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Greystone Housing Impact Investors Lp

GHI

Finance Services

Mkt Cap

$372.8M

PE

8.29

Debt

-

Cash

$70.93M

EV

-

FCF

-

Market Cap

$372.8M

P/E Ratio

8.29

Debt

-

Cash

$70.93M

EV

-

FCF

-
Charts data: {"Earnings":[{"time":"2014-12-30","value":15029188},{"time":"2015-12-30","value":26606222},{"time":"2016-12-30","value":23201100},{"time":"2017-12-30","value":28608660},{"time":"2018-12-30","value":38268479},{"time":"2019-12-30","value":27621100},{"time":"2020-12-30","value":4337777},{"time":"2021-12-30","value":35228437},{"time":"2022-12-30","value":62695541},{"time":"2023-12-30","value":51143118}],"Sales":[{"time":"2014-12-30","value":48823475},{"time":"2015-12-30","value":64552400},{"time":"2016-12-30","value":58978750},{"time":"2017-12-30","value":70381545},{"time":"2018-12-30","value":81355576},{"time":"2019-12-30","value":62318013},{"time":"2020-12-30","value":55528568},{"time":"2021-12-30","value":68452294},{"time":"2022-12-30","value":81073577},{"time":"2023-12-30","value":104900664}],"Net Margins":[{"time":"2014-12-30","value":0.3078270852289805},{"time":"2015-12-30","value":0.41216472199329535},{"time":"2016-12-30","value":0.3933806667655724},{"time":"2017-12-30","value":0.40647956790377365},{"time":"2018-12-30","value":0.4703854472126164},{"time":"2019-12-30","value":0.4432281882928456},{"time":"2020-12-30","value":0.07811793381741809},{"time":"2021-12-30","value":0.5146421681645906},{"time":"2022-12-30","value":0.7733165763735822},{"time":"2023-12-30","value":0.48753855361678167}],"Assets":[{"time":"2014-12-30","value":744239217},{"time":"2015-12-30","value":872514595},{"time":"2016-12-30","value":944113674},{"time":"2017-12-30","value":1069767999},{"time":"2018-12-30","value":982713246},{"time":"2019-12-30","value":1029168508},{"time":"2020-12-30","value":1175247879},{"time":"2021-12-30","value":1385909483},{"time":"2022-12-30","value":1567129565},{"time":"2023-12-30","value":1513400702}],"Stockholders Equity":[{"time":"2014-12-30","value":309943899},{"time":"2015-12-30","value":313119341},{"time":"2016-12-30","value":280129205},{"time":"2017-12-30","value":313840270},{"time":"2018-12-30","value":304465741},{"time":"2019-12-30","value":341938263},{"time":"2020-12-30","value":359772042},{"time":"2021-12-30","value":372412027},{"time":"2022-12-30","value":323955517},{"time":"2023-12-30","value":349306708}],"ROE":[{"time":"2014-12-30","value":0.04849002689999715},{"time":"2015-12-30","value":0.08497150611977049},{"time":"2016-12-30","value":0.08282285311879567},{"time":"2017-12-30","value":0.09115675308334396},{"time":"2018-12-30","value":0.1256905912445499},{"time":"2019-12-30","value":0.08077803214435818},{"time":"2020-12-30","value":0.012057015258567534},{"time":"2021-12-30","value":0.09459532573044425},{"time":"2022-12-30","value":0.19353132670989517},{"time":"2023-12-30","value":0.14641321460107776}],"ROA":[{"time":"2014-12-30","value":0.035509868865187734},{"time":"2015-12-30","value":0.030496937417992417},{"time":"2016-12-30","value":0.03044409247694044},{"time":"2017-12-30","value":0.034289674989614265},{"time":"2018-12-30","value":0.04092590810564896},{"time":"2019-12-30","value":0.02967263160757344},{"time":"2020-12-30","value":0.006201940994951585},{"time":"2021-12-30","value":0.027536632419449286},{"time":"2022-12-30","value":0.04180316258662378},{"time":"2023-12-30","value":0.03569613911808533}]}

Greystone Housing Impact Investors LP acquires, holds, sells, and deals in a portfolio of mortgage revenue bonds (MRBs) that are issued to provide construction and/or permanent financing for multifamily and student housing residential properties and commercial properties. It operates through four segments: Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, Market-Rate Joint Venture Investments. The company was formerly known as America First Multifamily Investors, L.P. and changed its name to Greystone Housing Impact Investors LP in December 2022. The company was incorporated in 1998 and is based in Omaha, Nebraska.

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In the chart Earnings are multiplied by this value.

Earnings Growth 9.1%
Earnings Stability 16%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin41%39%41%47%44%7.8%51%77%49%44%
ROA3%3%3.4%4.1%3%0.62%2.8%4.2%3.6%3.3%
ROE8.5%8.3%9.1%13%8.1%1.2%9.5%19%15%13%

What is the average Net Margin?

The average Net Margin over the past 5 years is +46.12%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +4.32%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +3.03%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.09%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +10.88%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +1.5%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF4.429.672.131.091.501.680.790.09--
Debt Equity0.230.180.110.090.080.070.070.01--
MIN
Graham Stability--100%100%92%14%100%100%100%14%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.27.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.14.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue8.6%5.2%24%29%0.86%
Net Income12%6%130%-18%19%
Stockholders Equity3.2%2.8%-0.98%7.8%0.18%
FCF24%-0.8%16%25%-4.9%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +5.22%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +0.86%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +5.97%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +19.17%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +2.79%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +0.18%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -0.8%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -4.91%.