Intrinsic value of Ezcorp Cl A - EZPW

Previous Close

$12.25

  Intrinsic Value

$6.78

stock screener

  Rating & Target

sell

-45%

Previous close

$12.25

 
Intrinsic value

$6.78

 
Up/down potential

-45%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as EZPW.

We calculate the intrinsic value of EZPW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.33
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  748
  766
  786
  809
  834
  862
  892
  924
  958
  996
  1,035
  1,078
  1,123
  1,171
  1,222
  1,275
  1,332
  1,393
  1,456
  1,523
  1,594
  1,669
  1,747
  1,830
  1,918
  2,010
  2,106
  2,208
  2,315
  2,428
  2,546
Variable operating expenses, $m
 
  746
  765
  787
  810
  836
  864
  894
  926
  961
  999
  1,010
  1,052
  1,097
  1,144
  1,195
  1,248
  1,304
  1,364
  1,427
  1,493
  1,563
  1,637
  1,714
  1,796
  1,882
  1,973
  2,068
  2,168
  2,274
  2,385
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  694
  746
  765
  787
  810
  836
  864
  894
  926
  961
  999
  1,010
  1,052
  1,097
  1,144
  1,195
  1,248
  1,304
  1,364
  1,427
  1,493
  1,563
  1,637
  1,714
  1,796
  1,882
  1,973
  2,068
  2,168
  2,274
  2,385
Operating income, $m
  54
  20
  21
  23
  24
  26
  28
  30
  32
  34
  37
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  116
  122
  127
  133
  140
  147
  154
  161
EBITDA, $m
  78
  84
  86
  88
  91
  94
  98
  101
  105
  109
  113
  118
  123
  128
  134
  139
  146
  152
  159
  167
  174
  183
  191
  200
  210
  220
  230
  241
  253
  266
  278
Interest expense (income), $m
  9
  28
  29
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  46
  48
  50
  53
  56
  58
  61
  65
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
Earnings before tax, $m
  43
  -8
  -8
  -7
  -7
  -6
  -5
  -5
  -4
  -3
  -3
  27
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
Tax expense, $m
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  7
  7
  8
  8
  8
  9
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
Net income, $m
  32
  -8
  -8
  -7
  -7
  -6
  -5
  -5
  -4
  -3
  -3
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  164
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,024
  748
  768
  790
  815
  841
  871
  902
  936
  972
  1,011
  1,053
  1,097
  1,143
  1,193
  1,246
  1,301
  1,360
  1,422
  1,488
  1,557
  1,630
  1,707
  1,787
  1,873
  1,962
  2,057
  2,156
  2,261
  2,371
  2,487
Adjusted assets (=assets-cash), $m
  860
  748
  768
  790
  815
  841
  871
  902
  936
  972
  1,011
  1,053
  1,097
  1,143
  1,193
  1,246
  1,301
  1,360
  1,422
  1,488
  1,557
  1,630
  1,707
  1,787
  1,873
  1,962
  2,057
  2,156
  2,261
  2,371
  2,487
Revenue / Adjusted assets
  0.870
  1.024
  1.023
  1.024
  1.023
  1.025
  1.024
  1.024
  1.024
  1.025
  1.024
  1.024
  1.024
  1.024
  1.024
  1.023
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.023
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
Average production assets, $m
  90
  352
  362
  372
  384
  396
  410
  425
  441
  458
  476
  496
  517
  539
  562
  587
  613
  641
  670
  701
  733
  768
  804
  842
  882
  924
  969
  1,016
  1,065
  1,117
  1,171
Working capital, $m
  508
  158
  162
  167
  172
  178
  184
  190
  197
  205
  213
  222
  231
  241
  252
  263
  274
  287
  300
  314
  328
  344
  360
  377
  395
  414
  434
  455
  477
  500
  525
Total debt, $m
  285
  293
  303
  314
  326
  339
  353
  369
  386
  404
  423
  443
  465
  488
  513
  539
  567
  596
  626
  659
  693
  729
  767
  807
  849
  894
  941
  990
  1,042
  1,096
  1,153
Total liabilities, $m
  362
  370
  380
  391
  403
  417
  431
  447
  463
  481
  501
  521
  543
  566
  591
  617
  644
  673
  704
  736
  771
  807
  845
  885
  927
  971
  1,018
  1,067
  1,119
  1,174
  1,231
Total equity, $m
  662
  378
  388
  399
  411
  425
  440
  456
  473
  491
  511
  532
  554
  577
  602
  629
  657
  687
  718
  751
  786
  823
  862
  903
  946
  991
  1,039
  1,089
  1,142
  1,197
  1,256
Total liabilities and equity, $m
  1,024
  748
  768
  790
  814
  842
  871
  903
  936
  972
  1,012
  1,053
  1,097
  1,143
  1,193
  1,246
  1,301
  1,360
  1,422
  1,487
  1,557
  1,630
  1,707
  1,788
  1,873
  1,962
  2,057
  2,156
  2,261
  2,371
  2,487
Debt-to-equity ratio
  0.431
  0.770
  0.780
  0.790
  0.790
  0.800
  0.800
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
Adjusted equity ratio
  0.579
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  32
  -8
  -8
  -7
  -7
  -6
  -5
  -5
  -4
  -3
  -3
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
Depreciation, amort., depletion, $m
  24
  64
  65
  66
  67
  68
  70
  71
  73
  75
  76
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  106
  112
  117
Funds from operations, $m
  30
  56
  57
  59
  61
  62
  64
  66
  69
  71
  74
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  104
  109
  114
  119
  125
  130
  136
  143
  149
  157
Change in working capital, $m
  -22
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  52
  52
  53
  54
  55
  57
  58
  60
  62
  63
  65
  60
  63
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
Maintenance CAPEX, $m
  0
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -102
  -106
  -112
New CAPEX, $m
  -19
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
Cash from investing activities, $m
  -7
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -107
  -113
  -118
  -124
  -130
  -136
  -144
  -151
  -158
  -166
Free cash flow, $m
  45
  10
  9
  8
  7
  6
  5
  4
  3
  2
  1
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
Issuance/(repayment) of debt, $m
  54
  8
  10
  11
  12
  13
  14
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
Issuance/(repurchase) of shares, $m
  0
  17
  18
  18
  19
  20
  20
  21
  21
  22
  22
  1
  2
  3
  3
  4
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
Cash from financing (excl. dividends), $m  
  53
  25
  28
  29
  31
  33
  34
  37
  38
  40
  41
  21
  24
  26
  28
  30
  33
  35
  38
  39
  42
  45
  48
  51
  54
  57
  61
  64
  69
  72
  76
Total cash flow (excl. dividends), $m
  99
  35
  36
  37
  38
  38
  39
  40
  41
  42
  43
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
Retained Cash Flow (-), $m
  -67
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -58
Prev. year cash balance distribution, $m
 
  294
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
Cash available for distribution, $m
 
  311
  18
  19
  19
  19
  19
  19
  20
  20
  21
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  298
  17
  16
  15
  15
  14
  13
  12
  12
  11
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.5
  91.2
  87.1
  83.1
  79.4
  75.8
  72.4
  69.1
  66.1
  63.2
  63.1
  62.8
  62.5
  62.1
  61.7
  61.2
  60.7
  60.1
  59.5
  58.8
  58.2
  57.4
  56.7
  56.0
  55.2
  54.4
  53.6
  52.8
  52.0
  51.2

EZCORP, Inc. provides pawn loans in the United States and Mexico, and consumer loans in Mexico. The Company operates through three segments: U.S. Pawn, which includes its EZPAWN, Value Pawn & Jewelry and other branded pawn operations in the United States; Mexico Pawn, which includes its Empeno Facil pawn operations and cash converters buy/sell store operations in Mexico, and Other International, which includes its CASHMAX financial services operations in Canada and its equity interest in Cash Converters International. It offers pawn loans, which are non-recourse loans, collateralized by tangible property, and it sells merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers at its pawn stores. The Company operates 21 pawn stores in the Mexican state of Sinaloa under the brand name Bazareno.

FINANCIAL RATIOS  of  Ezcorp Cl A (EZPW)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 0.9
Price to Book 1
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 20.2
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 90%
Cap. Spend. - 3 Yr. Gr. Rate -3.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 43.1%
Total Debt to Equity 43.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. -2.6%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. -4.8%
Return On Equity 5.1%
Return On Equity - 3 Yr. Avg. -6.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 58.3%
Gross Margin - 3 Yr. Avg. 57.6%
EBITDA Margin 10.2%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin 7.2%
Oper. Margin - 3 Yr. Avg. 1.3%
Pre-Tax Margin 5.7%
Pre-Tax Margin - 3 Yr. Avg. -1.1%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. -6.4%
Effective Tax Rate 25.6%
Eff/ Tax Rate - 3 Yr. Avg. 15.6%
Payout Ratio 0%

EZPW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EZPW stock intrinsic value calculation we used $748 million for the last fiscal year's total revenue generated by Ezcorp Cl A. The default revenue input number comes from 2017 income statement of Ezcorp Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EZPW stock valuation model: a) initial revenue growth rate of 2.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EZPW is calculated based on our internal credit rating of Ezcorp Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ezcorp Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EZPW stock the variable cost ratio is equal to 97.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for EZPW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 9.8% for Ezcorp Cl A.

Corporate tax rate of 27% is the nominal tax rate for Ezcorp Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EZPW stock is equal to 1.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EZPW are equal to 46%.

Life of production assets of 10 years is the average useful life of capital assets used in Ezcorp Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EZPW is equal to 20.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $662 million for Ezcorp Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 54 million for Ezcorp Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ezcorp Cl A at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ New Strong Sell Stocks for July 3rd   [Jul-03-18 09:29AM  Zacks]
▶ EZCORP Acquires 40 Additional Pawn Stores in Mexico   [Jun-25-18 04:05PM  Business Wire]
▶ EZCORP Acquires 23 Pawn Stores in Mexico   [Jun-11-18 05:19PM  Business Wire]
▶ The 3 Best Stocks to Invest in Right Now   [May-24-18 09:47AM  InvestorPlace]
▶ Passengers of Honduras plane crash were from US pawn company   [May-23-18 01:19PM  Associated Press]
▶ Austin businessmen among 6 injured in Honduras plane crash   [08:44AM  American City Business Journals]
▶ EZCORP Confirms Airplane Accident on Landing in Honduras   [May-22-18 07:24PM  Business Wire]
▶ Ezcorp: Fiscal 2Q Earnings Snapshot   [May-03-18 05:11AM  Associated Press]
▶ EZCORP Reports 47% Increase in Second Quarter Net Income   [May-02-18 04:44PM  Business Wire]
▶ Should You Send In Class Action Security Claims Forms?   [Apr-19-18 03:44PM  InvestorPlace]
▶ Ezcorp posts 1Q profit   [Jan-31-18 05:40PM  Associated Press]
▶ This Debt Disaster Is Making a Comeback   [Jan-26-18 07:21AM  Motley Fool]
▶ Former EZCorp exec named CEO at Rent-A-Center   [Jan-04-18 01:55PM  American City Business Journals]
▶ ETFs with exposure to EZCORP, Inc. : December 19, 2017   [Dec-19-17 12:57PM  Capital Cube]
▶ New Highs: Two Stocks Pose Question, Hold Or Cash In?   [Dec-06-17 04:16PM  Investor's Business Daily]
▶ ETFs with exposure to EZCORP, Inc. : November 20, 2017   [Nov-20-17 12:25PM  Capital Cube]
▶ EZCORP, Inc. Class A to Host Earnings Call   [Nov-16-17 06:50AM  ACCESSWIRE]
▶ Ezcorp posts 4Q profit   [Nov-15-17 05:49PM  Associated Press]
▶ ETFs with exposure to EZCORP, Inc. : October 10, 2017   [Oct-10-17 11:24AM  Capital Cube]
▶ EZCORP Restructures Repayment Arrangement With AlphaCredit   [Oct-03-17 04:42PM  GlobeNewswire]
▶ Ezcorp posts 3Q profit   [Jul-31-17 10:24PM  Associated Press]
▶ 5 Surprising Uses for Gold and How to Invest in Them   [Jul-19-17 08:05AM  Motley Fool]
▶ EZCORP Completes Offering of Convertible Notes Due 2024   [Jul-06-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to EZCORP, Inc. : June 15, 2017   [Jun-15-17 01:53PM  Capital Cube]
▶ ETFs with exposure to EZCORP, Inc. : May 8, 2017   [May-08-17 04:31PM  Capital Cube]
▶ Ezcorp posts 2Q profit   [05:02AM  Associated Press]
▶ EZCORP Announces Second Quarter Fiscal 2017 Results   [May-03-17 05:09PM  GlobeNewswire]
▶ ETFs with exposure to EZCORP, Inc. : April 7, 2017   [Apr-07-17 04:30PM  Capital Cube]
▶ 3 Stocks That Tripled   [Feb-24-17 09:11AM  Motley Fool]
▶ 3 Stocks That Tripled   [09:11AM  at Motley Fool]
▶ Ezcorp posts 1Q profit   [05:00AM  Associated Press]
▶ EZCORP Announces First Quarter Fiscal 2017 Results   [Feb-02-17 09:07PM  GlobeNewswire]
Financial statements of EZPW
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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