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Doral Financial Corporation Message Board

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  • efficient_frontier2002 efficient_frontier2002 Aug 22, 2005 3:26 PM Flag

    DRL trading below book value!

    The restated 12/31/04 Book Value will be around $9 (barring additional dropping shoes).

    But as of today 8/22/05 it's probably at least $10 due to 2005 YTD profits.

    I would argue that the restated Book Value will be very conservative. Reason -- the restated IO valuation will be based on forward rates, which historically have not been good predictors of future short term interest rates. They have historically overestimated future short term interest rates by a wide margin. So unless the restatement method somehow adjusts for this (I doubt it), higher Price/Book Value multiples should be justified going forward.

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