Intrinsic value of PHH - PHH

Previous Close

$13.74

  Intrinsic Value

$8.39

stock screener

  Rating & Target

sell

-39%

Previous close

$13.74

 
Intrinsic value

$8.39

 
Up/down potential

-39%

 
Rating

sell

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

We calculate the intrinsic value of PHH 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, %
  -10.89
  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
  925
  944
  965
  990
  1,018
  1,049
  1,083
  1,119
  1,159
  1,202
  1,248
  1,298
  1,351
  1,407
  1,466
  1,529
  1,596
  1,667
  1,742
  1,822
  1,905
  1,994
  2,087
  2,185
  2,289
  2,397
  2,512
  2,633
  2,760
  2,894
  3,034
Variable operating expenses, $m
 
  217
  222
  228
  234
  241
  249
  257
  267
  277
  287
  299
  311
  324
  337
  352
  367
  384
  401
  419
  438
  459
  480
  503
  526
  551
  578
  606
  635
  666
  698
Fixed operating expenses, $m
 
  999
  1,024
  1,050
  1,076
  1,103
  1,131
  1,159
  1,188
  1,218
  1,248
  1,279
  1,311
  1,344
  1,378
  1,412
  1,447
  1,484
  1,521
  1,559
  1,598
  1,638
  1,679
  1,720
  1,764
  1,808
  1,853
  1,899
  1,947
  1,995
  2,045
Total operating expenses, $m
  1,164
  1,216
  1,246
  1,278
  1,310
  1,344
  1,380
  1,416
  1,455
  1,495
  1,535
  1,578
  1,622
  1,668
  1,715
  1,764
  1,814
  1,868
  1,922
  1,978
  2,036
  2,097
  2,159
  2,223
  2,290
  2,359
  2,431
  2,505
  2,582
  2,661
  2,743
Operating income, $m
  -239
  -273
  -281
  -288
  -292
  -296
  -297
  -297
  -295
  -292
  -287
  -280
  -271
  -261
  -249
  -234
  -218
  -200
  -179
  -156
  -130
  -102
  -72
  -38
  -1
  38
  82
  128
  179
  233
  291
EBITDA, $m
  -223
  -246
  -253
  -259
  -263
  -265
  -266
  -265
  -262
  -257
  -251
  -242
  -232
  -220
  -206
  -190
  -172
  -151
  -129
  -103
  -75
  -45
  -11
  25
  65
  108
  154
  204
  258
  317
  379
Interest expense (income), $m
  66
  64
  64
  67
  70
  73
  76
  80
  84
  89
  93
  99
  104
  110
  116
  123
  130
  138
  146
  154
  163
  172
  182
  193
  204
  216
  228
  241
  254
  269
  284
Earnings before tax, $m
  -304
  -337
  -345
  -354
  -362
  -368
  -373
  -377
  -379
  -380
  -380
  -379
  -375
  -371
  -365
  -357
  -348
  -337
  -325
  -310
  -294
  -275
  -254
  -231
  -205
  -177
  -146
  -112
  -76
  -36
  8
Tax expense, $m
  -111
  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
  2
Net income, $m
  -202
  -337
  -345
  -354
  -362
  -368
  -373
  -377
  -379
  -380
  -380
  -379
  -375
  -371
  -365
  -357
  -348
  -337
  -325
  -310
  -294
  -275
  -254
  -231
  -205
  -177
  -146
  -112
  -76
  -36
  6

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  906
  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
  3,175
  2,313
  2,366
  2,426
  2,495
  2,570
  2,653
  2,744
  2,842
  2,947
  3,060
  3,181
  3,310
  3,448
  3,594
  3,749
  3,913
  4,087
  4,271
  4,465
  4,670
  4,887
  5,115
  5,356
  5,609
  5,876
  6,157
  6,453
  6,765
  7,092
  7,437
Adjusted assets (=assets-cash), $m
  2,269
  2,313
  2,366
  2,426
  2,495
  2,570
  2,653
  2,744
  2,842
  2,947
  3,060
  3,181
  3,310
  3,448
  3,594
  3,749
  3,913
  4,087
  4,271
  4,465
  4,670
  4,887
  5,115
  5,356
  5,609
  5,876
  6,157
  6,453
  6,765
  7,092
  7,437
Revenue / Adjusted assets
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
Average production assets, $m
  803
  819
  838
  859
  883
  910
  940
  972
  1,006
  1,044
  1,084
  1,127
  1,172
  1,221
  1,273
  1,328
  1,386
  1,447
  1,512
  1,581
  1,654
  1,731
  1,811
  1,897
  1,986
  2,081
  2,181
  2,285
  2,396
  2,512
  2,634
Working capital, $m
  0
  -924
  -945
  -969
  -996
  -1,027
  -1,060
  -1,096
  -1,135
  -1,177
  -1,222
  -1,271
  -1,322
  -1,377
  -1,435
  -1,497
  -1,563
  -1,632
  -1,706
  -1,783
  -1,865
  -1,952
  -2,043
  -2,139
  -2,240
  -2,347
  -2,459
  -2,578
  -2,702
  -2,833
  -2,971
Total debt, $m
  1,262
  1,260
  1,308
  1,363
  1,424
  1,492
  1,567
  1,648
  1,736
  1,831
  1,933
  2,042
  2,158
  2,282
  2,413
  2,553
  2,701
  2,857
  3,023
  3,198
  3,382
  3,577
  3,782
  3,999
  4,227
  4,468
  4,721
  4,987
  5,267
  5,562
  5,872
Total liabilities, $m
  2,083
  2,081
  2,129
  2,184
  2,245
  2,313
  2,388
  2,469
  2,557
  2,652
  2,754
  2,863
  2,979
  3,103
  3,234
  3,374
  3,522
  3,678
  3,844
  4,019
  4,203
  4,398
  4,603
  4,820
  5,048
  5,289
  5,542
  5,808
  6,088
  6,383
  6,693
Total equity, $m
  1,092
  231
  237
  243
  249
  257
  265
  274
  284
  295
  306
  318
  331
  345
  359
  375
  391
  409
  427
  447
  467
  489
  511
  536
  561
  588
  616
  645
  676
  709
  744
Total liabilities and equity, $m
  3,175
  2,312
  2,366
  2,427
  2,494
  2,570
  2,653
  2,743
  2,841
  2,947
  3,060
  3,181
  3,310
  3,448
  3,593
  3,749
  3,913
  4,087
  4,271
  4,466
  4,670
  4,887
  5,114
  5,356
  5,609
  5,877
  6,158
  6,453
  6,764
  7,092
  7,437
Debt-to-equity ratio
  1.156
  5.450
  5.530
  5.620
  5.710
  5.810
  5.910
  6.010
  6.110
  6.210
  6.320
  6.420
  6.520
  6.620
  6.720
  6.810
  6.900
  6.990
  7.080
  7.160
  7.240
  7.320
  7.390
  7.470
  7.540
  7.600
  7.670
  7.730
  7.790
  7.840
  7.900
Adjusted equity ratio
  0.082
  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
  -202
  -337
  -345
  -354
  -362
  -368
  -373
  -377
  -379
  -380
  -380
  -379
  -375
  -371
  -365
  -357
  -348
  -337
  -325
  -310
  -294
  -275
  -254
  -231
  -205
  -177
  -146
  -112
  -76
  -36
  6
Depreciation, amort., depletion, $m
  16
  27
  28
  29
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
Funds from operations, $m
  149
  -310
  -318
  -326
  -333
  -338
  -342
  -345
  -346
  -346
  -344
  -341
  -336
  -330
  -323
  -313
  -302
  -289
  -274
  -257
  -238
  -217
  -194
  -168
  -139
  -108
  -74
  -36
  4
  48
  93
Change in working capital, $m
  76
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -52
  -55
  -58
  -62
  -66
  -69
  -73
  -78
  -82
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -138
Cash from operations, $m
  73
  -292
  -296
  -301
  -305
  -308
  -309
  -308
  -307
  -304
  -299
  -293
  -285
  -275
  -264
  -251
  -236
  -220
  -201
  -180
  -156
  -131
  -102
  -72
  -38
  -1
  39
  82
  129
  179
  231
Maintenance CAPEX, $m
  0
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
New CAPEX, $m
  -17
  -16
  -19
  -22
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
Cash from investing activities, $m
  50
  -43
  -46
  -50
  -53
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -126
  -132
  -139
  -145
  -153
  -161
  -169
  -178
  -186
  -196
  -206
Free cash flow, $m
  123
  -335
  -342
  -351
  -358
  -364
  -368
  -372
  -374
  -374
  -374
  -372
  -368
  -363
  -357
  -349
  -339
  -327
  -314
  -299
  -282
  -263
  -241
  -217
  -191
  -162
  -130
  -96
  -58
  -17
  25
Issuance/(repayment) of debt, $m
  -88
  -2
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  140
  148
  157
  166
  175
  185
  195
  205
  217
  228
  240
  253
  266
  280
  295
  310
Issuance/(repurchase) of shares, $m
  -23
  382
  351
  360
  369
  376
  382
  386
  389
  391
  391
  391
  388
  385
  380
  373
  365
  355
  343
  330
  314
  297
  277
  255
  231
  204
  174
  142
  107
  69
  29
Cash from financing (excl. dividends), $m  
  -123
  380
  399
  415
  430
  444
  457
  467
  477
  486
  493
  500
  504
  509
  511
  513
  513
  512
  509
  505
  499
  492
  482
  472
  459
  444
  427
  408
  387
  364
  339
Total cash flow (excl. dividends), $m
  0
  46
  56
  64
  72
  80
  88
  96
  103
  111
  120
  128
  136
  145
  154
  164
  174
  184
  194
  205
  217
  229
  241
  254
  268
  282
  297
  313
  329
  346
  364
Retained Cash Flow (-), $m
  226
  -382
  -351
  -360
  -369
  -376
  -382
  -386
  -389
  -391
  -391
  -391
  -388
  -385
  -380
  -373
  -365
  -355
  -343
  -330
  -314
  -297
  -277
  -255
  -231
  -204
  -174
  -142
  -107
  -69
  -34
Prev. year cash balance distribution, $m
 
  906
  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
 
  570
  -295
  -296
  -297
  -296
  -294
  -290
  -286
  -280
  -272
  -263
  -252
  -239
  -225
  -209
  -191
  -171
  -149
  -124
  -97
  -68
  -36
  -1
  37
  78
  123
  171
  222
  278
  330
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  533
  -256
  -238
  -218
  -198
  -177
  -156
  -136
  -117
  -98
  -81
  -66
  -52
  -41
  -31
  -22
  -16
  -11
  -7
  -4
  -2
  -1
  0
  0
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  25.4
  8.0
  2.5
  0.8
  0.3
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

PHH Corporation is a standalone mortgage company. The Company provides outsourced mortgage banking services to a range of clients, including financial institutions and real estate brokers throughout the United States, and is focused on originating, selling, servicing and subservicing residential mortgage loans through its subsidiary, PHH Mortgage Corporation and its subsidiaries. It operates through two segments: Mortgage Production and Mortgage Servicing. The Mortgage Production segment provides mortgage loan origination services and sells mortgage loans. The Mortgage Servicing segment performs servicing activities for loans originated by the Company and mortgage servicing rights purchased from others, and acts as a subservicer for certain clients that own the underlying mortgage servicing rights. The Mortgage Production segment provides private label mortgage services to financial institutions and real estate brokers, and sources mortgage loans through its retail platform.

FINANCIAL RATIOS  of  PHH (PHH)

Valuation Ratios
P/E Ratio -3.6
Price to Sales 0.8
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 13.2
Growth Rates
Sales Growth Rate -10.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45.2%
Cap. Spend. - 3 Yr. Gr. Rate -60.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 115.6%
Total Debt to Equity 115.6%
Interest Coverage -4
Management Effectiveness
Return On Assets -4.7%
Ret/ On Assets - 3 Yr. Avg. -1.6%
Return On Total Capital -8%
Ret/ On T. Cap. - 3 Yr. Avg. -3.5%
Return On Equity -16.8%
Return On Equity - 3 Yr. Avg. -7.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 46.2%
Gross Margin - 3 Yr. Avg. 47.1%
EBITDA Margin -24%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin -25.8%
Oper. Margin - 3 Yr. Avg. -21.3%
Pre-Tax Margin -32.9%
Pre-Tax Margin - 3 Yr. Avg. -27.2%
Net Profit Margin -21.8%
Net Profit Margin - 3 Yr. Avg. -9.3%
Effective Tax Rate 36.5%
Eff/ Tax Rate - 3 Yr. Avg. 36.6%
Payout Ratio 0%

PHH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PHH stock intrinsic value calculation we used $925 million for the last fiscal year's total revenue generated by PHH. The default revenue input number comes from 2016 income statement of PHH. 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 PHH 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 6.9%, whose default value for PHH is calculated based on our internal credit rating of PHH, 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 PHH.
    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 PHH stock the variable cost ratio is equal to 23%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $975 million in the base year in the intrinsic value calculation for PHH 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 5.1% for PHH.

Corporate tax rate of 27% is the nominal tax rate for PHH. 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 PHH 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 PHH are equal to 86.8%.

Life of production assets of 50.2 years is the average useful life of capital assets used in PHH 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 PHH is equal to -97.9%. 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 - $1092 million for PHH - 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 32.544 million for PHH 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 PHH at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to PHH Corp. : September 9, 2017   [Sep-09-17 01:04AM  Capital Cube]
▶ ETFs with exposure to PHH Corp. : August 25, 2017   [Aug-25-17 05:14PM  Capital Cube]
▶ PHH to pay $74.5M to settle probe into alleged defective mortgage loans   [Aug-09-17 08:03AM  American City Business Journals]
▶ [$$] PHH to Pay $75 Million Over Mortgage Underwriting   [Aug-08-17 05:26PM  The Wall Street Journal]
▶ ETFs with exposure to PHH Corp. : June 14, 2017   [Jun-14-17 01:43PM  Capital Cube]
▶ Another court case puts the CFPB in danger   [May-25-17 08:20AM  MarketWatch]
▶ Judges Mull Future of Consumer Financial Protection Bureau   [May-24-17 09:54PM  Consumer Reports]
▶ PHH reports 1Q loss   [May-09-17 07:52PM  Associated Press]
▶ Hedge fund now owns almost 10% of PHH, appoints two board members   [May-01-17 03:00PM  American City Business Journals]
▶ PHH Corporation Announces Agreement with EJF Capital   [Apr-28-17 04:15PM  Business Wire]
▶ Mortgage Mayhem: New Residential Falls as Ocwen Plummets   [Apr-20-17 04:58PM  Barrons.com]
▶ PHH CEO stepping down as part of new strategic plan to reduce costs   [11:00AM  American City Business Journals]
▶ [$$] Trump's Opposition to CFPB is at Odds With Law, Supporters   [12:20PM  at The Wall Street Journal]
▶ [$$] High-Powered Lawyer Takes His Case Against CFPB to Congress   [Mar-21-17 05:43PM  at The Wall Street Journal]
▶ PHH Mortgage cuts local workforce to 30   [Mar-20-17 12:32PM  at bizjournals.com]
▶ PHH Mortgage cuts local workforce to 30   [12:32PM  American City Business Journals]
▶ Phh Corp (PHH) Shares Are Way Too Cheap For Emanuel Friedman   [Mar-19-17 01:26PM  at Insider Monkey]
▶ [$$] Justice Department Fires Salvo at Consumer Watchdog   [Mar-17-17 11:44PM  The Wall Street Journal]
▶ [$$] Justice Department Fires Salvo at Consumer Watchdog   [11:44PM  at The Wall Street Journal]
▶ DOJ seeks to preserve Trump's power in PHH case with CFPB   [05:07PM  American City Business Journals]
▶ PHH seeks to eliminate the Consumer Financial Protection Bureau   [Mar-15-17 03:05PM  at bizjournals.com]
▶ PHH seeks to eliminate the Consumer Financial Protection Bureau   [03:05PM  American City Business Journals]
▶ [$$] Hayashi's Take: Court May Not Rule on CFPB Structure   [Feb-17-17 07:23AM  at The Wall Street Journal]
▶ Why Silver Wheaton, Endologix, and PHH Corp. Jumped Today   [Dec-29-16 05:14PM  at Motley Fool]
▶ More job cuts on the way at PHH Mortgage   [Dec-20-16 08:20AM  at bizjournals.com]
▶ More job cuts on the way at PHH Mortgage   [Dec-16-16 07:55AM  at bizjournals.com]
▶ Is PHH Corporation (PHH) a Good Stock to Buy?   [Dec-02-16 11:14AM  at Insider Monkey]
Financial statements of PHH
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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