Intrinsic value of Ladder Capital Cl A - LADR

Previous Close

$13.69

  Intrinsic Value

$65.65

stock screener

  Rating & Target

str. buy

+380%

Previous close

$13.69

 
Intrinsic value

$65.65

 
Up/down potential

+380%

 
Rating

str. buy

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

We calculate the intrinsic value of LADR 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 1.5

 

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, %
  -10.86
  29.40
  26.96
  24.76
  22.79
  21.01
  19.41
  17.97
  16.67
  15.50
  14.45
  13.51
  12.66
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  394
  510
  647
  808
  992
  1,200
  1,433
  1,690
  1,972
  2,278
  2,607
  2,959
  3,334
  3,730
  4,148
  4,587
  5,047
  5,527
  6,028
  6,551
  7,094
  7,659
  8,247
  8,857
  9,491
  10,151
  10,836
  11,549
  12,290
  13,062
  13,865
Variable operating expenses, $m
 
  86
  109
  136
  167
  202
  241
  284
  331
  383
  438
  497
  560
  627
  697
  771
  848
  929
  1,013
  1,100
  1,192
  1,287
  1,385
  1,488
  1,595
  1,705
  1,820
  1,940
  2,065
  2,194
  2,329
Fixed operating expenses, $m
 
  218
  224
  229
  235
  241
  247
  253
  260
  266
  273
  279
  286
  294
  301
  308
  316
  324
  332
  341
  349
  358
  367
  376
  385
  395
  405
  415
  425
  436
  447
Total operating expenses, $m
  274
  304
  333
  365
  402
  443
  488
  537
  591
  649
  711
  776
  846
  921
  998
  1,079
  1,164
  1,253
  1,345
  1,441
  1,541
  1,645
  1,752
  1,864
  1,980
  2,100
  2,225
  2,355
  2,490
  2,630
  2,776
Operating income, $m
  120
  206
  315
  443
  590
  757
  945
  1,153
  1,381
  1,629
  1,896
  2,183
  2,487
  2,810
  3,150
  3,508
  3,883
  4,274
  4,683
  5,110
  5,553
  6,015
  6,494
  6,993
  7,512
  8,051
  8,611
  9,194
  9,800
  10,431
  11,089
EBITDA, $m
  159
  256
  379
  523
  688
  876
  1,087
  1,321
  1,577
  1,855
  2,155
  2,476
  2,818
  3,180
  3,562
  3,963
  4,383
  4,823
  5,281
  5,759
  6,257
  6,774
  7,313
  7,872
  8,453
  9,058
  9,686
  10,339
  11,019
  11,727
  12,464
Interest expense (income), $m
  115
  138
  186
  243
  308
  384
  469
  565
  671
  787
  912
  1,047
  1,192
  1,346
  1,508
  1,680
  1,860
  2,049
  2,246
  2,452
  2,667
  2,890
  3,122
  3,363
  3,614
  3,874
  4,145
  4,426
  4,719
  5,023
  5,340
Earnings before tax, $m
  120
  68
  129
  200
  282
  373
  476
  588
  710
  843
  984
  1,135
  1,295
  1,464
  1,642
  1,828
  2,022
  2,225
  2,437
  2,657
  2,887
  3,125
  3,373
  3,630
  3,898
  4,176
  4,466
  4,767
  5,081
  5,408
  5,748
Tax expense, $m
  6
  18
  35
  54
  76
  101
  128
  159
  192
  227
  266
  307
  350
  395
  443
  493
  546
  601
  658
  717
  779
  844
  911
  980
  1,052
  1,128
  1,206
  1,287
  1,372
  1,460
  1,552
Net income, $m
  67
  50
  94
  146
  206
  273
  347
  429
  519
  615
  719
  829
  946
  1,069
  1,198
  1,334
  1,476
  1,625
  1,779
  1,940
  2,107
  2,281
  2,462
  2,650
  2,845
  3,049
  3,260
  3,480
  3,709
  3,948
  4,196

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  45
  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
  5,578
  7,181
  9,117
  11,374
  13,966
  16,901
  20,181
  23,806
  27,775
  32,081
  36,718
  41,678
  46,953
  52,536
  58,421
  64,603
  71,079
  77,847
  84,907
  92,262
  99,916
  107,875
  116,149
  124,748
  133,683
  142,969
  152,622
  162,659
  173,100
  183,965
  195,278
Adjusted assets (=assets-cash), $m
  5,533
  7,181
  9,117
  11,374
  13,966
  16,901
  20,181
  23,806
  27,775
  32,081
  36,718
  41,678
  46,953
  52,536
  58,421
  64,603
  71,079
  77,847
  84,907
  92,262
  99,916
  107,875
  116,149
  124,748
  133,683
  142,969
  152,622
  162,659
  173,100
  183,965
  195,278
Revenue / Adjusted assets
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
  0.071
Average production assets, $m
  829
  1,072
  1,361
  1,698
  2,085
  2,523
  3,013
  3,555
  4,147
  4,790
  5,482
  6,223
  7,011
  7,844
  8,723
  9,646
  10,613
  11,624
  12,678
  13,776
  14,919
  16,107
  17,343
  18,626
  19,961
  21,347
  22,788
  24,287
  25,846
  27,468
  29,157
Working capital, $m
  0
  -58
  -74
  -92
  -113
  -137
  -163
  -193
  -225
  -260
  -297
  -337
  -380
  -425
  -473
  -523
  -575
  -630
  -687
  -747
  -809
  -873
  -940
  -1,010
  -1,082
  -1,157
  -1,235
  -1,317
  -1,401
  -1,489
  -1,581
Total debt, $m
  3,942
  5,317
  6,929
  8,810
  10,969
  13,413
  16,145
  19,166
  22,472
  26,059
  29,921
  34,052
  38,447
  43,098
  48,000
  53,150
  58,544
  64,181
  70,062
  76,189
  82,565
  89,195
  96,087
  103,250
  110,693
  118,428
  126,469
  134,830
  143,527
  152,578
  162,001
Total liabilities, $m
  4,607
  5,982
  7,594
  9,475
  11,634
  14,078
  16,810
  19,831
  23,137
  26,724
  30,586
  34,717
  39,112
  43,763
  48,665
  53,815
  59,209
  64,846
  70,727
  76,854
  83,230
  89,860
  96,752
  103,915
  111,358
  119,093
  127,134
  135,495
  144,192
  153,243
  162,666
Total equity, $m
  971
  1,199
  1,522
  1,900
  2,332
  2,822
  3,370
  3,976
  4,638
  5,358
  6,132
  6,960
  7,841
  8,774
  9,756
  10,789
  11,870
  13,000
  14,179
  15,408
  16,686
  18,015
  19,397
  20,833
  22,325
  23,876
  25,488
  27,164
  28,908
  30,722
  32,611
Total liabilities and equity, $m
  5,578
  7,181
  9,116
  11,375
  13,966
  16,900
  20,180
  23,807
  27,775
  32,082
  36,718
  41,677
  46,953
  52,537
  58,421
  64,604
  71,079
  77,846
  84,906
  92,262
  99,916
  107,875
  116,149
  124,748
  133,683
  142,969
  152,622
  162,659
  173,100
  183,965
  195,277
Debt-to-equity ratio
  4.060
  4.430
  4.550
  4.640
  4.700
  4.750
  4.790
  4.820
  4.840
  4.860
  4.880
  4.890
  4.900
  4.910
  4.920
  4.930
  4.930
  4.940
  4.940
  4.940
  4.950
  4.950
  4.950
  4.960
  4.960
  4.960
  4.960
  4.960
  4.970
  4.970
  4.970
Adjusted equity ratio
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  67
  50
  94
  146
  206
  273
  347
  429
  519
  615
  719
  829
  946
  1,069
  1,198
  1,334
  1,476
  1,625
  1,779
  1,940
  2,107
  2,281
  2,462
  2,650
  2,845
  3,049
  3,260
  3,480
  3,709
  3,948
  4,196
Depreciation, amort., depletion, $m
  39
  51
  64
  80
  98
  119
  142
  168
  196
  226
  259
  294
  331
  370
  411
  455
  501
  548
  598
  650
  704
  760
  818
  879
  942
  1,007
  1,075
  1,146
  1,219
  1,296
  1,375
Funds from operations, $m
  396
  100
  158
  226
  304
  392
  489
  597
  714
  841
  977
  1,122
  1,276
  1,439
  1,610
  1,789
  1,977
  2,173
  2,377
  2,590
  2,811
  3,041
  3,280
  3,529
  3,787
  4,056
  4,335
  4,626
  4,928
  5,243
  5,572
Change in working capital, $m
  -13
  -13
  -16
  -18
  -21
  -24
  -27
  -29
  -32
  -35
  -38
  -40
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
Cash from operations, $m
  409
  113
  174
  244
  325
  415
  516
  626
  746
  876
  1,015
  1,162
  1,319
  1,484
  1,658
  1,839
  2,029
  2,228
  2,434
  2,649
  2,873
  3,105
  3,347
  3,598
  3,859
  4,131
  4,413
  4,707
  5,013
  5,331
  5,663
Maintenance CAPEX, $m
  0
  -39
  -51
  -64
  -80
  -98
  -119
  -142
  -168
  -196
  -226
  -259
  -294
  -331
  -370
  -411
  -455
  -501
  -548
  -598
  -650
  -704
  -760
  -818
  -879
  -942
  -1,007
  -1,075
  -1,146
  -1,219
  -1,296
New CAPEX, $m
  -1,040
  -244
  -289
  -337
  -387
  -438
  -490
  -541
  -593
  -643
  -692
  -741
  -788
  -834
  -879
  -923
  -967
  -1,011
  -1,054
  -1,098
  -1,143
  -1,188
  -1,235
  -1,284
  -1,334
  -1,387
  -1,441
  -1,499
  -1,559
  -1,622
  -1,689
Cash from investing activities, $m
  -25
  -283
  -340
  -401
  -467
  -536
  -609
  -683
  -761
  -839
  -918
  -1,000
  -1,082
  -1,165
  -1,249
  -1,334
  -1,422
  -1,512
  -1,602
  -1,696
  -1,793
  -1,892
  -1,995
  -2,102
  -2,213
  -2,329
  -2,448
  -2,574
  -2,705
  -2,841
  -2,985
Free cash flow, $m
  384
  -169
  -166
  -157
  -142
  -121
  -93
  -57
  -14
  37
  96
  163
  238
  320
  409
  505
  607
  716
  832
  953
  1,080
  1,213
  1,352
  1,496
  1,647
  1,803
  1,965
  2,133
  2,308
  2,490
  2,678
Issuance/(repayment) of debt, $m
  -329
  1,375
  1,613
  1,881
  2,159
  2,444
  2,732
  3,020
  3,306
  3,587
  3,862
  4,131
  4,394
  4,651
  4,902
  5,150
  5,394
  5,637
  5,881
  6,127
  6,376
  6,630
  6,892
  7,162
  7,443
  7,735
  8,041
  8,361
  8,697
  9,051
  9,423
Issuance/(repurchase) of shares, $m
  -5
  224
  229
  231
  227
  217
  201
  176
  144
  104
  56
  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  
  -381
  1,599
  1,842
  2,112
  2,386
  2,661
  2,933
  3,196
  3,450
  3,691
  3,918
  4,131
  4,394
  4,651
  4,902
  5,150
  5,394
  5,637
  5,881
  6,127
  6,376
  6,630
  6,892
  7,162
  7,443
  7,735
  8,041
  8,361
  8,697
  9,051
  9,423
Total cash flow (excl. dividends), $m
  3
  1,429
  1,676
  1,955
  2,244
  2,540
  2,840
  3,139
  3,436
  3,728
  4,015
  4,295
  4,632
  4,971
  5,311
  5,654
  6,002
  6,354
  6,713
  7,080
  7,456
  7,844
  8,244
  8,659
  9,090
  9,538
  10,006
  10,494
  11,005
  11,541
  12,102
Retained Cash Flow (-), $m
  -143
  -273
  -323
  -377
  -433
  -490
  -548
  -606
  -663
  -719
  -774
  -828
  -881
  -932
  -983
  -1,032
  -1,081
  -1,130
  -1,179
  -1,228
  -1,278
  -1,329
  -1,382
  -1,436
  -1,492
  -1,551
  -1,612
  -1,676
  -1,744
  -1,815
  -1,889
Prev. year cash balance distribution, $m
 
  45
  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
 
  1,201
  1,353
  1,578
  1,811
  2,050
  2,292
  2,534
  2,773
  3,009
  3,240
  3,466
  3,751
  4,038
  4,328
  4,622
  4,920
  5,224
  5,534
  5,851
  6,178
  6,514
  6,862
  7,223
  7,597
  7,987
  8,394
  8,818
  9,262
  9,726
  10,213
Discount rate, %
 
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
 
  1,073
  1,069
  1,090
  1,081
  1,044
  981
  899
  804
  700
  595
  494
  406
  326
  254
  193
  143
  103
  72
  49
  32
  20
  13
  7
  4
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  86.6
  77.2
  70.4
  65.4
  61.7
  59.0
  57.1
  55.8
  55.0
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7
  54.7

Ladder Capital Corp is a commercial real estate finance company. The Company's segments include loans, securities, real estate and corporate/other. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment consists of all of its activities related to commercial real estate securities, which include investments in commercial mortgage-backed securities (CMBS) and United States Agency Securities. The real estate segment includes net leased properties, office buildings, a warehouse and condominium units. The Corporate/other segment includes the Company's investments in joint ventures, other asset management activities and operating expenses. The Company invests primarily in loans, securities and other interests in the United States commercial real estate, with a focus on senior secured assets.

FINANCIAL RATIOS  of  Ladder Capital Cl A (LADR)

Valuation Ratios
P/E Ratio 22.4
Price to Sales 3.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow -2.4
Growth Rates
Sales Growth Rate -10.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.7%
Cap. Spend. - 3 Yr. Gr. Rate -6.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 406%
Total Debt to Equity 406%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.2%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. 6.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69.3%
Gross Margin - 3 Yr. Avg. 74.3%
EBITDA Margin 69.5%
EBITDA Margin - 3 Yr. Avg. 65.4%
Operating Margin 30.5%
Oper. Margin - 3 Yr. Avg. 33.2%
Pre-Tax Margin 30.5%
Pre-Tax Margin - 3 Yr. Avg. 33.3%
Net Profit Margin 17%
Net Profit Margin - 3 Yr. Avg. 14.1%
Effective Tax Rate 5%
Eff/ Tax Rate - 3 Yr. Avg. 11.8%
Payout Ratio 100%

LADR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LADR stock intrinsic value calculation we used $394 million for the last fiscal year's total revenue generated by Ladder Capital Cl A. The default revenue input number comes from 2016 income statement of Ladder Capital 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 LADR stock valuation model: a) initial revenue growth rate of 29.4% 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 11.9%, whose default value for LADR is calculated based on our internal credit rating of Ladder Capital 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 Ladder Capital 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 LADR stock the variable cost ratio is equal to 16.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $213 million in the base year in the intrinsic value calculation for LADR 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 Ladder Capital Cl A.

Corporate tax rate of 27% is the nominal tax rate for Ladder Capital 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 LADR 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 LADR are equal to 210.3%.

Life of production assets of 21.2 years is the average useful life of capital assets used in Ladder Capital 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 LADR is equal to -11.4%. 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 - $971 million for Ladder Capital 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 110.95 million for Ladder Capital 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 Ladder Capital Cl A at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Should You Buy Ladder Capital Corp (LADR)?   [Dec-04-17 07:00AM  Simply Wall St.]
▶ Ladder Capital meets 3Q profit forecasts   [05:38AM  Associated Press]
▶ Ladder Capital Corp Reports Third Quarter 2017 Results   [Nov-02-17 04:15PM  Business Wire]
▶ Ladder Capital Corp to Report Third Quarter 2017 Results   [Oct-20-17 04:30PM  Business Wire]
▶ Ladder Capital beats 2Q profit forecasts   [Aug-03-17 02:12AM  Associated Press]
▶ Ladder Capital Corp Reports Second Quarter 2017 Results   [Aug-02-17 04:15PM  Business Wire]
▶ 5 High Yielding REITs To Buy   [Jul-31-17 07:14PM  Forbes]
▶ Ladder Capital Corp to Report Second Quarter 2017 Results   [Jul-19-17 04:15PM  Business Wire]
▶ [$$] President Trump Has No Problem Getting Loans at Good Terms   [Jun-23-17 11:13AM  The Wall Street Journal]
▶ Ladder Capital misses 1Q profit forecasts   [May-09-17 04:30PM  Associated Press]
▶ Ladder Capital Corp to Report First Quarter 2017 Results   [Apr-19-17 04:15PM  Business Wire]
▶ Is Ladder Capital Corp a Good Investment?   [Mar-13-17 06:13PM  Insider Monkey]
▶ Is Ladder Capital Corp a Good Investment?   [06:13PM  at Insider Monkey]
▶ Is Real Estate the 'Sleeper Buy' for 2017?   [Mar-06-17 05:48PM  GuruFocus.com]
▶ [$$] Related Cos. Takes Stake in Ladder Capital   [Feb-28-17 07:30PM  at The Wall Street Journal]
▶ Do Hedge Funds Love Ladder Capital Corp (LADR)?   [Dec-15-16 02:56PM  at Insider Monkey]
▶ [$$] Ladder Capital Prices Secondary Offering   [Dec-07-16 11:00AM  at The Wall Street Journal]
Financial statements of LADR
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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