Sectors > Top Reports > International Personal Finance Memo 260321

International Personal Finance Memo 260321

International Personal Finance. Can Pre-COVID Profitability Be Recovered? How Resilient Is Home Credit To Channel Shift Online?
PUBLISHED: 26 March 2021
SUBMARKET: International Personal Finance, Top Reports, Top Reports,


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?

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