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MTXC
Strong Buy 
 100.00%
1 members
Buy 
 0.00%
0 members
Hold 
 0.00%
0 members
Sell 
 0.00%
0 members
Strong Sell 
 0.00%
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)
rating:
Strong Buy
(Previous rating: Strong Buy,
on Sep. 12 2004, 7:05 PM ET)
Update:
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.

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