Why Read?

• 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

What’s New?

• Financial projections and FCFE DCF valuation
• Hypothetical run-off SUNs recovery

Questions Answered

• 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?