Thursday, January 26, 2017 7:00:59 AM
Now rerun the calculation. Instead of $37.3B returning to Fannie, the number goes to $154.4B (dividends) + $117.1B (draws) = $271B. Subtract a reasonable reserve. (Tim Howard, the former Fannie CEO has argued for $60B, (2% of $3T) here, so use that.) $271B - $60B = $211.5B . Divide by the outstanding Fannie shares after the warrants are voided, roughly 1.2B shares, to get $176.3 per share. Add to that the $75 to $110 per share common value above on a going concern basis to get a range of $251 to $286 per share.
http://seekingalpha.com/article/4037336-fannie-mae-valuing-preferred-versus-common-trump-privatization-settlement
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