Intrinsic value of PennyMac Financial Services Cl A - PFSI

Previous Close

$17.00

  Intrinsic Value

$136.77

stock screener

  Rating & Target

str. buy

+705%

  Value-price divergence*

+83%

Previous close

$17.00

 
Intrinsic value

$136.77

 
Up/down potential

+705%

 
Rating

str. buy

 
Value-price divergence*

+83%

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

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

We calculate the intrinsic value of PFSI 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 0.4

 

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, %
  45.20
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  1,362
  1,502
  1,649
  1,802
  1,962
  2,128
  2,301
  2,481
  2,668
  2,863
  3,064
  3,274
  3,493
  3,719
  3,955
  4,201
  4,457
  4,724
  5,002
  5,292
  5,594
  5,910
  6,240
  6,584
  6,944
  7,321
  7,715
  8,127
  8,558
  9,010
  9,483
Variable operating expenses, $m
 
  1,056
  1,159
  1,267
  1,379
  1,496
  1,618
  1,744
  1,876
  2,012
  2,154
  2,302
  2,455
  2,615
  2,781
  2,953
  3,133
  3,321
  3,516
  3,720
  3,933
  4,155
  4,386
  4,629
  4,882
  5,147
  5,423
  5,713
  6,016
  6,334
  6,666
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
  979
  1,056
  1,159
  1,267
  1,379
  1,496
  1,618
  1,744
  1,876
  2,012
  2,154
  2,302
  2,455
  2,615
  2,781
  2,953
  3,133
  3,321
  3,516
  3,720
  3,933
  4,155
  4,386
  4,629
  4,882
  5,147
  5,423
  5,713
  6,016
  6,334
  6,666
Operating income, $m
  383
  446
  490
  535
  583
  632
  684
  737
  792
  850
  910
  972
  1,037
  1,105
  1,175
  1,248
  1,324
  1,403
  1,486
  1,572
  1,661
  1,755
  1,853
  1,955
  2,062
  2,174
  2,291
  2,414
  2,542
  2,676
  2,816
EBITDA, $m
  689
  617
  678
  741
  806
  875
  946
  1,020
  1,096
  1,176
  1,259
  1,345
  1,435
  1,528
  1,625
  1,726
  1,831
  1,941
  2,055
  2,174
  2,299
  2,428
  2,564
  2,705
  2,853
  3,008
  3,170
  3,339
  3,517
  3,702
  3,897
Interest expense (income), $m
  105
  134
  151
  177
  204
  232
  261
  292
  323
  357
  391
  426
  464
  502
  542
  584
  627
  672
  720
  769
  820
  873
  929
  987
  1,048
  1,112
  1,178
  1,248
  1,321
  1,397
  1,476
Earnings before tax, $m
  383
  312
  339
  359
  379
  400
  422
  445
  469
  494
  519
  546
  574
  603
  633
  664
  697
  731
  766
  803
  842
  882
  924
  968
  1,014
  1,063
  1,113
  1,166
  1,221
  1,279
  1,340
Tax expense, $m
  46
  84
  92
  97
  102
  108
  114
  120
  127
  133
  140
  147
  155
  163
  171
  179
  188
  197
  207
  217
  227
  238
  250
  261
  274
  287
  301
  315
  330
  345
  362
Net income, $m
  66
  228
  248
  262
  277
  292
  308
  325
  342
  360
  379
  399
  419
  440
  462
  485
  508
  533
  559
  586
  614
  644
  675
  707
  740
  776
  813
  851
  892
  934
  978

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  99
  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
  5,134
  5,669
  6,223
  6,801
  7,404
  8,032
  8,685
  9,363
  10,069
  10,802
  11,564
  12,356
  13,179
  14,035
  14,926
  15,854
  16,819
  17,825
  18,874
  19,968
  21,110
  22,301
  23,545
  24,846
  26,205
  27,626
  29,112
  30,667
  32,295
  33,999
  35,784
Adjusted assets (=assets-cash), $m
  5,035
  5,669
  6,223
  6,801
  7,404
  8,032
  8,685
  9,363
  10,069
  10,802
  11,564
  12,356
  13,179
  14,035
  14,926
  15,854
  16,819
  17,825
  18,874
  19,968
  21,110
  22,301
  23,545
  24,846
  26,205
  27,626
  29,112
  30,667
  32,295
  33,999
  35,784
Revenue / Adjusted assets
  0.271
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
Average production assets, $m
  1,551
  1,711
  1,878
  2,053
  2,235
  2,424
  2,621
  2,826
  3,039
  3,260
  3,490
  3,729
  3,978
  4,236
  4,505
  4,785
  5,077
  5,380
  5,697
  6,027
  6,372
  6,731
  7,107
  7,499
  7,909
  8,338
  8,787
  9,256
  9,748
  10,262
  10,801
Working capital, $m
  0
  751
  825
  901
  981
  1,064
  1,151
  1,241
  1,334
  1,431
  1,532
  1,637
  1,746
  1,860
  1,978
  2,101
  2,229
  2,362
  2,501
  2,646
  2,797
  2,955
  3,120
  3,292
  3,472
  3,660
  3,857
  4,063
  4,279
  4,505
  4,741
Total debt, $m
  2,581
  2,896
  3,395
  3,915
  4,458
  5,022
  5,610
  6,221
  6,856
  7,516
  8,202
  8,914
  9,655
  10,426
  11,228
  12,062
  12,931
  13,837
  14,781
  15,765
  16,793
  17,865
  18,985
  20,155
  21,378
  22,657
  23,995
  25,395
  26,860
  28,394
  30,000
Total liabilities, $m
  4,787
  5,102
  5,601
  6,121
  6,664
  7,228
  7,816
  8,427
  9,062
  9,722
  10,408
  11,120
  11,861
  12,632
  13,434
  14,268
  15,137
  16,043
  16,987
  17,971
  18,999
  20,071
  21,191
  22,361
  23,584
  24,863
  26,201
  27,601
  29,066
  30,600
  32,206
Total equity, $m
  347
  567
  622
  680
  740
  803
  868
  936
  1,007
  1,080
  1,156
  1,236
  1,318
  1,404
  1,493
  1,585
  1,682
  1,783
  1,887
  1,997
  2,111
  2,230
  2,355
  2,485
  2,620
  2,763
  2,911
  3,067
  3,230
  3,400
  3,578
Total liabilities and equity, $m
  5,134
  5,669
  6,223
  6,801
  7,404
  8,031
  8,684
  9,363
  10,069
  10,802
  11,564
  12,356
  13,179
  14,036
  14,927
  15,853
  16,819
  17,826
  18,874
  19,968
  21,110
  22,301
  23,546
  24,846
  26,204
  27,626
  29,112
  30,668
  32,296
  34,000
  35,784
Debt-to-equity ratio
  7.438
  5.110
  5.460
  5.760
  6.020
  6.250
  6.460
  6.640
  6.810
  6.960
  7.090
  7.210
  7.330
  7.430
  7.520
  7.610
  7.690
  7.760
  7.830
  7.900
  7.950
  8.010
  8.060
  8.110
  8.160
  8.200
  8.240
  8.280
  8.320
  8.350
  8.380
Adjusted equity ratio
  0.069
  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
  66
  228
  248
  262
  277
  292
  308
  325
  342
  360
  379
  399
  419
  440
  462
  485
  508
  533
  559
  586
  614
  644
  675
  707
  740
  776
  813
  851
  892
  934
  978
Depreciation, amort., depletion, $m
  306
  171
  188
  205
  223
  242
  262
  283
  304
  326
  349
  373
  398
  424
  451
  479
  508
  538
  570
  603
  637
  673
  711
  750
  791
  834
  879
  926
  975
  1,026
  1,080
Funds from operations, $m
  -2,575
  399
  435
  467
  500
  535
  570
  608
  646
  686
  728
  772
  817
  864
  912
  963
  1,016
  1,071
  1,129
  1,189
  1,252
  1,317
  1,385
  1,457
  1,531
  1,610
  1,691
  1,777
  1,866
  1,960
  2,058
Change in working capital, $m
  -1,636
  70
  73
  77
  80
  83
  87
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  216
  226
  236
Cash from operations, $m
  -939
  329
  362
  391
  420
  452
  484
  518
  553
  589
  627
  667
  708
  750
  794
  840
  888
  938
  990
  1,044
  1,100
  1,159
  1,220
  1,284
  1,351
  1,421
  1,494
  1,571
  1,651
  1,734
  1,822
Maintenance CAPEX, $m
  0
  -155
  -171
  -188
  -205
  -223
  -242
  -262
  -283
  -304
  -326
  -349
  -373
  -398
  -424
  -451
  -479
  -508
  -538
  -570
  -603
  -637
  -673
  -711
  -750
  -791
  -834
  -879
  -926
  -975
  -1,026
New CAPEX, $m
  -31
  -160
  -167
  -175
  -182
  -189
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -258
  -269
  -280
  -291
  -304
  -317
  -330
  -345
  -360
  -376
  -392
  -410
  -429
  -449
  -469
  -491
  -514
  -539
Cash from investing activities, $m
  -35
  -315
  -338
  -363
  -387
  -412
  -439
  -467
  -496
  -525
  -556
  -588
  -622
  -656
  -693
  -731
  -770
  -812
  -855
  -900
  -948
  -997
  -1,049
  -1,103
  -1,160
  -1,220
  -1,283
  -1,348
  -1,417
  -1,489
  -1,565
Free cash flow, $m
  -974
  13
  24
  28
  33
  39
  44
  51
  57
  64
  71
  79
  86
  94
  102
  110
  118
  127
  135
  144
  153
  162
  172
  181
  191
  201
  212
  223
  234
  245
  257
Issuance/(repayment) of debt, $m
  46,468
  315
  498
  520
  543
  565
  588
  611
  635
  660
  686
  713
  741
  771
  802
  835
  869
  906
  944
  984
  1,027
  1,072
  1,120
  1,170
  1,223
  1,279
  1,338
  1,400
  1,465
  1,534
  1,606
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  967
  315
  498
  520
  543
  565
  588
  611
  635
  660
  686
  713
  741
  771
  802
  835
  869
  906
  944
  984
  1,027
  1,072
  1,120
  1,170
  1,223
  1,279
  1,338
  1,400
  1,465
  1,534
  1,606
Total cash flow (excl. dividends), $m
  -6
  329
  522
  549
  576
  603
  632
  662
  692
  724
  757
  791
  827
  864
  904
  944
  987
  1,032
  1,079
  1,129
  1,180
  1,235
  1,292
  1,352
  1,414
  1,480
  1,550
  1,622
  1,699
  1,779
  1,863
Retained Cash Flow (-), $m
  -76
  -220
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -170
  -178
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
 
  109
  467
  491
  515
  541
  567
  594
  622
  651
  681
  712
  745
  779
  814
  852
  891
  932
  974
  1,019
  1,066
  1,116
  1,167
  1,221
  1,278
  1,338
  1,401
  1,467
  1,536
  1,608
  1,685
Discount rate, %
 
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
  43.22
PV of cash for distribution, $m
 
  98
  379
  353
  326
  297
  267
  236
  206
  178
  151
  125
  103
  82
  65
  50
  38
  28
  20
  14
  10
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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

PennyMac Financial Services, Inc., through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Loan Production, Loan Servicing, and Investment Management. The Loan Production segment is involved in the origination, acquisition, and sale of mortgage loans. This segment originates first-lien residential conventional and government-insured or guaranteed mortgage loans to allow customers to purchase or refinance their homes. The Loan Servicing segment engages in the servicing of newly originated mortgage loans, and execution and management of early buyout loans. It performs loan administration, collection, and default management activities, including the collection and remittance of loan payments; response to customer inquiries; accounting for principal and interest; holding custodial (impounded) funds for the payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising foreclosures and property dispositions. The company also services conventional and government-insured or guaranteed loans; and distressed loans that have been acquired as investments by its advised entities. The Investment Management segment is involved in sourcing, performing diligence, bidding, and completing investment asset acquisitions; managing correspondent production activities for PennyMac Mortgage Investment Trust; and managing the acquired assets for the advised entities. The company was founded in 2008 and is based in Moorpark, California.

FINANCIAL RATIOS  of  PennyMac Financial Services Cl A (PFSI)

Valuation Ratios
P/E Ratio 5.8
Price to Sales 0.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -0.4
Price to Free Cash Flow -0.4
Growth Rates
Sales Growth Rate 45.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -92.2%
Cap. Spend. - 3 Yr. Gr. Rate -31.3%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 50.1%
Total Debt to Equity 743.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 21.4%
Return On Equity - 3 Yr. Avg. 20.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 92.2%
Gross Margin - 3 Yr. Avg. 92.9%
EBITDA Margin 58.3%
EBITDA Margin - 3 Yr. Avg. 54.2%
Operating Margin 28.1%
Oper. Margin - 3 Yr. Avg. 31.7%
Pre-Tax Margin 28.1%
Pre-Tax Margin - 3 Yr. Avg. 31.7%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 12%
Eff/ Tax Rate - 3 Yr. Avg. 11.7%
Payout Ratio 0%

PFSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PFSI stock intrinsic value calculation we used $1362 million for the last fiscal year's total revenue generated by PennyMac Financial Services Cl A. The default revenue input number comes from 2016 income statement of PennyMac Financial Services Cl A. 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 PFSI stock valuation model: a) initial revenue growth rate of 10.3% 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 10.5%, whose default value for PFSI is calculated based on our internal credit rating of PennyMac Financial Services Cl A, 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 PennyMac Financial Services Cl A.
    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 PFSI stock the variable cost ratio is equal to 70.3%.

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 PFSI 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 5.2% for PennyMac Financial Services Cl A.

Corporate tax rate of 27% is the nominal tax rate for PennyMac Financial Services Cl A. 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 PFSI 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 PFSI are equal to 113.9%.

Life of production assets of 10 years is the average useful life of capital assets used in PennyMac Financial Services Cl A 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 PFSI 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 - $347 million for PennyMac Financial Services Cl A - 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 22.24 million for PennyMac Financial Services Cl A 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 PennyMac Financial Services Cl A at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ PennyMac misses 2Q profit forecasts   [Aug-03-17 06:03PM  Associated Press]
▶ PennyMac misses 1Q profit forecasts   [May-05-17 05:03AM  Associated Press]
▶ Is PennyMac a Great Stock for Value Investors?   [Feb-09-17 10:00AM  Zacks]
▶ PennyMac beats 4Q profit forecasts   [06:14PM  Associated Press]
▶ Here is What Hedge Funds Think About IXYS Corporation (IXYS)   [Dec-10-16 10:13AM  at Insider Monkey]
Stock chart of PFSI Financial statements of PFSI
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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