Intrinsic value of Ezcorp Cl A - EZPW

Previous Close

$12.25

  Intrinsic Value

$1.57

stock screener

  Rating & Target

str. sell

-87%

Previous close

$12.25

 
Intrinsic value

$1.57

 
Up/down potential

-87%

 
Rating

str. sell

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.53
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  731
  746
  763
  782
  804
  829
  856
  885
  916
  950
  987
  1,026
  1,067
  1,112
  1,159
  1,209
  1,262
  1,318
  1,377
  1,440
  1,506
  1,576
  1,649
  1,727
  1,809
  1,895
  1,985
  2,081
  2,181
  2,287
  2,398
Variable operating expenses, $m
 
  789
  807
  827
  849
  874
  902
  932
  964
  999
  1,036
  1,051
  1,093
  1,139
  1,187
  1,238
  1,292
  1,350
  1,410
  1,475
  1,542
  1,614
  1,689
  1,769
  1,852
  1,941
  2,033
  2,131
  2,234
  2,342
  2,456
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
  712
  789
  807
  827
  849
  874
  902
  932
  964
  999
  1,036
  1,051
  1,093
  1,139
  1,187
  1,238
  1,292
  1,350
  1,410
  1,475
  1,542
  1,614
  1,689
  1,769
  1,852
  1,941
  2,033
  2,131
  2,234
  2,342
  2,456
Operating income, $m
  18
  -43
  -44
  -44
  -45
  -46
  -46
  -47
  -48
  -48
  -49
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
EBITDA, $m
  47
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
Interest expense (income), $m
  19
  22
  22
  23
  24
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  42
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
Earnings before tax, $m
  0
  -65
  -66
  -68
  -69
  -71
  -72
  -74
  -76
  -79
  -81
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
Tax expense, $m
  9
  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
Net income, $m
  -81
  -65
  -66
  -68
  -69
  -71
  -72
  -74
  -76
  -79
  -81
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  983
  936
  957
  982
  1,009
  1,040
  1,073
  1,110
  1,150
  1,192
  1,238
  1,287
  1,339
  1,395
  1,454
  1,517
  1,583
  1,653
  1,728
  1,806
  1,889
  1,977
  2,069
  2,167
  2,269
  2,377
  2,491
  2,611
  2,737
  2,869
  3,009
Adjusted assets (=assets-cash), $m
  917
  936
  957
  982
  1,009
  1,040
  1,073
  1,110
  1,150
  1,192
  1,238
  1,287
  1,339
  1,395
  1,454
  1,517
  1,583
  1,653
  1,728
  1,806
  1,889
  1,977
  2,069
  2,167
  2,269
  2,377
  2,491
  2,611
  2,737
  2,869
  3,009
Revenue / Adjusted assets
  0.797
  0.797
  0.797
  0.796
  0.797
  0.797
  0.798
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
Average production assets, $m
  97
  98
  101
  103
  106
  109
  113
  117
  121
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  275
  288
  302
  317
Working capital, $m
  387
  327
  335
  343
  353
  364
  376
  388
  402
  417
  433
  450
  469
  488
  509
  531
  554
  578
  605
  632
  661
  692
  724
  758
  794
  832
  872
  913
  958
  1,004
  1,053
Total debt, $m
  246
  254
  263
  273
  285
  298
  312
  328
  344
  362
  382
  402
  424
  448
  473
  499
  528
  557
  589
  622
  657
  694
  733
  774
  818
  864
  912
  962
  1,016
  1,072
  1,131
Total liabilities, $m
  388
  396
  405
  415
  427
  440
  454
  470
  486
  504
  524
  544
  566
  590
  615
  641
  670
  699
  731
  764
  799
  836
  875
  916
  960
  1,006
  1,054
  1,104
  1,158
  1,214
  1,273
Total equity, $m
  595
  540
  552
  566
  582
  600
  619
  640
  663
  688
  714
  743
  773
  805
  839
  875
  913
  954
  997
  1,042
  1,090
  1,141
  1,194
  1,250
  1,309
  1,372
  1,437
  1,506
  1,579
  1,656
  1,736
Total liabilities and equity, $m
  983
  936
  957
  981
  1,009
  1,040
  1,073
  1,110
  1,149
  1,192
  1,238
  1,287
  1,339
  1,395
  1,454
  1,516
  1,583
  1,653
  1,728
  1,806
  1,889
  1,977
  2,069
  2,166
  2,269
  2,378
  2,491
  2,610
  2,737
  2,870
  3,009
Debt-to-equity ratio
  0.413
  0.470
  0.480
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
Adjusted equity ratio
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -81
  -65
  -66
  -68
  -69
  -71
  -72
  -74
  -76
  -79
  -81
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
Depreciation, amort., depletion, $m
  29
  34
  34
  34
  34
  34
  35
  35
  35
  36
  36
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Funds from operations, $m
  75
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -114
  -120
  -126
Change in working capital, $m
  11
  6
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
Cash from operations, $m
  64
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -99
  -104
  -110
  -115
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
Maintenance CAPEX, $m
  0
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
New CAPEX, $m
  -10
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
Cash from investing activities, $m
  7
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -18
  -18
  -20
  -20
  -21
  -22
  -23
  -25
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
Free cash flow, $m
  71
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -204
  -215
Issuance/(repayment) of debt, $m
  -47
  8
  9
  10
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
Issuance/(repurchase) of shares, $m
  -12
  76
  79
  82
  85
  88
  92
  95
  99
  103
  108
  87
  91
  96
  102
  107
  113
  119
  125
  132
  139
  147
  154
  163
  171
  180
  190
  200
  210
  221
  233
Cash from financing (excl. dividends), $m  
  -63
  84
  88
  92
  97
  101
  106
  110
  116
  121
  127
  108
  113
  120
  127
  134
  141
  149
  156
  165
  174
  184
  193
  204
  214
  226
  238
  251
  263
  277
  292
Total cash flow (excl. dividends), $m
  7
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
Retained Cash Flow (-), $m
  73
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -87
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -147
  -154
  -163
  -171
  -180
  -190
  -200
  -210
  -221
  -233
Prev. year cash balance distribution, $m
 
  66
  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
 
  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
Cash available for distribution, $m
 
  26
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -141
  -148
  -156
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  24
  -37
  -36
  -35
  -33
  -32
  -30
  -29
  -27
  -25
  -23
  -21
  -19
  -17
  -15
  -13
  -12
  -10
  -8
  -7
  -6
  -4
  -4
  -3
  -2
  -1
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  88.6
  78.4
  69.2
  61.1
  53.8
  47.3
  41.6
  36.5
  32.0
  28.1
  25.4
  22.8
  20.5
  18.5
  16.6
  14.9
  13.3
  11.9
  10.6
  9.5
  8.5
  7.6
  6.7
  6.0
  5.4
  4.8
  4.2
  3.8
  3.3
  3.0

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.

FINANCIAL RATIOS  of  Ezcorp Cl A (EZPW)

Valuation Ratios
P/E Ratio -8.2
Price to Sales 0.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 12.3
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -58.3%
Cap. Spend. - 3 Yr. Gr. Rate -26.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 41.3%
Total Debt to Equity 41.3%
Interest Coverage 1
Management Effectiveness
Return On Assets -5.7%
Ret/ On Assets - 3 Yr. Avg. -5.5%
Return On Total Capital -9.6%
Ret/ On T. Cap. - 3 Yr. Avg. -7.9%
Return On Equity -12.8%
Return On Equity - 3 Yr. Avg. -10.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 58.5%
Gross Margin - 3 Yr. Avg. 57%
EBITDA Margin 6.6%
EBITDA Margin - 3 Yr. Avg. 3.7%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. -0.6%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -2.7%
Net Profit Margin -11.1%
Net Profit Margin - 3 Yr. Avg. -10.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 27.9%
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 $731 million for the last fiscal year's total revenue generated by Ezcorp Cl A. The default revenue input number comes from 2016 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% 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 5.5%, 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 105.9%.

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 8.8% 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 0%.

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 13.2%.

Life of production assets of 12.1 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 43.9%. 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 - $595 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 54.296 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.

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LOAN Manhattan Brid 5.80 3.79  sell

COMPANY NEWS

▶ 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]
▶ ETFs with exposure to EZCORP, Inc. : January 20, 2017   [Jan-20-17 01:15PM  Capital Cube]
▶ The 10 Best Contrarian Stocks to Buy in the New Year   [Jan-05-17 11:00AM  Kiplinger]
▶ 10 Good Stocks That Are Flying Under the Radar   [Dec-30-16 08:30AM  at Kiplinger]
▶ What Smart Money Thinks about EZCORP Inc (EZPW)?   [Dec-05-16 01:33PM  at Insider Monkey]
▶ EZCORP Completes Sale of Grupo Finmart   [Sep-28-16 09:25AM  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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