Dividend speculation - NAV? | NRZ Message Board Posts

New Residential Investment Corp.

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Msg  3044 of 3136  at  9/22/2019 8:43:23 AM  by

Berner


 In response to msg 3040 by  E_K_S
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Re: Dividend speculation - NAV?

Based on their 6/30/19 10Q, Michaelís comments regarding rate sensitivity, and benchmarking interest rate changes as down 25 bps from 6/30/19, and credit spreads as largely unchanged, NRZís book value should be largely unchanged. KBW and Credit Suisse analysts have both issued reports recently suggesting NRZs book value has held steady during the quarter. The wildcard for these forecast is always inter-quarter portfolio changes, one of which would be stock buybacks.

My estimate of book value is $16-$16.25 based on the above. In other words, NRZ is trading at a discount to current book value. Since book value ignores the value of call rights, which some analysts value at $2/share NRZ is priced attractively.


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Replies
Msg # Subject Author Recs Date Posted
3046 Re: Dividend speculation - NAV? - Good analysis w/ fair value estimate of the NAZ E_K_S 0 9/22/2019 11:47:24 AM


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