Impac Mortgage Holdings Inc

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IMH : AMEX : Financial
$12.86 up 0.03 | 0.23%
Today's Range: 12.85 - 12.93
Avg. Daily Volume: 37100.0
09/19/17 - 9:51 AM ET

Financial Analysis


IMPAC MORTGAGE HOLDINGS INC's gross profit margin for the second quarter of its fiscal year 2017 is essentially unchanged 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 99.30% from the same quarter last year.

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Income Statement Q2 FY17 Q2 FY16
Net Sales ($mil)100.21136.52
EBITDA ($mil)0.00.0
EBIT ($mil)60.485.79
Net Income ($mil)6.4412.25


Balance Sheet Q2 FY17 Q2 FY16
Cash & Equiv. ($mil)36.2928.02
Total Assets ($mil)4828.15326.91
Total Debt ($mil)4459.735073.67
Equity ($mil)305.87153.46


Profitability Q2 FY17 Q2 FY16
Gross Profit Margin60.2762.85
EBITDA Margin0.00.0
Operating Margin60.2762.85
Sales Turnover0.110.09
Return on Assets0.920.81
Return on Equity14.5528.18
Debt Q2 FY17 Q2 FY16
Current Ratio0.00.0
Debt/Capital0.940.97
Interest Expense59.4866.47
Interest Coverage1.021.29


Share Data Q2 FY17 Q2 FY16
Shares outstanding (mil)20.8912.53
Div / share0.00.0
EPS0.320.92
Book value / share14.6412.25
Institutional Own % n/a n/a
Avg Daily Volume36601.070803.0

Valuation


HOLD. IMPAC MORTGAGE HOLDINGS INC's P/E ratio indicates a significant discount compared to an average of 25.09 for the Thrifts & Mortgage Finance industry and a significant discount compared to the S&P 500 average of 24.88. Conducting a second comparison, its price-to-book ratio of 0.84 indicates a significant discount versus the S&P 500 average of 3.10 and a discount versus the industry average of 1.77. 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 4.43 Peers 25.09   IMH 0.64 Peers 14.83

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 3.80 Peers 21.98   IMH NM Peers 2.10

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 0.84 Peers 1.77   IMH -15.97 Peers 144.01

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 0.50 Peers 4.37   IMH 8.81 Peers 12.82

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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