Ellington Financial Inc. (EFC)

Real Estate

Latest Price

$11.74

TTM P/E

7.34

Normalized P/E

14.64

TTM Div Yield

13.29%

Fwd Div Yield

13.29%

Book Value

13.92

P/B Ratio

0.84

Valuation metrics

EPS: $1.19

Book value / share: $16.21

Formula: √(22.5 × EPS × BVPS)

Graham Number

$20.83

+78% upside

Norm. op. income: $142M (median of 7yr)

Tax rate: 5%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$13.68

+17% upside

Base FCF: $46M (median of recent 5yr)

Growth: -13%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$3.68

69% downside

EPS: $1.19

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$17.85

+53% upside

51.2% held by institutions

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