Intrinsic value of Jernigan Capital - JCAP

Previous Close

$18.31

  Intrinsic Value

$5.77

stock screener

  Rating & Target

str. sell

-68%

Previous close

$18.31

 
Intrinsic value

$5.77

 
Up/down potential

-68%

 
Rating

str. sell

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

We calculate the intrinsic value of JCAP 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, %
  250.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  7
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,065
  1,227
  1,401
  1,586
  1,784
  1,992
  2,211
  2,442
  2,683
  2,935
  3,197
  3,471
  3,755
  4,051
  4,359
Variable operating expenses, $m
 
  6
  9
  14
  20
  28
  38
  51
  67
  86
  109
  135
  165
  198
  236
  277
  323
  372
  424
  481
  540
  604
  670
  740
  813
  889
  969
  1,052
  1,138
  1,228
  1,321
Fixed operating expenses, $m
 
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
Total operating expenses, $m
  10
  14
  17
  23
  29
  37
  47
  60
  77
  96
  119
  145
  175
  209
  247
  288
  334
  384
  436
  493
  552
  617
  683
  753
  826
  903
  983
  1,066
  1,153
  1,243
  1,336
Operating income, $m
  -3
  5
  12
  22
  36
  54
  78
  107
  144
  187
  239
  299
  368
  446
  532
  627
  731
  844
  964
  1,094
  1,231
  1,376
  1,528
  1,689
  1,857
  2,032
  2,214
  2,405
  2,603
  2,809
  3,023
EBITDA, $m
  -3
  46
  75
  115
  171
  245
  340
  459
  606
  782
  990
  1,231
  1,508
  1,819
  2,166
  2,549
  2,966
  3,418
  3,904
  4,423
  4,974
  5,557
  6,170
  6,814
  7,487
  8,191
  8,925
  9,689
  10,485
  11,312
  12,171
Interest expense (income), $m
  0
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
Earnings before tax, $m
  16
  -8
  -1
  9
  23
  41
  64
  94
  130
  174
  226
  286
  355
  432
  519
  614
  718
  830
  951
  1,080
  1,218
  1,363
  1,515
  1,676
  1,843
  2,019
  2,201
  2,392
  2,590
  2,796
  3,010
Tax expense, $m
  0
  0
  0
  2
  6
  11
  17
  25
  35
  47
  61
  77
  96
  117
  140
  166
  194
  224
  257
  292
  329
  368
  409
  452
  498
  545
  594
  646
  699
  755
  813
Net income, $m
  16
  -8
  -1
  7
  17
  30
  47
  69
  95
  127
  165
  209
  259
  316
  379
  448
  524
  606
  694
  789
  889
  995
  1,106
  1,223
  1,346
  1,474
  1,607
  1,746
  1,890
  2,041
  2,197

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  67
  0
  0
  0
  0
  0
  0
  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
  193
  -14
  -22
  -32
  -47
  -66
  -91
  -122
  -161
  -207
  -261
  -324
  -397
  -478
  -569
  -669
  -778
  -896
  -1,023
  -1,159
  -1,303
  -1,455
  -1,615
  -1,784
  -1,960
  -2,144
  -2,336
  -2,535
  -2,743
  -2,959
  -3,184
Adjusted assets (=assets-cash), $m
  126
  -14
  -22
  -32
  -47
  -66
  -91
  -122
  -161
  -207
  -261
  -324
  -397
  -478
  -569
  -669
  -778
  -896
  -1,023
  -1,159
  -1,303
  -1,455
  -1,615
  -1,784
  -1,960
  -2,144
  -2,336
  -2,535
  -2,743
  -2,959
  -3,184
Revenue / Adjusted assets
  0.056
  -1.357
  -1.364
  -1.375
  -1.362
  -1.379
  -1.374
  -1.377
  -1.366
  -1.367
  -1.372
  -1.370
  -1.368
  -1.368
  -1.369
  -1.369
  -1.369
  -1.369
  -1.370
  -1.368
  -1.369
  -1.369
  -1.369
  -1.369
  -1.369
  -1.369
  -1.369
  -1.369
  -1.369
  -1.369
  -1.369
Average production assets, $m
  0
  403
  623
  931
  1,351
  1,906
  2,620
  3,517
  4,618
  5,943
  7,506
  9,321
  11,396
  13,736
  16,343
  19,216
  22,353
  25,749
  29,398
  33,294
  37,433
  41,808
  46,414
  51,249
  56,309
  61,595
  67,107
  72,847
  78,819
  85,029
  91,483
Working capital, $m
  0
  -14
  -21
  -32
  -47
  -66
  -90
  -121
  -159
  -205
  -259
  -321
  -393
  -473
  -563
  -662
  -770
  -887
  -1,013
  -1,147
  -1,289
  -1,440
  -1,599
  -1,765
  -1,940
  -2,122
  -2,312
  -2,509
  -2,715
  -2,929
  -3,151
Total debt, $m
  19
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
  243
Total liabilities, $m
  24
  0
  0
  0
  0
  0
  0
  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 equity, $m
  168
  -14
  -22
  -32
  -47
  -66
  -91
  -122
  -161
  -207
  -261
  -324
  -397
  -478
  -569
  -669
  -778
  -896
  -1,023
  -1,159
  -1,303
  -1,455
  -1,615
  -1,784
  -1,960
  -2,144
  -2,336
  -2,535
  -2,743
  -2,959
  -3,184
Total liabilities and equity, $m
  192
  -14
  -22
  -32
  -47
  -66
  -91
  -122
  -161
  -207
  -261
  -324
  -397
  -478
  -569
  -669
  -778
  -896
  -1,023
  -1,159
  -1,303
  -1,455
  -1,615
  -1,784
  -1,960
  -2,144
  -2,336
  -2,535
  -2,743
  -2,959
  -3,184
Debt-to-equity ratio
  0.113
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.802
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  -8
  -1
  7
  17
  30
  47
  69
  95
  127
  165
  209
  259
  316
  379
  448
  524
  606
  694
  789
  889
  995
  1,106
  1,223
  1,346
  1,474
  1,607
  1,746
  1,890
  2,041
  2,197
Depreciation, amort., depletion, $m
  0
  41
  63
  93
  135
  191
  262
  352
  462
  595
  751
  932
  1,140
  1,374
  1,634
  1,922
  2,235
  2,575
  2,940
  3,329
  3,743
  4,181
  4,641
  5,125
  5,631
  6,159
  6,711
  7,285
  7,882
  8,503
  9,148
Funds from operations, $m
  -9
  32
  61
  100
  152
  221
  309
  421
  557
  722
  916
  1,141
  1,399
  1,689
  2,013
  2,370
  2,759
  3,181
  3,634
  4,118
  4,632
  5,175
  5,748
  6,348
  6,977
  7,633
  8,318
  9,031
  9,772
  10,544
  11,345
Change in working capital, $m
  -4
  -5
  -8
  -11
  -14
  -19
  -25
  -31
  -38
  -46
  -54
  -63
  -71
  -81
  -90
  -99
  -108
  -117
  -126
  -134
  -143
  -151
  -159
  -167
  -174
  -182
  -190
  -198
  -206
  -214
  -222
Cash from operations, $m
  -5
  38
  69
  111
  166
  240
  334
  452
  595
  767
  970
  1,204
  1,470
  1,770
  2,103
  2,469
  2,867
  3,298
  3,760
  4,252
  4,775
  5,326
  5,906
  6,515
  7,151
  7,815
  8,508
  9,228
  9,978
  10,758
  11,568
Maintenance CAPEX, $m
  0
  -26
  -40
  -62
  -93
  -135
  -191
  -262
  -352
  -462
  -594
  -751
  -932
  -1,140
  -1,374
  -1,634
  -1,922
  -2,235
  -2,575
  -2,940
  -3,329
  -3,743
  -4,181
  -4,641
  -5,125
  -5,631
  -6,159
  -6,711
  -7,285
  -7,882
  -8,503
New CAPEX, $m
  0
  -147
  -220
  -308
  -420
  -555
  -714
  -897
  -1,101
  -1,324
  -1,563
  -1,815
  -2,075
  -2,340
  -2,607
  -2,873
  -3,137
  -3,396
  -3,649
  -3,897
  -4,138
  -4,375
  -4,606
  -4,835
  -5,061
  -5,286
  -5,512
  -5,740
  -5,972
  -6,210
  -6,454
Cash from investing activities, $m
  -39
  -173
  -260
  -370
  -513
  -690
  -905
  -1,159
  -1,453
  -1,786
  -2,157
  -2,566
  -3,007
  -3,480
  -3,981
  -4,507
  -5,059
  -5,631
  -6,224
  -6,837
  -7,467
  -8,118
  -8,787
  -9,476
  -10,186
  -10,917
  -11,671
  -12,451
  -13,257
  -14,092
  -14,957
Free cash flow, $m
  -44
  -135
  -191
  -260
  -347
  -450
  -571
  -707
  -858
  -1,019
  -1,188
  -1,362
  -1,537
  -1,710
  -1,878
  -2,039
  -2,191
  -2,333
  -2,464
  -2,584
  -2,693
  -2,792
  -2,881
  -2,961
  -3,035
  -3,102
  -3,164
  -3,222
  -3,279
  -3,334
  -3,389
Issuance/(repayment) of debt, $m
  -5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  63
  -5
  -8
  -11
  -15
  -19
  -25
  -31
  -38
  -46
  -54
  -63
  -72
  -81
  -91
  -100
  -109
  -118
  -127
  -136
  -144
  -152
  -160
  -168
  -176
  -184
  -192
  -200
  -208
  -216
  -225
Cash from financing (excl. dividends), $m  
  75
  -5
  -8
  -11
  -15
  -19
  -25
  -31
  -38
  -46
  -54
  -63
  -72
  -81
  -91
  -100
  -109
  -118
  -127
  -136
  -144
  -152
  -160
  -168
  -176
  -184
  -192
  -200
  -208
  -216
  -225
Total cash flow (excl. dividends), $m
  32
  -140
  -199
  -271
  -361
  -470
  -596
  -739
  -896
  -1,065
  -1,242
  -1,425
  -1,609
  -1,791
  -1,969
  -2,139
  -2,300
  -2,451
  -2,591
  -2,720
  -2,837
  -2,944
  -3,041
  -3,130
  -3,211
  -3,286
  -3,356
  -3,422
  -3,487
  -3,550
  -3,614
Retained Cash Flow (-), $m
  -67
  -3
  7
  11
  15
  19
  25
  31
  38
  46
  54
  63
  72
  81
  91
  100
  109
  118
  127
  136
  144
  152
  160
  168
  176
  184
  192
  200
  208
  216
  225
Prev. year cash balance distribution, $m
 
  9
  0
  0
  0
  0
  0
  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
 
  -3
  7
  11
  15
  19
  25
  31
  38
  46
  54
  63
  72
  81
  91
  100
  109
  118
  127
  136
  144
  152
  160
  168
  176
  184
  192
  200
  208
  216
  225
Discount rate, %
 
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
 
  -3
  5
  7
  7
  8
  8
  8
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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

Jernigan Capital, Inc. is a commercial real estate finance company. The Company provides capital to private developers, owners and operators of self-storage facilities. It intends to generate long-term returns on development property investments through a fixed rate of interest on its invested capital together with an interest in the positive cash flows of the self-storage development from operations, sales and/or refinancings. It generates cash flows from construction loans and operating property loans in the form of a fixed interest rate and origination fees. It originates various loans, such as bridge loans and credit lines. It has development property investments in Orlando, Atlanta, Tampa, Chicago and Miami. Its operating property loans are located in New Orleans, Newark, Nashville, Sacramento and Chicago. The Company conducts its investment activities through Jernigan Capital Operating Company, LLC. The Company is externally managed and advised by JCap Advisors, LLC.

FINANCIAL RATIOS  of  Jernigan Capital (JCAP)

Valuation Ratios
P/E Ratio 10.3
Price to Sales 23.4
Price to Book 1
Price to Tangible Book
Price to Cash Flow -32.8
Price to Free Cash Flow -32.8
Growth Rates
Sales Growth Rate 250%
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 NaN
Current Ratio NaN
LT Debt to Equity 11.3%
Total Debt to Equity 11.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.7%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.7%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 0
Profitability Ratios
Gross Margin 71.4%
Gross Margin - 3 Yr. Avg. 23.8%
EBITDA Margin 228.6%
EBITDA Margin - 3 Yr. Avg. 26.2%
Operating Margin -42.9%
Oper. Margin - 3 Yr. Avg. -81%
Pre-Tax Margin 228.6%
Pre-Tax Margin - 3 Yr. Avg. 26.2%
Net Profit Margin 228.6%
Net Profit Margin - 3 Yr. Avg. 26.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 50%

JCAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JCAP stock intrinsic value calculation we used $12 million for the last fiscal year's total revenue generated by Jernigan Capital. The default revenue input number comes from 2016 income statement of Jernigan 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 JCAP stock valuation model: a) initial revenue growth rate of 60% 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 15.8%, whose default value for JCAP is calculated based on our internal credit rating of Jernigan 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 Jernigan 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 JCAP stock the variable cost ratio is equal to 32.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for JCAP 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 Jernigan Capital.

Corporate tax rate of 27% is the nominal tax rate for Jernigan 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 JCAP stock is equal to 10.6%.

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 JCAP are equal to 2098.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Jernigan 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 JCAP is equal to -72.3%. 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 Jernigan 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 14 million for Jernigan 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 Jernigan Capital at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Is Jernigan Capital Inc (NYSE:JCAP) Undervalued?   [Jun-25-18 12:19PM  Simply Wall St.]
▶ 7 REITs Yielding Over 7%   [May-04-18 09:00AM  Forbes]
▶ Jernigan Capital: 1Q Earnings Snapshot   [May-03-18 05:06AM  Associated Press]
▶ 3 Great REITs to Buy Right Now   [Apr-23-18 02:50PM  InvestorPlace]
▶ Jernigan hires exec who has an 'amazing Rolodex'   [Mar-09-18 12:55PM  American City Business Journals]
▶ Memphis company details $83M Miami investment   [Mar-05-18 10:55AM  American City Business Journals]
▶ Jernigan Capital tops 4Q profit forecasts   [Feb-28-18 07:05PM  Associated Press]
▶ Jernigan follows development cycle with $8M outlay   [Feb-06-18 12:50PM  American City Business Journals]
▶ Memphis public company surpasses $400M goal, closes record year   [Dec-29-17 12:36PM  American City Business Journals]
▶ Jernigan Capital Completes Record Investment Year   [Dec-28-17 05:57PM  Business Wire]
▶ Memphis company closes New Jersey deal, surpasses $380M for year   [Dec-18-17 11:05AM  American City Business Journals]
▶ Jernigan Capital Closes $20.1 Million Investment in Miami   [Nov-16-17 06:01PM  Business Wire]
▶ Jernigan Capital Announces Dividend for Fourth Quarter 2017   [Nov-03-17 04:15PM  Business Wire]
▶ Jernigan Capital beats 3Q profit forecasts   [Nov-02-17 05:49AM  Associated Press]
▶ Memphis company closes $10 million investment in Louisville   [Oct-02-17 05:06PM  American City Business Journals]
▶ Jernigan Capital tops 2Q profit forecasts   [01:57AM  Associated Press]
▶ Jernigan Capital Announces Dividend for Third Quarter 2017   [Aug-02-17 04:45PM  Business Wire]
▶ Jernigan Capital, Inc. Closes New Credit Facility   [Jul-25-17 04:15PM  Business Wire]
▶ Memphis company announces $27M deal in Manhattan   [Jul-17-17 10:55AM  American City Business Journals]
▶ New Strong Sell Stocks for July 5th   [Jul-05-17 08:51AM  Zacks]
▶ 3 Small Cap REITs Poised To Profit   [Jun-26-17 07:00AM  Forbes]
▶ Jernigan expands in Florida with another multimillion-dollar deal   [Jun-13-17 12:50PM  American City Business Journals]
▶ Memphis company continues 'record-setting' year with $9M commitment   [May-23-17 04:10PM  American City Business Journals]
▶ Batter Up! The Commercial Mortgage REITs   [May-08-17 07:00AM  Forbes]
▶ Jernigan Capital tops 1Q profit forecasts   [May-03-17 06:47PM  Associated Press]
▶ Jernigan Capital set to have 'record' year   [03:40PM  American City Business Journals]
▶ Jernigan Capital beats Street 4Q forecasts   [Mar-01-17 06:02PM  Associated Press]
Financial statements of JCAP
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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