CARFINCO FINANCIAL GROUP $9.46 (Toronto symbol CFN; TSINetwork Rating: Speculative) (1-888-486-4356; www.carfinco.com; Shares outstanding: 26.5 million; Market cap: $252.3 million; Dividend yield: 5.1%) provides car loans to consumers who can’t meet the criteria of banks and other traditional lenders.
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 December 31, 2013, the company’s revenue rose 29.6%, to $24.9 million from $19.2 million a year earlier. Carfinco loaned $46.0 million in the quarter, up 14.8% from $40.1 million.
Overall earnings rose 1.7%, to $5.1 million from $5.0 million, while per-share earnings fell 5.0%, to $0.19 from $0.20, on more shares outstanding. The latest results included one-time costs related to the Persian Acceptance purchase.
Carfinco will need a steady or improving economy to maintain its growth. However, its well-established dealer network and investments in Internet loan-approval technology should let it keep increasing its market share.
The stock trades at just 8.4 times Carfinco’s forecast 2014 earnings of $1.12 a share. It yields a high 5.1%.
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