Cherry Hill Mortgage Investment Corporation (CHMI) vs Great Ajax Corp. (RPT)

Cherry Hill Mortgage Investment Corporation and Great Ajax Corp. are both Reit Mortgage companies. Cherry Hill Mortgage Investment Corporation is the larger, with a market value of $101.2M against $85.1M — 1.2× the size. Great Ajax Corp. has negative trailing earnings, so its P/E is not meaningful; Cherry Hill Mortgage Investment Corporation trades at 15.3×. Cherry Hill Mortgage Investment Corporation grew revenue faster over the last twelve months: 181.6% against −77.3%. Cherry Hill Mortgage Investment Corporation has the higher net margin (42.1% vs −14.4%) and the higher return on invested capital (2.16% vs 0.27%). Both pay a dividend; Cherry Hill Mortgage Investment Corporation yields more (20.7% vs 14.9%). Across the 19 metrics below, Cherry Hill Mortgage Investment Corporation leads on 13 and Great Ajax Corp. on 6.

Valuation

Metric CHMI RPT Reit Mortgage median
P/E 15.33 n/m 7.80
P/S 6.43 5.56 1.90
P/B 0.82 0.36 0.61
Price to free cash flow 4.35 n/m 5.90
EV/EBITDA 32.54 117.77 28.40
EV/Sales 76.70 35.85 16.02
Earnings yield 6.52% (2.41%) 7.68%
Free cash flow yield 22.98% (10.74%) 11.60%

Profitability

Metric CHMI RPT Reit Mortgage median
Gross margin 100.00% 100.00% 100.00%
Operating margin 255.39% 21.02% 35.40%
Net margin 42.13% (14.42%) 11.85%
Free cash flow margin 147.87% (59.65%) 26.68%
Return on equity 5.30% (0.91%) 4.81%
Return on assets 0.46% (0.22%) 0.62%
Return on invested capital 2.16% 0.27% 1.22%

Growth

Metric CHMI RPT Reit Mortgage median
Revenue growth (TTM) 181.60% (77.29%) 4.70%
EPS growth (last fiscal year) (257.14%) 97.38% —
Revenue growth, 5-year CAGR (11.38%) (24.69%) 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CHMI RPT Reit Mortgage median
Debt to equity 4.41 1.84 3.30
Current ratio 0.09 1.00 1.00
Net debt to EBITDA 31.07 181.49 18.31

Dividend

Metric CHMI RPT Reit Mortgage median
Dividend yield 20.69% 14.89% 13.05%
Payout ratio 0.41 0.47 1.24

Size

Metric CHMI RPT Reit Mortgage median
Market cap 101.24m 85.11m 517.48m

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