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Editor's notes: A lack of analyst coverage and bumpy quarter-to-quarter earnings leave FBRC trading at an extraordinarily low valuation. Rising TBV could lead to 100% upside.

Though shares have risen 85% YTD and are up more than two-fold since the beginning of 2012, FBR Capital Markets Corporation (FBRC) remains at least 100% undervalued, with potential intermediate-term downside of only 10% based on a tangible book value of close to $26. The company has essentially zero analyst coverage, and appears to be generally unheard of despite the triple-digit advance that the stock has made in recent years.

FBR & Co. is an investment banking and institutional brokerage firm based in Arlington, VA. The company went public in 2007 following a private placement of some of its stock to Crestview Partners; Crestview held nearly 18% of the outstanding common as of June 30th. FBR sold...

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