DB:AOG

Stock Analysis Report

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Executive Summary

Anworth Mortgage Asset Corporation operates as a real estate investment trust (REIT) in the United States.


Snowflake Analysis

Fair value with limited growth.


Similar Companies

Share Price & News

How has Anworth Mortgage Asset's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AOG's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-7.1%

AOG

-2.5%

DE Mortgage REITs

2.8%

DE Market


1 Year Return

-57.0%

AOG

-42.2%

DE Mortgage REITs

0.3%

DE Market

Return vs Industry: AOG underperformed the German Mortgage REITs industry which returned -41.9% over the past year.

Return vs Market: AOG underperformed the German Market which returned 0.2% over the past year.


Shareholder returns

AOGIndustryMarket
7 Day-7.1%-2.5%2.8%
30 Day6.7%-5.8%0.2%
90 Day88.2%64.6%27.7%
1 Year-51.8%-57.0%-35.4%-42.2%2.3%0.3%
3 Year-61.1%-72.6%-25.1%-46.5%3.5%-4.9%
5 Year-43.4%-68.6%0.8%-42.5%11.4%-3.4%

Price Volatility Vs. Market

How volatile is Anworth Mortgage Asset's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Anworth Mortgage Asset undervalued compared to its fair value and its price relative to the market?

31.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AOG (€1.43) is trading below our estimate of fair value (€2.1)

Significantly Below Fair Value: AOG is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: AOG is unprofitable, so we can't compare its PE Ratio to the Mortgage REITs industry average.

PE vs Market: AOG is unprofitable, so we can't compare its PE Ratio to the German market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate AOG's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: AOG is good value based on its PB Ratio (0.6x) compared to the XX Mortgage REITs industry average (0.7x).


Next Steps

Future Growth

How is Anworth Mortgage Asset forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

136.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AOG is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: AOG is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: AOG is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: AOG's revenue (135.4% per year) is forecast to grow faster than the German market (5.9% per year).

High Growth Revenue: AOG's revenue (135.4% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if AOG's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Anworth Mortgage Asset performed over the past 5 years?

-49.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AOG is currently unprofitable.

Growing Profit Margin: AOG is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: AOG is unprofitable, and losses have increased over the past 5 years at a rate of -49.3% per year.

Accelerating Growth: Unable to compare AOG's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: AOG is unprofitable, making it difficult to compare its past year earnings growth to the Mortgage REITs industry (-44%).


Return on Equity

High ROE: AOG has a negative Return on Equity (-57.27%), as it is currently unprofitable.


Next Steps

Financial Health

How is Anworth Mortgage Asset's financial position?


Financial Position Analysis

Short Term Liabilities: AOG's short term assets ($1.1B) do not cover its short term liabilities ($2.7B).

Long Term Liabilities: AOG's short term assets ($1.1B) exceed its long term liabilities ($448.8M).


Debt to Equity History and Analysis

Debt Level: AOG's debt to equity ratio (812.8%) is considered high.

Reducing Debt: AOG's debt to equity ratio has reduced from 832.1% to 812.8% over the past 5 years.

Debt Coverage: AOG's debt is not well covered by operating cash flow (2.5%).

Interest Coverage: Insufficient data to determine if AOG's interest payments on its debt are well covered by EBIT.


Balance Sheet


Next Steps

Dividend

What is Anworth Mortgage Asset current dividend yield, its reliability and sustainability?

12.27%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: AOG's dividend (12.27%) is higher than the bottom 25% of dividend payers in the German market (1.27%).

High Dividend: AOG's dividend (12.27%) is in the top 25% of dividend payers in the German market (3.83%)


Stability and Growth of Payments

Stable Dividend: AOG's dividend payments have been volatile in the past 10 years.

Growing Dividend: AOG's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: AOG is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

15.5yrs

Average management tenure


CEO

Joe McAdams (51yo)

1.83yrs

Tenure

US$145,619

Compensation

Mr. Joseph E. McAdams, also known as Joe, CFA, serves as Chairman of the Board at Anworth Mortgage Asset Corporation since November 15, 2018. He has been the President of Anworth Management, LLC, Manager o ...


Leadership Team

NamePositionTenureCompensationOwnership
Joseph McAdams
Chairman & CEO1.83yrsUS$145.62k0.26% $380.0k
Charles Siegel
CFO, Treasurer & Secretary of Anworth Management4.5yrsUS$60.83k0.041% $59.4k
John Hillman
VP & Director of Investor Relations18.5yrsno datano data
Heather Baines
Executive Vice President of Anworth Management LLCno dataUS$210.81kno data
Bistra Pashamova
Senior VP & Portfolio Manager of Anworth Management18.08yrsUS$1.11mno data
Brett Roth
Senior VP & Portfolio Manager of Anworth Managementno datano datano data
Megan Davidson
Director of Business Development -Belvedere Trust Mortgage Corporation15.5yrsno datano data
Kathryn Pellman
Office Managerno datano datano data

15.5yrs

Average Tenure

60.5yo

Average Age

Experienced Management: AOG's management team is seasoned and experienced (15.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Joseph McAdams
Chairman & CEO1.83yrsUS$145.62k0.26% $380.0k
Joseph McAdams
Director of Anworth Management23.5yrsno data1.39% $2.0m
Joe Davis
Lead Independent Director of Anworth Management LLCno dataUS$83.08k0.016% $22.6k
Mark Maron
Independent Director of Anworth Management LLC6.17yrsUS$80.32k0.030% $43.5k
Robert Davis
Independent Director of Anworth Management LLC15.17yrsUS$82.58k0.040% $58.0k
Dominique Mielle
Independent Director of Anworth Management1.67yrsUS$73.62k0.045% $65.2k

6.2yrs

Average Tenure

69yo

Average Age

Experienced Board: AOG's board of directors are considered experienced (6.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Anworth Mortgage Asset Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Anworth Mortgage Asset Corporation
  • Ticker: AOG
  • Exchange: DB
  • Founded: 1997
  • Industry: Mortgage REITs
  • Sector: Diversified Financials
  • Market Cap: US$161.274m
  • Listing Market Cap: US$143.454m
  • Shares outstanding: 98.94m
  • Website: https://www.anworth.com

Location

  • Anworth Mortgage Asset Corporation
  • 1299 Ocean Avenue
  • 2nd Floor
  • Santa Monica
  • California
  • 90401
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ANHNYSE (New York Stock Exchange)YesCommon StockUSUSDMar 1998
AOGDB (Deutsche Boerse AG)YesCommon StockDEEURMar 1998
ANH.PRANYSE (New York Stock Exchange)PFD A 8.625%USUSDNov 2004
ANH.PRBNYSE (New York Stock Exchange)6.25 CNV PFD BUSUSDJan 2007
ANH.PRCNYSE (New York Stock Exchange)PFD SER C 7.625%USUSDJan 2015

Biography

Anworth Mortgage Asset Corporation operates as a real estate investment trust (REIT) in the United States. It primarily invests in, finances, and manages a leveraged portfolio of residential mortgage-backed securities and loans that are guaranteed by government-sponsored enterprises, such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. The company also invests in non-agency mortgage backed securities that are secured by first-lien residential mortgage loans; and other mortgage-related investments consisting of mortgage derivative securities, subordinated interests, and residential real estate properties. Anworth Mortgage Asset Corporation qualifies as a REIT for federal income tax purposes. The company generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Anworth Mortgage Asset Corporation was founded in 1997 and is based in Santa Monica, California. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/03 22:00
End of Day Share Price2020/07/03 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.