Impac Mortgage Holdings Inc

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IMH : AMEX : Financial
$17.35 | %
Today's Range: 17.35 - 18.50
Avg. Daily Volume: 40,100
07/29/16 - 4:02 PM ET

Financial Analysis


IMPAC MORTGAGE HOLDINGS INC's gross profit margin for the first quarter of its fiscal year 2016 has decreased 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 132.93% from the same quarter last year.

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Income Statement Q1 FY16 Q1 FY15
Net Sales ($mil)116.63106.95
EBITDA ($mil)0.00.0
EBIT ($mil)76.3190.11
Net Income ($mil)0.9833.97


Balance Sheet Q1 FY16 Q1 FY15
Cash & Equiv. ($mil)23.2310.57
Total Assets ($mil)5304.725956.67
Total Debt ($mil)5079.375719.43
Equity ($mil)138.059.24


Profitability Q1 FY16 Q1 FY15
Gross Profit Margin65.4384.25
EBITDA Margin0.00.0
Operating Margin65.4384.25
Sales Turnover0.090.06
Return on Assets0.90.51
Return on Equity34.6451.67
Debt Q1 FY16 Q1 FY15
Current Ratio0.00.0
Debt/Capital0.970.99
Interest Expense69.4371.55
Interest Coverage1.11.26


Share Data Q1 FY16 Q1 FY15
Shares outstanding (mil)12.329.69
Div / share0.00.0
EPS0.082.94
Book value / share11.26.11
Institutional Own % n/a n/a
Avg Daily Volume41522.047728.0

Valuation


SELL. IMPAC MORTGAGE HOLDINGS INC's P/E ratio indicates a significant discount compared to an average of 26.99 for the Thrifts & Mortgage Finance industry and a significant discount compared to the S&P 500 average of 25.05. Conducting a second comparison, its price-to-book ratio of 1.55 indicates a discount versus the S&P 500 average of 2.81 and a premium versus the industry average of 1.41. The price-to-sales ratio is well below both the S&P 500 average and the industry average, indicating a discount. The valuation analysis reveals that, IMPAC MORTGAGE HOLDINGS INC seems to be trading 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 4.65 Peers 26.99   IMH 2.42 Peers 21.22

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 8.47 Peers 23.19   IMH NM Peers 3.06

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 1.55 Peers 1.41   IMH 44.57 Peers 50.33

Average. 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 valuation on par with its peers.

 

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

However, IMH is expected to 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 0.47 Peers 4.32   IMH 24.39 Peers 11.42

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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