Intrinsic value of Starwood Property Trust - STWD

Previous Close

$22.08

  Intrinsic Value

$22.35

stock screener

  Rating & Target

hold

+1%

  Value-price divergence*

-58%

Previous close

$22.08

 
Intrinsic value

$22.35

 
Up/down potential

+1%

 
Rating

hold

 
Value-price divergence*

-58%

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

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

We calculate the intrinsic value of STWD 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 5.8

 

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, %
  6.66
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  785
  801
  821
  842
  867
  894
  923
  955
  989
  1,026
  1,066
  1,109
  1,154
  1,202
  1,254
  1,308
  1,366
  1,427
  1,491
  1,559
  1,631
  1,707
  1,787
  1,871
  1,960
  2,053
  2,151
  2,255
  2,364
  2,478
  2,599
Variable operating expenses, $m
 
  590
  603
  619
  636
  656
  677
  700
  725
  751
  780
  796
  829
  864
  900
  939
  981
  1,024
  1,071
  1,120
  1,171
  1,226
  1,283
  1,344
  1,407
  1,474
  1,545
  1,619
  1,698
  1,780
  1,867
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
  660
  590
  603
  619
  636
  656
  677
  700
  725
  751
  780
  796
  829
  864
  900
  939
  981
  1,024
  1,071
  1,120
  1,171
  1,226
  1,283
  1,344
  1,407
  1,474
  1,545
  1,619
  1,698
  1,780
  1,867
Operating income, $m
  125
  212
  217
  223
  230
  238
  246
  255
  265
  275
  287
  312
  325
  339
  353
  369
  385
  402
  420
  439
  460
  481
  504
  527
  552
  579
  606
  636
  666
  699
  732
EBITDA, $m
  187
  247
  253
  260
  267
  276
  285
  295
  305
  317
  329
  342
  356
  371
  387
  404
  421
  440
  460
  481
  503
  527
  551
  577
  605
  634
  664
  696
  730
  765
  802
Interest expense (income), $m
  185
  217
  196
  256
  325
  401
  486
  579
  679
  788
  905
  1,030
  1,164
  1,307
  1,459
  1,620
  1,792
  1,973
  2,165
  2,368
  2,582
  2,809
  3,047
  3,299
  3,564
  3,844
  4,138
  4,448
  4,774
  5,117
  5,478
Earnings before tax, $m
  376
  -5
  21
  -33
  -95
  -164
  -240
  -323
  -414
  -512
  -618
  -718
  -839
  -968
  -1,106
  -1,252
  -1,407
  -1,571
  -1,745
  -1,929
  -2,123
  -2,328
  -2,544
  -2,772
  -3,012
  -3,265
  -3,532
  -3,813
  -4,108
  -4,419
  -4,746
Tax expense, $m
  8
  0
  6
  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
  365
  -5
  16
  -33
  -95
  -164
  -240
  -323
  -414
  -512
  -618
  -718
  -839
  -968
  -1,106
  -1,252
  -1,407
  -1,571
  -1,745
  -1,929
  -2,123
  -2,328
  -2,544
  -2,772
  -3,012
  -3,265
  -3,532
  -3,813
  -4,108
  -4,419
  -4,746

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  616
  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
  77,256
  80,149
  82,064
  84,240
  86,671
  89,355
  92,293
  95,485
  98,935
  102,646
  106,626
  110,879
  115,414
  120,239
  125,365
  130,801
  136,560
  142,654
  149,097
  155,903
  163,087
  170,667
  178,658
  187,081
  195,954
  205,299
  215,136
  225,490
  236,384
  247,845
  259,898
Adjusted assets (=assets-cash), $m
  76,640
  80,149
  82,064
  84,240
  86,671
  89,355
  92,293
  95,485
  98,935
  102,646
  106,626
  110,879
  115,414
  120,239
  125,365
  130,801
  136,560
  142,654
  149,097
  155,903
  163,087
  170,667
  178,658
  187,081
  195,954
  205,299
  215,136
  225,490
  236,384
  247,845
  259,898
Revenue / Adjusted assets
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
  0.010
Average production assets, $m
  211
  215
  220
  226
  232
  239
  247
  256
  265
  275
  286
  297
  309
  322
  336
  351
  366
  382
  400
  418
  437
  457
  479
  501
  525
  550
  577
  604
  634
  664
  697
Working capital, $m
  0
  -80
  -82
  -84
  -87
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -131
  -137
  -143
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -236
  -248
  -260
Total debt, $m
  6,201
  5,601
  7,325
  9,283
  11,471
  13,887
  16,530
  19,403
  22,508
  25,849
  29,430
  33,258
  37,339
  41,682
  46,295
  51,188
  56,371
  61,856
  67,654
  73,780
  80,246
  87,067
  94,260
  101,840
  109,826
  118,236
  127,090
  136,408
  146,213
  156,527
  167,376
Total liabilities, $m
  72,734
  72,134
  73,858
  75,816
  78,004
  80,420
  83,063
  85,936
  89,041
  92,382
  95,963
  99,791
  103,872
  108,215
  112,828
  117,721
  122,904
  128,389
  134,187
  140,313
  146,779
  153,600
  160,793
  168,373
  176,359
  184,769
  193,623
  202,941
  212,746
  223,060
  233,909
Total equity, $m
  4,522
  8,015
  8,206
  8,424
  8,667
  8,936
  9,229
  9,548
  9,893
  10,265
  10,663
  11,088
  11,541
  12,024
  12,536
  13,080
  13,656
  14,265
  14,910
  15,590
  16,309
  17,067
  17,866
  18,708
  19,595
  20,530
  21,514
  22,549
  23,638
  24,784
  25,990
Total liabilities and equity, $m
  77,256
  80,149
  82,064
  84,240
  86,671
  89,356
  92,292
  95,484
  98,934
  102,647
  106,626
  110,879
  115,413
  120,239
  125,364
  130,801
  136,560
  142,654
  149,097
  155,903
  163,088
  170,667
  178,659
  187,081
  195,954
  205,299
  215,137
  225,490
  236,384
  247,844
  259,899
Debt-to-equity ratio
  1.371
  0.700
  0.890
  1.100
  1.320
  1.550
  1.790
  2.030
  2.280
  2.520
  2.760
  3.000
  3.240
  3.470
  3.690
  3.910
  4.130
  4.340
  4.540
  4.730
  4.920
  5.100
  5.280
  5.440
  5.600
  5.760
  5.910
  6.050
  6.190
  6.320
  6.440
Adjusted equity ratio
  0.051
  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
  365
  -5
  16
  -33
  -95
  -164
  -240
  -323
  -414
  -512
  -618
  -718
  -839
  -968
  -1,106
  -1,252
  -1,407
  -1,571
  -1,745
  -1,929
  -2,123
  -2,328
  -2,544
  -2,772
  -3,012
  -3,265
  -3,532
  -3,813
  -4,108
  -4,419
  -4,746
Depreciation, amort., depletion, $m
  62
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
Funds from operations, $m
  698
  30
  52
  4
  -57
  -126
  -201
  -284
  -374
  -471
  -576
  -688
  -808
  -936
  -1,072
  -1,217
  -1,370
  -1,533
  -1,705
  -1,887
  -2,079
  -2,282
  -2,496
  -2,722
  -2,960
  -3,210
  -3,474
  -3,752
  -4,045
  -4,353
  -4,676
Change in working capital, $m
  141
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  557
  32
  53
  6
  -55
  -123
  -198
  -281
  -370
  -467
  -572
  -684
  -803
  -931
  -1,067
  -1,211
  -1,364
  -1,527
  -1,698
  -1,880
  -2,072
  -2,274
  -2,488
  -2,713
  -2,951
  -3,201
  -3,464
  -3,742
  -4,034
  -4,341
  -4,664
Maintenance CAPEX, $m
  0
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
New CAPEX, $m
  0
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
Cash from investing activities, $m
  -813
  -25
  -26
  -28
  -30
  -30
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -86
  -89
  -94
  -98
Free cash flow, $m
  -256
  7
  27
  -22
  -84
  -153
  -230
  -314
  -405
  -504
  -610
  -724
  -845
  -975
  -1,113
  -1,259
  -1,415
  -1,580
  -1,754
  -1,938
  -2,133
  -2,338
  -2,555
  -2,784
  -3,025
  -3,278
  -3,546
  -3,827
  -4,123
  -4,435
  -4,763
Issuance/(repayment) of debt, $m
  511
  -600
  1,724
  1,958
  2,188
  2,416
  2,644
  2,873
  3,105
  3,341
  3,581
  3,828
  4,081
  4,343
  4,613
  4,893
  5,183
  5,485
  5,799
  6,125
  6,466
  6,821
  7,193
  7,580
  7,986
  8,410
  8,854
  9,318
  9,805
  10,314
  10,848
Issuance/(repurchase) of shares, $m
  430
  4,114
  176
  250
  338
  432
  534
  643
  759
  884
  1,016
  1,143
  1,292
  1,451
  1,618
  1,795
  1,983
  2,180
  2,389
  2,609
  2,841
  3,086
  3,343
  3,614
  3,899
  4,200
  4,516
  4,848
  5,197
  5,565
  5,951
Cash from financing (excl. dividends), $m  
  963
  3,514
  1,900
  2,208
  2,526
  2,848
  3,178
  3,516
  3,864
  4,225
  4,597
  4,971
  5,373
  5,794
  6,231
  6,688
  7,166
  7,665
  8,188
  8,734
  9,307
  9,907
  10,536
  11,194
  11,885
  12,610
  13,370
  14,166
  15,002
  15,879
  16,799
Total cash flow (excl. dividends), $m
  705
  3,520
  1,927
  2,186
  2,442
  2,695
  2,947
  3,202
  3,459
  3,720
  3,987
  4,247
  4,528
  4,819
  5,118
  5,429
  5,751
  6,086
  6,434
  6,796
  7,174
  7,569
  7,980
  8,411
  8,861
  9,331
  9,824
  10,339
  10,879
  11,444
  12,037
Retained Cash Flow (-), $m
  -382
  -4,114
  -192
  -250
  -338
  -432
  -534
  -643
  -759
  -884
  -1,016
  -1,143
  -1,292
  -1,451
  -1,618
  -1,795
  -1,983
  -2,180
  -2,389
  -2,609
  -2,841
  -3,086
  -3,343
  -3,614
  -3,899
  -4,200
  -4,516
  -4,848
  -5,197
  -5,565
  -5,951
Prev. year cash balance distribution, $m
 
  616
  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
 
  22
  1,735
  1,936
  2,104
  2,263
  2,414
  2,559
  2,700
  2,837
  2,971
  3,104
  3,236
  3,368
  3,500
  3,634
  3,768
  3,905
  4,045
  4,187
  4,333
  4,483
  4,637
  4,797
  4,961
  5,131
  5,308
  5,491
  5,681
  5,879
  6,085
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  20
  1,440
  1,445
  1,398
  1,324
  1,231
  1,125
  1,009
  890
  772
  658
  551
  452
  364
  288
  223
  169
  125
  90
  64
  44
  29
  19
  12
  7
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  54.7
  53.8
  52.5
  50.9
  49.0
  46.8
  44.4
  41.8
  39.0
  36.2
  33.4
  30.6
  27.9
  25.2
  22.7
  20.2
  18.0
  15.9
  14.0
  12.2
  10.6
  9.2
  8.0
  6.8
  5.9
  5.0
  4.2
  3.6
  3.0
  2.6

Starwood Property Trust, Inc. originates, acquires, finances, and manages commercial mortgage loans, other commercial real estate debt investments, commercial mortgage-backed securities, and other commercial real estate investments in the United States and Europe. It operates through three segments: Real Estate Lending, Real Estate Investing and Servicing, and Real Estate Property. The company qualifies as a real estate investment trust for federal income tax purposes and would not be subject to federal corporate income taxes, if it distributes at least 90% of its taxable income to its stockholders. Starwood Property Trust, Inc. was founded in 2009 and is headquartered in Greenwich, Connecticut.

FINANCIAL RATIOS  of  Starwood Property Trust (STWD)

Valuation Ratios
P/E Ratio 15.7
Price to Sales 7.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 10.3
Growth Rates
Sales Growth Rate 6.7%
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 NaN
Current Ratio NaN
LT Debt to Equity 137.1%
Total Debt to Equity 137.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 10.6%
Asset Turnover 0
Profitability Ratios
Gross Margin 55.5%
Gross Margin - 3 Yr. Avg. 57.1%
EBITDA Margin 79.4%
EBITDA Margin - 3 Yr. Avg. 88.2%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 24.4%
Pre-Tax Margin 47.9%
Pre-Tax Margin - 3 Yr. Avg. 62.1%
Net Profit Margin 46.5%
Net Profit Margin - 3 Yr. Avg. 59.4%
Effective Tax Rate 2.1%
Eff/ Tax Rate - 3 Yr. Avg. 3.4%
Payout Ratio 125.5%

STWD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STWD stock intrinsic value calculation we used $785 million for the last fiscal year's total revenue generated by Starwood Property Trust. The default revenue input number comes from 2016 income statement of Starwood Property 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 STWD stock valuation model: a) initial revenue growth rate of 2.1% 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 9.3%, whose default value for STWD is calculated based on our internal credit rating of Starwood Property 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 Starwood Property 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 STWD stock the variable cost ratio is equal to 73.6%.

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 STWD 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 3.5% for Starwood Property Trust.

Corporate tax rate of 27% is the nominal tax rate for Starwood Property 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 STWD 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 STWD are equal to 26.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Starwood Property 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 STWD 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 - $4522 million for Starwood Property 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 260.793 million for Starwood Property 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 Starwood Property Trust at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ Starwood Property Trust posts 2Q profit   [Aug-09-17 02:58PM  Associated Press]
▶ The TPG RE Finance IPO: What Investors Need to Know   [Jul-12-17 07:46AM  Motley Fool]
▶ [$$] Two Mortgage REITs Set for Earnings Upside   [Jun-13-17 11:52AM  Barrons.com]
▶ Starwood Property Trust posts 1Q profit   [May-09-17 08:21AM  Associated Press]
▶ Credit Suisse: 4 Picks in Mortgage REITs   [Apr-19-17 03:20PM  Barrons.com]
▶ Income-REIT New Residential Investment Looks Worth It   [Apr-12-17 04:43PM  TheStreet.com]
▶ 5 Top Dividend Stocks in Mortgage REITs   [Apr-05-17 08:47AM  Motley Fool]
▶ Is Real Estate the 'Sleeper Buy' for 2017?   [Mar-06-17 05:48PM  GuruFocus.com]
▶ 3 Reliable Dividend Stocks Yielding 7% or More   [Nov-30-16 10:00AM  at Kiplinger]
Stock chart of STWD Financial statements of STWD
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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