OTCPK:IMPH.P

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

Weak fundamentals or lack of information.

Risks

  • Impac Mortgage Holdings has significant price volatility in the past 3 months.
  • Impac Mortgage Holdings is not covered by any analysts.

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

4.2%

OTCPK:IMPH.P

0.9%

US Mortgage

0.2%

US Market


1 Year Return

-51.9%

OTCPK:IMPH.P

-2.0%

US Mortgage

-0.7%

US Market

IMPH.P underperformed the Mortgage industry which returned -0.3% over the past year.

IMPH.P underperformed the Market in United States of America which returned 0.3% over the past year.


Share holder returns

IMPH.PIndustryMarket
7 Day4.2%0.9%0.2%
30 Day0%-1.9%-2.7%
90 Day-32.4%-0.4%1.6%
1 Year-51.9%-51.9%0.05%-2.0%1.6%-0.7%
3 Year58.2%58.2%32.3%23.5%40.0%30.9%
5 Year165.4%165.4%56.8%40.3%53.8%36.8%

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 based on future cash flows and its price relative to the stock market?

1.29x

Price to Book (PB) ratio


Intrinsic Value Based on Future Cash Flows

Unable to calculate intrinsic value for Impac Mortgage Holdings to establish if it is available at moderate discount.

Unable to calculate intrinsic value for Impac Mortgage Holdings to establish if it is available at substantial discount.


Price Based on Earnings

Impac Mortgage Holdings is loss making, we can't compare its value to the US Mortgage industry average.

Impac Mortgage Holdings is loss making, we can't compare the value of its earnings to the United States of America market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Impac Mortgage Holdings, we can't assess if its growth is good value.


Price Based on Value of Assets

Impac Mortgage Holdings is overvalued based on assets compared to the US Mortgage industry average.


Next Steps

Future Growth

How is Impac Mortgage Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

9.3%

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 Impac Mortgage Holdings 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.


Next Steps

  • Take a look at our analysis of IMPH.P’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  • While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on the OTC Markets Website. If you are looking for more of a qualitative research into the company, you can access Impac Mortgage Holdings's filings and announcements here.
  • Explore growth companies in the Banks industry.

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

Impac Mortgage Holdings does not make a profit and their year on year earnings growth rate was negative over the past 5 years.

Unable to compare Impac Mortgage Holdings's 1-year earnings growth to the 5-year average as it is not currently profitable.

Unable to compare Impac Mortgage Holdings's 1-year growth to the US Mortgage industry average as it is not currently profitable.


Return on Equity

It is difficult to establish if Impac Mortgage Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.


Return on Assets

It is difficult to establish if Impac Mortgage Holdings has efficiently used its assets last year compared to the US Mortgage industry average (Return on Assets) as it is loss-making.


Return on Capital Employed

It is difficult to establish if Impac Mortgage Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.


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

Information is not available.

Information is not available.


Financial Institutions Analysis

Unable to establish if Impac Mortgage Holdings has an acceptable proportion of non-loan assets without balance sheet data.

Unable to establish if Impac Mortgage Holdings has a sufficient allowance for bad loans without relevant financial data.

Unable to establish if Impac Mortgage Holdings's liabilities are primarily made up of low risk funding sources without deposits or liabilities data.

Impac Mortgage Holdings's level of assets compared to its equity is very high (i.e. bank has borrowed heavily to fund lending).

Impac Mortgage Holdings reports no customer deposits, loans are made up entirely of borrowed funds.

Unable to establish if Impac Mortgage Holdings has an acceptable level of bad loans without bad loans data.


Next Steps

Dividend

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


Dividend Yield and Payments Analysis

Unable to evaluate Impac Mortgage Holdings's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.

Unable to evaluate Impac Mortgage Holdings's dividend against the top 25% market benchmark as the company has not reported any payouts.

Unable to perform a dividend volatility check as Impac Mortgage Holdings has not reported any payouts.

Unable to verify if Impac Mortgage Holdings's dividend has been increasing as the company has not reported any payouts.


Current Payout to Shareholders

Unable to calculate sustainability of dividends as Impac Mortgage Holdings has not reported any payouts.


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


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)

1.1yrs

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

George's remuneration is higher than average for companies of similar size in United States of America.

Insufficient data for George to compare compensation growth.


Management Age and Tenure

1.3yrs

Average Tenure

54yo

Average Age

The average tenure for the Impac Mortgage Holdings management team is less than 2 years, this suggests a new team.


Board Age and Tenure

1.1yrs

Average Tenure

67yo

Average Age

The average tenure for the Impac Mortgage Holdings board of directors is less than 3 years, this suggests a new board.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Justin Moisio

    Chief Administrative Officer

    • Tenure: 0.0yrs
  • George Mangiaracina (54yo)

    Chairman & CEO

    • Tenure: 1.1yrs
    • Compensation: US$2.55m
  • Libby Cooper

    Senior Vice President of Corporate Strategy

    • Tenure: 1.3yrs
  • Tiffany Entsminger

    Senior VP & Chief Risk Officer

    • Tenure: 1.3yrs
  • Brian Kuelbs (55yo)

    Executive VP & CFO

    • Tenure: 1.3yrs
  • Paul Licon (39yo)

    Principal Accounting Officer

    • Tenure: 0.0yrs
  • Nima Vahdat

    General Counsel & Chief Compliance Officer

    • Tenure: 0.0yrs

Board Members

  • Frank Filipps (72yo)

    Independent Director

    • Tenure: 24.0yrs
    • Compensation: US$120.00k
  • Richard Pickup (83yo)

    Independent Director

    • Tenure: 1.1yrs
    • Compensation: US$30.00k
  • Tom Akin (67yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: US$120.00k
  • Stewart Koenigsberg (59yo)

    Independent Director

    • Tenure: 1.1yrs
    • Compensation: US$30.00k
  • George Mangiaracina (54yo)

    Chairman & CEO

    • Tenure: 1.1yrs
    • 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.P
  • Exchange: OTCPK
  • Founded: 1995
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Market Cap: US$132.172m
  • 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 Analysis2019/08/21 00:09
End of Day Share Price2019/08/20 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.