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AMERICA FIRST MULTIFAMILY IN (ATAX) Stock Fundamental Analysis

NASDAQ:ATAX - US02364V2060

18.6 USD
-0.45 (-2.39%)
Last: 12/2/2022, 8:20:28 PM
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to ATAX. ATAX was compared to 0 industry peers in the Thrifts & Mortgage Finance industry. While ATAX is still in line with the averages on profitability rating, there are concerns on its financial health. ATAX is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year ATAX was profitable.
ATAX had a positive operating cash flow in the past year.
ATAX Yearly Net Income VS EBIT VS OCF VS FCFATAX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 10M 20M 30M 40M

1.2 Ratios

With an excellent Return On Assets value of 4.84%, ATAX belongs to the best of the industry, outperforming 90.91% of the companies in the same industry.
The Return On Equity of ATAX (17.32%) is better than 81.82% of its industry peers.
Industry RankSector Rank
ROA 4.84%
ROE 17.32%
ROIC N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ATAX Yearly ROA, ROE, ROICATAX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2 4 6 8 10

1.3 Margins

ATAX has a Profit Margin of 88.89%. This is amongst the best in the industry. ATAX outperforms 100.00% of its industry peers.
ATAX's Profit Margin has improved in the last couple of years.
ATAX has a better Operating Margin (38.33%) than 88.64% of its industry peers.
In the last couple of years the Operating Margin of ATAX has declined.
Industry RankSector Rank
OM 38.33%
PM (TTM) 88.89%
GM N/A
OM growth 3Y-11.03%
OM growth 5Y-3.43%
PM growth 3Y6.11%
PM growth 5Y11.33%
GM growth 3YN/A
GM growth 5YN/A
ATAX Yearly Profit, Operating, Gross MarginsATAX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 20 40 60

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0

2. Health

2.1 Basic Checks

ATAX does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, ATAX has less shares outstanding
The debt/assets ratio for ATAX is higher compared to a year ago.
ATAX Yearly Shares OutstandingATAX Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 20M 40M 60M
ATAX Yearly Total Debt VS Total AssetsATAX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 200M 400M 600M 800M 1B

2.2 Solvency

The Debt to FCF ratio of ATAX is 34.12, which is on the high side as it means it would take ATAX, 34.12 years of fcf income to pay off all of its debts.
ATAX's Debt to FCF ratio of 34.12 is on the low side compared to the rest of the industry. ATAX is outperformed by 81.82% of its industry peers.
ATAX has a Debt/Equity ratio of 2.51. This is a high value indicating a heavy dependency on external financing.
ATAX has a Debt to Equity ratio of 2.51. This is amonst the worse of the industry: ATAX underperforms 87.50% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.51
Debt/FCF 34.12
Altman-Z N/A
ROIC/WACCN/A
WACC5.68%
ATAX Yearly LT Debt VS Equity VS FCFATAX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 200M 400M 600M 800M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A

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5

3. Growth

3.1 Past

ATAX shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 135.77%, which is quite impressive.
The Earnings Per Share has been growing by 35.62% on average over the past years. This is a very strong growth
The Revenue has grown by 27.55% in the past year. This is a very strong growth!
ATAX shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -1.29% yearly.
EPS 1Y (TTM)135.77%
EPS 3Y39.1%
EPS 5Y35.62%
EPS Q2Q%38.6%
Revenue 1Y (TTM)27.55%
Revenue growth 3Y-8.14%
Revenue growth 5Y-1.29%
Sales Q2Q%27.84%

3.2 Future

ATAX is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 6.07% yearly.
The Revenue is expected to grow by 6.89% on average over the next years.
EPS Next Y77.85%
EPS Next 2Y-1.96%
EPS Next 3Y2.98%
EPS Next 5Y6.07%
Revenue Next Year5.62%
Revenue Next 2Y10.72%
Revenue Next 3Y8.58%
Revenue Next 5Y6.89%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
ATAX Yearly Revenue VS EstimatesATAX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M
ATAX Yearly EPS VS EstimatesATAX Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

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5

4. Valuation

4.1 Price/Earnings Ratio

ATAX is valuated cheaply with a Price/Earnings ratio of 6.41.
84.09% of the companies in the same industry are more expensive than ATAX, based on the Price/Earnings ratio.
The average S&P500 Price/Earnings ratio is at 27.44. ATAX is valued rather cheaply when compared to this.
With a Price/Forward Earnings ratio of 12.40, ATAX is valued correctly.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ATAX is on the same level as its industry peers.
ATAX is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.87, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 6.41
Fwd PE 12.4
ATAX Price Earnings VS Forward Price EarningsATAX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

84.09% of the companies in the same industry are more expensive than ATAX, based on the Enterprise Value to EBITDA ratio.
65.91% of the companies in the same industry are cheaper than ATAX, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 13.85
EV/EBITDA 40.28
ATAX Per share dataATAX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.08
PEG (5Y)0.18
EPS Next 2Y-1.96%
EPS Next 3Y2.98%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.84%, ATAX is a good candidate for dividend investing.
Compared to an average S&P500 Dividend Yield of 2.45, ATAX pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.84%

5.2 History

The dividend of ATAX decreases each year by -9.55%.
ATAX has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)-9.55%
Div Incr YearsN/A
Div Non Decr YearsN/A
ATAX Yearly Dividends per shareATAX Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 0.5 1

5.3 Sustainability

65.69% of the earnings are spent on dividend by ATAX. This is not a sustainable payout ratio.
DP65.69%
EPS Next 2Y-1.96%
EPS Next 3Y2.98%
ATAX Yearly Income VS Free CF VS DividendATAX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 10M 20M 30M 40M
ATAX Dividend Payout.ATAX Dividend Payout, showing the Payout Ratio.ATAX Dividend Payout.PayoutRetained Earnings

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AMERICA FIRST MULTIFAMILY IN

NASDAQ:ATAX (12/2/2022, 8:20:28 PM)

18.6

-0.45 (-2.39%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryThrifts & Mortgage Finance
Earnings (Last)11-03 2022-11-03/bmo
Earnings (Next)02-22 2023-02-22
Inst Owners9.17%
Inst Owner Change0.61%
Ins Owners4.52%
Ins Owner Change0%
Market Cap413.80M
Analysts82.22
Price Target21.76 (16.99%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.84%
Yearly Dividend1.11
Dividend Growth(5Y)-9.55%
DP65.69%
Div Incr YearsN/A
Div Non Decr YearsN/A
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)12.77%
Min EPS beat(2)-10.33%
Max EPS beat(2)35.88%
EPS beat(4)2
Avg EPS beat(4)24.65%
Min EPS beat(4)-10.33%
Max EPS beat(4)79.26%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-11.44%
Min Revenue beat(2)-22.85%
Max Revenue beat(2)-0.02%
Revenue beat(4)2
Avg Revenue beat(4)-2.31%
Min Revenue beat(4)-22.85%
Max Revenue beat(4)7.55%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)N/A
EPS NQ rev (1m)-2.75%
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)N/A
Revenue NQ rev (1m)1.39%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 6.41
Fwd PE 12.4
P/S 5.24
P/FCF 13.85
P/OCF 13.63
P/B 1.02
P/tB 1.34
EV/EBITDA 40.28
EPS(TTM)2.9
EY15.59%
EPS(NY)1.5
Fwd EY8.06%
FCF(TTM)1.34
FCFY7.22%
OCF(TTM)1.36
OCFY7.34%
SpS3.55
BVpS18.23
TBVpS13.88
PEG (NY)0.08
PEG (5Y)0.18
Profitability
Industry RankSector Rank
ROA 4.84%
ROE 17.32%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM 38.33%
PM (TTM) 88.89%
GM N/A
FCFM N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y-11.03%
OM growth 5Y-3.43%
PM growth 3Y6.11%
PM growth 5Y11.33%
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.05
Health
Industry RankSector Rank
Debt/Equity 2.51
Debt/FCF 34.12
Debt/EBITDA 30.87
Cap/Depr 17.34%
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 42.55%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score5
WACC5.68%
ROIC/WACCN/A
Cap/Depr(3y)8.3%
Cap/Depr(5y)9.64%
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)120.37%
Profit Quality(5y)95.36%
High Growth Momentum
Growth
EPS 1Y (TTM)135.77%
EPS 3Y39.1%
EPS 5Y35.62%
EPS Q2Q%38.6%
EPS Next Y77.85%
EPS Next 2Y-1.96%
EPS Next 3Y2.98%
EPS Next 5Y6.07%
Revenue 1Y (TTM)27.55%
Revenue growth 3Y-8.14%
Revenue growth 5Y-1.29%
Sales Q2Q%27.84%
Revenue Next Year5.62%
Revenue Next 2Y10.72%
Revenue Next 3Y8.58%
Revenue Next 5Y6.89%
EBIT growth 1Y90.7%
EBIT growth 3Y-18.28%
EBIT growth 5Y-4.68%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y71.28%
FCF growth 3Y10.35%
FCF growth 5Y48.17%
OCF growth 1Y70.5%
OCF growth 3Y9.76%
OCF growth 5Y17.38%