Intrinsic value of PennyMac Mortgage Investment Trust - PMT

Previous Close

$17.35

  Intrinsic Value

$26.00

stock screener

  Rating & Target

buy

+50%

  Value-price divergence*

0%

Previous close

$17.35

 
Intrinsic value

$26.00

 
Up/down potential

+50%

 
Rating

buy

 
Value-price divergence*

0%

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

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

We calculate the intrinsic value of PMT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.2

 

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, %
  13.14
  21.40
  19.76
  18.28
  16.96
  15.76
  14.68
  13.72
  12.84
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
Revenue, $m
  422
  512
  614
  726
  849
  983
  1,127
  1,281
  1,446
  1,620
  1,804
  1,998
  2,200
  2,412
  2,633
  2,864
  3,104
  3,353
  3,613
  3,882
  4,162
  4,454
  4,756
  5,071
  5,398
  5,739
  6,093
  6,462
  6,847
  7,248
  7,666
Variable operating expenses, $m
 
  411
  493
  583
  682
  789
  905
  1,029
  1,161
  1,301
  1,449
  1,604
  1,767
  1,937
  2,115
  2,300
  2,492
  2,693
  2,901
  3,118
  3,342
  3,576
  3,819
  4,072
  4,335
  4,608
  4,893
  5,189
  5,498
  5,820
  6,156
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
  360
  411
  493
  583
  682
  789
  905
  1,029
  1,161
  1,301
  1,449
  1,604
  1,767
  1,937
  2,115
  2,300
  2,492
  2,693
  2,901
  3,118
  3,342
  3,576
  3,819
  4,072
  4,335
  4,608
  4,893
  5,189
  5,498
  5,820
  6,156
Operating income, $m
  62
  101
  121
  143
  167
  194
  222
  252
  285
  319
  355
  394
  433
  475
  519
  564
  611
  661
  712
  765
  820
  877
  937
  999
  1,063
  1,130
  1,200
  1,273
  1,349
  1,428
  1,510
EBITDA, $m
  62
  101
  121
  143
  167
  194
  222
  252
  285
  319
  355
  394
  433
  475
  519
  564
  611
  661
  712
  765
  820
  877
  937
  999
  1,063
  1,130
  1,200
  1,273
  1,349
  1,428
  1,510
Interest expense (income), $m
  158
  258
  315
  379
  450
  528
  613
  704
  802
  906
  1,017
  1,133
  1,256
  1,384
  1,518
  1,658
  1,804
  1,956
  2,114
  2,279
  2,449
  2,627
  2,811
  3,003
  3,202
  3,409
  3,625
  3,849
  4,083
  4,327
  4,581
Earnings before tax, $m
  62
  -157
  -194
  -236
  -283
  -335
  -391
  -452
  -517
  -587
  -661
  -740
  -822
  -909
  -999
  -1,094
  -1,193
  -1,296
  -1,403
  -1,514
  -1,629
  -1,749
  -1,874
  -2,004
  -2,139
  -2,279
  -2,424
  -2,576
  -2,734
  -2,899
  -3,071
Tax expense, $m
  -14
  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
  76
  -157
  -194
  -236
  -283
  -335
  -391
  -452
  -517
  -587
  -661
  -740
  -822
  -909
  -999
  -1,094
  -1,193
  -1,296
  -1,403
  -1,514
  -1,629
  -1,749
  -1,874
  -2,004
  -2,139
  -2,279
  -2,424
  -2,576
  -2,734
  -2,899
  -3,071

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  485
  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
  6,358
  7,534
  9,023
  10,672
  12,482
  14,449
  16,571
  18,844
  21,264
  23,828
  26,534
  29,378
  32,358
  35,475
  38,728
  42,117
  45,645
  49,314
  53,129
  57,093
  61,212
  65,494
  69,944
  74,570
  79,383
  84,390
  89,603
  95,033
  100,691
  106,590
  112,743
Adjusted assets (=assets-cash), $m
  5,873
  7,534
  9,023
  10,672
  12,482
  14,449
  16,571
  18,844
  21,264
  23,828
  26,534
  29,378
  32,358
  35,475
  38,728
  42,117
  45,645
  49,314
  53,129
  57,093
  61,212
  65,494
  69,944
  74,570
  79,383
  84,390
  89,603
  95,033
  100,691
  106,590
  112,743
Revenue / Adjusted assets
  0.072
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
Average production assets, $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
Working capital, $m
  0
  256
  307
  363
  424
  491
  563
  641
  723
  810
  902
  999
  1,100
  1,206
  1,317
  1,432
  1,552
  1,677
  1,806
  1,941
  2,081
  2,227
  2,378
  2,535
  2,699
  2,869
  3,047
  3,231
  3,423
  3,624
  3,833
Total debt, $m
  4,835
  5,727
  6,893
  8,184
  9,601
  11,142
  12,803
  14,583
  16,478
  18,485
  20,604
  22,831
  25,165
  27,605
  30,152
  32,806
  35,568
  38,441
  41,428
  44,532
  47,757
  51,109
  54,594
  58,217
  61,985
  65,906
  69,987
  74,239
  78,669
  83,288
  88,105
Total liabilities, $m
  5,006
  5,899
  7,065
  8,356
  9,773
  11,314
  12,975
  14,755
  16,650
  18,657
  20,776
  23,003
  25,337
  27,777
  30,324
  32,978
  35,740
  38,613
  41,600
  44,704
  47,929
  51,281
  54,766
  58,389
  62,157
  66,078
  70,159
  74,411
  78,841
  83,460
  88,277
Total equity, $m
  1,351
  1,635
  1,958
  2,316
  2,709
  3,135
  3,596
  4,089
  4,614
  5,171
  5,758
  6,375
  7,022
  7,698
  8,404
  9,139
  9,905
  10,701
  11,529
  12,389
  13,283
  14,212
  15,178
  16,182
  17,226
  18,313
  19,444
  20,622
  21,850
  23,130
  24,465
Total liabilities and equity, $m
  6,357
  7,534
  9,023
  10,672
  12,482
  14,449
  16,571
  18,844
  21,264
  23,828
  26,534
  29,378
  32,359
  35,475
  38,728
  42,117
  45,645
  49,314
  53,129
  57,093
  61,212
  65,493
  69,944
  74,571
  79,383
  84,391
  89,603
  95,033
  100,691
  106,590
  112,742
Debt-to-equity ratio
  3.579
  3.500
  3.520
  3.530
  3.540
  3.550
  3.560
  3.570
  3.570
  3.580
  3.580
  3.580
  3.580
  3.590
  3.590
  3.590
  3.590
  3.590
  3.590
  3.590
  3.600
  3.600
  3.600
  3.600
  3.600
  3.600
  3.600
  3.600
  3.600
  3.600
  3.600
Adjusted equity ratio
  0.230
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  -157
  -194
  -236
  -283
  -335
  -391
  -452
  -517
  -587
  -661
  -740
  -822
  -909
  -999
  -1,094
  -1,193
  -1,296
  -1,403
  -1,514
  -1,629
  -1,749
  -1,874
  -2,004
  -2,139
  -2,279
  -2,424
  -2,576
  -2,734
  -2,899
  -3,071
Depreciation, amort., depletion, $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
Funds from operations, $m
  -649
  -157
  -194
  -236
  -283
  -335
  -391
  -452
  -517
  -587
  -661
  -740
  -822
  -909
  -999
  -1,094
  -1,193
  -1,296
  -1,403
  -1,514
  -1,629
  -1,749
  -1,874
  -2,004
  -2,139
  -2,279
  -2,424
  -2,576
  -2,734
  -2,899
  -3,071
Change in working capital, $m
  -27
  45
  51
  56
  62
  67
  72
  77
  82
  87
  92
  97
  101
  106
  111
  115
  120
  125
  130
  135
  140
  146
  151
  157
  164
  170
  177
  185
  192
  201
  209
Cash from operations, $m
  -622
  -202
  -245
  -292
  -344
  -401
  -463
  -529
  -599
  -674
  -753
  -836
  -924
  -1,015
  -1,110
  -1,209
  -1,313
  -1,420
  -1,532
  -1,648
  -1,769
  -1,895
  -2,025
  -2,161
  -2,302
  -2,449
  -2,602
  -2,761
  -2,927
  -3,099
  -3,280
Maintenance CAPEX, $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
New CAPEX, $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 investing activities, $m
  194
  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
Free cash flow, $m
  -428
  -202
  -245
  -292
  -344
  -401
  -463
  -529
  -599
  -674
  -753
  -836
  -924
  -1,015
  -1,110
  -1,209
  -1,313
  -1,420
  -1,532
  -1,648
  -1,769
  -1,895
  -2,025
  -2,161
  -2,302
  -2,449
  -2,602
  -2,761
  -2,927
  -3,099
  -3,280
Issuance/(repayment) of debt, $m
  39
  1,034
  1,166
  1,292
  1,417
  1,540
  1,661
  1,780
  1,895
  2,008
  2,118
  2,227
  2,334
  2,440
  2,547
  2,654
  2,762
  2,873
  2,987
  3,104
  3,226
  3,352
  3,484
  3,623
  3,768
  3,921
  4,082
  4,251
  4,430
  4,619
  4,818
Issuance/(repurchase) of shares, $m
  -98
  441
  517
  594
  676
  761
  851
  945
  1,042
  1,144
  1,248
  1,357
  1,469
  1,585
  1,705
  1,830
  1,958
  2,092
  2,230
  2,374
  2,523
  2,678
  2,840
  3,008
  3,183
  3,365
  3,556
  3,754
  3,962
  4,179
  4,406
Cash from financing (excl. dividends), $m  
  536
  1,475
  1,683
  1,886
  2,093
  2,301
  2,512
  2,725
  2,937
  3,152
  3,366
  3,584
  3,803
  4,025
  4,252
  4,484
  4,720
  4,965
  5,217
  5,478
  5,749
  6,030
  6,324
  6,631
  6,951
  7,286
  7,638
  8,005
  8,392
  8,798
  9,224
Total cash flow (excl. dividends), $m
  108
  1,273
  1,438
  1,594
  1,748
  1,900
  2,050
  2,196
  2,338
  2,477
  2,613
  2,747
  2,879
  3,011
  3,142
  3,274
  3,408
  3,545
  3,685
  3,829
  3,979
  4,136
  4,299
  4,469
  4,649
  4,837
  5,036
  5,245
  5,466
  5,698
  5,944
Retained Cash Flow (-), $m
  145
  -441
  -517
  -594
  -676
  -761
  -851
  -945
  -1,042
  -1,144
  -1,248
  -1,357
  -1,469
  -1,585
  -1,705
  -1,830
  -1,958
  -2,092
  -2,230
  -2,374
  -2,523
  -2,678
  -2,840
  -3,008
  -3,183
  -3,365
  -3,556
  -3,754
  -3,962
  -4,179
  -4,406
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
 
  832
  921
  999
  1,072
  1,139
  1,198
  1,251
  1,296
  1,334
  1,365
  1,390
  1,410
  1,426
  1,437
  1,444
  1,450
  1,453
  1,455
  1,455
  1,456
  1,457
  1,459
  1,462
  1,466
  1,472
  1,480
  1,491
  1,504
  1,519
  1,538
Discount rate, %
 
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.10
  33.71
  35.40
  37.17
  39.02
  40.97
  43.02
  45.17
  47.43
  49.81
PV of cash for distribution, $m
 
  742
  725
  686
  635
  573
  506
  437
  368
  304
  244
  192
  148
  111
  81
  58
  40
  27
  18
  11
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  72.5
  52.9
  39.1
  29.2
  22.0
  16.7
  12.8
  9.9
  7.7
  6.0
  4.7
  3.7
  2.9
  2.3
  1.9
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company operates in two segments, Correspondent Production and Investment Activities. The Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS). The Investment Activities segment invests in mortgage-related assets, which include MBS, distressed mortgage loans, excess servicing spread, real estate acquired in settlement of loans, real estate held for investment, mortgage servicing rights, small balance commercial real estate mortgage loans, and credit risk transfer agreements. PNMAC Capital Management, LLC acts as the manager of PennyMac Mortgage Investment Trust. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. PennyMac Mortgage Investment Trust was founded in 2009 and is based in Moorpark, California.

FINANCIAL RATIOS  of  PennyMac Mortgage Investment Trust (PMT)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 2.7
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow -1.9
Price to Free Cash Flow -1.9
Growth Rates
Sales Growth Rate 13.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 75.9%
Total Debt to Equity 357.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 22.3%
Gross Margin - 3 Yr. Avg. 33.8%
EBITDA Margin 52.1%
EBITDA Margin - 3 Yr. Avg. 54.9%
Operating Margin 14.7%
Oper. Margin - 3 Yr. Avg. 24.9%
Pre-Tax Margin 14.7%
Pre-Tax Margin - 3 Yr. Avg. 24.9%
Net Profit Margin 18%
Net Profit Margin - 3 Yr. Avg. 28.8%
Effective Tax Rate -22.6%
Eff/ Tax Rate - 3 Yr. Avg. -18.3%
Payout Ratio 173.7%

PMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PMT stock intrinsic value calculation we used $422 million for the last fiscal year's total revenue generated by PennyMac Mortgage Investment Trust. The default revenue input number comes from 2016 income statement of PennyMac Mortgage Investment Trust. 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 PMT stock valuation model: a) initial revenue growth rate of 21.4% 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 12.1%, whose default value for PMT is calculated based on our internal credit rating of PennyMac Mortgage Investment Trust, 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 Mortgage Investment Trust.
    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 PMT stock the variable cost ratio is equal to 80.3%.

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 PMT 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 5.5% for PennyMac Mortgage Investment Trust.

Corporate tax rate of 27% is the nominal tax rate for PennyMac Mortgage Investment Trust. 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 PMT 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 PMT are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in PennyMac Mortgage Investment Trust 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 PMT 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 - $1351 million for PennyMac Mortgage Investment Trust - 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 66.864 million for PennyMac Mortgage Investment Trust 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 Mortgage Investment Trust at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Dont Give Up on Buybacks Just Yet   [May-08-17 12:37AM  The Wall Street Journal]
▶ How Investors Can Profit From Some Stock Buybacks   [May-07-17 10:43PM  The Wall Street Journal]
▶ PennyMac Mortgage misses 1Q profit forecasts   [May-05-17 05:02AM  Associated Press]
▶ Credit Suisse: 4 Picks in Mortgage REITs   [Apr-19-17 03:20PM  Barrons.com]
▶ 5 Top Dividend Stocks in Mortgage REITs   [Apr-05-17 08:47AM  Motley Fool]
▶ PennyMac Mortgage beats 4Q profit forecasts   [Feb-02-17 06:14PM  Associated Press]
Stock chart of PMT Financial statements of PMT
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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