Manhattan Bridge Capital, Inc (LOAN) vs Great Ajax Corp. (RPT)

Manhattan Bridge Capital, Inc and Great Ajax Corp. are both Reit Mortgage companies. Great Ajax Corp. is the larger, with a market value of $85.1M against $44.7M — 1.9× the size. Great Ajax Corp. has negative trailing earnings, so its P/E is not meaningful; Manhattan Bridge Capital, Inc trades at 9.3×. Manhattan Bridge Capital, Inc grew revenue faster over the last twelve months: −12.4% against −77.3%. Manhattan Bridge Capital, Inc has the higher net margin (58.3% vs −14.4%) and the higher return on invested capital (4.78% vs 0.27%). Both pay a dividend; Great Ajax Corp. yields more (14.9% vs 9.66%). Across the 20 metrics below, Manhattan Bridge Capital, Inc leads on 17 and Great Ajax Corp. on 3.

Valuation

Metric LOAN RPT Reit Mortgage median
P/E 9.29 n/m 7.80
P/S 5.47 5.56 1.90
P/B 1.04 0.36 0.61
Price to free cash flow 8.55 n/m 5.90
EV/EBITDA 18.77 117.77 28.40
EV/Sales 11.18 35.85 16.02
Earnings yield 10.77% (2.41%) 7.68%
Free cash flow yield 11.70% (10.74%) 11.60%

Profitability

Metric LOAN RPT Reit Mortgage median
Gross margin 100.00% 100.00% 100.00%
Operating margin 58.19% 21.02% 35.40%
Net margin 58.30% (14.42%) 11.85%
Free cash flow margin 63.97% (59.65%) 26.68%
Return on equity 11.00% (0.91%) 4.81%
Return on assets 7.22% (0.22%) 0.62%
Return on invested capital 4.78% 0.27% 1.22%

Growth

Metric LOAN RPT Reit Mortgage median
Revenue growth (TTM) (12.37%) (77.29%) 4.70%
EPS growth (last fiscal year) (8.16%) 97.38% —
Revenue growth, 5-year CAGR 4.34% (24.69%) 14.60%
Net income growth, 5-year CAGR 3.86% 0.00% 0.00%

Health

Metric LOAN RPT Reit Mortgage median
Debt to equity 0.45 1.84 3.30
Current ratio 3.06 1.00 1.00
Net debt to EBITDA 3.33 181.49 18.31

Dividend

Metric LOAN RPT Reit Mortgage median
Dividend yield 9.66% 14.89% 13.05%
Payout ratio 1.08 0.47 1.24

Size

Metric LOAN RPT Reit Mortgage median
Market cap 44.67m 85.11m 517.48m

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