Intrinsic value of New York Mortgage Trust - NYMT

Previous Close

$5.72

  Intrinsic Value

$16.30

stock screener

  Rating & Target

str. buy

+185%

Previous close

$5.72

 
Intrinsic value

$16.30

 
Up/down potential

+185%

 
Rating

str. buy

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

We calculate the intrinsic value of NYMT 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, %
  -6.01
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
Revenue, $m
  360
  435
  518
  611
  712
  821
  939
  1,064
  1,198
  1,339
  1,488
  1,645
  1,809
  1,980
  2,158
  2,344
  2,538
  2,739
  2,948
  3,165
  3,391
  3,626
  3,870
  4,123
  4,387
  4,662
  4,948
  5,246
  5,556
  5,880
  6,218
Variable operating expenses, $m
 
  207
  247
  290
  338
  389
  445
  504
  567
  633
  704
  775
  852
  933
  1,017
  1,104
  1,195
  1,290
  1,389
  1,491
  1,597
  1,708
  1,823
  1,942
  2,067
  2,196
  2,331
  2,471
  2,617
  2,770
  2,929
Fixed operating expenses, $m
 
  123
  126
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  170
  174
  178
  183
  187
  192
  197
  202
  207
  212
  217
  222
  228
  234
  240
  246
  252
Total operating expenses, $m
  289
  330
  373
  419
  470
  525
  584
  647
  713
  783
  858
  932
  1,013
  1,098
  1,187
  1,278
  1,373
  1,473
  1,576
  1,683
  1,794
  1,910
  2,030
  2,154
  2,284
  2,418
  2,559
  2,705
  2,857
  3,016
  3,181
Operating income, $m
  71
  105
  146
  191
  241
  296
  355
  418
  485
  556
  631
  713
  795
  882
  972
  1,066
  1,164
  1,266
  1,372
  1,482
  1,597
  1,716
  1,840
  1,969
  2,104
  2,243
  2,389
  2,541
  2,699
  2,865
  3,037
EBITDA, $m
  71
  107
  148
  194
  244
  298
  357
  420
  487
  559
  634
  713
  795
  882
  972
  1,066
  1,164
  1,266
  1,372
  1,482
  1,597
  1,716
  1,840
  1,969
  2,104
  2,243
  2,389
  2,541
  2,699
  2,865
  3,037
Interest expense (income), $m
  301
  300
  354
  424
  501
  585
  677
  775
  880
  991
  1,109
  1,233
  1,364
  1,500
  1,643
  1,792
  1,947
  2,108
  2,276
  2,451
  2,632
  2,820
  3,016
  3,220
  3,431
  3,651
  3,880
  4,119
  4,367
  4,626
  4,896
Earnings before tax, $m
  71
  -195
  -209
  -233
  -260
  -289
  -322
  -357
  -395
  -435
  -478
  -521
  -568
  -619
  -671
  -726
  -783
  -842
  -904
  -968
  -1,035
  -1,104
  -1,176
  -1,250
  -1,328
  -1,408
  -1,491
  -1,578
  -1,668
  -1,762
  -1,859
Tax expense, $m
  3
  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
  68
  -195
  -209
  -233
  -260
  -289
  -322
  -357
  -395
  -435
  -478
  -521
  -568
  -619
  -671
  -726
  -783
  -842
  -904
  -968
  -1,035
  -1,104
  -1,176
  -1,250
  -1,328
  -1,408
  -1,491
  -1,578
  -1,668
  -1,762
  -1,859

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  84
  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
  8,952
  10,607
  12,645
  14,896
  17,357
  20,024
  22,893
  25,960
  29,220
  32,668
  36,301
  40,116
  44,111
  48,285
  52,639
  57,173
  61,892
  66,798
  71,898
  77,198
  82,706
  88,430
  94,380
  100,568
  107,004
  113,703
  120,678
  127,944
  135,517
  143,413
  151,651
Adjusted assets (=assets-cash), $m
  8,868
  10,607
  12,645
  14,896
  17,357
  20,024
  22,893
  25,960
  29,220
  32,668
  36,301
  40,116
  44,111
  48,285
  52,639
  57,173
  61,892
  66,798
  71,898
  77,198
  82,706
  88,430
  94,380
  100,568
  107,004
  113,703
  120,678
  127,944
  135,517
  143,413
  151,651
Revenue / Adjusted assets
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
  0.041
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
  -101
  -121
  -142
  -166
  -191
  -219
  -248
  -279
  -312
  -347
  -383
  -421
  -461
  -503
  -546
  -591
  -638
  -687
  -737
  -790
  -845
  -902
  -961
  -1,022
  -1,086
  -1,153
  -1,222
  -1,295
  -1,370
  -1,449
Total debt, $m
  7,886
  9,328
  11,163
  13,188
  15,403
  17,803
  20,386
  23,146
  26,080
  29,183
  32,453
  35,887
  39,482
  43,239
  47,157
  51,238
  55,485
  59,900
  64,491
  69,261
  74,217
  79,369
  84,724
  90,293
  96,086
  102,115
  108,392
  114,932
  121,747
  128,854
  136,268
Total liabilities, $m
  8,104
  9,546
  11,381
  13,406
  15,621
  18,021
  20,604
  23,364
  26,298
  29,401
  32,671
  36,105
  39,700
  43,457
  47,375
  51,456
  55,703
  60,118
  64,709
  69,479
  74,435
  79,587
  84,942
  90,511
  96,304
  102,333
  108,610
  115,150
  121,965
  129,072
  136,486
Total equity, $m
  848
  1,061
  1,265
  1,490
  1,736
  2,002
  2,289
  2,596
  2,922
  3,267
  3,630
  4,012
  4,411
  4,829
  5,264
  5,717
  6,189
  6,680
  7,190
  7,720
  8,271
  8,843
  9,438
  10,057
  10,700
  11,370
  12,068
  12,794
  13,552
  14,341
  15,165
Total liabilities and equity, $m
  8,952
  10,607
  12,646
  14,896
  17,357
  20,023
  22,893
  25,960
  29,220
  32,668
  36,301
  40,117
  44,111
  48,286
  52,639
  57,173
  61,892
  66,798
  71,899
  77,199
  82,706
  88,430
  94,380
  100,568
  107,004
  113,703
  120,678
  127,944
  135,517
  143,413
  151,651
Debt-to-equity ratio
  9.300
  8.790
  8.830
  8.850
  8.870
  8.890
  8.900
  8.920
  8.930
  8.930
  8.940
  8.950
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
Adjusted equity ratio
  0.086
  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
  68
  -195
  -209
  -233
  -260
  -289
  -322
  -357
  -395
  -435
  -478
  -521
  -568
  -619
  -671
  -726
  -783
  -842
  -904
  -968
  -1,035
  -1,104
  -1,176
  -1,250
  -1,328
  -1,408
  -1,491
  -1,578
  -1,668
  -1,762
  -1,859
Depreciation, amort., depletion, $m
  0
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  43
  -193
  -206
  -230
  -257
  -287
  -319
  -354
  -392
  -432
  -475
  -521
  -568
  -619
  -671
  -726
  -783
  -842
  -904
  -968
  -1,035
  -1,104
  -1,176
  -1,250
  -1,328
  -1,408
  -1,491
  -1,578
  -1,668
  -1,762
  -1,859
Change in working capital, $m
  -11
  -17
  -19
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -79
Cash from operations, $m
  54
  -175
  -187
  -209
  -234
  -261
  -292
  -325
  -361
  -399
  -441
  -484
  -530
  -579
  -629
  -683
  -738
  -795
  -855
  -918
  -982
  -1,049
  -1,119
  -1,191
  -1,266
  -1,344
  -1,425
  -1,509
  -1,596
  -1,686
  -1,781
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
  34
  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
  88
  -175
  -187
  -209
  -234
  -261
  -292
  -325
  -361
  -399
  -441
  -484
  -530
  -579
  -629
  -683
  -738
  -795
  -855
  -918
  -982
  -1,049
  -1,119
  -1,191
  -1,266
  -1,344
  -1,425
  -1,509
  -1,596
  -1,686
  -1,781
Issuance/(repayment) of debt, $m
  -137
  1,442
  1,835
  2,026
  2,215
  2,400
  2,582
  2,760
  2,934
  3,104
  3,270
  3,433
  3,595
  3,757
  3,918
  4,081
  4,247
  4,416
  4,590
  4,770
  4,957
  5,152
  5,355
  5,569
  5,793
  6,029
  6,277
  6,539
  6,815
  7,107
  7,414
Issuance/(repurchase) of shares, $m
  14
  492
  413
  458
  506
  556
  609
  664
  721
  780
  841
  902
  968
  1,036
  1,106
  1,179
  1,255
  1,333
  1,414
  1,498
  1,586
  1,676
  1,771
  1,869
  1,971
  2,078
  2,189
  2,305
  2,425
  2,551
  2,683
Cash from financing (excl. dividends), $m  
  52
  1,934
  2,248
  2,484
  2,721
  2,956
  3,191
  3,424
  3,655
  3,884
  4,111
  4,335
  4,563
  4,793
  5,024
  5,260
  5,502
  5,749
  6,004
  6,268
  6,543
  6,828
  7,126
  7,438
  7,764
  8,107
  8,466
  8,844
  9,240
  9,658
  10,097
Total cash flow (excl. dividends), $m
  140
  1,759
  2,061
  2,275
  2,487
  2,695
  2,899
  3,099
  3,293
  3,484
  3,670
  3,851
  4,033
  4,214
  4,395
  4,578
  4,764
  4,954
  5,149
  5,351
  5,560
  5,779
  6,007
  6,247
  6,498
  6,763
  7,042
  7,335
  7,645
  7,972
  8,317
Retained Cash Flow (-), $m
  33
  -492
  -413
  -458
  -506
  -556
  -609
  -664
  -721
  -780
  -841
  -902
  -968
  -1,036
  -1,106
  -1,179
  -1,255
  -1,333
  -1,414
  -1,498
  -1,586
  -1,676
  -1,771
  -1,869
  -1,971
  -2,078
  -2,189
  -2,305
  -2,425
  -2,551
  -2,683
Prev. year cash balance distribution, $m
 
  84
  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
 
  1,351
  1,648
  1,817
  1,981
  2,139
  2,291
  2,435
  2,573
  2,704
  2,829
  2,949
  3,065
  3,178
  3,289
  3,399
  3,509
  3,620
  3,735
  3,852
  3,975
  4,102
  4,236
  4,378
  4,527
  4,685
  4,853
  5,031
  5,220
  5,420
  5,634
Discount rate, %
 
  14.40
  15.12
  15.88
  16.67
  17.50
  18.38
  19.30
  20.26
  21.28
  22.34
  23.46
  24.63
  25.86
  27.15
  28.51
  29.94
  31.43
  33.01
  34.66
  36.39
  38.21
  40.12
  42.12
  44.23
  46.44
  48.76
  51.20
  53.76
  56.45
  59.27
PV of cash for distribution, $m
 
  1,181
  1,243
  1,168
  1,069
  955
  832
  708
  588
  476
  377
  290
  218
  160
  114
  79
  53
  35
  22
  14
  8
  5
  3
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  54.4
  36.1
  24.5
  17.0
  12.0
  8.6
  6.2
  4.6
  3.4
  2.5
  1.9
  1.5
  1.1
  0.9
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

New York Mortgage Trust, Inc. is a real estate investment trust (REIT). The Company is engaged in the business of acquiring, investing in, financing and managing primarily mortgage-related assets and financial assets. The Company's investment portfolio includes residential mortgage loans, including second mortgages and loans sourced from distressed markets, non-agency residential mortgage-backed securities (RMBS), multi-family commercial mortgage-backed securities, preferred equity and joint venture equity investments in, and mezzanine loans to, owners of multi-family properties, equity and debt securities issued by entities that invest in residential and commercial real estate and agency RMBS. It may acquire and manage various other types of mortgage-related and financial assets, including, without limitation, collateralized mortgage obligations and securities issued by newly originated residential securitizations, including credit sensitive securities from these securitizations.

FINANCIAL RATIOS  of  New York Mortgage Trust (NYMT)

Valuation Ratios
P/E Ratio 9.4
Price to Sales 1.8
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 11.8
Growth Rates
Sales Growth Rate -6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 930%
Total Debt to Equity 930%
Interest Coverage 1
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0
Profitability Ratios
Gross Margin 26.7%
Gross Margin - 3 Yr. Avg. 29%
EBITDA Margin 103.3%
EBITDA Margin - 3 Yr. Avg. 102.1%
Operating Margin 19.7%
Oper. Margin - 3 Yr. Avg. 23.5%
Pre-Tax Margin 19.7%
Pre-Tax Margin - 3 Yr. Avg. 23.5%
Net Profit Margin 18.9%
Net Profit Margin - 3 Yr. Avg. 22.4%
Effective Tax Rate 4.2%
Eff/ Tax Rate - 3 Yr. Avg. 5%
Payout Ratio 173.5%

NYMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NYMT stock intrinsic value calculation we used $360 million for the last fiscal year's total revenue generated by New York Mortgage Trust. The default revenue input number comes from 2016 income statement of New York Mortgage Trust. 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 NYMT stock valuation model: a) initial revenue growth rate of 20.8% 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 14.4%, whose default value for NYMT is calculated based on our internal credit rating of New York Mortgage Trust, 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 New York Mortgage Trust.
    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 NYMT stock the variable cost ratio is equal to 47.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $120 million in the base year in the intrinsic value calculation for NYMT 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 3.8% for New York Mortgage Trust.

Corporate tax rate of 27% is the nominal tax rate for New York Mortgage Trust. 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 NYMT 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 NYMT are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in New York Mortgage Trust 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 NYMT is equal to -23.3%. 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 - $848 million for New York Mortgage Trust - 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 113.848 million for New York Mortgage Trust 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 New York Mortgage Trust at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ New York Mortgage Trust, Inc. to Host Earnings Call   [Nov-03-17 07:10AM  ACCESSWIRE]
▶ New York Mortgage Trust posts 3Q profit   [Nov-02-17 05:25PM  Associated Press]
▶ New York Mortgage Trust Reports Second Quarter 2017 Results   [Aug-03-17 04:01PM  GlobeNewswire]
▶ New York Mortgage Trust posts 1Q profit   [May-03-17 05:46PM  Associated Press]
▶ How Novadaq Technologies Inc. (NVDQ) Stacks Up Against Its Peers   [Dec-12-16 08:17PM  at Insider Monkey]
▶ Is Nimble Storage Inc (NMBL) A Good Stock To Buy?   [Nov-28-16 10:37PM  at Insider Monkey]
Financial statements of NYMT
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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