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Elevate Credit, Inc.Informe acción NYSE:ELVT

Capitalización bursátil US$58.8m
Precio de las acciones
n/a
Mi valor justo
No disponible
1Y-43.3%
7D2.2%
1D
Valor de la cartera
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Elevate Credit, Inc.

Informe acción NYSE:ELVT

Capitalización de mercado: US$58.8m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Elevate Credit (ELVT) Resumen de Acciones

Elevate Credit, Inc. provides online credit solutions to non-prime consumers in the United States. Saber más

Análisis fundamental de ELVT
Puntuación del snowflake
Valoración4/6
Crecimiento futuro0/6
Rendimiento pasado0/6
Salud financiera5/6
Dividendos0/6

Recompensas

Cotiza un 59.7% por debajo de nuestra estimación de su valor justo

Análisis de riesgos

No tiene una capitalización de mercado significativa ($59M)

Actualmente no es rentable y no se prevé que lo sea en los próximos 3 años


ELVT Community Fair Values

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Competidores de Elevate Credit, Inc.

Historial de precios y rendimiento

Resumen de las cotizaciones máximas, mínimas y variaciones del Elevate Credit
Precios históricos de las acciones
Precio actual de la acciónUS$1.87
Máximo en las últimas 52 semanasUS$3.39
Mínimo de 52 semanasUS$0.67
Beta2.07
Cambio en 1 mes3.89%
Variación en 3 meses2.75%
Cambio de 1 año-43.33%
Variación en 3 años-42.81%
Variación en 5 años-74.70%
Variación desde la OPV-75.90%

Noticias y actualizaciones recientes

Seeking Alpha • Jan 12

Elevate Credit: High-Probability Merger Arb

Summary Definitive merger arb offering 19% annualized returns. Online-based subprime lender Elevate Credit is getting taken private by one of its creditors at $1.87/share. I expect ELVT’s shareholders to approve the merger given consideration’s large premium, fair valuation of the target as well as the company’s worsening operational performance. This is a definitive merger arb with a high probability of successful closing. The spread is quite tight, however, given expected closing within this quarter the IRR might be substantial. Meanwhile, the downside might be protected by previous acquisition interests by other third parties. Online-based subprime lender Elevate Credit (ELVT) is getting acquired by alternative debt-focused asset manager Park Cities Asset Management in a $67m transaction. Transaction consideration is $1.87/share in cash. Merger spread used to stand at minimal levels upon the announcement only to widen to around 6% since mid-December despite no transaction-related news. The spread has slightly contracted and now stands at 4%. Having said that, this spread translates to 19% annualized returns assuming merger closing in Q1'23 which is in line with the company's estimates. Author's Calculations The merger will require regulatory approvals and a nod from ELVT's shareholders. While approval from regulators is likely a formality given tiny transaction size, shareholder approval is also unlikely to be an issue. ELVT's management owns 10% of the company, 7% of which is expected to be rolled over into the acquiring entity. I expect the remaining shareholders to likewise support the transaction: Given macroeconomic headwinds and potential upcoming refinancing at much higher rates, the merger seems to make sense for the target company. The acquisition offer comes in light of ELVT's deteriorating operational performance in recent years amid a series of broader macroeconomic headwinds. Firstly, the COVID-induced stimulus payments in 2020 and 2021 as well as eased monetary policy have significantly reduced credit demand from credit-constrained customers. Not surprisingly, ELVT's combined loans receivables, revenue, and adjusted EBITDA all declined substantially in 2020-2021 compared to 2017-2019 levels. Secondly, the business has been impacted by significant macroeconomic headwinds since last year, including severe inflation. This has forced the company to tighten new loan underwritings as well as led to increasing charge-offs on previously issued loans. For reference, new customer growth rate was lower by 60% YoY as of Q3'22, meanwhile, TTM revenues and EBITDA have both stood materially below historical levels at $497m and $23m respectively. Lower loan volumes are complemented by borrowing/liquidity issues the company might be likely to face. While the majority of ELVT's debt has a fixed interest rate, the company's management has highlighted that most of the debt matures in Jan'24 ($519m out of $562m in total debt). Elevate Credit Q4'21 Investor Presentation. The merger seems to value the target quite fairly. At the offer price, ELVT fetches 0.35x P/B (5% EBITDA margins) - in line with where a similar-size ($184m market cap) and -margin peer Oportun Financial (NASDAQ:OPRT) is currently trading. Larger online-based subprime lenders trade at much higher multiples, including Curo Group (NYSE:CURO) and Enova International (NYSE:ENVA) - both trade at 1.1x-1.2x. However, these competitors have maintained much stronger post-COVID operational performance while boasting higher TTM EBITDA margins (14% for CURO and 26% for ENVA). Another data point is Enova's acquisition of On Deck Capital in Jul'20 in a transaction that valued the target at 0.4x P/B. Park Cities' offer comes at a 69% premium to unaffected share price levels. While ELVT is still valued significantly below share price levels seen prior to mid-2022, shareholders might not oppose an acquisition proposal at such a sizable premium. The risk of the buyer walking seems quite low here. Despite recent slowdown, it seems that ELVT's performance going forward might materially improve given significant growth runway. ELVT is an online-based loan provider in an industry which has seen decreasing yet still sizable market share of legacy physical-based competitors, such as Check Into Cash and Advance America (also referred to as payday loan providers). For reference, ELVT's larger competitor ENVA currently has only 1-2% market shares in the US subprime ($30bn TAM) and near-prime ($28bn) consumer loan markets. Another important aspect is that ELVT's management expects a recessionary environment to eventually increase demand for the company's products given tightening of credit supply from prime lenders. From ELVT's CEO during Q2'22 earnings call: What we saw historically in recessionary-like times is prime lenders are seeing to tighten up fast and loosen up slow. And so that makes higher credit quality consumers down into the space where we operate and the banks we work with operate. So it creates a unique opportunity. We see a little bit higher credit quality consumers come in the space that we can work with and lend to. And just recently, if we look at our FICO score distributions of applicants coming to the door, we are starting to see that already. So I think it gives us the opportunity to take a very broad market already and see that somewhat expand as more prime consumers are squeezed out of the prime market into our market. Park Cities Asset Management (PCAM) is an alternative credit manager focusing on private lending across specialty finance and fintech sectors. PCAM has provided two debt financing facilities for ELVT - for corporate purposes and for one of the company's credit products - since Oct'21. Notably, Park Cities was interested in acquiring the company during 2019-2020, albeit PCAM did not make any proposal back then. Nevertheless, it appears that PCAM is familiar with the Elevate business' dynamics and is now able to acquire it at an opportunistic time. Interestingly, prior to agreeing to a buyout by Park Cities, ELVT attracted buyout interest from numerous other potential acquirers. Merger proxy mentions contact with 15 third parties by Sep'22, with five of them entering into confidentiality agreements. Most notably, just a couple of weeks before the current definitive merger agreement in Nov'22, an undisclosed strategic player ("Party B") submitted a proposal valuing the target at $1.81/share (70% in cash/30% in stock). This suggests that in the unlikely case of the current deal breaking, there would be a non-zero probability of this party as well as other potential acquirers stepping in.
Seeking Alpha • Nov 16

Elevate Credit stock soars after hours after agreeing to be taken private in $67M deal

Elevate Credit (NYSE:ELVT) on Wednesday said it had agreed to be taken private by an affiliate of Park Cities Asset Management LLC in an all-cash deal at an implied value of $67M. Park Cities is an alternative asset manager that focuses on companies in the specialty finance and fintech sectors. Park Cities will acquire ELVT for $1.87 per share, which represents a 76.4% premium to ELVT's last closing price of $1.06. Shares of Elevate Credit (ELVT) advanced ~66% to $1.76 after hours. Fort Worth, Texas-based ELVT provides non-prime credit. According to the company, it has originated $10B in non-prime credit to more than 2.7M non-prime consumers. The deal, which was approved by ELVT's board, is expected to close in Q1 2023.

Recent updates

Seeking Alpha • Jan 12

Elevate Credit: High-Probability Merger Arb

Summary Definitive merger arb offering 19% annualized returns. Online-based subprime lender Elevate Credit is getting taken private by one of its creditors at $1.87/share. I expect ELVT’s shareholders to approve the merger given consideration’s large premium, fair valuation of the target as well as the company’s worsening operational performance. This is a definitive merger arb with a high probability of successful closing. The spread is quite tight, however, given expected closing within this quarter the IRR might be substantial. Meanwhile, the downside might be protected by previous acquisition interests by other third parties. Online-based subprime lender Elevate Credit (ELVT) is getting acquired by alternative debt-focused asset manager Park Cities Asset Management in a $67m transaction. Transaction consideration is $1.87/share in cash. Merger spread used to stand at minimal levels upon the announcement only to widen to around 6% since mid-December despite no transaction-related news. The spread has slightly contracted and now stands at 4%. Having said that, this spread translates to 19% annualized returns assuming merger closing in Q1'23 which is in line with the company's estimates. Author's Calculations The merger will require regulatory approvals and a nod from ELVT's shareholders. While approval from regulators is likely a formality given tiny transaction size, shareholder approval is also unlikely to be an issue. ELVT's management owns 10% of the company, 7% of which is expected to be rolled over into the acquiring entity. I expect the remaining shareholders to likewise support the transaction: Given macroeconomic headwinds and potential upcoming refinancing at much higher rates, the merger seems to make sense for the target company. The acquisition offer comes in light of ELVT's deteriorating operational performance in recent years amid a series of broader macroeconomic headwinds. Firstly, the COVID-induced stimulus payments in 2020 and 2021 as well as eased monetary policy have significantly reduced credit demand from credit-constrained customers. Not surprisingly, ELVT's combined loans receivables, revenue, and adjusted EBITDA all declined substantially in 2020-2021 compared to 2017-2019 levels. Secondly, the business has been impacted by significant macroeconomic headwinds since last year, including severe inflation. This has forced the company to tighten new loan underwritings as well as led to increasing charge-offs on previously issued loans. For reference, new customer growth rate was lower by 60% YoY as of Q3'22, meanwhile, TTM revenues and EBITDA have both stood materially below historical levels at $497m and $23m respectively. Lower loan volumes are complemented by borrowing/liquidity issues the company might be likely to face. While the majority of ELVT's debt has a fixed interest rate, the company's management has highlighted that most of the debt matures in Jan'24 ($519m out of $562m in total debt). Elevate Credit Q4'21 Investor Presentation. The merger seems to value the target quite fairly. At the offer price, ELVT fetches 0.35x P/B (5% EBITDA margins) - in line with where a similar-size ($184m market cap) and -margin peer Oportun Financial (NASDAQ:OPRT) is currently trading. Larger online-based subprime lenders trade at much higher multiples, including Curo Group (NYSE:CURO) and Enova International (NYSE:ENVA) - both trade at 1.1x-1.2x. However, these competitors have maintained much stronger post-COVID operational performance while boasting higher TTM EBITDA margins (14% for CURO and 26% for ENVA). Another data point is Enova's acquisition of On Deck Capital in Jul'20 in a transaction that valued the target at 0.4x P/B. Park Cities' offer comes at a 69% premium to unaffected share price levels. While ELVT is still valued significantly below share price levels seen prior to mid-2022, shareholders might not oppose an acquisition proposal at such a sizable premium. The risk of the buyer walking seems quite low here. Despite recent slowdown, it seems that ELVT's performance going forward might materially improve given significant growth runway. ELVT is an online-based loan provider in an industry which has seen decreasing yet still sizable market share of legacy physical-based competitors, such as Check Into Cash and Advance America (also referred to as payday loan providers). For reference, ELVT's larger competitor ENVA currently has only 1-2% market shares in the US subprime ($30bn TAM) and near-prime ($28bn) consumer loan markets. Another important aspect is that ELVT's management expects a recessionary environment to eventually increase demand for the company's products given tightening of credit supply from prime lenders. From ELVT's CEO during Q2'22 earnings call: What we saw historically in recessionary-like times is prime lenders are seeing to tighten up fast and loosen up slow. And so that makes higher credit quality consumers down into the space where we operate and the banks we work with operate. So it creates a unique opportunity. We see a little bit higher credit quality consumers come in the space that we can work with and lend to. And just recently, if we look at our FICO score distributions of applicants coming to the door, we are starting to see that already. So I think it gives us the opportunity to take a very broad market already and see that somewhat expand as more prime consumers are squeezed out of the prime market into our market. Park Cities Asset Management (PCAM) is an alternative credit manager focusing on private lending across specialty finance and fintech sectors. PCAM has provided two debt financing facilities for ELVT - for corporate purposes and for one of the company's credit products - since Oct'21. Notably, Park Cities was interested in acquiring the company during 2019-2020, albeit PCAM did not make any proposal back then. Nevertheless, it appears that PCAM is familiar with the Elevate business' dynamics and is now able to acquire it at an opportunistic time. Interestingly, prior to agreeing to a buyout by Park Cities, ELVT attracted buyout interest from numerous other potential acquirers. Merger proxy mentions contact with 15 third parties by Sep'22, with five of them entering into confidentiality agreements. Most notably, just a couple of weeks before the current definitive merger agreement in Nov'22, an undisclosed strategic player ("Party B") submitted a proposal valuing the target at $1.81/share (70% in cash/30% in stock). This suggests that in the unlikely case of the current deal breaking, there would be a non-zero probability of this party as well as other potential acquirers stepping in.
Seeking Alpha • Nov 16

Elevate Credit stock soars after hours after agreeing to be taken private in $67M deal

Elevate Credit (NYSE:ELVT) on Wednesday said it had agreed to be taken private by an affiliate of Park Cities Asset Management LLC in an all-cash deal at an implied value of $67M. Park Cities is an alternative asset manager that focuses on companies in the specialty finance and fintech sectors. Park Cities will acquire ELVT for $1.87 per share, which represents a 76.4% premium to ELVT's last closing price of $1.06. Shares of Elevate Credit (ELVT) advanced ~66% to $1.76 after hours. Fort Worth, Texas-based ELVT provides non-prime credit. According to the company, it has originated $10B in non-prime credit to more than 2.7M non-prime consumers. The deal, which was approved by ELVT's board, is expected to close in Q1 2023.
Seeking Alpha • Apr 12

Elevate Credit: Many Catalysts Behind The Corner

I believe ELVT is ready to surprise the market in the next earnings release as they monetize loan growth. The accounting policies will change, allowing them to report loans at fair value and thus boosting EPS while growing loans. The now-turned negative macro environment will benefit receivables growth. I remain bullish with a TP of $11.5.
Seeking Alpha • Nov 16

Elevate Credit: Silently Preparing To Surprise The Market In 2022

The market is not understanding the ELVT business model, underestimating 2022 by a lot, and being blind in front of a massive buyback campaign. The focus on near-prime credit is lowering their cost of funding, which will improve margins and sustain long-term growth of receivables. With a 2020 net income of $20 million, $500 million of receivables, and an APR above 95%, the current market cap of $120 million is underestimating even the poorest scenario. Management is aware of the undervaluation and bought back more than 30% of total outstanding shares since August 2019. The stock has a potential upside of more than 220% over the next 2 years, as the market could recognize its success in late 2022 or 2023.
Seeking Alpha • Jul 31

Elevate Credit: Low Risk, High Reward Undervalued Stock

Elevate is a deep value opportunity with incredible upside and a unique business model, positioned as a cheaper alternative to traditional short-term lending. I estimate a price target of $16 per share over a 5-year period. This would give the stock an upside of over 360% today. 360% upside sounds too good to be true - but after scrutinizing the downside and carefully reassessing the upside - I'm confident in the risk/reward. I estimate that Elevate will earn $30-70M in annual Owner's Earnings over the next 5 years - that's an incredible risk/reward with the current market cap of $130M.
Artículo de análisis • May 09

Here's Why I Think Elevate Credit (NYSE:ELVT) Is An Interesting Stock

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Artículo de análisis • Feb 06

Elevate Credit's (NYSE:ELVT) Stock Price Has Reduced 35% In The Past Three Years

It is a pleasure to report that the Elevate Credit, Inc. ( NYSE:ELVT ) is up 82% in the last quarter. But that cannot...
Artículo de análisis • Jan 02

Here's What Elevate Credit, Inc.'s (NYSE:ELVT) Shareholder Ownership Structure Looks Like

The big shareholder groups in Elevate Credit, Inc. ( NYSE:ELVT ) have power over the company. Institutions often own...

Rentabilidad de los accionistas

ELVTUS Consumer FinanceMercado US
7D2.2%2.0%1.5%
1Y-43.3%7.5%28.6%

Rentabilidad vs. Industria: Los resultados de ELVT fueron inferiores a los de la industria US Consumer Finance, que obtuvo un rendimiento del 7.5% el año pasado.

Rentabilidad vs. Mercado: ELVT obtuvo unos resultados inferiores a los del mercado US, que fueron del 28.6% el año pasado.

Volatilidad de los precios

Is ELVT's price volatile compared to industry and market?
ELVT volatility
ELVT Average Weekly Movement4.1%
Consumer Finance Industry Average Movement6.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.0%

Precio estable de las acciones: ELVT no ha tenido una volatilidad de precios significativa en los últimos 3 meses en comparación con el mercado US.

Volatilidad a lo largo del tiempo: La volatilidad semanal de ELVT ha disminuido de 12% a 4% en el último año.

Acerca de la empresa

FundadaEmpleadosCEOPágina web
2014436Jason Harvisonwww.elevate.com

Resumen de fundamentos de Elevate Credit, Inc.

¿Cómo se comparan los beneficios e ingresos de Elevate Credit con su capitalización de mercado?
Estadísticas fundamentales de ELVT
Capitalización bursátilUS$58.83m
Beneficios(TTM)-US$67.77m
Ingresos (TTM)US$497.00m
0.1x
Ratio precio-ventas (PS)
-0.9x
Ratio precio-beneficio (PE)

¿Está ELVT sobrevalorada?

Ver valor justo y análisis de valoración

Beneficios e Ingresos

Estadísticas clave de rentabilidad del último informe de resultados (TTM)
Cuenta de resultados (TTM) de ELVT
IngresosUS$497.00m
Coste de los ingresosUS$345.63m
Beneficio brutoUS$151.37m
Otros gastosUS$219.13m
Beneficios-US$67.77m

Últimos beneficios comunicados

Sep 30, 2022

Próxima fecha de beneficios

n/a

Beneficios por acción (BPA)-2.15
Margen bruto30.46%
Margen de beneficio neto-13.64%
Ratio deuda/patrimonio332.0%

¿Cómo se ha desempeñado ELVT a largo plazo?

Ver rendimiento histórico y comparativa

Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2023/03/01 13:56
Precio de las acciones al final del día2023/02/27 00:00
Beneficios2022/09/30
Ingresos anuales2021/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

Elevate Credit, Inc. está cubierta por 8 analistas. 2 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

AnalistaInstitución
Giuliano Anderes BolognaBTIG
David ScharfCitizens JMP Securities, LLC
John HechtJefferies LLC