Impac Mortgage Holdings Inc (IMPM)

[dpsimswm]

Impac IMH announced $10 billion in full year 2015 originations, boosted by an expansion to 41 states that will begin increasing sales in 2nd half of the year.

In Q1, the company earned $17 million operating earnings on $2.3 billion originations. So, for the year, they should do about 4 times that. That implies $60 million in operating earnings on 13.3 million diluted shares, or about $4.50 per diluted common share.

Add the $140 million in remaining DTA to that mix and GAAP earnings surge. The stock is probably trading at about 2x forward earnings.

Since there is no analyst coverage or institutional ownership, there is nobody telling Wall Street these facts. Patience is key here.