Loading...
ELVT logo

Elevate Credit, Inc.NYSE:ELVT 株式レポート

時価総額 US$58.8m
株価
n/a
私の公正価値
n/a
1Y-43.3%
7D2.2%
1D
ポートフォリオ価値
​
表示

Elevate Credit, Inc.

NYSE:ELVT 株式レポート

時価総額：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）株式概要

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

ELVT ファンダメンタル分析
スノーフレーク・スコア
評価4/6
将来の成長0/6
過去の実績0/6
財務の健全性5/6
配当金0/6

報酬

当社が推定した公正価値より59.7%で取引されている

リスク分析

意味のある時価総額がありません ( $59M )

現在は利益が出ておらず、今後3年間で利益が出る見込みはない


ELVT Community Fair Values

Create Narrative

See what others think this stock is worth. Follow their fair value or set your own to get alerts.

View all narratives

Elevate Credit, Inc. 競合他社

価格と性能

株価の高値、安値、推移の概要Elevate Credit
過去の株価
現在の株価US$1.87
52週高値US$3.39
52週安値US$0.67
ベータ2.07
1ヶ月の変化3.89%
3ヶ月変化2.75%
1年変化-43.33%
3年間の変化-42.81%
5年間の変化-74.70%
IPOからの変化-75.90%

最新ニュース

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.
分析記事 • 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...
分析記事 • 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...
分析記事 • 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...

株主還元

ELVTUS Consumer FinanceUS 市場
7D2.2%1.6%1.8%
1Y-43.3%5.9%28.4%

業界別リターン: ELVT過去 1 年間で5.9 % の収益を上げたUS Consumer Finance業界を下回りました。

リターン対市場: ELVTは、過去 1 年間で28.4 % のリターンを上げたUS市場を下回りました。

価格変動

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 Market16.7%
10% least volatile stocks in US Market3.0%

安定した株価: ELVT 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。

時間の経過による変動: ELVTの 週次ボラティリティ は、過去 1 年間で12%から4%に減少しました。

会社概要

設立従業員CEO（最高経営責任者ウェブサイト
2014436Jason Harvisonwww.elevate.com

Elevate Credit, Inc. 基礎のまとめ

Elevate Credit の収益と売上を時価総額と比較するとどうか。
ELVT 基礎統計学
時価総額US$58.83m
収益（TTM）-US$67.77m
売上高(TTM)US$497.00m
0.1x
P/Sレシオ
-0.9x
PER（株価収益率

ELVT は割高か？

公正価値と評価分析を参照

収益と収入

最新の決算報告書（TTM）に基づく主な収益性統計
ELVT 損益計算書（TTM）
収益US$497.00m
売上原価US$345.63m
売上総利益US$151.37m
その他の費用US$219.13m
収益-US$67.77m

直近の収益報告

Sep 30, 2022

次回決算日

該当なし

一株当たり利益（EPS）-2.15
グロス・マージン30.46%
純利益率-13.64%
有利子負債／自己資本比率332.0%

ELVT の長期的なパフォーマンスは？

過去の実績と比較を見る

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2023/03/01 23:45
終値2023/02/27 00:00
収益2022/09/30
年間収益2021/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。

シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

Elevate Credit, Inc. 2 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。8

アナリスト機関
Giuliano Anderes BolognaBTIG
David ScharfCitizens JMP Securities, LLC
John HechtJefferies LLC