PHH

PHH Corporation

Finance/Real Estate, Industrial/Transportation, Event Driven/Special Sit


Presented:04/04/2013
Price:$20.27
Cap:$1.16B
Current Price:$11.00
Cap:$0.36B

Presented

Date04/04/2013
Price$20.27
Market Cap$1.16B
Ent Value$1.16B
P/E Ratio16.31x
Book Value$30.21
Div YieldN/A
Shares O/S57.05M
Ave Daily Vol1,200,000
Short Int25.93%

Current

Price$11.00
Market Cap$0.36B
PHH Corporation, through its subsidiaries, provides outsourced mortgage banking services to financial institutions and real estate brokers in the United States. The company operates through two segments, Mortgage Production and Mortgage Servicing. The Mortgage Production segment provides private-label mortgage services to financial institutions and real estate brokers; and originates and sells mortgage loans. The Mortgage Servicing segment services mortgage loans, purchases mortgage servicing rights, and acts as sub servicer for clients that own the underlying servicing rights; collects loan payments; remits principal and interest payments to investors; manages escrow funds for the payment of mortgage-related expenses, such as taxes and insurance; and performs loss mitigation activities on behalf of investors. PHH Corporation was founded in 1946 and is based in Mount Laurel, New Jersey.

Highlights

The presenter is bullish on PHH, which was spun-out of Cendant in 2005 and consists of two businesses that have no business being under the same roof: a mortgage servicing business and a fleet management operation. He expects PHH to carve the fleet management business out over the next 9-12 months, which would increase his $28 price objective to $30-$33.

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Idea Discussion

Commentor 1 - 2 weeks ago

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