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Home Capital Group Inc HMCBF


Primary Symbol: T.HCG

Home Capital Group Inc. is a Canada-based holding company that operates through its principal subsidiary, Home Trust Company (Home Trust). Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of residential mortgage products, consumer lending and credit card services. In addition, Home Trust and its wholly owned subsidiary, Home Bank offer deposits through brokers and financial planners, and through a direct-to-consumer brand, Oaken Financial. Its mortgage lending includes classic single-family residential lending, insured residential lending, residential commercial lending, and non-residential commercial lending. Its consumer lending loan portfolio comprises credit cards, lines of credit and other consumer retail loans. In addition, the Company manages a treasury portfolio to support liquidity requirements and invest excess capital.


TSX:HCG - Post by User

Home Capital Group Inc
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Post by retiredcfon Dec 06, 2021 8:56am
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Post# 34201505

TD Action List Buy

TD Action List Buy

Deletions

Home Capital Group Inc. (HCG-T) – November 15, 2021

We recently moved our recommendation to BUY from Action List Buy based on the strong relative share price performance in recent months. As expected, following the removal of capital return restrictions from OSFI on November 4, 2021, Home Capital announced a material substantial issuer bid (SIB) with its Q3/21 results (November 12, 2021). This reflects management's intention to right-size its material capital base (current CET 1 is 22.6%). In our view the positive surprise was management accelerating its capital return program towards a target CET 1 ratio of 14-15% by Q4/22 (vs. previous guidance of 18-24 months). Our 2022 estimates now incorporate an additional $394mm in share buybacks (post the Q4/21 SIB) and $23mm in regular dividends to reach a 15.1% CET 1 ratio by Q4/22. The $300mm SIB has a price range of $43.50-$48.50, implying a 1.2x-1.3x book value multiple. The offer expires at 5:00pm on December 21, 2021.

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