Opinions
Andrew McCreath
Cash Store Financial Services Inc.
CSF-T
TOP PICK
Nov 09, 2009
A payday lending business. Government changed the rules that had impacted low-cost financing. They had paid about 20% to finance their business and he expects in the new year they will have less than 10%.
$9.990
Stock price when the opinion was issued
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TOP PICK
Revenues and earnings were up 14%-16% last quarter on a year-over-year basis. 4% yield. Company bought back roughly 20% of stock in the last 18 months. Trading at about 6-7 times forward earnings. Federal government passed bill C. 26 last year, which effectively decriminalized the payday loan industry. This should drive down its interest expense over the next 5-6 quarters.
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DON'T BUY
Starting to look cheap. He is short the stock. The problem is that there are regulatory issues with provinces and cracking down on total returns. Secondly they said they don’t keep loans on the balance sheet, but when loan delinquencies increase third parties will require bigger spreads in interest rates. Investors should look at it like the loans are on the balance sheet.
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