EZ Corp EZPW
November 14, 2018 - 10:03am EST by
member
| 2018 | 2019 | ||||||
| Price: | 9.16 | EPS | 0 | 0 | |||
| Shares Out. (in M): | 56 | P/E | 0 | 0 | |||
| Market Cap (in $M): | 511 | P/FCF | 0 | 0 | |||
| Net Debt (in $M): | 225 | EBIT | 0 | 0 | |||
| TEV (in $M): | 643 | TEV/EBIT | 0 | 0 | |||
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| # | AUTHOR DATE SUBJECT |
|---|---|
| 40 | |
Really just speculation on my part honestly. He just started a year ago and might not like working in the industry - but if he did, and assuming he's reasonably competent, why wouldn't he evolve... login to read the rest | |
| 39 | |
XDS68,
WHat indications do you see that Phil COhen's son is being groomed to take this over? I havent seen any of that. Following call a coleague and I spoke to CFO Chism and didnt get... login to read the rest | |
| 38 | |
I think CFO Daniel Chism is perfectly competent and knows the industry well, having worked for EZCP, then started his own pawn shops, then sold out to EZCP (kind of strange progression, but whatever) -
I think... login to read the rest | |
| 37 | |
How do you feel about Rotunda leaving? I understand he only planned on staying temporarily to whip the operations back into shape and likely to teach Grimshaw, but it still stings to see him go. | |
| 36 | |
the bar for improved corporate governance here is so low that anything at all should be considered meaningfully positive. These new board members appear to be much higher quality than previous board members. that being... login to read the rest | |
| 34 | |
AUSTIN, Texas--(BUSINESS WIRE)--EZCORP, Inc. (NASDAQ: EZPW) today announced that it will retire at maturity its $195 million aggregate principal amount of 2.125% Cash Convertible Senior Notes Due 2019 (the “2019 Notes”) using cash on hand.... login to read the rest | |
| 33 | |
as always, clarity would be nice, but it is important to note that they don't HAVE to rely on capital markets to finance M&A.
from today's call "We also remain committed to an annual growth of... login to read the rest | |
| 32 | |
CEO continues to avoid clarifying how they might finance M&A on earnings call ('we're looking at that now'...more or less what he said at investor day) - I just don't see how they raise capital short of... login to read the rest | |
| 31 | |
sell side on this name is just a ridiculous example of the tail wagging the dog.
stock has gotten smashed for no fundamental reason, and analysts are scrambling to figure out which line item in their... login to read the rest | |
| 29 | |
you can start with share count, which admittedly accelerates as the converts come in the money, but the share count he is using implies that the stock trades at almost $16 (100% upside) for the... login to read the rest | |
| 27 | |
sell side report riddled with short term thinking and model errors cut estimates for 2019 | |
| 26 | |
big down move this AM in an up small cap tape - all I can think of is they are going to roll the convert with a too low strike - is there news I'm | |
| 25 | |
Hi AIFL - you said, "on top of the 38% year 1 increase in EBITDA, they still expect PBT to double from here... that seems unreasonable to me but what do I know I guess."
i... login to read the rest | |
| 24 | |
Thanks for the answers. You're right, most of the discrepancy on my end was that I was taking GPMX as a normalized case. From what I can recall, they didn't release any metrics for the... login to read the rest | |
| 23 | |
Hi AIFL - i will try to answer your questions below
1) i'm not sure i am understanding you properly here. What I can say is that they paid up for GPMX, so the year 1... login to read the rest | |
| 22 | |
MJS,
I've got some questions about the assumptions embedded in the ROIC targets in the presentation - the 12% for the GPMX vs 25% target for acquisitions.
- They have a chart laying out acquisition vs legacy... login to read the rest | |
| 21 | |
to paraphrase a conference call transcript that is pretty spotty, CEO Grimshaw said "I don't have any plans to issue any new converts at all." In one on one sessions he also said, "i realize that... login to read the rest | |
| 20 | |
agree it was interesting presentation and was interested in the progress they are making with their systems
that said, CEO Grimshaw seems to really be hedging as regards the converts - I took his comments to... login to read the rest | |
| 19 | |
Last week EZPW hosted an investor day that provided some important new details. I think the whole deck and transcript are worth going through, but for key highlights i would note:
- increased focus on ROIC: ... login to read the rest | |
| 18 | |
Helpful, thanks | |
| 16 | |
MJS -
Do you know how management is defining "Delivered first year ROIC on GPMX acquisition of 12%. On track for year 3 ROIC of >15%" from their most recent presentation? | |
| 15 | |
Hi XDS - thank you for the pushback. I am not a lawyer, and my research has indicated that there is a bit of a gray area when it comes to super-voting shares being entitled... login to read the rest | |
| 14 | |
ps, that should say 'some non-control shares into the hands of mgt'... | |
| 13 | |
Where I slightly disagree is that I don't know that it's irrational for Cohen to think that in an eventual sale voting control is more important than 100% ownership - so a buyer could come in... login to read the rest | |
| 12 | |
In theory, the 2 classes are fully aligned. Most notably, up until a few years ago Cohen was pulling a few million dollars out of the business a year as "consulting fees," which were basically... login to read the rest | |
| 11 | |
I guess the larger issue, which you mention in your writeup, is the extent to which interests of the two share classes are aligned - if Cohen sees his control shares as benefitting from scale and... login to read the rest | |
| 10 | |
Given is Cohen's right hand man. As best as I can tell, Cohen hired him years ago as a junior banker, and they have been together ever since. If you look at Given's bio, you... login to read the rest | |
| 9 | |
btw, what is the incentive do you think for Cohen supporting the high chairman pay? After all, Given isn't his family (is he?), essentially would appear to just be overpaying a third party at the... login to read the rest | |
| 8 | |
That would be great if Cohen was eventually a seller. I did notice his son was hired - hopefully that doesn't enter into the calculus. | |
| 7 | |
both FCFS and EZPW have acknowledged off the record that eventually it makes sense for them to merge. they further acknwoledge that there is an open line of communication between them. With 10,000+ pawn stores... login to read the rest | |