CARFINCO FINANCIAL GROUP $12.07 (Toronto symbol CFN; TSINetwork Rating: Speculative) (1-888- 486-4356; www.carfinco.com; Shares outstanding: 26.5 million; Market cap: $321.6 million; Dividend yield: 4.0%) provides car loans to consumers who can’t meet the criteria of traditional lenders, like banks.
In September 2013, Carfinco expanded into the U.S. through its $9.5-million purchase of Persian Acceptance Corp., an automotive lender that also caters to less-affluent borrowers. The acquisition boosted Carfinco’s loans outstanding by about 22%.
In the three months ended September 30, 2013, Carfinco’s revenue rose 17.7%, to $21.4 million from $18.2 million a year earlier. The company loaned a record $46.5 million in the latest quarter, up 9.2% from $42.6 million.
Even so, earnings fell 22.5%, to $4.3 million, or $0.16 a share, from $5.6 million, or $0.23. However, the decline was mostly due to one-time costs related to the Persian Acceptance purchase. Cash flow per share rose 2.7%, to $0.38 from $0.37.
Carfinco will need a steady or improving economy to maintain its growth. However, its well-established dealer network and investments in Internet loanapproval technology should let it keep increasing its market share.
The stock trades at just 10.8 times Carfinco’s forecast 2014 earnings of $1.12 a share. It yields a high 4.0%.
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