Opinions

Pat Naccarato IndyMac Bancorp IMB-N BUY Nov 30, 2007

A mortgage finance company. This is a very good time to look at this company. Many financial companies are distressed and are looking for capital. This one is very well capitalized with a strong deposit base. They will actually grow through this downturn. Book value is $25 so you are getting it at 40% of book value. There will probably still be write offs and the book value will come down.

Pat Naccarato

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$9.550

Stock price when the opinion was issued

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HOLD

Regional banks have really got hit or the last two to three weeks. Shows up well in the quant model. Still offers good value.

BUY

Likes financials. Cheap. Should go higher once the panic of a 1994 scenario is over.

BUY

Still positive on this stock. The only downside to him is that Waterford (?) is in Cdn. $'s. If this was in Cnd $'s he would be quite happy. Model price is substantially higher at $53.56. Earnings revisions have been very strong.

BUY

Companies connected with mortgages have been cut in half. Have virtually zero in sub prime mortgages. Baby has been thrown out with the bath water. Now down to its asset value. 7% dividend.

DON'T BUY

Has had a long fall, but there is a small rise in the last couple of months. He expects around $37 would be the resistance point. This sector is not in favor with him.

RISKY

Seems to be a survivor. Has actually picked up nicely this year after having dropped close to 80%. However, if subprime mortgages and mortgage default rates and up being worse than expected, the stock could go down in half. Not for the faint of heart.

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Pat Naccarato IndyMac Bancorp IMB-N BUY Nov 30, 2007

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