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 a federally regulated trust company. It 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 dipped as low as $34 in August due to concerns over rising mortgage default rates in the United States. However, Home Capital has no exposure to the U.S. mortgage market, and the stock quickly rebounded.
Home Capital reports that revenues rose 33.6% in the three months ended September 30, 2007, to $94.3 million from $70.6 million. Total assets increased 27.0%, to $4.7 billion from $3.7 billion. Earnings per share rose 35.4% in the latest quarter, to $0.65 from $0.48. The $0.44 dividend yields 1.1%.
Home Capital should earn $2.55 in 2007, which implies a p/e of 16.1. The company’s planned expansion into wealth management and e-commerce transaction processing should widen its revenue base, and spur more profit growth.
Home Capital Group is a buy.
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