DCF Tool

NYMT

New York Mortgage Trust Inc – Other Financial Vehicles
New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust for federal income tax purposes. NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets.
Analysis Results
Intrinsic Value $25.27
Latest Price $3.09
Relative Value 88% undervalued
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Cash Flow (Billions)
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 1.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 1.2%, 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 (billion) Present value (billion)
2022 0.307 0.299
2023 0.311 0.294
2024 0.314 0.289
2025 0.318 0.285
2026 0.322 0.281
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 9.66 billion. This corresponds to a present value of 8.19 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1.45 billion. Adding in the terminal value gives a total present value of 9.63 billion.

There are presently 381.0 million outstanding shares, so the intrinsic value per share is 25.27.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 5,203,651,000
Current Cash 0
Current Liabilities 3,065,438,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,138,213,000
Change in NCWC 117,061,000
EBIT 190,934,000
Tax Provision 2,458,000
Depreciation and Amortization 51,386,000
Capital Expenditure -46,157,000
Unlevered Free Cash Flow 310,766,000
Current Assets 4,230,668,000
Current Cash 0
Current Liabilities 2,209,516,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,021,152,000
Change in NCWC 34,095,000
EBIT -262,040,000
Tax Provision 981,000
Depreciation and Amortization 14,744,000
Capital Expenditure -683,000
Unlevered Free Cash Flow -213,884,000
Current Assets 23,088,137,000
Current Cash 0
Current Liabilities 21,101,080,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,987,057,000
Change in NCWC 999,483,000
EBIT 175,334,000
Tax Provision -419,000
Depreciation and Amortization 55,629,000
Capital Expenditure -1,119,000
Unlevered Free Cash Flow 1,229,327,000
Current Assets 14,443,691,000
Current Cash 0
Current Liabilities 13,456,117,000
Current Debt 0
Non-Cash Working Capital (NCWC) 987,574,000
Change in NCWC 208,934,000
EBIT 103,738,000
Tax Provision -1,057,000
Depreciation and Amortization -29,338,000
Capital Expenditure -640,000
Unlevered Free Cash Flow 282,694,000
Current Assets 11,776,798,000
Current Cash 0
Current Liabilities 10,998,158,000
Current Debt 0
Non-Cash Working Capital (NCWC) 778,640,000
Change in NCWC 66,140,000
EBIT 91,922,000
Tax Provision 3,355,000
Depreciation and Amortization 197,000
Capital Expenditure -337,000
Unlevered Free Cash Flow 154,567,000
Current Assets 8,747,000,000
Current Cash 0
Current Liabilities 8,034,500,000
Current Debt 0
Non-Cash Working Capital (NCWC) 712,500,000
Change in NCWC -227,553,000
EBIT 70,655,000
Tax Provision 3,095,000
Depreciation and Amortization 7,648,000
Capital Expenditure -103,000
Unlevered Free Cash Flow -152,448,000
Current Assets 9,059,564,000
Current Cash 0
Current Liabilities 8,119,511,000
Current Debt 0
Non-Cash Working Capital (NCWC) 940,053,000
Change in NCWC 47,434,000
EBIT 82,548,000
Tax Provision 4,535,000
Depreciation and Amortization 542,000
Capital Expenditure -61,000
Unlevered Free Cash Flow 125,928,000
Current Assets 10,540,005,000
Current Cash 0
Current Liabilities 9,647,386,000
Current Debt 0
Non-Cash Working Capital (NCWC) 892,619,000
Change in NCWC 357,487,000
EBIT 142,586,000
Tax Provision 6,395,000
Depreciation and Amortization -2,671,000
Capital Expenditure -254,000
Unlevered Free Cash Flow 490,753,000
Current Assets 9,898,675,000
Current Cash 0
Current Liabilities 9,363,543,000
Current Debt 0
Non-Cash Working Capital (NCWC) 535,132,000
Change in NCWC 178,828,000
EBIT 69,694,000
Tax Provision 739,000
Depreciation and Amortization 13,424,000
Capital Expenditure -996,000
Unlevered Free Cash Flow 260,211,000
Current Assets 7,160,265,000
Current Cash 0
Current Liabilities 6,803,961,000
Current Debt 0
Non-Cash Working Capital (NCWC) 356,304,000
Change in NCWC 270,657,000
EBIT 29,140,000
Tax Provision 932,000
Depreciation and Amortization 10,486,000
Capital Expenditure 0
Unlevered Free Cash Flow 309,349,718

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