Bullboard - Stock Discussion Forum First National Financial Corp T.FN

Alternate Symbol(s): FNLIF | T.FN.PR.A | T.FN.PR.B

First National Financial Corporation is the parent company of First National Financial LP, a Canadian originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. The Company's segments include Residential and Commercial. The Residential segment includes single-family residential mortgages. The Commercial segment includes multi... see more

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First National Financial Corp > Assessment

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Post by retiredcf on Mar 11, 2024 11:04am

Assessment

March 6, 2024

May I have your comments on First National? Is it a buy at this level?

FN EPS of 72c beat estimates of 67c. Revenue of $503M was nicely ahead of estimates and rose 21%. Total assets rose 5% to ~$46B. The company expects lower mortgage orginations as recent rate hikes continue to impact demand. The stock is very cheap, with a good dividend, and should do better as interest rates ease. We would consider it a buy for income investors, and it is one of our favourites within the mortgage sector. (5iResearch)

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