Credit Suisse Investment Banking Pitch Book
Selected Wall Street equity research analysts summary
Ratings, target stock price and EPS estimates
Broker
Janney Montgomery Scott
Keefe, Bruyette & Woods
Mean
Osprey management estimates
Date
8/2/2017
8/2/2017
Rating
Source: FactSet, Osprey public filings and Osprey management as of September 2017.
Note:
Market data as of 10/3/17.
(1)
Based on Osprey closing stock price of $11.88 per share on 10/3/17.
Buy
Hold
Selected commentary
We are encouraged that in a period of stagnant balance sheet growth,
management has been able to reduce costs. We also note that as LIBOR
rates continue to rise, the rate floors on [Osprey's] loans are no longer an
issue and the company's asset-sensitive balance sheet can now be realized.
Lastly, management's commentary on today's call seems to indicate
that the company, or parts of it, could be up for sale. Trading at a nearly
30% discount to book value, we think [Osprey] is undervalued; thus we
maintain our BUY rating and $14 fair value estimate (FVE) on [Osprey].35
August 2, 2017
Janney
Target
stock price ($)
$14.00
12.00
PRELIMINARY | SUBJECT TO FURTHER REVIEW & REVISION
$13.00
Implied upside to
current stock price(¹)
17.8%
1.0
9.4%
'17E
$0.40
0.45
$0.43
$0.39
EPS
'18E
$0.67
0.71
$0.69
$0.73
[Osprey's] results this quarter were generally weaker than our
expectations on the top-line, although there are a number of positive items
including better expense management and a lower non-performing loan rate
qtr/qtr. We are remaining on the sidelines until we see more stable earnings
growth and stronger progress toward the double-digit pre-tax ROE target.55
August 2, 2017
KBW
Confidential
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