Intrinsic value of Ellington Residential Mortgage REIT - EARN

Previous Close

$14.39

  Intrinsic Value

$106.55

stock screener

  Rating & Target

str. buy

+640%

  Value-price divergence*

+625%

Previous close

$14.39

 
Intrinsic value

$106.55

 
Up/down potential

+640%

 
Rating

str. buy

 
Value-price divergence*

+625%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

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 0.2

 

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
  37.50
  34.25
  31.33
  28.69
  26.32
  24.19
  22.27
  20.54
  18.99
  17.59
  16.33
  15.20
  14.18
  13.26
  12.43
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
Revenue, $m
  34
  47
  63
  82
  106
  134
  166
  203
  245
  292
  343
  399
  460
  525
  595
  669
  747
  829
  916
  1,006
  1,101
  1,199
  1,302
  1,408
  1,519
  1,635
  1,755
  1,879
  2,009
  2,143
  2,283
Variable operating expenses, $m
 
  12
  17
  22
  28
  36
  44
  54
  65
  77
  91
  106
  122
  139
  158
  177
  198
  220
  243
  267
  292
  318
  345
  373
  403
  433
  465
  498
  532
  568
  605
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
  12
  17
  22
  28
  36
  44
  54
  65
  77
  91
  106
  122
  139
  158
  177
  198
  220
  243
  267
  292
  318
  345
  373
  403
  433
  465
  498
  532
  568
  605
Operating income, $m
  19
  34
  46
  61
  78
  98
  122
  150
  180
  215
  252
  293
  338
  386
  437
  492
  549
  609
  673
  739
  809
  881
  957
  1,035
  1,117
  1,202
  1,290
  1,381
  1,476
  1,575
  1,678
EBITDA, $m
  19
  34
  46
  61
  78
  98
  122
  150
  180
  215
  252
  293
  338
  386
  437
  492
  549
  609
  673
  739
  809
  881
  957
  1,035
  1,117
  1,202
  1,290
  1,381
  1,476
  1,575
  1,678
Interest expense (income), $m
  9
  41
  58
  79
  105
  136
  172
  215
  263
  318
  379
  446
  520
  599
  685
  776
  873
  975
  1,083
  1,196
  1,314
  1,438
  1,567
  1,702
  1,841
  1,987
  2,138
  2,295
  2,458
  2,627
  2,804
Earnings before tax, $m
  12
  -6
  -12
  -18
  -27
  -37
  -50
  -65
  -83
  -104
  -127
  -153
  -182
  -213
  -247
  -284
  -324
  -366
  -410
  -457
  -506
  -557
  -610
  -666
  -725
  -785
  -848
  -914
  -981
  -1,052
  -1,126
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
  -6
  -12
  -18
  -27
  -37
  -50
  -65
  -83
  -104
  -127
  -153
  -182
  -213
  -247
  -284
  -324
  -366
  -410
  -457
  -506
  -557
  -610
  -666
  -725
  -785
  -848
  -914
  -981
  -1,052
  -1,126

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
  1,948
  2,615
  3,434
  4,420
  5,583
  6,934
  8,478
  10,220
  12,160
  14,299
  16,635
  19,163
  21,880
  24,782
  27,863
  31,121
  34,551
  38,152
  41,920
  45,857
  49,961
  54,236
  58,684
  63,308
  68,115
  73,110
  78,301
  83,695
  89,304
  95,136
Adjusted assets (=assets-cash), $m
  1,395
  1,948
  2,615
  3,434
  4,420
  5,583
  6,934
  8,478
  10,220
  12,160
  14,299
  16,635
  19,163
  21,880
  24,782
  27,863
  31,121
  34,551
  38,152
  41,920
  45,857
  49,961
  54,236
  58,684
  63,308
  68,115
  73,110
  78,301
  83,695
  89,304
  95,136
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
  23
  31
  41
  53
  67
  83
  102
  123
  146
  172
  200
  230
  263
  297
  334
  373
  415
  458
  503
  550
  600
  651
  704
  760
  817
  877
  940
  1,004
  1,072
  1,142
Total debt, $m
  1,198
  1,660
  2,259
  2,995
  3,880
  4,925
  6,137
  7,524
  9,088
  10,831
  12,752
  14,849
  17,119
  19,559
  22,165
  24,932
  27,858
  30,938
  34,171
  37,555
  41,090
  44,776
  48,615
  52,609
  56,762
  61,078
  65,564
  70,225
  75,070
  80,106
  85,343
Total liabilities, $m
  1,287
  1,749
  2,348
  3,084
  3,969
  5,014
  6,226
  7,613
  9,177
  10,920
  12,841
  14,938
  17,208
  19,648
  22,254
  25,021
  27,947
  31,027
  34,260
  37,644
  41,179
  44,865
  48,704
  52,698
  56,851
  61,167
  65,653
  70,314
  75,159
  80,195
  85,432
Total equity, $m
  142
  199
  267
  350
  451
  569
  707
  865
  1,042
  1,240
  1,459
  1,697
  1,955
  2,232
  2,528
  2,842
  3,174
  3,524
  3,891
  4,276
  4,677
  5,096
  5,532
  5,986
  6,457
  6,948
  7,457
  7,987
  8,537
  9,109
  9,704
Total liabilities and equity, $m
  1,429
  1,948
  2,615
  3,434
  4,420
  5,583
  6,933
  8,478
  10,219
  12,160
  14,300
  16,635
  19,163
  21,880
  24,782
  27,863
  31,121
  34,551
  38,151
  41,920
  45,856
  49,961
  54,236
  58,684
  63,308
  68,115
  73,110
  78,301
  83,696
  89,304
  95,136
Debt-to-equity ratio
  8.437
  8.360
  8.470
  8.550
  8.610
  8.650
  8.680
  8.700
  8.720
  8.730
  8.740
  8.750
  8.760
  8.760
  8.770
  8.770
  8.780
  8.780
  8.780
  8.780
  8.780
  8.790
  8.790
  8.790
  8.790
  8.790
  8.790
  8.790
  8.790
  8.790
  8.790
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
  -6
  -12
  -18
  -27
  -37
  -50
  -65
  -83
  -104
  -127
  -153
  -182
  -213
  -247
  -284
  -324
  -366
  -410
  -457
  -506
  -557
  -610
  -666
  -725
  -785
  -848
  -914
  -981
  -1,052
  -1,126
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
  -6
  -12
  -18
  -27
  -37
  -50
  -65
  -83
  -104
  -127
  -153
  -182
  -213
  -247
  -284
  -324
  -366
  -410
  -457
  -506
  -557
  -610
  -666
  -725
  -785
  -848
  -914
  -981
  -1,052
  -1,126
Change in working capital, $m
  -15
  6
  8
  10
  12
  14
  16
  19
  21
  23
  26
  28
  30
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
Cash from operations, $m
  20
  -13
  -20
  -28
  -39
  -51
  -66
  -84
  -104
  -127
  -153
  -181
  -212
  -246
  -282
  -321
  -363
  -407
  -453
  -502
  -553
  -606
  -662
  -720
  -780
  -843
  -908
  -976
  -1,046
  -1,119
  -1,195
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
  -13
  -20
  -28
  -39
  -51
  -66
  -84
  -104
  -127
  -153
  -181
  -212
  -246
  -282
  -321
  -363
  -407
  -453
  -502
  -553
  -606
  -662
  -720
  -780
  -843
  -908
  -976
  -1,046
  -1,119
  -1,195
Issuance/(repayment) of debt, $m
  0
  496
  599
  736
  885
  1,045
  1,213
  1,387
  1,564
  1,743
  1,921
  2,097
  2,270
  2,440
  2,606
  2,767
  2,925
  3,080
  3,233
  3,384
  3,535
  3,686
  3,839
  3,994
  4,153
  4,316
  4,485
  4,661
  4,845
  5,036
  5,237
Issuance/(repurchase) of shares, $m
  0
  63
  80
  102
  127
  156
  188
  223
  261
  302
  345
  391
  440
  490
  543
  599
  656
  715
  777
  841
  907
  976
  1,046
  1,120
  1,196
  1,275
  1,358
  1,443
  1,532
  1,624
  1,720
Cash from financing (excl. dividends), $m  
  -24
  559
  679
  838
  1,012
  1,201
  1,401
  1,610
  1,825
  2,045
  2,266
  2,488
  2,710
  2,930
  3,149
  3,366
  3,581
  3,795
  4,010
  4,225
  4,442
  4,662
  4,885
  5,114
  5,349
  5,591
  5,843
  6,104
  6,377
  6,660
  6,957
Total cash flow (excl. dividends), $m
  9
  547
  659
  809
  974
  1,149
  1,334
  1,526
  1,721
  1,917
  2,113
  2,307
  2,498
  2,685
  2,867
  3,045
  3,219
  3,389
  3,557
  3,723
  3,889
  4,055
  4,223
  4,394
  4,569
  4,749
  4,935
  5,128
  5,330
  5,541
  5,762
Retained Cash Flow (-), $m
  3
  -63
  -80
  -102
  -127
  -156
  -188
  -223
  -261
  -302
  -345
  -391
  -440
  -490
  -543
  -599
  -656
  -715
  -777
  -841
  -907
  -976
  -1,046
  -1,120
  -1,196
  -1,275
  -1,358
  -1,443
  -1,532
  -1,624
  -1,720
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
 
  483
  579
  707
  846
  993
  1,147
  1,303
  1,460
  1,616
  1,768
  1,916
  2,058
  2,194
  2,323
  2,446
  2,563
  2,674
  2,780
  2,883
  2,982
  3,080
  3,177
  3,274
  3,373
  3,474
  3,577
  3,685
  3,798
  3,917
  4,042
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
 
  425
  442
  462
  468
  458
  433
  397
  353
  304
  254
  206
  162
  123
  91
  65
  45
  30
  20
  12
  8
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  75.1
  57.7
  44.9
  35.3
  28.1
  22.5
  18.2
  14.9
  12.3
  10.1
  8.5
  7.1
  6.0
  5.0
  4.3
  3.7
  3.1
  2.7
  2.3
  2.0
  1.7
  1.5
  1.3
  1.1
  1.0
  0.9
  0.8
  0.7
  0.6
  0.5

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 10.9
Price to Sales 3.9
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 6.6
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 37.5% 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 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 13.223 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 $0.2 billion.

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COMPANY NEWS

▶ 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]
▶ Hedge Funds Are Betting On ContraFect Corp (CFRX)   [Dec-08  03:55AM  at Insider Monkey]
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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