Atrium Mortgage Investment Corporation
Reports Record Revenue and EPS Despite a Spike in Loan Loss Provisions
Published: 2/16/2024
Author: Sid Rajeev, B.Tech, CFA, MBA
Sector: Financial Services | Industry: Mortgage Finance
Ticker Symbols:
AI.TO - TSX 🔹
AMIVF - NASDAQ 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | US $11.38 |
| Fair Value | US $13.42 |
| Risk | 3 |
| Week Range | US $9.76-12.48 |
| Shares O/S (M) | 44 |
| Market Cap. (M) | US $501 |
| Current Yield (%) | 9.7 |
| P/E (forward) | 10.2 |
| P/B | 1.0 |
Highlights
In 2023, AI reported record revenue (up 26% YoY), beating our estimate by 2% amid higher than expected lending rates. EPS increased 9% YoY, and was exactly in line with our forecast.
Atrium maintains its status as the second largest publicly traded MIC, with a higher percentage of first mortgages, lower average loan-to-value mortgages, and higher yield.
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | US $11.38 |
| Fair Value | US $13.42 |
| Risk | 3 |
| Week Range | US $9.76-12.48 |
| Shares O/S (M) | 44 |
| Market Cap. (M) | US $501 |
| Current Yield (%) | 9.7 |
| P/E (forward) | 10.2 |
| P/B | 1.0 |
