NYMTM - Annaly Capital's BV Dividend And Valuation Versus 20 mREIT Peers - Part 1 (Post Q2 2020 Earnings - Continued Attractive Valuation)

• Part 1 of this article compares NLY’s recent investment composition, leverage, hedging coverage ratio, quarterly BV, economic return, and current valuation to twenty mREIT peers.
• Providing sector-wide metrics allows readers to better understand which mREIT companies will likely outperform (or underperform) peers during specific types of interest rate environments.
• Part 1 also performs a detailed analysis of NLY’s MBS and derivatives portfolios as of 6/30/2020. This includes NLY’s projected performance during the third quarter of 2020 (through 9/11/2020).
• My buy, sell, or hold recommendation, current BV projection (BV as of 9/11/2020), and updated price target for NLY is in the “Conclusions Drawn” section of the article.
• I also provide a list of the mREIT stocks I currently believe are undervalued (a buy recommendation), overvalued (a sell recommendation), or appropriately valued (a hold recommendation).

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