BOFI Data Spreadsheet

Investment Analysis Clubs Saul’s Investing Discussions
1

Fools,

In case you’re interested, you could access a Google Spreadsheets (inspired by Saul) that contains a lot of historical performance data (anybody can edit it).

https://docs.google.com/spreadsheets/d/1tO3ZLSeq7lgy8BhQttgr…

I’ll continue to maintain it with quarterly updates.

Basically, it shows a business that is executing very well. You know this from the great posts written by Fletch, Tom and others. But having the simple numbers in a spreadsheet helps me to better determine what’s happening at a high level.

Among the various things one can take from this data, it looks like the reduction in P/BV has stabilized in a range from 2.18 - 3.05 from last September to the end of March (price data is through end of May). Assuming this holds and growth in BV continues as it has in this time period, we should start seeing some meaningful appreciation in the stock price (big assumptions!).

So while the P/BV is about 2.94 now, there has been a lot of variance, and we may get a better price to add. However, there has probably been an increase in BV during the last 2 months that could mitigate the potential drop. Earnings, Efficiency Ration and Loan Performance are humming right along.

Hopefully, this spreadsheet can be useful to you.

DJ

16 Likes
2

Great work DJ.
Just had a quick compare with my notes and on your current Q line, on the TTM EPS you’ve used the current quarter’s EPS twice, and hence came up with a value +$0.26 more.

Wasn’t able to edit it myself.

3

Hi billyfreezr,

This is intentional as I left the existing quarter, which ends this month, with the prior quarter’s data.

Once the quarter is over, I’ll change the numbers.

Thanks,
DJ

4

Oh yeah, makes sense…should’ve been pretty obvious I apologise :slight_smile:

Btw, your spreadsheet is so much neater and clearer than mine are.

5

Btw, your spreadsheet is so much neater and clearer than mine are

I’m just trying to apply Saul’s method to the numbers. It sure makes for a clearer picture. You should be able to copy/paste or save it for your own use.

DJ

6

Here are a couple more observations:

Book Value per Share is increasing at a nice clip.


BV/Shr.	Mar	Jun	Sep	Dec
2012	15.6	15.8	16.4	17.1
2013	18.2	19.2	20.1	21.8
2014	23.5	25.3	27.5	29.6
2015	32.0

EPS is doing the same.


EPS	Mar	Jun	Sep	Dec
2012	0.58	0.64	0.67	0.70
2013	0.74	0.78	0.85	0.91
2014	1.00	1.09	1.20	1.26
2015	1.35			

EPS TTM	Mar	Jun	Sep	Dec
2012				2.59
2013	2.75	2.89	3.07	3.28
2014	3.54	3.85	4.20	4.55
2015	4.90

Growth in BV divided Earnings Growth (TTM) is right at 1, which means that earnings growth is keeping up with (slightly better than) the growth in book value.

BVG/EG 
(TTM)	Mar	Jun	Sep	Dec
2012				
2013				1.01
2014	1.01	0.99	1.00	0.98
2015	0.98

The 1 Year Peg is low, which enables us to get earnings pretty cheaply, if the growth keeps up:


1 YPeg	Mar	Jun	Sep	Dec
2012				
2013				0.90
2014	0.84	0.57	0.47	0.44
2015	0.49

The Price/Book is at the end of the period shows:


PBV	Mar	Jun	Sep	Dec
2012	1.1	1.2	1.6	1.6
2013	2.0	2.4	3.2	3.6
2014	3.6	2.9	2.6	2.6
2015	2.9

… and the P/BV range is settling between 2.1 & 2.9:


QTR	P/TBV	Hi	Lo
Dec-12	1.63	1.67	1.40
Mar-13	1.97	2.03	1.54
Jun-13	2.39	2.61	1.83
Sep-13	3.22	3.45	2.27
Dec-13	3.59	3.77	2.64
Mar-14	3.65	4.53	3.20
Jun-14	2.91	3.44	2.82
Sep-14	2.64	3.00	2.46
Dec-14	2.63	2.74	**2.18**
Mar-15	2.90	**3.05**	2.36
End May	2.94	3.00	2.75
End May has no BV increase included

So it looks like earnings growth is mirroring BV growth, the 1YPeg is low, the P/BV has experienced a pretty stable range.

All else equal, the apparent downside is the P/BV range, which is mitigated by the fact that earnings mirror increases in BV, and BV is growing really nicely.

DJ

17 Likes
7

BOFI
Wow, both book value and earnings up every single quarter, not a single quarterly stumble or even a pause in the growth. That’s impressive.

1 Like
8

BOFI
Wow, both book value and earnings up every single quarter, not a single quarterly stumble or even a pause in the growth. That’s impressive.

Hi Mauser, I even have figures back through 2011

Tang Book Value:
13.25
13.67
14.29
14.80
etc

Great company.

Saul

1 Like
9

when I was messing around with Sage Wren’s great tool, which is local on the machine, I was wondering if there was a community way to track the numbers from real 10-K’s for multiple stocks. Not sure if graphing can be done in that way on Google Docs.

A community folder would be a nice resource.