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16	member 1/30/18 4:35PM BOFI beats EPS and buys back stock
Hi, Don't know if anyone other than me is following this company. BOFI earned $.61 per share excluding the impact of the tax change effect on deferred tax assets. They bought back $28MM in stock. The... login to read the rest 2 view available tags
15	member 8/24/17 11:05AM BOFI files 10-K
BOFI filed its third clean 10-K since the short attack 2.5 years ago. The OCC has had Erhart's complaint for this time period and have seen clear to approve numerous BOFI transactions. Also, the SEC... login to read the rest 6 view available tags
14	member 7/28/17 12:53PM BOFI earnings and the end of the shorts' thesis
BOFI came out with its year end earnings yesterday. The earnings matched street estimates and more importantly, the Bank clearly said that: 1. There is no SEC investigation. 2. The Bank has received OCC approval to rollout... login to read the rest view available tags
13	member 7/21/17 10:27AM Re: Re: Re: Re: Re: Sources of Value and Risks 12
It is always hard to “prove” today what will happen in the future (if you know how, do tell). The best we can really do is look to the past and present and extrapolate from... login to read the rest 1 view available tags
12	member 7/20/17 5:07PM Re: Re: Re: Re: Sources of Value and Risks 11
Why is ROE high? BOFI would like you to believe they have a cost advantage. The economic reasoning behind this claim is weak, and I have presented evidence that this is not the case. Loan yields are... login to read the rest 2 view available tags
11	member 7/20/17 1:50PM Re: Re: Re: Sources of Value and Risks 9
Here are some other thoughts on your query. With regards to deposits, I have never been a fan of the supposed “deposit premium” as a concept. I believe in valuing banks based on their actual performance... login to read the rest 2 view available tags
10	member 7/20/17 11:16AM Re: Re: Re: Sources of Value and Risks 9
1. 1. Why table the discussion on management? You say there are some issues there. I would like to ask where? I have met and spent time talking with all of senior management to understand... login to read the rest 5 view available tags
9	member 7/19/17 7:54PM Re: Re: Sources of Value and Risks 7
Let's table the discussion on management--I think there are some real issues there, but I'd rather focus on the business and leave that discussion to others. BOFI would have you believe that their "branch-less bank" deposit-gathering is an... login to read the rest 2 view available tags
8	member 7/19/17 3:13PM Re: The Conspiracy is likely still active! 6
So not sure this is really a question. However please note, all banks are named in bankruptcies. When your loan to value is around 50% your expected outcome tends to be good. Looking at net... login to read the rest 3 view available tags
7	member 7/19/17 3:00PM Re: Sources of Value and Risks 5
With regards to whether or not the no-branch model is more profitable than a branch model, given that depositors receive a higher return on their deposits at BOFI, the answer is empirical: Yes, BOFI is... login to read the rest 3 view available tags
5	member 7/18/17 5:54PM Sources of Value and Risks
What advantages does BOFI have over commodity borrowing/lending that should give it $1.5bn+ in intangible value above its $800mn tangible book value? Is there reason to think that their deposits are lower cost/stickier than average? Given... login to read the rest 4 view available tags
4	member 7/18/17 3:50PM Re: Question 1
The final answer to your question is this on churn. 1. HRB loans are seasonal and typically repay in 1 -3 months. 2. Lender finance lines of credit are drawn and repaid multiple times a year. 3.... login to read the rest 2 view available tags
3	member 7/18/17 3:10PM Re: Question 1
Also, most banks only show "net increase in loans" on their statement of changes. It is therefore difficult to understand their "churn". view available tags
2	member 7/18/17 2:43PM Re: Question 1
The gross activity would produce more net loan growth if not for a higher level of prepayments over the last twelve months. That should abate as rates have come up a bit. There is obviously... login to read the rest view available tags

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			2017	2018
Price:	23.80	EPS	2.10	2.43
Shares Out. (in M):	63	P/E	11.33	9.79
Market Cap (in $M):	1,512	P/FCF	0	0
Net Debt (in $M):	0	EBIT	0	0
TEV (in $M):	0	TEV/EBIT	0	0

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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