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Sept 11 (Reuters) - EZCORP Inc EZPW.O:
EZCORP ANNOUNCES AGREEMENT TO ACQUIRE 53 PAWN STORES IN MEXICO
Source text for Eikon: (Full Story)
Further company coverage: EZPW.O
AUSTIN, Texas, Sept. 11, 2024 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ:EZPW), a leading provider of pawn loans in the United States and Latin America, announced today that it has entered into a definitive agreement to acquire 53 pawn stores in Mexico.
The seller, Presta Dinero, S.A. de C.V. and doing business as “Auto Dinero,” currently operates across 21 states in Mexico and specializes in two types of auto pawn transactions – auto (vehicle) pawn, where the pawnbroker takes possession of the vehicle, and title pawn, where the vehicle title document is pawned, allowing the customer to retain use of their vehicle while repaying the pawn transaction. Auto Dinero was founded in 2005 by Jorge Hernandez, an outstanding pawn executive with extensive experience in the industry, who will join EZCORP as a result of the transaction.
Lachie Given, EZCORP Chief Executive Officer, stated: “We are excited about our continued expansion in Mexico, where we are delivering significant growth. Auto pawn is a burgeoning segment of the pawn industry in Mexico, where vehicle ownership is on the rise. This exciting acquisition provides us with further geographic expansion in one of our core markets and leverages a strong local brand. It also realizes the strategic benefits of diversifying our product suite within pawn using much higher-value collateral, attracting a new customer demographic to our business, and enhancing our leadership team.”
The purchase agreement was entered into on September 10, 2024, and subject to customary closing conditions, the transaction is expected to close on or before October 31, 2024.
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company's strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Follow us on social media:Facebook EZPAWN Official https://www.facebook.com/EZPAWN/EZCORP Instagram Official https://www.instagram.com/ezcorp_official/EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/
Investor Relations Contact:Sean Mansouri, CFAElevate IREZPW@elevate-ir.com(720) 330-2829
Shares of Ally Financial Inc. ALLY lost 17.6% in Tuesday’s trading, touching its lowest level since January, after the company warned of “intensifying credit challenges” in the current quarter.
ALLY’s CFO, Russ Hutchinson, said at the Barclays Global Financial Services Conference in New York, “Our borrower is struggling with high inflation and cost of living, and now, more recently, a weakening employment picture.”
Ally Financial’s Key Problem Area
Retail auto loans have become a significant area of concern for ALLY.
Since borrowers continue to struggle with inflation issues and the high interest rate environment, the demand for car loans has come down. As the cost of living increases, people find it difficult to repay their loans.
Thus, Ally Financial is witnessing an increase in delinquencies in its retail auto-loan business.
In July and August, ALLY’s delinquencies rose about 20 basis points above what was expected. Also, its net charge-offs (debts that are not likely to be recovered) in the retail auto business were 10 basis points higher than expectations in these two months.
Hutchinson said that the company’s net charge-off rate will likely increase further in the coming months (especially in the 61-plus-day delinquency bucket) because of the large number of borrowers who are struggling amid the weakening economic outlook.
Sale of ALLY’s Lending Business to Synchrony
To address the credit issue, Ally Financial sold its point-of-sale (POS) financing business — Ally Lending (which included $2.2 billion of loan receivables as of Dec. 31, 2023) — to Synchrony SYF in March 2024.
The deal was announced this January. At that time, ALLY expected the divestiture to bolster its Common Equity Tier 1 (CET1) ratio by almost 15 basis points at closing. Also, the deal is projected to be modestly accretive to tangible book value and earnings per share this year.
Under the terms of the transaction, Ally Financial’s relationships with almost 2,500 merchant locations and support to more than 450,000 active borrowers in home improvement services and healthcare got transferred to SYF.
The move reflected ALLY's commitment to optimizing its capital allocation and prioritizing resources toward high-growth areas. For Ally Financial, the transaction was part of a broader initiative to invest resources in growing scale businesses and strengthen relationships with dealer customers and consumers.
ALLY has been undertaking steps to bolster profitability amid a challenging operating backdrop. In 2023, the company trimmed its headcount, leading to $80 million of annualized expense savings. Further, the deconsolidation of $1.7 billion worth of seasoned retail auto loans resulted in 9 bps of CET1 benefit.
ALLY’s Price Performance & Zacks Rank
In the past six months, ALLY shares have lost 14.3% (the drop is because of yesterday’s slump) against the industry’s growth of 3.4%.
However, the company is well poised for top-line growth given the high interest-rate environment and its efforts to diversify revenues. Ally Financial expanded into the mortgage business, which supports its earnings. Also, the company has been making efforts to enhance digital offerings and introduce new products to boost profitability. Its wealth management and online brokerage initiatives related to credit card offerings remain impressive.
Currently, Ally Financial sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Another consumer loan provider with a favorable Zacks Rank is EZCORP, Inc. EZPW. EZPW also sports a Zacks Rank of 1 at present. Over the past 60 days, the Zacks Consensus Estimate for the company’s current fiscal-year earnings has been revised 1.8% upward. In the past six months, EZCORP shares have gained 4.1%.
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