Discounted Cash Flow

Pennymac Mortgage Investment Trust REIT

PMT · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $68.9m $75.8m 110.0% $1.09
2017 $93.7m (35.9%) $102.5m (35.2%) 109.4% (-0.6%) $1.53 (40.4%)
2018 $83.9m (-10.5%) $127.9m (24.8%) $-573.8m 152.4% (39.3%) $2.09 (36.6%)
2019 $20.4m (-75.6%) $226.4m (77.0%) $226.4m (139.5%) 1107.5% (626.7%) $2.54 (21.5%)
2020 $0 (-100.0%) $52.4m (-76.9%) $671.7m (196.7%) $0.27 (-89.4%)
2021 $0 $56.9m (8.6%) $-2.8b (-519.8%) $0.26 (-3.7%)
2022 $0 $-73.3m (-228.9%) $1.8b (163.3%) $-1.26 (-584.6%)
2023 $0 $199.7m (372.4%) $1.3b (-25.7%) $1.80 (242.9%)
2024 $-60.7m $161.0m (-19.4%) $161.0m (-87.9%) -265.0% $1.37 (-23.9%)
2025 $148.3m (344.2%) $127.9m (-20.6%) $127.9m (-20.6%) 86.2% (132.5%) $0.99 (-27.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model