ONDK - Enova: The Colossus That Keeps On Growing Profitably
In August 2014 I wrote a Seeking Alpha Top Idea article titled “Cash America: Spin-off Of Its E-commerce Business Should Unlock Substantial Value.” The thesis played out very well with Cash America’s share price doubling post spin-off and following its merger with First Cash Financial Services (FCFS) in 2016 has nearly doubled again. The e-commerce spin-off was Enova International, Inc. (ENVA) whose shareholders have endured a much more bumpy ride. Its share price plummeted from around USD25 post spin-off to a low of nearly USD5 in early 2016 on