Intrinsic value of Ellington Financial - EFC

Previous Close

$15.61

  Intrinsic Value

$6.53

stock screener

  Rating & Target

str. sell

-58%

  Value-price divergence*

-79%

Previous close

$15.61

 
Intrinsic value

$6.53

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence*

-79%

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

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

We calculate the intrinsic value of EFC 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 0.5

 

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, %
  -23.81
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  80
  92
  105
  119
  133
  149
  165
  182
  200
  218
  238
  258
  279
  300
  323
  347
  371
  397
  423
  450
  479
  509
  540
  572
  606
  641
  678
  716
  756
  798
  841
Variable operating expenses, $m
 
  33
  38
  43
  48
  54
  60
  66
  72
  79
  86
  94
  101
  109
  117
  126
  135
  144
  154
  164
  174
  185
  196
  208
  220
  233
  246
  260
  274
  290
  305
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
  44
  33
  38
  43
  48
  54
  60
  66
  72
  79
  86
  94
  101
  109
  117
  126
  135
  144
  154
  164
  174
  185
  196
  208
  220
  233
  246
  260
  274
  290
  305
Operating income, $m
  36
  59
  67
  76
  85
  95
  105
  116
  127
  139
  151
  164
  177
  191
  206
  221
  236
  253
  269
  287
  305
  324
  344
  364
  386
  408
  432
  456
  482
  508
  536
EBITDA, $m
  36
  59
  67
  76
  85
  95
  105
  116
  127
  139
  151
  164
  177
  191
  206
  221
  236
  253
  269
  287
  305
  324
  344
  364
  386
  408
  432
  456
  482
  508
  536
Interest expense (income), $m
  15
  0
  325
  677
  1,052
  1,450
  1,871
  2,314
  2,778
  3,264
  3,772
  4,300
  4,851
  5,424
  6,020
  6,639
  7,282
  7,951
  8,646
  9,368
  10,119
  10,901
  11,715
  12,562
  13,445
  14,365
  15,325
  16,326
  17,371
  18,463
  19,604
Earnings before tax, $m
  -16
  59
  -258
  -601
  -967
  -1,356
  -1,766
  -2,198
  -2,651
  -3,125
  -3,620
  -4,136
  -4,674
  -5,233
  -5,814
  -6,418
  -7,046
  -7,698
  -8,376
  -9,081
  -9,814
  -10,577
  -11,371
  -12,197
  -13,059
  -13,957
  -14,893
  -15,870
  -16,890
  -17,955
  -19,068
Tax expense, $m
  0
  16
  0
  0
  0
  0
  0
  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
  43
  -258
  -601
  -967
  -1,356
  -1,766
  -2,198
  -2,651
  -3,125
  -3,620
  -4,136
  -4,674
  -5,233
  -5,814
  -6,418
  -7,046
  -7,698
  -8,376
  -9,081
  -9,814
  -10,577
  -11,371
  -12,197
  -13,059
  -13,957
  -14,893
  -15,870
  -16,890
  -17,955
  -19,068

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  123
  0
  0
  0
  0
  0
  0
  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
  2,413
  2,629
  2,997
  3,389
  3,806
  4,246
  4,709
  5,194
  5,702
  6,233
  6,786
  7,362
  7,961
  8,584
  9,231
  9,904
  10,603
  11,330
  12,086
  12,871
  13,689
  14,539
  15,426
  16,349
  17,311
  18,315
  19,362
  20,455
  21,597
  22,790
  24,036
Adjusted assets (=assets-cash), $m
  2,290
  2,629
  2,997
  3,389
  3,806
  4,246
  4,709
  5,194
  5,702
  6,233
  6,786
  7,362
  7,961
  8,584
  9,231
  9,904
  10,603
  11,330
  12,086
  12,871
  13,689
  14,539
  15,426
  16,349
  17,311
  18,315
  19,362
  20,455
  21,597
  22,790
  24,036
Revenue / Adjusted assets
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
  0.035
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
  -114
  -130
  -147
  -165
  -184
  -204
  -225
  -247
  -270
  -294
  -319
  -345
  -372
  -400
  -429
  -459
  -491
  -524
  -558
  -593
  -630
  -668
  -708
  -750
  -794
  -839
  -886
  -936
  -987
  -1,041
Total debt, $m
  24
  260
  541
  842
  1,160
  1,497
  1,851
  2,223
  2,611
  3,017
  3,440
  3,881
  4,339
  4,816
  5,311
  5,826
  6,361
  6,916
  7,494
  8,095
  8,721
  9,372
  10,050
  10,756
  11,492
  12,260
  13,061
  13,897
  14,771
  15,683
  16,637
Total liabilities, $m
  1,776
  2,011
  2,292
  2,593
  2,911
  3,248
  3,602
  3,974
  4,362
  4,768
  5,191
  5,632
  6,090
  6,567
  7,062
  7,577
  8,112
  8,667
  9,245
  9,846
  10,472
  11,123
  11,801
  12,507
  13,243
  14,011
  14,812
  15,648
  16,522
  17,434
  18,388
Total equity, $m
  638
  618
  704
  796
  894
  998
  1,107
  1,221
  1,340
  1,465
  1,595
  1,730
  1,871
  2,017
  2,169
  2,328
  2,492
  2,663
  2,840
  3,025
  3,217
  3,417
  3,625
  3,842
  4,068
  4,304
  4,550
  4,807
  5,075
  5,356
  5,649
Total liabilities and equity, $m
  2,414
  2,629
  2,996
  3,389
  3,805
  4,246
  4,709
  5,195
  5,702
  6,233
  6,786
  7,362
  7,961
  8,584
  9,231
  9,905
  10,604
  11,330
  12,085
  12,871
  13,689
  14,540
  15,426
  16,349
  17,311
  18,315
  19,362
  20,455
  21,597
  22,790
  24,037
Debt-to-equity ratio
  0.038
  0.420
  0.770
  1.060
  1.300
  1.500
  1.670
  1.820
  1.950
  2.060
  2.160
  2.240
  2.320
  2.390
  2.450
  2.500
  2.550
  2.600
  2.640
  2.680
  2.710
  2.740
  2.770
  2.800
  2.820
  2.850
  2.870
  2.890
  2.910
  2.930
  2.950
Adjusted equity ratio
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  43
  -258
  -601
  -967
  -1,356
  -1,766
  -2,198
  -2,651
  -3,125
  -3,620
  -4,136
  -4,674
  -5,233
  -5,814
  -6,418
  -7,046
  -7,698
  -8,376
  -9,081
  -9,814
  -10,577
  -11,371
  -12,197
  -13,059
  -13,957
  -14,893
  -15,870
  -16,890
  -17,955
  -19,068
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
  122
  43
  -258
  -601
  -967
  -1,356
  -1,766
  -2,198
  -2,651
  -3,125
  -3,620
  -4,136
  -4,674
  -5,233
  -5,814
  -6,418
  -7,046
  -7,698
  -8,376
  -9,081
  -9,814
  -10,577
  -11,371
  -12,197
  -13,059
  -13,957
  -14,893
  -15,870
  -16,890
  -17,955
  -19,068
Change in working capital, $m
  52
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -52
  -54
Cash from operations, $m
  70
  58
  -242
  -584
  -949
  -1,337
  -1,746
  -2,177
  -2,629
  -3,102
  -3,596
  -4,111
  -4,648
  -5,206
  -5,786
  -6,389
  -7,016
  -7,667
  -8,343
  -9,047
  -9,779
  -10,540
  -11,332
  -12,157
  -13,017
  -13,913
  -14,848
  -15,823
  -16,840
  -17,903
  -19,014
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
  0
  0
  0
  0
  0
  0
  0
  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
  70
  58
  -242
  -584
  -949
  -1,337
  -1,746
  -2,177
  -2,629
  -3,102
  -3,596
  -4,111
  -4,648
  -5,206
  -5,786
  -6,389
  -7,016
  -7,667
  -8,343
  -9,047
  -9,779
  -10,540
  -11,332
  -12,157
  -13,017
  -13,913
  -14,848
  -15,823
  -16,840
  -17,903
  -19,014
Issuance/(repayment) of debt, $m
  41
  260
  282
  300
  319
  337
  354
  372
  389
  406
  423
  441
  458
  477
  495
  515
  535
  556
  578
  601
  625
  651
  678
  706
  736
  768
  801
  836
  873
  913
  954
Issuance/(repurchase) of shares, $m
  0
  36
  344
  693
  1,065
  1,459
  1,875
  2,312
  2,771
  3,250
  3,750
  4,272
  4,815
  5,379
  5,966
  6,576
  7,210
  7,869
  8,554
  9,266
  10,006
  10,777
  11,579
  12,414
  13,285
  14,192
  15,139
  16,127
  17,158
  18,235
  19,361
Cash from financing (excl. dividends), $m  
  -65
  296
  626
  993
  1,384
  1,796
  2,229
  2,684
  3,160
  3,656
  4,173
  4,713
  5,273
  5,856
  6,461
  7,091
  7,745
  8,425
  9,132
  9,867
  10,631
  11,428
  12,257
  13,120
  14,021
  14,960
  15,940
  16,963
  18,031
  19,148
  20,315
Total cash flow (excl. dividends), $m
  4
  353
  384
  410
  435
  459
  483
  507
  530
  554
  577
  601
  625
  650
  675
  702
  729
  758
  788
  820
  853
  888
  924
  963
  1,004
  1,047
  1,093
  1,141
  1,191
  1,245
  1,301
Retained Cash Flow (-), $m
  94
  -79
  -344
  -693
  -1,065
  -1,459
  -1,875
  -2,312
  -2,771
  -3,250
  -3,750
  -4,272
  -4,815
  -5,379
  -5,966
  -6,576
  -7,210
  -7,869
  -8,554
  -9,266
  -10,006
  -10,777
  -11,579
  -12,414
  -13,285
  -14,192
  -15,139
  -16,127
  -17,158
  -18,235
  -19,361
Prev. year cash balance distribution, $m
 
  99
  0
  0
  0
  0
  0
  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
 
  374
  39
  -284
  -631
  -1,000
  -1,392
  -1,805
  -2,240
  -2,696
  -3,173
  -3,671
  -4,189
  -4,729
  -5,291
  -5,874
  -6,481
  -7,111
  -7,766
  -8,446
  -9,153
  -9,889
  -10,654
  -11,451
  -12,281
  -13,145
  -14,046
  -14,986
  -15,967
  -16,991
  -18,060
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  358
  36
  -247
  -519
  -775
  -1,010
  -1,220
  -1,400
  -1,549
  -1,664
  -1,743
  -1,788
  -1,798
  -1,776
  -1,725
  -1,647
  -1,547
  -1,430
  -1,300
  -1,163
  -1,023
  -884
  -751
  -625
  -511
  -410
  -322
  -247
  -185
  -136
Current shareholders' claim on cash, %
  100
  92.2
  53.9
  23.9
  8.9
  2.9
  0.9
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Ellington Financial LLC is a specialty finance company that acquires and manages mortgage-related and other financial assets. The Company's targeted assets include residential mortgage-backed securities (RMBS), backed by loans for which the principal and interest payments are not guaranteed by a United States Government agency or a United States Government-sponsored entity, collectively referred to as non-Agency RMBS; 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); consumer loans and asset-backed securities (ABS) backed by consumer loans; commercial mortgage-backed securities (CMBS) commercial mortgage loans and other commercial real estate debt; residential mortgage loans; collateralized loan obligations (CLOs); corporate debt and equity, including distressed debt and equity, and mortgage-related derivatives.

FINANCIAL RATIOS  of  Ellington Financial (EFC)

Valuation Ratios
P/E Ratio -31.5
Price to Sales 6.3
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow 7.2
Growth Rates
Sales Growth Rate -23.8%
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 5
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 3.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -0%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital -2.3%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity -2.3%
Return On Equity - 3 Yr. Avg. 3.7%
Asset Turnover 0
Profitability Ratios
Gross Margin 67.5%
Gross Margin - 3 Yr. Avg. 73.7%
EBITDA Margin -1.3%
EBITDA Margin - 3 Yr. Avg. 40.3%
Operating Margin 45%
Oper. Margin - 3 Yr. Avg. 57.2%
Pre-Tax Margin -20%
Pre-Tax Margin - 3 Yr. Avg. 26.7%
Net Profit Margin -20%
Net Profit Margin - 3 Yr. Avg. 26.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -406.3%

EFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EFC stock intrinsic value calculation we used $80 million for the last fiscal year's total revenue generated by Ellington Financial. The default revenue input number comes from 2016 income statement of Ellington Financial. 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 EFC stock valuation model: a) initial revenue growth rate of 15% 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 4.3%, whose default value for EFC is calculated based on our internal credit rating of Ellington Financial, 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 Financial.
    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 EFC stock the variable cost ratio is equal to 36.3%.

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 EFC 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 125% for Ellington Financial.

Corporate tax rate of 27% is the nominal tax rate for Ellington Financial. 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 EFC 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 EFC are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Ellington Financial 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 EFC is equal to -123.8%. 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 - $638 million for Ellington Financial - 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 32.133 million for Ellington Financial 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 Financial at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for September 22nd   [Sep-22-17 08:57AM  Zacks]
▶ Ellington Financial LLC Closes Offering of Senior Notes   [Aug-18-17 12:30PM  Business Wire]
▶ Ellington Financial LLC Prices Offering of Senior Notes   [Aug-15-17 04:33PM  Business Wire]
▶ Ellington Financial LLC Reports Second Quarter 2017 Results   [Aug-03-17 04:23PM  Business Wire]
▶ Ellington Financial LLC Reports First Quarter 2017 Results   [May-04-17 04:48PM  Business Wire]
▶ Ellington Financial LLC 2016 K-1 Tax Package Now Available   [Mar-24-17 12:33PM  Business Wire]
▶ Ellington Financial LLC Reports Fourth Quarter 2016 Results   [Feb-13-17 08:20PM  Business Wire]
▶ How ConnectOne Bancorp Inc (CNOB) Stacks Up Against Its Peers   [Dec-14-16 04:52AM  at Insider Monkey]
▶ Merrill Lynch Has 4 Buy-Rated Stocks That Yield at Least 9%   [Sep-02-16 09:55AM  at 24/7 Wall St.]
▶ Mortgage shop securitizes loanDepot loans   [Aug-19-16 01:37PM  Reuters]
Financial statements of EFC
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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