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Msg  1390 of 1459  at  9/28/2022 10:18:47 AM  by

lumpygravy


 In response to msg 1389 by  brehm233
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Re: MBINM at above par?

Merrill still doesn't recognize either MBIPL or MBINM.
 
I don't quite understand that since Yahoo shows MBINM trading for 
the last three days.
 
 
Schwab recognizes MBINM but I have no cash there.
 
A timely MBIN update from Piper Sandler today....
 
CONCLUSION
We reiterate MBIN at Overweight with a $30 PT based on 7.0x our 2023E EPS that reflects
a slight discount to peers (8.7x) as MBIN's real estate-heavy business mix (perceived as a
lower multiple component) is only partially balanced by its demonstrated top tier profitability
over varying interest rate and economic cycles. In our view, MBIN is one of the industry's
best managed and top performing banks given its far superior ROA/ROTCE profiles
driven by its more unique and complementary business model underscored by some less
commoditized verticals, diversified through-cycle revenue and distribution streams, as well
as a highly efficient and variable cost structure. Moreover, we favor MBIN's short duration
B/S and very benign risk profile entering a potential recession. These factors, and among
others, has and will likely continue to drive above average TBV and EPS growth. We are
transferring coverage to Nathan Race in conjunction with this note.

 
 


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Msg # Subject Author Recs Date Posted
1392 Re: MBINM at above par? AKAPAK 0 9/28/2022 11:16:01 AM




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