Intrinsic value of Granite Point Mortgage Trust - GPMT

Previous Close

$18.70

  Intrinsic Value

$6.87

stock screener

  Rating & Target

str. sell

-63%

Previous close

$18.70

 
Intrinsic value

$6.87

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of GPMT 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 2017), $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 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  50.70
  46.13
  42.02
  38.32
  34.98
  31.99
  29.29
  26.86
  24.67
  22.71
  20.93
  19.34
  17.91
  16.62
  15.45
  14.41
  13.47
  12.62
  11.86
  11.17
  10.56
  10.00
  9.50
  9.05
  8.65
  8.28
  7.95
  7.66
  7.39
  7.15
Revenue, $m
  113
  165
  235
  324
  438
  578
  747
  948
  1,182
  1,450
  1,754
  2,093
  2,468
  2,878
  3,323
  3,801
  4,313
  4,858
  5,434
  6,041
  6,679
  7,347
  8,045
  8,773
  9,531
  10,321
  11,141
  11,994
  12,881
  13,802
Variable operating expenses, $m
  33
  48
  68
  95
  128
  169
  218
  277
  345
  423
  512
  611
  721
  840
  970
  1,110
  1,260
  1,418
  1,587
  1,764
  1,950
  2,145
  2,349
  2,562
  2,783
  3,014
  3,253
  3,502
  3,761
  4,030
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
  33
  48
  68
  95
  128
  169
  218
  277
  345
  423
  512
  611
  721
  840
  970
  1,110
  1,260
  1,418
  1,587
  1,764
  1,950
  2,145
  2,349
  2,562
  2,783
  3,014
  3,253
  3,502
  3,761
  4,030
Operating income, $m
  80
  117
  166
  230
  310
  409
  529
  671
  837
  1,027
  1,242
  1,482
  1,747
  2,038
  2,352
  2,691
  3,054
  3,439
  3,847
  4,277
  4,729
  5,202
  5,696
  6,211
  6,748
  7,307
  7,888
  8,492
  9,120
  9,772
EBITDA, $m
  381
  557
  791
  1,094
  1,477
  1,949
  2,520
  3,197
  3,986
  4,890
  5,914
  7,058
  8,322
  9,705
  11,205
  12,819
  14,546
  16,382
  18,324
  20,372
  22,522
  24,775
  27,128
  29,584
  32,141
  34,803
  37,571
  40,448
  43,437
  46,544
Interest expense (income), $m
  10
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
  127
Earnings before tax, $m
  -47
  -10
  39
  102
  183
  282
  402
  544
  709
  899
  1,114
  1,354
  1,620
  1,910
  2,225
  2,564
  2,927
  3,312
  3,720
  4,150
  4,601
  5,074
  5,568
  6,084
  6,621
  7,180
  7,761
  8,365
  8,992
  9,645
Tax expense, $m
  0
  0
  10
  28
  49
  76
  108
  147
  192
  243
  301
  366
  437
  516
  601
  692
  790
  894
  1,004
  1,120
  1,242
  1,370
  1,503
  1,643
  1,788
  1,938
  2,095
  2,258
  2,428
  2,604
Net income, $m
  -47
  -10
  28
  75
  133
  206
  293
  397
  518
  657
  813
  989
  1,182
  1,394
  1,624
  1,872
  2,136
  2,418
  2,715
  3,029
  3,359
  3,704
  4,065
  4,441
  4,833
  5,241
  5,665
  6,106
  6,564
  7,041

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  -2
  -3
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -35
  -42
  -50
  -58
  -67
  -76
  -87
  -98
  -109
  -121
  -134
  -148
  -162
  -176
  -192
  -207
  -224
  -241
  -259
  -277
Adjusted assets (=assets-cash), $m
  -2
  -3
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -35
  -42
  -50
  -58
  -67
  -76
  -87
  -98
  -109
  -121
  -134
  -148
  -162
  -176
  -192
  -207
  -224
  -241
  -259
  -277
Revenue / Adjusted assets
  -56.500
  -55.000
  -47.000
  -46.286
  -48.667
  -48.167
  -49.800
  -49.895
  -49.250
  -50.000
  -50.114
  -49.833
  -49.360
  -49.621
  -49.597
  -50.013
  -49.575
  -49.571
  -49.853
  -49.926
  -49.843
  -49.642
  -49.660
  -49.847
  -49.641
  -49.860
  -49.737
  -49.768
  -49.734
  -49.827
Average production assets, $m
  3,011
  4,400
  6,249
  8,644
  11,667
  15,399
  19,909
  25,256
  31,488
  38,637
  46,726
  55,763
  65,748
  76,673
  88,523
  101,278
  114,919
  129,423
  144,772
  160,948
  177,938
  195,732
  214,328
  233,725
  253,931
  274,959
  296,826
  319,555
  343,175
  367,721
Working capital, $m
  -2,504
  -3,658
  -5,196
  -7,186
  -9,700
  -12,803
  -16,552
  -20,998
  -26,179
  -32,123
  -38,847
  -46,361
  -54,663
  -63,746
  -73,597
  -84,202
  -95,543
  -107,602
  -120,363
  -133,811
  -147,936
  -162,731
  -178,191
  -194,318
  -211,117
  -228,599
  -246,779
  -265,676
  -285,314
  -305,721
Total debt, $m
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
  2,359
Total liabilities, $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 equity, $m
  -2
  -3
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -35
  -42
  -50
  -58
  -67
  -76
  -87
  -98
  -109
  -121
  -134
  -148
  -162
  -176
  -192
  -207
  -224
  -241
  -259
  -277
Total liabilities and equity, $m
  -2
  -3
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -35
  -42
  -50
  -58
  -67
  -76
  -87
  -98
  -109
  -121
  -134
  -148
  -162
  -176
  -192
  -207
  -224
  -241
  -259
  -277
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -47
  -10
  28
  75
  133
  206
  293
  397
  518
  657
  813
  989
  1,182
  1,394
  1,624
  1,872
  2,136
  2,418
  2,715
  3,029
  3,359
  3,704
  4,065
  4,441
  4,833
  5,241
  5,665
  6,106
  6,564
  7,041
Depreciation, amort., depletion, $m
  301
  440
  625
  864
  1,167
  1,540
  1,991
  2,526
  3,149
  3,864
  4,673
  5,576
  6,575
  7,667
  8,852
  10,128
  11,492
  12,942
  14,477
  16,095
  17,794
  19,573
  21,433
  23,373
  25,393
  27,496
  29,683
  31,955
  34,318
  36,772
Funds from operations, $m
  254
  430
  653
  939
  1,300
  1,746
  2,284
  2,923
  3,667
  4,520
  5,486
  6,565
  7,757
  9,062
  10,477
  12,000
  13,628
  15,360
  17,193
  19,124
  21,153
  23,277
  25,498
  27,814
  30,226
  32,737
  35,348
  38,062
  40,882
  43,813
Change in working capital, $m
  -842
  -1,155
  -1,537
  -1,991
  -2,514
  -3,103
  -3,750
  -4,446
  -5,181
  -5,944
  -6,725
  -7,514
  -8,302
  -9,083
  -9,852
  -10,605
  -11,341
  -12,059
  -12,761
  -13,449
  -14,125
  -14,794
  -15,460
  -16,127
  -16,799
  -17,482
  -18,180
  -18,897
  -19,638
  -20,407
Cash from operations, $m
  1,096
  1,584
  2,190
  2,930
  3,814
  4,848
  6,034
  7,368
  8,847
  10,464
  12,211
  14,079
  16,059
  18,145
  20,328
  22,604
  24,969
  27,419
  29,954
  32,573
  35,278
  38,072
  40,958
  43,941
  47,026
  50,219
  53,528
  56,959
  60,520
  64,220
Maintenance CAPEX, $m
  -201
  -301
  -440
  -625
  -864
  -1,167
  -1,540
  -1,991
  -2,526
  -3,149
  -3,864
  -4,673
  -5,576
  -6,575
  -7,667
  -8,852
  -10,128
  -11,492
  -12,942
  -14,477
  -16,095
  -17,794
  -19,573
  -21,433
  -23,373
  -25,393
  -27,496
  -29,683
  -31,955
  -34,318
New CAPEX, $m
  -1,003
  -1,389
  -1,849
  -2,394
  -3,024
  -3,732
  -4,510
  -5,347
  -6,231
  -7,149
  -8,089
  -9,037
  -9,985
  -10,925
  -11,850
  -12,755
  -13,640
  -14,504
  -15,349
  -16,176
  -16,990
  -17,795
  -18,595
  -19,397
  -20,206
  -21,028
  -21,867
  -22,729
  -23,621
  -24,546
Cash from investing activities, $m
  -1,204
  -1,690
  -2,289
  -3,019
  -3,888
  -4,899
  -6,050
  -7,338
  -8,757
  -10,298
  -11,953
  -13,710
  -15,561
  -17,500
  -19,517
  -21,607
  -23,768
  -25,996
  -28,291
  -30,653
  -33,085
  -35,589
  -38,168
  -40,830
  -43,579
  -46,421
  -49,363
  -52,412
  -55,576
  -58,864
Free cash flow, $m
  -108
  -106
  -99
  -90
  -74
  -50
  -16
  30
  90
  166
  259
  369
  497
  645
  811
  997
  1,201
  1,423
  1,662
  1,920
  2,193
  2,483
  2,789
  3,110
  3,447
  3,798
  4,165
  4,547
  4,944
  5,357
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $m
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
Cash from financing (excl. dividends), $m  
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
Total cash flow (excl. dividends), $m
  -109
  -107
  -100
  -91
  -76
  -53
  -20
  26
  86
  161
  252
  362
  490
  637
  802
  987
  1,190
  1,412
  1,651
  1,907
  2,180
  2,470
  2,775
  3,096
  3,432
  3,783
  4,149
  4,530
  4,926
  5,338
Retained Cash Flow (-), $m
  -47
  -9
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
Prev. year cash balance distribution, $m
  2
  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
  10
  13
  17
  20
  25
  29
  35
  40
  47
  53
  60
  68
  76
  85
  94
  103
  113
  123
  133
  144
  156
  168
  180
Cash available for distribution, $m
  -47
  -9
  1
  2
  2
  3
  3
  30
  90
  166
  259
  369
  497
  645
  811
  997
  1,201
  1,423
  1,662
  1,920
  2,193
  2,483
  2,789
  3,110
  3,447
  3,798
  4,165
  4,547
  4,944
  5,357
Discount rate, %
  12.20
  12.81
  13.45
  14.12
  14.83
  15.57
  16.35
  17.17
  18.02
  18.93
  19.87
  20.87
  21.91
  23.00
  24.16
  25.36
  26.63
  27.96
  29.36
  30.83
  32.37
  33.99
  35.69
  37.47
  39.35
  41.31
  43.38
  45.55
  47.83
  50.22
PV of cash for distribution, $m
  -42
  -7
  1
  1
  1
  1
  1
  8
  20
  29
  35
  38
  38
  36
  32
  27
  22
  17
  12
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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
  100.0

Granite Point Mortgage Trust Inc. is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt, such as commercial real estate investments. The Company formed to continue and expand the commercial real estate lending business. The Company is a long-term, fundamental value-oriented investor. The Company constructs its own investment portfolio on a loan-by-loan basis, emphasizing rigorous credit underwriting, selectivity and diversification available in the market. The Company provides intermediate-term bridge or transitional financing for a variety of purposes, including acquisitions, recapitalizations, refinancing and a range of business plans including lease-up, renovation, repositioning and repurposing of the property. It generally targets the top 25-50, metropolitan statistical areas (MSA) in the United States.

FINANCIAL RATIOS  of  Granite Point Mortgage Trust (GPMT)

Valuation Ratios
P/E Ratio 23.1
Price to Sales 13.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 24.5
Price to Free Cash Flow 24.5
Growth Rates
Sales Growth Rate 577.8%
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 105.4%
Total Debt to Equity 244.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 2.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 70.5%
Gross Margin - 3 Yr. Avg. 53.1%
EBITDA Margin 73.8%
EBITDA Margin - 3 Yr. Avg. 24.6%
Operating Margin 57.4%
Oper. Margin - 3 Yr. Avg. 19.1%
Pre-Tax Margin 57.4%
Pre-Tax Margin - 3 Yr. Avg. 19.1%
Net Profit Margin 57.4%
Net Profit Margin - 3 Yr. Avg. 19.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

GPMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GPMT stock intrinsic value calculation we used $75 million for the last fiscal year's total revenue generated by Granite Point Mortgage Trust. The default revenue input number comes from 2017 income statement of Granite Point Mortgage 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 GPMT stock valuation model: a) initial revenue growth rate of 50.7% 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 12.2%, whose default value for GPMT is calculated based on our internal credit rating of Granite Point Mortgage 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 Granite Point Mortgage 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 GPMT stock the variable cost ratio is equal to 29.2%.

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 GPMT 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 5.4% for Granite Point Mortgage Trust.

Corporate tax rate of 27% is the nominal tax rate for Granite Point Mortgage 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 GPMT stock is equal to 1.4%.

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 GPMT are equal to 2664.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Granite Point Mortgage 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 GPMT is equal to -2215%. 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 - $0 million for Granite Point Mortgage 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 43 million for Granite Point Mortgage 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 Granite Point Mortgage Trust at the current share price and the inputted number of shares is $0.8 billion.

COMPANY NEWS

▶ 4 REITs to Watch for Dividend Increases in July   [Jun-26-18 03:14PM  InvestorPlace]
▶ Granite Point Mortgage Trust: 1Q Earnings Snapshot   [May-09-18 06:54PM  Associated Press]
▶ Granite Point Mortgage Trust posts 4Q profit   [05:01AM  Associated Press]
▶ Granite Point Mortgage Trust Inc. Business Update   [Dec-06-17 04:12PM  Business Wire]
▶ Granite Point Mortgage Trust posts 3Q profit   [Nov-06-17 06:49PM  Associated Press]
▶ IPOs This Week: Is Blue Apron Ready to Take on Amazon?   [Jun-25-17 09:37AM  24/7 Wall St.]
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