Intrinsic value of Ellington Residential Mortgage REIT - EARN

Previous Close

$10.81

  Intrinsic Value

$126.75

stock screener

  Rating & Target

str. buy

+999%

Previous close

$10.81

 
Intrinsic value

$126.75

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of EARN 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, %
  -17.07
  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
  34
  54
  84
  126
  182
  257
  354
  475
  623
  802
  1,013
  1,258
  1,538
  1,854
  2,206
  2,594
  3,018
  3,476
  3,969
  4,495
  5,053
  5,644
  6,266
  6,918
  7,602
  8,315
  9,059
  9,834
  10,640
  11,479
  12,350
Variable operating expenses, $m
 
  14
  22
  33
  48
  68
  94
  126
  165
  213
  269
  333
  408
  491
  585
  687
  800
  921
  1,052
  1,191
  1,339
  1,496
  1,660
  1,833
  2,014
  2,204
  2,401
  2,606
  2,820
  3,042
  3,273
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
  14
  14
  22
  33
  48
  68
  94
  126
  165
  213
  269
  333
  408
  491
  585
  687
  800
  921
  1,052
  1,191
  1,339
  1,496
  1,660
  1,833
  2,014
  2,204
  2,401
  2,606
  2,820
  3,042
  3,273
Operating income, $m
  19
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,218
  2,555
  2,917
  3,304
  3,714
  4,148
  4,605
  5,085
  5,587
  6,112
  6,659
  7,228
  7,821
  8,437
  9,077
EBITDA, $m
  19
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,218
  2,555
  2,917
  3,304
  3,714
  4,148
  4,605
  5,085
  5,587
  6,112
  6,659
  7,228
  7,821
  8,437
  9,077
Interest expense (income), $m
  9
  41
  68
  107
  161
  236
  334
  460
  619
  813
  1,047
  1,324
  1,645
  2,012
  2,425
  2,886
  3,394
  3,949
  4,549
  5,194
  5,883
  6,615
  7,388
  8,202
  9,057
  9,952
  10,886
  11,861
  12,876
  13,931
  15,029
Earnings before tax, $m
  12
  -1
  -6
  -15
  -27
  -47
  -74
  -111
  -160
  -224
  -303
  -399
  -514
  -649
  -804
  -979
  -1,176
  -1,394
  -1,632
  -1,891
  -2,169
  -2,466
  -2,783
  -3,117
  -3,470
  -3,840
  -4,228
  -4,633
  -5,055
  -5,495
  -5,952
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
  12
  -1
  -6
  -15
  -27
  -47
  -74
  -111
  -160
  -224
  -303
  -399
  -514
  -649
  -804
  -979
  -1,176
  -1,394
  -1,632
  -1,891
  -2,169
  -2,466
  -2,783
  -3,117
  -3,470
  -3,840
  -4,228
  -4,633
  -5,055
  -5,495
  -5,952

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  0
  0
  0
  0
  0
  0
  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
  1,429
  2,267
  3,502
  5,237
  7,599
  10,721
  14,739
  19,784
  25,978
  33,427
  42,221
  52,429
  64,099
  77,261
  91,926
  108,088
  125,732
  144,833
  165,360
  187,278
  210,557
  235,164
  261,074
  288,268
  316,734
  346,466
  377,469
  409,756
  443,349
  478,278
  514,582
Adjusted assets (=assets-cash), $m
  1,395
  2,267
  3,502
  5,237
  7,599
  10,721
  14,739
  19,784
  25,978
  33,427
  42,221
  52,429
  64,099
  77,261
  91,926
  108,088
  125,732
  144,833
  165,360
  187,278
  210,557
  235,164
  261,074
  288,268
  316,734
  346,466
  377,469
  409,756
  443,349
  478,278
  514,582
Revenue / Adjusted assets
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
  0.024
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
  27
  42
  63
  91
  129
  177
  237
  312
  401
  507
  629
  769
  927
  1,103
  1,297
  1,509
  1,738
  1,984
  2,247
  2,527
  2,822
  3,133
  3,459
  3,801
  4,158
  4,530
  4,917
  5,320
  5,739
  6,175
Total debt, $m
  1,198
  1,946
  3,056
  4,614
  6,735
  9,539
  13,147
  17,677
  23,239
  29,928
  37,825
  46,992
  57,472
  69,292
  82,460
  96,974
  112,819
  129,971
  148,404
  168,087
  188,991
  211,088
  234,356
  258,776
  284,338
  311,037
  338,878
  367,872
  398,038
  429,405
  462,006
Total liabilities, $m
  1,287
  2,035
  3,145
  4,703
  6,824
  9,628
  13,236
  17,766
  23,328
  30,017
  37,914
  47,081
  57,561
  69,381
  82,549
  97,063
  112,908
  130,060
  148,493
  168,176
  189,080
  211,177
  234,445
  258,865
  284,427
  311,126
  338,967
  367,961
  398,127
  429,494
  462,095
Total equity, $m
  142
  231
  357
  534
  775
  1,094
  1,503
  2,018
  2,650
  3,410
  4,307
  5,348
  6,538
  7,881
  9,376
  11,025
  12,825
  14,773
  16,867
  19,102
  21,477
  23,987
  26,630
  29,403
  32,307
  35,340
  38,502
  41,795
  45,222
  48,784
  52,487
Total liabilities and equity, $m
  1,429
  2,266
  3,502
  5,237
  7,599
  10,722
  14,739
  19,784
  25,978
  33,427
  42,221
  52,429
  64,099
  77,262
  91,925
  108,088
  125,733
  144,833
  165,360
  187,278
  210,557
  235,164
  261,075
  288,268
  316,734
  346,466
  377,469
  409,756
  443,349
  478,278
  514,582
Debt-to-equity ratio
  8.437
  8.420
  8.550
  8.640
  8.690
  8.720
  8.740
  8.760
  8.770
  8.780
  8.780
  8.790
  8.790
  8.790
  8.790
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
  8.800
Adjusted equity ratio
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  -1
  -6
  -15
  -27
  -47
  -74
  -111
  -160
  -224
  -303
  -399
  -514
  -649
  -804
  -979
  -1,176
  -1,394
  -1,632
  -1,891
  -2,169
  -2,466
  -2,783
  -3,117
  -3,470
  -3,840
  -4,228
  -4,633
  -5,055
  -5,495
  -5,952
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
  5
  -1
  -6
  -15
  -27
  -47
  -74
  -111
  -160
  -224
  -303
  -399
  -514
  -649
  -804
  -979
  -1,176
  -1,394
  -1,632
  -1,891
  -2,169
  -2,466
  -2,783
  -3,117
  -3,470
  -3,840
  -4,228
  -4,633
  -5,055
  -5,495
  -5,952
Change in working capital, $m
  -15
  10
  15
  21
  28
  37
  48
  61
  74
  89
  106
  122
  140
  158
  176
  194
  212
  229
  246
  263
  279
  295
  311
  326
  342
  357
  372
  387
  403
  419
  436
Cash from operations, $m
  20
  -11
  -21
  -35
  -56
  -84
  -122
  -172
  -235
  -313
  -408
  -522
  -654
  -807
  -980
  -1,173
  -1,388
  -1,623
  -1,878
  -2,154
  -2,448
  -2,762
  -3,094
  -3,444
  -3,812
  -4,197
  -4,600
  -5,020
  -5,458
  -5,914
  -6,388
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
  14
  0
  0
  0
  0
  0
  0
  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
  34
  -11
  -21
  -35
  -56
  -84
  -122
  -172
  -235
  -313
  -408
  -522
  -654
  -807
  -980
  -1,173
  -1,388
  -1,623
  -1,878
  -2,154
  -2,448
  -2,762
  -3,094
  -3,444
  -3,812
  -4,197
  -4,600
  -5,020
  -5,458
  -5,914
  -6,388
Issuance/(repayment) of debt, $m
  0
  782
  1,109
  1,558
  2,121
  2,804
  3,608
  4,530
  5,562
  6,689
  7,897
  9,167
  10,480
  11,819
  13,169
  14,514
  15,845
  17,153
  18,433
  19,683
  20,904
  22,097
  23,268
  24,420
  25,562
  26,700
  27,841
  28,994
  30,166
  31,366
  32,601
Issuance/(repurchase) of shares, $m
  0
  90
  132
  192
  268
  365
  484
  626
  792
  984
  1,200
  1,440
  1,704
  1,991
  2,299
  2,628
  2,976
  3,342
  3,726
  4,126
  4,543
  4,976
  5,426
  5,891
  6,373
  6,873
  7,390
  7,926
  8,481
  9,057
  9,655
Cash from financing (excl. dividends), $m  
  -24
  872
  1,241
  1,750
  2,389
  3,169
  4,092
  5,156
  6,354
  7,673
  9,097
  10,607
  12,184
  13,810
  15,468
  17,142
  18,821
  20,495
  22,159
  23,809
  25,447
  27,073
  28,694
  30,311
  31,935
  33,573
  35,231
  36,920
  38,647
  40,423
  42,256
Total cash flow (excl. dividends), $m
  9
  861
  1,221
  1,714
  2,333
  3,085
  3,970
  4,985
  6,119
  7,360
  8,688
  10,085
  11,530
  13,004
  14,488
  15,969
  17,433
  18,872
  20,280
  21,656
  22,999
  24,312
  25,600
  26,868
  28,124
  29,375
  30,631
  31,900
  33,190
  34,510
  35,868
Retained Cash Flow (-), $m
  3
  -90
  -132
  -192
  -268
  -365
  -484
  -626
  -792
  -984
  -1,200
  -1,440
  -1,704
  -1,991
  -2,299
  -2,628
  -2,976
  -3,342
  -3,726
  -4,126
  -4,543
  -4,976
  -5,426
  -5,891
  -6,373
  -6,873
  -7,390
  -7,926
  -8,481
  -9,057
  -9,655
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
 
  772
  1,088
  1,523
  2,065
  2,720
  3,486
  4,359
  5,327
  6,376
  7,489
  8,645
  9,826
  11,013
  12,189
  13,341
  14,457
  15,529
  16,554
  17,529
  18,456
  19,336
  20,174
  20,977
  21,750
  22,503
  23,241
  23,974
  24,708
  25,452
  26,213
Discount rate, %
 
  13.80
  14.49
  15.21
  15.98
  16.77
  17.61
  18.49
  19.42
  20.39
  21.41
  22.48
  23.60
  24.78
  26.02
  27.32
  28.69
  30.12
  31.63
  33.21
  34.87
  36.62
  38.45
  40.37
  42.39
  44.51
  46.73
  49.07
  51.52
  54.10
  56.80
PV of cash for distribution, $m
 
  678
  830
  996
  1,141
  1,252
  1,317
  1,329
  1,288
  1,200
  1,076
  929
  773
  619
  478
  356
  256
  177
  118
  75
  47
  28
  16
  9
  5
  2
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  61.8
  39.6
  26.0
  17.5
  12.0
  8.4
  5.9
  4.3
  3.2
  2.3
  1.8
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

Ellington Residential Mortgage REIT is a real estate investment trust. The Company conducts its business through its subsidiaries, EARN OP GP LLC and Ellington Residential Mortgage LP (the Operating Partnership). It specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets. It constructs and managing a portfolio consisting of residential mortgage-backed securities (RMBS) for which the principal and interest payments are guaranteed by the United States Government agency or the United States Government-sponsored entity (Agency RMBS) and, to a lesser extent, RMBS backed by prime jumbo, Alternative A-paper manufactured housing, and subprime residential mortgage loans (non-Agency RMBS). Its Agency RMBS include residential mortgage pass-through certificates, collateralized mortgage obligations (CMOs) and to-be-announced mortgage pass-through certificates (TBAs). Its non-agency RMBS include investment grade and non-investment grade classes.

FINANCIAL RATIOS  of  Ellington Residential Mortgage REIT (EARN)

Valuation Ratios
P/E Ratio 8.2
Price to Sales 2.9
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 4.9
Growth Rates
Sales Growth Rate -17.1%
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 843.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 0
Profitability Ratios
Gross Margin 61.8%
Gross Margin - 3 Yr. Avg. 73.5%
EBITDA Margin 61.8%
EBITDA Margin - 3 Yr. Avg. 40.4%
Operating Margin 58.8%
Oper. Margin - 3 Yr. Avg. 70.2%
Pre-Tax Margin 35.3%
Pre-Tax Margin - 3 Yr. Avg. 23.1%
Net Profit Margin 35.3%
Net Profit Margin - 3 Yr. Avg. 23.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 133.3%

EARN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EARN stock intrinsic value calculation we used $34 million for the last fiscal year's total revenue generated by Ellington Residential Mortgage REIT. The default revenue input number comes from 2016 income statement of Ellington Residential Mortgage REIT. 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 EARN 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 13.8%, whose default value for EARN is calculated based on our internal credit rating of Ellington Residential Mortgage REIT, 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 Ellington Residential Mortgage REIT.
    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 EARN stock the variable cost ratio is equal to 26.5%.

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 EARN 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 Ellington Residential Mortgage REIT.

Corporate tax rate of 27% is the nominal tax rate for Ellington Residential Mortgage REIT. 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 EARN 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 EARN are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Ellington Residential Mortgage REIT 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 EARN 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 - $142 million for Ellington Residential Mortgage REIT - 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 13.458 million for Ellington Residential Mortgage REIT 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 Ellington Residential Mortgage REIT at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Ellington Residential posts 3Q profit   [Nov-06-17 05:38AM  Associated Press]
▶ Ellington Residential posts 2Q profit   [Aug-02-17 12:02AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for June 30th   [Jun-30-17 09:34AM  Zacks]
▶ New Strong Buy Stocks for June 1st   [Jun-01-17 09:05AM  Zacks]
▶ Ellington Residential posts 1Q profit   [May-02-17 07:49PM  Associated Press]
▶ Ellington Residential posts 4Q profit   [05:00AM  Associated Press]
▶ Here is What Hedge Funds Think About Willbros Group Inc (WG)   [Dec-15-16 06:04AM  Insider Monkey]
▶ Mortgage REIT M&A? Approved.   [Apr-11-16 03:42PM  at Bloomberg]
Financial statements of EARN
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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