Impac Mortgage Holdings Inc

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IMH : AMEX : Financial
$14.72 | %
Today's Range: 0.0 - 0.0
Avg. Daily Volume: 131700.0
12/06/16 - 4:02 PM ET

Financial Analysis


IMPAC MORTGAGE HOLDINGS INC's gross profit margin for the third quarter of its fiscal year 2016 is essentially unchanged when compared to the same period a year ago. Even though sales increased, the net income has decreased, representing a decrease to the bottom line.

At the same time, stockholders' equity ("net worth") has greatly increased by 107.62% from the same quarter last year.

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Income Statement Q3 FY16 Q3 FY15
Net Sales ($mil)168.93117.95
EBITDA ($mil)0.00.0
EBIT ($mil)112.3778.8
Net Income ($mil)16.519.31


Balance Sheet Q3 FY16 Q3 FY15
Cash & Equiv. ($mil)68.8316.34
Total Assets ($mil)5459.835594.88
Total Debt ($mil)5126.145380.74
Equity ($mil)213.68102.92


Profitability Q3 FY16 Q3 FY15
Gross Profit Margin66.5266.81
EBITDA Margin0.00.0
Operating Margin66.5266.81
Sales Turnover0.10.08
Return on Assets0.741.21
Return on Equity18.9265.93
Debt Q3 FY16 Q3 FY15
Current Ratio0.00.0
Debt/Capital0.960.98
Interest Expense63.6370.18
Interest Coverage1.771.12


Share Data Q3 FY16 Q3 FY15
Shares outstanding (mil)16.0210.29
Div / share0.00.0
EPS1.181.48
Book value / share13.3410.0
Institutional Own % n/a n/a
Avg Daily Volume125267.038080.0

Valuation


SELL. IMPAC MORTGAGE HOLDINGS INC's P/E ratio indicates a significant discount compared to an average of 27.15 for the Thrifts & Mortgage Finance industry and a significant discount compared to the S&P 500 average of 25.37. Conducting a second comparison, its price-to-book ratio of 1.14 indicates a significant discount versus the S&P 500 average of 2.81 and a discount versus the industry average of 1.61. 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 5.04 Peers 27.15   IMH NM Peers 26.12

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.

 

Neutral. 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's P/CF is negative making the measure meaningless.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
IMH 4.35 Peers 24.58   IMH NM Peers 4.55

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 1.14 Peers 1.61   IMH -45.20 Peers -5.99

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 0.46 Peers 4.72   IMH 22.63 Peers 10.08

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.

 

Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share.

IMH has a sales growth rate that significantly exceeds its peers.

 

 

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