Intrinsic value of Och-Ziff Capital Management - OZM

Previous Close

$2.95

  Intrinsic Value

$0.75

stock screener

  Rating & Target

str. sell

-75%

  Value-price divergence*

-36%

Previous close

$2.95

 
Intrinsic value

$0.75

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence*

-36%

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

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

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 0.5

 

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
  233
  239
  245
  252
  259
  268
  277
  287
  297
  309
  321
  334
  348
  362
  378
  395
  412
  431
  450
  471
  493
  516
  540
  566
  593
  621
  651
  682
  715
  750
Interest expense (income), $m
  20
  20
  0
  1
  2
  3
  5
  7
  9
  11
  13
  15
  18
  20
  23
  26
  29
  33
  36
  40
  44
  48
  53
  58
  62
  68
  73
  79
  85
  92
  98
Earnings before tax, $m
  -305
  199
  225
  229
  235
  240
  247
  254
  261
  269
  278
  290
  299
  310
  321
  333
  345
  359
  373
  388
  403
  420
  437
  455
  475
  495
  516
  539
  563
  588
  614
Tax expense, $m
  11
  54
  61
  62
  63
  65
  67
  69
  71
  73
  75
  78
  81
  84
  87
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  134
  139
  146
  152
  159
  166
Net income, $m
  -125
  145
  164
  167
  171
  176
  180
  185
  191
  197
  203
  211
  219
  226
  234
  243
  252
  262
  272
  283
  294
  306
  319
  332
  347
  361
  377
  393
  411
  429
  448

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
  1,516
  1,551
  1,591
  1,636
  1,685
  1,740
  1,799
  1,863
  1,932
  2,006
  2,086
  2,170
  2,260
  2,356
  2,458
  2,566
  2,680
  2,800
  2,928
  3,062
  3,204
  3,354
  3,511
  3,678
  3,853
  4,037
  4,231
  4,435
  4,650
  4,876
Adjusted assets (=assets-cash), $m
  1,156
  1,516
  1,551
  1,591
  1,636
  1,685
  1,740
  1,799
  1,863
  1,932
  2,006
  2,086
  2,170
  2,260
  2,356
  2,458
  2,566
  2,680
  2,800
  2,928
  3,062
  3,204
  3,354
  3,511
  3,678
  3,853
  4,037
  4,231
  4,435
  4,650
  4,876
Revenue / Adjusted assets
  0.666
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
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
  -79
  -80
  -82
  -85
  -87
  -90
  -93
  -97
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -209
  -219
  -230
  -241
  -253
Total debt, $m
  577
  -10
  21
  57
  97
  142
  191
  244
  302
  364
  431
  502
  578
  659
  746
  837
  934
  1,037
  1,145
  1,260
  1,381
  1,509
  1,643
  1,785
  1,935
  2,093
  2,258
  2,433
  2,617
  2,810
  3,013
Total liabilities, $m
  1,952
  1,365
  1,396
  1,432
  1,472
  1,517
  1,566
  1,619
  1,677
  1,739
  1,806
  1,877
  1,953
  2,034
  2,121
  2,212
  2,309
  2,412
  2,520
  2,635
  2,756
  2,884
  3,018
  3,160
  3,310
  3,468
  3,633
  3,808
  3,992
  4,185
  4,388
Total equity, $m
  -466
  152
  155
  159
  164
  169
  174
  180
  186
  193
  201
  209
  217
  226
  236
  246
  257
  268
  280
  293
  306
  320
  335
  351
  368
  385
  404
  423
  444
  465
  488
Total liabilities and equity, $m
  1,486
  1,517
  1,551
  1,591
  1,636
  1,686
  1,740
  1,799
  1,863
  1,932
  2,007
  2,086
  2,170
  2,260
  2,357
  2,458
  2,566
  2,680
  2,800
  2,928
  3,062
  3,204
  3,353
  3,511
  3,678
  3,853
  4,037
  4,231
  4,436
  4,650
  4,876
Debt-to-equity ratio
  -1.238
  -0.070
  0.140
  0.360
  0.590
  0.840
  1.100
  1.360
  1.620
  1.880
  2.150
  2.410
  2.660
  2.920
  3.160
  3.410
  3.640
  3.870
  4.090
  4.300
  4.510
  4.710
  4.900
  5.080
  5.260
  5.430
  5.590
  5.750
  5.900
  6.040
  6.180
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
  164
  167
  171
  176
  180
  185
  191
  197
  203
  211
  219
  226
  234
  243
  252
  262
  272
  283
  294
  306
  319
  332
  347
  361
  377
  393
  411
  429
  448
Depreciation, amort., depletion, $m
  20
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
Funds from operations, $m
  -341
  159
  178
  182
  186
  191
  196
  201
  207
  214
  221
  227
  235
  244
  253
  262
  272
  283
  294
  306
  318
  331
  345
  360
  375
  391
  408
  426
  445
  465
  486
Change in working capital, $m
  -60
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  -281
  161
  180
  184
  189
  193
  199
  205
  211
  217
  225
  232
  240
  248
  258
  267
  278
  288
  300
  312
  325
  338
  353
  368
  384
  400
  418
  436
  456
  476
  497
Maintenance CAPEX, $m
  0
  -11
  -12
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
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
  -14
  -15
  -15
  -15
  -17
  -17
  -18
  -19
  -19
  -21
  -21
  -23
  -24
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
Free cash flow, $m
  -297
  147
  166
  169
  173
  177
  182
  187
  192
  198
  204
  210
  217
  225
  233
  241
  250
  260
  270
  281
  292
  304
  316
  330
  344
  358
  374
  390
  407
  425
  444
Issuance/(repayment) of debt, $m
  132
  -587
  31
  36
  40
  45
  49
  53
  58
  62
  67
  71
  76
  81
  86
  91
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
Issuance/(repurchase) of shares, $m
  246
  472
  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
  -115
  31
  36
  40
  45
  49
  53
  58
  62
  67
  71
  76
  81
  86
  91
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
Total cash flow (excl. dividends), $m
  76
  32
  197
  205
  213
  222
  231
  240
  250
  260
  271
  281
  293
  306
  319
  333
  347
  362
  378
  395
  413
  432
  451
  472
  493
  516
  540
  565
  591
  619
  647
Retained Cash Flow (-), $m
  50
  -618
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
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
 
  -586
  194
  201
  209
  217
  225
  234
  243
  253
  263
  273
  285
  297
  309
  323
  336
  351
  366
  383
  400
  417
  436
  456
  477
  498
  521
  545
  571
  597
  625
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
 
  -505
  142
  123
  105
  89
  73
  60
  47
  37
  28
  21
  15
  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 is a publicly owned hedge fund sponsor. The firm provides investment advisory services for its clients. It primarily caters to institutional investors which include pension funds, fund-of-funds, foundations and endowments, corporations and other institutions, private banks and family offices. The firm invests in equity and alternative markets across the world. It employs quantitative and qualitative analysis to make its investments. For its multi-strategy portfolios, the firm employs strategies like convertible and derivative arbitrage, corporate credit, long/short equity special situations, buyout investments, merger arbitrage, private investments, and structured credit. It also invests in real estate and traditional real estate assets including multifamily, office, hotel and retail, loans, portfolio acquisitions, loan pools, operating companies, structured debt products, public securities, and non-traditional real estate assets including gaming, distressed land and residential, cell towers, parking, golf, debt and senior housing. For private equity investments, it considers investments in a variety of special situations that seek to realize value through strategic sales or initial public offerings. The firm typically invests in the energy investments. It prefers to invest in United States. It also manages a buyout fund, Och-Ziff Energy Fund. Och-Ziff Capital Management Group LLC was founded in 1994 and is based New York City with additional offices in Houston, Texas, London, United Kingdom, Hong Kong, Tokyo, Japan, Bangalore, India, Singapore, and Beijing, China.

FINANCIAL RATIOS  of  Och-Ziff Capital Management (OZM)

Valuation Ratios
P/E Ratio -11.4
Price to Sales 1.8
Price to Book -3.1
Price to Tangible Book
Price to Cash Flow -5.1
Price to Free Cash Flow -4.9
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 10 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 -10%. 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 178.594 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 $0.5 billion.

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COMPANY NEWS

▶ 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]
▶ Och-Ziff Closes First European CLO Totaling 413 million   [Dec-15-16 07:44AM  GlobeNewswire]
▶ Son of Former Gabonese Prime Minister Pleads Guilty to Bribery   [Dec-09-16 05:48PM  at The Wall Street Journal]
Stock chart of OZM 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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