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#	AUTHOR DATE SUBJECT
12	member 1/27/22 4:25PM Re: Re: SLM Update 11
Hi zbeex - yes I think your math is right on a GAAP and reporting basis, but on an economic basis the reserve should really be amortized over the life of the loan, right? So... login to read the rest view available tags
10	member 1/27/22 3:02PM SLM Update
In March, 2020, Jonathan Witter started his new job as CEO of SLM Corp. On his first day he gave every member of his executive team a copy of "The Outsiders". Two years later, he... login to read the rest 2 view available tags
9	member 2/26/21 3:33PM Quick update
SLM presented at the CSFB Financial Services Forum this morning. Here are a few take-aways (with my thoughts in parentheses): 1. 4Q20 market share was 61.5%, up 7.5% from 3Q's self-reported 54%. (A result of Wells... login to read the rest 1 view available tags
8	member 1/30/21 2:04PM Re: Re: Re: Re: Loan consolidation/refi economics 7
Hi Teton, Thank you for the comments. Things are playing out as anticipated, albeit quicker. The competitive environment is excellent right now with Wells leaving the market and others flat...in only a four player market. SLM... login to read the rest 1 view available tags
7	member 1/29/21 8:35AM Re: Re: Re: Loan consolidation/refi economics 6
Great call Supernova. Have you updated your view or still thinking high teens? And how are you valuing the ~$1.50/sh of core earnings vs the ~$0.80/sh of gain? Lastly, how are you thinking about the size view available tags
6	member 9/18/20 10:07PM Re: Re: Loan consolidation/refi economics 5
Thanks for the detailed response, Supernova - hope all is well. It's an interesting dynamic between SLM and Sofi/Earnest/et al. Makes a lot of sense - thanks for sharing! view available tags
5	member 9/17/20 11:00AM Re: Loan consolidation/refi economics 4
Hi Woop, It's good to hear from you. The difference in pricing is pretty significant because by the time the consolidation lender is refinancing the loan the credit risk is much lower. The consolidators can cherry... login to read the rest 3 view available tags
4	member 9/16/20 6:06PM Loan consolidation/refi economics
Great writeup - thanks for all the detail and the valuation looks great. Quick question on loan consolidation economics - and apologies for being new to the space: What is the best way to think... login to read the rest view available tags
2	member 9/15/20 11:24AM Re: Private College Quality 1
Hi Johnny, Thanks for the questions. I think your instincts are generally correct. From 2010-2018 the number of four-year public colleges declined from 2,870 to 2,828 (but peaking at 3,039 in 2013). Thats a 7% decline... login to read the rest 2 view available tags
1	member 9/15/20 1:57AM Private College Quality
Supernova - Thanks for an interesting idea. It seems that a big driver of their book (and asset sales / buybacks) going forward is loans to students at private universities and I had a few... login to read the rest view available tags

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			2013	2014
Price:	8.25	EPS	$101.00	$125.00
Shares Out. (in M):	33	P/E	8.2x	6.6x
Market Cap (in $M):	274	P/FCF	8.2x	6.6x
Net Debt (in $M):	77	EBIT	50	0
TEV (in $M):	352	TEV/EBIT	0.0x	0.0x

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