Intrinsic value of Chimera Investment - CIM

Previous Close

$18.83

  Intrinsic Value

$57.37

stock screener

  Rating & Target

str. buy

+205%

Previous close

$18.83

 
Intrinsic value

$57.37

 
Up/down potential

+205%

 
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

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 3.5

 

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
  28.50
  26.15
  24.04
  22.13
  20.42
  18.88
  17.49
  16.24
  15.12
  14.10
  13.19
  12.37
  11.64
  10.97
  10.38
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
  6.23
  6.11
Revenue, $m
  952
  1,223
  1,543
  1,914
  2,338
  2,815
  3,346
  3,932
  4,570
  5,261
  6,003
  6,795
  7,636
  8,525
  9,460
  10,442
  11,469
  12,542
  13,661
  14,825
  16,037
  17,297
  18,607
  19,968
  21,382
  22,852
  24,380
  25,969
  27,623
  29,344
  31,136
Variable operating expenses, $m
 
  899
  1,134
  1,407
  1,718
  2,069
  2,460
  2,890
  3,359
  3,867
  4,412
  4,994
  5,613
  6,266
  6,953
  7,675
  8,430
  9,218
  10,040
  10,897
  11,787
  12,714
  13,676
  14,676
  15,716
  16,796
  17,920
  19,088
  20,303
  21,568
  22,885
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
  899
  1,134
  1,407
  1,718
  2,069
  2,460
  2,890
  3,359
  3,867
  4,412
  4,994
  5,613
  6,266
  6,953
  7,675
  8,430
  9,218
  10,040
  10,897
  11,787
  12,714
  13,676
  14,676
  15,716
  16,796
  17,920
  19,088
  20,303
  21,568
  22,885
Operating income, $m
  552
  324
  409
  507
  620
  746
  887
  1,042
  1,211
  1,394
  1,591
  1,801
  2,024
  2,259
  2,507
  2,767
  3,039
  3,324
  3,620
  3,929
  4,250
  4,584
  4,931
  5,292
  5,666
  6,056
  6,461
  6,882
  7,320
  7,776
  8,251
EBITDA, $m
  552
  324
  409
  507
  620
  746
  887
  1,042
  1,211
  1,394
  1,591
  1,801
  2,024
  2,259
  2,507
  2,767
  3,039
  3,324
  3,620
  3,929
  4,250
  4,584
  4,931
  5,292
  5,666
  6,056
  6,461
  6,882
  7,320
  7,776
  8,251
Interest expense (income), $m
  335
  444
  575
  731
  913
  1,120
  1,354
  1,614
  1,900
  2,213
  2,551
  2,914
  3,302
  3,713
  4,148
  4,606
  5,086
  5,589
  6,114
  6,661
  7,232
  7,825
  8,441
  9,082
  9,748
  10,440
  11,160
  11,908
  12,685
  13,495
  14,337
Earnings before tax, $m
  552
  -120
  -166
  -224
  -293
  -374
  -467
  -572
  -689
  -819
  -960
  -1,113
  -1,278
  -1,454
  -1,641
  -1,839
  -2,047
  -2,265
  -2,494
  -2,733
  -2,982
  -3,241
  -3,510
  -3,791
  -4,082
  -4,385
  -4,699
  -5,026
  -5,365
  -5,718
  -6,086
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
  -120
  -166
  -224
  -293
  -374
  -467
  -572
  -689
  -819
  -960
  -1,113
  -1,278
  -1,454
  -1,641
  -1,839
  -2,047
  -2,265
  -2,494
  -2,733
  -2,982
  -3,241
  -3,510
  -3,791
  -4,082
  -4,385
  -4,699
  -5,026
  -5,365
  -5,718
  -6,086

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
  21,092
  26,607
  33,002
  40,306
  48,536
  57,698
  67,789
  78,797
  90,708
  103,502
  117,158
  131,656
  146,977
  163,106
  180,029
  197,742
  216,239
  235,526
  255,610
  276,505
  298,230
  320,810
  344,275
  368,659
  394,002
  420,350
  447,750
  476,256
  505,926
  536,822
Adjusted assets (=assets-cash), $m
  16,507
  21,092
  26,607
  33,002
  40,306
  48,536
  57,698
  67,789
  78,797
  90,708
  103,502
  117,158
  131,656
  146,977
  163,106
  180,029
  197,742
  216,239
  235,526
  255,610
  276,505
  298,230
  320,810
  344,275
  368,659
  394,002
  420,350
  447,750
  476,256
  505,926
  536,822
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
  612
  772
  957
  1,169
  1,408
  1,673
  1,966
  2,285
  2,631
  3,002
  3,398
  3,818
  4,262
  4,730
  5,221
  5,735
  6,271
  6,830
  7,413
  8,019
  8,649
  9,303
  9,984
  10,691
  11,426
  12,190
  12,985
  13,811
  14,672
  15,568
Total debt, $m
  12,876
  16,420
  20,893
  26,080
  32,003
  38,678
  46,108
  54,292
  63,220
  72,880
  83,255
  94,330
  106,088
  118,513
  131,594
  145,319
  159,683
  174,685
  190,327
  206,615
  223,560
  241,179
  259,492
  278,522
  298,297
  318,851
  340,219
  362,440
  385,558
  409,621
  434,678
Total liabilities, $m
  13,561
  17,105
  21,578
  26,765
  32,688
  39,363
  46,793
  54,977
  63,905
  73,565
  83,940
  95,015
  106,773
  119,198
  132,279
  146,004
  160,368
  175,370
  191,012
  207,300
  224,245
  241,864
  260,177
  279,207
  298,982
  319,536
  340,904
  363,125
  386,243
  410,306
  435,363
Total equity, $m
  3,124
  3,986
  5,029
  6,237
  7,618
  9,173
  10,905
  12,812
  14,893
  17,144
  19,562
  22,143
  24,883
  27,779
  30,827
  34,026
  37,373
  40,869
  44,514
  48,310
  52,259
  56,365
  60,633
  65,068
  69,677
  74,466
  79,446
  84,625
  90,012
  95,620
  101,459
Total liabilities and equity, $m
  16,685
  21,091
  26,607
  33,002
  40,306
  48,536
  57,698
  67,789
  78,798
  90,709
  103,502
  117,158
  131,656
  146,977
  163,106
  180,030
  197,741
  216,239
  235,526
  255,610
  276,504
  298,229
  320,810
  344,275
  368,659
  394,002
  420,350
  447,750
  476,255
  505,926
  536,822
Debt-to-equity ratio
  4.122
  4.120
  4.150
  4.180
  4.200
  4.220
  4.230
  4.240
  4.250
  4.250
  4.260
  4.260
  4.260
  4.270
  4.270
  4.270
  4.270
  4.270
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
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
  -120
  -166
  -224
  -293
  -374
  -467
  -572
  -689
  -819
  -960
  -1,113
  -1,278
  -1,454
  -1,641
  -1,839
  -2,047
  -2,265
  -2,494
  -2,733
  -2,982
  -3,241
  -3,510
  -3,791
  -4,082
  -4,385
  -4,699
  -5,026
  -5,365
  -5,718
  -6,086
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
  -120
  -166
  -224
  -293
  -374
  -467
  -572
  -689
  -819
  -960
  -1,113
  -1,278
  -1,454
  -1,641
  -1,839
  -2,047
  -2,265
  -2,494
  -2,733
  -2,982
  -3,241
  -3,510
  -3,791
  -4,082
  -4,385
  -4,699
  -5,026
  -5,365
  -5,718
  -6,086
Change in working capital, $m
  7
  136
  160
  185
  212
  239
  266
  293
  319
  345
  371
  396
  420
  444
  468
  491
  514
  536
  559
  582
  606
  630
  655
  680
  707
  735
  764
  795
  827
  860
  896
Cash from operations, $m
  553
  -256
  -326
  -409
  -505
  -613
  -733
  -864
  -1,008
  -1,164
  -1,331
  -1,509
  -1,698
  -1,898
  -2,109
  -2,330
  -2,561
  -2,802
  -3,053
  -3,315
  -3,588
  -3,871
  -4,165
  -4,471
  -4,789
  -5,120
  -5,463
  -5,820
  -6,192
  -6,579
  -6,982
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
  -256
  -326
  -409
  -505
  -613
  -733
  -864
  -1,008
  -1,164
  -1,331
  -1,509
  -1,698
  -1,898
  -2,109
  -2,330
  -2,561
  -2,802
  -3,053
  -3,315
  -3,588
  -3,871
  -4,165
  -4,471
  -4,789
  -5,120
  -5,463
  -5,820
  -6,192
  -6,579
  -6,982
Issuance/(repayment) of debt, $m
  1,096
  3,722
  4,473
  5,186
  5,923
  6,674
  7,430
  8,184
  8,928
  9,660
  10,376
  11,075
  11,758
  12,425
  13,080
  13,725
  14,365
  15,002
  15,642
  16,288
  16,946
  17,619
  18,312
  19,030
  19,776
  20,554
  21,368
  22,221
  23,118
  24,062
  25,057
Issuance/(repurchase) of shares, $m
  140
  983
  1,208
  1,433
  1,674
  1,930
  2,199
  2,479
  2,770
  3,070
  3,378
  3,694
  4,018
  4,350
  4,689
  5,037
  5,394
  5,761
  6,139
  6,529
  6,931
  7,347
  7,778
  8,226
  8,691
  9,175
  9,679
  10,204
  10,753
  11,326
  11,925
Cash from financing (excl. dividends), $m  
  1,235
  4,705
  5,681
  6,619
  7,597
  8,604
  9,629
  10,663
  11,698
  12,730
  13,754
  14,769
  15,776
  16,775
  17,769
  18,762
  19,759
  20,763
  21,781
  22,817
  23,877
  24,966
  26,090
  27,256
  28,467
  29,729
  31,047
  32,425
  33,871
  35,388
  36,982
Total cash flow (excl. dividends), $m
  518
  4,449
  5,356
  6,210
  7,092
  7,991
  8,896
  9,798
  10,690
  11,566
  12,423
  13,260
  14,077
  14,877
  15,661
  16,433
  17,198
  17,961
  18,727
  19,501
  20,289
  21,095
  21,925
  22,784
  23,677
  24,609
  25,583
  26,605
  27,679
  28,810
  30,000
Retained Cash Flow (-), $m
  -178
  -983
  -1,208
  -1,433
  -1,674
  -1,930
  -2,199
  -2,479
  -2,770
  -3,070
  -3,378
  -3,694
  -4,018
  -4,350
  -4,689
  -5,037
  -5,394
  -5,761
  -6,139
  -6,529
  -6,931
  -7,347
  -7,778
  -8,226
  -8,691
  -9,175
  -9,679
  -10,204
  -10,753
  -11,326
  -11,925
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
 
  3,466
  4,147
  4,777
  5,418
  6,062
  6,698
  7,319
  7,920
  8,496
  9,045
  9,566
  10,059
  10,527
  10,971
  11,396
  11,804
  12,200
  12,588
  12,973
  13,358
  13,748
  14,147
  14,559
  14,987
  15,434
  15,904
  16,401
  16,926
  17,484
  18,075
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
 
  3,076
  3,229
  3,224
  3,130
  2,957
  2,720
  2,436
  2,126
  1,807
  1,498
  1,209
  951
  728
  543
  394
  278
  190
  127
  82
  51
  31
  18
  10
  6
  3
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.2
  61.7
  49.3
  39.8
  32.5
  26.8
  22.4
  18.8
  15.9
  13.5
  11.6
  10.0
  8.6
  7.5
  6.6
  5.8
  5.1
  4.5
  4.0
  3.5
  3.1
  2.8
  2.5
  2.2
  2.0
  1.8
  1.6
  1.4
  1.3
  1.2

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 6.4
Price to Sales 3.7
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 6.4
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 28.5% 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 187.565 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 $3.5 billion.

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COMPANY NEWS

▶ 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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