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Dynex Capital, Inc. – Other Financial Vehicles
ynex Capital, Inc. is an internally managed real estate investment trust, or REIT, which invests in mortgage assets on a leveraged basis. The Company invests in Agency and non-Agency RMBS, CMBS, and CMBS IO.
Analysis Results
Intrinsic Value $0.00
Latest Price $13.10
Relative Value 395966% overvalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -57.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -57.4%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 0.0796 0.0741
2023 0.0339 0.0294
2024 0.0144 0.0116
2025 0.00615 0.00461
2026 0.00262 0.00183
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 0.049 million. This corresponds to a present value of 0.0318 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 0.122 million. Adding in the terminal value gives a total present value of 0.153 million.

There are presently 46.4 million outstanding shares, so the intrinsic value per share is 0.0.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,632,338,000
Current Cash 0
Current Liabilities 2,862,127,000
Current Debt 0
Non-Cash Working Capital (NCWC) 770,211,000
Change in NCWC 134,988,000
EBIT 102,261,000
Tax Provision 0
Depreciation and Amortization 2,308,000
Capital Expenditure 0
Unlevered Free Cash Flow 239,557,000
Current Assets 3,081,360,000
Current Cash 0
Current Liabilities 2,446,137,000
Current Debt 0
Non-Cash Working Capital (NCWC) 635,223,000
Change in NCWC 57,026,000
EBIT 177,530,000
Tax Provision 0
Depreciation and Amortization 1,989,000
Capital Expenditure 0
Unlevered Free Cash Flow 236,545,000
Current Assets 5,362,297,000
Current Cash 0
Current Liabilities 4,784,100,000
Current Debt 0
Non-Cash Working Capital (NCWC) 578,197,000
Change in NCWC 56,613,000
EBIT -152,668,000
Tax Provision 0
Depreciation and Amortization 1,684,000
Capital Expenditure 0
Unlevered Free Cash Flow -94,371,000
Current Assets 3,877,277,000
Current Cash 0
Current Liabilities 3,355,693,000
Current Debt 0
Non-Cash Working Capital (NCWC) 521,584,000
Change in NCWC -32,947,000
EBIT 7,023,000
Tax Provision 0
Depreciation and Amortization 1,232,000
Capital Expenditure 0
Unlevered Free Cash Flow -24,692,000
Current Assets 3,299,381,000
Current Cash 0
Current Liabilities 2,744,850,000
Current Debt 0
Non-Cash Working Capital (NCWC) 554,531,000
Change in NCWC 91,343,000
EBIT 33,893,000
Tax Provision 0
Depreciation and Amortization 1,287,000
Capital Expenditure 0
Unlevered Free Cash Flow 126,523,000
Current Assets 3,390,926,000
Current Cash 0
Current Liabilities 2,927,738,000
Current Debt 0
Non-Cash Working Capital (NCWC) 463,188,000
Change in NCWC -13,531,000
EBIT 43,099,000
Tax Provision 0
Depreciation and Amortization 1,502,000
Capital Expenditure 0
Unlevered Free Cash Flow 31,070,000
Current Assets 3,651,238,000
Current Cash 0
Current Liabilities 3,174,519,000
Current Debt 0
Non-Cash Working Capital (NCWC) 476,719,000
Change in NCWC -122,368,000
EBIT 16,544,000
Tax Provision 0
Depreciation and Amortization 5,338,000
Capital Expenditure 0
Unlevered Free Cash Flow -100,486,000
Current Assets 3,676,450,000
Current Cash 0
Current Liabilities 3,077,363,000
Current Debt 0
Non-Cash Working Capital (NCWC) 599,087,000
Change in NCWC 19,454,000
EBIT 27,806,000
Tax Provision 0
Depreciation and Amortization 8,900,000
Capital Expenditure 0
Unlevered Free Cash Flow 56,160,000
Current Assets 4,209,489,000
Current Cash 0
Current Liabilities 3,629,856,000
Current Debt 0
Non-Cash Working Capital (NCWC) 579,633,000
Change in NCWC -35,085,000
EBIT 68,069,000
Tax Provision 0
Depreciation and Amortization 136,608,000
Capital Expenditure 0
Unlevered Free Cash Flow 169,592,000
Current Assets 4,271,552,000
Current Cash 0
Current Liabilities 3,656,834,000
Current Debt 0
Non-Cash Working Capital (NCWC) 614,718,000
Change in NCWC 244,688,000
EBIT 74,042,000
Tax Provision 0
Depreciation and Amortization 90,530,000
Capital Expenditure 0
Unlevered Free Cash Flow 409,260,000

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