Intrinsic value of CYS Investments - CYS

Previous Close

$6.47

  Intrinsic Value

$21.75

stock screener

  Rating & Target

str. buy

+236%

Previous close

$6.47

 
Intrinsic value

$21.75

 
Up/down potential

+236%

 
Rating

str. buy

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

We calculate the intrinsic value of CYS 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, %
  -10.88
  12.90
  12.11
  11.40
  10.76
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
Revenue, $m
  295
  333
  373
  416
  461
  508
  557
  608
  661
  717
  775
  835
  897
  962
  1,029
  1,099
  1,172
  1,248
  1,327
  1,409
  1,494
  1,584
  1,676
  1,773
  1,874
  1,980
  2,090
  2,205
  2,326
  2,452
  2,583
Variable operating expenses, $m
 
  64
  72
  80
  89
  98
  107
  117
  128
  138
  149
  161
  173
  186
  199
  212
  226
  241
  256
  272
  288
  306
  324
  342
  362
  382
  403
  426
  449
  473
  499
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
  94
  64
  72
  80
  89
  98
  107
  117
  128
  138
  149
  161
  173
  186
  199
  212
  226
  241
  256
  272
  288
  306
  324
  342
  362
  382
  403
  426
  449
  473
  499
Operating income, $m
  201
  269
  301
  336
  372
  410
  449
  491
  534
  578
  625
  674
  724
  776
  831
  887
  946
  1,007
  1,071
  1,137
  1,206
  1,278
  1,353
  1,431
  1,513
  1,598
  1,687
  1,780
  1,877
  1,978
  2,085
EBITDA, $m
  201
  269
  301
  336
  372
  410
  449
  491
  534
  578
  625
  674
  724
  776
  831
  887
  946
  1,007
  1,071
  1,137
  1,206
  1,278
  1,353
  1,431
  1,513
  1,598
  1,687
  1,780
  1,877
  1,978
  2,085
Interest expense (income), $m
  117
  339
  398
  455
  514
  577
  643
  712
  784
  859
  937
  1,019
  1,103
  1,191
  1,282
  1,377
  1,476
  1,578
  1,685
  1,795
  1,911
  2,031
  2,156
  2,287
  2,423
  2,565
  2,714
  2,869
  3,031
  3,200
  3,377
Earnings before tax, $m
  16
  -70
  -96
  -119
  -143
  -168
  -194
  -222
  -251
  -281
  -312
  -345
  -379
  -415
  -452
  -490
  -530
  -571
  -614
  -658
  -705
  -753
  -804
  -856
  -911
  -968
  -1,027
  -1,089
  -1,154
  -1,222
  -1,292
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
  16
  -70
  -96
  -119
  -143
  -168
  -194
  -222
  -251
  -281
  -312
  -345
  -379
  -415
  -452
  -490
  -530
  -571
  -614
  -658
  -705
  -753
  -804
  -856
  -911
  -968
  -1,027
  -1,089
  -1,154
  -1,222
  -1,292

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1
  0
  0
  0
  0
  0
  0
  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
  13,245
  15,139
  16,972
  18,907
  20,941
  23,074
  25,304
  27,631
  30,057
  32,582
  35,208
  37,938
  40,776
  43,724
  46,788
  49,973
  53,285
  56,729
  60,313
  64,044
  67,929
  71,978
  76,199
  80,602
  85,197
  89,993
  95,003
  100,239
  105,711
  111,434
  117,420
Adjusted assets (=assets-cash), $m
  13,244
  15,139
  16,972
  18,907
  20,941
  23,074
  25,304
  27,631
  30,057
  32,582
  35,208
  37,938
  40,776
  43,724
  46,788
  49,973
  53,285
  56,729
  60,313
  64,044
  67,929
  71,978
  76,199
  80,602
  85,197
  89,993
  95,003
  100,239
  105,711
  111,434
  117,420
Revenue / Adjusted assets
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
  0.022
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
  167
  187
  208
  230
  254
  278
  304
  331
  358
  387
  417
  449
  481
  515
  550
  586
  624
  663
  704
  747
  792
  838
  887
  937
  990
  1,045
  1,103
  1,163
  1,226
  1,292
Total debt, $m
  9,692
  11,366
  12,986
  14,697
  16,495
  18,380
  20,351
  22,409
  24,553
  26,785
  29,107
  31,520
  34,029
  36,635
  39,344
  42,159
  45,087
  48,132
  51,300
  54,598
  58,033
  61,612
  65,343
  69,235
  73,297
  77,537
  81,966
  86,594
  91,431
  96,490
  101,782
Total liabilities, $m
  11,710
  13,383
  15,003
  16,714
  18,512
  20,397
  22,368
  24,426
  26,570
  28,802
  31,124
  33,537
  36,046
  38,652
  41,361
  44,176
  47,104
  50,149
  53,317
  56,615
  60,050
  63,629
  67,360
  71,252
  75,314
  79,554
  83,983
  88,611
  93,448
  98,507
  103,799
Total equity, $m
  1,536
  1,756
  1,969
  2,193
  2,429
  2,677
  2,935
  3,205
  3,487
  3,779
  4,084
  4,401
  4,730
  5,072
  5,427
  5,797
  6,181
  6,581
  6,996
  7,429
  7,880
  8,349
  8,839
  9,350
  9,883
  10,439
  11,020
  11,628
  12,262
  12,926
  13,621
Total liabilities and equity, $m
  13,246
  15,139
  16,972
  18,907
  20,941
  23,074
  25,303
  27,631
  30,057
  32,581
  35,208
  37,938
  40,776
  43,724
  46,788
  49,973
  53,285
  56,730
  60,313
  64,044
  67,930
  71,978
  76,199
  80,602
  85,197
  89,993
  95,003
  100,239
  105,710
  111,433
  117,420
Debt-to-equity ratio
  6.310
  6.470
  6.600
  6.700
  6.790
  6.870
  6.930
  6.990
  7.040
  7.090
  7.130
  7.160
  7.190
  7.220
  7.250
  7.270
  7.290
  7.310
  7.330
  7.350
  7.360
  7.380
  7.390
  7.400
  7.420
  7.430
  7.440
  7.450
  7.460
  7.460
  7.470
Adjusted equity ratio
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  -70
  -96
  -119
  -143
  -168
  -194
  -222
  -251
  -281
  -312
  -345
  -379
  -415
  -452
  -490
  -530
  -571
  -614
  -658
  -705
  -753
  -804
  -856
  -911
  -968
  -1,027
  -1,089
  -1,154
  -1,222
  -1,292
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
  167
  -70
  -96
  -119
  -143
  -168
  -194
  -222
  -251
  -281
  -312
  -345
  -379
  -415
  -452
  -490
  -530
  -571
  -614
  -658
  -705
  -753
  -804
  -856
  -911
  -968
  -1,027
  -1,089
  -1,154
  -1,222
  -1,292
Change in working capital, $m
  -1
  19
  20
  21
  22
  23
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  45
  46
  48
  51
  53
  55
  58
  60
  63
  66
Cash from operations, $m
  168
  -89
  -117
  -140
  -165
  -191
  -219
  -247
  -277
  -309
  -341
  -375
  -410
  -447
  -485
  -525
  -566
  -609
  -653
  -699
  -748
  -798
  -850
  -904
  -961
  -1,020
  -1,082
  -1,147
  -1,214
  -1,285
  -1,358
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
  1,399
  0
  0
  0
  0
  0
  0
  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
  1,567
  -89
  -117
  -140
  -165
  -191
  -219
  -247
  -277
  -309
  -341
  -375
  -410
  -447
  -485
  -525
  -566
  -609
  -653
  -699
  -748
  -798
  -850
  -904
  -961
  -1,020
  -1,082
  -1,147
  -1,214
  -1,285
  -1,358
Issuance/(repayment) of debt, $m
  -1,396
  1,675
  1,621
  1,710
  1,798
  1,885
  1,971
  2,058
  2,144
  2,232
  2,322
  2,414
  2,508
  2,607
  2,709
  2,816
  2,927
  3,045
  3,168
  3,298
  3,435
  3,579
  3,731
  3,892
  4,062
  4,240
  4,429
  4,628
  4,838
  5,059
  5,292
Issuance/(repurchase) of shares, $m
  -6
  291
  309
  343
  379
  415
  453
  492
  532
  574
  617
  662
  708
  757
  807
  859
  914
  970
  1,030
  1,091
  1,156
  1,223
  1,293
  1,367
  1,444
  1,524
  1,608
  1,696
  1,789
  1,886
  1,987
Cash from financing (excl. dividends), $m  
  -1,402
  1,966
  1,930
  2,053
  2,177
  2,300
  2,424
  2,550
  2,676
  2,806
  2,939
  3,076
  3,216
  3,364
  3,516
  3,675
  3,841
  4,015
  4,198
  4,389
  4,591
  4,802
  5,024
  5,259
  5,506
  5,764
  6,037
  6,324
  6,627
  6,945
  7,279
Total cash flow (excl. dividends), $m
  165
  1,876
  1,813
  1,913
  2,012
  2,109
  2,205
  2,302
  2,399
  2,497
  2,597
  2,700
  2,806
  2,916
  3,031
  3,150
  3,275
  3,406
  3,544
  3,690
  3,843
  4,004
  4,175
  4,354
  4,544
  4,744
  4,955
  5,178
  5,412
  5,660
  5,920
Retained Cash Flow (-), $m
  159
  -291
  -309
  -343
  -379
  -415
  -453
  -492
  -532
  -574
  -617
  -662
  -708
  -757
  -807
  -859
  -914
  -970
  -1,030
  -1,091
  -1,156
  -1,223
  -1,293
  -1,367
  -1,444
  -1,524
  -1,608
  -1,696
  -1,789
  -1,886
  -1,987
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
 
  1,585
  1,504
  1,570
  1,633
  1,694
  1,753
  1,810
  1,867
  1,923
  1,980
  2,038
  2,098
  2,159
  2,224
  2,291
  2,361
  2,436
  2,515
  2,599
  2,687
  2,781
  2,881
  2,988
  3,100
  3,220
  3,347
  3,481
  3,623
  3,774
  3,934
Discount rate, %
 
  13.90
  14.60
  15.32
  16.09
  16.90
  17.74
  18.63
  19.56
  20.54
  21.56
  22.64
  23.77
  24.96
  26.21
  27.52
  28.90
  30.34
  31.86
  33.45
  35.12
  36.88
  38.72
  40.66
  42.69
  44.83
  47.07
  49.42
  51.90
  54.49
  57.21
PV of cash for distribution, $m
 
  1,392
  1,145
  1,024
  899
  776
  658
  548
  447
  358
  281
  216
  162
  119
  85
  60
  41
  27
  17
  11
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.7
  62.9
  50.4
  40.4
  32.5
  26.2
  21.1
  17.1
  13.8
  11.2
  9.1
  7.4
  6.0
  4.9
  4.0
  3.3
  2.7
  2.2
  1.8
  1.5
  1.2
  1.0
  0.8
  0.7
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2

CYS Investments, Inc. is a specialty finance company. The Company's objective is to provide consistent returns to its investors through a combination of dividends and capital appreciation. It invests in agency residential mortgage-backed security (RMBS) collateralized by fixed rate single-family residential mortgage loans; adjustable-rate mortgages (ARMs), which have coupon rates that reset monthly, or hybrid ARMs, which have a coupon rate that is fixed for an initial period. In addition, it has investments in collateralized mortgage obligations issued by a government agency or government-sponsored entity (GSE) that are collateralized by Agency RMBS. Its investments consist of residential mortgage pass-through securities for which the principal and interest payments are guaranteed by a GSE, such as Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, or by the United States Government agency, such as Government National Mortgage Association.

FINANCIAL RATIOS  of  CYS Investments (CYS)

Valuation Ratios
P/E Ratio 61.2
Price to Sales 3.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 5.8
Growth Rates
Sales Growth Rate -10.9%
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 0%
Total Debt to Equity 631%
Interest Coverage 1
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 1%
Return On Equity - 3 Yr. Avg. 7.8%
Asset Turnover 0
Profitability Ratios
Gross Margin 75.9%
Gross Margin - 3 Yr. Avg. 84.1%
EBITDA Margin 45.1%
EBITDA Margin - 3 Yr. Avg. 82.4%
Operating Margin 68.1%
Oper. Margin - 3 Yr. Avg. 76.9%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 46.1%
Net Profit Margin 5.4%
Net Profit Margin - 3 Yr. Avg. 46.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 1087.5%

CYS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CYS stock intrinsic value calculation we used $295 million for the last fiscal year's total revenue generated by CYS Investments. The default revenue input number comes from 2016 income statement of CYS Investments. 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 CYS stock valuation model: a) initial revenue growth rate of 12.9% 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 13.9%, whose default value for CYS is calculated based on our internal credit rating of CYS Investments, 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 CYS Investments.
    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 CYS stock the variable cost ratio is equal to 19.3%.

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 CYS 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 CYS Investments.

Corporate tax rate of 27% is the nominal tax rate for CYS Investments. 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 CYS 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 CYS are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in CYS Investments 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 CYS 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 - $1536 million for CYS Investments - 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 158.157 million for CYS Investments 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 CYS Investments at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ CYS Investments, Inc. to Host Earnings Call   [Feb-15-18 07:00AM  ACCESSWIRE]
▶ CYS posts 4Q profit   [Feb-14-18 06:46PM  Associated Press]
▶ CYS Investments, Inc. to Host 2018 Analyst and Investor Day   [Jan-04-18 04:20PM  Business Wire]
▶ CYS Investments, Inc. to Host Earnings Call   [Oct-26-17 07:00AM  ACCESSWIRE]
▶ CYS posts 3Q profit   [Oct-25-17 06:15PM  Associated Press]
▶ CYS posts 2Q profit   [Jul-26-17 11:32PM  Associated Press]
▶ 12% Yielder CYS Climbs After Q1 Earnings Beat   [Apr-20-17 01:11PM  Barrons.com]
▶ CYS beats 1Q profit forecasts   [Apr-19-17 05:58PM  Associated Press]
▶ CYS reports 4Q loss   [Feb-15-17 06:37PM  Associated Press]
▶ CYS Investments, Inc. to Host 2017 Analyst and Investor Day   [Jan-06-17 04:20PM  Business Wire]
▶ Hedge Funds Are Crazy About CYS Investments Inc (CYS)   [Dec-14-16 08:42AM  at Insider Monkey]
▶ Mortgage REITs Look Better as Yield Curve Steepens: 5 Picks   [Nov-28-16 05:30PM  at Barrons.com]
Financial statements of CYS
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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