Intrinsic value of Nationstar Mortgage Holdings - NSM

Previous Close

$18.87

  Intrinsic Value

$4.03

stock screener

  Rating & Target

str. sell

-79%

Previous close

$18.87

 
Intrinsic value

$4.03

 
Up/down potential

-79%

 
Rating

str. sell

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

We calculate the intrinsic value of NSM 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, %
  -3.72
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,915
  1,953
  1,998
  2,050
  2,107
  2,171
  2,241
  2,318
  2,400
  2,489
  2,585
  2,687
  2,796
  2,912
  3,035
  3,166
  3,305
  3,452
  3,607
  3,772
  3,945
  4,128
  4,320
  4,524
  4,738
  4,963
  5,201
  5,451
  5,714
  5,991
  6,282
Variable operating expenses, $m
 
  1,162
  1,189
  1,219
  1,253
  1,291
  1,332
  1,377
  1,426
  1,479
  1,535
  1,588
  1,653
  1,721
  1,794
  1,872
  1,954
  2,041
  2,132
  2,229
  2,332
  2,440
  2,554
  2,674
  2,801
  2,934
  3,074
  3,222
  3,378
  3,541
  3,713
Fixed operating expenses, $m
 
  531
  544
  558
  572
  586
  601
  616
  631
  647
  663
  680
  697
  714
  732
  750
  769
  788
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
  1,060
  1,087
Total operating expenses, $m
  1,644
  1,693
  1,733
  1,777
  1,825
  1,877
  1,933
  1,993
  2,057
  2,126
  2,198
  2,268
  2,350
  2,435
  2,526
  2,622
  2,723
  2,829
  2,940
  3,057
  3,181
  3,310
  3,446
  3,588
  3,738
  3,894
  4,058
  4,231
  4,412
  4,601
  4,800
Operating income, $m
  271
  260
  265
  273
  282
  294
  308
  324
  343
  363
  386
  419
  447
  477
  509
  544
  582
  623
  667
  714
  764
  818
  875
  936
  1,000
  1,069
  1,142
  1,220
  1,302
  1,389
  1,482
EBITDA, $m
  334
  385
  393
  403
  416
  432
  450
  471
  494
  520
  549
  580
  614
  651
  691
  734
  781
  830
  883
  940
  1,001
  1,065
  1,134
  1,207
  1,284
  1,367
  1,454
  1,547
  1,645
  1,749
  1,859
Interest expense (income), $m
  694
  773
  756
  777
  800
  827
  856
  888
  923
  961
  1,002
  1,046
  1,093
  1,143
  1,196
  1,253
  1,313
  1,377
  1,444
  1,515
  1,591
  1,670
  1,754
  1,843
  1,936
  2,034
  2,138
  2,247
  2,362
  2,482
  2,609
Earnings before tax, $m
  29
  -513
  -491
  -504
  -518
  -533
  -548
  -564
  -580
  -598
  -616
  -627
  -646
  -666
  -687
  -708
  -731
  -753
  -777
  -801
  -827
  -853
  -879
  -907
  -936
  -965
  -996
  -1,027
  -1,059
  -1,093
  -1,127
Tax expense, $m
  13
  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
  19
  -513
  -491
  -504
  -518
  -533
  -548
  -564
  -580
  -598
  -616
  -627
  -646
  -666
  -687
  -708
  -731
  -753
  -777
  -801
  -827
  -853
  -879
  -907
  -936
  -965
  -996
  -1,027
  -1,059
  -1,093
  -1,127

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  489
  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
  19,593
  19,533
  19,982
  20,496
  21,072
  21,711
  22,412
  23,175
  24,002
  24,892
  25,847
  26,869
  27,960
  29,121
  30,355
  31,664
  33,052
  34,520
  36,074
  37,715
  39,448
  41,276
  43,205
  45,237
  47,379
  49,635
  52,009
  54,509
  57,139
  59,907
  62,817
Adjusted assets (=assets-cash), $m
  19,104
  19,533
  19,982
  20,496
  21,072
  21,711
  22,412
  23,175
  24,002
  24,892
  25,847
  26,869
  27,960
  29,121
  30,355
  31,664
  33,052
  34,520
  36,074
  37,715
  39,448
  41,276
  43,205
  45,237
  47,379
  49,635
  52,009
  54,509
  57,139
  59,907
  62,817
Revenue / Adjusted assets
  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
  0.100
  0.100
Average production assets, $m
  3,445
  3,514
  3,595
  3,687
  3,791
  3,906
  4,032
  4,169
  4,318
  4,478
  4,650
  4,834
  5,030
  5,239
  5,461
  5,696
  5,946
  6,210
  6,490
  6,785
  7,097
  7,426
  7,773
  8,138
  8,523
  8,929
  9,356
  9,806
  10,279
  10,777
  11,301
Working capital, $m
  0
  -498
  -510
  -523
  -537
  -554
  -572
  -591
  -612
  -635
  -659
  -685
  -713
  -743
  -774
  -807
  -843
  -880
  -920
  -962
  -1,006
  -1,053
  -1,102
  -1,154
  -1,208
  -1,266
  -1,326
  -1,390
  -1,457
  -1,528
  -1,602
Total debt, $m
  15,162
  14,826
  15,230
  15,692
  16,211
  16,786
  17,417
  18,104
  18,848
  19,649
  20,508
  21,428
  22,410
  23,455
  24,565
  25,744
  26,992
  28,314
  29,712
  31,190
  32,749
  34,395
  36,130
  37,960
  39,887
  41,917
  44,054
  46,304
  48,671
  51,162
  53,782
Total liabilities, $m
  17,916
  17,580
  17,984
  18,446
  18,965
  19,540
  20,171
  20,858
  21,602
  22,403
  23,262
  24,182
  25,164
  26,209
  27,319
  28,498
  29,746
  31,068
  32,466
  33,944
  35,503
  37,149
  38,884
  40,714
  42,641
  44,671
  46,808
  49,058
  51,425
  53,916
  56,536
Total equity, $m
  1,677
  1,953
  1,998
  2,050
  2,107
  2,171
  2,241
  2,318
  2,400
  2,489
  2,585
  2,687
  2,796
  2,912
  3,035
  3,166
  3,305
  3,452
  3,607
  3,772
  3,945
  4,128
  4,320
  4,524
  4,738
  4,963
  5,201
  5,451
  5,714
  5,991
  6,282
Total liabilities and equity, $m
  19,593
  19,533
  19,982
  20,496
  21,072
  21,711
  22,412
  23,176
  24,002
  24,892
  25,847
  26,869
  27,960
  29,121
  30,354
  31,664
  33,051
  34,520
  36,073
  37,716
  39,448
  41,277
  43,204
  45,238
  47,379
  49,634
  52,009
  54,509
  57,139
  59,907
  62,818
Debt-to-equity ratio
  9.041
  7.590
  7.620
  7.660
  7.690
  7.730
  7.770
  7.810
  7.850
  7.890
  7.930
  7.980
  8.020
  8.050
  8.090
  8.130
  8.170
  8.200
  8.240
  8.270
  8.300
  8.330
  8.360
  8.390
  8.420
  8.450
  8.470
  8.490
  8.520
  8.540
  8.560
Adjusted equity ratio
  0.062
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  -513
  -491
  -504
  -518
  -533
  -548
  -564
  -580
  -598
  -616
  -627
  -646
  -666
  -687
  -708
  -731
  -753
  -777
  -801
  -827
  -853
  -879
  -907
  -936
  -965
  -996
  -1,027
  -1,059
  -1,093
  -1,127
Depreciation, amort., depletion, $m
  63
  125
  127
  130
  134
  138
  142
  146
  151
  157
  162
  161
  168
  175
  182
  190
  198
  207
  216
  226
  237
  248
  259
  271
  284
  298
  312
  327
  343
  359
  377
Funds from operations, $m
  1,760
  -388
  -364
  -374
  -384
  -395
  -406
  -417
  -429
  -441
  -453
  -466
  -479
  -492
  -505
  -519
  -532
  -546
  -561
  -575
  -590
  -605
  -620
  -636
  -652
  -668
  -684
  -700
  -717
  -734
  -751
Change in working capital, $m
  789
  -10
  -11
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
Cash from operations, $m
  971
  -379
  -352
  -361
  -369
  -379
  -388
  -398
  -408
  -418
  -429
  -440
  -451
  -462
  -474
  -485
  -497
  -509
  -521
  -533
  -546
  -558
  -571
  -584
  -597
  -610
  -623
  -636
  -650
  -663
  -677
Maintenance CAPEX, $m
  0
  -115
  -117
  -120
  -123
  -126
  -130
  -134
  -139
  -144
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -226
  -237
  -248
  -259
  -271
  -284
  -298
  -312
  -327
  -343
  -359
New CAPEX, $m
  -62
  -69
  -81
  -92
  -104
  -115
  -126
  -137
  -149
  -160
  -172
  -184
  -196
  -209
  -222
  -236
  -250
  -264
  -279
  -295
  -312
  -329
  -347
  -366
  -385
  -406
  -427
  -450
  -473
  -498
  -524
Cash from investing activities, $m
  -3,738
  -184
  -198
  -212
  -227
  -241
  -256
  -271
  -288
  -304
  -321
  -339
  -357
  -377
  -397
  -418
  -440
  -462
  -486
  -511
  -538
  -566
  -595
  -625
  -656
  -690
  -725
  -762
  -800
  -841
  -883
Free cash flow, $m
  -2,767
  -562
  -550
  -573
  -596
  -620
  -644
  -670
  -696
  -722
  -750
  -779
  -808
  -839
  -870
  -903
  -936
  -971
  -1,008
  -1,045
  -1,084
  -1,124
  -1,166
  -1,209
  -1,254
  -1,300
  -1,348
  -1,398
  -1,450
  -1,504
  -1,559
Issuance/(repayment) of debt, $m
  482
  -336
  404
  462
  519
  575
  631
  687
  744
  801
  860
  920
  981
  1,045
  1,111
  1,178
  1,249
  1,322
  1,398
  1,477
  1,560
  1,646
  1,735
  1,829
  1,927
  2,030
  2,137
  2,250
  2,367
  2,491
  2,620
Issuance/(repurchase) of shares, $m
  -114
  1,278
  536
  555
  576
  596
  618
  640
  663
  687
  711
  729
  755
  782
  810
  839
  869
  900
  932
  966
  1,000
  1,035
  1,072
  1,110
  1,150
  1,191
  1,233
  1,277
  1,323
  1,370
  1,418
Cash from financing (excl. dividends), $m  
  2,643
  942
  940
  1,017
  1,095
  1,171
  1,249
  1,327
  1,407
  1,488
  1,571
  1,649
  1,736
  1,827
  1,921
  2,017
  2,118
  2,222
  2,330
  2,443
  2,560
  2,681
  2,807
  2,939
  3,077
  3,221
  3,370
  3,527
  3,690
  3,861
  4,038
Total cash flow (excl. dividends), $m
  -124
  379
  390
  445
  498
  551
  604
  657
  711
  765
  821
  870
  929
  989
  1,051
  1,115
  1,182
  1,251
  1,323
  1,398
  1,476
  1,557
  1,642
  1,731
  1,824
  1,921
  2,022
  2,129
  2,240
  2,357
  2,479
Retained Cash Flow (-), $m
  81
  -1,278
  -536
  -555
  -576
  -596
  -618
  -640
  -663
  -687
  -711
  -729
  -755
  -782
  -810
  -839
  -869
  -900
  -932
  -966
  -1,000
  -1,035
  -1,072
  -1,110
  -1,150
  -1,191
  -1,233
  -1,277
  -1,323
  -1,370
  -1,418
Prev. year cash balance distribution, $m
 
  489
  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
 
  -410
  -146
  -111
  -77
  -45
  -14
  17
  48
  79
  110
  141
  173
  206
  240
  276
  312
  351
  390
  432
  476
  522
  570
  621
  674
  730
  789
  852
  918
  987
  1,060
Discount rate, %
 
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
 
  -359
  -111
  -72
  -42
  -20
  -5
  5
  11
  14
  15
  15
  13
  11
  9
  7
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  51.0
  40.9
  32.8
  26.2
  20.9
  16.7
  13.3
  10.6
  8.4
  6.7
  5.4
  4.3
  3.4
  2.7
  2.2
  1.8
  1.4
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1

Nationstar Mortgage Holdings Inc. provides servicing, origination and transaction based services principally to single-family residences throughout the United States. The Company operates through three segments: Servicing, Originations and Xome. The Company provides residential loan services in the United States. The Company also operates an integrated residential loan origination platform that is primarily focused on customer retention. Its Xome subsidiary offers an array of complementary services related to the purchase and disposition of residential real estate. It provides non-bank services and residential mortgage services in the United States conducting operations through its Nationstar Mortgage and Champion Mortgage brands. It originates and purchases conventional mortgage loans conforming to the underwriting standards of the government sponsored entities, which it collectively refers to as Agency loans. The Xome segment is a provider of technology and data-enhanced solutions.

FINANCIAL RATIOS  of  Nationstar Mortgage Holdings (NSM)

Valuation Ratios
P/E Ratio 96.8
Price to Sales 1
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 1.9
Price to Free Cash Flow 2
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 904.1%
Total Debt to Equity 904.1%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 1.1%
Return On Equity - 3 Yr. Avg. 7.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41%
EBITDA Margin - 3 Yr. Avg. 36.9%
Operating Margin 14.2%
Oper. Margin - 3 Yr. Avg. 20.2%
Pre-Tax Margin 1.5%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 44.8%
Eff/ Tax Rate - 3 Yr. Avg. 29.3%
Payout Ratio 0%

NSM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NSM stock intrinsic value calculation we used $1915 million for the last fiscal year's total revenue generated by Nationstar Mortgage Holdings. The default revenue input number comes from 2016 income statement of Nationstar Mortgage Holdings. 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 NSM stock valuation model: a) initial revenue growth rate of 2% 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 14.1%, whose default value for NSM is calculated based on our internal credit rating of Nationstar Mortgage Holdings, 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 Nationstar Mortgage Holdings.
    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 NSM stock the variable cost ratio is equal to 59.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $518 million in the base year in the intrinsic value calculation for NSM 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 5.1% for Nationstar Mortgage Holdings.

Corporate tax rate of 27% is the nominal tax rate for Nationstar Mortgage Holdings. 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 NSM 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 NSM are equal to 179.9%.

Life of production assets of 55.8 years is the average useful life of capital assets used in Nationstar Mortgage Holdings 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 NSM is equal to -25.5%. 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 - $1677 million for Nationstar Mortgage Holdings - 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 99.459 million for Nationstar Mortgage Holdings 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 Nationstar Mortgage Holdings at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ IIROC Trade Resumption - NSM   [Dec-12-17 12:49PM  CNW Group]
▶ IIROC Trading Halt - NSM   [12:28PM  CNW Group]
▶ Nationstar posts 3Q profit   [07:55AM  Associated Press]
▶ Nationstar Rebrands as Mr. Cooper   [Aug-23-17 10:30PM  Business Wire]
▶ Nationstar Rebrands as Mr. Cooper   [Aug-21-17 10:45AM  Business Wire]
▶ Today's Bell Ringer, August 21, 2017   [09:13AM  CNBC Videos]
▶ Nationstar reports 2Q loss   [Aug-03-17 07:40PM  Associated Press]
▶ Nationstar misses 1Q profit forecasts   [May-04-17 08:57AM  Associated Press]
▶ Nationstar to Officially Become Mr. Cooper in August 2017   [May-02-17 09:00AM  Business Wire]
▶ Nationstar to Discuss First Quarter Results on May 4, 2017   [Apr-20-17 04:00PM  Business Wire]
▶ Nationstar posts 4Q profit   [07:31AM  Associated Press]
Financial statements of NSM
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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