Log on |  Join ($$)
BankInvestor.com Home BankInvestor.com HomeBankInvestor.com Home
Community IPO Research Stock Quotes BDCinvestor.com ValueForum.com
search discussion:      

These ratings are posted by site users; this content is not intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by Bankinvestor.com

Strong Buy 
1 members
0 members
0 members
0 members
Strong Sell 
0 members
Average rating: 1.00 (Strong Buy) 1.00 - 5.00 (Strong Sell) Total: 1 members

Annual growth of MTXC:

NOTE: areas highlighted in blue indicate that this user is sharing the highlighted information with their private group ONLY

Sep. 30 2004, 8:34 PM ET
Nearest price: 12.96 (09/30/04)
by thriftman (profile)
(all of thriftman's ratings)
Strong Buy
(Previous rating: Strong Buy,
on Sep. 12 2004, 7:05 PM ET)
Stock price has started to move-up closing at $12.96 last night, and hitting a 52-week high of $13.90 a couple of weeks ago upon announcement of the sale of their investment management business. I like this play more than mutual-to-stock conversions at this pricing with upside as outlined below.

Initial Rating:
I have reduced my thrift and financial service holdings, but see strong value in MTXC. MTXC is trading at about $12.00 per share and I continue to buy on weakness. The Co. is trading at about 110% of TBV. Total assets is $1.7B and total deposits (excluding brokered CDs which is a reasonable amount - $800MM) is $828MM.

The Company based in Denver is in the midst of a restructuring (I'd say near completion, but we'll see) exiting out of state branches (NM and AZ) and the wholesale mortgage business (decided in 9/03). Mortgage service rights have been written down to reasonable level and other charges appear to be behind the company. The insiders owns 56% of the Company's outstanding stock and today do not spend a lot of time with investors. My expectation that this will start to change in 2005. No dividend today, which I think will also change in 2005.

My time horizon is longer term on this company, but my 12 month target is $16.00 to $18.00 per share.

When earnings catches up to balance sheet, I take comfort in the following balance sheet valuations:

150% of TBV $16.00/share
175% of TBV $18.00

12% of deposits (ex-brokered CDs) $15.00
14% of deposits (ex-brokered CDs) $17.50

Risk is liquidity as float is low, which may be a positive as stock starts to increase. Another risk is that you're buying a turnaround situation. As always, do your own due dilgence.

Was this user's rating of 'MTXC' helpful to you? Thumbs Up -- this Stock Rating was helpful Thumbs Down -- this Stock Rating was not helpful
 2 said yes (of 2 -- 100.00%)


 • Click here to add your rating to MTXC!
 • More group stock ratings

Nothing in BankInvestor.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by Bankinvestor.com. ©2024 info@bankinvestor.com About Us Contact Us How To Privacy Policy Terms Of Use
 image www.bankinvestor.com is the premier online investment club with a focus on and after-market bank investing opportunities. Site content powered in part by stock ticker and financial content provider, TickerTech.com. Be sure to look at our sister site for stock market message boards, trading tips and research, ValueForum.com.