MSFT is a software business growing 20% a year with 35% net profit margins. They earn ~$60b a year and are trading at 30x P/E.
Do you believe FNMA should trade at the same multiples when its historically growing <5% a year with 10% net profit margins?
A generous 10x multiple on 15b normalized of net income gives you a value of $150b for FNMA (even 15x which would be extreme for a financial gives you $225b). Please stop being delusional people!
Next you're going to tell me my Honda is worth as much as a Lamborghini because they both have 4 wheels and a steering wheel.
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