Greystone Housing Impact Investors Valuation

Q: What is the Fair Price of GHI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

GHI ($11.87) is trading below our estimate of [[fair value]] ($17.75)

Is GHI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GHI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GHI ($11.87) is trading below our estimate of fair value ($17.75)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GHI?

Key metric: As GHI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for GHI. This is calculated by dividing GHI's market cap by their current earnings.
What is GHI's PE Ratio?
PE Ratio	19.6x
Earnings	US$14.12m
Market Cap	US$273.66m

GHI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	0.2x

Price to Earnings Ratio vs Peers

How does GHI's PE Ratio compare to its peers?

The above table shows the PE ratio for GHI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	12.9x
SNFC.A Security National Financial	10x	n/a	US$277.7m
ONIT Onity Group	16.7x	31.4%	US$237.4m
WSBF Waterstone Financial	21x	n/a	US$279.6m
CNF CNFinance Holdings	3.9x	n/a	US$66.5m
GHI Greystone Housing Impact Investors	19.6x	108.1%	US$273.7m

Price-To-Earnings vs Peers: GHI is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the peer average (12.9x).

Price to Earnings Ratio vs Industry

How does GHI's PE Ratio compare vs other companies in the US Diversified Financial Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap
FOA Finance of America Companies	1.2x	-143.9%	US$453.70m
PMIR PMI Group	1.2x	n/a	US$6.80m
ACGX Alliance Creative Group	2x	n/a	US$491.32k

No more companies available in this PE range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: GHI is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the US Diversified Financial industry average (17.7x).

Price to Earnings Ratio vs Fair Ratio

What is GHI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GHI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	19.6x
Fair PE Ratio	47.9x

Price-To-Earnings vs Fair Ratio: GHI is good value based on its Price-To-Earnings Ratio (19.6x) compared to the estimated Fair Price-To-Earnings Ratio (47.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GHI forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	US$11.87	US$16.75 +41.1%	6.2%	US$17.50	US$15.00	n/a	4
Nov ’25	US$12.32	US$17.75 +44.1%	4.2%	US$19.00	US$17.00	n/a	4
Oct ’25	US$13.58	US$17.73 +30.6%	4.0%	US$18.92	US$17.00	n/a	4
Sep ’25	US$14.29	US$17.73 +24.1%	4.0%	US$18.92	US$17.00	n/a	4
Aug ’25	US$14.38	US$17.98 +25.0%	4.3%	US$18.92	US$17.00	n/a	4
Jul ’25	US$14.73	US$18.31 +24.3%	3.3%	US$18.92	US$17.50	n/a	3
Jun ’25	US$15.10	US$18.31 +21.2%	3.3%	US$18.92	US$17.50	n/a	3
May ’25	US$15.69	US$19.17 +22.2%	1.3%	US$19.42	US$18.92	n/a	2
Apr ’25	US$16.17	US$19.17 +18.6%	1.3%	US$19.42	US$18.92	n/a	2
Mar ’25	US$16.60	US$19.17 +15.5%	1.3%	US$19.42	US$18.92	n/a	2
Feb ’25	US$16.93	US$18.84 +11.3%	0.4%	US$18.92	US$18.76	n/a	2
Dec ’24	US$16.90	US$18.80 +11.3%	0.2%	US$18.84	US$18.76	n/a	2
Aug ’24	US$15.74	US$18.72 +18.9%	0.2%	US$18.76	US$18.68	US$14.38	2
Jul ’24	US$16.28	US$18.72 +15.0%	0.2%	US$18.76	US$18.68	US$14.73	2
Jun ’24	US$15.73	US$19.66 +25.0%	5.0%	US$20.65	US$18.68	US$15.10	2
May ’24	US$17.13	US$19.66 +14.8%	5.0%	US$20.65	US$18.68	US$15.69	2
Apr ’24	US$17.00	US$20.54 +20.8%	0.5%	US$20.65	US$20.43	US$16.17	2
Mar ’24	US$17.12	US$20.54 +20.0%	0.5%	US$20.65	US$20.43	US$16.60	2
Feb ’24	US$18.81	US$20.54 +9.2%	0.5%	US$20.65	US$20.43	US$16.93	2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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