Guild Holdings Company (GHLD)

Industry: Financial - Mortgages Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
LICHSGFIN.BO	4	LIC Housing Financ	3,148	5.63	4.86	40.16	35.04	38.97	35.57
PFSI	5	PennyMac Financial	3,104	12.85	15.67	14.02	17.31	7.40	16.05
OSB.L	6	OSB Group Plc	2,777	3.06	2.10	1.25	1.25	1.50	0.91
EQB.TO	7	EQB Inc.	2,292	11.27	9.97	40.20	44.66	55.07	52.67
COOP	8	Mr. Cooper Group I	2,288	16.75	15.95	23.27	18.95	16.92	22.87
UWMC	9	UWM Holdings Corpo	1,895	777.94	2,052.63	69.67	119.17	242.04	176.50
ECPG	10	Encore Capital Gro	1,561	-	-	14.15	15.52	6.83	16.36
GHLD	11	Guild Holdings Com	1,297	9.83	11.96	22.39	26.66	24.29	33.47
WD	12	Walker & Dunlop, I	1,236	24.27	27.27	13.99	14.26	30.05	47.36
LDI	13	loanDepot, Inc.	1,212	-	-	-	-	-	-
ONIT	14	Onity Group Inc.	1,126	9.37	5.27	1.39	1.58	1.25	1.62
BAJAJHFL.NS	15	Bajaj Housing Fina	1,107	38.81	27.16	57.95	55.80	52.56	64.13
RMC.AX	16	Resimac Group Limi	1,072	4.87	3.42	5.67	2.46	42.21	3.55
DHFL.NS	17	Dewan Housing Fina	1,041	44.59	29.26	3.98	4.02	3.20	3.36
PNBHOUSING.BO	18	PNB Housing Financ	886	10.46	8.01	24.40	18.90	25.68	19.08
MLKRI.PA	19	Well S.A.	824	-	-	12.47	12.47	29.24	28.83

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.87	8.99	14.01	14.89	21.30	17.72
Full Range Median Multiple	12.06	12.82	14.08	16.42	27.46	20.97
Industry Multiple	79.99	183.46	23.04	25.81	39.49	34.92
Market Implied Multiple	9.86	12.00	22.41	26.69	24.31	33.50
Company (GHLD) Multiple	9.83	11.96	22.39	26.66	24.29	33.47
(*) Net Income / EBITDA / Revenue	126	104	199	168	184	133
Winsorized Enterprise Value	N/A	N/A	2,794	2,494	3,917	2,365
Full Range Median Enterprise Value	N/A	N/A	2,810	2,750	5,050	2,799
(-) Net Debt	3,228	3,228	3,228	3,228	3,228	3,228
Winsorized Equity Value	1,369	931	-434	-734	689	-863
Full Range Median Equity Value	1,520	1,328	-418	-478	1,822	-429
(/) Shares Outstanding	62	62	62	62	62	62
Winsorized Fair Value	$22.05	$14.99	$-6.99	$-11.81	$11.09	$-13.89
Full Range Median Fair Value	$24.47	$21.38	$-6.74	$-7.69	$29.34	$-6.91
Current Price	$20.01	$20.01	$20.01	$20.01	$20.01	$20.01
Upside / Downside	10.19%	-25.07%	-134.92%	-159.03%	-44.58%	-169.44%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$15.43	$10.50	$-4.89	$-8.27	$7.76	$-9.73
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy