Discounted Cash Flow (DCF) Analysis Levered

New York Mortgage Trust, Inc. (NYMT)

$2.965

-0.01 (-0.17%)

All numbers are in Millions, Currency in USD

Stock DCF: -5.83 | 2.965 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	131.26	146.46	201.19	-231.90	261.46	13.68	0.72	0.04	0	0
Revenue (%)
Operating Cash Flow	29.33	24.18	35.10	110.75	138.91	1.69	0.09	0	0	0
Operating Cash Flow (%)
Capital Expenditure	-0.30	-0.46	-0.13	-0.21	-46.06	-0.50	-0.03	-0	-0	-0
Capital Expenditure (%)
Free Cash Flow	29.04	23.72	34.97	110.55	92.85	1.19	0.06	0	0	0

Weighted Average Cost Of Capital

Share price	$ 2.965
Beta	1.823
Diluted Shares Outstanding	380.98
Cost of Debt
Tax Rate	-1.19
After-tax Cost of Debt	3.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.433
Total Debt	2,511.18
Total Equity	1,129.61
Total Capital	3,640.79
Debt Weighting	68.97
Equity Weighting	31.03
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	131.26	146.46	201.19	-231.90	261.46	13.68	0.72	0.04	0	0
Operating Cash Flow	29.33	24.18	35.10	110.75	138.91	1.69	0.09	0	0	0
Capital Expenditure	-0.30	-0.46	-0.13	-0.21	-46.06	-0.50	-0.03	-0	-0	-0
Free Cash Flow	29.04	23.72	34.97	110.55	92.85	1.19	0.06	0	0	0
WACC
PV LFCF						1.13	0.06	0	0	0
SUM PV LFCF										1.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.84
Free cash flow (t + 1)	0
Terminal Value	0
Present Value of Terminal Value	0

Intrinsic Value

Enterprise Value	1.18
Net Debt	2,221.58
Equity Value	-2,220.39
Shares Outstanding	380.98
Equity Value Per Share	-5.83