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American Home Shares Undervalued

Zacks highlights P/E, P/B multiples

November 8, 2005

By MortgageDaily.com staff


An investment research firm says it has identified American Home Mortgage Corp. as an investment opportunity.

Zacks Investment Research Inc. announced today that the Melville, N.Y.-based company made its High Rank Value Profit Track, which highlights shares of companies with price/earnings multiples under 15 and price/book multiples under three. Zacks says this "screen generated a 28.3% return in 2004 and has outperformed the S&P 500 for 4-1/2 consecutive years."

American Home was identified by Zacks as one of four companies with undervalued shares.

The real estate investment trust, which reported a record $13.7 billion in third quarter production, earned $1.09 per share during the period, up from $1.02 the prior year and five percent higher than the consensus estimate, Zacks said. But a low stock price -- shares today were trading at $27.60, off from nearly $41 in July -- has pushed the P/E multiple to 5.63 and the P/B multiple to 0.99.

"Many value investors look for stocks trading at price/earnings multiples below 15 and price/book multiples below 3," Zacks said in the statement. "Combining these valuation measures with a Zacks Rank of #1 ("Strong Buy") or #2 ("Buy") helps to ensure that a stock is truly undervalued."


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