External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Credit Acceptance Corporation focuses on providing vehicle ownership to consumers regardless of credit history</li><li>The company has over 50 years of experience in the subprime auto lending market and uses internal data analysis to better price risk</li><li>Despite challenges from COVID, CACC is expected to see EPS growth in 2024 and offers a solid risk/reward opportunity for investors</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Credit Acceptance Corporation focuses on providing vehicle ownership to consumers regardless of credit historyThe company has over 50 years of experience in the subprime auto lending market and uses internal data analysis to better price riskDespite challenges from COVID, CACC is expected to see EPS growth in 2024 and offers a solid risk/reward opportunity for investorsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Credit Acceptance Corp (CACC) - Sunday, Oct 13, 2024

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Jefferson Capital / Equity Capital Markets

<ul>
<li>Jefferson Capital priced a full-size deal of 10.0mm shares at $15.00 (low-end of the range) and opened at $19.00 for a gain of 26.7% at open. </li>
<li>The IPO was marketed at just 5x 2026 earnings projections, which is extraordinarily cheap to current public competitors.</li>
<li>We feel that the "interest" in this IPO may tail off and the stock's price will be performance driven based upon subsequent earnings reports.</li>
</ul>


Jefferson Capital priced a full-size deal of 10.0mm shares at $15.00 (low-end of the range) and opened at $19.00 for a gain of 26.7% at open. 
The IPO was marketed at just 5x 2026 earnings projections, which is extraordinarily cheap to current public competitors.
We feel that the "interest" in this IPO may tail off and the stock's price will be performance driven based upon subsequent earnings reports.


Jefferson Capital Inc (JCAP): Value Investors Bid Up Insolvency Account Manager IPO

<ul>
<li>For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.</li>
<li>The company is coming at an attractive valuation but our sources say traditional IPO investors "may" be staying on the sidelines for this deal. </li>
<li>This company is private equity backed by J.C. Flowers &amp; Co and they will own 68.9% of the voting power following this IPO.</li>
</ul>


For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.
The company is coming at an attractive valuation but our sources say traditional IPO investors "may" be staying on the sidelines for this deal. 
This company is private equity backed by J.C. Flowers &amp; Co and they will own 68.9% of the voting power following this IPO.


Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

<ul>
<li>We try to stay away from the fool's errand of forecasting the economy;</li>
<li>But often, we notice that high-quality businesses actually benefit from harsh economic conditions in terms of (long-term) shareholder value;</li>
<li>We provided an example of a company that we own to illustrate how.</li>
</ul>


We try to stay away from the fool's errand of forecasting the economy;
But often, we notice that high-quality businesses actually benefit from harsh economic conditions in terms of (long-term) shareholder value;
We provided an example of a company that we own to illustrate how.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Dongzheng Automotive Finance / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC Motor (600104 CH)</a> completed the auction procedures for acquiring a 71.04% stake in <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>. This will trigger an unconditional MGO at HK$1.2430 per H Share.</li>
<li>The offeror and Dongzheng are required to issue the composite document on or before 11 August jointly. However, an application has been made to the Executive to extend the deadline. </li>
<li>At last close and for an end of September completion, the gross and annualised spread to the MGO price is 3.6% and 20.9%, respectively.</li>
</ul>



SAIC Motor (600104 CH) completed the auction procedures for acquiring a 71.04% stake in Dongzheng Automotive Finance (2718 HK). This will trigger an unconditional MGO at HK$1.2430 per H Share.
The offeror and Dongzheng are required to issue the composite document on or before 11 August jointly. However, an application has been made to the Executive to extend the deadline. 
At last close and for an end of September completion, the gross and annualised spread to the MGO price is 3.6% and 20.9%, respectively.


SAIC Completes Dongzheng Stake Acquisition, Unconditional MGO

United States

Credit Acceptance Corporation provides funding, receivables management, collection, sales training, and related services to automobile dealers.  The Company provides indirect financing for buyers with limited access to traditional sources of consumer credit.  Credit Acceptance operates in the United States.

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Credit Acceptance (CACC US)

Credit Acceptance Corp (CACC) - Sunday, Oct 13, 2024

Credit Acceptance Corporation focuses on providing vehicle ownership to consumers regardless of credit history. The company has over 50 years of...

Value Investors Club

Jefferson Capital Inc (JCAP): Value Investors Bid Up Insolvency Account Manager IPO

Jefferson Capital's IPO priced low but opened strong, with potential for performance-driven price movement based on future earnings reports.

IPO Boutique

Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.

IPO Boutique

A Blessing in Disguise

Here is one reason why tough economic times can, to some degree, be good news to some (long-term) shareholders of high-quality businesses.

Steven Chen

SAIC Completes Dongzheng Stake Acquisition, Unconditional MGO

At last close and for an end of September completion, the gross and annualised spread to the MGO price is 3.6% and 20.9%, respectively.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Credit Acceptance Corp (CACC) - Sunday, Oct 13, 2024

Credit Acceptance Corporation focuses on providing vehicle ownership to consumers regardless of credit history. The company has over 50 years of...

Value Investors Club

Jefferson Capital Inc (JCAP): Value Investors Bid Up Insolvency Account Manager IPO

​Jefferson Capital's IPO priced low but opened strong, with potential for performance-driven price movement based on future earnings reports.

IPO Boutique

Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

​Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.

IPO Boutique

A Blessing in Disguise

Here is one reason why tough economic times can, to some degree, be good news to some (long-term) shareholders of high-quality businesses.

Steven Chen

SAIC Completes Dongzheng Stake Acquisition, Unconditional MGO

At last close and for an end of September completion, the gross and annualised spread to the MGO price is 3.6% and 20.9%, respectively.

Arun George

Jefferson Capital's IPO priced low but opened strong, with potential for performance-driven price movement based on future earnings reports.

Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.