Professional
Added to YB: 2024-10-18
Pitch date: 2024-10-17
MBIN [bearish]
Merchants Bancorp
+19.3%
current return
Author Info
NINGI Research publishes research reports and notes on publicly traded companies in the US and Europe. The research is sector-agnostic and tends to be focused on forensic accounting. Sign up for the newsletter.
Company Info
Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking.
Market Cap
$1.6B
Pitch Price
$44.89
Price Target
31.44 (-13%)
Dividend
1.16%
EV/EBITDA
N/A
P/E
7.92
EV/Sales
N/A
Sector
Financial Services
Category
N/A
Merchants Bancorp (NASDAQ: MBIN)
MBIN short: Aggressive CRE expansion (411% concentration) via bridge loans to fraudsters & bad actors. Assets up 11x in 7yrs. 41% brokered deposits <1yr maturity. NPLs surged to $241M. 56.5% coverage ratio. Est. $150M provision shortfall. Liquidity risk if deposits flow out. Fair value below $31.44 book.
Read full article (3 min)