GREY:CXSNF - Post by User
Post by
TheRock07on Nov 09, 2013 7:18am
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Post# 21891086
Q3 will be HUGE
Q3 will be HUGE
"First National achieved record third quarter performance on meaningful growth in mortgages under administration and mortgages pledged under securitization," said Stephen Smith, chairman and president. "Annualized growth in MUA since June 30 of 16 per cent reflects solid activity levels in Canadian real estate, and the company's ongoing focus on delivering responsive service and competitive mortgage solutions."
This growth relative to Q2 of 2013 is typical of the mortgage companies in 2013.
CXS had $46.5 m in reveues in Q2 of 2013.
Applying FN/s MUA of 16 % would forecast $54 million in revs for Q3.
This will underestimate Q3 revenues because CXS was approved to securitize its mortages and bonds late in Q2 of 2013.
This will add to forecast Q3 revenues and boost it to the near $60 million range.
Recall that in Q2/13, CXS grew its MUA by 58 % relative to Q2 of 2012 whereas the other mortgage companies reported either no growth or slight declines.
Note also that analysts are now upgrading mortgage companies......HCG was just upgraded to a whopping $95.
This is why CXS will easily beat the street for Q3/13 following which we shall see more upgrades for CXS.
As of Q2, CXS had the third largest MUA, next to second place FN.