BOFI numbers, is growth declining?

I found the following site that holds a long history of EPS for all stocks, I hope it is helpful.

https://www.marketvis.io/stock/bofi/financial/fy-2014/note/e…

I looked into BOFI EPS for the last 30 months:

Q1 2013 0.67
Q2 2013 0.70
Q3 2013 0.74
Q4 2013 0.78
Q1 2014 0.85
Q2 2014 0.91
Q3 2014 1.00
Q4 2014 1.09
Q1 2015 1.20
Q2 2015 1.26
Q3 2015 1.35

1 Year TTM

Q4 2013 2.89
Q1 2014 3.07
Q2 2014 3.24
Q3 2014 3.54
Q4 2014 3.85
Q1 2015 4.2
Q2 2015 4.55
Q3 2015 4.9

1 Year Growth:
Q1 2015 / Q1 2014 = 1.48
Q2 2015 / Q2 2014 = 1.40
Q3 2015 / Q3 2014 = 1.27
It seems like there is substantial growth deterioration in the last 9 months, still growth is 27% with the PE of 22.4 PEG is smaller than 1…
Still cheap but what if next quarter 1 year growth is going to fall below 20?

5 Likes

I took the effort and created a spread sheet and found a mistake in my calculations:
Q4 2014 1YG 1.332179931
Q1 2015 1YG 1.368078176
Q2 2015 1YG 1.387195122
Q3 2015 1YG 1.384180791

Seems like growth is intact and it is 38%
It is only the rate of the growth (second derivative) that is slowing down.
Sorry for the confusion.
Still very cheap I am almost tempted to buy.
Shuki

4 Likes

Hi Shuki,

Here are the numbers I pulled from the quarterly press releases:


Month	BV/Shr  QoQ	EPS	QoQ	TTM
Mar-12	15.64		0.58		
Jun-12	15.82		0.64		
Sep-12	16.36		0.67		
Dec-12	17.08		0.70		2.59
Mar-13	18.17	16%	0.74	28%	2.75
Jun-13	19.16	21%	0.78	22%	2.89
Sep-13	20.11	23%	0.85	27%	3.07
Dec-13	21.82	28%	0.91	30%	3.28
Mar-14	23.51	29%	1.00	35%	3.54
Jun-14	25.27	32%	1.09	40%	3.85
Sep-14	27.52	37%	1.20	41%	4.20
Dec-14	29.58	36%	1.26	38%	4.55
Mar-15	32.03	36%	1.35	35%	4.90
Jun-15	33.90	34%	1.54	41%	5.35

Your initial table didn’t have the most recent quarter.

I didn’t take a look at the link you provided. But over the years, I’ve learned (the hard way) that it’s best to get company data from the press releases and SEC filings.

Here something you may find interesting:


BVG/EG	Mar	Jun	Sep	Dec				
2013				1.01
2014	1.01	0.99	1.00	0.98
2015	0.98	0.97	

Earnings growth is just a bit faster than BV growth, which means they are pretty good about turning assets into earnings at a slightly increasing rate.

Also, BOFI received $419 million of cash and assumed an equal amount of deposit liabilities from H&R Block Bank as well as the ability to provide H&R Block-branded financial services products: Emerald Prepaid MasterCard®, Refund Transfers, Emerald Advance® lines of credit, deposits, credit card and other products through H&R Block’s retail and digital channels. This increases BV by about 14% and opens up the possibility to do more business.

BOFI has been disrupting the banking industry very profitably. Go back through the posts on this board and check out the discussions. It’ll help you with your decision to (not to) invest in the company.

DJ

3 Likes