Intrinsic value of Orchid Island Capital - ORC

Previous Close

$9.74

  Intrinsic Value

$60.77

stock screener

  Rating & Target

str. buy

+524%

  Value-price divergence*

0%

Previous close

$9.74

 
Intrinsic value

$60.77

 
Up/down potential

+524%

 
Rating

str. buy

 
Value-price divergence*

0%

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

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

We calculate the intrinsic value of ORC 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 0.3

 

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, %
  68.75
  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
  27
  43
  67
  100
  145
  204
  281
  377
  495
  637
  805
  999
  1,222
  1,473
  1,752
  2,060
  2,396
  2,760
  3,152
  3,569
  4,013
  4,482
  4,976
  5,494
  6,037
  6,603
  7,194
  7,809
  8,450
  9,115
  9,807
Variable operating expenses, $m
 
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,364
  1,622
  1,908
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,608
  5,087
  5,590
  6,115
  6,662
  7,232
  7,824
  8,441
  9,082
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
  25
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,364
  1,622
  1,908
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,608
  5,087
  5,590
  6,115
  6,662
  7,232
  7,824
  8,441
  9,082
Operating income, $m
  2
  3
  5
  7
  11
  15
  21
  28
  37
  47
  60
  74
  90
  109
  130
  152
  177
  204
  233
  264
  297
  332
  368
  407
  447
  489
  532
  578
  625
  675
  726
EBITDA, $m
  2
  3
  5
  7
  11
  15
  21
  28
  37
  47
  60
  74
  90
  109
  130
  152
  177
  204
  233
  264
  297
  332
  368
  407
  447
  489
  532
  578
  625
  675
  726
Interest expense (income), $m
  15
  95
  149
  231
  345
  501
  708
  973
  1,306
  1,715
  2,207
  2,788
  3,462
  4,233
  5,102
  6,070
  7,138
  8,303
  9,564
  10,920
  12,367
  13,904
  15,530
  17,241
  19,036
  20,916
  22,880
  24,927
  27,059
  29,278
  31,584
Earnings before tax, $m
  2
  -92
  -144
  -223
  -335
  -486
  -687
  -945
  -1,269
  -1,668
  -2,148
  -2,714
  -3,372
  -4,124
  -4,972
  -5,918
  -6,960
  -8,099
  -9,331
  -10,656
  -12,070
  -13,573
  -15,161
  -16,834
  -18,590
  -20,428
  -22,347
  -24,349
  -26,434
  -28,603
  -30,859
Tax expense, $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
Net income, $m
  2
  -92
  -144
  -223
  -335
  -486
  -687
  -945
  -1,269
  -1,668
  -2,148
  -2,714
  -3,372
  -4,124
  -4,972
  -5,918
  -6,960
  -8,099
  -9,331
  -10,656
  -12,070
  -13,573
  -15,161
  -16,834
  -18,590
  -20,428
  -22,347
  -24,349
  -26,434
  -28,603
  -30,859

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  73
  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
  3,139
  4,800
  7,416
  11,091
  16,092
  22,703
  31,212
  41,896
  55,012
  70,786
  89,409
  111,026
  135,740
  163,612
  194,666
  228,892
  266,257
  306,706
  350,173
  396,590
  445,884
  497,994
  552,863
  610,450
  670,730
  733,692
  799,346
  867,719
  938,857
  1,012,824
  1,089,703
Adjusted assets (=assets-cash), $m
  3,066
  4,800
  7,416
  11,091
  16,092
  22,703
  31,212
  41,896
  55,012
  70,786
  89,409
  111,026
  135,740
  163,612
  194,666
  228,892
  266,257
  306,706
  350,173
  396,590
  445,884
  497,994
  552,863
  610,450
  670,730
  733,692
  799,346
  867,719
  938,857
  1,012,824
  1,089,703
Revenue / Adjusted assets
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
  0.009
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
  22
  33
  50
  72
  102
  140
  189
  248
  319
  402
  500
  611
  736
  876
  1,030
  1,198
  1,380
  1,576
  1,785
  2,006
  2,241
  2,488
  2,747
  3,018
  3,302
  3,597
  3,905
  4,225
  4,558
  4,904
Total debt, $m
  2,794
  4,265
  6,596
  9,870
  14,326
  20,217
  27,798
  37,317
  49,003
  63,059
  79,651
  98,912
  120,932
  145,766
  173,435
  203,931
  237,223
  273,263
  311,992
  353,349
  397,271
  443,700
  492,589
  543,899
  597,608
  653,708
  712,206
  773,126
  836,509
  902,414
  970,913
Total liabilities, $m
  2,806
  4,277
  6,608
  9,882
  14,338
  20,229
  27,810
  37,329
  49,015
  63,071
  79,663
  98,924
  120,944
  145,778
  173,447
  203,943
  237,235
  273,275
  312,004
  353,361
  397,283
  443,712
  492,601
  543,911
  597,620
  653,720
  712,218
  773,138
  836,521
  902,426
  970,925
Total equity, $m
  333
  523
  808
  1,209
  1,754
  2,475
  3,402
  4,567
  5,996
  7,716
  9,746
  12,102
  14,796
  17,834
  21,219
  24,949
  29,022
  33,431
  38,169
  43,228
  48,601
  54,281
  60,262
  66,539
  73,110
  79,972
  87,129
  94,581
  102,335
  110,398
  118,778
Total liabilities and equity, $m
  3,139
  4,800
  7,416
  11,091
  16,092
  22,704
  31,212
  41,896
  55,011
  70,787
  89,409
  111,026
  135,740
  163,612
  194,666
  228,892
  266,257
  306,706
  350,173
  396,589
  445,884
  497,993
  552,863
  610,450
  670,730
  733,692
  799,347
  867,719
  938,856
  1,012,824
  1,089,703
Debt-to-equity ratio
  8.390
  8.150
  8.160
  8.160
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
  8.170
Adjusted equity ratio
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  -92
  -144
  -223
  -335
  -486
  -687
  -945
  -1,269
  -1,668
  -2,148
  -2,714
  -3,372
  -4,124
  -4,972
  -5,918
  -6,960
  -8,099
  -9,331
  -10,656
  -12,070
  -13,573
  -15,161
  -16,834
  -18,590
  -20,428
  -22,347
  -24,349
  -26,434
  -28,603
  -30,859
Depreciation, amort., depletion, $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
Funds from operations, $m
  47
  -92
  -144
  -223
  -335
  -486
  -687
  -945
  -1,269
  -1,668
  -2,148
  -2,714
  -3,372
  -4,124
  -4,972
  -5,918
  -6,960
  -8,099
  -9,331
  -10,656
  -12,070
  -13,573
  -15,161
  -16,834
  -18,590
  -20,428
  -22,347
  -24,349
  -26,434
  -28,603
  -30,859
Change in working capital, $m
  0
  8
  12
  17
  23
  30
  38
  48
  59
  71
  84
  97
  111
  125
  140
  154
  168
  182
  196
  209
  222
  234
  247
  259
  271
  283
  295
  308
  320
  333
  346
Cash from operations, $m
  47
  -100
  -156
  -240
  -357
  -516
  -725
  -993
  -1,328
  -1,739
  -2,231
  -2,811
  -3,483
  -4,249
  -5,112
  -6,072
  -7,128
  -8,281
  -9,527
  -10,864
  -12,292
  -13,807
  -15,408
  -17,093
  -18,861
  -20,711
  -22,643
  -24,657
  -26,754
  -28,936
  -31,205
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
  -920
  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
  -873
  -100
  -156
  -240
  -357
  -516
  -725
  -993
  -1,328
  -1,739
  -2,231
  -2,811
  -3,483
  -4,249
  -5,112
  -6,072
  -7,128
  -8,281
  -9,527
  -10,864
  -12,292
  -13,807
  -15,408
  -17,093
  -18,861
  -20,711
  -22,643
  -24,657
  -26,754
  -28,936
  -31,205
Issuance/(repayment) of debt, $m
  -188
  1,544
  2,331
  3,274
  4,456
  5,891
  7,581
  9,519
  11,686
  14,055
  16,593
  19,260
  22,020
  24,834
  27,669
  30,496
  33,292
  36,040
  38,730
  41,357
  43,922
  46,429
  48,888
  51,310
  53,709
  56,100
  58,498
  60,920
  63,384
  65,905
  68,499
Issuance/(repurchase) of shares, $m
  118
  282
  429
  624
  880
  1,207
  1,614
  2,110
  2,699
  3,387
  4,177
  5,070
  6,065
  7,162
  8,357
  9,648
  11,033
  12,507
  14,069
  15,715
  17,443
  19,253
  21,142
  23,111
  25,160
  27,291
  29,504
  31,802
  34,188
  36,666
  39,239
Cash from financing (excl. dividends), $m  
  926
  1,826
  2,760
  3,898
  5,336
  7,098
  9,195
  11,629
  14,385
  17,442
  20,770
  24,330
  28,085
  31,996
  36,026
  40,144
  44,325
  48,547
  52,799
  57,072
  61,365
  65,682
  70,030
  74,421
  78,869
  83,391
  88,002
  92,722
  97,572
  102,571
  107,738
Total cash flow (excl. dividends), $m
  53
  1,726
  2,604
  3,658
  4,979
  6,582
  8,470
  10,636
  13,057
  15,704
  18,539
  21,519
  24,603
  27,747
  30,914
  34,073
  37,196
  40,267
  43,272
  46,207
  49,073
  51,875
  54,622
  57,328
  60,008
  62,679
  65,359
  68,065
  70,818
  73,634
  76,533
Retained Cash Flow (-), $m
  -80
  -282
  -429
  -624
  -880
  -1,207
  -1,614
  -2,110
  -2,699
  -3,387
  -4,177
  -5,070
  -6,065
  -7,162
  -8,357
  -9,648
  -11,033
  -12,507
  -14,069
  -15,715
  -17,443
  -19,253
  -21,142
  -23,111
  -25,160
  -27,291
  -29,504
  -31,802
  -34,188
  -36,666
  -39,239
Prev. year cash balance distribution, $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 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
 
  1,444
  2,175
  3,034
  4,099
  5,375
  6,856
  8,526
  10,358
  12,317
  14,361
  16,449
  18,537
  20,585
  22,557
  24,424
  26,163
  27,759
  29,203
  30,492
  31,630
  32,622
  33,480
  34,217
  34,848
  35,389
  35,855
  36,263
  36,629
  36,968
  37,295
Discount rate, %
 
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
PV of cash for distribution, $m
 
  1,266
  1,653
  1,972
  2,248
  2,450
  2,557
  2,559
  2,458
  2,268
  2,012
  1,717
  1,410
  1,115
  849
  622
  439
  298
  195
  123
  74
  43
  24
  13
  7
  3
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  53.6
  29.1
  16.3
  9.3
  5.5
  3.3
  2.0
  1.3
  0.8
  0.5
  0.3
  0.2
  0.1
  0.1
  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

Orchid Island Capital, Inc., a specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States. The company’s RMBS are backed primarily by single-family residential mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS; and structured Agency RMBS, including collateralized mortgage obligations, interest only securities, inverse interest only securities, and principal only securities. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 2010 and is headquartered in Vero Beach, Florida.

FINANCIAL RATIOS  of  Orchid Island Capital (ORC)

Valuation Ratios
P/E Ratio 160.5
Price to Sales 11.9
Price to Book 1
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 6.8
Growth Rates
Sales Growth Rate 68.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 839%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. 6.7%
Asset Turnover 0
Profitability Ratios
Gross Margin 25.9%
Gross Margin - 3 Yr. Avg. 47.2%
EBITDA Margin 63%
EBITDA Margin - 3 Yr. Avg. 66.8%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 29.6%
Pre-Tax Margin 7.4%
Pre-Tax Margin - 3 Yr. Avg. 30.6%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 30.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 1850%

ORC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ORC stock intrinsic value calculation we used $27 million for the last fiscal year's total revenue generated by Orchid Island Capital. The default revenue input number comes from 2016 income statement of Orchid Island 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 ORC 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 14%, whose default value for ORC is calculated based on our internal credit rating of Orchid Island 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 Orchid Island 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 ORC stock the variable cost ratio is equal to 92.6%.

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 ORC 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 Orchid Island Capital.

Corporate tax rate of 27% is the nominal tax rate for Orchid Island 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 ORC 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 ORC are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Orchid Island 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 ORC is equal to 50%. 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 - $333 million for Orchid Island 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 33.442 million for Orchid Island 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 Orchid Island Capital at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Orchid Island Capital, Inc. Announces At-The-Market Program   [Aug-02-17 04:27PM  GlobeNewswire]
▶ Orchid Island reports 2Q loss   [Jul-31-17 10:12PM  Associated Press]
▶ Orco Property Group : Q1 2017 Financial Results   [May-31-17 01:57PM  GlobeNewswire]
▶ Orchid Island posts 1Q profit   [Apr-27-17 07:36PM  Associated Press]
▶ Orco Property Group : Convening Notice of the Company's AGM   [Apr-21-17 11:34AM  GlobeNewswire]
▶ Stocks That Are Changing Direction   [Apr-17-17 02:00PM  TheStreet.com]
▶ Orco Property Group : OPG - 2016 Financial Information   [Apr-01-17 06:42AM  GlobeNewswire]
▶ Stocks set to post best Q1 in 4 years   [Mar-31-17 11:36AM  Yahoo Finance]
▶ How Adobe Can Plug the Holes in Its Cloud   [Mar-23-17 05:40PM  TheStreet.com]
▶ How Adobe Can Plug the Holes in Its Cloud   [05:40PM  at TheStreet]
▶ Orco Property Group : Suspension of Trading in Warsaw   [Feb-20-17 11:42AM  GlobeNewswire]
▶ Orchid Island reports 4Q loss   [Feb-16-17 05:09PM  Associated Press]
▶ Orco Property Group : Q3 2016 Financial Results   [Nov-30-16 12:19PM  GlobeNewswire]
Stock chart of ORC Financial statements of ORC
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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