Impac Mortgage Holdings Inc

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IMH : AMEX : Financial
$14.76 -0.06 | -0.4%
Today's Range: 14.6 - 15.0
Avg. Daily Volume: 61300.0
07/21/17 - 4:02 PM ET

Financial Analysis


IMPAC MORTGAGE HOLDINGS INC's gross profit margin for the first quarter of its fiscal year 2017 has decreased when compared to the same period a year ago. Even though sales decreased, the net income has increased.

At the same time, stockholders' equity ("net worth") has greatly increased by 71.15% from the same quarter last year.

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Income Statement Q1 FY17 Q1 FY16
Net Sales ($mil)106.93116.63
EBITDA ($mil)0.00.0
EBIT ($mil)63.7576.31
Net Income ($mil)4.630.98


Balance Sheet Q1 FY17 Q1 FY16
Cash & Equiv. ($mil)25.4923.23
Total Assets ($mil)4751.365304.72
Total Debt ($mil)4444.645079.37
Equity ($mil)236.2138.0


Profitability Q1 FY17 Q1 FY16
Gross Profit Margin59.6265.43
EBITDA Margin0.00.0
Operating Margin59.6265.43
Sales Turnover0.120.09
Return on Assets1.050.9
Return on Equity21.334.64
Debt Q1 FY17 Q1 FY16
Current Ratio0.00.0
Debt/Capital0.950.97
Interest Expense61.1469.43
Interest Coverage1.041.1


Share Data Q1 FY17 Q1 FY16
Shares outstanding (mil)16.0312.32
Div / share0.00.0
EPS0.290.08
Book value / share14.7411.2
Institutional Own % n/a n/a
Avg Daily Volume65752.051715.0

Valuation


HOLD. IMPAC MORTGAGE HOLDINGS INC's P/E ratio indicates a significant discount compared to an average of 24.24 for the Thrifts & Mortgage Finance industry and a significant discount compared to the S&P 500 average of 24.41. Conducting a second comparison, its price-to-book ratio of 1.04 indicates a significant discount versus the S&P 500 average of 3.04 and a discount versus the industry average of 1.72. 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 4.50 Peers 24.24   IMH 0.65 Peers 16.90

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 3.28 Peers 21.98   IMH NM Peers 2.03

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 1.04 Peers 1.72   IMH -9.12 Peers 201.58

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 0.44 Peers 4.53   IMH 21.66 Peers 12.24

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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