Fannie Mae (FNMA)

[YanksGhost]

***MOELIS MATH IS MOSTLY FROM MAGIC MUSHROOM MINDBENDING***

What a brilliant premise it is, too. In 3 short years common share price rises by $16.32. And how, you ask does this miracle take place? Why by diluting its 9 B common share pool by another 6.5 B in converted and newly offered IPO shares, that's how. Oh, but don't forget the tax law savings and improved loan quality that help create the "ten-bagger" increase. It's easy-peasy in the world of Moelis magic.

Why, all in, by 2021 the combined F&F will have a stellar market cap of $267 billion. That's credible, isn't it? Of course huge players like Goldman-Sachs or Morgan Stanley only have a market cap of about $75 B each, but don't let that diminish your Moelis induced state of euphoria. Under their Figure 11 analysis, F&F will have a higher market capitalization than Wells Fargo bank's paltry $255 B.

WOWSA, WOWSA, WOWSA. Moelis is the future. Yeah, right.

All IMO.