ATLC - Atlanticus Holdings: Quiet Turnaround Efforts Appear Set To Bear Fruit

• Shares of Atlanticus closed on Sept. 30, 2020, at a price of $11.90, equaling a diluted market capitalization of $241 million.
• From its inception, Atlanticus has focused on providing credit and financial services to financially under-served, or subprime, consumers.
• Since the company ran into difficulties in the late 2000s, management has been quietly rebuilding the businesses and balance sheet of Atlanticus.
• Instead of promoting this progress, the insiders have been increasing their beneficial ownership interests through buybacks of common stock and derivatives and the acquisition of equity instruments.
• Based on conservative multiples of current earnings and cash flows and projected book value, we believe the common stock of Atlanticus could be worth north of $20/share.

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