The Highest-Yielding Publicly Traded MIC

Published: 11/23/2023

Author: Sid Rajeev, B.Tech, CFA, MBA

The Highest-Yielding Publicly Traded MIC - Main Image

*See important disclosures at the bottom of this report

Sector: Financial Services | Industry: Mortgage Finance

Ticker Symbols:

AI.TO - TSX 🔹

AMIVF - NASDAQ 🔹

Rating and Key Data

Metrics	Value
Current Price	US $10.29
Fair Value	US $13.34
Risk	3
Week Range	US $9.76-12.48
Shares O/S (M)	44
Market Cap. (M)	US $452
Current Yield (%)	11.3
P/E (forward)	8.7x
P/B	0.9x

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Hightlights

For Q3-2023, AI reported record revenue (up 24% YoY), beating our estimate by 4% amid higher than expected lending rates.

EPS decreased 7% YoY, and was 1% lower than our forecast, due to a 389% YoY increase in loan loss provisions.

Property developers, and landlords, have been hit harder than individual homeowners due to high borrowing costs, low pre-sales, and dampened real estate activity. As a result, AI’s stage two

Rating and Key Data

Metrics	Value
Current Price	US $10.29
Fair Value	US $13.34
Risk	3
Week Range	US $9.76-12.48
Shares O/S (M)	44
Market Cap. (M)	US $452
Current Yield (%)	11.3
P/E (forward)	8.7x
P/B	0.9x