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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd Ps Multiple | 0.3x - 0.3x | 0.3x |
| Fair Value | $1.89 - $2.09 | $1.99 |
| Upside | 55.9% - 72.4% | 64.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Finance of America Companies Inc. | - | NYSE:FOA |
| Better Home & Finance Holding Company | - | NasdaqGM:BETR |
| Walker & Dunlop, Inc. | - | NYSE:WD |
| SoFi Technologies, Inc. | - | NasdaqGS:SOFI |
| Velocity Financial, Inc. | - | NYSE:VEL |
| loanDepot, Inc. | - | NYSE:LDI |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| FOA | BETR | WD | SOFI | VEL | LDI | |||
| NYSE:FOA | NasdaqGM:BETR | NYSE:WD | NasdaqGS:SOFI | NYSE:VEL | NYSE:LDI | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -17.6% | 4.2% | 5.7% | 43.0% | 23.3% | -7.3% | ||
| 3Y CAGR | -42.0% | -55.3% | -5.9% | 39.3% | 27.5% | -37.3% | ||
| Latest Twelve Months | 155.3% | 96.3% | 8.6% | 23.6% | 39.4% | 14.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -308.3% | -244.0% | 16.4% | -23.5% | 35.0% | -7.0% | ||
| Prior Fiscal Year | -26.2% | -741.5% | 10.5% | -16.5% | 42.0% | -11.8% | ||
| Latest Fiscal Year | 5.2% | -190.2% | 10.1% | 18.1% | 38.0% | -10.0% | ||
| Latest Twelve Months | 12.9% | -172.9% | 9.2% | 17.0% | 38.9% | -8.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 1.2x | 1.7x | 2.4x | 5.4x | 3.4x | 0.4x | ||
| LTM P/E Ratio | 4.3x | -1.0x | 25.8x | 31.8x | 8.7x | -4.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.2x | 2.4x | 5.4x | |||||
| Historical LTM P/S Ratio | 0.0x | 0.3x | 1.2x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.4x | 0.4x | |||||
| (x) LTM Sales | 1,036 | 1,036 | 1,036 | |||||
| (=) Equity Value | 388 | 408 | 429 | |||||
| (/) Shares Outstanding | 206.4 | 206.4 | 206.4 | |||||
| Implied Value Range | 1.88 | 1.98 | 2.08 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.88 | 1.98 | 2.08 | 1.21 | ||||
| Upside / (Downside) | 55.3% | 63.4% | 71.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | FOA | BETR | WD | SOFI | VEL | LDI | |
| Value of Common Equity | 231 | 203 | 2,493 | 15,508 | 602 | 250 | |
| (/) Shares Outstanding | 10.7 | 15.2 | 34.0 | 1,105.4 | 36.5 | 206.4 | |
| Implied Stock Price | 21.53 | 13.40 | 73.35 | 14.03 | 16.51 | 1.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.53 | 13.40 | 73.35 | 14.03 | 16.51 | 1.21 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |