Time & Model • 74 Comments
Wed, Feb. 17, 12:23 PM
- Q4 earnings of $6.911M or $0.29 beat estimates by a penny, and full-year earnings of $29.376M or $1.20 per share compared to $28.692M and $1.14 in 2014.
- Book value per share of $11.42 vs. current price of $7.62.
- Combined with Medallion Bank, net interest margin of 6.95% gained nine basis points from the year-ago quarter. Medallion Bank's consumer lending portfolio grew 31% Y/Y. President Andrew Murstein notes 80% of earnings in 2015 came from non-taxi related loan products.
- On a combined basis, loans 90 days past due rose to 2.2% from 1.5% in Q3. Medallion loans 90 days past due rose to 3.8% from 1.8%. The current LTV of the combined taxi medallion portfolio is 76% vs. 60% a year ago. Loan loss reserves of 2.35% up 18 bps from Q3, and 44 bps from a year ago.
- Medallion loans of $308.4M slipped 1% Y/Y, and now make up 51% of the investment portfolio vs. 59% a year ago.
- Previously: Medallion Financial beats by $0.01 (Feb. 17)
- TAXI +17.8%
Sep. 21, 2015, 12:41 PM
Sep. 21, 2015, 11:00 AM
- Barron's took note of not just a cheap valuation and stronger operating numbers than what otherwise might be expected, but also a short position of 3.3M shares, or 15% of the float.
- These shorts have to contend with a double-digit dividend yield (the company contends it has no intention of cutting the payout), and a buyback authorization of $26M, enough to repurchase about 17% of the float at Friday's closing price.
- Medallion Financial (TAXI +20.1%)
- Previously: Barron's: Medallion Financial is a buy (Sept. 19)
Sep. 21, 2015, 9:19 AM
Aug. 4, 2015, 10:52 AM
- Q2 net increase in net assets from operations of $8.1M or $0.33 per share vs. $7.1M and $0.28 one year ago. Net investment income of $4.3M or $0.18 per share vs. $3.8M and $0.15.
- 64% of earnings came from consumer lending businesses, and consumer loans originated by Medallion Bank grew 30%.
- On a combined basis with Medallion Bank, net interest margin of 6.93% vs. 7.11% a year ago.
- Combined with Medallion Bank, loans 90 days or more past due of 1%, up from 0.5% in Q1. Medallion loans 90 days or more past due of 1.3% up from 0.3% in Q1. Medallion loans of $309.5M fell 3% Y/Y, and now represent 57% of the investment portfolio vs. 63% a year ago.
- The commercial loan portfolio of $75.3M up 28% Y/Y, and now makes up 14% o the investment portfolio, up from 12%.
- Stock buyback is raised to $26M from $12.5M still remaining. This would be good for about 12% of the float at the current price.
- Previously: Medallion Financial beats by $0.03, misses on total investment income (Aug. 4)
- TAXI +13.7%
Jul. 23, 2015, 3:13 PM
- Gene Friedman is NYC's largest owner of taxi medallions with more than 1K held in various vehicles, but the value of those medallions has been plunging thanks to Uber (and others like it). Creditor Citibank recently won a court order forcing him to give up some of those medallions in order to pay down debt.
- Yesterday's Chapter 11 filing is for protection on 22 of Friedman's companies collectively owning 46 medallions.
- Medallion Financial (NASDAQ:TAXI) is lower by 3.9% on the session.
- Previously: TAXI slumps as chunk of medallions could hit the market (June 12)
Jun. 12, 2015, 10:33 AM
- It was raining hard in Frisco ... A Manhattan judge has ordered the "Taxi King" of NYC to give up nearly 90 of his taxi medallion stash of 900 in order to satisfy $31.5M of past-due loans owed to Citibank.
- Citi plans to sell the medallions - once worth more than $1M each, but now fetching about $700K, in part thanks to Uber.
- The Taxi King (Gene Freidman) is expected to appeal the decision today, but if the appeal fails, medallion prices face a further drop as the extra supply hits the market, says market-watcher Brian Horey, warning a of "cascade of foreclosures."
- Source: NYPost
- Medallion Financial (TAXI -2%)
May 26, 2015, 10:57 AM
- It's not exactly new news, but taxi medallion prices are heading south. As CNBC reports, NYC medallion prices averaged about $800K in Q1, roughly 20% below four years ago.
- Medallion Financial (TAXI -8.3%) gets a mention during the segment, as does the company's note that 90% of its earnings come from outside the taxi business.
- Previously: Uber in talks for $1B credit facility (May 22)
- Previously: Icahn invests $100M in top Uber rival Lyft (May 15)
Feb. 17, 2015, 9:50 AM
- Q4 earnings of $8.1M or $0.33 per share vs. $6.7M and $0.29 one year ago.
- Combined net interest margin of 6.86% slips 8 eight basis points from a year ago.
- No medallion loans 90 days or more past due; for the combined portfolio loans 90 days or more past due of 0.4% down 20 basis points from last year.
- Year-end medallion loans of $311.9M up 5% from a year ago. Commercial loan portfolio of $71.1M up 18%.
- With the release of year-end results, company expects to soon no longer be restricted from buying back stock and intends to soon begin repurchases.
- Previously: Medallion Financial beats by $0.02 (Feb. 17)
- TAXI +1%
Feb. 17, 2015, 9:17 AM
- Medallion Financial (NASDAQ:TAXI): Q4 EPS of $0.33 beats by $0.02.
- Shares +1.31% PM.
Dec. 10, 2014, 9:47 AM| Dec. 10, 2014, 9:47 AM | 2 Comments
Aug. 4, 2014, 10:23 AM| Aug. 4, 2014, 10:23 AM | 4 Comments
Jun. 16, 2014, 3:03 PM
- It was raining hard in Frisco ... TAXI tumbles 6.8% with an open market sale of 20.3K shares of stock by Chairman and CEO Alvin Murstein one bit of notable news floating about.
- Longer term of interest to Medallion Financial investors would be the threat to its business model posed by Uber (which just raised $1.2B at a $17B valuation), Lyft, and Sidecar.
Dec. 3, 2013, 9:28 AM
- It was raining hard in 'Frisco ... TAXI is off 8.5% premarket to $16.10 after pricing a 2.9M share secondary at $16.40. The underwriter greenshoe is for an additional 435K shares. The offering will add about 15% to the float.
- Net proceeds of about $45.16M are expected.
May 16, 2012, 9:05 AM
Oct. 21, 2011, 3:54 PM
Medallion Financial (TAXI +5.1%), provider of financing for taxicab medallions in some major U.S. cities, speeds to a three-year high on a NYT report that NYC taxi medallion prices hit a record $1M, up from $10 when first issued in 1937. Not a bad investment: The value of a medallion is up 1,900% since 1981.| Oct. 21, 2011, 3:54 PM | 2 Comments