Federal Agricultural Mortgage Corporation (AGM-PC)

Industry: Financial - Credit Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
SBICARD.BO	43	SBI Cards and Paym	2,068	43.50	39.05	32.38	27.02	17.09	27.59
NNI	44	Nelnet, Inc.	2,008	10.49	8.59	18.62	16.86	22.28	17.72
029780.KS	45	Samsung Card Co.,	1,863	8.98	8.07	23.59	22.16	29.50	25.34
LTF.NS	46	L&T Finance Ltd	1,824	23.09	20.22	35.93	29.94	25.46	31.09
INTRUM.ST	47	Intrum AB (publ)	1,807	-	-	9.81	10.33	17.55	9.06
8252.T	48	Marui Group Co., L	1,714	19.53	18.16	19.00	16.83	24.96	24.13
PPM.AX	49	Pepper Money Limit	1,695	4.09	4.09	6.31	6.31	48.52	17.79
AGM-PC	50	Federal Agricultur	1,614	8.50	7.38	114.30	99.93	112.96	99.93
8585.T	51	Orient Corporation	1,585	10.52	10.72	24.96	19.64	130.11	29.04
FOA	52	Finance Of America	1,459	33.65	76.92	-1,694.01	-2,615.18	-	-8,147.67
SRTRANSFIN.NS	53	Shriram Transport	1,370	7.55	5.74	2.14	1.79	1.64	1.81
LFG.AX	54	Liberty Financial	1,364	4.05	4.05	6.88	6.88	14.52	14.68
MGI	55	MoneyGram Internat	1,340	30.77	30.77	2.68	2.49	4.72	3.91
LC	56	LendingClub Corpor	1,296	16.82	16.82	6.17	6.17	7.58	7.01
HUDCO.BO	57	Housing and Urban	1,288	15.95	13.70	45.39	39.08	44.88	39.20
Z1P.AX	58	Zip Co Limited	1,285	-	-	7.29	7.29	13.73	13.98

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.52	10.72	8.55	8.81	17.32	16.20
Full Range Median Multiple	15.95	13.70	14.21	13.58	19.92	17.76
Industry Multiple	17.61	19.76	17.22	15.20	28.75	18.74
Market Implied Multiple	17.65	15.32	121.79	106.49	120.36	106.49
Company (AGM-PC) Multiple	8.50	7.38	114.30	99.93	112.96	99.93
(*) Net Income / EBITDA / Revenue	216	249	264	302	267	302
Winsorized Enterprise Value	N/A	N/A	2,254	2,656	4,620	4,885
Full Range Median Enterprise Value	N/A	N/A	3,747	4,095	5,313	5,354
(-) Net Debt	28,296	28,296	28,296	28,296	28,296	28,296
Winsorized Equity Value	2,273	2,669	-26,041	-25,639	-23,676	-23,411
Full Range Median Equity Value	3,446	3,408	-24,548	-24,201	-22,983	-22,942
(/) Shares Outstanding	11	11	11	11	11	11
Winsorized Fair Value	$207.91	$244.08	$-2,381.69	$-2,344.92	$-2,165.33	$-2,141.09
Full Range Median Fair Value	$315.17	$311.73	$-2,245.15	$-2,213.37	$-2,101.98	$-2,098.20
Current Price	$348.71	$348.71	$348.71	$348.71	$348.71	$348.71
Upside / Downside	-40.38%	-30.00%	-783.00%	-772.46%	-720.96%	-714.00%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$145.54	$170.86	$-1,667.18	$-1,641.44	$-1,515.73	$-1,498.76
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy