UWM Holdings Corporation
UWM Holdings Corporation (NYSE: UWMC) is engaged in the origination, sale and servicing of residential mortgage loans. The company generates business from three major areas such as (i) loan production income, (ii) loan servicing income, and (iii) interest income.
Key Highlights:
One year technical chart, Analysis by Kalkine Group
Q1FY21 Financial Highlights:
Q1FY21 Income Statement Highlights (Source: Company Report)
Risks: Volatility in the interest rate and a slide in the fair value of interest rate lock commitments (IRLCs) and mortgage loans would likely to impact the overall performance of the company.
Stock Recommendation:
The group is battling with higher operating costs, which has resulted in a lower EBITDA and net margin of 79.5% and 68.8%, respectively in Q1FY21, as compared to 90.8% and 75.4%, respectively, in Q4FY20. Continuation of the above trend would likely dampen the upcoming performance. The stock corrected 18% and 16% in the last six months and nine months, respectively. Though the company delivered a decent performance on a YoY basis, it is deteriorating on a sequential basis. On the valuation front, the stock is trading at a price to book value multiple of 3.8x on an NTM basis as compared to the industry (Financials) median of 1.1x. Moreover, technical indicators are also showing weakness in the price. Hence, considering the aforesaid facts, we recommend an ‘Avoid’ rating on the stock at the closing price of USD 9.07 on June 22, 2021.
One-Year Technical Price Chart (as on June 22, 2021). Analysis by Kalkine Group
eGain Corp
eGain Corp (NASDAQ: EGAN) automates customer engagement with an innovative Software as a service (SaaS) platform, powered by deep digital, Artificial intelligence (AI), and knowledge capabilities. It provides its products to industries such as financial services, telecommunications, retail, government, healthcare, and utilities.
Key highlights
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