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Strategies & Market Trends : Value Investing
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From: Dave11/26/2004 3:32:59 PM
   of 78527
 
Here's one, Flagstar Bancorp (FBC). They are a thrift with about 100 banking offices located in Michigan and Indiana. P/E is about 9 on a trailing basis and 8 on a forward basis. From 2000 to 2003, they were lending and selling off their mortgages and this was where FBC was primarily generating their revenues.

They have been expanding their operations to traditional banking operations and that generated about 35-40% of their Net Income in the last quarter.

So, it is an interesting turn around, but as always there's a fly in the ointment.... 2% Net interest margin.

Any thoughts?
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