OTCPK:IMPH.O

Stock Analysis Report

Impac Mortgage Holdings

Executive Summary

Impac Mortgage Holdings, Inc. operates as an independent residential mortgage lender in the United States.

Snowflake

Fundamentals

Limited growth with weak fundamentals.

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

1.6%

IMPH.O

1.1%

US Mortgage

1.0%

US Market


1 Year Return

-35.0%

IMPH.O

13.0%

US Mortgage

6.7%

US Market

Return vs Industry: IMPH.O underperformed the US Mortgage industry which returned 13% over the past year.

Return vs Market: IMPH.O underperformed the US Market which returned 6.7% over the past year.


Shareholder returns

IMPH.OIndustryMarket
7 Day1.6%1.1%1.0%
30 Day0.3%-0.5%-1.8%
90 Day-3.8%2.2%-1.8%
1 Year-35.0%-35.0%15.4%13.0%9.1%6.7%
3 Year-27.8%-27.8%40.4%30.9%46.1%36.6%
5 Year18.2%18.2%68.9%51.2%66.9%48.6%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Impac Mortgage Holdings undervalued compared to its fair value and its price relative to the market?

1.61x

Price to Book (PB) ratio


Share Price vs. Fair Value

Undervalued: Insufficient data to calculate IMPH.O's fair value to establish if it is undervalued.

Significantly Undervalued: Insufficient data to calculate IMPH.O's fair value to establish if it is undervalued.


Price To Earnings Ratio

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

PE vs Market: IMPH.O is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: IMPH.O is overvalued based on its PB Ratio (1.6x) compared to the US Mortgage industry average (1.1x).


Next Steps

Future Growth

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

127.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: IMPH.O's revenue (100.7% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: IMPH.O's revenue (100.7% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has Impac Mortgage Holdings performed over the past 5 years?

-55.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: IMPH.O is unprofitable, and losses have increased over the past 5 years at a rate of -55.2% per year.

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

Earnings vs Industry: IMPH.O is unprofitable, making it difficult to compare its past year earnings growth to the Mortgage industry (31.7%).


Return on Equity

High ROE: IMPH.O has a negative Return on Equity (-59.27%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: IMPH.O is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: IMPH.O is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is Impac Mortgage Holdings'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: IMPH.O has a low level of unsold assets or inventory.

Debt Coverage by Assets: IMPH.O's debt is covered by short term assets (assets are 1.010430x debt).


Financial Institutions Analysis

Asset Level: IMPH.O's level of assets compared to its equity is very high.

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

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

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

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

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


Next Steps

Dividend

What is Impac Mortgage Holdings's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

company0%marketbottom25%1.5%markettop25%3.8%industryaverage2.8%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Unable to evaluate IMPH.O's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate IMPH.O's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if IMPH.O's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if IMPH.O's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: IMPH.O is not paying a notable dividend for .


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of IMPH.O's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of Impac Mortgage Holdings's salary, the management and board of directors tenure and is there insider trading?

1.3yrs

Average management tenure


CEO

George Mangiaracina (54yo)

1.3yrs

Tenure

US$2,550,000

Compensation

Mr. George A. Mangiaracina serves as the Chief Executive Officer at Impac Mortgage Holdings, Inc. since July 31, 2018 and has been Chairman of the Board since July 17, 2018. Mr. Mangiaracina served as the  ...


CEO Compensation Analysis

Compensation vs. Market: George has recently become CEO, making it difficult to compare their total compensation against companies of similar size in the US market.

Compensation vs Earnings: Insufficient data to compare George's compensation with company performance.


Management Age and Tenure

1.3yrs

Average Tenure

54yo

Average Age

Experienced Management: IMPH.O's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


Board Age and Tenure

1.3yrs

Average Tenure

67yo

Average Age

Experienced Board: IMPH.O's board of directors are not considered experienced ( 1.3 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

  • Justin Moisio

    Chief Administrative Officer

    • Tenure: 0yrs
  • George Mangiaracina (54yo)

    Chairman & CEO

    • Tenure: 1.3yrs
    • Compensation: US$2.55m
  • Libby Cooper

    Senior Vice President of Corporate Strategy

    • Tenure: 1.5yrs
  • Tiffany Entsminger

    Senior VP & Chief Risk Officer

    • Tenure: 1.5yrs
  • Brian Kuelbs (55yo)

    Executive VP & CFO

    • Tenure: 1.4yrs
  • Paul Licon (39yo)

    Principal Accounting Officer

    • Tenure: 0.2yrs
  • Nima Vahdat

    General Counsel & Chief Compliance Officer

    • Tenure: 0.2yrs
  • Natasha Gilmore

    Assistant Vice President of Human Resources

    • Tenure: 0yrs

Board Members

  • Frank Filipps (72yo)

    Independent Director

    • Tenure: 24.2yrs
    • Compensation: US$120.00k
  • Richard Pickup (83yo)

    Independent Director

    • Tenure: 1.3yrs
    • Compensation: US$30.00k
  • Tom Akin (67yo)

    Independent Director

    • Tenure: 2.4yrs
    • Compensation: US$120.00k
  • Stewart Koenigsberg (59yo)

    Independent Director

    • Tenure: 1.3yrs
    • Compensation: US$30.00k
  • George Mangiaracina (54yo)

    Chairman & CEO

    • Tenure: 1.3yrs
    • Compensation: US$2.55m

Company Information

Impac Mortgage Holdings, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Impac Mortgage Holdings, Inc.
  • Ticker: IMPH.O
  • Exchange: OTCPK
  • Founded: 1995
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Market Cap: US$164.367m
  • Shares outstanding: 21.18m
  • Website: https://www.impaccompanies.com

Number of Employees


Location

  • Impac Mortgage Holdings, Inc.
  • 19500 Jamboree Road
  • Irvine
  • California
  • 92612
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IMHAMEX (NYSE MKT LLC)YesCommon SharesUSUSDNov 1995
IMQ1DB (Deutsche Boerse AG)YesCommon SharesDEEURNov 1995
IMPH.POTCPK (Pink Sheets LLC)PFD B 9.375%USUSDJun 2004
IMPH.OOTCPK (Pink Sheets LLC)PFD C 9.125%USUSDNov 2004

Biography

Impac Mortgage Holdings, Inc. operates as an independent residential mortgage lender in the United States. It operates through three segments: Mortgage Lending, Real Estate Services, and Long-Term Mortgage ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 23:50
End of Day Share Price2019/10/11 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.