Nomura Securities Starts EZCORP (EZPW) at Buy; Rolling Up America at a Bargain

Nomura Securities initiates coverage on EZCORP (NASDAQ: EZPW) with a Buy. PT $37.00.

Nomura analyst, Bill Carcache, said, "Within our coverage universe, EZPW generates the highest proportion of revenues from US and international (especially Mexico) pawn lending businesses, where we see greatest opportunity for growth, reasonably priced acquisitions with multiple expansion and relatively low regulatory risk. Our FY’12 and FY’13 EPS ests are $3.07 and $3.54, respectively. Our px tgt is derived using a sum-of-the-parts methodology, applying a blended multiple of 10.6x to our base-case 2013 EPS estimate. This represents a premium to the peer group at 10.2x NTM earnings."

For an analyst ratings summary and ratings history on EZCORP click here. For more ratings news on EZCORP click here.

Shares of EZCORP closed at $28.64 yesterday.

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