Not investment adviceResearch and scenario-analysis tooling built from public sources only. Claims are labeled confirmed, reported or speculation; figures are approximate and user-editable.
Share price calculator
Starts from Bill Ackman's published assumptions. Change any input to see what legacy common is worth.
Defaults: Pershing Square, Nov 2025
Start from
Pershing Square, Nov 2025: SPS deemed repaid, Treasury exercises its 79.9% warrants, relisted, valued at 16x / 13x FY2026E earnings.
Treasury senior preferred (SPS)
Ackman's case: the SPS is treated as repaid and disappears.
Junior (legacy) preferred
Ackman's Nov 2025 case: non-cumulative, doesn't reduce net income to common.
Fannie Mae FNMA
Implied value per share$42.47+354% vs $9.35
Current price: Pershing's reference price, 2025-11-17
- EPS
- $2.65
- Common equity value
- $245B
- Treasury owns
- 79.9%
- stake $196B
- Legacy holders own
- 20.1%
- stake $49B
- Fully diluted shares
- 5,762mm
- Warrant shares
- 4,604mm
- SPS conversion shares
- —
- Price / book
- 2.2x
Freddie Mac FMCC
Implied value per share$44.14+430% vs $8.33
Current price: Pershing's reference price, 2025-11-17
- EPS
- $3.40
- Common equity value
- $143B
- Treasury owns
- 79.9%
- stake $114B
- Legacy holders own
- 20.1%
- stake $29B
- Fully diluted shares
- 3,234mm
- Warrant shares
- 2,584mm
- SPS conversion shares
- —
- Price / book
- 2.0x
Sensitivity: value per share
- at or above current price
- below current price
- current inputs
Fannie Mae (FNMA)
| P/E \ FY1 net income | −20% | −10% | $15.3B | +10% | +20% |
|---|---|---|---|---|---|
| 8x | $16.99 | $19.11 | $21.23 | $23.36 | $25.48 |
| 10x | $21.23 | $23.89 | $26.54 | $29.20 | $31.85 |
| 12x | $25.48 | $28.67 | $31.85 | $35.04 | $38.22 |
| 13x | $27.61 | $31.06 | $34.51 | $37.96 | $41.41 |
| 14x | $29.73 | $33.45 | $37.16 | $40.88 | $44.59 |
| 16x | $33.98 | $38.22 | $42.47 | $46.72 | $50.96 |
| 18x | $38.22 | $43.00 | $47.78 | $52.56 | $57.33 |
| 20x | $42.47 | $47.78 | $53.09 | $58.40 | $63.70 |
Freddie Mac (FMCC)
| P/E \ FY1 net income | −20% | −10% | $11.0B | +10% | +20% |
|---|---|---|---|---|---|
| 8x | $21.73 | $24.45 | $27.16 | $29.88 | $32.60 |
| 10x | $27.16 | $30.56 | $33.95 | $37.35 | $40.74 |
| 12x | $32.60 | $36.67 | $40.74 | $44.82 | $48.89 |
| 13x | $35.31 | $39.73 | $44.14 | $48.55 | $52.97 |
| 14x | $38.03 | $42.78 | $47.53 | $52.29 | $57.04 |
| 16x | $43.46 | $48.89 | $54.33 | $59.76 | $65.19 |
| 18x | $48.89 | $55.00 | $61.12 | $67.23 | $73.34 |
| 20x | $54.33 | $61.12 | $67.91 | $74.70 | $81.49 |
How it works
- Value per share = FY1 net income × P/E ÷ fully diluted shares, after deducting any senior claims left ahead of common.
- Warrants: Treasury's shares = legacy shares × w ÷ (100 − w), so Treasury ends with w% before any SPS conversion. Strike is $0.00001, i.e. effectively free.
- SPS converted: adds SPS amount ÷ conversion price new shares to Treasury. Left outstanding: subtracts the full preference from common's value.
- Each GSE's P/E multiple is applied to its own FY1 net income; no discounting, IPO discount or timing is modeled.
Defaults reproduce Pershing Square, “Promises Made, Promises Kept” (November 2025), pp. 15–17, 24: FY2026E net income $15.3B / $11.0B, 16.0x / 13.0x, giving $42.47 / $44.13. Earlier deck (Jan 2025) used a dividend-discount model and an IPO path instead. Pershing Square owns FNMA and FMCC common; these are its assumptions, reproduced for scenario analysis. Not investment advice.