Discounted Cash Flow (DCF) Analysis Levered

New York Mortgage Trust, Inc. (NYMT)

$9.955

-0.10 (-0.95%)

All numbers are in Millions, Currency in USD

Stock DCF: -3.18 | 9.955 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	146.47	201.19	-231.90	261.46	128.97	-13.32	1.38	-0.14	0.01	-0
Revenue (%)
Operating Cash Flow	24.18	35.10	110.75	138.91	91.78	-2.94	0.30	-0.03	0	-0
Operating Cash Flow (%)
Capital Expenditure	-0.46	-0.13	-0.21	-46.06	-209.37	4.80	-0.50	0.05	-0.01	0
Capital Expenditure (%)
Free Cash Flow	23.72	34.97	110.55	92.85	-117.59	1.86	-0.19	0.02	-0	0

Weighted Average Cost Of Capital

Share price	$ 9.955
Beta	1.850
Diluted Shares Outstanding	23.58
Cost of Debt
Tax Rate	-0.14
After-tax Cost of Debt	132.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.502
Total Debt	97.38
Total Equity	234.74
Total Capital	332.13
Debt Weighting	29.32
Equity Weighting	70.68
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	146.47	201.19	-231.90	261.46	128.97	-13.32	1.38	-0.14	0.01	-0
Operating Cash Flow	24.18	35.10	110.75	138.91	91.78	-2.94	0.30	-0.03	0	-0
Capital Expenditure	-0.46	-0.13	-0.21	-46.06	-209.37	4.80	-0.50	0.05	-0.01	0
Free Cash Flow	23.72	34.97	110.55	92.85	-117.59	1.86	-0.19	0.02	-0	0
WACC
PV LFCF						1.26	-0.09	0.01	-0	0
SUM PV LFCF										1.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	47.80
Free cash flow (t + 1)	0
Terminal Value	0
Present Value of Terminal Value	0

Intrinsic Value

Enterprise Value	1.18
Net Debt	76.25
Equity Value	-75.08
Shares Outstanding	23.58
Equity Value Per Share	-3.18