Intrinsic value of MMA Capital Management - MMAC

Previous Close

$24.50

  Intrinsic Value

$17.91

stock screener

  Rating & Target

sell

-27%

  Value-price divergence*

+227%

Previous close

$24.50

 
Intrinsic value

$17.91

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence*

+227%

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

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

We calculate the intrinsic value of MMAC 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 0.1

 

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, %
  0.00
  37.50
  34.25
  31.33
  28.69
  26.32
  24.19
  22.27
  20.54
  18.99
  17.59
  16.33
  15.20
  14.18
  13.26
  12.43
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
Revenue, $m
  31
  43
  57
  75
  97
  122
  152
  186
  224
  266
  313
  364
  419
  479
  542
  610
  681
  756
  835
  917
  1,003
  1,093
  1,187
  1,284
  1,385
  1,491
  1,600
  1,713
  1,831
  1,954
  2,082
Variable operating expenses, $m
 
  107
  144
  189
  243
  307
  382
  467
  563
  669
  787
  916
  1,055
  1,205
  1,364
  1,534
  1,713
  1,902
  2,100
  2,308
  2,525
  2,751
  2,986
  3,231
  3,486
  3,750
  4,025
  4,311
  4,608
  4,917
  5,238
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
  69
  107
  144
  189
  243
  307
  382
  467
  563
  669
  787
  916
  1,055
  1,205
  1,364
  1,534
  1,713
  1,902
  2,100
  2,308
  2,525
  2,751
  2,986
  3,231
  3,486
  3,750
  4,025
  4,311
  4,608
  4,917
  5,238
Operating income, $m
  -39
  -65
  -87
  -114
  -147
  -185
  -230
  -281
  -339
  -403
  -474
  -552
  -636
  -726
  -822
  -924
  -1,032
  -1,146
  -1,266
  -1,391
  -1,521
  -1,657
  -1,799
  -1,947
  -2,100
  -2,260
  -2,425
  -2,598
  -2,776
  -2,963
  -3,156
EBITDA, $m
  -38
  -63
  -85
  -112
  -143
  -181
  -225
  -275
  -332
  -395
  -464
  -540
  -622
  -710
  -805
  -905
  -1,010
  -1,122
  -1,239
  -1,361
  -1,489
  -1,622
  -1,761
  -1,905
  -2,055
  -2,212
  -2,374
  -2,542
  -2,717
  -2,899
  -3,089
Interest expense (income), $m
  6
  9
  14
  22
  31
  42
  54
  69
  86
  106
  127
  151
  176
  204
  234
  266
  300
  336
  374
  414
  455
  499
  544
  591
  640
  691
  744
  799
  857
  916
  978
Earnings before tax, $m
  -5
  -73
  -101
  -136
  -177
  -227
  -284
  -351
  -425
  -509
  -601
  -702
  -812
  -930
  -1,056
  -1,191
  -1,333
  -1,482
  -1,640
  -1,804
  -1,977
  -2,156
  -2,343
  -2,538
  -2,740
  -2,951
  -3,170
  -3,397
  -3,633
  -3,879
  -4,134
Tax expense, $m
  1
  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
  42
  -73
  -101
  -136
  -177
  -227
  -284
  -351
  -425
  -509
  -601
  -702
  -812
  -930
  -1,056
  -1,191
  -1,333
  -1,482
  -1,640
  -1,804
  -1,977
  -2,156
  -2,343
  -2,538
  -2,740
  -2,951
  -3,170
  -3,397
  -3,633
  -3,879
  -4,134

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  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
  574
  722
  970
  1,274
  1,639
  2,071
  2,572
  3,144
  3,790
  4,510
  5,303
  6,170
  7,107
  8,115
  9,191
  10,334
  11,542
  12,815
  14,150
  15,548
  17,008
  18,530
  20,115
  21,765
  23,480
  25,263
  27,116
  29,041
  31,042
  33,122
  35,285
Adjusted assets (=assets-cash), $m
  528
  722
  970
  1,274
  1,639
  2,071
  2,572
  3,144
  3,790
  4,510
  5,303
  6,170
  7,107
  8,115
  9,191
  10,334
  11,542
  12,815
  14,150
  15,548
  17,008
  18,530
  20,115
  21,765
  23,480
  25,263
  27,116
  29,041
  31,042
  33,122
  35,285
Revenue / Adjusted assets
  0.059
  0.060
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
Average production assets, $m
  24
  32
  43
  57
  73
  93
  115
  141
  170
  202
  237
  276
  318
  363
  411
  462
  516
  573
  633
  695
  761
  829
  900
  973
  1,050
  1,130
  1,213
  1,299
  1,388
  1,481
  1,578
Working capital, $m
  0
  -63
  -85
  -112
  -144
  -181
  -225
  -275
  -332
  -395
  -464
  -540
  -622
  -711
  -805
  -905
  -1,011
  -1,122
  -1,239
  -1,361
  -1,489
  -1,622
  -1,761
  -1,906
  -2,056
  -2,212
  -2,374
  -2,543
  -2,718
  -2,900
  -3,089
Total debt, $m
  243
  408
  618
  877
  1,187
  1,554
  1,980
  2,467
  3,016
  3,628
  4,302
  5,038
  5,835
  6,692
  7,607
  8,578
  9,605
  10,686
  11,821
  13,010
  14,251
  15,545
  16,892
  18,294
  19,752
  21,268
  22,842
  24,479
  26,179
  27,947
  29,786
Total liabilities, $m
  449
  614
  824
  1,083
  1,393
  1,760
  2,186
  2,673
  3,222
  3,834
  4,508
  5,244
  6,041
  6,898
  7,813
  8,784
  9,811
  10,892
  12,027
  13,216
  14,457
  15,751
  17,098
  18,500
  19,958
  21,474
  23,048
  24,685
  26,385
  28,153
  29,992
Total equity, $m
  125
  108
  145
  191
  246
  311
  386
  472
  569
  677
  796
  925
  1,066
  1,217
  1,379
  1,550
  1,731
  1,922
  2,122
  2,332
  2,551
  2,780
  3,017
  3,265
  3,522
  3,789
  4,067
  4,356
  4,656
  4,968
  5,293
Total liabilities and equity, $m
  574
  722
  969
  1,274
  1,639
  2,071
  2,572
  3,145
  3,791
  4,511
  5,304
  6,169
  7,107
  8,115
  9,192
  10,334
  11,542
  12,814
  14,149
  15,548
  17,008
  18,531
  20,115
  21,765
  23,480
  25,263
  27,115
  29,041
  31,041
  33,121
  35,285
Debt-to-equity ratio
  1.944
  3.770
  4.250
  4.590
  4.830
  5.000
  5.130
  5.230
  5.300
  5.360
  5.410
  5.440
  5.470
  5.500
  5.520
  5.530
  5.550
  5.560
  5.570
  5.580
  5.590
  5.590
  5.600
  5.600
  5.610
  5.610
  5.620
  5.620
  5.620
  5.630
  5.630
Adjusted equity ratio
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  -73
  -101
  -136
  -177
  -227
  -284
  -351
  -425
  -509
  -601
  -702
  -812
  -930
  -1,056
  -1,191
  -1,333
  -1,482
  -1,640
  -1,804
  -1,977
  -2,156
  -2,343
  -2,538
  -2,740
  -2,951
  -3,170
  -3,397
  -3,633
  -3,879
  -4,134
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  3
  4
  5
  6
  7
  9
  10
  12
  14
  15
  17
  20
  22
  24
  27
  30
  32
  35
  38
  41
  45
  48
  52
  55
  59
  63
  67
Funds from operations, $m
  10
  -72
  -99
  -133
  -174
  -223
  -280
  -345
  -418
  -500
  -591
  -691
  -799
  -915
  -1,039
  -1,171
  -1,311
  -1,458
  -1,613
  -1,775
  -1,944
  -2,121
  -2,305
  -2,497
  -2,696
  -2,903
  -3,118
  -3,342
  -3,574
  -3,816
  -4,067
Change in working capital, $m
  -1
  -17
  -22
  -27
  -32
  -38
  -44
  -50
  -57
  -63
  -69
  -76
  -82
  -88
  -94
  -100
  -106
  -111
  -117
  -122
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
Cash from operations, $m
  11
  -54
  -78
  -107
  -142
  -185
  -236
  -294
  -362
  -437
  -522
  -615
  -716
  -826
  -945
  -1,071
  -1,205
  -1,347
  -1,496
  -1,652
  -1,816
  -1,988
  -2,166
  -2,352
  -2,546
  -2,747
  -2,956
  -3,173
  -3,399
  -3,634
  -3,878
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -12
  -14
  -15
  -17
  -20
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -55
  -59
  -63
New CAPEX, $m
  0
  -9
  -11
  -14
  -16
  -19
  -22
  -26
  -29
  -32
  -35
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
Cash from investing activities, $m
  16
  -10
  -12
  -16
  -18
  -22
  -26
  -31
  -35
  -39
  -44
  -49
  -54
  -59
  -63
  -68
  -74
  -79
  -84
  -90
  -95
  -100
  -106
  -112
  -118
  -125
  -131
  -138
  -144
  -152
  -160
Free cash flow, $m
  27
  -64
  -90
  -122
  -161
  -207
  -262
  -325
  -396
  -477
  -566
  -664
  -770
  -885
  -1,008
  -1,139
  -1,279
  -1,425
  -1,580
  -1,742
  -1,911
  -2,088
  -2,272
  -2,464
  -2,664
  -2,871
  -3,087
  -3,311
  -3,544
  -3,786
  -4,037
Issuance/(repayment) of debt, $m
  8
  165
  210
  258
  311
  367
  426
  487
  549
  612
  674
  736
  797
  857
  915
  971
  1,027
  1,081
  1,135
  1,188
  1,241
  1,294
  1,348
  1,402
  1,458
  1,515
  1,575
  1,636
  1,701
  1,768
  1,839
Issuance/(repurchase) of shares, $m
  -10
  102
  138
  181
  232
  291
  360
  436
  522
  617
  720
  832
  953
  1,081
  1,218
  1,362
  1,514
  1,673
  1,840
  2,014
  2,196
  2,385
  2,581
  2,785
  2,998
  3,218
  3,448
  3,686
  3,933
  4,191
  4,459
Cash from financing (excl. dividends), $m  
  -3
  267
  348
  439
  543
  658
  786
  923
  1,071
  1,229
  1,394
  1,568
  1,750
  1,938
  2,133
  2,333
  2,541
  2,754
  2,975
  3,202
  3,437
  3,679
  3,929
  4,187
  4,456
  4,733
  5,023
  5,322
  5,634
  5,959
  6,298
Total cash flow (excl. dividends), $m
  24
  203
  259
  317
  382
  451
  523
  598
  675
  752
  829
  905
  980
  1,053
  1,124
  1,194
  1,262
  1,329
  1,395
  1,460
  1,525
  1,591
  1,656
  1,723
  1,792
  1,862
  1,935
  2,011
  2,090
  2,173
  2,260
Retained Cash Flow (-), $m
  -9
  -102
  -138
  -181
  -232
  -291
  -360
  -436
  -522
  -617
  -720
  -832
  -953
  -1,081
  -1,218
  -1,362
  -1,514
  -1,673
  -1,840
  -2,014
  -2,196
  -2,385
  -2,581
  -2,785
  -2,998
  -3,218
  -3,448
  -3,686
  -3,933
  -4,191
  -4,459
Prev. year cash balance distribution, $m
 
  46
  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
 
  147
  120
  136
  150
  159
  164
  162
  153
  135
  109
  73
  27
  -28
  -93
  -168
  -252
  -344
  -445
  -554
  -670
  -794
  -925
  -1,062
  -1,206
  -1,356
  -1,512
  -1,674
  -1,843
  -2,018
  -2,199
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  134
  99
  101
  98
  92
  82
  69
  55
  41
  27
  15
  4
  -4
  -9
  -12
  -14
  -14
  -12
  -11
  -9
  -7
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  46.9
  22.2
  10.7
  5.2
  2.5
  1.3
  0.6
  0.3
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0

MMA Capital Management, LLC, formerly Municipal Mortgage & Equity, LLC, partners with institutional capital to create and manage investments in housing and renewable energy. The Company operates through three segments: United States (U.S.) Operations, International Operations and Corporate Operations. The U.S. Operations segment consists of three business lines: Leveraged Bonds, Low-Income Housing Tax Credits (LIHTC) and Energy Capital and Other Investments. In Leveraged Bonds business line, it owns and manages bonds that finance housing and infrastructure in the United States. In LIHTC business line, it owns and manages limited partner and general partner investments in affordable housing communities in the United States. In Energy Capital and Other Investments business line, it provides project capital necessary to develop and build renewable energy systems. It manages International Operations segment through a subsidiary, International Housing Solutions S.a r.l. (IHS).

FINANCIAL RATIOS  of  MMA Capital Management (MMAC)

Valuation Ratios
P/E Ratio 3.5
Price to Sales 4.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 13.2
Growth Rates
Sales Growth Rate 0%
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 194.4%
Total Debt to Equity 194.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 34.9%
Return On Equity - 3 Yr. Avg. 25.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 93.5%
Gross Margin - 3 Yr. Avg. 92.4%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. -90.6%
Operating Margin -122.6%
Oper. Margin - 3 Yr. Avg. -153.7%
Pre-Tax Margin -16.1%
Pre-Tax Margin - 3 Yr. Avg. -115.8%
Net Profit Margin 135.5%
Net Profit Margin - 3 Yr. Avg. 79.4%
Effective Tax Rate -20%
Eff/ Tax Rate - 3 Yr. Avg. -7.9%
Payout Ratio 0%

MMAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMAC stock intrinsic value calculation we used $31 million for the last fiscal year's total revenue generated by MMA Capital Management. The default revenue input number comes from 2016 income statement of MMA Capital Management. 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 MMAC stock valuation model: a) initial revenue growth rate of 37.5% 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 9.6%, whose default value for MMAC is calculated based on our internal credit rating of MMA Capital Management, 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 MMA Capital Management.
    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 MMAC stock the variable cost ratio is equal to 251.6%.

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 MMAC 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 MMA Capital Management.

Corporate tax rate of 27% is the nominal tax rate for MMA Capital Management. 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 MMAC 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 MMAC are equal to 75.8%.

Life of production assets of 23.5 years is the average useful life of capital assets used in MMA Capital Management 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 MMAC is equal to -148.4%. 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 - $125 million for MMA Capital Management - 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 5.853 million for MMA Capital Management 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 MMA Capital Management at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ MMA Capital Management posts 2Q profit   [Aug-09-17 11:00PM  Associated Press]
▶ MMA Capital Management reports 1Q loss   [May-10-17 08:54AM  Associated Press]
▶ MMA Energy Capital Continues Growth and Expansion   [Feb-14-17 09:36PM  PR Newswire]
▶ Weekly CFO Buys Highlight   [Jan-20-17 12:43PM  GuruFocus.com]
▶ Weekly CFO Buys Highlights   [Jan-17-17 03:59PM  GuruFocus.com]
Financial statements of MMAC
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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