goeasy Ltd T.GSY

Alternate Symbol(s): EHMEF

Financial Services Credit Services

goeasy Ltd. is a Canadian company that provides non-prime leasing and lending services through its easyhome, easyfinancial, and LendCare brands. The Company's segments include easyfinancial and easyhome. The easyfinancial segment lends out capital in the form of unsecured and secured consumer loans to non-prime borrowers. easyfinancial's product offering consists of unsecured and real estate secured instalment loans. The LendCare operating segment specializes in financing consumer purchases in the powersports, automotive, retail, healthcare, and home improvement categories. The easyhome segment provides leasing services for household furniture, appliances and electronics and unsecured lending products to retail consumers. Its customers can transact seamlessly through an omnichannel model that includes online and mobile platforms, over 400 locations across Canada, and point-of-sale financing offered in the retail, powersports, automotive, home improvement, and healthcare verticals.

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goeasy Ltd

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Comment by smcapinvestoron Nov 09, 2018 10:21am

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Post# 28949891

RE:RE:Analyst Reactions

The previous year's bad debt is not comparable as it was under the previous standard IAS 39, GSY was not required to restate prior periods when IFRS 9 came in. You'd think the analysts would be smart enough to realize this. It's all in note 1 of the FS.

Basically IFRS is a more predictive model that makes GSY gaze into a crystal ball and estimate the future losses than haven't occured. This naturally increases the bad debt accrual necessary but it is not an actual loss today.

The % of past due loans actually fell to 4.4% from 5.4% at Dec 31 2017.

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