Cross Roads CRSS.O
April 16, 2021 - 3:01pm EST by
chuplin1065
2021 2022
Price: 39.00 EPS 0 0
Shares Out. (in M): 6 P/E 0 0
Market Cap (in $M): 240 P/FCF 0 0
Net Debt (in $M): 0 EBIT 0 0
TEV (in $M): 240 TEV/EBIT 0 0

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Description

 

I wrote up CRSS three years ago. While I still believe in that fundamental thesis here is what's going on now. I had to Jack the ticker to let VIC let me post this.

 

I believe CRSS is worth between $100 -$200 a share.

 

Exhibit I

 

https://www.sba.gov/sites/default/files/2021-04/PPP_Report_Public_210411-508.pdf

 

Please sage Page 7

 

Exhibit II

 

https://www.sba.gov/sites/default/files/2021-02/Procedural%20Notice%205000-20091%20-%202nd%20Updated%20PPP%20Processing%20Fee%20and%201502%20Reporting-508.pdf

 

 

It’s real simple. PPP I went to big bad private equity guys. Maxine Waters and AOC didn’t like that. PPP 2 enlisted Credit Unions and CDFI (CRSS is a CDFI) to get $$$ into LMI (Low to Moderate Income Communities) communities, and to real “small biz”

CRSS teamed with a tech company Blue Acorn to process applications. Treasury gave CDFI a headstart.

Per the above report CRSS, via their sub Capital Plus Financial, has originated 360K loans through 4/11/2021

Using Exhibit II that will generate $2,500 * 360K = 900 million dollars in fees. Assume they keep 2/3, that means 600m in fees, oh and they have a $100 m NOL.

6m shares out. 600/6 = $100/shares + $20 for business = $120/share + ?

I think SBA is very happy because Capital Plus financial has the smallest average loan and likely the highest LMI penetration. F**** U JPM, and BAC

BTW there is still 60 days left in the PPP program.

BTW Insiders own 80% of the shares outstanding

BTW I own a lot of what’s left.

BTW I still think there core biz is worth $20 a share today and $50 in a few years

BTW. They are about to close on a bank deal

BTW Even though the stock was $10 buck on Monday and $40 today, it still a 3-5X from here.

BTW My wife asked if we could get the EPIC Season Passes for next year, and she said they were expensive. I said lets get them! :)

What am I missing?

 

 

I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise do not hold a material investment in the issuer's securities.

Catalyst

PPP II

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#
AUTHOR
DATE
SUBJECT
  108
finn520
10/11/21
Re: Another Bite at the Apple?
103    
  106
Light62
8/26/21
Re: Re: Paper on Potential PPP Fraud
105    
  103
Pop4Pres
7/28/21
Another Bite at the Apple?
 
  102
ahnuld
7/27/21
Re: Re: tax question
101    
  101
scott265
7/27/21
Re: tax question
100    
  97
Paradox
7/16/21
I believe the ex date is the 27th
 
  94
pcm983
7/16/21
Re: Re: Re: this is weird
93    
  92
ahnuld
7/16/21
Re: this is weird
91    
  88
ahnuld
7/08/21
Here comes the special Divy
 
  85
milehigh
6/15/21
Re: Re: CRSS April quarter report
84    
  83
taiidea
6/14/21
CRSS April quarter report
 
  79
chuplin1065
5/24/21
Re: Big Jump
78    
  78
otto695
5/24/21
Big Jump
 
  77
bafana901
5/20/21
Re: Article of Interest and new partner
76    
  71
Pop4Pres
5/06/21
Re: tweet stream
70    
  69
bafana901
5/06/21
Re: Re: Re: Blue Acorn and Cares Act
68    
  68
chuplin1065
5/05/21
Re: Re: Blue Acorn and Cares Act
67    
  67
otto695
5/05/21
Re: Blue Acorn and Cares Act
66    
  60
otto695
5/05/21
Re: The Paycheck Protection Program is out of money and closed to most new applications.
59    
  50
ahnuld
4/29/21
Re: Re: CUBI Earnings
49    
  44
pcm983
4/27/21
Re: reasonableness tests
43    
  40
bafana901
4/26/21
Flat again
 
  31
taiidea
4/20/21
Origination fee revenue share/split
 
  28
issambres839
4/19/21
NASDAQ uplisting?
 
  27
sabordesoledad
4/19/21
Re: Handful of incremental data points that might help clarify
26    
  26
Pop4Pres
4/19/21
Handful of incremental data points that might help clarify
 
  25
otto695
4/19/21
Re: new report, seems concerning/confusing...
24    
  18
chuplin1065
4/19/21
Re: Why the 360,000 loan num may very well be credible and headed meaningfully higher
17    
  17
otto695
4/18/21
Why the 360,000 loan num may very well be credible and headed meaningfully higher
 
  16
chuplin1065
4/18/21
Private equity and vc win again
 
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