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ECN Capital Corp T.ECN.DB.A


Primary Symbol: T.ECN Alternate Symbol(s):  ECNNF | T.ECN.DB | T.ECN.DB.B | T.ECN.PR.C | ECNCF

ECN Capital Corp. is a Canada-based provider of business services to North American banks, credit unions, life insurance companies, pension funds and institutional investors (collectively, its Partners). The Company originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (inventory finance or floorplan) loans. The Company operates through two segments: Manufactured Housing Finance, and Recreational Vehicles and Marine Finance. It operates through three businesses: Triad Financial Services, which manufactures home loans; Source One Financial, which is engaged in nationwide marine and RV lending; and Intercoastal Finance Group, which is engaged in national marine and RV lending. It provides prime credit portfolio solutions: Secured consumer loan portfolios, which manufactures home loans, and Secured consumer loan portfolios, which provides marine and RV loans.


TSX:ECN - Post by User

Post by Cheeky20on Aug 18, 2023 11:18am
272 Views
Post# 35594870

This is the start of the Hudson exit plan - stay long

This is the start of the Hudson exit plan - stay longThis is effectively the start of the end for ECN/Triad.  For those that listened to the earnings call or read the transcript ECN doesn't really exist anymore.  It's all been rolled into Triad, just the name and few headcount, like Hudson, remain.  And he is hanging around to cash out when the shares go higher.
The new investors pretty much bought 20% of the company for $3.05.  That should be the floor going forward, assuming ecnomic conditions and the manufactured home market remains strong and these guys can take some market share.  Skyline gives the company new opportunities to grow originations, as does the additional Blackstone $.
Just have to be patient.  I've been in ECN since day 1 and Hudson has created significant value, just bumpy along the way.  Hudson sold Kesslar for a nice gain.  Should do the same for Triad.  
Hudson was buying in the $2.5x range after earnings release.  Previous buys were in the $4-$5 range.
For me my ACB is still around $2.70.  If this thing can get back to $4 I'll pull the trigger.
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