Fools,
For those of you that have not sold your shares (like me), here is a table with historical values:
QTR BV/Shr. QoQ EPS QoQ TTM Hi Lo Close P/E P/TBV Hi Lo PEHi PELo
Mar-12 15.64 0.58 17.61 15.48 17.08
Jun-12 15.82 0.64 19.93 16.96 19.76
Sep-12 16.36 0.67 26.66 19.50 26.05
Dec-12 17.08 0.70 2.59 28.44 23.91 27.81 10.7 1.63 1.67 1.40 10.98 9.23
Mar-13 18.17 16% 0.74 28% 2.75 36.82 28.02 35.88 13.0 1.97 2.03 1.54 13.39 10.19
Jun-13 19.16 21% 0.78 22% 2.89 49.98 35.05 45.82 15.9 2.39 2.61 1.83 17.29 **12.13**
Sep-13 20.11 23% 0.85 27% 3.07 69.46 45.60 64.81 21.1 3.22 3.45 **2.27** 22.63 14.85
Dec-13 21.82 28% 0.91 30% 3.28 82.27 57.55 78.43 23.9 3.59 3.77 2.64 25.08 17.55
Mar-14 23.51 29% 1.00 35% 3.54 106.55 75.22 85.75 24.2 3.65 4.53 3.20 30.10 21.25
Jun-14 25.27 32% 1.09 40% 3.85 87.03 71.37 73.47 19.1 2.91 3.44 2.82 22.61 18.54
Sep-14 27.52 37% 1.20 41% 4.20 82.45 67.57 72.71 17.3 2.64 3.00 2.46 19.63 16.09
Dec-14 29.58 36% 1.26 38% 4.55 81.00 64.62 77.81 17.1 2.63 2.74 2.18 17.80 14.20
Mar-15 32.03 36% 1.35 35% 4.90 97.68 75.50 93.04 19.0 2.90 3.05 2.36 19.93 15.41
Jun-15 33.90 34% 1.54 41% 5.35 108.38 88.06 105.71 19.8 3.12 3.20 2.60 20.26 16.46
Sep-15 36.30 32% 1.60 33% 5.75 134.79 105.23 128.83 22.4 3.55 3.71 2.90 23.44 18.30
Dec Est 36.30 1.70 35% 6.19 143.92 77.83 81.25 13.1 **2.24** 3.96 **2.14** 23.25 12.57
The price per book value of 2.24 (assuming a price of $81.25) is now at a level, which has not been seen since the September quarter of 2013 and is in line with normal banks. And the P/E today is 14.13 (or 13.1 if one assumes they do $1.70 in expected earnings this quarter), which hasn’t been seen since the June 2013 quarter.
If the short attack turns out to be only a short attack, BOFI is valued historically low, especially since the business outlook is is a lot better than it was a couple of years ago when the valuations were similar.
Here are earnings numbers. The YoY growth has slowed a bit. But the performance is very good.
EPS Mar Jun Sep Dec EPS TTM Mar Jun Sep Dec
2012 0.58 0.64 0.67 0.70 2012 2.59
2013 0.74 0.78 0.85 0.91 2013 2.75 2.89 3.07 3.28
2014 1.00 1.09 1.20 1.26 2014 3.54 3.85 4.20 4.55
2015 1.35 1.54 1.60 2015 4.90 5.35 5.75
EPS Y/Y Mar Jun Sep Dec
2012
2013 28% 22% 27% 30%
2014 35% 40% 41% 38%
2015 35% 41% 33%
The non-performance metrics improved marginally.
NP Assets Mar Jun Sep Dec NP Loans Mar Jun Sep Dec
2012 0.79% 2012 0.95%
2013 0.71% 0.66% 0.55% 0.49% 2013 0.86% 0.80% 0.63% 0.58%
2014 0.50% 0.46% 0.52% 0.69% 2014 0.60% 0.57% 0.62% 0.80%
2015 0.65% 0.55% 0.50% 2015 0.72% 0.62% 0.57%
The efficiency ratio deteriorated from last quarter. But it’s still better than the prior quarter and QoQ.
EffRat Mar Jun Sep Dec
2012 41.0%
2013 42.1% 42.8% 41.4% 39.9%
2014 35.1% 34.9% 34.8% 34.6%
2015 34.5% 31.6% 33.3%
If one pays a high price for a rosy consensus, it looks like one would certainly pay a low price for uncertainty.
My take, after reading all of the great posts on this and other boards, is that BOFI is an excellent buy now.
DJ
P.S. The price is now at about $84.50 as I finish this post.