
  -3,549
  -3,734
  -3,928
  -4,131
  -4,344
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
 
  1,948
  2,178
  2,327
  2,468
  2,602
  2,729
  2,850
  2,964
  3,074
  3,180
  3,284
  3,386
  3,487
  3,589
  3,693
  3,800
  3,910
  4,025
  4,146
  4,273
  4,408
  4,550
  4,701
  4,862
  5,032
  5,213
  5,406
  5,611
  5,828
  6,059
Discount rate, %
 
  12.70
  13.34
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.69
  21.72
  22.81
  23.95
  25.15
  26.40
  27.72
  29.11
  30.56
  32.09
  33.70
  35.38
  37.15
  39.01
  40.96
  43.01
  45.16
  47.41
  49.79
  52.27
PV of cash for distribution, $m
 
  1,729
  1,695
  1,570
  1,426
  1,269
  1,108
  948
  796
  654
  527
  415
  320
  241
  178
  128
  89
  61
  41
  26
  16
  10
  6
  3
  2
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  83.3
  69.5
  58.4
  49.4
  42.1
  36.0
  30.9
  26.7
  23.2
  20.2
  17.6
  15.5
  13.6
  12.0
  10.6
  9.3
  8.3
  7.3
  6.5
  5.8
  5.2
  4.6
  4.1
  3.7
  3.3
  3.0
  2.6
  2.4
  2.1
  1.9

Chimera Investment Corporation is a real estate investment trust (REIT). The company is engaged in the business of investing in a portfolio of mortgage assets, including agency residential mortgage-backed security (RMBS), non-agency RMBS, agency commercial mortgage-backed securities (CMBS), residential mortgage loans and real estate related securities. The Company's objective is to provide risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. The Company focuses to achieve this objective by investing in an investment portfolio of RMBS, agency CMBS, residential mortgage loans, commercial mortgage loans, real estate-related securities and various other asset classes. The MBS and real estate-related securities the Company purchases include investment-grade and non-investment grade classes, including the BB-rated, B-rated and non-rated classes. It also invests in investment grade and non-investment grade RMBS.

FINANCIAL RATIOS  of  Chimera Investment (CIM)

Valuation Ratios
P/E Ratio 5.8
Price to Sales 3.4
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 5.8
Growth Rates
Sales Growth Rate 0.2%
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 232.9%
Total Debt to Equity 412.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.4%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 14.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 60.2%
Gross Margin - 3 Yr. Avg. 68.2%
EBITDA Margin 93.2%
EBITDA Margin - 3 Yr. Avg. 78.1%
Operating Margin 58%
Oper. Margin - 3 Yr. Avg. 53.3%
Pre-Tax Margin 58%
Pre-Tax Margin - 3 Yr. Avg. 53.3%
Net Profit Margin 58%
Net Profit Margin - 3 Yr. Avg. 53.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 82.2%

CIM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIM stock intrinsic value calculation we used $952 million for the last fiscal year's total revenue generated by Chimera Investment. The default revenue input number comes from 2016 income statement of Chimera 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 CIM stock valuation model: a) initial revenue growth rate of 16.9% 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 12.7%, whose default value for CIM is calculated based on our internal credit rating of Chimera 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 Chimera 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 CIM stock the variable cost ratio is equal to 73.5%.

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 CIM 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 Chimera Investment.

Corporate tax rate of 27% is the nominal tax rate for Chimera 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 CIM 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 CIM are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Chimera 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 CIM 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 - $3124 million for Chimera 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 191.017 million for Chimera 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 Chimera Investment at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ Chimera posts 4Q profit   [07:29AM  Associated Press]
▶ 10 Energizer Bunny Stocks   [Dec-11-17 12:10PM  Forbes]
▶ Chimera posts 3Q profit   [Nov-02-17 07:23AM  Associated Press]
▶ Chimera posts 2Q profit   [Aug-02-17 10:56PM  Associated Press]
▶ Chimera posts 1Q profit   [May-01-17 04:46PM  Associated Press]
▶ These REITS Continue to Perform Strongly   [01:00PM  Investopedia]
▶ Chimera posts 4Q profit   [Feb-14-17 06:09PM  Associated Press]
▶ Mortgage REITs Vulnerable to Fed Balance Sheet Shrinkage   [Feb-09-17 04:20PM  at Barrons.com]
▶ Billionaire Leon Coopermans Top Dividend Stock Picks   [Dec-16-16 01:54PM  at Insider Monkey]
Financial statements of CIM
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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