OCN releases strong results
OCN reported today:
* Sales was up 11% year over year
* Earnings more than doubled from Q1 to Q2 and rose 100% over last year (excluding a one time tax gain). This was due to a sale of loans.
* OPEX rose at a slower rate than sales
* Loans serviced rose 15% year over year to $53B
I do not see the surge in service demand that I expected to see as foreclosure activity has heated up. I'll listen to the conference call and learn more.
Fundamentally, however, they have a P/E of 3 even though they are growing much faster
* Sales was up 11% year over year
* Earnings more than doubled from Q1 to Q2 and rose 100% over last year (excluding a one time tax gain). This was due to a sale of loans.
* OPEX rose at a slower rate than sales
* Loans serviced rose 15% year over year to $53B
I do not see the surge in service demand that I expected to see as foreclosure activity has heated up. I'll listen to the conference call and learn more.
Fundamentally, however, they have a P/E of 3 even though they are growing much faster
posted by Andrew at
7:14 AM
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