Axos Financial, Inc. (AX) in FPA Queens Road Small Cap Value Fund Q2 2024

Strong Earnings Growth and Attractive Valuation

Apr 15, 2025

Summary

Investment rationale: Attractive valuation with a forward P/E of 7.10.
Market positioning: Positioned as a digital-first bank with a focus on efficiency.
Risks and challenges: Exposure to interest rate fluctuations and regulatory changes.
Recent performance: Demonstrated a 17.9% earnings CAGR.
Future outlook: Continued growth expected through digital banking expansion.

In the FPA Queens Road Small Cap Value Fund's Q2 2024 commentary, Axos Financial, Inc. (AX, Financial) was highlighted for its strong earnings growth and attractive valuation metrics. The fund, managed by First Pacific Advisors (Trades, Portfolio), LP, noted Axos Financial's strategic positioning as a digital-first bank, which allows it to operate with lower costs compared to traditional banks.

"Axos Financial's focus on digital banking and efficient operations positions it well for continued growth, especially given its attractive valuation with a forward P/E of 7.10." — FPA Queens Road Small Cap Value Fund, Q2 2024 Fund Letter

Read full letter at gurufocus fpa queens road small cap value fund q2 2024 commentary 2024 Q2 page.

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