Buy Or Sell Opportunity • Jul 21
Now 22% undervalued Over the last 90 days, the stock has risen 44% to €38.80. The fair value is estimated to be €49.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Jul 08
PROG Holdings, Inc. to Report Q2, 2026 Results on Jul 29, 2026 PROG Holdings, Inc. announced that they will report Q2, 2026 results Pre-Market on Jul 29, 2026 Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €40.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Consumer Finance industry in Europe. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €50.67 per share. Announcement • May 09
PROG Holdings, Inc. Announces Board Changes PROG Holdings, Inc. announced that its Board of Directors has named Steve Michaels, the Company’s President and Chief Executive Officer, to the additional position of Chairman of the Board. Steve Michaels succeeds Ray Robinson, who has been appointed Lead Independent Director. Announcement • May 08
PROG Holdings, Inc. announces Quarterly dividend, payable on June 02, 2026 PROG Holdings, Inc. announced Quarterly dividend of USD 0.1400 per share payable on June 02, 2026, ex-date on May 19, 2026 and record date on May 19, 2026. Announcement • May 01
Prog Holdings, Inc. Revises Earnings Guidance for the Fiscal Year 2026 PROG Holdings, Inc. revised earnings guidance for the fiscal year 2026. For the year, the company expects revenues from continuing operations to be between USD 3,000,000,000 to USD 3,100,000,000 compared to previous guidance of USD 2,950,000,000 to USD 3,070,000,000. Net earnings from continuing operations to be between USD 150,500,000 and USD 166,000,000 compared to previous guidance of USD 132,000,000 and USD 155,000,000. Diluted EPS from continuing operations to be between USD 3.68 and USD 4.06 per share compared to previous guidance of USD 3.34 and USD 3.79 per share. Announcement • Apr 08
PROG Holdings, Inc. to Report Q1, 2026 Results on Apr 29, 2026 PROG Holdings, Inc. announced that they will report Q1, 2026 results Pre-Market on Apr 29, 2026 Announcement • Mar 27
PROG Holdings, Inc., Annual General Meeting, May 06, 2026 PROG Holdings, Inc., Annual General Meeting, May 06, 2026. Location: little america hotel, 500 main street, utah 84101, salt lake city United States Announcement • Mar 10
PROG Holdings, Inc. Updates Earnings Guidance for the Full Year 2026 PROG Holdings, Inc. updated earnings guidance for the Full Year 2026. For the full year, the company now expects PROG Holdings - Total Revenues from Continuing Operations of $2,950,000,000 to $3,070,000,000 as compared to $3,020,000,000 to $3,140,000,000 previously forecasted. In connection with the Company’s acquisition of Purchasing Power in January 2026, the Company will be applying revenue recognition standard ASC 606, which the Company believes will primarily result in changes to revenue reported for Purchasing Power’s Travel and Service product categories. Announcement • Feb 26
PROG Holdings, Inc. Declares Quarterly Cash Dividend, Payable on March 24, 2026 PROG Holdings, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.14 per share of common stock, payable on March 24, 2026 to shareholders of record as of the close of business on March 12, 2026. This dividend amount is an increase of 7.7% compared to the quarterly cash dividend of $0.13 per share previously paid by the Company. Announcement • Feb 18
PROG Holdings, Inc. Provides Earnings Guidance for the First Quarter Ending March 31, 2026 and Full Year 2026 PROG Holdings, Inc. provided earnings guidance for the first quarter ending March 31, 2026 and Full Year 2026. For the quarter, the company expected PROG Holdings - Total Revenues from Continuing Operations of $715,000,000 to $745,000,000; PROG Holdings - Net Earnings from Continuing Operations of $9,000,000 to $17,000,000; PROG Holdings - Diluted EPS from Continuing Operations of $0.22 to $0.42.
For the full year, the expected PROG Holdings - Total Revenues from Continuing Operations of $3,020,000,000 to $3,140,000,000; PROG Holdings - Net Earnings from Continuing Operations of $132,000,000 to $155,000,000; PROG Holdings - Diluted EPS from Continuing Operations of $3.34 to $3.79. Announcement • Jan 29
PROG Holdings, Inc. to Report Q4, 2025 Results on Feb 18, 2026 PROG Holdings, Inc. announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Feb 18, 2026 Announcement • Dec 02
PROG Holdings, Inc. (NYSE:PRG) entered into an agreement to acquire Purchasing Power, LLC for $420 million. PROG Holdings, Inc. (NYSE:PRG) entered into an agreement to acquire Purchasing Power, LLC for $420 million on December 1, 2025. A cash consideration of $420 million will be paid by PROG Holdings, Inc. As part of consideration, $420 million is paid towards common equity of Purchasing Power, LLC. The transaction will be funded through a combination of cash on hand and debt financing.
The transaction is subject to approval by regulatory board / committee, the expiration or termination of the waiting period applicable to the consummation of the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and the satisfaction of other customary closing conditions. The expected completion of the transaction is in early 2026.
Stephens Inc. acted as financial advisor for PROG Holdings, Inc. King & Spalding LLP acted as legal advisor for PROG Holdings, Inc. Kirkland & Ellis LLP acted as legal advisor for Purchasing Power, LLC. Barclays Capital Inc. acted as financial advisor for Purchasing Power, LLC. Announcement • Nov 07
PROG Holdings, Inc. Declares Quarterly Dividend, Payable on December 2, 2025 PROG Holdings, Inc. announced its Board of Directors declared a quarterly cash dividend of $0.13 per share of common stock, payable on December 2, 2025, to shareholders of record as of the close of business on November 18, 2025. Announcement • Oct 01
PROG Holdings, Inc. to Report Q3, 2025 Results on Oct 22, 2025 PROG Holdings, Inc. announced that they will report Q3, 2025 results Pre-Market on Oct 22, 2025 Announcement • Aug 07
PROG Holdings, Inc. Declares Quarterly Cash Dividend, Payable on September 4, 2025 PROG Holdings, Inc. announced its Board of Directors declared a quarterly cash dividend of $0.13 per share of common stock, payable on September 4, 2025, to shareholders of record as of the close of business on August 19, 2025. Announcement • Jul 23
PROG Holdings, Inc. Revises Earnings Guidance for the Full Year 2025 PROG Holdings, Inc. revised earnings guidance for the full year 2025. For the year, the company revises total revenue of $2,450,000,000 to $2,500,000,000 compared to previous outlook of $2,425,000,000 compared to $2,500,000,000, Net earnings of $120,000,000 to $125,000,000 compared to previous outlook of $109,000,000 to $125,000,000 and Diluted EPS of $2.91 to $3.06 compared to previous outlook of $2.62 to $3.01. Announcement • Jul 02
PROG Holdings, Inc. to Report Q2, 2025 Results on Jul 23, 2025 PROG Holdings, Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 23, 2025 Announcement • May 08
PROG Holdings, Inc. Declares Quarterly Cash Dividend, Payable on June 3, 2025 PROG Holdings, Inc. announced its Board of Directors declared a quarterly cash dividend of $0.13 per share of common stock, payable on June 3, 2025, to shareholders of record as of the close of business on May 20, 2025. Announcement • Apr 03
PROG Holdings, Inc. to Report Q1, 2025 Results on Apr 23, 2025 PROG Holdings, Inc. announced that they will report Q1, 2025 results Pre-Market on Apr 23, 2025 Announcement • Mar 28
PROG Holdings, Inc., Annual General Meeting, May 07, 2025 PROG Holdings, Inc., Annual General Meeting, May 07, 2025. Location: the grand america hotel, 555 south main street, utah 84111, salt lake city United States Announcement • Feb 28
PROG Holdings, Inc. Declares Quarterly Cash Dividend, Payable on March 25, 2025 PROG Holdings, Inc. announced its Board of Directors declared a quarterly cash dividend of $0.13 per share of common stock, payable on March 25, 2025, to shareholders of record as of the close of business on March 13, 2025. Announcement • Feb 21
PROG Holdings, Inc. Provides Consolidated Earnings Guidance for the First Quarter Ending March 31, 2025 and Full Year Ending December 31, 2025 PROG Holdings, Inc. provided consolidated earnings guidance for the first quarter ending March 31, 2025 and full year ending December 31, 2025. For the quarter, the company expects total revenues to be between $665,000,000 to $685,000,000. Net earnings to be between $28,000,000 to $32,000,000. Diluted EPS to be between $0.73 to $0.78.
For the full year, the company expects total revenues to be between $2,515,000,000 to $2,590,000,000. Net earnings to be between $115,500,000 to $133,500,000. Diluted EPS to be between $2.82 to $3.22. Announcement • Jan 28
PROG Holdings, Inc. to Report Q4, 2024 Results on Feb 19, 2025 PROG Holdings, Inc. announced that they will report Q4, 2024 results Pre-Market on Feb 19, 2025 Recent Insider Transactions • Nov 14
Co-Founder & Director recently sold €3.6m worth of stock On the 11th of November, Curtis Doman sold around 80k shares on-market at roughly €45.62 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Curtis' only on-market trade for the last 12 months. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks High level of debt (59% net debt to equity). Large one-off items impacting financial results. Announcement • Nov 13
PROG Holdings, Inc. Announces Board Appointments PROG Holdings, Inc. announced the appointment of Robert Julian and Daniela Mielke to its Board of Directors. About Robert Julian: Robert Julian brings over 30 years of experience as a financial executive within Fortune 500 companies. Prior to his retirement in January 2024, Mr. Julian served as the Chief Financial Officer of TheRealReal, Inc., where he was responsible for developing and shaping company strategy and driving profitable growth. Prior to TheRealReal, Mr. Julian was Executive Vice President and Chief Financial Officer at Sportsman’s Warehouse, from 2019 to 2021, and Executive Vice President and Chief Financial Officer and Treasurer, at Deluxe Entertainment Services Group, from 2017 to 2018. Previously in his career, Mr. Julian held senior financial roles for Callaway Golf Company, Lydall Inc., Rockwell International, Honeywell, Cisco Systems, Fisher Scientific and Legrand S.A. Mr. Julian also serves on the board of directors of Shoals Technologies Group, Inc. Daniela Mielke: Daniela Mielke brings over 25 years of leadership experience in digital payments, fintech, and e-commerce. Ms. Mielke is the Managing Partner of Commerce Technology Advisors, LLC. Prior to founding Commerce Technology Advisors, Ms. Mielke served as the North American CEO of RS2 Inc. Previously in her career, Ms. Mielke held senior strategic roles for Vantiv, Inc., PayPal Holdings, Inc. and Visa International. Ms. Mielke also serves on the board of directors of WisdomTree, Inc. and Nuvei. Buy Or Sell Opportunity • Nov 08
Now 24% undervalued Over the last 90 days, the stock has risen 20% to €43.80. The fair value is estimated to be €57.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 0.3% per annum over the same time period. Announcement • Nov 08
PROG Holdings, Inc. Declares Quarterly Cash Dividend, Payable on December 3, 2024 PROG Holdings, Inc. announced its Board of Directors declared a quarterly cash dividend of $0.12 per share of common stock, payable on December 3, 2024, to shareholders of record as of the close of business on November 19, 2024. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: US$1.99 (vs US$0.77 in 3Q 2023) Third quarter 2024 results: EPS: US$1.99 (up from US$0.77 in 3Q 2023). Revenue: US$606.1m (up 4.0% from 3Q 2023). Net income: US$84.0m (up 140% from 3Q 2023). Profit margin: 14% (up from 6.0% in 3Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Oct 23
Prog Holdings, Inc. Updates Its Full Year 2024 Outlook PROG Holdings, Inc. updated its full year 2024 outlook. For the period, the company now expects the Total Revenues from $2,440,000,000 to $2,460,000,000 against $2,400,000,000 to $2,450,000,000 as previously expected. Net Earnings from $165,500,000 to $170,500,000 against $110,500,000 against $116,000,000 as previously expected. Diluted EPS from $3.82 to $3.92 against $2.52 to $2.68 as previously expected. Announcement • Oct 01
PROG Holdings, Inc. to Report Q3, 2024 Results on Oct 23, 2024 PROG Holdings, Inc. announced that they will report Q3, 2024 results on Oct 23, 2024 Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. Independent Director Ray Martinez was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 13
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 03 September 2024. Payout ratio is a comfortable 9.7% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.3%). Announcement • Aug 09
PROG Holdings, Inc. Declares Quarterly Dividend, Payable on September 3, 2024 PROG Holdings, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.12 per share of common stock payable on September 3, 2024, to shareholders of record on the close of business on August 20, 2024. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to €41.40, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Consumer Finance industry in Europe. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €52.10 per share. New Risk • Jul 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (59% net debt to equity). Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: US$0.79 (vs US$0.80 in 2Q 2023) Second quarter 2024 results: EPS: US$0.79 (down from US$0.80 in 2Q 2023). Revenue: US$592.2m (flat on 2Q 2023). Net income: US$33.8m (down 9.3% from 2Q 2023). Profit margin: 5.7% (down from 6.3% in 2Q 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Jul 04
PROG Holdings, Inc. to Report Q2, 2024 Results on Jul 24, 2024 PROG Holdings, Inc. announced that they will report Q2, 2024 results Pre-Market on Jul 24, 2024 Announcement • May 16
PROG Holdings, Inc. Declares Quarterly Cash Dividend, Payable on June 11, 2024 PROG Holdings, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.12 per share payable on June 11, 2024, to shareholders of record on the close of business on May 28, 2024. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.50 (vs US$1.00 in 1Q 2023) First quarter 2024 results: EPS: US$0.50 (down from US$1.00 in 1Q 2023). Revenue: US$641.9m (down 2.0% from 1Q 2023). Net income: US$22.0m (down 54% from 1Q 2023). Profit margin: 3.4% (down from 7.3% in 1Q 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Apr 04
PROG Holdings, Inc. to Report Q1, 2024 Results on Apr 24, 2024 PROG Holdings, Inc. announced that they will report Q1, 2024 results Pre-Market on Apr 24, 2024 Upcoming Dividend • Mar 06
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 28 March 2024. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (6.4%). Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: US$3.02 (vs US$1.90 in FY 2022) Full year 2023 results: EPS: US$3.02 (up from US$1.90 in FY 2022). Revenue: US$2.41b (down 7.3% from FY 2022). Net income: US$138.8m (up 41% from FY 2022). Profit margin: 5.8% (up from 3.8% in FY 2022). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 10% per year. Announcement • Jan 26
PROG Holdings, Inc. Updates Earnings Guidance for the Full Year 2023 PROG Holdings, Inc. updated earnings guidance for the full year 2023. For the period, Company expects Total revenues to meet or slightly exceed the high-end of the full-year 2023 outlook. Announcement • Jan 25
PROG Holdings, Inc. to Report Q4, 2023 Results on Feb 21, 2024 PROG Holdings, Inc. announced that they will report Q4, 2023 results Pre-Market on Feb 21, 2024 New Risk • Oct 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risks High level of debt (50% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: US$0.77 (vs US$0.32 in 3Q 2022) Third quarter 2023 results: EPS: US$0.77 (up from US$0.32 in 3Q 2022). Revenue: US$582.9m (down 6.9% from 3Q 2022). Net income: US$35.0m (up 119% from 3Q 2022). Profit margin: 6.0% (up from 2.6% in 3Q 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • Oct 05
PROG Holdings, Inc. to Report Q3, 2023 Results on Oct 25, 2023 PROG Holdings, Inc. announced that they will report Q3, 2023 results Pre-Market on Oct 25, 2023 Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$0.80 (vs US$0.37 in 2Q 2022) Second quarter 2023 results: EPS: US$0.80 (up from US$0.37 in 2Q 2022). Revenue: US$592.8m (down 8.7% from 2Q 2022). Net income: US$37.2m (up 91% from 2Q 2022). Profit margin: 6.3% (up from 3.0% in 2Q 2022). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €36.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 8x in the Consumer Finance industry in Europe. Total loss to shareholders of 5.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €28.48 per share. Announcement • Jul 06
PROG Holdings, Inc. to Report Q2, 2023 Results on Jul 26, 2023 PROG Holdings, Inc. announced that they will report Q2, 2023 results Pre-Market on Jul 26, 2023 Announcement • May 12
Prog Holdings, Inc. Appoints Todd King as Chief Legal and Compliance Officer PROG Holdings, Inc. announced that the Board of Directors has appointed Todd King as PROG Holdings’ Chief Legal and Compliance Officer, effective May 15, 2023. As PROG Holdings’ Chief Legal and Compliance Officer, Mr. King will be responsible for overseeing the Company’s Legal, Compliance, Enterprise Risk Management (ERM), and Government Relations departments. Mr. King served as the Company’s Chief Corporate Governance, Securities Law and M&A Counsel since January 2017, and his accomplishments included leading the legal function in the spin-off of the Company’s Aaron’s Business in 2020. He has more than fourteen years’ experience working in senior level roles in public company law departments, where he has advised executive officers and boards of directors on a wide range of legal and regulatory topics. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €27.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Consumer Finance industry in Europe. Total loss to shareholders of 3.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €30.08 per share. Reported Earnings • Apr 27
First quarter 2023 earnings released: EPS: US$1.00 (vs US$0.49 in 1Q 2022) First quarter 2023 results: EPS: US$1.00 (up from US$0.49 in 1Q 2022). Revenue: US$655.1m (down 7.8% from 1Q 2022). Net income: US$48.0m (up 77% from 1Q 2022). Profit margin: 7.3% (up from 3.8% in 1Q 2022). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 14
Now 25% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be €29.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings is also forecast to grow by 6.6% per annum over the same time period. Buying Opportunity • Feb 25
Now 21% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be €28.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings is also forecast to grow by 8.2% per annum over the same time period. Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: US$1.90 (vs US$3.69 in FY 2021) Full year 2022 results: EPS: US$1.90 (down from US$3.69 in FY 2021). Revenue: US$2.60b (down 3.0% from FY 2021). Net income: US$98.7m (down 60% from FY 2021). Profit margin: 3.8% (down from 9.1% in FY 2021). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €22.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Consumer Finance industry in Europe. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €39.48 per share. Announcement • Feb 02
PROG Holdings, Inc. to Report Q4, 2022 Results on Feb 22, 2023 PROG Holdings, Inc. announced that they will report Q4, 2022 results Pre-Market on Feb 22, 2023 Announcement • Nov 15
PROG Holdings, Inc. Announces Resignation of Vin Thomas as General Counsel and Corporate Secretary PROG Holdings, Inc. announced that Effective as of November 6, 2022, Vin Thomas, General Counsel and Corporate Secretary of the company, resigned from the Company for personal reasons. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: US$0.32 (vs US$0.87 in 3Q 2021) Third quarter 2022 results: EPS: US$0.32 (down from US$0.87 in 3Q 2021). Revenue: US$625.8m (down 3.8% from 3Q 2021). Net income: US$16.0m (down 72% from 3Q 2021). Profit margin: 2.6% (down from 8.8% in 3Q 2021). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Consumer Finance industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Announcement • Oct 27
PROG Holdings, Inc. Revises Earnings Guidance for the Full Year 2022 PROG Holdings, Inc. revised earnings guidance for the full year 2022. For the year, the company now expects total revenue to be in the range of $2,580,000,000 to $2,590,000,000 compared to previous guidance in the range of $2,590,000,000 to $2,690,000,000, net earnings to be in the range of $85,500,000 to $88,500,000 against previous guidance in the range of $111,000,000 to $124,000,000 and Diluted EPS to be in the range of $1.63 to $1.69 compared tor previous guidance in the range of $2.09 to $2.33. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €13.00, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Consumer Finance industry in Europe. Total loss to shareholders of 80% over the past three years. Announcement • Oct 07
PROG Holdings, Inc. to Report Q3, 2022 Results on Oct 26, 2022 PROG Holdings, Inc. announced that they will report Q3, 2022 results at 8:30 AM, US Eastern Standard Time on Oct 26, 2022 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 16% share price gain to €20.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Consumer Finance industry in Europe. Total loss to shareholders of 65% over the past three years. Recent Insider Transactions • Aug 04
CEO, President & Director recently bought €278k worth of stock On the 2nd of August, Steven Michaels bought around 15k shares on-market at roughly €18.54 per share. This was the largest purchase by an insider in the last 3 months. This was Steven's only on-market trade for the last 12 months. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: US$0.37 (vs US$1.03 in 2Q 2021) Second quarter 2022 results: EPS: US$0.37 (down from US$1.03 in 2Q 2021). Revenue: US$649.4m (down 1.6% from 2Q 2021). Net income: US$19.5m (down 72% from 2Q 2021). Profit margin: 3.0% (down from 10% in 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Jul 08
PROG Holdings, Inc. to Report Q2, 2022 Results on Jul 27, 2022 PROG Holdings, Inc. announced that they will report Q2, 2022 results Pre-Market on Jul 27, 2022 Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 38% share price decline to €15.60, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Consumer Finance industry in Europe. Total loss to shareholders of 71% over the past three years. Announcement • Jun 17
PROG Holdings, Inc. Provides Earnings Guidance for the Second Quarter Ended June 30, 2022; Revises Earnings Guidance for the Full Year Ended December 31, 2022 PROG Holdings, Inc. provided earnings guidance for the second quarter ended June 30, 2022 and revised earnings guidance for the Full Year ended December 31, 2022. For the second quarter, the company expects consolidated revenues between $645 and $655 million.The company’s revised consolidated annual outlook for 2022 is as follows: revenue between $2.59 and $2.69 billion and GAAP diluted EPS in the range of $2.09 to $2.33. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: US$0.49 (vs US$1.17 in 1Q 2021) First quarter 2022 results: EPS: US$0.49 (down from US$1.17 in 1Q 2021). Revenue: US$710.5m (down 1.5% from 1Q 2021). Net income: US$27.1m (down 66% from 1Q 2021). Profit margin: 3.8% (down from 11% in 1Q 2021). Over the next year, revenue is forecast to grow 7.1%, compared to a 82% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Apr 20
PROG Holdings, Inc. Announces General Counsel and Corporate Secretary Changes PROG Holdings, Inc. announced that Vin Thomas has been appointed by the Board of Directors to serve as the Company’s General Counsel and Corporate Secretary. Mr. Thomas will be replacing Marvin Fentress, who will be retiring as General Counsel and Corporate Secretary effective as of May 31, 2022. Mr. Thomas has most recently served as Chief Legal Officer and Corporate Secretary of CURO Group Holdings Corp. Prior to joining CURO, Mr. Thomas served as General Counsel and Assistant Secretary at TMX Finance LLC from 2009 to 2014. Prior to joining TMX Finance, Mr. Thomas was in the private practice of law. Announcement • Apr 01
PROG Holdings, Inc. to Report Q1, 2022 Results on Apr 27, 2022 PROG Holdings, Inc. announced that they will report Q1, 2022 results Pre-Market on Apr 27, 2022 Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.69 (up from US$3.47 in FY 2020). Revenue: US$2.68b (up 7.8% from FY 2020). Net income: US$243.6m (up 4.3% from FY 2020). Profit margin: 9.1% (down from 9.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 4.1%, compared to a 99% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Feb 24
PROG Holdings, Inc. Provides Consolidated Earnings Guidance for the Full Year 2022 PROG Holdings, Inc. provided consolidated earnings guidance for the full year 2022. For the full year, the company now expects to report total revenues in the range of $2,790,000,000 - $2,900,000,000, net earnings in the range of $165,000,000 - $189,000,000, Diluted EPS in the range of $2.90 - $3.35. Announcement • Feb 09
PROG Holdings, Inc. to Report Q4, 2021 Results on Feb 23, 2022 PROG Holdings, Inc. announced that they will report Q4, 2021 results Pre-Market on Feb 23, 2022 
