Ezcorp - US-Pfandleiher - 500 Beiträge pro Seite

[R-BgO]

...mit >20% EK-Rendite; Bewertung 1,8x Buch, KGV unter 10

[R-BgO]

http://investors.ezcorp.com/home

[R-BgO]

Antwort auf Beitrag Nr.: 43.189.758 von R-BgO am 21.05.12 00:09:57

inzwischen noch deutlich billiger geworden...;


EZcorp to acquire online Delaware company
Austin Business Journal by Christopher Calnan, Staff Writer
Date: Wednesday, November 28, 2012, 6:36am CST - Last Modified: Wednesday, November 28, 2012, 3:04pm CST
Christopher Calnan
Staff Writer- Austin Business Journal


EZcorp Inc. bought a majority stake in a Mexican company and agreed to acquire the assets of the online lending business of a Delaware company.

Austin-based EZcorp bought a 51 percent interest in Renueva Commercial S.A.P.I. de C.V., a Mexico City company that does business as TUYO. TUYO owns and operates 20 stores that mostly buys used electronics and sells refurbished merchandise acquired in bulk from wholesalers, company officials said Tuesday.

EZcorp (Nasdaq: EZPW), one of the world’s largest operators of pawn shops, provides pawn loans, consumer loans and fee-based credit services. It employs about 4,900 workers, 250 of whom are based in Austin.

The company also has an agreement to buy Delaware-based GoCash LLC and certain affiliates.

EZcorp disclosed that GoCash founder and President James Carnes will be given an executive position with the company and will lead its online lending business. The deal is scheduled to close by the end of the year.

The purchase price will be determined over four years, with a minimum of $50 million, payable $27 million at closing, $11 million at the end of the first year and $6 million at the end of each of the second and third years.
Earlier this month, EZcorp posted a 14 percent revenue increase and an 18 percent rise in profit for fiscal 2012. The company reported a $143.7 million net income on $992.5 million in revenue for the year compared with a $122.2 million net income on $869.3 million in revenue during the previous fiscal year.

[Global-Player83]

Am 22.01 gibts Zahlen für Q4 +Gesamtjahr

hier noch ein wenig lektüre:

http://seekingalpha.com/article/1110801-ezcorp-filled-with-v…

[Kalusha9]

Bin heute mit einer kleinen Position zu 16.57 eingestiegen.

Mir gefällt die bisherige Geschäftsentwicklung sowie die Expansion nach Südamerika und Europa. Zudem hat man mit dem Einstieg bei GoCash nun auch den Fuß im Onlinemarkt in der Tür. Die ersten zwei-drei Quartale sollen laut Aussage des Managements eine Übergangsphase sein, danach soll die Wachstumsphase weitergehen.

Weiterhin weiß die günstige Bewertung (KGV 8) und die geringe Verschuldung (NetDebt/Ebitda 0.3) zu gefallen. Ich bin gespannt wie sich das Unternehmen in den nächsten Quartalen weiterentwickelt

[Global-Player83]

EPS:

Q1: 0,59 $
Q2: 0,63 $
Q3: 0,47 $ - 0,52 $

"The Company affirms its fiscal 2013 earnings per share guidance of $2.55 to $2.80 [...]"

"...A continuation of the challenging gold environment and the unfavorable financial services regulatory environment in Texas will likely lead to earnings in the lower end of the guidance range."

Also geht Ezcorp wohl eher von 2,55 $ Gewinn pro Aktie aus.

Rechnet man Q1 bis Q3 zusammen = 1,74 $, so müsste Ezcorp mindestens 0,81 $ je Aktie verdienen um das untere Ende der Gewinnprognose zu erreichen.

EPS von über 0,78 $ wurden in den letzten 3 Jahren in keinem Quartal erreicht. Ich rechne damit dass die EPS-Prognose dieses Jahr nocheinmal angepasst werden könnte auf ca. 2,35-2,50 $

[Kalusha9]

Besser als erwartete Zahlen haben der Aktie in den letzten beiden Tagen einen enormen Schub gegeben, welcher durch die allgemein gute Lage an den Aktienmärkten verstärkt wurde.

Ausblick für 2013 wurde bestätigt, jedoch wurde auch auf die Risiken hingewiesen, welche die Prognose gefährenden könnten:

1. Ein weiter sinkender bzw. volatiler Goldpreis
2. Texas Payday Lending Regulation

Für letzteres soll noch im Mai eine Entscheidung fallen.
Ich bin gespannt.

Vergleicht man jedoch EZCorp mit den direkten Konkurrenten (Cash America und First Cash) so wird die Unterbewertung der Aktie nochmal sehr deutlich.

[Global-Player83]

schade, wollte für unter 12,70 € rein, aber seitdem tag der bekanntgabe der zahlen gings nur noch up..auf jetzt knapp 14,90 €

[Kalusha9]

Ich bin gespannt wie sich EZCorp die nächste Quartale entwickelt.

Aufgrund der soliden Bilanz und den guten Wachstumsperspektiven einer meiner aktuellen Lieblingswerte

[Global-Player83]

Fallende Goldpreise könnten aber auch bei ezcorp ihre Spuren hinterlassen

[Kalusha9]

Fallende Goldpreise könnten nicht nur bei EZCorp Spuren hinterlassen, sondern sie werden. Soweit ich weiß ist von allen Pfandleihern in Amerika EZCorp der mit der stärksten Präsenz im Edelmetallsektor.

Von den fundamentalen Daten einmal abgesehen, sieht der Chart von EZCorp derzeit ziemlich positiv aus. Mal abwarten was die nächsten 2-3 Wochen bringen.

[Global-Player83]

Wie sehen die erwartungen für das abgelaufene Quartal aus?

[Global-Player83]

den us-pfandleihern scheint es nicht besonders gut zu gehen...?!

ezcorp-aktie ist auf 11,34 $ abgestürzt

[R-BgO]

Antwort auf Beitrag Nr.: 45.798.016 von Global-Player83 am 09.11.13 11:06:40

es kam noch dicker:


AUSTIN, Texas, Nov. 7, 2013 /PRNewswire/ --

EZCORP, Inc. (NASDAQ: EZPW), a leading provider of easy cash solutions for consumers, announced that for the fiscal year ended September 30, 2013, total revenues were $1.01 billion, a record for the company. Net income from continuing operations attributable to EZCORP was $57 million.

EZCORP's core lending and retail businesses in the United States and Latin America showed continued strength, highlighted by the following:

Merchandise sales in the U.S. increased 7% during the year, as the company continued to diversify its retail channels. Online sales, primarily of general merchandise, totaled $19 million during the year, and now account for 8% of general merchandise retail sales in the U.S.

Total loan balances in the company's U.S. Financial Services division (including online loans) were up 29%, including 23% growth in storefront loans. Loan fees were up 7%, offsetting the negative impact of various regulatory changes that reduced net income by $7 million.

Latin America's segment contribution improved 40% during the year, after normalizing the prior year's results for a $16 million positive purchase accounting adjustment. This significant growth was driven by strong performance in the company's Mexico payroll withholding lending business (Grupo Finmart), where loan balances increased 46% during the year and total revenues increased 89%.


For the fiscal year, the combined effect of reduced gold volumes and the gold price decline had a $31 million negative impact on the company's after tax earnings. The company's fiscal year results also included $35 million of one-time charges, including an impairment charge of $29 million on the company's long-term investment in Albemarle & Bond Holdings, PLC, a gold and jewelry pawnbroker in the U.K. In addition, investments in long-term growth initiatives (including the company's online lending businesses in the U.S. and the U.K. and denovo growth) further negatively impacted earnings by $20 million.


Total revenues exceeded $1 billion, a record for the company. Excluding jewelry scrapping, total revenues grew 14%, driven by a 24% increase in consumer loan fees, an 11% increase in merchandise sales, and an 8% increase in pawn service charges.

Net income from continuing operations attributable to EZCORP was $57 million, while diluted earnings per share from continuing operations attributable to EZCORP were $1.06.

Cash and cash equivalents, including restricted cash, were $42 million at year-end, with long-term debt of $246 million, including $105 million of Grupo Finmart third-party debt, which is non-recourse to EZCORP.

Net earning assets, including discontinued operations, were $466 million, a 20% increase over last year. Net earning assets consist of pawn loans, consumer loans and inventory on the balance sheet, combined with CSO loans not on the balance sheet, net of reserves. The growth in net earnings assets was driven by a 35% increase in loan balances in our combined financial services businesses, and a 13% increase in earning assets related to our pawn and retail businesses.


Fiscal Year 2013 Business Review

U.S. & Canada

Storefront Growth —
At year end, the company operated over 1,000 locations in 26 states. During the year, the company opened 84 de novo stores, and acquired 12 stores in key markets.


Pawn —
Pawn loan balances increased to $143 million from $141 million for the prior year, and revenues from pawn service charges increased 5% in total and 2% on a same store basis. General merchandise loan balances grew by 11%, while jewelry loan balances declined 6%.

Overall merchandise sales were up 7% in total and 3% on a same store basis. General merchandise sales increased 10% in total and 6% on a same store basis. The company's online retail channel continued to grow, and reported $19 million in revenues primarily in general merchandise sales, for the fiscal year. During the year, jewelry sales decreased 1% in total and 4% on a same store basis. However, in the fourth quarter, jewelry sales increased 18% in total and 14% on a same store basis, reflecting our previously announced strategy to sell more gold through our retail channel and scrap less.

Gross margin on merchandise sales was 41%, down 130 basis points from last year. This decrease was driven by a higher mix of general merchandise sales as general merchandise gross margin remained flat at 40% while gross margin on jewelry sales was 45%.

The overall redemption rate was 83%, up 80 basis points, driven by a jewelry redemption rate of 86%, up 150 basis points. Redemption rates for general merchandise were at unchanged at 76%.


Financial Services (Storefront and Online) —
Total loan balances (including CSO loans not on the balance sheet) were $51 million, up 29%, driven by a 70% increase in second generation loan products (such as installment and other multiple payment products and auto title loans). Storefront loan growth was strong as well, increasing 23%.

Loan fees were $175 million, up 7%, as a result of new products in existing stores, storefront growth, and new fees from the U.S. online lending channel.

Bad debt as a percentage of fees was 25%, an increase of 300 basis points as we attracted new customers and our customers transitioned to our new multi-payment products, including auto title and our online channel.
The U.S. online business's loan book continues to grow and at year end was $2 million, net of reserves. While this business negatively impacted segment contribution in 2013, it is expected to make a positive contribution in fiscal 2014.


Latin America

The Latin America segment contribution was $27 million, a 40% increase over the prior year after normalizing for the prior year's purchase accounting adjustments. This increase was driven by strong performance at Grupo Finmart, the company's payroll withholding lending division.


Payroll Withholding Lending —
Total loan balances at Grupo Finmart at the end of the year were $107 million, up 46%.
Total revenue was $52 million, an increase of 89%, as a result of better contract terms and better penetration. Net revenues, including a credit for aged consumer loans that were sold, were $53 million. Absent this credit, bad debt as a percentage of fees was approximately 2%.

Grupo Finmart ended the year with 72 active convenios, compared to 67 at the end of last year. Contract penetration across all convenios was 6% for the year, compared to 3% in the prior year.

Pawn —
Empeno Facil, the company's Mexico pawn operation, opened 66 locations during the year and operated 239 stores at the end of the year. As previously announced, the company closed 57 legacy, gold-only stores during the year, which is a part of the discontinued operations charge.

Pawn loan balances at year-end were $14 million, a 10% decrease from the prior year-end. General merchandise loan balances were down 4%, while jewelry loan balances decreased 31%. General merchandise loans now comprise 92% of Empeno Facil's pawn loan portfolio, up from 89% last year.

Revenue from pawn service charges increased 29% in total and 10% on a same store basis.
Merchandise sales increased 40% in total and 10% on a same store basis. Gross margin on merchandise sales was 39%, down 700 basis points from a year ago, reflecting a much more competitive lending and selling marketplace.


Other International

At fiscal year end, after reviewing the valuation of our holdings in Albemarle & Bond Holdings PLC, we recognized an impairment charge of $43 million ($29 million net of tax).

Cash Genie, the company's online lending operation in the U.K., performed well during the second and third quarters of the year, but a poorly executed introduction of an installment loan product caused performance to deteriorate in the fourth quarter. The company took rapid action to improve performance and is on track to return to profitability in fiscal 2014.


CEO Commentary

Paul Rothamel, EZCORP's President and Chief Executive Officer, stated: "Obviously, we are disappointed with our financial results in 2013, particularly after posting three straight years of record revenue and net income. We are committed to improving the operational performance of our existing businesses, including our recently acquired online lending businesses. We are confident that our consistent execution against that commitment will ensure that we will deliver superior long-term value to our shareholders."

[MisterGoodwill]

Das Teil ist nimmer weit vom tangiblen Buchwert von ca. 9$. Wenn es ein Dividendenwert wäre und die keine Nettoverschuldung aufweisen würden, durchaus kaufenswert. Aktuell nur ein spekulativer Kauf.

[MisterGoodwill]

Der tangible Buchwert beträgt ziemlich genau 8$, da noch die Intangibles dazu kommen. EK-Quote ist mit 68% recht solide, sodass Ezcorp zumindest als spekulative Wette auf den Goldpreis besser als so mancher hochverschuldete Miner, der auch (fast) keine Divi mehr zahlt, ist.

[Global-Player83]

EPS 0,42 $ im 4. Quartal

+17% im after hour Trading von 9,35 auf 10,90 $

http://finance.yahoo.com/news/ezcorp-results-top-views-23572…

[Global-Player83]

10,63 $

liegt das nur am schwachen goldpreis oder läuft das pfandleihgeschäft in den usa ohnehin nicht so gut?

[Global-Player83]

10,06 $ (-9%)

schwaches auftaktquartal

http://investors.ezcorp.com/index.php?s=43&item=241

[Global-Player83]

Neuer CEO
Ezcorp wieder unter 10$

[PhylicaArborea]

Hab mir mal 200 geholt. Haben sich halbiert und immer noch KGV 8!
Vielleicht reichts für nen DCB auf 12,5-13 Dollar!

[Global-Player83]

Verspätung der "Earnings Release":

http://investors.ezcorp.com/index.php?s=43&item=270

EZPW 8,41$

[Global-Player83]

EZPW 6,11$

[MisterGoodwill]

Meinst du, dass Ezcorp bald pleite gehen wird?

[R-BgO]

Antwort auf Beitrag Nr.: 50.252.841 von MisterGoodwill am 23.07.15 20:35:55

sie planen jedenfalls etwas längerfristig:

.
EZCORP ANNOUNCES NEW STRATEGY, STRUCTURE AND BUSINESS FOCUS

Pawn and Grupo Finmart to be Key Businesses, U.S. Financial Services Closed, Structure Simplified
Jul 29, 2015



EZCORP, Inc. (NASDAQ: EZPW), today announced a major change in strategy following an intensive six-month review of all company activities.

In a series of moves the company is describing as “transformational,” EZCORP will focus on growing its core pawn brokering operations in the U.S. and Mexico and its Grupo Finmart business in Mexico. The company will simplify its operating structure by moving from a divisional to a functional business model.

The new strategy will strengthen its key businesses, improve operating efficiencies and better position it for growth in the personal financial services industry.

Following an intensive six month review, the company will cease its involvement with payday, auto title and installment lending in the U.S., closing its U.S. Financial Services business.

Stuart Grimshaw, EZCORP’s Chief Executive Officer, said: “Our future success requires a transformational strategy and financial discipline.

“The company has grown into a complex organization with capital and management resources spread across a broad portfolio. We will focus on fewer businesses, simplify our structure, reduce costs and optimize the returns we make from our investments.

“We have high quality businesses and teams in North America with excellent growth and earnings potential,” he said.


Focus on Pawn and Grupo Finmart

EZCORP is the second largest company in the United States pawn industry and has a large network of stores in Mexico to support future expansion. Over the next three years, the company will increase investment in its pawn businesses to improve efficiency, customer service and profitability.

It has entered into a definitive agreement to acquire an additional 13 pawn stores in the U.S. for $12.5 million in cash. The transaction is expected to close in the current quarter.

Grupo Finmart is the 76%-owned subsidiary that provides payroll withholding loans in Mexico. It is well positioned as one of three leading companies in the sector. The strategy is to upgrade the core processes and systems of the business to facilitate continued growth.


Close U.S. Financial Services

The strategy review concluded that an increasingly challenging legislative and regulatory environment and a lack of scale limited the competitiveness and prospects of the company's unsecured and auto title lending operations in the U.S. As a result, the company will immediately close its U.S. Financial Services business, including all payday, auto title and installment lending. The company has already begun a program to assist customers and employees during the closure process.


Financial Impact

The strategy is expected to produce annual expense savings around $34 million after three years. The company expects to start seeing the benefit of these in the fourth quarter of 2015.

The company will record charges and other expenses in the fourth quarter of fiscal 2015 related to the closure of U.S. Financial Services and other structural and operational changes. Those charges and expenses will include lease termination and other costs of store closures, employee severance and asset write-downs.

The company currently estimates that the aggregate amount of the charges and costs will be approximately $75 million to $85 million, before tax. The cash component is approximately $20 million to $25 million. The after-tax cash cost is expected to be $5 million to $10 million.


Additional CEO commentary

“The new strategic direction for EZCORP concentrates effort and resources in markets and businesses with the best growth prospects,” Mr. Grimshaw said.

“The decision to close U.S. Financial Services was difficult and not taken lightly.

“Building a leading personal financial services business requires scale and substantial investment.

“We believe we can best meet the needs of our investors, employees and customers by concentrating on the businesses where we already have strong market positions and can achieve returns above our cost of equity.

“Our strategy will deliver a more focused and less complex company capable of responding to market or competitive pressures and generating consistent EPS growth over the long term,” he said.

[R-BgO]

10k kam

am Heiligabend

[Global-Player83]

Ezcorp 4,24 $

[MisterGoodwill]

Das letzte Ergebnis war ja stark negativ. Kann schon in einer Insolvenz enden die nächsten Monate.

[MisterGoodwill]

Sieht echt zappendüster aus mit Ezcorp. Eigentlich wollte ich ja mal einsteigen hier, aber irgendwie kribbelt es ja gar nimmer in den Fingern. Was ist da bloß los? Wenn jetzt alles in die Krise geht, sind doch Pfandhäuser der Fels in der Brandung, oder?

[MisterGoodwill]

Zum Glück habe ich hier nicht gekauft.

Jetzt dauerhaft defizitär! Akute Insolvenzgefahr!!! :eek.


2017 e

2016 e

2015



Umsatz 809,72 Mio. 760,64 Mio. 788,37 Mio.
EbitDa 51,85 Mio. 34,24 Mio. 56,73 Mio.
EBIT 21,67 Mio. 6,46 Mio. 7,13 Mio.
Gewinn je Aktie -0,10 -0,2329 -1,09
KGV -- -- --
KCV 5,5336 8,4556 180,0144
Dividende je Aktie 0,00 0,00 0,00
Dividendenrendite 0,00% 0,00% 0,00%
Cashflow je Aktie 0,6144 0,4021 0,0277
Nettovermögen je Aktie 12,4286 12,4439 12,5577
Nettoverschuldung * 227,97 Mio. 236,06 Mio. 306,42 Mio.
Quelle: comdirect

[Global-Player83]

EZPW 2,91$

[R-BgO]

die hier glauben noch dran:

http://www.valuewalk.com/2016/04/blue-tower-asset-management…

[Global-Player83]

EZPW 6,73 $

[R-BgO]

Antwort auf Beitrag Nr.: 51.542.910 von MisterGoodwill am 20.01.16 21:30:34

Super "Analyse"...

vom Tief schon wieder verfünffacht, letztes Quartal der erste Gewinn seit Langem

[R-BgO]

per 30.9.17 erster Nettogewinn seit Langem;

bei einigen Hedge-Fonds gesehen...

[R-BgO]

Antwort auf Beitrag Nr.: 56.265.182 von R-BgO am 24.11.17 11:43:37

das ist der Marktführer:

Thread: FirstCash

[R-BgO]

Antwort auf Beitrag Nr.: 56.265.182 von R-BgO am 24.11.17 11:43:37

heute auf Positionsgröße aufgestockt

[R-BgO]

trotz guter Zahlen abwärts...

[R-BgO]

Antwort auf Beitrag Nr.: 59.243.029 von R-BgO am 18.11.18 13:36:00

jetzt sind auch die Zahlen schlecht...