Goeasy (TSX:GSY) is a Mississauga-based company that provides non-prime leasing and lending services under the easyhome, easyfinancial, and LendCare brands to Canadian consumers. Shares of this TSX stock have dropped 13% in 2023 as of close on April 20. Meanwhile, the stock has plunged 24% year over year.
Investors can expect to see this company’s first batch of fiscal 2023 earnings in the first half of May. In the fourth quarter of fiscal 2022, goeasy posted quarterly loan growth of 54% to $206 million. Meanwhile, its loan portfolio increased 38% to $2.79 billion to close out the year. Goeasy has remained one of the most exciting financial stocks on the TSX for investors who want to look beyond the Big Six Canadian Banks.
For the full year, goeasy delivered adjusted annual earnings per share (EPS) growth of 11% to $11.55. The company reported record revenues of $1.02 billion in fiscal 2022 – up 23% from the $827 million it posted in fiscal 2021. Moreover, goeasy delivered adjusted operating income growth of 17% to a record $369 million. Meanwhile, goeasy achieved record adjusted net income of $192 million – up 10% compared to the prior year.
Goeasy provided outlook going through fiscal 2025. It projects that its gross consumer loans receivable will grow to between $4.7 billion and $5.0 billion through to the end of fiscal 2025. Shares of goeasy currently possess a favourable price-to-earnings ratio of 10. The stock has achieved nine straight years of annual dividend-growth, which means goeasy is a TSX dividend aristocrat. It currently offers a quarterly distribution of $0.96 per share. That represents a solid 4.1% yield
