Intrinsic value of Chimera Investment - CIM

Previous Close

$18.91

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$18.91

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  952
  711
  727
  746
  767
  790
  816
  844
  874
  906
  941
  978
  1,018
  1,060
  1,105
  1,152
  1,203
  1,256
  1,313
  1,373
  1,436
  1,502
  1,573
  1,646
  1,724
  1,807
  1,893
  1,984
  2,080
  2,180
  2,286
Variable operating expenses, $m
 
  61
  61
  61
  61
  61
  61
  61
  61
  61
  61
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
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
  61
  61
  61
  61
  61
  61
  61
  61
  61
  61
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
Operating income, $m
  552
  650
  667
  685
  706
  729
  755
  782
  812
  845
  879
  975
  1,015
  1,057
  1,101
  1,149
  1,199
  1,253
  1,309
  1,368
  1,431
  1,498
  1,568
  1,641
  1,719
  1,801
  1,887
  1,978
  2,073
  2,174
  2,279
EBITDA, $m
  552
  2,698
  2,760
  2,831
  2,911
  2,999
  3,096
  3,201
  3,315
  3,438
  3,570
  3,711
  3,862
  4,022
  4,193
  4,373
  4,565
  4,768
  4,983
  5,209
  5,449
  5,701
  5,967
  6,248
  6,544
  6,856
  7,184
  7,529
  7,892
  8,274
  8,676
Interest expense (income), $m
  335
  1,085
  1,084
  1,083
  1,082
  1,081
  1,080
  1,078
  1,076
  1,074
  1,072
  1,070
  1,068
  1,066
  1,063
  1,060
  1,057
  1,054
  1,051
  1,047
  1,044
  1,040
  1,036
  1,031
  1,027
  1,022
  1,017
  1,012
  1,006
  1,000
  994
Earnings before tax, $m
  552
  -435
  -418
  -398
  -376
  -352
  -325
  -296
  -264
  -230
  -193
  -95
  -53
  -9
  38
  89
  142
  198
  258
  321
  388
  458
  532
  610
  692
  779
  870
  966
  1,067
  1,174
  1,286
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  10
  24
  38
  54
  70
  87
  105
  124
  144
  165
  187
  210
  235
  261
  288
  317
  347
Net income, $m
  552
  -435
  -418
  -398
  -376
  -352
  -325
  -296
  -264
  -230
  -193
  -95
  -53
  -9
  28
  65
  104
  145
  188
  234
  283
  334
  388
  445
  505
  569
  635
  705
  779
  857
  938

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
  -1,010
  -1,033
  -1,060
  -1,089
  -1,122
  -1,159
  -1,198
  -1,241
  -1,287
  -1,336
  -1,389
  -1,446
  -1,506
  -1,569
  -1,637
  -1,709
  -1,785
  -1,865
  -1,950
  -2,039
  -2,134
  -2,234
  -2,339
  -2,449
  -2,566
  -2,689
  -2,818
  -2,954
  -3,097
  -3,248
Adjusted assets (=assets-cash), $m
  16,507
  -1,010
  -1,033
  -1,060
  -1,089
  -1,122
  -1,159
  -1,198
  -1,241
  -1,287
  -1,336
  -1,389
  -1,446
  -1,506
  -1,569
  -1,637
  -1,709
  -1,785
  -1,865
  -1,950
  -2,039
  -2,134
  -2,234
  -2,339
  -2,449
  -2,566
  -2,689
  -2,818
  -2,954
  -3,097
  -3,248
Revenue / Adjusted assets
  0.058
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.705
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
  -0.704
Average production assets, $m
  0
  19,891
  20,349
  20,872
  21,459
  22,110
  22,823
  23,601
  24,442
  25,349
  26,321
  27,362
  28,473
  29,655
  30,912
  32,245
  33,658
  35,154
  36,736
  38,407
  40,172
  42,034
  43,998
  46,067
  48,248
  50,545
  52,964
  55,509
  58,188
  61,006
  63,970
Working capital, $m
  0
  -17,927
  -18,339
  -18,811
  -19,340
  -19,926
  -20,570
  -21,270
  -22,028
  -22,845
  -23,722
  -24,660
  -25,661
  -26,726
  -27,859
  -29,061
  -30,334
  -31,682
  -33,108
  -34,614
  -36,205
  -37,883
  -39,653
  -41,518
  -43,484
  -45,554
  -47,733
  -50,028
  -52,442
  -54,981
  -57,653
Total debt, $m
  12,876
  20,082
  20,064
  20,042
  20,018
  19,992
  19,963
  19,931
  19,897
  19,860
  19,820
  19,778
  19,732
  19,684
  19,633
  19,578
  19,521
  19,459
  19,395
  19,327
  19,255
  19,179
  19,099
  19,014
  18,925
  18,831
  18,733
  18,629
  18,519
  18,404
  18,283
Total liabilities, $m
  13,561
  -812
  -831
  -852
  -876
  -902
  -932
  -963
  -998
  -1,035
  -1,074
  -1,117
  -1,162
  -1,210
  -1,262
  -1,316
  -1,374
  -1,435
  -1,499
  -1,568
  -1,640
  -1,716
  -1,796
  -1,880
  -1,969
  -2,063
  -2,162
  -2,266
  -2,375
  -2,490
  -2,611
Total equity, $m
  3,124
  -198
  -202
  -208
  -214
  -220
  -227
  -235
  -243
  -252
  -262
  -272
  -283
  -295
  -308
  -321
  -335
  -350
  -366
  -382
  -400
  -418
  -438
  -458
  -480
  -503
  -527
  -552
  -579
  -607
  -637
Total liabilities and equity, $m
  16,685
  -1,010
  -1,033
  -1,060
  -1,090
  -1,122
  -1,159
  -1,198
  -1,241
  -1,287
  -1,336
  -1,389
  -1,445
  -1,505
  -1,570
  -1,637
  -1,709
  -1,785
  -1,865
  -1,950
  -2,040
  -2,134
  -2,234
  -2,338
  -2,449
  -2,566
  -2,689
  -2,818
  -2,954
  -3,097
  -3,248
Debt-to-equity ratio
  4.122
  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
  0.189
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  552
  -435
  -418
  -398
  -376
  -352
  -325
  -296
  -264
  -230
  -193
  -95
  -53
  -9
  28
  65
  104
  145
  188
  234
  283
  334
  388
  445
  505
  569
  635
  705
  779
  857
  938
Depreciation, amort., depletion, $m
  0
  2,048
  2,093
  2,146
  2,204
  2,269
  2,341
  2,419
  2,503
  2,593
  2,691
  2,736
  2,847
  2,965
  3,091
  3,224
  3,366
  3,515
  3,674
  3,841
  4,017
  4,203
  4,400
  4,607
  4,825
  5,055
  5,296
  5,551
  5,819
  6,101
  6,397
Funds from operations, $m
  560
  1,613
  1,675
  1,747
  1,828
  1,918
  2,016
  2,123
  2,239
  2,364
  2,498
  2,641
  2,794
  2,957
  3,119
  3,289
  3,470
  3,660
  3,862
  4,075
  4,300
  4,538
  4,788
  5,052
  5,330
  5,623
  5,932
  6,256
  6,598
  6,957
  7,335
Change in working capital, $m
  7
  -352
  -412
  -471
  -529
  -586
  -643
  -701
  -758
  -817
  -877
  -938
  -1,001
  -1,066
  -1,133
  -1,202
  -1,274
  -1,348
  -1,426
  -1,506
  -1,590
  -1,678
  -1,770
  -1,865
  -1,966
  -2,070
  -2,180
  -2,294
  -2,414
  -2,540
  -2,671
Cash from operations, $m
  553
  1,964
  2,088
  2,219
  2,357
  2,504
  2,659
  2,824
  2,997
  3,181
  3,374
  3,579
  3,795
  4,022
  4,252
  4,491
  4,743
  5,008
  5,288
  5,581
  5,891
  6,216
  6,558
  6,918
  7,296
  7,693
  8,111
  8,550
  9,012
  9,497
  10,007
Maintenance CAPEX, $m
  0
  -1,951
  -1,989
  -2,035
  -2,087
  -2,146
  -2,211
  -2,282
  -2,360
  -2,444
  -2,535
  -2,632
  -2,736
  -2,847
  -2,965
  -3,091
  -3,224
  -3,366
  -3,515
  -3,674
  -3,841
  -4,017
  -4,203
  -4,400
  -4,607
  -4,825
  -5,055
  -5,296
  -5,551
  -5,819
  -6,101
New CAPEX, $m
  0
  -377
  -458
  -523
  -587
  -651
  -714
  -777
  -841
  -906
  -973
  -1,041
  -1,111
  -1,182
  -1,257
  -1,333
  -1,413
  -1,496
  -1,582
  -1,671
  -1,765
  -1,862
  -1,964
  -2,070
  -2,181
  -2,297
  -2,418
  -2,546
  -2,679
  -2,818
  -2,964
Cash from investing activities, $m
  -1,271
  -2,328
  -2,447
  -2,558
  -2,674
  -2,797
  -2,925
  -3,059
  -3,201
  -3,350
  -3,508
  -3,673
  -3,847
  -4,029
  -4,222
  -4,424
  -4,637
  -4,862
  -5,097
  -5,345
  -5,606
  -5,879
  -6,167
  -6,470
  -6,788
  -7,122
  -7,473
  -7,842
  -8,230
  -8,637
  -9,065
Free cash flow, $m
  -718
  -364
  -359
  -339
  -317
  -292
  -265
  -236
  -204
  -170
  -133
  -94
  -52
  -7
  30
  66
  105
  147
  190
  237
  285
  337
  391
  448
  508
  572
  638
  709
  783
  860
  942
Issuance/(repayment) of debt, $m
  1,096
  -15
  -19
  -21
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -121
Issuance/(repurchase) of shares, $m
  140
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
Cash from financing (excl. dividends), $m  
  1,235
  -19
  -24
  -26
  -30
  -33
  -36
  -40
  -42
  -46
  -50
  -52
  -56
  -60
  -64
  -67
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
Total cash flow (excl. dividends), $m
  518
  -384
  -382
  -366
  -347
  -325
  -302
  -276
  -247
  -216
  -183
  -147
  -108
  -67
  -34
  -1
  34
  71
  110
  152
  196
  242
  291
  343
  397
  455
  516
  579
  647
  717
  792
Retained Cash Flow (-), $m
  -178
  -431
  -413
  -393
  -370
  -345
  -318
  -288
  -256
  -221
  -183
  -85
  -42
  3
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
Prev. year cash balance distribution, $m
 
  194
  0
  0
  0
  0
  0
  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
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
Cash available for distribution, $m
 
  -431
  -413
  -393
  -370
  -345
  -318
  -288
  -256
  -221
  -183
  -85
  -42
  3
  13
  13
  48
  86
  126
  168
  213
  261
  311
  363
  419
  478
  540
  605
  673
  745
  821
Discount rate, %
 
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
 
  -382
  -321
  -265
  -213
  -168
  -128
  -95
  -68
  -46
  -30
  -11
  -4
  0
  1
  0
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  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

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 $697 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 2% 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 12.8%, 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 8.7%.

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 5.4% 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 0.5%.

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 2797.9%.

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 -2521.6%. 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 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 188 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 $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
NYMT New York Mortg 6.14 4.92  hold
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MTGE MTGE Investmen 19.80 129.87  str.buy

COMPANY NEWS

▶ Chimera: 1Q Earnings Snapshot   [May-03-18 08:09AM  Associated Press]
▶ 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]
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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