- Part 1 of this article compares NLY’s recent investment composition, leverage, hedging coverage ratio, quarterly BV, economic return (loss), and current valuation to 19 mREIT peers.
- My buy, sell, or hold recommendation, current BV projection (BV as of 3/18/2022), 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).
- Due to what occurred during the first quarter of 2022 (rapid increase in rates/yields), understanding the composition of NLY’s MBS/investment and derivatives portfolio is crucial in understanding current/future performance.
- 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.
For further details see:
Annaly Capital's BV, Dividend, And Valuation Versus 19 mREIT Peers - Part 1 (Post Q4 2021 Earnings)