Intrinsic value of PHH - PHH

Previous Close

$14.10

  Intrinsic Value

$5.15

stock screener

  Rating & Target

str. sell

-64%

  Value-price divergence*

-74%

Previous close

$14.10

 
Intrinsic value

$5.15

 
Up/down potential

-64%

 
Rating

str. sell

 
Value-price divergence*

-74%

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

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

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 0.7

 

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, %
  -20.80
  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
  697
  711
  727
  746
  767
  790
  816
  844
  874
  906
  941
  978
  1,018
  1,060
  1,105
  1,152
  1,203
  1,256
  1,313
  1,373
  1,436
  1,502
  1,573
  1,646
  1,724
  1,807
  1,893
  1,984
  2,080
  2,180
  2,286
Variable operating expenses, $m
 
  299
  305
  313
  322
  332
  343
  354
  367
  381
  395
  411
  427
  445
  464
  484
  505
  528
  551
  577
  603
  631
  660
  692
  724
  759
  795
  833
  873
  916
  960
Fixed operating expenses, $m
 
  665
  682
  699
  716
  734
  753
  771
  791
  811
  831
  852
  873
  895
  917
  940
  963
  988
  1,012
  1,038
  1,063
  1,090
  1,117
  1,145
  1,174
  1,203
  1,233
  1,264
  1,296
  1,328
  1,361
Total operating expenses, $m
  926
  964
  987
  1,012
  1,038
  1,066
  1,096
  1,125
  1,158
  1,192
  1,226
  1,263
  1,300
  1,340
  1,381
  1,424
  1,468
  1,516
  1,563
  1,615
  1,666
  1,721
  1,777
  1,837
  1,898
  1,962
  2,028
  2,097
  2,169
  2,244
  2,321
Operating income, $m
  -229
  -253
  -260
  -266
  -272
  -276
  -280
  -282
  -284
  -285
  -285
  -284
  -283
  -280
  -276
  -272
  -266
  -259
  -251
  -241
  -231
  -219
  -205
  -190
  -174
  -155
  -135
  -113
  -90
  -63
  -35
EBITDA, $m
  -213
  -226
  -232
  -238
  -242
  -246
  -248
  -250
  -251
  -250
  -249
  -247
  -244
  -239
  -234
  -227
  -220
  -211
  -200
  -189
  -176
  -161
  -145
  -127
  -107
  -86
  -63
  -37
  -10
  20
  53
Interest expense (income), $m
  66
  64
  66
  69
  72
  75
  78
  82
  86
  91
  96
  101
  107
  113
  119
  126
  133
  141
  149
  158
  167
  177
  187
  197
  209
  220
  233
  246
  260
  275
  290
Earnings before tax, $m
  -304
  -317
  -326
  -335
  -343
  -351
  -358
  -364
  -371
  -376
  -381
  -386
  -389
  -393
  -396
  -398
  -399
  -400
  -400
  -399
  -398
  -395
  -392
  -388
  -382
  -376
  -368
  -360
  -349
  -338
  -325
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
  0
Net income, $m
  -202
  -317
  -326
  -335
  -343
  -351
  -358
  -364
  -371
  -376
  -381
  -386
  -389
  -393
  -396
  -398
  -399
  -400
  -400
  -399
  -398
  -395
  -392
  -388
  -382
  -376
  -368
  -360
  -349
  -338
  -325

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
  2,443
  2,499
  2,564
  2,636
  2,716
  2,803
  2,899
  3,002
  3,113
  3,233
  3,361
  3,497
  3,642
  3,797
  3,960
  4,134
  4,318
  4,512
  4,717
  4,934
  5,163
  5,404
  5,658
  5,926
  6,208
  6,505
  6,818
  7,147
  7,493
  7,857
Adjusted assets (=assets-cash), $m
  2,269
  2,443
  2,499
  2,564
  2,636
  2,716
  2,803
  2,899
  3,002
  3,113
  3,233
  3,361
  3,497
  3,642
  3,797
  3,960
  4,134
  4,318
  4,512
  4,717
  4,934
  5,163
  5,404
  5,658
  5,926
  6,208
  6,505
  6,818
  7,147
  7,493
  7,857
Revenue / Adjusted assets
  0.307
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
Average production assets, $m
  803
  819
  838
  859
  884
  910
  940
  972
  1,006
  1,044
  1,084
  1,127
  1,172
  1,221
  1,273
  1,328
  1,386
  1,447
  1,513
  1,581
  1,654
  1,731
  1,812
  1,897
  1,987
  2,081
  2,181
  2,286
  2,396
  2,512
  2,634
Working capital, $m
  0
  -71
  -73
  -75
  -77
  -79
  -82
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -150
  -157
  -165
  -172
  -181
  -189
  -198
  -208
  -218
  -229
Total debt, $m
  1,262
  1,300
  1,348
  1,404
  1,467
  1,536
  1,612
  1,695
  1,785
  1,881
  1,985
  2,096
  2,214
  2,340
  2,474
  2,617
  2,767
  2,927
  3,095
  3,274
  3,462
  3,660
  3,870
  4,090
  4,323
  4,568
  4,825
  5,097
  5,382
  5,683
  5,999
Total liabilities, $m
  2,083
  2,121
  2,169
  2,225
  2,288
  2,357
  2,433
  2,516
  2,606
  2,702
  2,806
  2,917
  3,035
  3,161
  3,295
  3,438
  3,588
  3,748
  3,916
  4,095
  4,283
  4,481
  4,691
  4,911
  5,144
  5,389
  5,646
  5,918
  6,203
  6,504
  6,820
Total equity, $m
  1,092
  322
  330
  338
  348
  358
  370
  383
  396
  411
  427
  444
  462
  481
  501
  523
  546
  570
  596
  623
  651
  681
  713
  747
  782
  819
  859
  900
  943
  989
  1,037
Total liabilities and equity, $m
  3,175
  2,443
  2,499
  2,563
  2,636
  2,715
  2,803
  2,899
  3,002
  3,113
  3,233
  3,361
  3,497
  3,642
  3,796
  3,961
  4,134
  4,318
  4,512
  4,718
  4,934
  5,162
  5,404
  5,658
  5,926
  6,208
  6,505
  6,818
  7,146
  7,493
  7,857
Debt-to-equity ratio
  1.156
  4.030
  4.090
  4.150
  4.220
  4.290
  4.360
  4.430
  4.500
  4.580
  4.650
  4.730
  4.800
  4.870
  4.940
  5.010
  5.070
  5.140
  5.200
  5.260
  5.320
  5.370
  5.420
  5.480
  5.530
  5.570
  5.620
  5.660
  5.710
  5.750
  5.780
Adjusted equity ratio
  0.082
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -202
  -317
  -326
  -335
  -343
  -351
  -358
  -364
  -371
  -376
  -381
  -386
  -389
  -393
  -396
  -398
  -399
  -400
  -400
  -399
  -398
  -395
  -392
  -388
  -382
  -376
  -368
  -360
  -349
  -338
  -325
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
  -290
  -298
  -306
  -314
  -320
  -327
  -332
  -337
  -341
  -345
  -348
  -350
  -352
  -353
  -353
  -353
  -352
  -350
  -347
  -343
  -338
  -332
  -324
  -316
  -307
  -296
  -283
  -270
  -254
  -237
Change in working capital, $m
  76
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Cash from operations, $m
  73
  -289
  -297
  -304
  -312
  -318
  -324
  -329
  -334
  -338
  -341
  -344
  -346
  -348
  -349
  -349
  -348
  -346
  -344
  -341
  -336
  -331
  -325
  -317
  -308
  -298
  -287
  -274
  -260
  -244
  -227
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
  -331
  -343
  -354
  -364
  -374
  -384
  -393
  -401
  -409
  -416
  -423
  -430
  -436
  -441
  -446
  -450
  -454
  -457
  -460
  -462
  -463
  -463
  -463
  -461
  -459
  -456
  -452
  -446
  -440
  -432
Issuance/(repayment) of debt, $m
  -88
  38
  49
  56
  63
  69
  76
  83
  90
  97
  104
  111
  118
  126
  134
  142
  151
  159
  169
  178
  188
  199
  209
  221
  233
  245
  258
  271
  286
  300
  316
Issuance/(repurchase) of shares, $m
  -23
  324
  334
  343
  353
  361
  369
  377
  384
  391
  397
  402
  408
  412
  416
  419
  422
  424
  426
  426
  426
  425
  424
  421
  418
  413
  408
  401
  393
  384
  373
Cash from financing (excl. dividends), $m  
  -123
  362
  383
  399
  416
  430
  445
  460
  474
  488
  501
  513
  526
  538
  550
  561
  573
  583
  595
  604
  614
  624
  633
  642
  651
  658
  666
  672
  679
  684
  689
Total cash flow (excl. dividends), $m
  0
  31
  40
  45
  51
  56
  62
  67
  73
  78
  84
  90
  96
  102
  109
  115
  122
  130
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
  232
  244
  257
Retained Cash Flow (-), $m
  226
  -324
  -334
  -343
  -353
  -361
  -369
  -377
  -384
  -391
  -397
  -402
  -408
  -412
  -416
  -419
  -422
  -424
  -426
  -426
  -426
  -425
  -424
  -421
  -418
  -413
  -408
  -401
  -393
  -384
  -373
Prev. year cash balance distribution, $m
 
  777
  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
 
  483
  -294
  -298
  -302
  -305
  -308
  -310
  -311
  -312
  -313
  -312
  -311
  -310
  -307
  -304
  -300
  -295
  -289
  -282
  -273
  -264
  -254
  -242
  -229
  -214
  -198
  -180
  -161
  -140
  -116
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
 
  452
  -256
  -239
  -222
  -204
  -185
  -167
  -148
  -130
  -113
  -97
  -82
  -68
  -55
  -45
  -35
  -27
  -21
  -15
  -11
  -8
  -5
  -4
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  40.5
  16.3
  6.6
  2.6
  1.1
  0.4
  0.2
  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

PHH Corporation, through its subsidiaries, provides outsourced mortgage banking services to financial institutions and real estate brokers in the United States. The company operates through two segments, Mortgage Production and Mortgage Servicing. The Mortgage Production segment provides private-label mortgage services to financial institutions and real estate brokers; and originates and sells mortgage loans. The Mortgage Servicing segment services mortgage loans and acts as a sub servicer for clients that own the underlying servicing rights; collects loan payments; remits principal and interest payments to investors; manages escrow funds for the payment of mortgage-related expenses, such as taxes and insurance; and performs loss mitigation activities on behalf of investors. PHH Corporation was founded in 1946 and is based in Mount Laurel, New Jersey.

FINANCIAL RATIOS  of  PHH (PHH)

Valuation Ratios
P/E Ratio -3.7
Price to Sales 1.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 13.5
Growth Rates
Sales Growth Rate -20.8%
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 0.2
Profitability Ratios
Gross Margin 28.6%
Gross Margin - 3 Yr. Avg. 32.5%
EBITDA Margin -31.9%
EBITDA Margin - 3 Yr. Avg. 4.9%
Operating Margin -32.9%
Oper. Margin - 3 Yr. Avg. -22.3%
Pre-Tax Margin -43.6%
Pre-Tax Margin - 3 Yr. Avg. -34.9%
Net Profit Margin -29%
Net Profit Margin - 3 Yr. Avg. -11.6%
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 $697 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 42%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $649 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 115.2%.

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 -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 - $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 53.053 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 $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
PFSI PennyMac Finan 16.80 136.77  str.buy
EFC Ellington Fina 15.97 4.93  str.sell
ATAX America First 6.10 20.06  str.buy
NSM Nationstar Mor 16.55 206.42  str.buy
OCN Ocwen Financia 2.73 1.32  str.sell
SNFCA Security Natio 6.25 34.56  str.buy
WAC Walter Investm 0.350 16.49  str.buy
WD Walker&Dunlop 47.18 1,490.78  str.buy

COMPANY NEWS

▶ 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]
▶ 5 Micro-cap Stocks Billionaires Love The Most   [Nov-30-16 09:45PM  at Insider Monkey]
▶ Ball in PHH's court in legal battle over $109M CFPB fine   [Nov-29-16 11:45AM  at bizjournals.com]
Stock chart of PHH 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.