Impac Mortgage Holdings Inc.

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IMH : AMEX : Finance
$8.71 -0.28 | -3.11%
Today's Range: 8.61 - 8.95
Avg. Daily Volume: 35200.0
02/22/18 - 4:00 PM ET

Financial Analysis


IMPAC MORTGAGE HOLDINGS INC's gross profit margin for the third quarter of its fiscal year 2017 has decreased when compared to the same period a year ago. Sales and net income fell significantly, underperforming compared to the average company in its industry.

At the same time, stockholders' equity ("net worth") has greatly increased by 44.82% from the same quarter last year.

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Income Statement Q3 FY17 Q3 FY16
Net Sales ($mil)99.93168.93
EBITDA ($mil)0.00.0
EBIT ($mil)57.97112.37
Net Income ($mil)2.3216.5


Balance Sheet Q3 FY17 Q3 FY16
Cash & Equiv. ($mil)41.4268.83
Total Assets ($mil)4815.385459.83
Total Debt ($mil)4438.085126.14
Equity ($mil)309.45213.68


Profitability Q3 FY17 Q3 FY16
Gross Profit Margin58.0166.52
EBITDA Margin0.00.0
Operating Margin58.0166.52
Sales Turnover0.090.1
Return on Assets0.620.74
Return on Equity9.7918.92
Debt Q3 FY17 Q3 FY16
Current Ratio0.00.0
Debt/Capital0.930.96
Interest Expense56.3163.63
Interest Coverage1.031.77


Share Data Q3 FY17 Q3 FY16
Shares outstanding (mil)20.9516.02
Div / share0.00.0
EPS0.111.18
Book value / share14.7713.34
Institutional Own % n/a n/a
Avg Daily Volume37027.039613.0

Valuation


SELL. IMPAC MORTGAGE HOLDINGS INC's P/E ratio indicates a significant discount compared to an average of 32.29 for the Thrifts & Mortgage Finance industry and a significant discount compared to the S&P 500 average of 25.51. For additional comparison, its price-to-book ratio of 0.59 indicates a significant discount versus the S&P 500 average of 3.26 and a significant discount versus the industry average of 2.41. The price-to-sales ratio is well below both the S&P 500 average and the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, IMPAC MORTGAGE HOLDINGS INC proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
IMH 5.03 Peers 32.29   IMH 0.37 Peers 23.37

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

IMH is trading at a significant discount to its peers.

 

Discount. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

IMH is trading at a significant discount to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
IMH 3.22 Peers 21.64   IMH NM Peers 1.91

Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations.

IMH is trading at a significant discount to its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

IMH's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
IMH 0.59 Peers 2.41   IMH -43.05 Peers 8.33

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

IMH is trading at a significant discount to its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, IMH is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
IMH 0.41 Peers 4.80   IMH -14.92 Peers 13.10

Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

IMH is trading at a significant discount to its industry on this measurement.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

IMH significantly trails its peers on the basis of sales growth

 

 

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