AMERICA FIRST MULTIFAMILY IN (ATAX)

US02364V2060

18.6  -0.45 (-2.39%)

Fundamental Rating

4

We assign a fundamental rating of 4 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 has a correct valuation and a medium growth rate.



6

1. Profitability

1.1 Basic Checks

ATAX had positive earnings in the past year.
ATAX had a positive operating cash flow in the past year.
Each year in the past 5 years ATAX has been profitable.
In the past 5 years ATAX always reported a positive cash flow from operatings.

1.2 Ratios

ATAX has a Return On Assets of 4.84%. This is amongst the best in the industry. ATAX outperforms 90.91% of its industry peers.
Looking at the Return On Equity, with a value of 17.32%, ATAX belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
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

1.3 Margins

ATAX has a better Profit Margin (88.89%) than 100.00% of its industry peers.
In the last couple of years the Profit Margin of ATAX has grown nicely.
The Operating Margin of ATAX (38.33%) is better than 88.64% of its industry peers.
ATAX's Operating Margin has declined in the last couple of years.
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

0

2. Health

2.1 Basic Checks

ATAX does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for ATAX has been reduced compared to 1 year ago.
The debt/assets ratio for ATAX is higher compared to a year ago.

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.
With a Debt to FCF ratio value of 34.12, ATAX is not doing good in the industry: 81.82% of the companies in the same industry are doing better.
A Debt/Equity ratio of 2.51 is on the high side and indicates that ATAX has dependencies on debt financing.
ATAX's Debt to Equity ratio of 2.51 is on the low side compared to the rest of the industry. ATAX is outperformed by 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%

2.3 Liquidity

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

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
Looking at the last year, ATAX shows a very strong growth in Revenue. The Revenue has grown by 27.55%.
Measured over the past years, ATAX shows a decrease in Revenue. The Revenue has been decreasing by -1.29% on average per year.
EPS 1Y (TTM)135.77%
EPS 3Y39.1%
EPS 5Y35.62%
EPS growth Q2Q38.6%
Revenue 1Y (TTM)27.55%
Revenue growth 3Y-8.14%
Revenue growth 5Y-1.29%
Revenue growth Q2Q27.84%

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.
Based on estimates for the next years, ATAX will show a small growth in Revenue. The Revenue will grow by 6.89% on average per year.
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

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.

6

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 6.41 indicates a rather cheap valuation of ATAX.
Compared to the rest of the industry, the Price/Earnings ratio of ATAX indicates a rather cheap valuation: ATAX is cheaper than 84.09% of the companies listed in the same industry.
ATAX is valuated cheaply when we compare the Price/Earnings ratio to 26.42, which is the current average of the S&P500 Index.
ATAX is valuated correctly with a Price/Forward Earnings ratio of 12.40.
ATAX's Price/Forward Earnings is on the same level as the industry average.
When comparing the Price/Forward Earnings ratio of ATAX to the average of the S&P500 Index (22.74), we can say ATAX is valued slightly cheaper.
Industry RankSector Rank
PE 6.41
Fwd PE 12.4

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

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.
The decent profitability rating of ATAX may justify a higher PE ratio.
PEG (NY)0.08
PEG (5Y)0.18
EPS Next 2Y-1.96%
EPS Next 3Y2.98%

4

5. Dividend

5.1 Amount

ATAX has a Yearly Dividend Yield of 7.84%, which is a nice return.
Compared to an average S&P500 Dividend Yield of 2.34, 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

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%

AMERICA FIRST MULTIFAMILY IN

NASDAQ:ATAX (12/2/2022, 7:20:28 PM)

18.6

-0.45 (-2.39%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryThrifts & Mortgage Finance
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap413.80M
Analysts
Price Target
Dividend
Industry RankSector Rank
Dividend Yield 7.84%
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
Max EPS beat(2)
EPS beat(4)
Avg EPS beat(4)
Min EPS beat(4)
Max EPS beat(4)
EPS beat(8)
Avg EPS beat(8)
EPS beat(12)
Avg EPS beat(12)
EPS beat(16)
Avg EPS beat(16)
Revenue beat(2)
Avg Revenue beat(2)
Min Revenue beat(2)
Max Revenue beat(2)
Revenue beat(4)
Avg Revenue beat(4)
Min Revenue beat(4)
Max Revenue beat(4)
Revenue beat(8)
Avg Revenue beat(8)
Revenue beat(12)
Avg Revenue beat(12)
Revenue beat(16)
Avg Revenue beat(16)
PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
Industry RankSector Rank
PE 6.41
Fwd PE 12.4
P/S
P/FCF
P/OCF
P/B
P/tB
EV/EBITDA
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)0.08
PEG (5Y)0.18
Profitability
Industry RankSector Rank
ROA 4.84%
ROE 17.32%
ROCE
ROIC
ROICexc
ROICexgc
OM 38.33%
PM (TTM) 88.89%
GM N/A
FCFM
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.05
Health
Industry RankSector Rank
Debt/Equity 2.51
Debt/FCF
Debt/EBITDA
Cap/Depr
Cap/Sales
Interest Coverage
Cash Conversion
Profit Quality
Current Ratio N/A
Quick Ratio N/A
Altman-Z
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
Growth
EPS 1Y (TTM)135.77%
EPS 3Y39.1%
EPS 5Y
EPS growth Q2Q
EPS Next Y77.85%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)27.55%
Revenue growth 3Y-8.14%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y