Intrinsic value of Tiptree Cl A - TIPT

Previous Close

$6.00

  Intrinsic Value

$131.41

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-110%

Previous close

$6.00

 
Intrinsic value

$131.41

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-110%

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

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

We calculate the intrinsic value of TIPT 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 0.2

 

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, %
  28.86
  24.20
  22.28
  20.55
  19.00
  17.60
  16.34
  15.20
  14.18
  13.26
  12.44
  11.69
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
Revenue, $m
  567
  704
  861
  1,038
  1,235
  1,453
  1,690
  1,947
  2,223
  2,518
  2,831
  3,162
  3,511
  3,877
  4,260
  4,660
  5,077
  5,512
  5,964
  6,434
  6,922
  7,430
  7,958
  8,506
  9,076
  9,669
  10,286
  10,927
  11,596
  12,292
  13,018
Variable operating expenses, $m
 
  394
  481
  580
  691
  812
  945
  1,088
  1,243
  1,408
  1,583
  1,768
  1,963
  2,167
  2,381
  2,605
  2,838
  3,081
  3,334
  3,597
  3,870
  4,153
  4,448
  4,755
  5,074
  5,405
  5,750
  6,108
  6,482
  6,871
  7,277
Fixed operating expenses, $m
 
  217
  223
  228
  234
  240
  246
  252
  258
  265
  271
  278
  285
  292
  300
  307
  315
  323
  331
  339
  347
  356
  365
  374
  383
  393
  403
  413
  423
  434
  445
Total operating expenses, $m
  524
  611
  704
  808
  925
  1,052
  1,191
  1,340
  1,501
  1,673
  1,854
  2,046
  2,248
  2,459
  2,681
  2,912
  3,153
  3,404
  3,665
  3,936
  4,217
  4,509
  4,813
  5,129
  5,457
  5,798
  6,153
  6,521
  6,905
  7,305
  7,722
Operating income, $m
  43
  93
  157
  229
  311
  401
  499
  607
  722
  846
  977
  1,116
  1,263
  1,417
  1,579
  1,748
  1,924
  2,108
  2,299
  2,498
  2,705
  2,921
  3,144
  3,377
  3,619
  3,871
  4,133
  4,406
  4,691
  4,987
  5,296
EBITDA, $m
  72
  129
  201
  283
  374
  475
  586
  706
  836
  975
  1,122
  1,278
  1,443
  1,616
  1,797
  1,987
  2,184
  2,390
  2,605
  2,828
  3,060
  3,301
  3,552
  3,812
  4,084
  4,366
  4,660
  4,965
  5,284
  5,616
  5,963
Interest expense (income), $m
  27
  29
  49
  75
  104
  137
  173
  212
  254
  300
  348
  400
  455
  512
  572
  635
  701
  770
  842
  916
  994
  1,074
  1,158
  1,245
  1,335
  1,429
  1,527
  1,629
  1,735
  1,845
  1,960
Earnings before tax, $m
  43
  64
  108
  154
  206
  264
  327
  395
  468
  546
  629
  716
  809
  905
  1,007
  1,113
  1,223
  1,338
  1,458
  1,582
  1,712
  1,846
  1,986
  2,132
  2,284
  2,441
  2,606
  2,777
  2,956
  3,142
  3,337
Tax expense, $m
  11
  17
  29
  42
  56
  71
  88
  107
  126
  147
  170
  193
  218
  244
  272
  300
  330
  361
  394
  427
  462
  498
  536
  576
  617
  659
  704
  750
  798
  848
  901
Net income, $m
  25
  47
  79
  113
  151
  193
  238
  288
  342
  399
  459
  523
  590
  661
  735
  812
  893
  977
  1,064
  1,155
  1,249
  1,348
  1,450
  1,556
  1,667
  1,782
  1,902
  2,027
  2,158
  2,294
  2,436

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  87
  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
  2,890
  3,486
  4,263
  5,139
  6,115
  7,191
  8,366
  9,638
  11,005
  12,465
  14,016
  15,655
  17,381
  19,192
  21,089
  23,069
  25,135
  27,286
  29,524
  31,851
  34,269
  36,783
  39,394
  42,109
  44,931
  47,866
  50,919
  54,096
  57,405
  60,852
  64,445
Adjusted assets (=assets-cash), $m
  2,803
  3,486
  4,263
  5,139
  6,115
  7,191
  8,366
  9,638
  11,005
  12,465
  14,016
  15,655
  17,381
  19,192
  21,089
  23,069
  25,135
  27,286
  29,524
  31,851
  34,269
  36,783
  39,394
  42,109
  44,931
  47,866
  50,919
  54,096
  57,405
  60,852
  64,445
Revenue / Adjusted assets
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
Average production assets, $m
  439
  544
  666
  802
  955
  1,123
  1,306
  1,505
  1,718
  1,946
  2,188
  2,444
  2,714
  2,997
  3,293
  3,602
  3,925
  4,261
  4,610
  4,973
  5,351
  5,743
  6,151
  6,575
  7,016
  7,474
  7,951
  8,447
  8,964
  9,502
  10,063
Working capital, $m
  0
  -70
  -86
  -104
  -124
  -145
  -169
  -195
  -222
  -252
  -283
  -316
  -351
  -388
  -426
  -466
  -508
  -551
  -596
  -643
  -692
  -743
  -796
  -851
  -908
  -967
  -1,029
  -1,093
  -1,160
  -1,229
  -1,302
Total debt, $m
  793
  1,334
  2,033
  2,821
  3,700
  4,668
  5,726
  6,870
  8,101
  9,415
  10,810
  12,285
  13,839
  15,469
  17,176
  18,958
  20,817
  22,753
  24,767
  26,862
  29,038
  31,300
  33,651
  36,094
  38,634
  41,275
  44,023
  46,883
  49,861
  52,963
  56,197
Total liabilities, $m
  2,597
  3,138
  3,837
  4,625
  5,504
  6,472
  7,530
  8,674
  9,905
  11,219
  12,614
  14,089
  15,643
  17,273
  18,980
  20,762
  22,621
  24,557
  26,571
  28,666
  30,842
  33,104
  35,455
  37,898
  40,438
  43,079
  45,827
  48,687
  51,665
  54,767
  58,001
Total equity, $m
  293
  349
  426
  514
  612
  719
  837
  964
  1,101
  1,247
  1,402
  1,565
  1,738
  1,919
  2,109
  2,307
  2,513
  2,729
  2,952
  3,185
  3,427
  3,678
  3,939
  4,211
  4,493
  4,787
  5,092
  5,410
  5,741
  6,085
  6,445
Total liabilities and equity, $m
  2,890
  3,487
  4,263
  5,139
  6,116
  7,191
  8,367
  9,638
  11,006
  12,466
  14,016
  15,654
  17,381
  19,192
  21,089
  23,069
  25,134
  27,286
  29,523
  31,851
  34,269
  36,782
  39,394
  42,109
  44,931
  47,866
  50,919
  54,097
  57,406
  60,852
  64,446
Debt-to-equity ratio
  2.706
  3.830
  4.770
  5.490
  6.050
  6.490
  6.840
  7.130
  7.360
  7.550
  7.710
  7.850
  7.960
  8.060
  8.140
  8.220
  8.280
  8.340
  8.390
  8.430
  8.470
  8.510
  8.540
  8.570
  8.600
  8.620
  8.650
  8.670
  8.690
  8.700
  8.720
Adjusted equity ratio
  0.073
  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
  25
  47
  79
  113
  151
  193
  238
  288
  342
  399
  459
  523
  590
  661
  735
  812
  893
  977
  1,064
  1,155
  1,249
  1,348
  1,450
  1,556
  1,667
  1,782
  1,902
  2,027
  2,158
  2,294
  2,436
Depreciation, amort., depletion, $m
  29
  36
  44
  53
  63
  74
  87
  100
  114
  129
  145
  162
  180
  198
  218
  239
  260
  282
  305
  329
  354
  380
  407
  435
  465
  495
  527
  559
  594
  629
  666
Funds from operations, $m
  7
  83
  123
  166
  214
  267
  325
  388
  455
  527
  604
  685
  770
  859
  953
  1,051
  1,153
  1,259
  1,369
  1,484
  1,604
  1,728
  1,857
  1,992
  2,132
  2,277
  2,429
  2,587
  2,751
  2,923
  3,102
Change in working capital, $m
  -30
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
Cash from operations, $m
  37
  96
  138
  183
  234
  289
  349
  414
  483
  557
  635
  718
  805
  896
  991
  1,091
  1,194
  1,302
  1,414
  1,531
  1,653
  1,779
  1,910
  2,047
  2,189
  2,337
  2,491
  2,651
  2,818
  2,993
  3,175
Maintenance CAPEX, $m
  0
  -29
  -36
  -44
  -53
  -63
  -74
  -87
  -100
  -114
  -129
  -145
  -162
  -180
  -198
  -218
  -239
  -260
  -282
  -305
  -329
  -354
  -380
  -407
  -435
  -465
  -495
  -527
  -559
  -594
  -629
New CAPEX, $m
  -7
  -106
  -121
  -137
  -152
  -168
  -183
  -199
  -213
  -228
  -242
  -256
  -270
  -283
  -296
  -309
  -323
  -336
  -349
  -363
  -378
  -392
  -408
  -424
  -441
  -458
  -477
  -496
  -517
  -538
  -561
Cash from investing activities, $m
  -320
  -135
  -157
  -181
  -205
  -231
  -257
  -286
  -313
  -342
  -371
  -401
  -432
  -463
  -494
  -527
  -562
  -596
  -631
  -668
  -707
  -746
  -788
  -831
  -876
  -923
  -972
  -1,023
  -1,076
  -1,132
  -1,190
Free cash flow, $m
  -283
  -38
  -19
  3
  28
  57
  91
  128
  170
  215
  264
  317
  374
  433
  497
  563
  633
  706
  783
  863
  946
  1,032
  1,122
  1,215
  1,313
  1,414
  1,519
  1,628
  1,742
  1,861
  1,984
Issuance/(repayment) of debt, $m
  128
  541
  699
  789
  879
  969
  1,057
  1,145
  1,230
  1,314
  1,395
  1,475
  1,553
  1,630
  1,707
  1,783
  1,859
  1,936
  2,014
  2,094
  2,177
  2,262
  2,351
  2,443
  2,540
  2,641
  2,748
  2,860
  2,978
  3,102
  3,234
Issuance/(repurchase) of shares, $m
  -44
  96
  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 financing (excl. dividends), $m  
  280
  637
  699
  789
  879
  969
  1,057
  1,145
  1,230
  1,314
  1,395
  1,475
  1,553
  1,630
  1,707
  1,783
  1,859
  1,936
  2,014
  2,094
  2,177
  2,262
  2,351
  2,443
  2,540
  2,641
  2,748
  2,860
  2,978
  3,102
  3,234
Total cash flow (excl. dividends), $m
  -3
  598
  680
  791
  907
  1,026
  1,148
  1,273
  1,400
  1,529
  1,660
  1,792
  1,927
  2,064
  2,203
  2,346
  2,492
  2,642
  2,797
  2,957
  3,122
  3,294
  3,473
  3,658
  3,852
  4,055
  4,267
  4,488
  4,720
  4,963
  5,218
Retained Cash Flow (-), $m
  20
  -143
  -78
  -88
  -98
  -108
  -117
  -127
  -137
  -146
  -155
  -164
  -173
  -181
  -190
  -198
  -207
  -215
  -224
  -233
  -242
  -251
  -261
  -271
  -282
  -293
  -305
  -318
  -331
  -345
  -359
Prev. year cash balance distribution, $m
 
  87
  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
 
  542
  602
  703
  809
  918
  1,031
  1,146
  1,263
  1,383
  1,505
  1,628
  1,754
  1,883
  2,014
  2,148
  2,286
  2,427
  2,573
  2,724
  2,881
  3,043
  3,211
  3,387
  3,570
  3,761
  3,961
  4,170
  4,389
  4,618
  4,859
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  491
  490
  508
  513
  506
  488
  460
  424
  382
  337
  291
  246
  203
  164
  130
  100
  75
  55
  39
  27
  18
  12
  8
  5
  3
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0
  60.0

Tiptree Inc., through its subsidiaries, engages in insurance and insurance services, specialty finance, asset management, and real estate businesses in the United States. Its Insurance and Insurance Services segment offers a range of consumer related protection products, including credit-related insurance, mobile device protection, and warranty and service contracts; and third party administration services to insurance companies, retailers, automobile dealers, insurance brokers and agents, and financial services companies. The company’s Specialty Finance segment originates loans for sale to institutional investors, including GSEs, FHA/VA, prime jumbo, and super jumbo mortgages through retail and wholesale channels, as well as through a call center model, primarily focused on re-financings. Its Real Estate segment operates seniors housing properties, including senior apartments, assisted living, independent living, memory care, and skilled nursing facilities. As of September 30, 2016, this segment’s portfolio consists of 27 properties across 10 states primarily in the Mid-Atlantic and Southern United States. The company’s Asset Management segment primarily focuses on senior secured corporate credit, primarily in the form of CLOs. The company was formerly known as Tiptree Financial Inc. and changed its name to Tiptree Inc. on December 30, 2016. Tiptree Inc. was incorporated in 2007 and is based in New York, New York.

FINANCIAL RATIOS  of  Tiptree Cl A (TIPT)

Valuation Ratios
P/E Ratio 10.3
Price to Sales 0.5
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 8.6
Growth Rates
Sales Growth Rate 28.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 270.6%
Total Debt to Equity 270.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 0.1%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 3.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 64.9%
Gross Margin - 3 Yr. Avg. 66%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 44.6%
Operating Margin 7.6%
Oper. Margin - 3 Yr. Avg. 1.5%
Pre-Tax Margin 7.6%
Pre-Tax Margin - 3 Yr. Avg. 2%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate 25.6%
Eff/ Tax Rate - 3 Yr. Avg. 136.3%
Payout Ratio 12%

TIPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TIPT stock intrinsic value calculation we used $567 million for the last fiscal year's total revenue generated by Tiptree Cl A. The default revenue input number comes from 2016 income statement of Tiptree Cl A. 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 TIPT stock valuation model: a) initial revenue growth rate of 24.2% 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 10.4%, whose default value for TIPT is calculated based on our internal credit rating of Tiptree Cl A, 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 Tiptree Cl A.
    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 TIPT stock the variable cost ratio is equal to 55.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $212 million in the base year in the intrinsic value calculation for TIPT 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 3.7% for Tiptree Cl A.

Corporate tax rate of 27% is the nominal tax rate for Tiptree Cl A. 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 TIPT 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 TIPT are equal to 77.3%.

Life of production assets of 15.1 years is the average useful life of capital assets used in Tiptree Cl A 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 TIPT 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 - $293 million for Tiptree Cl A - 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 27.312 million for Tiptree Cl A 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 Tiptree Cl A at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Investor Network: Tiptree Inc. to Host Earnings Call   [Aug-08-17 07:25AM  ACCESSWIRE]
▶ Tiptree reports 2Q loss   [Aug-07-17 10:52PM  Associated Press]
▶ Tiptree reports 2Q loss   [05:51PM  Associated Press]
▶ Tiptree Reports Second Quarter 2017 Results   [04:17PM  Business Wire]
▶ Tiptree Repurchases One Million Shares   [Jun-23-17 04:01PM  Business Wire]
▶ ETFs with exposure to Tiptree, Inc. : June 13, 2017   [Jun-13-17 12:59PM  Capital Cube]
▶ Tiptree Regains Compliance with NASDAQ and SEC Requirements   [Jun-08-17 09:00AM  Business Wire]
▶ Tiptree Announces Receipt of NASDAQ Letter   [May-16-17 05:38PM  Business Wire]
▶ Tiptree posts 1Q profit   [May-11-17 08:28AM  Associated Press]
▶ Tiptree Reports First Quarter 2017 Results   [08:00AM  Business Wire]
▶ Insiders Load Up on Tiptree   [Mar-28-17 01:41PM  GuruFocus.com]
▶ Tiptree Reports 2016 Results   [05:00PM  Business Wire]
▶ Tiptree Reports Third Quarter 2016 Results   [07:00AM  Business Wire]
▶ Tiptree Repurchases One Million Shares   [Sep-14-16 05:40PM  Business Wire]
▶ Real Estate Stocks Dominate Tricadia Capitals Top-5 Holdings   [Aug-15-16 01:00PM  Insider Monkey]
▶ Tiptree Reports Second Quarter 2016 Results   [04:01PM  Business Wire]
▶ Tiptree Repurchases 5.596 Million Shares   [01:46PM  Business Wire]
▶ Fortegra, Subsidiaries Receive A.M. Best Ratings Upgrades   [May-18-16 11:08AM  Business Wire]
▶ Fortegra to Offer Mobile Phone Protection to USAA Members   [Sep-21  08:30AM  Business Wire]
▶ 10-Q for Tiptree Financial, Inc.   [Aug-16  08:12PM  at Company Spotlight]
▶ 5 Stocks With Big Insider Buying   [Jul-08  08:00AM  at TheStreet]
▶ 10-Q for Tiptree Financial, Inc.   [May-17  08:11PM  at Company Spotlight]
▶ 10-K for Tiptree Financial, Inc.   [Apr-25  08:09PM  at Company Spotlight]
Stock chart of TIPT Financial statements of TIPT
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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