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CURO - Long Elevate Credit: Misunderstood Growth Story With Highly Credible Turnaround 190% Upside
CURO Group Holdings Corp.
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Summary
Elevate Credit (ELVT) is a buy because it is a misunderstood growth story in the midst of a highly credible turnaround. Credit improvement in the last few quarters dispels notions of a broken business model and paves the path back to growth. Regulatory environment has become positive. Excess pessimism means that our well-positioned, well-capitalized and very well growing online lender will trade at 2.4x FY21e EPS, 0.7x P/B on a fat 34% ROTE. 190% upside