FBR Capital Starts Walter Investment Corp. (WAC) at Outperform; Uniquely Positioned to Benefit from Housing Market Mess
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Price: $0.60 --0%
Rating Summary:
0 Buy, 6 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 6 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital initiates coverage on Walter Investment Corp. (NYSE: WAC) with an Outperform. PT $32.
FBR analyst says, "We believe WAC is trading at a discount to comps due to relatively unknown earnings power of the business model going forward. However, the company is well positioned to take advantage of the housing crisis and should see material growth over the next several quarters in a sector of the economy that shrinking. We are initiating coverage with FY11 GAAP EPS of $1.20, operating EPS of $1.57, and EBITDA estimate of $181.5 million, pro forma of Green Tree operating results. We are also introducing FY12 GAAP and operating EPS estimates of $2.50 and an EBITDA estimate of $199.2 million. Our $0.13 GAAP EPS estimate for 2Q11 excludes Green Tree and assumes $0.10/share of integration expenses."
For more ratings news on Walter Investment Corp. click here and for the rating history of Walter Investment Corp. click here.
Shares of Walter Investment Corp. closed at $24.89 yesterday.
FBR analyst says, "We believe WAC is trading at a discount to comps due to relatively unknown earnings power of the business model going forward. However, the company is well positioned to take advantage of the housing crisis and should see material growth over the next several quarters in a sector of the economy that shrinking. We are initiating coverage with FY11 GAAP EPS of $1.20, operating EPS of $1.57, and EBITDA estimate of $181.5 million, pro forma of Green Tree operating results. We are also introducing FY12 GAAP and operating EPS estimates of $2.50 and an EBITDA estimate of $199.2 million. Our $0.13 GAAP EPS estimate for 2Q11 excludes Green Tree and assumes $0.10/share of integration expenses."
For more ratings news on Walter Investment Corp. click here and for the rating history of Walter Investment Corp. click here.
Shares of Walter Investment Corp. closed at $24.89 yesterday.
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