International Personal Finance Memo 260321
- Understand how resilient International Personal Finance’s (IPF) home credit business model is to channel shift online and its prospects, as well as the Group’s, for recovering pre-COVID levels of profitability
- Understand how IPF compares against its nearest multi-country competitors, Ferratum and 4finance, on key metrics, business model and competitive position
- Understand how well covered IPF’s SUNs are in a hypothetical run-off scenario as well as in a base case
- Financial projections and FCFE DCF valuation
- Hypothetical run-off SUNs recovery
- How well capitalised and funded is IPF to rebuild its customer loan book post-COVID?
- Is Europe Home Credit experiencing structural decline?
- What would IPF’s SUNs recover in a hypothetical run-off and how well covered are they in our base case?
- What are IPF’s shares worth?
- Which consumer unsecured subprime lender has the most resilient business model?
- Does IPF generate positive “steady state” FCF (adjusting for the effects of customer loan book changes)?
- How did each of IPF, 4finance and Ferratum trade through COVID and who is best positioned to benefit from an improved competitive environment?
- View, Variant Perception & Recommendations
- Business Overview & Analysis
- Historic Financials Analysis
- International Personal Finance (IPF), 4finance & Ferratum Compared
- Financial Projections & Valuation
International Personal Finance (IPF)