Intrinsic value of Invesco Mortgage Capital - IVR

Previous Close

$16.35

  Intrinsic Value

$44.50

stock screener

  Rating & Target

str. buy

+172%

Previous close

$16.35

 
Intrinsic value

$44.50

 
Up/down potential

+172%

 
Rating

str. buy

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

We calculate the intrinsic value of IVR 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, %
  -26.31
  18.60
  17.24
  16.02
  14.91
  13.92
  13.03
  12.23
  11.50
  10.85
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
Revenue, $m
  479
  568
  666
  773
  888
  1,012
  1,143
  1,283
  1,431
  1,586
  1,749
  1,919
  2,097
  2,283
  2,476
  2,677
  2,885
  3,102
  3,328
  3,562
  3,806
  4,059
  4,322
  4,596
  4,881
  5,178
  5,488
  5,811
  6,147
  6,498
  6,865
Variable operating expenses, $m
 
  290
  340
  395
  454
  517
  584
  656
  731
  811
  894
  981
  1,072
  1,166
  1,265
  1,368
  1,474
  1,585
  1,701
  1,820
  1,945
  2,074
  2,209
  2,349
  2,494
  2,646
  2,804
  2,969
  3,141
  3,321
  3,508
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
  199
  290
  340
  395
  454
  517
  584
  656
  731
  811
  894
  981
  1,072
  1,166
  1,265
  1,368
  1,474
  1,585
  1,701
  1,820
  1,945
  2,074
  2,209
  2,349
  2,494
  2,646
  2,804
  2,969
  3,141
  3,321
  3,508
Operating income, $m
  280
  278
  326
  378
  434
  495
  559
  627
  700
  776
  855
  939
  1,026
  1,116
  1,211
  1,309
  1,411
  1,517
  1,627
  1,742
  1,861
  1,985
  2,114
  2,248
  2,387
  2,532
  2,684
  2,841
  3,006
  3,178
  3,357
EBITDA, $m
  280
  278
  326
  378
  434
  495
  559
  627
  700
  776
  855
  939
  1,026
  1,116
  1,211
  1,309
  1,411
  1,517
  1,627
  1,742
  1,861
  1,985
  2,114
  2,248
  2,387
  2,532
  2,684
  2,841
  3,006
  3,178
  3,357
Interest expense (income), $m
  147
  457
  540
  635
  738
  849
  969
  1,096
  1,231
  1,374
  1,524
  1,681
  1,846
  2,018
  2,197
  2,384
  2,578
  2,780
  2,989
  3,207
  3,434
  3,669
  3,914
  4,168
  4,433
  4,709
  4,996
  5,295
  5,607
  5,932
  6,271
Earnings before tax, $m
  258
  -179
  -214
  -257
  -304
  -355
  -410
  -469
  -532
  -598
  -669
  -743
  -820
  -902
  -987
  -1,075
  -1,167
  -1,263
  -1,362
  -1,465
  -1,573
  -1,684
  -1,800
  -1,921
  -2,046
  -2,176
  -2,312
  -2,454
  -2,601
  -2,754
  -2,914
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
  254
  -179
  -214
  -257
  -304
  -355
  -410
  -469
  -532
  -598
  -669
  -743
  -820
  -902
  -987
  -1,075
  -1,167
  -1,263
  -1,362
  -1,465
  -1,573
  -1,684
  -1,800
  -1,921
  -2,046
  -2,176
  -2,312
  -2,454
  -2,601
  -2,754
  -2,914

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  162
  0
  0
  0
  0
  0
  0
  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
  15,706
  18,326
  21,485
  24,926
  28,644
  32,632
  36,884
  41,394
  46,156
  51,166
  56,420
  61,917
  67,655
  73,636
  79,864
  86,342
  93,076
  100,076
  107,349
  114,908
  122,764
  130,933
  139,428
  148,266
  157,467
  167,048
  177,032
  187,439
  198,293
  209,619
  221,443
Adjusted assets (=assets-cash), $m
  15,544
  18,326
  21,485
  24,926
  28,644
  32,632
  36,884
  41,394
  46,156
  51,166
  56,420
  61,917
  67,655
  73,636
  79,864
  86,342
  93,076
  100,076
  107,349
  114,908
  122,764
  130,933
  139,428
  148,266
  157,467
  167,048
  177,032
  187,439
  198,293
  209,619
  221,443
Revenue / Adjusted assets
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
  0.031
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
  284
  333
  386
  444
  506
  572
  642
  715
  793
  875
  960
  1,049
  1,141
  1,238
  1,338
  1,443
  1,551
  1,664
  1,781
  1,903
  2,029
  2,161
  2,298
  2,441
  2,589
  2,744
  2,905
  3,074
  3,249
  3,432
Total debt, $m
  13,208
  15,431
  18,135
  21,081
  24,263
  27,677
  31,316
  35,177
  39,253
  43,542
  48,040
  52,745
  57,657
  62,777
  68,107
  73,652
  79,417
  85,409
  91,635
  98,105
  104,830
  111,822
  119,094
  126,660
  134,536
  142,737
  151,283
  160,192
  169,483
  179,178
  189,299
Total liabilities, $m
  13,465
  15,687
  18,391
  21,337
  24,519
  27,933
  31,572
  35,433
  39,509
  43,798
  48,296
  53,001
  57,913
  63,033
  68,363
  73,908
  79,673
  85,665
  91,891
  98,361
  105,086
  112,078
  119,350
  126,916
  134,792
  142,993
  151,539
  160,448
  169,739
  179,434
  189,555
Total equity, $m
  2,242
  2,639
  3,094
  3,589
  4,125
  4,699
  5,311
  5,961
  6,646
  7,368
  8,124
  8,916
  9,742
  10,604
  11,500
  12,433
  13,403
  14,411
  15,458
  16,547
  17,678
  18,854
  20,078
  21,350
  22,675
  24,055
  25,493
  26,991
  28,554
  30,185
  31,888
Total liabilities and equity, $m
  15,707
  18,326
  21,485
  24,926
  28,644
  32,632
  36,883
  41,394
  46,155
  51,166
  56,420
  61,917
  67,655
  73,637
  79,863
  86,341
  93,076
  100,076
  107,349
  114,908
  122,764
  130,932
  139,428
  148,266
  157,467
  167,048
  177,032
  187,439
  198,293
  209,619
  221,443
Debt-to-equity ratio
  5.891
  5.850
  5.860
  5.870
  5.880
  5.890
  5.900
  5.900
  5.910
  5.910
  5.910
  5.920
  5.920
  5.920
  5.920
  5.920
  5.930
  5.930
  5.930
  5.930
  5.930
  5.930
  5.930
  5.930
  5.930
  5.930
  5.930
  5.930
  5.940
  5.940
  5.940
Adjusted equity ratio
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  254
  -179
  -214
  -257
  -304
  -355
  -410
  -469
  -532
  -598
  -669
  -743
  -820
  -902
  -987
  -1,075
  -1,167
  -1,263
  -1,362
  -1,465
  -1,573
  -1,684
  -1,800
  -1,921
  -2,046
  -2,176
  -2,312
  -2,454
  -2,601
  -2,754
  -2,914
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
  331
  -179
  -214
  -257
  -304
  -355
  -410
  -469
  -532
  -598
  -669
  -743
  -820
  -902
  -987
  -1,075
  -1,167
  -1,263
  -1,362
  -1,465
  -1,573
  -1,684
  -1,800
  -1,921
  -2,046
  -2,176
  -2,312
  -2,454
  -2,601
  -2,754
  -2,914
Change in working capital, $m
  1
  45
  49
  53
  58
  62
  66
  70
  74
  78
  81
  85
  89
  93
  97
  100
  104
  108
  113
  117
  122
  127
  132
  137
  143
  149
  155
  161
  168
  176
  183
Cash from operations, $m
  330
  -223
  -263
  -310
  -361
  -416
  -475
  -538
  -605
  -676
  -750
  -828
  -909
  -994
  -1,083
  -1,175
  -1,271
  -1,371
  -1,475
  -1,582
  -1,694
  -1,811
  -1,932
  -2,058
  -2,189
  -2,325
  -2,467
  -2,615
  -2,769
  -2,930
  -3,098
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
  949
  0
  0
  0
  0
  0
  0
  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
  1,279
  -223
  -263
  -310
  -361
  -416
  -475
  -538
  -605
  -676
  -750
  -828
  -909
  -994
  -1,083
  -1,175
  -1,271
  -1,371
  -1,475
  -1,582
  -1,694
  -1,811
  -1,932
  -2,058
  -2,189
  -2,325
  -2,467
  -2,615
  -2,769
  -2,930
  -3,098
Issuance/(repayment) of debt, $m
  -967
  2,385
  2,704
  2,946
  3,182
  3,414
  3,640
  3,861
  4,077
  4,288
  4,498
  4,705
  4,912
  5,120
  5,331
  5,545
  5,765
  5,992
  6,226
  6,470
  6,725
  6,992
  7,272
  7,566
  7,876
  8,202
  8,546
  8,909
  9,291
  9,695
  10,121
Issuance/(repurchase) of shares, $m
  -25
  576
  669
  752
  839
  929
  1,022
  1,118
  1,217
  1,320
  1,425
  1,534
  1,647
  1,763
  1,883
  2,008
  2,137
  2,270
  2,409
  2,554
  2,704
  2,860
  3,023
  3,193
  3,371
  3,556
  3,750
  3,952
  4,164
  4,385
  4,617
Cash from financing (excl. dividends), $m  
  -966
  2,961
  3,373
  3,698
  4,021
  4,343
  4,662
  4,979
  5,294
  5,608
  5,923
  6,239
  6,559
  6,883
  7,214
  7,553
  7,902
  8,262
  8,635
  9,024
  9,429
  9,852
  10,295
  10,759
  11,247
  11,758
  12,296
  12,861
  13,455
  14,080
  14,738
Total cash flow (excl. dividends), $m
  313
  2,737
  3,110
  3,388
  3,660
  3,926
  4,186
  4,440
  4,688
  4,932
  5,173
  5,411
  5,649
  5,889
  6,131
  6,378
  6,630
  6,891
  7,161
  7,442
  7,735
  8,041
  8,363
  8,702
  9,058
  9,433
  9,829
  10,246
  10,686
  11,150
  11,640
Retained Cash Flow (-), $m
  -1
  -576
  -669
  -752
  -839
  -929
  -1,022
  -1,118
  -1,217
  -1,320
  -1,425
  -1,534
  -1,647
  -1,763
  -1,883
  -2,008
  -2,137
  -2,270
  -2,409
  -2,554
  -2,704
  -2,860
  -3,023
  -3,193
  -3,371
  -3,556
  -3,750
  -3,952
  -4,164
  -4,385
  -4,617
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
 
  2,161
  2,441
  2,635
  2,821
  2,997
  3,164
  3,322
  3,471
  3,613
  3,747
  3,877
  4,003
  4,126
  4,248
  4,370
  4,494
  4,620
  4,751
  4,888
  5,031
  5,181
  5,340
  5,508
  5,687
  5,877
  6,079
  6,294
  6,522
  6,765
  7,023
Discount rate, %
 
  13.60
  14.28
  14.99
  15.74
  16.53
  17.36
  18.23
  19.14
  20.09
  21.10
  22.15
  23.26
  24.42
  25.64
  26.93
  28.27
  29.69
  31.17
  32.73
  34.37
  36.08
  37.89
  39.78
  41.77
  43.86
  46.05
  48.36
  50.78
  53.31
  55.98
PV of cash for distribution, $m
 
  1,903
  1,869
  1,733
  1,572
  1,395
  1,211
  1,029
  855
  695
  553
  429
  325
  241
  174
  122
  84
  56
  36
  23
  14
  8
  5
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.2
  58.2
  44.9
  35.0
  27.5
  21.7
  17.3
  13.9
  11.2
  9.0
  7.3
  6.0
  4.9
  4.0
  3.3
  2.8
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.8
  0.6
  0.5
  0.5
  0.4
  0.3
  0.3
  0.2

Invesco Mortgage Capital Inc. is a holding company, which conducts its businesses through IAS Operating Partnership LP (the Operating Partnership) and subsidiaries. The Company's objective is to provide risk-adjusted returns to its investors through dividends and through capital appreciation. It invests in residential mortgage-backed securities that are guaranteed by the United States Government agency, such as the Government National Mortgage Association or a federally chartered corporation, such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation (collectively Agency RMBS); RMBS that are not guaranteed by the United States Government agency; Credit risk transfer securities that are unsecured obligations issued by government-sponsored enterprises; commercial mortgage-backed securities; residential and commercial mortgage loans, and other real estate-related financing arrangements. It is externally managed and advised by Invesco Advisers, Inc.

FINANCIAL RATIOS  of  Invesco Mortgage Capital (IVR)

Valuation Ratios
P/E Ratio 7.2
Price to Sales 3.8
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 5.5
Growth Rates
Sales Growth Rate -26.3%
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 91.3%
Total Debt to Equity 589.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 11.3%
Return On Equity - 3 Yr. Avg. 2.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 55%
EBITDA Margin 84.6%
EBITDA Margin - 3 Yr. Avg. 43.6%
Operating Margin 58.5%
Oper. Margin - 3 Yr. Avg. 52.9%
Pre-Tax Margin 53.9%
Pre-Tax Margin - 3 Yr. Avg. 13.2%
Net Profit Margin 53%
Net Profit Margin - 3 Yr. Avg. 13%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 80.3%

IVR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IVR stock intrinsic value calculation we used $479 million for the last fiscal year's total revenue generated by Invesco Mortgage Capital. The default revenue input number comes from 2016 income statement of Invesco Mortgage Capital. 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 IVR stock valuation model: a) initial revenue growth rate of 18.6% 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 13.6%, whose default value for IVR is calculated based on our internal credit rating of Invesco Mortgage Capital, 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 Invesco Mortgage Capital.
    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 IVR stock the variable cost ratio is equal to 51.1%.

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 IVR 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 Invesco Mortgage Capital.

Corporate tax rate of 27% is the nominal tax rate for Invesco Mortgage Capital. 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 IVR 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 IVR are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Invesco Mortgage Capital 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 IVR 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 - $2242 million for Invesco Mortgage Capital - 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 112.731 million for Invesco Mortgage Capital 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 Invesco Mortgage Capital at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Stocks Showing Improved Relative Strength: Invesco Mortgage Capital   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ Invesco Mortgage Capital Inc. to Host Earnings Call   [Nov-07-17 07:10AM  ACCESSWIRE]
▶ Invesco Mortgage Capital posts 3Q profit   [Nov-06-17 05:29PM  Associated Press]
▶ Invesco Mortgage Capital Increases Dividend   [Sep-20-17 06:05PM  GuruFocus.com]
▶ Invesco Mortgage Capital posts 2Q profit   [12:01AM  Associated Press]
▶ Invesco Mortgage Capital posts 1Q profit   [May-04-17 07:29PM  Associated Press]
▶ Income-REIT New Residential Investment Looks Worth It   [Apr-12-17 04:43PM  TheStreet.com]
▶ Invesco Mortgage Capital posts 4Q profit   [Feb-21-17 06:18PM  Associated Press]
▶ What This Metric Says about Invesco Mortgage Capital Inc (IVR)?   [Dec-10-16 05:41PM  at Insider Monkey]
▶ Mortgage REITs Look Better as Yield Curve Steepens: 5 Picks   [Nov-28-16 05:30PM  at Barrons.com]
Financial statements of IVR
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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