Intrinsic value of HomeStreet - HMST

Previous Close

$29.75

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$29.75

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of HMST 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, %
  -100.00
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  516
  528
  542
  557
  574
  592
  612
  634
  658
  683
  710
  739
  769
  802
  837
  873
  912
  953
  997
  1,042
  1,091
  1,142
  1,195
  1,252
  1,311
  1,374
  1,440
  1,510
  1,583
  1,660
Variable operating expenses, $m
 
  85
  87
  89
  91
  93
  95
  98
  101
  104
  107
  94
  98
  102
  106
  110
  115
  120
  126
  132
  138
  144
  151
  158
  165
  173
  181
  190
  199
  209
  219
Fixed operating expenses, $m
 
  371
  379
  387
  396
  405
  414
  423
  432
  442
  451
  461
  471
  482
  492
  503
  514
  525
  537
  549
  561
  573
  586
  599
  612
  625
  639
  653
  668
  682
  697
Total operating expenses, $m
  0
  456
  466
  476
  487
  498
  509
  521
  533
  546
  558
  555
  569
  584
  598
  613
  629
  645
  663
  681
  699
  717
  737
  757
  777
  798
  820
  843
  867
  891
  916
Operating income, $m
  0
  60
  62
  65
  70
  76
  83
  92
  101
  112
  124
  155
  170
  186
  204
  223
  244
  266
  290
  316
  344
  373
  405
  439
  475
  513
  554
  597
  643
  692
  743
EBITDA, $m
  16
  758
  776
  797
  822
  850
  882
  917
  955
  997
  1,043
  1,092
  1,145
  1,201
  1,262
  1,327
  1,396
  1,470
  1,548
  1,631
  1,719
  1,812
  1,911
  2,016
  2,127
  2,243
  2,367
  2,497
  2,635
  2,780
  2,934
Interest expense (income), $m
  29
  328
  307
  313
  319
  326
  334
  342
  351
  361
  372
  384
  396
  409
  423
  438
  454
  471
  489
  508
  528
  548
  571
  594
  619
  645
  672
  701
  731
  763
  796
Earnings before tax, $m
  91
  -268
  -245
  -247
  -249
  -250
  -250
  -251
  -250
  -249
  -248
  -229
  -226
  -223
  -219
  -215
  -210
  -205
  -199
  -192
  -184
  -175
  -166
  -155
  -144
  -132
  -118
  -104
  -88
  -71
  -53
Tax expense, $m
  33
  0
  0
  0
  0
  0
  0
  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
  58
  -268
  -245
  -247
  -249
  -250
  -250
  -251
  -250
  -249
  -248
  -229
  -226
  -223
  -219
  -215
  -210
  -205
  -199
  -192
  -184
  -175
  -166
  -155
  -144
  -132
  -118
  -104
  -88
  -71
  -53

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  6,244
  4,869
  4,981
  5,109
  5,253
  5,412
  5,587
  5,777
  5,983
  6,205
  6,443
  6,698
  6,970
  7,259
  7,567
  7,893
  8,239
  8,605
  8,992
  9,401
  9,833
  10,289
  10,770
  11,276
  11,810
  12,373
  12,965
  13,588
  14,243
  14,933
  15,659
Adjusted assets (=assets-cash), $m
  6,244
  4,869
  4,981
  5,109
  5,253
  5,412
  5,587
  5,777
  5,983
  6,205
  6,443
  6,698
  6,970
  7,259
  7,567
  7,893
  8,239
  8,605
  8,992
  9,401
  9,833
  10,289
  10,770
  11,276
  11,810
  12,373
  12,965
  13,588
  14,243
  14,933
  15,659
Revenue / Adjusted assets
  0.000
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
Average production assets, $m
  280
  6,810
  6,967
  7,146
  7,347
  7,570
  7,814
  8,080
  8,368
  8,679
  9,012
  9,368
  9,748
  10,153
  10,583
  11,040
  11,523
  12,036
  12,577
  13,149
  13,754
  14,391
  15,063
  15,772
  16,519
  17,305
  18,133
  19,005
  19,922
  20,887
  21,901
Working capital, $m
  0
  -5,847
  -5,982
  -6,135
  -6,308
  -6,499
  -6,709
  -6,937
  -7,185
  -7,451
  -7,737
  -8,043
  -8,370
  -8,717
  -9,087
  -9,478
  -9,894
  -10,334
  -10,799
  -11,290
  -11,809
  -12,356
  -12,933
  -13,542
  -14,183
  -14,858
  -15,569
  -16,317
  -17,104
  -17,933
  -18,804
Total debt, $m
  125
  5,690
  5,790
  5,906
  6,035
  6,178
  6,335
  6,507
  6,692
  6,892
  7,106
  7,335
  7,580
  7,840
  8,117
  8,411
  8,722
  9,052
  9,400
  9,769
  10,157
  10,568
  11,000
  11,456
  11,937
  12,443
  12,975
  13,536
  14,126
  14,747
  15,400
Total liabilities, $m
  5,614
  4,382
  4,483
  4,598
  4,727
  4,871
  5,028
  5,199
  5,385
  5,584
  5,799
  6,028
  6,273
  6,533
  6,810
  7,104
  7,415
  7,745
  8,093
  8,461
  8,850
  9,260
  9,693
  10,149
  10,629
  11,135
  11,668
  12,229
  12,819
  13,440
  14,093
Total equity, $m
  629
  487
  498
  511
  525
  541
  559
  578
  598
  620
  644
  670
  697
  726
  757
  789
  824
  861
  899
  940
  983
  1,029
  1,077
  1,128
  1,181
  1,237
  1,296
  1,359
  1,424
  1,493
  1,566
Total liabilities and equity, $m
  6,243
  4,869
  4,981
  5,109
  5,252
  5,412
  5,587
  5,777
  5,983
  6,204
  6,443
  6,698
  6,970
  7,259
  7,567
  7,893
  8,239
  8,606
  8,992
  9,401
  9,833
  10,289
  10,770
  11,277
  11,810
  12,372
  12,964
  13,588
  14,243
  14,933
  15,659
Debt-to-equity ratio
  0.199
  11.690
  11.620
  11.560
  11.490
  11.420
  11.340
  11.260
  11.190
  11.110
  11.030
  10.950
  10.880
  10.800
  10.730
  10.660
  10.590
  10.520
  10.450
  10.390
  10.330
  10.270
  10.210
  10.160
  10.110
  10.060
  10.010
  9.960
  9.920
  9.880
  9.830
Adjusted equity ratio
  0.101
  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
  58
  -268
  -245
  -247
  -249
  -250
  -250
  -251
  -250
  -249
  -248
  -229
  -226
  -223
  -219
  -215
  -210
  -205
  -199
  -192
  -184
  -175
  -166
  -155
  -144
  -132
  -118
  -104
  -88
  -71
  -53
Depreciation, amort., depletion, $m
  16
  698
  714
  732
  752
  774
  799
  825
  854
  885
  918
  937
  975
  1,015
  1,058
  1,104
  1,152
  1,204
  1,258
  1,315
  1,375
  1,439
  1,506
  1,577
  1,652
  1,731
  1,813
  1,900
  1,992
  2,089
  2,190
Funds from operations, $m
  148
  430
  469
  484
  503
  524
  548
  575
  604
  636
  671
  708
  749
  792
  839
  889
  942
  999
  1,059
  1,123
  1,192
  1,264
  1,341
  1,422
  1,508
  1,599
  1,695
  1,797
  1,904
  2,017
  2,137
Change in working capital, $m
  193
  -115
  -134
  -154
  -173
  -191
  -210
  -228
  -247
  -266
  -286
  -306
  -326
  -348
  -369
  -392
  -415
  -440
  -465
  -491
  -519
  -547
  -577
  -608
  -641
  -675
  -711
  -748
  -787
  -828
  -871
Cash from operations, $m
  -45
  545
  603
  638
  676
  716
  758
  803
  851
  902
  957
  1,014
  1,075
  1,140
  1,208
  1,281
  1,357
  1,438
  1,524
  1,615
  1,710
  1,811
  1,918
  2,030
  2,149
  2,274
  2,406
  2,545
  2,691
  2,846
  3,008
Maintenance CAPEX, $m
  0
  -667
  -681
  -697
  -715
  -735
  -757
  -781
  -808
  -837
  -868
  -901
  -937
  -975
  -1,015
  -1,058
  -1,104
  -1,152
  -1,204
  -1,258
  -1,315
  -1,375
  -1,439
  -1,506
  -1,577
  -1,652
  -1,731
  -1,813
  -1,900
  -1,992
  -2,089
New CAPEX, $m
  -24
  -136
  -157
  -179
  -201
  -223
  -244
  -266
  -288
  -310
  -333
  -356
  -380
  -405
  -430
  -457
  -484
  -512
  -542
  -572
  -604
  -638
  -672
  -709
  -747
  -786
  -828
  -872
  -917
  -965
  -1,015
Cash from investing activities, $m
  -819
  -803
  -838
  -876
  -916
  -958
  -1,001
  -1,047
  -1,096
  -1,147
  -1,201
  -1,257
  -1,317
  -1,380
  -1,445
  -1,515
  -1,588
  -1,664
  -1,746
  -1,830
  -1,919
  -2,013
  -2,111
  -2,215
  -2,324
  -2,438
  -2,559
  -2,685
  -2,817
  -2,957
  -3,104
Free cash flow, $m
  -864
  -258
  -235
  -238
  -240
  -242
  -243
  -244
  -245
  -245
  -244
  -243
  -242
  -240
  -237
  -234
  -230
  -226
  -221
  -215
  -209
  -202
  -193
  -185
  -175
  -164
  -153
  -140
  -126
  -111
  -95
Issuance/(repayment) of debt, $m
  63
  -386
  101
  115
  129
  143
  157
  171
  185
  200
  214
  229
  245
  260
  277
  294
  311
  330
  348
  368
  389
  410
  433
  456
  480
  506
  533
  561
  590
  621
  653
Issuance/(repurchase) of shares, $m
  61
  762
  256
  260
  263
  266
  268
  270
  271
  271
  272
  254
  253
  252
  250
  248
  245
  241
  237
  232
  227
  221
  214
  206
  197
  188
  177
  166
  154
  140
  126
Cash from financing (excl. dividends), $m  
  885
  376
  357
  375
  392
  409
  425
  441
  456
  471
  486
  483
  498
  512
  527
  542
  556
  571
  585
  600
  616
  631
  647
  662
  677
  694
  710
  727
  744
  761
  779
Total cash flow (excl. dividends), $m
  21
  118
  123
  138
  153
  167
  182
  196
  211
  226
  242
  240
  256
  273
  290
  307
  326
  345
  365
  385
  407
  429
  453
  477
  503
  530
  558
  587
  618
  650
  684
Retained Cash Flow (-), $m
  -164
  -762
  -256
  -260
  -263
  -266
  -268
  -270
  -271
  -271
  -272
  -254
  -253
  -252
  -250
  -248
  -245
  -241
  -237
  -232
  -227
  -221
  -214
  -206
  -197
  -188
  -177
  -166
  -154
  -140
  -126
Prev. year cash balance distribution, $m
 
  7
  0
  0
  0
  0
  0
  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
 
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
Cash available for distribution, $m
 
  -637
  -134
  -122
  -111
  -99
  -86
  -73
  -59
  -45
  -30
  -14
  3
  21
  40
  60
  81
  104
  128
  153
  180
  209
  239
  271
  306
  342
  380
  421
  464
  510
  558
Discount rate, %
 
  14.50
  15.23
  15.99
  16.79
  17.62
  18.51
  19.43
  20.40
  21.42
  22.49
  23.62
  24.80
  26.04
  27.34
  28.71
  30.14
  31.65
  33.23
  34.90
  36.64
  38.47
  40.40
  42.42
  44.54
  46.76
  49.10
  51.56
  54.14
  56.84
  59.68
PV of cash for distribution, $m
 
  -557
  -101
  -78
  -59
  -44
  -31
  -21
  -13
  -8
  -4
  -1
  0
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  32.7
  21.5
  14.2
  9.4
  6.3
  4.3
  2.9
  2.0
  1.4
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

HomeStreet, Inc. is a financial services company serving customers primarily in the western United States, including Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. The Company's operating segments include Commercial and Consumer Banking, and Mortgage Banking. It provides financial products and services to its commercial and consumer customers through retail deposit branches and commercial lending centers, automated teller machines (ATMs), and online, mobile and telephone banking. The Company originates single family residential mortgage loans for sale in the secondary markets. Its mortgage loans are sold to or securitized by Fannie Mae, The Federal Home Loan Mortgage Corporation (Freddie Mac) or The Government National Mortgage Association (Ginnie Mae), while it retains the right to service these loans. It also provides insurance products and services for consumers and businesses.

FINANCIAL RATIOS  of  HomeStreet (HMST)

Valuation Ratios
P/E Ratio 13.7
Price to Sales 0
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow -17.7
Price to Free Cash Flow -11.6
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate 0.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 19.9%
Total Debt to Equity 19.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 9.7%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 32.6%
Payout Ratio 0%

HMST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HMST stock intrinsic value calculation we used $506 million for the last fiscal year's total revenue generated by HomeStreet. The default revenue input number comes from 2016 income statement of HomeStreet. 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 HMST stock valuation model: a) initial revenue growth rate of 2% 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 14.5%, whose default value for HMST is calculated based on our internal credit rating of HomeStreet, 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 HomeStreet.
    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 HMST stock the variable cost ratio is equal to 16.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $363 million in the base year in the intrinsic value calculation for HMST 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 5.4% for HomeStreet.

Corporate tax rate of 27% is the nominal tax rate for HomeStreet. 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 HMST stock is equal to 0.6%.

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 HMST are equal to 1319.5%.

Life of production assets of 10 years is the average useful life of capital assets used in HomeStreet 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 HMST is equal to -1132.9%. 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 - $0 million for HomeStreet - 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 27 million for HomeStreet 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 HomeStreet at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
FFNW First Financia 17.73 2.85  str.sell

COMPANY NEWS

▶ HomeStreet, Inc. to Host Earnings Call   [Jul-24-18 11:00AM  ACCESSWIRE]
▶ HomeStreet: 2Q Earnings Snapshot   [Jul-23-18 05:03PM  Associated Press]
▶ What You Must Know About HomeStreet Incs (NASDAQ:HMST) ROE   [Jun-26-18 03:53PM  Simply Wall St.]
▶ Other banks could follow HomeStreet's mortgage retreat   [Jun-21-18 04:38PM  American City Business Journals]
▶ HomeStreet Bank cuts jobs and closes offices in mortgage lending restructuring   [Jun-14-18 03:16PM  American City Business Journals]
▶ HomeStreet Appoints Sandra Cavanaugh to Board of Directors   [May-30-18 12:13PM  Business Wire]
▶ [$$] New Activist Is Dealt a Second Blow in HomeStreet Fight   [May-22-18 12:26AM  The Wall Street Journal]
▶ [$$] New Activist Is Dealt a Second Blow in HomeStreet Fight   [May-21-18 05:51PM  The Wall Street Journal]
▶ HomeStreet to appoint former Russell Investments exec to bank board   [May-18-18 05:36PM  American City Business Journals]
▶ HomeStreet Sends Letter to Shareholders   [May-09-18 09:00AM  Business Wire]
▶ HomeStreet: 1Q Earnings Snapshot   [Apr-23-18 04:41PM  Associated Press]
▶ New Strong Sell Stocks for April 13th   [Apr-13-18 06:38AM  Zacks]
▶ Court blocks proxy fight launched against HomeStreet Bank   [Apr-05-18 04:47PM  American City Business Journals]
▶ HomeStreet Inexcusably Disenfranchises Shareholders   [Apr-02-18 01:28PM  PR Newswire]
▶ HomeStreet Appoints Mark R. Patterson to Board of Directors   [Jan-25-18 03:56PM  Business Wire]
▶ HomeStreet beats 4Q profit forecasts   [Jan-22-18 04:45PM  Associated Press]
▶ [$$] Legion Partners Sees Value in Genesco Segments   [Jan-20-18 12:01AM  Barrons.com]
▶ HomeStreet Bank Increases Minimum Wage Company-Wide   [Jan-16-18 03:47PM  Business Wire]
▶ HomeStreet Announces Impact of Tax Reform   [Jan-11-18 01:38PM  Business Wire]
▶ HomeStreet beats Street 3Q forecasts   [Oct-23-17 04:53PM  Associated Press]
▶ HomeStreet Bank Completes Purchase of El Cajon Branch   [Sep-18-17 09:15AM  Business Wire]
▶ HomeStreet, Inc. Names Mark Ruh as Chief Financial Officer   [Sep-12-17 04:01PM  Business Wire]
▶ Miss HomeStreet Hydroplane Wins 2017 Gold Cup in Detroit   [Aug-27-17 06:50PM  PR Newswire]
▶ HomeStreet misses Street 2Q forecasts   [Jul-24-17 10:36PM  Associated Press]
▶ HomeStreet Bank to Launch Zelle Person-to-Person Payments   [Jun-28-17 11:24AM  Business Wire]
▶ ETFs with exposure to HomeStreet, Inc. : June 9, 2017   [Jun-09-17 01:37PM  Capital Cube]
Financial statements of HMST
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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