Intrinsic value of PennyMac Mortgage Investment Trust - PMT

Previous Close

$16.55

  Intrinsic Value

$14.00

stock screener

  Rating & Target

hold

-15%

Previous close

$16.55

 
Intrinsic value

$14.00

 
Up/down potential

-15%

 
Rating

hold

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

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 1.1

 

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
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  422
  477
  536
  598
  663
  731
  803
  878
  956
  1,037
  1,121
  1,209
  1,300
  1,395
  1,493
  1,596
  1,702
  1,813
  1,928
  2,048
  2,172
  2,302
  2,438
  2,579
  2,727
  2,881
  3,041
  3,209
  3,385
  3,569
  3,761
Variable operating expenses, $m
 
  383
  430
  480
  532
  587
  645
  705
  767
  833
  900
  971
  1,044
  1,120
  1,199
  1,281
  1,367
  1,456
  1,548
  1,644
  1,744
  1,849
  1,958
  2,071
  2,190
  2,313
  2,442
  2,577
  2,718
  2,866
  3,020
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
  383
  430
  480
  532
  587
  645
  705
  767
  833
  900
  971
  1,044
  1,120
  1,199
  1,281
  1,367
  1,456
  1,548
  1,644
  1,744
  1,849
  1,958
  2,071
  2,190
  2,313
  2,442
  2,577
  2,718
  2,866
  3,020
Operating income, $m
  62
  94
  106
  118
  131
  144
  158
  173
  188
  204
  221
  238
  256
  275
  294
  314
  335
  357
  380
  403
  428
  454
  480
  508
  537
  567
  599
  632
  667
  703
  741
EBITDA, $m
  62
  94
  106
  118
  131
  144
  158
  173
  188
  204
  221
  238
  256
  275
  294
  314
  335
  357
  380
  403
  428
  454
  480
  508
  537
  567
  599
  632
  667
  703
  741
Interest expense (income), $m
  158
  239
  271
  306
  342
  381
  421
  463
  507
  553
  600
  650
  702
  755
  811
  869
  929
  992
  1,057
  1,124
  1,195
  1,268
  1,345
  1,424
  1,508
  1,594
  1,685
  1,779
  1,878
  1,982
  2,090
Earnings before tax, $m
  62
  -145
  -166
  -188
  -212
  -236
  -263
  -290
  -319
  -348
  -380
  -412
  -445
  -480
  -517
  -555
  -594
  -635
  -677
  -721
  -767
  -815
  -865
  -916
  -970
  -1,027
  -1,086
  -1,147
  -1,211
  -1,279
  -1,349
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
  -145
  -166
  -188
  -212
  -236
  -263
  -290
  -319
  -348
  -380
  -412
  -445
  -480
  -517
  -555
  -594
  -635
  -677
  -721
  -767
  -815
  -865
  -916
  -970
  -1,027
  -1,086
  -1,147
  -1,211
  -1,279
  -1,349

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
  6,629
  7,444
  8,304
  9,210
  10,160
  11,154
  12,191
  13,273
  14,400
  15,572
  16,790
  18,056
  19,372
  20,740
  22,161
  23,639
  25,175
  26,774
  28,438
  30,171
  31,977
  33,859
  35,822
  37,871
  40,009
  42,242
  44,575
  47,014
  49,564
  52,231
Adjusted assets (=assets-cash), $m
  5,873
  6,629
  7,444
  8,304
  9,210
  10,160
  11,154
  12,191
  13,273
  14,400
  15,572
  16,790
  18,056
  19,372
  20,740
  22,161
  23,639
  25,175
  26,774
  28,438
  30,171
  31,977
  33,859
  35,822
  37,871
  40,009
  42,242
  44,575
  47,014
  49,564
  52,231
Revenue / Adjusted assets
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
  0.072
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
  239
  268
  299
  332
  366
  402
  439
  478
  518
  561
  604
  650
  697
  747
  798
  851
  906
  964
  1,024
  1,086
  1,151
  1,219
  1,290
  1,363
  1,440
  1,521
  1,605
  1,692
  1,784
  1,880
Total debt, $m
  4,835
  4,932
  5,560
  6,222
  6,919
  7,651
  8,416
  9,215
  10,048
  10,916
  11,818
  12,756
  13,731
  14,745
  15,797
  16,892
  18,030
  19,213
  20,444
  21,725
  23,060
  24,450
  25,900
  27,411
  28,988
  30,635
  32,354
  34,151
  36,029
  37,992
  40,046
Total liabilities, $m
  5,006
  5,104
  5,732
  6,394
  7,091
  7,823
  8,588
  9,387
  10,220
  11,088
  11,990
  12,928
  13,903
  14,917
  15,969
  17,064
  18,202
  19,385
  20,616
  21,897
  23,232
  24,622
  26,072
  27,583
  29,160
  30,807
  32,526
  34,323
  36,201
  38,164
  40,218
Total equity, $m
  1,351
  1,525
  1,712
  1,910
  2,118
  2,337
  2,565
  2,804
  3,053
  3,312
  3,581
  3,862
  4,153
  4,456
  4,770
  5,097
  5,437
  5,790
  6,158
  6,541
  6,939
  7,355
  7,788
  8,239
  8,710
  9,202
  9,716
  10,252
  10,813
  11,400
  12,013
Total liabilities and equity, $m
  6,357
  6,629
  7,444
  8,304
  9,209
  10,160
  11,153
  12,191
  13,273
  14,400
  15,571
  16,790
  18,056
  19,373
  20,739
  22,161
  23,639
  25,175
  26,774
  28,438
  30,171
  31,977
  33,860
  35,822
  37,870
  40,009
  42,242
  44,575
  47,014
  49,564
  52,231
Debt-to-equity ratio
  3.579
  3.240
  3.250
  3.260
  3.270
  3.270
  3.280
  3.290
  3.290
  3.300
  3.300
  3.300
  3.310
  3.310
  3.310
  3.310
  3.320
  3.320
  3.320
  3.320
  3.320
  3.320
  3.330
  3.330
  3.330
  3.330
  3.330
  3.330
  3.330
  3.330
  3.330
Adjusted equity ratio
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  -145
  -166
  -188
  -212
  -236
  -263
  -290
  -319
  -348
  -380
  -412
  -445
  -480
  -517
  -555
  -594
  -635
  -677
  -721
  -767
  -815
  -865
  -916
  -970
  -1,027
  -1,086
  -1,147
  -1,211
  -1,279
  -1,349
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
  -145
  -166
  -188
  -212
  -236
  -263
  -290
  -319
  -348
  -380
  -412
  -445
  -480
  -517
  -555
  -594
  -635
  -677
  -721
  -767
  -815
  -865
  -916
  -970
  -1,027
  -1,086
  -1,147
  -1,211
  -1,279
  -1,349
Change in working capital, $m
  -27
  28
  29
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  62
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
Cash from operations, $m
  -622
  -173
  -195
  -219
  -244
  -271
  -298
  -327
  -358
  -389
  -422
  -456
  -491
  -528
  -566
  -606
  -647
  -690
  -735
  -781
  -829
  -880
  -932
  -987
  -1,044
  -1,104
  -1,166
  -1,231
  -1,299
  -1,370
  -1,445
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
  -173
  -195
  -219
  -244
  -271
  -298
  -327
  -358
  -389
  -422
  -456
  -491
  -528
  -566
  -606
  -647
  -690
  -735
  -781
  -829
  -880
  -932
  -987
  -1,044
  -1,104
  -1,166
  -1,231
  -1,299
  -1,370
  -1,445
Issuance/(repayment) of debt, $m
  39
  582
  627
  663
  697
  731
  765
  799
  833
  867
  902
  938
  975
  1,013
  1,053
  1,094
  1,138
  1,183
  1,231
  1,281
  1,334
  1,390
  1,449
  1,512
  1,577
  1,646
  1,719
  1,797
  1,878
  1,963
  2,054
Issuance/(repurchase) of shares, $m
  -98
  319
  353
  386
  420
  455
  491
  529
  567
  608
  649
  692
  737
  783
  831
  881
  934
  988
  1,045
  1,104
  1,166
  1,230
  1,297
  1,368
  1,442
  1,519
  1,599
  1,684
  1,772
  1,865
  1,962
Cash from financing (excl. dividends), $m  
  536
  901
  980
  1,049
  1,117
  1,186
  1,256
  1,328
  1,400
  1,475
  1,551
  1,630
  1,712
  1,796
  1,884
  1,975
  2,072
  2,171
  2,276
  2,385
  2,500
  2,620
  2,746
  2,880
  3,019
  3,165
  3,318
  3,481
  3,650
  3,828
  4,016
Total cash flow (excl. dividends), $m
  108
  728
  785
  830
  873
  916
  958
  1,000
  1,043
  1,086
  1,130
  1,175
  1,221
  1,269
  1,318
  1,370
  1,424
  1,481
  1,541
  1,604
  1,671
  1,741
  1,815
  1,892
  1,975
  2,061
  2,153
  2,249
  2,351
  2,458
  2,571
Retained Cash Flow (-), $m
  145
  -319
  -353
  -386
  -420
  -455
  -491
  -529
  -567
  -608
  -649
  -692
  -737
  -783
  -831
  -881
  -934
  -988
  -1,045
  -1,104
  -1,166
  -1,230
  -1,297
  -1,368
  -1,442
  -1,519
  -1,599
  -1,684
  -1,772
  -1,865
  -1,962
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
 
  409
  432
  444
  453
  461
  467
  472
  476
  478
  481
  482
  484
  485
  487
  489
  491
  493
  497
  500
  505
  511
  517
  525
  533
  543
  553
  565
  579
  593
  609
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
 
  365
  340
  305
  268
  232
  197
  165
  135
  109
  86
  67
  51
  38
  27
  19
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.7
  60.6
  47.5
  37.5
  29.7
  23.6
  18.9
  15.1
  12.2
  9.8
  8.0
  6.5
  5.3
  4.3
  3.5
  2.9
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries. It operates through two segments: correspondent production and investment activities. Its investment activities segment represents the Company's investments in mortgage-related assets. The correspondent production segment represents the Company's operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of MBS, using the services of PNMAC Capital Management (the Manager or PCM) and PennyMac Loan Services, LLC (PLS), both indirect subsidiaries of PennyMac Financial Services, Inc. (PFSI or PennyMac).

FINANCIAL RATIOS  of  PennyMac Mortgage Investment Trust (PMT)

Valuation Ratios
P/E Ratio 14.5
Price to Sales 2.6
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow -1.8
Price to Free Cash Flow -1.8
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 13.1% 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 66.943 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 $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
RWT Redwood Trust 15.08 3.73  str.sell
CHMI Cherry Hill Mo 18.54 8.15  str.sell
PFSI PennyMac Finan 21.80 20.16  hold
ARR Armour Residen 26.20 5.88  str.sell
NRZ New Residentia 18.29 187.17  str.buy
DX Dynex Capital 7.26 5.85  sell
IVR Invesco Mortga 18.64 16.62  hold

COMPANY NEWS

▶ PennyMac Mortgage posts 3Q profit   [Nov-06-17 05:39AM  Associated Press]
▶ 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]
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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