Fannie Mae (FNMA)

[Wise Man]

FORENSIC FINANCIAL ANALYSIS.$FMCC's BV PER SHARE = 115.
Calculated with the cumulative Net Worth increase, in the absence of dividend to UST.
That is, the Common Equity ($75 billion as of end of June, 2022)

$FMCC'S BOOK VALUE PER SHARE=$115 AS OF JUNE,2022
$75B Common Equity in the absence of div to UST =Cumulative NW increase, beginning balance $-1.2B June 2008(NW less JPS)
NW increase=Total Comprehensive Income(Net Income+OCI)
Figures taken from SEC filings.#Fanniegate @WhiteHouse pic.twitter.com/mO8dxH9WLf

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This is a floor in the stock valuation.
The shareholders request a PE ratio instead, with the adjusted EPS, so that it's included prospects of growth, etc.
A PER of 6.5 times with the annualized 1Q2022 EPS $24.3, brings a fair value of 158ps.
In the case of FNMA, using Relative Valuation with Freddie Mac (disproportionate Deferred Income) results in a PER of 4.7 times with an annualized 1Q2022 EPS of $18.1, and a fair value of 86ps.