HOME CAPITAL GROUP INC. $41 (Toronto symbol HCG; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 34.5 million; Market cap: $1.4 billion; SI Rating: Extra risk) is the parent company of Home Trust Company, a federally regulated trust company that specializes in residential first mortgages to small business owners, the self-employed and others who don’t meet the stricter criteria of larger, traditional lenders.
The stock fell to $30 in January 2008, mostly due to the ongoing writedowns of U.S. subprime residential mortgages by other lenders. However, Home Capital has no exposure to the U.S. Its conservative lending policies have also helped keep its credit losses down.
In the three months ended March 31, 2008, earnings rose 18.0%, to $0.72 a share from $0.61 a year earlier. If you exclude a loss on the sale of an investment, earnings in the latest quarter would have grown 27.9%, to $0.78 a share. Revenue rose 30.7%, to $106.8 million from $81.7 million.
Home Capital should earn $3.05 a share in 2008, and the stock trades at 13.4 times that figure. The $0.48 dividend yields 1.2%.
Home Capital is a buy.
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