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A-

Review of goeasy Ltd.

JUN 13, 2024 - Goeasy (GSY) is a leading non-prime consumer lender that offers leasing and lending products to Canadian consumers. It operates under three main brands: easyhome, easyfinancial, and LendCare. GSY is a well-established non-prime consumer lender that has a history of strong top-line sales growth through its high operating leverage, which in turn allows it to lend out more credit. Due to its long-term resilience, reasonable valuation, continued high growth levels, and ability to gain market share, we are increasing our rating by one notch to an ‘A-‘.

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Q: Perhaps am looking for unicorns. I have some money to deploy and I am looking for companies that have the balance sheet to ride out the current situation whether it lasts another two months or >12 months. My basic criteria were those potentially undervalued, dividend over 3%, div growth of at least 5% and a decent payout ratio. Any suggestions appreciated, thanks for your help.
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Q: I'm considering taking a position in the sub-prime Canadian lenders. Between Propel and Goeasy, which one would you choose to maximize total returns given the current market price? Is there an advantage in holding both with a (50/50) position? Planned holding period is 3 to 5 years.

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André
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