NasdaqGS:ATAX

Stock Analysis Report

America First Multifamily Investors

Executive Summary

America First Multifamily Investors, L.P.

Snowflake


Similar Companies

Share Price & News

How has America First Multifamily Investors's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.8%

ATAX

1.6%

US Mortgage

0.4%

US Market


1 Year Return

40.8%

ATAX

15.2%

US Mortgage

6.9%

US Market

Return vs Industry: ATAX exceeded the US Mortgage industry which returned 15.2% over the past year.

Return vs Market: ATAX exceeded the US Market which returned 6.9% over the past year.


Shareholder returns

ATAXIndustryMarket
7 Day-0.8%1.6%0.4%
30 Day-1.5%1.0%-1.2%
90 Day10.1%4.0%-0.4%
1 Year51.6%40.8%17.7%15.2%9.3%6.9%
3 Year70.6%34.0%41.2%31.8%45.8%36.4%
5 Year104.4%33.7%71.5%53.4%62.9%45.1%

Price Volatility Vs. Market

How volatile is America First Multifamily Investors's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is America First Multifamily Investors undervalued compared to its fair value and its price relative to the market?

12.91x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: ATAX ($7.73) is trading above our estimate of fair value ($2.86)

Significantly Undervalued: ATAX is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ATAX is good value based on its PE Ratio (12.9x) compared to the Mortgage industry average (14.4x).

PE vs Market: ATAX is good value based on its PE Ratio (12.9x) compared to the US market (17.6x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: ATAX is overvalued based on its PB Ratio (1.5x) compared to the US Mortgage industry average (1.1x).

Future Growth

How is America First Multifamily Investors forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

10.4%

Forecasted Banks industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as America First Multifamily Investors has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has America First Multifamily Investors performed over the past 5 years?

22.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: ATAX's earnings have grown significantly by 22.1% per year over the past 5 years.

Accelerating Growth: ATAX's earnings growth over the past year (46.3%) exceeds its 5-year average (22.1% per year).

Earnings vs Industry: ATAX earnings growth over the past year (46.3%) exceeded the Mortgage industry 31.5%.


Return on Equity

High ROE: ATAX's Return on Equity (10.2%) is considered low.


Return on Assets

ROA vs Industry: ATAX has a higher Return on Assets than the Mortgage industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate ATAX's Return on Capital Employed to determine if it has improved over the past 3 years.

Financial Health

How is America First Multifamily Investors's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: ATAX has a low level of unsold assets or inventory.

Debt Coverage by Assets: ATAX's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: ATAX's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if ATAX has a sufficient allowance for bad loans.

Low Risk Liabilities: ATAX reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if ATAX has an acceptable proportion of non-loan assets held.

Low Risk Deposits: ATAX has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if ATAX has an appropriate level of bad loans.

Dividend

What is America First Multifamily Investors's current dividend yield, its reliability and sustainability?

6.47%

Current Dividend Yield


Dividend Yield vs Market

company6.5%marketbottom25%1.4%markettop25%3.7%industryaverage2.7%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: ATAX's dividend (6.47%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: ATAX's dividend (6.47%) is in the top 25% of dividend payers in the US market (3.73%)

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

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


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (83.5%), ATAX's payments are covered by earnings.


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.

Management

What is the CEO of America First Multifamily Investors's salary, the management and board of directors tenure and is there insider trading?

4.0yrs

Average management tenure


CEO

Chad Daffer (54yo)

4yrs

Tenure

US$435,293

Compensation

Mr. Chad L. Daffer has been the Chief Executive Officer at America First Multifamily Investors, L.P. since October 1, 2015. Mr. Daffer has been an Executive Vice President at America First Real Estate Grou ...


Management Age and Tenure

4.0yrs

Average Tenure

58.5yo

Average Age

Experienced Management: ATAX's management team is considered experienced (4 years average tenure).


Board Age and Tenure

0.08yrs

Average Tenure

59yo

Average Age

Experienced Board: ATAX's board of directors are not considered experienced ( 0.1 years average tenure), which suggests a new board.


Insider Trading

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


Ownership Breakdown


Management Team

  • Chad Daffer (54yo)

    Chief Executive Officer

    • Tenure: 4yrs
    • Compensation: US$435.29k
  • Maury Cox (77yo)

    Investor Relations Contact

    • Tenure: 0yrs
  • Craig Allen (60yo)

    Chief Financial Officer

    • Tenure: 4.8yrs
    • Compensation: US$353.23k
  • Ken Rogozinski (57yo)

    Chief Investment Officer

    • Tenure: 0.08yrs

Board Members

  • Steven Lilly (50yo)

    Independent Director of Greystone AF Manager LLC

    • Tenure: 0.08yrs
  • Stephen Rosenberg (64yo)

    Director of Greystone AF Manager LLC

    • Tenure: 0.08yrs
  • Jeff Baevsky (59yo)

    Director of Greystone AF Manager LLC

    • Tenure: 0.08yrs
  • Drew Fletcher (40yo)

    Director of Greystone AF Manager LLC

    • Tenure: 0.08yrs
  • Walter Griffith (69yo)

    Independent Director of Greystone AF Manager LLC

    • Tenure: 0.08yrs
    • Compensation: US$61.17k
  • Curt Pollock (56yo)

    Director of Greystone AF Manager LLC

    • Tenure: 0.08yrs
  • William Mando (71yo)

    Independent Director of Greystone AF Manager LLC

    • Tenure: 0.08yrs

Company Information

America First Multifamily Investors, L.P.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: America First Multifamily Investors, L.P.
  • Ticker: ATAX
  • Exchange: NasdaqGS
  • Founded: 1998
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Market Cap: US$467.094m
  • Shares outstanding: 60.43m
  • Website: https://www.ataxfund.com

Location

  • America First Multifamily Investors, L.P.
  • 1004 Farnam Street
  • Suite 400
  • Omaha
  • Nebraska
  • 68102
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATAXNasdaqGS (Nasdaq Global Select)YesBeneficial Unit CertificatesUSUSDMay 1992
FTXDB (Deutsche Boerse AG)YesBeneficial Unit CertificatesDEEURMay 1992

Biography

America First Multifamily Investors, L.P. acquires, holds, sells, and deals in a portfolio of mortgage revenue bonds (MRBs) that are issued to provide construction or permanent financing for multifamily an ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/18 23:31
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.