Intrinsic value of FirstCash - FCFS

Previous Close

$93.70

  Intrinsic Value

$2.93

stock screener

  Rating & Target

str. sell

-97%

Previous close

$93.70

 
Intrinsic value

$2.93

 
Up/down potential

-97%

 
Rating

str. sell

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

We calculate the intrinsic value of FCFS 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 2017), $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 4.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  2,848
  4,400
  6,580
  9,548
  13,471
  18,519
  24,858
  32,640
  42,000
  53,049
  65,875
  80,539
  97,076
  115,502
  135,810
  157,979
  181,979
  207,770
  235,310
  264,558
  295,476
  328,032
  362,201
  397,966
  435,324
  474,279
  514,847
  557,055
  600,942
  646,557
Variable operating expenses, $m
  2,394
  3,648
  5,410
  7,808
  10,977
  15,057
  20,179
  26,467
  34,030
  42,958
  53,229
  65,078
  78,441
  93,329
  109,739
  127,652
  147,045
  167,885
  190,138
  213,772
  238,755
  265,061
  292,670
  321,570
  351,757
  383,233
  416,014
  450,119
  485,582
  522,440
Fixed operating expenses, $m
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  55
  56
  57
  58
  60
  61
  62
  64
  65
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
  83
Total operating expenses, $m
  2,438
  3,693
  5,456
  7,855
  11,025
  15,106
  20,229
  26,518
  34,082
  43,011
  53,284
  65,134
  78,498
  93,387
  109,799
  127,713
  147,107
  167,949
  190,203
  213,838
  238,823
  265,130
  292,741
  321,642
  351,831
  383,309
  416,091
  450,198
  485,663
  522,523
Operating income, $m
  410
  707
  1,125
  1,693
  2,445
  3,414
  4,629
  6,122
  7,918
  10,038
  12,591
  15,405
  18,578
  22,114
  26,011
  30,266
  34,872
  39,821
  45,107
  50,720
  56,654
  62,902
  69,459
  76,324
  83,493
  90,970
  98,756
  106,857
  115,280
  124,035
EBITDA, $m
  689
  1,088
  1,648
  2,410
  3,419
  4,717
  6,348
  8,349
  10,757
  13,600
  16,899
  20,672
  24,927
  29,668
  34,893
  40,598
  46,773
  53,409
  60,496
  68,022
  75,978
  84,355
  93,147
  102,351
  111,964
  121,988
  132,427
  143,288
  154,581
  166,319
Interest expense (income), $m
  19
  23
  42
  71
  111
  166
  238
  331
  448
  592
  765
  969
  1,205
  1,476
  1,781
  2,121
  2,496
  2,905
  3,348
  3,824
  4,332
  4,871
  5,442
  6,043
  6,673
  7,333
  8,023
  8,741
  9,490
  10,269
  11,079
Earnings before tax, $m
  388
  665
  1,054
  1,582
  2,280
  3,175
  4,298
  5,674
  7,326
  9,273
  11,623
  14,200
  17,103
  20,333
  23,890
  27,770
  31,967
  36,474
  41,283
  46,388
  51,782
  57,460
  63,417
  69,650
  76,160
  82,947
  90,014
  97,367
  105,011
  112,956
Tax expense, $m
  105
  180
  285
  427
  616
  857
  1,160
  1,532
  1,978
  2,504
  3,138
  3,834
  4,618
  5,490
  6,450
  7,498
  8,631
  9,848
  11,146
  12,525
  13,981
  15,514
  17,122
  18,806
  20,563
  22,396
  24,304
  26,289
  28,353
  30,498
Net income, $m
  283
  486
  769
  1,155
  1,664
  2,318
  3,138
  4,142
  5,348
  6,769
  8,485
  10,366
  12,485
  14,843
  17,440
  20,272
  23,336
  26,626
  30,137
  33,863
  37,801
  41,946
  46,294
  50,845
  55,597
  60,552
  65,711
  71,078
  76,658
  82,458

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,720
  4,203
  6,285
  9,119
  12,866
  17,688
  23,742
  31,175
  40,115
  50,668
  62,918
  76,923
  92,719
  110,317
  129,713
  150,887
  173,810
  198,443
  224,747
  252,682
  282,212
  313,307
  345,941
  380,102
  415,782
  452,988
  491,735
  532,049
  573,966
  617,533
Adjusted assets (=assets-cash), $m
  2,720
  4,203
  6,285
  9,119
  12,866
  17,688
  23,742
  31,175
  40,115
  50,668
  62,918
  76,923
  92,719
  110,317
  129,713
  150,887
  173,810
  198,443
  224,747
  252,682
  282,212
  313,307
  345,941
  380,102
  415,782
  452,988
  491,735
  532,049
  573,966
  617,533
Revenue / Adjusted assets
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
Average production assets, $m
  1,863
  2,878
  4,304
  6,244
  8,810
  12,111
  16,257
  21,347
  27,468
  34,694
  43,082
  52,672
  63,488
  75,538
  88,819
  103,318
  119,014
  135,881
  153,893
  173,021
  193,241
  214,533
  236,879
  260,270
  284,702
  310,178
  336,710
  364,314
  393,016
  422,848
Working capital, $m
  308
  475
  711
  1,031
  1,455
  2,000
  2,685
  3,525
  4,536
  5,729
  7,115
  8,698
  10,484
  12,474
  14,667
  17,062
  19,654
  22,439
  25,413
  28,572
  31,911
  35,427
  39,118
  42,980
  47,015
  51,222
  55,603
  60,162
  64,902
  69,828
Total debt, $m
  753
  1,264
  1,983
  2,961
  4,253
  5,917
  8,006
  10,570
  13,654
  17,295
  21,521
  26,353
  31,802
  37,874
  44,565
  51,871
  59,779
  68,277
  77,352
  86,990
  97,178
  107,905
  119,164
  130,950
  143,259
  156,095
  169,463
  183,371
  197,833
  212,863
Total liabilities, $m
  938
  1,450
  2,168
  3,146
  4,439
  6,102
  8,191
  10,755
  13,840
  17,480
  21,707
  26,539
  31,988
  38,059
  44,751
  52,056
  59,964
  68,463
  77,538
  87,175
  97,363
  108,091
  119,350
  131,135
  143,445
  156,281
  169,649
  183,557
  198,018
  213,049
Total equity, $m
  1,782
  2,753
  4,117
  5,973
  8,427
  11,585
  15,551
  20,420
  26,275
  33,188
  41,211
  50,385
  60,731
  72,258
  84,962
  98,831
  113,845
  129,980
  147,209
  165,507
  184,849
  205,216
  226,592
  248,967
  272,337
  296,707
  322,087
  348,492
  375,948
  404,484
Total liabilities and equity, $m
  2,720
  4,203
  6,285
  9,119
  12,866
  17,687
  23,742
  31,175
  40,115
  50,668
  62,918
  76,924
  92,719
  110,317
  129,713
  150,887
  173,809
  198,443
  224,747
  252,682
  282,212
  313,307
  345,942
  380,102
  415,782
  452,988
  491,736
  532,049
  573,966
  617,533
Debt-to-equity ratio
  0.420
  0.460
  0.480
  0.500
  0.500
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
Adjusted equity ratio
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  283
  486
  769
  1,155
  1,664
  2,318
  3,138
  4,142
  5,348
  6,769
  8,485
  10,366
  12,485
  14,843
  17,440
  20,272
  23,336
  26,626
  30,137
  33,863
  37,801
  41,946
  46,294
  50,845
  55,597
  60,552
  65,711
  71,078
  76,658
  82,458
Depreciation, amort., depletion, $m
  279
  380
  523
  717
  973
  1,304
  1,718
  2,227
  2,839
  3,562
  4,308
  5,267
  6,349
  7,554
  8,882
  10,332
  11,901
  13,588
  15,389
  17,302
  19,324
  21,453
  23,688
  26,027
  28,470
  31,018
  33,671
  36,431
  39,302
  42,285
Funds from operations, $m
  562
  866
  1,292
  1,872
  2,638
  3,622
  4,856
  6,369
  8,187
  10,331
  12,793
  15,633
  18,834
  22,397
  26,322
  30,604
  35,237
  40,214
  45,526
  51,165
  57,125
  63,399
  69,982
  76,872
  84,067
  91,569
  99,382
  107,509
  115,960
  124,743
Change in working capital, $m
  115
  168
  235
  320
  424
  545
  685
  840
  1,011
  1,193
  1,385
  1,584
  1,786
  1,990
  2,193
  2,394
  2,592
  2,785
  2,974
  3,159
  3,339
  3,516
  3,690
  3,863
  4,035
  4,207
  4,381
  4,559
  4,740
  4,926
Cash from operations, $m
  446
  698
  1,057
  1,552
  2,214
  3,076
  4,171
  5,529
  7,176
  9,138
  11,408
  14,049
  17,048
  20,407
  24,129
  28,210
  32,645
  37,428
  42,552
  48,007
  53,786
  59,883
  66,292
  73,009
  80,033
  87,362
  95,000
  102,951
  111,220
  119,816
Maintenance CAPEX, $m
  -116
  -186
  -288
  -430
  -624
  -881
  -1,211
  -1,626
  -2,135
  -2,747
  -3,469
  -4,308
  -5,267
  -6,349
  -7,554
  -8,882
  -10,332
  -11,901
  -13,588
  -15,389
  -17,302
  -19,324
  -21,453
  -23,688
  -26,027
  -28,470
  -31,018
  -33,671
  -36,431
  -39,302
New CAPEX, $m
  -699
  -1,015
  -1,426
  -1,941
  -2,566
  -3,302
  -4,146
  -5,090
  -6,121
  -7,226
  -8,388
  -9,590
  -10,816
  -12,050
  -13,281
  -14,499
  -15,696
  -16,867
  -18,011
  -19,128
  -20,220
  -21,291
  -22,346
  -23,391
  -24,432
  -25,476
  -26,531
  -27,604
  -28,702
  -29,832
Cash from investing activities, $m
  -815
  -1,201
  -1,714
  -2,371
  -3,190
  -4,183
  -5,357
  -6,716
  -8,256
  -9,973
  -11,857
  -13,898
  -16,083
  -18,399
  -20,835
  -23,381
  -26,028
  -28,768
  -31,599
  -34,517
  -37,522
  -40,615
  -43,799
  -47,079
  -50,459
  -53,946
  -57,549
  -61,275
  -65,133
  -69,134
Free cash flow, $m
  -369
  -503
  -657
  -819
  -976
  -1,106
  -1,186
  -1,187
  -1,080
  -835
  -450
  151
  965
  2,008
  3,294
  4,829
  6,618
  8,660
  10,952
  13,489
  16,263
  19,267
  22,492
  25,930
  29,574
  33,416
  37,451
  41,675
  46,086
  50,682
Issuance/(repayment) of debt, $m
  351
  511
  718
  978
  1,293
  1,664
  2,089
  2,564
  3,084
  3,641
  4,226
  4,832
  5,449
  6,071
  6,692
  7,305
  7,908
  8,498
  9,075
  9,638
  10,188
  10,728
  11,259
  11,785
  12,310
  12,836
  13,368
  13,908
  14,461
  15,031
Issuance/(repurchase) of shares, $m
  386
  485
  595
  701
  790
  840
  828
  727
  508
  143
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  737
  996
  1,313
  1,679
  2,083
  2,504
  2,917
  3,291
  3,592
  3,784
  4,226
  4,832
  5,449
  6,071
  6,692
  7,305
  7,908
  8,498
  9,075
  9,638
  10,188
  10,728
  11,259
  11,785
  12,310
  12,836
  13,368
  13,908
  14,461
  15,031
Total cash flow (excl. dividends), $m
  368
  494
  656
  860
  1,107
  1,398
  1,731
  2,104
  2,512
  2,949
  3,776
  4,983
  6,414
  8,080
  9,985
  12,134
  14,526
  17,158
  20,027
  23,127
  26,451
  29,995
  33,751
  37,716
  41,883
  46,252
  50,819
  55,584
  60,548
  65,713
Retained Cash Flow (-), $m
  -669
  -971
  -1,364
  -1,856
  -2,454
  -3,158
  -3,966
  -4,868
  -5,855
  -6,912
  -8,024
  -9,173
  -10,346
  -11,527
  -12,704
  -13,869
  -15,014
  -16,135
  -17,229
  -18,298
  -19,342
  -20,367
  -21,376
  -22,375
  -23,371
  -24,370
  -25,379
  -26,405
  -27,456
  -28,537
Prev. year cash balance distribution, $m
  362
  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
  4
  6
  9
  13
  19
  27
  37
  50
  65
  84
  106
  132
  161
  194
  231
  272
  316
  364
  416
  471
  529
  591
  656
  724
  796
  871
  949
  1,030
  1,114
  1,202
Cash available for distribution, $m
  61
  -477
  -708
  -997
  -1,348
  -1,761
  -2,234
  -2,764
  -3,343
  -3,964
  -4,248
  -4,190
  -3,932
  -3,447
  -2,719
  -1,735
  -488
  1,024
  2,798
  4,829
  7,109
  9,628
  12,376
  15,341
  18,513
  21,882
  25,439
  29,178
  33,092
  37,177
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
  58
  -437
  -616
  -821
  -1,044
  -1,278
  -1,510
  -1,728
  -1,921
  -2,078
  -2,017
  -1,788
  -1,495
  -1,157
  -798
  -441
  -106
  188
  431
  614
  735
  799
  811
  781
  720
  638
  546
  451
  361
  280
Current shareholders' claim on cash, %
  89.6
  82.1
  76.6
  72.4
  69.4
  67.1
  65.6
  64.5
  64.0
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9
  63.9

FirstCash, Inc., formerly First Cash Financial Services, Inc., is an operator of retail-based pawn stores in the United States and Latin America. The Company's primary business is the operation of full-service pawn stores, which make small pawn loans secured by personal property, such as consumer electronics, jewelry, power tools, household appliances, sporting goods and musical instruments. The Company's operates through two segments: the U.S. operations segment and the Latin America operations segment. The U.S. operations segment consists of all pawn and consumer loan operations in the United States and the Latin America operations segment consists of all pawn and consumer loan operations in Latin America, which includes operations in Mexico, Guatemala and El Salvador. In addition, some of the Company's pawn stores offer small unsecured consumer loans or credit services products. The Company also operates consumer finance stores in Texas and Mexico.

FINANCIAL RATIOS  of  FirstCash (FCFS)

Valuation Ratios
P/E Ratio 75.8
Price to Sales 4.2
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 46.9
Price to Free Cash Flow 72.1
Growth Rates
Sales Growth Rate 54.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.9%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 31.5%
Total Debt to Equity 31.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 6.4%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 55.6%
Gross Margin - 3 Yr. Avg. 55.8%
EBITDA Margin 13.2%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 10.2%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 8.5%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 5.5%
Net Profit Margin - 3 Yr. Avg. 8.7%
Effective Tax Rate 35.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.2%
Payout Ratio 33.3%

FCFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FCFS stock intrinsic value calculation we used $1780 million for the last fiscal year's total revenue generated by FirstCash. The default revenue input number comes from 2017 income statement of FirstCash. 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 FCFS stock valuation model: a) initial revenue growth rate of 60% 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 FCFS is calculated based on our internal credit rating of FirstCash, 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 FirstCash.
    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 FCFS stock the variable cost ratio is equal to 86%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $43 million in the base year in the intrinsic value calculation for FCFS 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 5.6% for FirstCash.

Corporate tax rate of 27% is the nominal tax rate for FirstCash. 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 FCFS stock is equal to 0.2%.

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 FCFS are equal to 65.4%.

Life of production assets of 10 years is the average useful life of capital assets used in FirstCash 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 FCFS is equal to 10.8%. 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 - $1475 million for FirstCash - 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 47 million for FirstCash 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 FirstCash at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ Is FirstCash Inc (NYSE:FCFS) A Sell At Its Current PE Ratio?   [Jun-22-18 03:51PM  Simply Wall St.]
▶ Fed Set to Hike Rate: 5 Financial Stocks to Bet On   [Jun-13-18 10:45AM  InvestorPlace]
▶ 5 Stocks Benefitting from a Gutted CFPB   [Mar-30-18 07:30AM  InvestorPlace]
▶ When Should You Buy FirstCash Inc (NYSE:FCFS)?   [Feb-01-18 10:29AM  Simply Wall St.]
▶ ETFs with exposure to FirstCash, Inc. : December 26, 2017   [Dec-26-17 11:30AM  Capital Cube]
▶ ETFs with exposure to FirstCash, Inc. : December 14, 2017   [Dec-14-17 01:21PM  Capital Cube]
▶ 3 Trades to Generate Monthly Income Selling Puts   [Nov-16-17 10:58AM  InvestorPlace]
▶ At $64.5, Is It Time To Sell FirstCash Inc (FCFS)?   [Nov-06-17 02:12PM  Simply Wall St.]
▶ First Cash Financial Services posts 3Q profit   [Oct-26-17 06:35AM  Associated Press]
▶ OneMain Shows Improved Relative Strength; Still Shy Of Benchmark   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ OneMain Getting Closer To Key Technical Benchmark   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to FirstCash, Inc. : June 2, 2017   [Jun-02-17 02:07PM  Capital Cube]
▶ ETFs with exposure to FirstCash, Inc. : May 19, 2017   [May-19-17 01:53PM  Capital Cube]
▶ First Cash Financial Services posts 1Q profit   [Apr-27-17 06:32AM  Associated Press]
▶ ETFs with exposure to FirstCash, Inc. : April 7, 2017   [Apr-07-17 04:32PM  Capital Cube]
▶ Is FirstCash, Inc. (FCFS) Worthy of Your Portfolio?   [Dec-11-16 03:07PM  Insider Monkey]
▶ ETFs with exposure to FirstCash, Inc. : December 2, 2016   [Dec-02-16 10:45AM  Capital Cube]
▶ Jefferies Top Stocks to Buy May Have Market-Moving Catalysts   [Sep-29-16 10:35AM  at 24/7 Wall St.]
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