Intrinsic value of Federal Agricultural Mortgage Cl A - AGM-A

Previous Close

$75.80

  Intrinsic Value

$334.05

stock screener

  Rating & Target

str. buy

+341%

Previous close

$75.80

 
Intrinsic value

$334.05

 
Up/down potential

+341%

 
Rating

str. buy

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

We calculate the intrinsic value of AGM-A 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  17.74
  31.30
  28.67
  26.30
  24.17
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.25
  12.43
  11.69
  11.02
  10.41
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
Revenue, $m
  312
  410
  527
  666
  827
  1,011
  1,218
  1,449
  1,704
  1,982
  2,283
  2,607
  2,952
  3,319
  3,707
  4,116
  4,544
  4,993
  5,461
  5,950
  6,459
  6,988
  7,539
  8,111
  8,706
  9,324
  9,966
  10,634
  11,328
  12,050
  12,802
Variable operating expenses, $m
 
  249
  321
  405
  503
  615
  742
  883
  1,038
  1,207
  1,391
  1,588
  1,798
  2,021
  2,258
  2,506
  2,767
  3,041
  3,326
  3,624
  3,934
  4,256
  4,591
  4,940
  5,302
  5,678
  6,069
  6,476
  6,899
  7,339
  7,796
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
  196
  249
  321
  405
  503
  615
  742
  883
  1,038
  1,207
  1,391
  1,588
  1,798
  2,021
  2,258
  2,506
  2,767
  3,041
  3,326
  3,624
  3,934
  4,256
  4,591
  4,940
  5,302
  5,678
  6,069
  6,476
  6,899
  7,339
  7,796
Operating income, $m
  116
  160
  206
  260
  323
  395
  476
  567
  666
  775
  893
  1,019
  1,154
  1,298
  1,449
  1,609
  1,777
  1,952
  2,135
  2,326
  2,525
  2,732
  2,948
  3,171
  3,404
  3,646
  3,897
  4,158
  4,429
  4,712
  5,006
EBITDA, $m
  116
  160
  206
  260
  323
  395
  476
  567
  666
  775
  893
  1,019
  1,154
  1,298
  1,449
  1,609
  1,777
  1,952
  2,135
  2,326
  2,525
  2,732
  2,948
  3,171
  3,404
  3,646
  3,897
  4,158
  4,429
  4,712
  5,006
Interest expense (income), $m
  111
  509
  640
  825
  1,043
  1,297
  1,586
  1,913
  2,277
  2,678
  3,117
  3,591
  4,100
  4,644
  5,222
  5,833
  6,476
  7,152
  7,858
  8,596
  9,366
  10,167
  11,001
  11,868
  12,770
  13,706
  14,679
  15,691
  16,742
  17,836
  18,974
Earnings before tax, $m
  119
  -349
  -434
  -564
  -720
  -901
  -1,110
  -1,346
  -1,611
  -1,903
  -2,224
  -2,571
  -2,946
  -3,347
  -3,773
  -4,224
  -4,700
  -5,199
  -5,723
  -6,270
  -6,840
  -7,435
  -8,054
  -8,697
  -9,366
  -10,061
  -10,783
  -11,533
  -12,313
  -13,124
  -13,968
Tax expense, $m
  42
  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
  77
  -349
  -434
  -564
  -720
  -901
  -1,110
  -1,346
  -1,611
  -1,903
  -2,224
  -2,571
  -2,946
  -3,347
  -3,773
  -4,224
  -4,700
  -5,199
  -5,723
  -6,270
  -6,840
  -7,435
  -8,054
  -8,697
  -9,366
  -10,061
  -10,783
  -11,533
  -12,313
  -13,124
  -13,968

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  265
  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
  15,606
  20,483
  26,355
  33,287
  41,334
  50,533
  60,907
  72,466
  85,204
  99,111
  114,165
  130,343
  147,617
  165,963
  185,356
  205,776
  227,207
  249,640
  273,072
  297,505
  322,950
  349,423
  376,950
  405,560
  435,292
  466,188
  498,299
  531,682
  566,397
  602,513
  640,102
Adjusted assets (=assets-cash), $m
  15,341
  20,483
  26,355
  33,287
  41,334
  50,533
  60,907
  72,466
  85,204
  99,111
  114,165
  130,343
  147,617
  165,963
  185,356
  205,776
  227,207
  249,640
  273,072
  297,505
  322,950
  349,423
  376,950
  405,560
  435,292
  466,188
  498,299
  531,682
  566,397
  602,513
  640,102
Revenue / Adjusted assets
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
  0.020
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
  205
  264
  333
  413
  505
  609
  725
  852
  991
  1,142
  1,303
  1,476
  1,660
  1,854
  2,058
  2,272
  2,496
  2,731
  2,975
  3,229
  3,494
  3,769
  4,056
  4,353
  4,662
  4,983
  5,317
  5,664
  6,025
  6,401
Total debt, $m
  14,806
  18,278
  23,563
  29,802
  37,044
  45,323
  54,660
  65,062
  76,527
  89,043
  102,592
  117,151
  132,698
  149,210
  166,663
  185,041
  204,329
  224,519
  245,608
  267,597
  290,498
  314,324
  339,098
  364,847
  391,605
  419,412
  448,312
  478,357
  509,600
  542,105
  575,935
Total liabilities, $m
  14,963
  18,435
  23,720
  29,959
  37,201
  45,480
  54,817
  65,219
  76,684
  89,200
  102,749
  117,308
  132,855
  149,367
  166,820
  185,198
  204,486
  224,676
  245,765
  267,754
  290,655
  314,481
  339,255
  365,004
  391,762
  419,569
  448,469
  478,514
  509,757
  542,262
  576,092
Total equity, $m
  643
  2,048
  2,636
  3,329
  4,133
  5,053
  6,091
  7,247
  8,520
  9,911
  11,417
  13,034
  14,762
  16,596
  18,536
  20,578
  22,721
  24,964
  27,307
  29,750
  32,295
  34,942
  37,695
  40,556
  43,529
  46,619
  49,830
  53,168
  56,640
  60,251
  64,010
Total liabilities and equity, $m
  15,606
  20,483
  26,356
  33,288
  41,334
  50,533
  60,908
  72,466
  85,204
  99,111
  114,166
  130,342
  147,617
  165,963
  185,356
  205,776
  227,207
  249,640
  273,072
  297,504
  322,950
  349,423
  376,950
  405,560
  435,291
  466,188
  498,299
  531,682
  566,397
  602,513
  640,102
Debt-to-equity ratio
  23.026
  8.920
  8.940
  8.950
  8.960
  8.970
  8.970
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
Adjusted equity ratio
  0.025
  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
  77
  -349
  -434
  -564
  -720
  -901
  -1,110
  -1,346
  -1,611
  -1,903
  -2,224
  -2,571
  -2,946
  -3,347
  -3,773
  -4,224
  -4,700
  -5,199
  -5,723
  -6,270
  -6,840
  -7,435
  -8,054
  -8,697
  -9,366
  -10,061
  -10,783
  -11,533
  -12,313
  -13,124
  -13,968
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
  241
  -349
  -434
  -564
  -720
  -901
  -1,110
  -1,346
  -1,611
  -1,903
  -2,224
  -2,571
  -2,946
  -3,347
  -3,773
  -4,224
  -4,700
  -5,199
  -5,723
  -6,270
  -6,840
  -7,435
  -8,054
  -8,697
  -9,366
  -10,061
  -10,783
  -11,533
  -12,313
  -13,124
  -13,968
Change in working capital, $m
  32
  49
  59
  69
  80
  92
  104
  116
  127
  139
  151
  162
  173
  183
  194
  204
  214
  224
  234
  244
  254
  265
  275
  286
  297
  309
  321
  334
  347
  361
  376
Cash from operations, $m
  209
  -398
  -492
  -634
  -800
  -993
  -1,214
  -1,462
  -1,738
  -2,042
  -2,374
  -2,733
  -3,119
  -3,530
  -3,967
  -4,428
  -4,914
  -5,424
  -5,957
  -6,514
  -7,095
  -7,700
  -8,329
  -8,983
  -9,663
  -10,370
  -11,104
  -11,867
  -12,660
  -13,486
  -14,344
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
  -593
  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
  -384
  -398
  -492
  -634
  -800
  -993
  -1,214
  -1,462
  -1,738
  -2,042
  -2,374
  -2,733
  -3,119
  -3,530
  -3,967
  -4,428
  -4,914
  -5,424
  -5,957
  -6,514
  -7,095
  -7,700
  -8,329
  -8,983
  -9,663
  -10,370
  -11,104
  -11,867
  -12,660
  -13,486
  -14,344
Issuance/(repayment) of debt, $m
  -529
  3,737
  5,285
  6,239
  7,242
  8,279
  9,337
  10,402
  11,465
  12,516
  13,549
  14,560
  15,547
  16,511
  17,454
  18,378
  19,288
  20,190
  21,088
  21,990
  22,900
  23,826
  24,774
  25,749
  26,758
  27,807
  28,900
  30,044
  31,244
  32,504
  33,830
Issuance/(repurchase) of shares, $m
  -9
  1,754
  1,021
  1,258
  1,524
  1,821
  2,147
  2,502
  2,885
  3,294
  3,729
  4,189
  4,673
  5,181
  5,712
  6,266
  6,843
  7,443
  8,066
  8,713
  9,385
  10,082
  10,806
  11,558
  12,339
  13,150
  13,994
  14,871
  15,785
  16,736
  17,727
Cash from financing (excl. dividends), $m  
  -536
  5,491
  6,306
  7,497
  8,766
  10,100
  11,484
  12,904
  14,350
  15,810
  17,278
  18,749
  20,220
  21,692
  23,166
  24,644
  26,131
  27,633
  29,154
  30,703
  32,285
  33,908
  35,580
  37,307
  39,097
  40,957
  42,894
  44,915
  47,029
  49,240
  51,557
Total cash flow (excl. dividends), $m
  -921
  5,093
  5,814
  6,863
  7,966
  9,107
  10,271
  11,443
  12,611
  13,767
  14,904
  16,016
  17,102
  18,162
  19,199
  20,216
  21,217
  22,209
  23,197
  24,189
  25,190
  26,209
  27,251
  28,324
  29,434
  30,587
  31,790
  33,049
  34,368
  35,755
  37,213
Retained Cash Flow (-), $m
  -89
  -1,754
  -1,021
  -1,258
  -1,524
  -1,821
  -2,147
  -2,502
  -2,885
  -3,294
  -3,729
  -4,189
  -4,673
  -5,181
  -5,712
  -6,266
  -6,843
  -7,443
  -8,066
  -8,713
  -9,385
  -10,082
  -10,806
  -11,558
  -12,339
  -13,150
  -13,994
  -14,871
  -15,785
  -16,736
  -17,727
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
 
  3,339
  4,793
  5,605
  6,442
  7,286
  8,123
  8,940
  9,727
  10,473
  11,174
  11,827
  12,428
  12,981
  13,487
  13,950
  14,374
  14,766
  15,131
  15,476
  15,805
  16,127
  16,445
  16,766
  17,095
  17,437
  17,796
  18,177
  18,583
  19,019
  19,486
Discount rate, %
 
  15.10
  15.86
  16.65
  17.48
  18.35
  19.27
  20.24
  21.25
  22.31
  23.43
  24.60
  25.83
  27.12
  28.47
  29.90
  31.39
  32.96
  34.61
  36.34
  38.16
  40.06
  42.07
  44.17
  46.38
  48.70
  51.13
  53.69
  56.38
  59.19
  62.15
PV of cash for distribution, $m
 
  2,901
  3,571
  3,532
  3,382
  3,137
  2,822
  2,461
  2,083
  1,710
  1,362
  1,053
  789
  574
  404
  276
  182
  116
  72
  43
  25
  14
  7
  4
  2
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  33.1
  24.1
  17.8
  13.3
  10.0
  7.6
  5.8
  4.5
  3.5
  2.7
  2.2
  1.7
  1.4
  1.1
  0.9
  0.7
  0.6
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0

Federal Agricultural Mortgage Corporation (Farmer Mac) provides a secondary market for a range of loans made to borrowers in rural America. The Company's segments include Farm & Ranch, USDA Guarantees, Rural Utilities, Institutional Credit and Corporate. Its secondary market activities are purchasing eligible loans directly from lenders; providing advances against eligible loans by purchasing obligations secured by those loans; securitizing assets and guaranteeing the payment of principal and interest on the resulting securities that represent interests in, or obligations secured by, pools of eligible loans; and issuing long-term standby purchase commitments (LTSPCs) for eligible loans. The loans eligible for the secondary market provided by Farmer Mac include mortgage loans secured by first liens on agricultural real estate, including part-time farms and rural housing (comprising the assets eligible for the Farm & Ranch line of business).

FINANCIAL RATIOS  of  Federal Agricultural Mortgage Cl A (AGM-A)

Valuation Ratios
P/E Ratio 10.4
Price to Sales 2.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow 3.8
Growth Rates
Sales Growth Rate 17.7%
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 0
Current Ratio NaN
LT Debt to Equity 990%
Total Debt to Equity 2302.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 12.9%
Return On Equity - 3 Yr. Avg. 12.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 49.7%
Gross Margin - 3 Yr. Avg. 45.9%
EBITDA Margin 73.7%
EBITDA Margin - 3 Yr. Avg. 85.6%
Operating Margin 37.2%
Oper. Margin - 3 Yr. Avg. 33.2%
Pre-Tax Margin 38.1%
Pre-Tax Margin - 3 Yr. Avg. 36.4%
Net Profit Margin 24.7%
Net Profit Margin - 3 Yr. Avg. 23.5%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 23.6%
Payout Ratio 31.2%

AGM-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGM-A stock intrinsic value calculation we used $312 million for the last fiscal year's total revenue generated by Federal Agricultural Mortgage Cl A. The default revenue input number comes from 2016 income statement of Federal Agricultural Mortgage 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 AGM-A stock valuation model: a) initial revenue growth rate of 31.3% 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 15.1%, whose default value for AGM-A is calculated based on our internal credit rating of Federal Agricultural Mortgage 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 Federal Agricultural Mortgage 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 AGM-A stock the variable cost ratio is equal to 60.9%.

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 AGM-A 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 Federal Agricultural Mortgage Cl A.

Corporate tax rate of 27% is the nominal tax rate for Federal Agricultural Mortgage 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 AGM-A 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 AGM-A are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Federal Agricultural Mortgage 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 AGM-A 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 - $643 million for Federal Agricultural Mortgage 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 11.437 million for Federal Agricultural Mortgage 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 Federal Agricultural Mortgage Cl A at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
AGM-A Federal Agricu 75.80 317.19  str.buy
NYMT New York Mortg 6.01 17.57  str.buy
LC LendingClub 4.15 0.56  str.sell
Financial statements of AGM-A
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