Intrinsic value of Och-Ziff Capital Management - OZM

Previous Close

$3.46

  Intrinsic Value

$0.31

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  Rating & Target

str. sell

-91%

Previous close

$3.46

 
Intrinsic value

$0.31

 
Up/down potential

-91%

 
Rating

str. sell

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

We calculate the intrinsic value of OZM 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 1.8

 

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, %
  -41.80
  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
  770
  785
  803
  824
  847
  873
  901
  932
  965
  1,001
  1,039
  1,080
  1,124
  1,171
  1,221
  1,273
  1,329
  1,388
  1,450
  1,516
  1,586
  1,660
  1,737
  1,819
  1,905
  1,996
  2,091
  2,192
  2,298
  2,409
  2,526
Variable operating expenses, $m
 
  566
  579
  594
  611
  629
  649
  671
  695
  721
  749
  776
  807
  841
  876
  914
  954
  997
  1,041
  1,089
  1,139
  1,192
  1,247
  1,306
  1,368
  1,433
  1,502
  1,574
  1,650
  1,730
  1,814
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
  1,082
  566
  579
  594
  611
  629
  649
  671
  695
  721
  749
  776
  807
  841
  876
  914
  954
  997
  1,041
  1,089
  1,139
  1,192
  1,247
  1,306
  1,368
  1,433
  1,502
  1,574
  1,650
  1,730
  1,814
Operating income, $m
  -312
  219
  224
  230
  237
  244
  252
  260
  270
  280
  291
  305
  317
  330
  344
  359
  375
  391
  409
  428
  447
  468
  490
  513
  537
  563
  590
  618
  648
  679
  712
EBITDA, $m
  -292
  238
  244
  250
  257
  265
  274
  283
  293
  304
  316
  328
  341
  355
  371
  387
  403
  421
  440
  460
  482
  504
  527
  552
  578
  606
  635
  665
  697
  731
  767
Interest expense (income), $m
  20
  20
  -11
  -10
  -9
  -8
  -7
  -6
  -4
  -2
  -1
  1
  3
  5
  7
  10
  12
  15
  18
  20
  24
  27
  30
  34
  38
  42
  46
  51
  56
  61
  66
Earnings before tax, $m
  -305
  199
  235
  240
  246
  252
  259
  266
  274
  282
  292
  304
  314
  325
  337
  349
  363
  377
  391
  407
  424
  441
  459
  479
  499
  521
  543
  567
  592
  619
  646
Tax expense, $m
  11
  54
  64
  65
  66
  68
  70
  72
  74
  76
  79
  82
  85
  88
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  141
  147
  153
  160
  167
  175
Net income, $m
  -125
  145
  172
  175
  179
  184
  189
  194
  200
  206
  213
  222
  229
  237
  246
  255
  265
  275
  286
  297
  309
  322
  335
  350
  364
  380
  397
  414
  432
  452
  472

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  330
  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
  1,486
  1,179
  1,206
  1,237
  1,272
  1,311
  1,353
  1,399
  1,449
  1,503
  1,560
  1,622
  1,688
  1,758
  1,833
  1,912
  1,995
  2,084
  2,178
  2,277
  2,382
  2,492
  2,608
  2,731
  2,860
  2,997
  3,140
  3,291
  3,450
  3,617
  3,793
Adjusted assets (=assets-cash), $m
  1,156
  1,179
  1,206
  1,237
  1,272
  1,311
  1,353
  1,399
  1,449
  1,503
  1,560
  1,622
  1,688
  1,758
  1,833
  1,912
  1,995
  2,084
  2,178
  2,277
  2,382
  2,492
  2,608
  2,731
  2,860
  2,997
  3,140
  3,291
  3,450
  3,617
  3,793
Revenue / Adjusted assets
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
Average production assets, $m
  115
  117
  120
  123
  126
  130
  134
  139
  144
  149
  155
  161
  168
  174
  182
  190
  198
  207
  216
  226
  236
  247
  259
  271
  284
  297
  312
  327
  342
  359
  376
Working capital, $m
  0
  -337
  -345
  -354
  -363
  -375
  -387
  -400
  -414
  -429
  -446
  -463
  -482
  -502
  -524
  -546
  -570
  -595
  -622
  -651
  -680
  -712
  -745
  -780
  -817
  -856
  -897
  -940
  -986
  -1,033
  -1,084
Total debt, $m
  577
  -314
  -289
  -261
  -230
  -195
  -157
  -116
  -71
  -22
  29
  85
  144
  207
  274
  346
  421
  501
  585
  674
  768
  868
  973
  1,083
  1,199
  1,322
  1,451
  1,587
  1,730
  1,880
  2,038
Total liabilities, $m
  1,952
  1,061
  1,086
  1,114
  1,145
  1,180
  1,218
  1,259
  1,304
  1,353
  1,404
  1,460
  1,519
  1,582
  1,649
  1,721
  1,796
  1,876
  1,960
  2,049
  2,143
  2,243
  2,348
  2,458
  2,574
  2,697
  2,826
  2,962
  3,105
  3,255
  3,413
Total equity, $m
  -466
  118
  121
  124
  127
  131
  135
  140
  145
  150
  156
  162
  169
  176
  183
  191
  200
  208
  218
  228
  238
  249
  261
  273
  286
  300
  314
  329
  345
  362
  379
Total liabilities and equity, $m
  1,486
  1,179
  1,207
  1,238
  1,272
  1,311
  1,353
  1,399
  1,449
  1,503
  1,560
  1,622
  1,688
  1,758
  1,832
  1,912
  1,996
  2,084
  2,178
  2,277
  2,381
  2,492
  2,609
  2,731
  2,860
  2,997
  3,140
  3,291
  3,450
  3,617
  3,792
Debt-to-equity ratio
  -1.238
  -2.660
  -2.400
  -2.110
  -1.810
  -1.490
  -1.160
  -0.830
  -0.490
  -0.150
  0.190
  0.520
  0.850
  1.180
  1.500
  1.810
  2.110
  2.400
  2.690
  2.960
  3.230
  3.480
  3.730
  3.970
  4.190
  4.410
  4.620
  4.820
  5.010
  5.200
  5.370
Adjusted equity ratio
  -0.689
  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
  -125
  145
  172
  175
  179
  184
  189
  194
  200
  206
  213
  222
  229
  237
  246
  255
  265
  275
  286
  297
  309
  322
  335
  350
  364
  380
  397
  414
  432
  452
  472
Depreciation, amort., depletion, $m
  20
  19
  20
  20
  21
  21
  22
  22
  23
  24
  25
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  47
  50
  52
  55
Funds from operations, $m
  -341
  165
  191
  195
  200
  205
  211
  217
  223
  230
  238
  245
  254
  263
  272
  283
  293
  305
  317
  330
  344
  358
  373
  389
  406
  423
  442
  461
  482
  504
  526
Change in working capital, $m
  -60
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
Cash from operations, $m
  -281
  171
  199
  204
  210
  216
  223
  230
  237
  245
  254
  263
  272
  283
  294
  305
  317
  330
  344
  358
  373
  389
  406
  424
  443
  462
  483
  505
  527
  551
  577
Maintenance CAPEX, $m
  0
  -17
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
New CAPEX, $m
  -9
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
Cash from investing activities, $m
  -16
  -20
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -28
  -30
  -31
  -32
  -34
  -35
  -38
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -67
  -69
Free cash flow, $m
  -297
  152
  179
  184
  189
  194
  200
  206
  212
  219
  227
  234
  242
  251
  261
  271
  282
  293
  305
  317
  330
  344
  359
  374
  390
  408
  426
  444
  464
  485
  507
Issuance/(repayment) of debt, $m
  132
  -891
  24
  28
  31
  35
  38
  41
  45
  48
  52
  56
  59
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  150
  158
Issuance/(repurchase) of shares, $m
  246
  769
  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 financing (excl. dividends), $m  
  374
  -122
  24
  28
  31
  35
  38
  41
  45
  48
  52
  56
  59
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  150
  158
Total cash flow (excl. dividends), $m
  76
  30
  204
  212
  220
  229
  238
  247
  257
  268
  279
  290
  302
  315
  328
  342
  357
  373
  389
  406
  424
  444
  464
  485
  507
  530
  555
  580
  607
  636
  665
Retained Cash Flow (-), $m
  50
  -914
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
Prev. year cash balance distribution, $m
 
  330
  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
 
  -554
  201
  209
  217
  225
  233
  243
  252
  262
  273
  283
  295
  308
  321
  334
  349
  364
  380
  396
  414
  433
  452
  472
  494
  516
  540
  565
  591
  619
  648
Discount rate, %
 
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.65
  23.79
  24.98
  26.23
  27.54
  28.91
  30.36
  31.88
  33.47
  35.14
  36.90
  38.75
  40.68
  42.72
  44.85
  47.10
  49.45
  51.92
  54.52
  57.25
  60.11
  63.11
  66.27
PV of cash for distribution, $m
 
  -477
  147
  128
  109
  92
  76
  62
  49
  38
  29
  22
  16
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Och-Ziff Capital Management Group LLC (Och-Ziff) is an institutional alternative asset manager. The Company provides asset management services through its funds, which pursue a range of global investment opportunities. The Company operates through two segments: the Och-Ziff Funds and real estate business. The Och-Ziff Funds segment provides asset management services to its multi-strategy funds, credit funds and other alternative investment vehicles. The real estate business segment provides asset management services to its real estate funds and is included within Other Operations. The Company offers customized solutions within and across its product platforms to help its fund investors meet their investment objectives. The Company's global multi-strategy fund, The OZ Master Fund, allocates capital between its investment strategies in North America, Europe and Asia based on market conditions and investment opportunities.

FINANCIAL RATIOS  of  Och-Ziff Capital Management (OZM)

Valuation Ratios
P/E Ratio -13.3
Price to Sales 2.2
Price to Book -3.6
Price to Tangible Book
Price to Cash Flow -5.9
Price to Free Cash Flow -5.8
Growth Rates
Sales Growth Rate -41.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -79.5%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity -123.8%
Total Debt to Equity -123.8%
Interest Coverage -14
Management Effectiveness
Return On Assets -1.7%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital -3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 28.3%
Return On Equity - 3 Yr. Avg. -15.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 97%
Gross Margin - 3 Yr. Avg. 98.3%
EBITDA Margin -34.4%
EBITDA Margin - 3 Yr. Avg. 15.5%
Operating Margin -40.5%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin -39.6%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin -16.2%
Net Profit Margin - 3 Yr. Avg. -1.7%
Effective Tax Rate -3.6%
Eff/ Tax Rate - 3 Yr. Avg. 19%
Payout Ratio 0%

OZM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OZM stock intrinsic value calculation we used $770 million for the last fiscal year's total revenue generated by Och-Ziff Capital Management. The default revenue input number comes from 2016 income statement of Och-Ziff 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 OZM 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 16.1%, whose default value for OZM is calculated based on our internal credit rating of Och-Ziff 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 Och-Ziff 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 OZM stock the variable cost ratio is equal to 72.1%.

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 OZM 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 Och-Ziff Capital Management.

Corporate tax rate of 27% is the nominal tax rate for Och-Ziff 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 OZM 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 OZM are equal to 14.9%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Och-Ziff 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 OZM is equal to -42.9%. 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 - $-466 million for Och-Ziff 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 523.121 million for Och-Ziff 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 Och-Ziff Capital Management at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Carlyle (CG) in Focus: Stock Moves 6.4% Higher   [Sep-12-17 08:55AM  Zacks]
▶ Trouble For Och-Ziff?   [Aug-03-17 03:20PM  Barrons.com]
▶ [$$] Nearly $3 Billion Pulled From Hedge Fund Giant Och-Ziff   [Aug-02-17 05:46PM  The Wall Street Journal]
▶ Och-Ziff's $280 Million Bet on Co-CIO Jimmy Levin   [Jul-24-17 11:02AM  Bloomberg Video]
▶ Lucky Investors and Venezuelan Bonds   [09:41AM  Bloomberg]
▶ Hedge fund performance: young guns vs. old guard   [Jul-10-17 02:13PM  CNBC Videos]
▶ [$$] Hedge Fund Och-Ziff Sees Stronger Returns   [Jul-05-17 01:05PM  The Wall Street Journal]
▶ Son of Former Gabonese Premier Jailed for Bribery   [05:07PM  The Wall Street Journal]
▶ Pain over for Och-Ziff?   [12:41PM  CNBC Videos]
▶ [$$] Investors Pull Almost $7 Billion from Hedge Fund Giant in Four Months   [May-02-17 04:40PM  The Wall Street Journal]
▶ The Machines Are Eating Wall Street   [Apr-03-17 02:23PM  Forbes]
▶ The Machines Are Eating Wall Street   [02:23PM  at Forbes]
▶ [$$] Hedge fund closures hold nuggets for stock market investors   [Mar-27-17 11:11PM  at Financial Times]
▶ S&P downgrades Och-Ziff further into junk territory   [Mar-20-17 04:56PM  MarketWatch]
▶ [$$] Fund Investors Load Up on Property Debt   [12:29AM  The Wall Street Journal]
▶ [$$] Fund Investors Load Up on Property Debt   [12:29AM  at The Wall Street Journal]
▶ [$$] Fund Investors Load Up on Property Debt   [03:09PM  at The Wall Street Journal]
▶ [$$] Jack Bogle: ETFs have beaten hedge funds   [Mar-05-17 12:00AM  at Financial Times]
▶ [$$] Listed hedge funds: rescue me   [Feb-20-17 12:42PM  at Financial Times]
▶ [$$] The week's news in brief: February 20   [Feb-19-17 12:00AM  at Financial Times]
▶ [$$] Distressed Debt and Credit Funds See Resurgence in Profits   [Feb-17-17 02:28PM  at The Wall Street Journal]
▶ Investors Yank out a Record $13 Billion from Och-Ziff   [Feb-16-17 02:39PM  at Investopedia]
▶ [$$] SEC Sues Two Former Och-Ziff Executives Over Bribery Claims   [Jan-27-17 12:39AM  at The Wall Street Journal]
▶ [$$] Och-Ziff's Once Highflying Deal Maker Faces Bribery Charges   [Jan-26-17 09:46PM  at The Wall Street Journal]
▶ [$$] Former Och-Ziff London partner charged by SEC   [03:02PM  at Financial Times]
▶ [$$] Peabody Bondholders, Shareholders Team Up   [Jan-23-17 04:51PM  at The Wall Street Journal]
▶ [$$] After a Tough 2016, the Hedge-Fund Managers to Watch Next Year   [Jan-02-17 11:47PM  at The Wall Street Journal]
▶ [$$] After a Tough 2016, the Hedge-Fund Managers to Watch Next Year   [Dec-30-16 05:30AM  at The Wall Street Journal]
▶ Och-Ziff Affiliate Closes Nearly $1 billion of U.S. CLOs   [Dec-20-16 11:25AM  GlobeNewswire]
Financial statements of OZM
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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