Intrinsic value of Fortress Investment Group Cl A - FIG

Previous Close

$7.97

  Intrinsic Value

$11.38

stock screener

  Rating & Target

buy

+43%

  Value-price divergence*

-122%

Previous close

$7.97

 
Intrinsic value

$11.38

 
Up/down potential

+43%

 
Rating

buy

 
Value-price divergence*

-122%

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

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

We calculate the intrinsic value of FIG 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 3.1

 

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, %
  -6.18
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  1,139
  1,249
  1,365
  1,485
  1,610
  1,740
  1,876
  2,016
  2,162
  2,314
  2,472
  2,636
  2,807
  2,985
  3,169
  3,362
  3,563
  3,772
  3,990
  4,218
  4,455
  4,703
  4,963
  5,234
  5,517
  5,814
  6,124
  6,449
  6,789
  7,145
  7,518
Variable operating expenses, $m
 
  1,083
  1,183
  1,288
  1,396
  1,509
  1,626
  1,748
  1,875
  2,006
  2,143
  2,286
  2,434
  2,588
  2,748
  2,915
  3,089
  3,270
  3,459
  3,657
  3,863
  4,078
  4,303
  4,538
  4,784
  5,041
  5,310
  5,591
  5,886
  6,195
  6,518
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
  951
  1,083
  1,183
  1,288
  1,396
  1,509
  1,626
  1,748
  1,875
  2,006
  2,143
  2,286
  2,434
  2,588
  2,748
  2,915
  3,089
  3,270
  3,459
  3,657
  3,863
  4,078
  4,303
  4,538
  4,784
  5,041
  5,310
  5,591
  5,886
  6,195
  6,518
Operating income, $m
  188
  166
  182
  198
  214
  231
  249
  268
  288
  308
  329
  351
  373
  397
  422
  447
  474
  502
  531
  561
  593
  626
  660
  696
  734
  773
  815
  858
  903
  950
  1,000
EBITDA, $m
  211
  166
  182
  198
  214
  231
  249
  268
  288
  308
  329
  351
  373
  397
  422
  447
  474
  502
  531
  561
  593
  626
  660
  696
  734
  773
  815
  858
  903
  950
  1,000
Interest expense (income), $m
  10
  9
  16
  24
  32
  40
  49
  59
  68
  78
  89
  99
  111
  122
  135
  147
  160
  174
  188
  203
  219
  235
  252
  270
  289
  308
  328
  349
  372
  395
  419
Earnings before tax, $m
  209
  157
  166
  174
  182
  191
  200
  210
  219
  230
  240
  251
  263
  275
  287
  300
  313
  328
  342
  358
  374
  390
  408
  426
  445
  465
  486
  508
  531
  555
  581
Tax expense, $m
  28
  42
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
  81
  85
  88
  92
  97
  101
  105
  110
  115
  120
  126
  131
  137
  143
  150
  157
Net income, $m
  94
  115
  121
  127
  133
  139
  146
  153
  160
  168
  175
  183
  192
  200
  210
  219
  229
  239
  250
  261
  273
  285
  298
  311
  325
  340
  355
  371
  388
  405
  424

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  397
  0
  0
  0
  0
  0
  0
  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
  2,201
  1,980
  2,163
  2,353
  2,552
  2,758
  2,972
  3,195
  3,427
  3,668
  3,918
  4,178
  4,448
  4,730
  5,023
  5,328
  5,646
  5,977
  6,323
  6,684
  7,060
  7,454
  7,865
  8,295
  8,744
  9,214
  9,706
  10,220
  10,759
  11,324
  11,915
Adjusted assets (=assets-cash), $m
  1,804
  1,980
  2,163
  2,353
  2,552
  2,758
  2,972
  3,195
  3,427
  3,668
  3,918
  4,178
  4,448
  4,730
  5,023
  5,328
  5,646
  5,977
  6,323
  6,684
  7,060
  7,454
  7,865
  8,295
  8,744
  9,214
  9,706
  10,220
  10,759
  11,324
  11,915
Revenue / Adjusted assets
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
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
  -125
  -136
  -149
  -161
  -174
  -188
  -202
  -216
  -231
  -247
  -264
  -281
  -298
  -317
  -336
  -356
  -377
  -399
  -422
  -446
  -470
  -496
  -523
  -552
  -581
  -612
  -645
  -679
  -715
  -752
Total debt, $m
  183
  328
  493
  664
  843
  1,028
  1,221
  1,422
  1,630
  1,847
  2,072
  2,306
  2,550
  2,803
  3,067
  3,341
  3,627
  3,926
  4,237
  4,561
  4,900
  5,254
  5,624
  6,011
  6,415
  6,838
  7,281
  7,744
  8,229
  8,737
  9,269
Total liabilities, $m
  1,637
  1,782
  1,947
  2,118
  2,297
  2,482
  2,675
  2,876
  3,084
  3,301
  3,526
  3,760
  4,004
  4,257
  4,521
  4,795
  5,081
  5,380
  5,691
  6,015
  6,354
  6,708
  7,078
  7,465
  7,869
  8,292
  8,735
  9,198
  9,683
  10,191
  10,723
Total equity, $m
  564
  198
  216
  235
  255
  276
  297
  320
  343
  367
  392
  418
  445
  473
  502
  533
  565
  598
  632
  668
  706
  745
  786
  829
  874
  921
  971
  1,022
  1,076
  1,132
  1,191
Total liabilities and equity, $m
  2,201
  1,980
  2,163
  2,353
  2,552
  2,758
  2,972
  3,196
  3,427
  3,668
  3,918
  4,178
  4,449
  4,730
  5,023
  5,328
  5,646
  5,978
  6,323
  6,683
  7,060
  7,453
  7,864
  8,294
  8,743
  9,213
  9,706
  10,220
  10,759
  11,323
  11,914
Debt-to-equity ratio
  0.324
  1.660
  2.280
  2.820
  3.300
  3.730
  4.110
  4.450
  4.760
  5.040
  5.290
  5.520
  5.730
  5.930
  6.110
  6.270
  6.420
  6.570
  6.700
  6.820
  6.940
  7.050
  7.150
  7.250
  7.340
  7.420
  7.500
  7.580
  7.650
  7.720
  7.780
Adjusted equity ratio
  0.093
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  94
  115
  121
  127
  133
  139
  146
  153
  160
  168
  175
  183
  192
  200
  210
  219
  229
  239
  250
  261
  273
  285
  298
  311
  325
  340
  355
  371
  388
  405
  424
Depreciation, amort., depletion, $m
  23
  0
  0
  0
  0
  0
  0
  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
  410
  115
  121
  127
  133
  139
  146
  153
  160
  168
  175
  183
  192
  200
  210
  219
  229
  239
  250
  261
  273
  285
  298
  311
  325
  340
  355
  371
  388
  405
  424
Change in working capital, $m
  155
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
Cash from operations, $m
  255
  126
  133
  139
  146
  152
  160
  167
  175
  183
  191
  200
  209
  218
  228
  238
  249
  260
  272
  284
  296
  310
  324
  338
  353
  369
  386
  403
  422
  441
  461
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
  -17
  0
  0
  0
  0
  0
  0
  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
  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
  0
Free cash flow, $m
  449
  126
  133
  139
  146
  152
  160
  167
  175
  183
  191
  200
  209
  218
  228
  238
  249
  260
  272
  284
  296
  310
  324
  338
  353
  369
  386
  403
  422
  441
  461
Issuance/(repayment) of debt, $m
  -48
  145
  164
  171
  178
  186
  193
  201
  208
  217
  225
  234
  243
  253
  264
  275
  286
  298
  311
  325
  339
  354
  370
  387
  404
  423
  443
  463
  485
  508
  532
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -289
  145
  164
  171
  178
  186
  193
  201
  208
  217
  225
  234
  243
  253
  264
  275
  286
  298
  311
  325
  339
  354
  370
  387
  404
  423
  443
  463
  485
  508
  532
Total cash flow (excl. dividends), $m
  160
  271
  297
  310
  324
  338
  353
  368
  383
  399
  416
  434
  452
  472
  492
  513
  535
  558
  583
  608
  635
  664
  694
  725
  758
  792
  829
  867
  907
  949
  993
Retained Cash Flow (-), $m
  7
  -31
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
Prev. year cash balance distribution, $m
 
  397
  0
  0
  0
  0
  0
  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
 
  637
  279
  291
  304
  317
  331
  345
  360
  375
  391
  408
  425
  443
  462
  482
  503
  525
  548
  572
  598
  624
  652
  682
  713
  745
  779
  815
  853
  893
  934
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
 
  611
  255
  254
  250
  246
  240
  233
  225
  216
  205
  194
  181
  169
  155
  142
  128
  114
  101
  88
  76
  65
  54
  45
  36
  29
  23
  17
  13
  10
  7
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

Fortress Investment Group LLC is a publicly owned investment manager. The firm provides its services to pooled investment vehicles, pension and profit sharing plans, corporations, institutional managed accounts and structured products, banking or thrift institutions, investment companies, charitable organizations, and state or municipal government entities. It launches and manages hedge funds, balanced mutual funds, real estate funds, and private equity funds. It also invests in private equity specializing in control-oriented investments in cash flow generating, asset based businesses and also acquire assets or make debt investments. For private equity, it prefers to invest in financial services (particularly loan servicing and consumer finance, transportation & energy/infrastructure, gaming, real estate, leisure, media and telecommunications and senior living. It considers investments in North America and Western Europe for private equity. In distressed situations, the firm will seek to secure corporate ownership or control by working with a company's board of directors or creditor's committee. The firm invests in the public equity, the private equity, and alternative investment markets across the globe. It invests in distressed and undervalued assets and tangible and intangible assets such as real estate, capital assets, natural resources, and intellectual property. The firm’s alternative investments include investment in currency, commodity, real estate markets, and distressed real estate loan acquisitions. It employs value strategy to make its investments. The firm employs a fundamental analysis with bottom-up approach to create its investment portfolio. Fortress Investment Group LLC was founded in 1998 and is based in New York, New York with additional offices in United States, Europe, Asia, and Australia.

FINANCIAL RATIOS  of  Fortress Investment Group Cl A (FIG)

Valuation Ratios
P/E Ratio 32.7
Price to Sales 2.7
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 12.9
Growth Rates
Sales Growth Rate -6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.9%
Cap. Spend. - 3 Yr. Gr. Rate 9.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 32.4%
Total Debt to Equity 32.4%
Interest Coverage 22
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 12.1%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 14.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 99%
Gross Margin - 3 Yr. Avg. 99.4%
EBITDA Margin 21.2%
EBITDA Margin - 3 Yr. Avg. 22.2%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 18.3%
Pre-Tax Margin - 3 Yr. Avg. 19.5%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 13.4%
Eff/ Tax Rate - 3 Yr. Avg. 13.1%
Payout Ratio 109.6%

FIG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FIG stock intrinsic value calculation we used $1139 million for the last fiscal year's total revenue generated by Fortress Investment Group Cl A. The default revenue input number comes from 2016 income statement of Fortress Investment Group Cl A. 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 FIG stock valuation model: a) initial revenue growth rate of 9.7% 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 FIG is calculated based on our internal credit rating of Fortress Investment Group Cl A, 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 Fortress Investment Group Cl A.
    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 FIG stock the variable cost ratio is equal to 86.7%.

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 FIG 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 4.8% for Fortress Investment Group Cl A.

Corporate tax rate of 27% is the nominal tax rate for Fortress Investment Group Cl A. 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 FIG 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 FIG are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Fortress Investment Group Cl A 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 FIG is equal to -10%. 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 - $564 million for Fortress Investment Group Cl A - 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 386.449 million for Fortress Investment Group Cl A 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 Fortress Investment Group Cl A at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Fortress Reports Second Quarter 2017 Results   [08:03AM  Business Wire]
▶ Vannin Capital launches an office in NYC   [Aug-01-17 12:12PM  Marketwired]
▶ Fortress to Acquire Colony American Finance, LLC   [Jul-18-17 11:00AM  PR Newswire]
▶ MetLife CIO Sees Logan Circle Deal as 'Jump Start'   [Jul-11-17 12:42PM  Bloomberg Video]
▶ Northridge Capital Announces Groundbreaking for W Aspen   [Jun-08-17 11:46AM  PR Newswire]
▶ Fortress Raises $590 million for Secured Lending Fund   [May-03-17 04:40PM  Business Wire]
▶ Mexico drives a train through Trump border wall   [Mar-29-17 11:51AM  Investopedia]
▶ Fortress Announces Release of 2016 K-1 Tax Packages   [Mar-27-17 04:33PM  Business Wire]
▶ BofA to cover Raiders' $1.9 billion Vegas stadium bet   [Mar-06-17 07:39PM  at bizjournals.com]
▶ KC-area newspapers may get a new owner SoftBank   [04:59PM  at bizjournals.com]
▶ SoftBank Close To $1.7 Billion Investment In Intelsat   [Feb-27-17 09:30PM  at Barrons.com]
▶ SoftBank Finalizing $3 Billion Investment In WeWork: CNBC   [Feb-26-17 07:10PM  at Barrons.com]
▶ [$$] Listed hedge funds: rescue me   [Feb-20-17 12:42PM  at Financial Times]
▶ [$$] Week in Review, February 18   [Feb-17-17 05:10PM  at Financial Times]
▶ [$$] Behind the Fortress Deal: A Japanese Billionaire's Huge Ambitions   [Feb-15-17 08:30PM  at The Wall Street Journal]
Stock chart of FIG Financial statements of FIG
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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