Intrinsic value of Invesco Mortgage Capital - IVR

Previous Close

$17.53

  Intrinsic Value

$16.41

stock screener

  Rating & Target

hold

-6%

  Value-price divergence*

-8%

Previous close

$17.53

 
Intrinsic value

$16.41

 
Up/down potential

-6%

 
Rating

hold

 
Value-price divergence*

-8%

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

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

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

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 2.0

 

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
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  479
  511
  544
  579
  615
  653
  692
  733
  776
  820
  866
  915
  966
  1,018
  1,074
  1,132
  1,192
  1,256
  1,322
  1,391
  1,464
  1,540
  1,620
  1,704
  1,792
  1,884
  1,980
  2,081
  2,188
  2,299
  2,416
Variable operating expenses, $m
 
  261
  278
  296
  314
  334
  354
  375
  396
  419
  443
  468
  493
  520
  549
  578
  609
  642
  676
  711
  748
  787
  828
  871
  916
  963
  1,012
  1,064
  1,118
  1,175
  1,234
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
  261
  278
  296
  314
  334
  354
  375
  396
  419
  443
  468
  493
  520
  549
  578
  609
  642
  676
  711
  748
  787
  828
  871
  916
  963
  1,012
  1,064
  1,118
  1,175
  1,234
Operating income, $m
  280
  250
  266
  283
  301
  319
  338
  358
  379
  401
  424
  447
  472
  498
  525
  553
  583
  614
  646
  680
  716
  753
  792
  833
  876
  921
  968
  1,018
  1,070
  1,124
  1,181
EBITDA, $m
  280
  250
  266
  283
  301
  319
  338
  358
  379
  401
  424
  447
  472
  498
  525
  553
  583
  614
  646
  680
  716
  753
  792
  833
  876
  921
  968
  1,018
  1,070
  1,124
  1,181
Interest expense (income), $m
  147
  457
  485
  517
  551
  586
  622
  660
  699
  741
  784
  828
  875
  924
  975
  1,029
  1,085
  1,143
  1,205
  1,269
  1,336
  1,406
  1,480
  1,557
  1,638
  1,723
  1,812
  1,905
  2,003
  2,105
  2,213
Earnings before tax, $m
  258
  -207
  -219
  -234
  -250
  -266
  -284
  -302
  -320
  -340
  -360
  -381
  -403
  -426
  -450
  -475
  -502
  -529
  -558
  -588
  -620
  -653
  -687
  -724
  -762
  -802
  -843
  -887
  -933
  -981
  -1,032
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
  -207
  -219
  -234
  -250
  -266
  -284
  -302
  -320
  -340
  -360
  -381
  -403
  -426
  -450
  -475
  -502
  -529
  -558
  -588
  -620
  -653
  -687
  -724
  -762
  -802
  -843
  -887
  -933
  -981
  -1,032

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
  16,487
  17,563
  18,683
  19,849
  21,063
  22,328
  23,646
  25,020
  26,454
  27,951
  29,515
  31,148
  32,855
  34,639
  36,506
  38,459
  40,503
  42,643
  44,884
  47,232
  49,691
  52,268
  54,969
  57,800
  60,768
  63,881
  67,145
  70,569
  74,160
  77,927
Adjusted assets (=assets-cash), $m
  15,544
  16,487
  17,563
  18,683
  19,849
  21,063
  22,328
  23,646
  25,020
  26,454
  27,951
  29,515
  31,148
  32,855
  34,639
  36,506
  38,459
  40,503
  42,643
  44,884
  47,232
  49,691
  52,268
  54,969
  57,800
  60,768
  63,881
  67,145
  70,569
  74,160
  77,927
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
  256
  272
  290
  308
  326
  346
  367
  388
  410
  433
  457
  483
  509
  537
  566
  596
  628
  661
  696
  732
  770
  810
  852
  896
  942
  990
  1,041
  1,094
  1,149
  1,208
Total debt, $m
  13,208
  13,857
  14,778
  15,737
  16,735
  17,774
  18,856
  19,985
  21,161
  22,389
  23,670
  25,009
  26,407
  27,868
  29,395
  30,993
  32,665
  34,415
  36,247
  38,165
  40,174
  42,279
  44,485
  46,797
  49,221
  51,762
  54,426
  57,220
  60,151
  63,225
  66,450
Total liabilities, $m
  13,465
  14,113
  15,034
  15,993
  16,991
  18,030
  19,112
  20,241
  21,417
  22,645
  23,926
  25,265
  26,663
  28,124
  29,651
  31,249
  32,921
  34,671
  36,503
  38,421
  40,430
  42,535
  44,741
  47,053
  49,477
  52,018
  54,682
  57,476
  60,407
  63,481
  66,706
Total equity, $m
  2,242
  2,374
  2,529
  2,690
  2,858
  3,033
  3,215
  3,405
  3,603
  3,809
  4,025
  4,250
  4,485
  4,731
  4,988
  5,257
  5,538
  5,832
  6,141
  6,463
  6,801
  7,155
  7,527
  7,915
  8,323
  8,751
  9,199
  9,669
  10,162
  10,679
  11,222
Total liabilities and equity, $m
  15,707
  16,487
  17,563
  18,683
  19,849
  21,063
  22,327
  23,646
  25,020
  26,454
  27,951
  29,515
  31,148
  32,855
  34,639
  36,506
  38,459
  40,503
  42,644
  44,884
  47,231
  49,690
  52,268
  54,968
  57,800
  60,769
  63,881
  67,145
  70,569
  74,160
  77,928
Debt-to-equity ratio
  5.891
  5.840
  5.840
  5.850
  5.850
  5.860
  5.860
  5.870
  5.870
  5.880
  5.880
  5.880
  5.890
  5.890
  5.890
  5.900
  5.900
  5.900
  5.900
  5.900
  5.910
  5.910
  5.910
  5.910
  5.910
  5.920
  5.920
  5.920
  5.920
  5.920
  5.920
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
  -207
  -219
  -234
  -250
  -266
  -284
  -302
  -320
  -340
  -360
  -381
  -403
  -426
  -450
  -475
  -502
  -529
  -558
  -588
  -620
  -653
  -687
  -724
  -762
  -802
  -843
  -887
  -933
  -981
  -1,032
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
  -207
  -219
  -234
  -250
  -266
  -284
  -302
  -320
  -340
  -360
  -381
  -403
  -426
  -450
  -475
  -502
  -529
  -558
  -588
  -620
  -653
  -687
  -724
  -762
  -802
  -843
  -887
  -933
  -981
  -1,032
Change in working capital, $m
  1
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
Cash from operations, $m
  330
  -223
  -235
  -251
  -268
  -285
  -303
  -322
  -341
  -362
  -383
  -405
  -428
  -453
  -478
  -504
  -532
  -561
  -591
  -623
  -656
  -691
  -727
  -766
  -806
  -848
  -892
  -938
  -986
  -1,037
  -1,090
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
  -235
  -251
  -268
  -285
  -303
  -322
  -341
  -362
  -383
  -405
  -428
  -453
  -478
  -504
  -532
  -561
  -591
  -623
  -656
  -691
  -727
  -766
  -806
  -848
  -892
  -938
  -986
  -1,037
  -1,090
Issuance/(repayment) of debt, $m
  -967
  811
  922
  959
  998
  1,039
  1,082
  1,128
  1,177
  1,228
  1,281
  1,338
  1,398
  1,461
  1,528
  1,598
  1,672
  1,750
  1,832
  1,918
  2,009
  2,105
  2,206
  2,312
  2,424
  2,541
  2,664
  2,794
  2,931
  3,074
  3,225
Issuance/(repurchase) of shares, $m
  -25
  339
  374
  395
  418
  441
  466
  491
  518
  546
  575
  606
  638
  672
  707
  744
  783
  824
  866
  911
  958
  1,007
  1,059
  1,113
  1,169
  1,229
  1,291
  1,357
  1,426
  1,498
  1,574
Cash from financing (excl. dividends), $m  
  -966
  1,150
  1,296
  1,354
  1,416
  1,480
  1,548
  1,619
  1,695
  1,774
  1,856
  1,944
  2,036
  2,133
  2,235
  2,342
  2,455
  2,574
  2,698
  2,829
  2,967
  3,112
  3,265
  3,425
  3,593
  3,770
  3,955
  4,151
  4,357
  4,572
  4,799
Total cash flow (excl. dividends), $m
  313
  927
  1,060
  1,103
  1,148
  1,195
  1,245
  1,298
  1,353
  1,412
  1,474
  1,539
  1,608
  1,680
  1,757
  1,838
  1,923
  2,012
  2,107
  2,206
  2,311
  2,421
  2,537
  2,659
  2,787
  2,922
  3,064
  3,214
  3,371
  3,536
  3,709
Retained Cash Flow (-), $m
  -1
  -339
  -374
  -395
  -418
  -441
  -466
  -491
  -518
  -546
  -575
  -606
  -638
  -672
  -707
  -744
  -783
  -824
  -866
  -911
  -958
  -1,007
  -1,059
  -1,113
  -1,169
  -1,229
  -1,291
  -1,357
  -1,426
  -1,498
  -1,574
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
 
  588
  686
  707
  730
  754
  779
  806
  835
  866
  898
  933
  970
  1,009
  1,050
  1,094
  1,140
  1,189
  1,241
  1,295
  1,353
  1,414
  1,478
  1,546
  1,618
  1,693
  1,773
  1,857
  1,945
  2,037
  2,135
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
 
  518
  525
  465
  407
  351
  298
  250
  206
  167
  132
  103
  79
  59
  43
  31
  21
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  85.2
  72.2
  61.2
  52.0
  44.2
  37.6
  32.0
  27.2
  23.2
  19.8
  16.9
  14.4
  12.3
  10.5
  8.9
  7.6
  6.5
  5.6
  4.8
  4.1
  3.5
  3.0
  2.5
  2.2
  1.9
  1.6
  1.4
  1.2
  1.0
  0.9

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 7.7
Price to Sales 4.1
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 5.9
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 6.7% 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 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 111.565 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 $2.0 billion.

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COMPANY NEWS

▶ 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]
▶ Invesco Mortgage Stock Trades Ex-Dividend Thursday (IVR)   [Jun-23-16 04:30PM  at Investopedia]
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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