Intrinsic value of Tiptree Cl A - TIPT

Previous Close

$6.40

  Intrinsic Value

$80.89

stock screener

  Rating & Target

str. buy

+999%

Previous close

$6.40

 
Intrinsic value

$80.89

 
Up/down potential

+999%

 
Rating

str. buy

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

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
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
Revenue, $m
  567
  668
  780
  900
  1,030
  1,168
  1,316
  1,472
  1,636
  1,809
  1,989
  2,178
  2,375
  2,581
  2,794
  3,017
  3,248
  3,488
  3,737
  3,996
  4,266
  4,546
  4,837
  5,141
  5,456
  5,785
  6,128
  6,486
  6,859
  7,248
  7,654
Variable operating expenses, $m
 
  374
  436
  503
  576
  653
  735
  823
  915
  1,011
  1,112
  1,218
  1,328
  1,443
  1,562
  1,686
  1,815
  1,950
  2,089
  2,234
  2,385
  2,541
  2,704
  2,874
  3,050
  3,234
  3,426
  3,626
  3,834
  4,052
  4,279
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
  591
  659
  731
  810
  893
  981
  1,075
  1,173
  1,276
  1,383
  1,496
  1,613
  1,735
  1,862
  1,993
  2,130
  2,273
  2,420
  2,573
  2,732
  2,897
  3,069
  3,248
  3,433
  3,627
  3,829
  4,039
  4,257
  4,486
  4,724
Operating income, $m
  43
  78
  121
  169
  220
  275
  334
  397
  463
  533
  606
  683
  762
  846
  933
  1,023
  1,117
  1,215
  1,317
  1,423
  1,534
  1,649
  1,768
  1,893
  2,023
  2,158
  2,300
  2,447
  2,601
  2,763
  2,931
EBITDA, $m
  72
  112
  161
  215
  273
  335
  402
  472
  547
  625
  708
  794
  884
  978
  1,076
  1,178
  1,284
  1,394
  1,509
  1,628
  1,752
  1,881
  2,016
  2,156
  2,302
  2,455
  2,613
  2,779
  2,953
  3,134
  3,323
Interest expense (income), $m
  27
  29
  43
  62
  82
  103
  126
  150
  176
  203
  231
  261
  292
  325
  359
  394
  431
  469
  508
  549
  592
  636
  683
  731
  781
  833
  887
  944
  1,002
  1,064
  1,128
Earnings before tax, $m
  43
  48
  78
  107
  138
  172
  208
  247
  287
  330
  375
  421
  470
  521
  574
  629
  687
  747
  809
  874
  942
  1,012
  1,086
  1,162
  1,242
  1,326
  1,413
  1,504
  1,599
  1,699
  1,803
Tax expense, $m
  11
  13
  21
  29
  37
  47
  56
  67
  78
  89
  101
  114
  127
  141
  155
  170
  185
  202
  218
  236
  254
  273
  293
  314
  335
  358
  381
  406
  432
  459
  487
Net income, $m
  25
  35
  57
  78
  101
  126
  152
  180
  210
  241
  273
  308
  343
  380
  419
  459
  501
  545
  591
  638
  687
  739
  793
  848
  907
  968
  1,031
  1,098
  1,167
  1,240
  1,316

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
  3,309
  3,859
  4,455
  5,097
  5,783
  6,513
  7,285
  8,099
  8,953
  9,849
  10,784
  11,760
  12,776
  13,834
  14,934
  16,077
  17,265
  18,500
  19,783
  21,117
  22,504
  23,947
  25,449
  27,012
  28,641
  30,338
  32,108
  33,954
  35,881
  37,893
Adjusted assets (=assets-cash), $m
  2,803
  3,309
  3,859
  4,455
  5,097
  5,783
  6,513
  7,285
  8,099
  8,953
  9,849
  10,784
  11,760
  12,776
  13,834
  14,934
  16,077
  17,265
  18,500
  19,783
  21,117
  22,504
  23,947
  25,449
  27,012
  28,641
  30,338
  32,108
  33,954
  35,881
  37,893
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
  517
  603
  696
  796
  903
  1,017
  1,138
  1,265
  1,398
  1,538
  1,684
  1,836
  1,995
  2,160
  2,332
  2,510
  2,696
  2,889
  3,089
  3,297
  3,514
  3,739
  3,974
  4,218
  4,472
  4,737
  5,013
  5,302
  5,603
  5,917
Working capital, $m
  0
  -102
  -119
  -138
  -158
  -179
  -201
  -225
  -250
  -277
  -304
  -333
  -363
  -395
  -428
  -462
  -497
  -534
  -572
  -611
  -653
  -696
  -740
  -787
  -835
  -885
  -938
  -992
  -1,049
  -1,109
  -1,171
Total debt, $m
  793
  1,174
  1,669
  2,206
  2,783
  3,401
  4,058
  4,753
  5,485
  6,254
  7,060
  7,902
  8,780
  9,695
  10,647
  11,637
  12,666
  13,735
  14,846
  16,001
  17,202
  18,450
  19,748
  21,100
  22,507
  23,973
  25,500
  27,093
  28,755
  30,489
  32,300
Total liabilities, $m
  2,597
  2,978
  3,473
  4,010
  4,587
  5,205
  5,862
  6,557
  7,289
  8,058
  8,864
  9,706
  10,584
  11,499
  12,451
  13,441
  14,470
  15,539
  16,650
  17,805
  19,006
  20,254
  21,552
  22,904
  24,311
  25,777
  27,304
  28,897
  30,559
  32,293
  34,104
Total equity, $m
  293
  331
  386
  446
  510
  578
  651
  729
  810
  895
  985
  1,078
  1,176
  1,278
  1,383
  1,493
  1,608
  1,727
  1,850
  1,978
  2,112
  2,250
  2,395
  2,545
  2,701
  2,864
  3,034
  3,211
  3,395
  3,588
  3,789
Total liabilities and equity, $m
  2,890
  3,309
  3,859
  4,456
  5,097
  5,783
  6,513
  7,286
  8,099
  8,953
  9,849
  10,784
  11,760
  12,777
  13,834
  14,934
  16,078
  17,266
  18,500
  19,783
  21,118
  22,504
  23,947
  25,449
  27,012
  28,641
  30,338
  32,108
  33,954
  35,881
  37,893
Debt-to-equity ratio
  2.706
  3.550
  4.330
  4.950
  5.460
  5.880
  6.230
  6.520
  6.770
  6.990
  7.170
  7.330
  7.470
  7.590
  7.700
  7.790
  7.880
  7.960
  8.020
  8.090
  8.150
  8.200
  8.250
  8.290
  8.330
  8.370
  8.410
  8.440
  8.470
  8.500
  8.520
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
  35
  57
  78
  101
  126
  152
  180
  210
  241
  273
  308
  343
  380
  419
  459
  501
  545
  591
  638
  687
  739
  793
  848
  907
  968
  1,031
  1,098
  1,167
  1,240
  1,316
Depreciation, amort., depletion, $m
  29
  34
  40
  46
  53
  60
  67
  75
  84
  93
  102
  112
  122
  132
  143
  154
  166
  179
  191
  205
  218
  233
  248
  263
  279
  296
  314
  332
  351
  371
  392
Funds from operations, $m
  7
  69
  97
  124
  154
  186
  220
  256
  293
  333
  375
  419
  465
  512
  562
  614
  668
  724
  782
  843
  906
  972
  1,040
  1,112
  1,186
  1,264
  1,345
  1,430
  1,518
  1,611
  1,708
Change in working capital, $m
  -30
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -62
Cash from operations, $m
  37
  85
  114
  142
  174
  207
  242
  279
  319
  360
  403
  448
  495
  544
  595
  648
  703
  760
  820
  882
  947
  1,014
  1,085
  1,158
  1,234
  1,314
  1,397
  1,484
  1,575
  1,671
  1,770
Maintenance CAPEX, $m
  0
  -29
  -34
  -40
  -46
  -53
  -60
  -67
  -75
  -84
  -93
  -102
  -112
  -122
  -132
  -143
  -154
  -166
  -179
  -191
  -205
  -218
  -233
  -248
  -263
  -279
  -296
  -314
  -332
  -351
  -371
New CAPEX, $m
  -7
  -78
  -86
  -93
  -100
  -107
  -114
  -121
  -127
  -133
  -140
  -146
  -152
  -159
  -165
  -172
  -179
  -186
  -193
  -200
  -208
  -217
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -301
  -314
Cash from investing activities, $m
  -320
  -107
  -120
  -133
  -146
  -160
  -174
  -188
  -202
  -217
  -233
  -248
  -264
  -281
  -297
  -315
  -333
  -352
  -372
  -391
  -413
  -435
  -458
  -482
  -507
  -533
  -561
  -590
  -620
  -652
  -685
Free cash flow, $m
  -283
  -22
  -7
  9
  27
  47
  68
  91
  116
  143
  171
  200
  231
  264
  298
  333
  370
  409
  449
  491
  534
  580
  627
  676
  727
  781
  836
  894
  955
  1,019
  1,085
Issuance/(repayment) of debt, $m
  128
  381
  495
  537
  578
  618
  657
  695
  732
  769
  806
  842
  878
  915
  952
  990
  1,029
  1,069
  1,111
  1,155
  1,201
  1,248
  1,299
  1,351
  1,407
  1,466
  1,528
  1,593
  1,662
  1,734
  1,811
Issuance/(repurchase) of shares, $m
  -44
  90
  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
  471
  495
  537
  578
  618
  657
  695
  732
  769
  806
  842
  878
  915
  952
  990
  1,029
  1,069
  1,111
  1,155
  1,201
  1,248
  1,299
  1,351
  1,407
  1,466
  1,528
  1,593
  1,662
  1,734
  1,811
Total cash flow (excl. dividends), $m
  -3
  449
  488
  546
  605
  665
  725
  786
  849
  912
  976
  1,042
  1,109
  1,178
  1,250
  1,323
  1,399
  1,478
  1,560
  1,646
  1,735
  1,828
  1,925
  2,027
  2,134
  2,246
  2,364
  2,487
  2,617
  2,753
  2,896
Retained Cash Flow (-), $m
  20
  -125
  -55
  -60
  -64
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -201
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
 
  411
  433
  486
  541
  596
  652
  709
  767
  826
  887
  948
  1,012
  1,077
  1,144
  1,213
  1,285
  1,359
  1,437
  1,517
  1,601
  1,689
  1,781
  1,877
  1,978
  2,083
  2,194
  2,310
  2,432
  2,560
  2,695
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
 
  372
  352
  351
  343
  329
  309
  285
  257
  228
  199
  170
  142
  116
  93
  73
  56
  42
  31
  22
  15
  10
  7
  4
  3
  2
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6
  61.6

Tiptree Inc., formerly Tiptree Financial Inc., is a diversified holding company that acquires and manages controlling interests of operating businesses. The Company conducts its operations through Tiptree Operating Company, LLC (the Operating Company). It operates through four segments: specialty insurance, asset management, senior living and specialty finance. Specialty Insurance segment operations are conducted through Fortegra Financial Corporation. The specialty finance segment operates through Siena Capital Finance LLC and Luxury Mortgage Corp. The asset management segment operations include Telos Asset Management's management of collateralized loan obligations. Senior Living operations are conducted through Care Investment Trust LLC.

FINANCIAL RATIOS  of  Tiptree Cl A (TIPT)

Valuation Ratios
P/E Ratio 11
Price to Sales 0.5
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 9.2
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 17.9% 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 -15.3%. 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 29.038 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

▶ ETFs with exposure to Tiptree, Inc. : December 13, 2017   [Dec-13-17 02:03PM  Capital Cube]
▶ Tiptree Inc. Class A to Host Earnings Call   [Nov-08-17 07:50AM  ACCESSWIRE]
▶ Tiptree reports 3Q loss   [Nov-07-17 06:07AM  Associated Press]
▶ Tiptree Reports Third Quarter 2017 Results   [06:00AM  Business Wire]
▶ ETFs with exposure to Tiptree, Inc. : October 25, 2017   [Oct-25-17 10:13AM  Capital Cube]
▶ 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]
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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