회사 개요
PRA Group, Inc. is a financial services firm that specializes in the acquisition, collection, and management of nonperforming loan portfolios across diverse international markets including the United States, Europe, the United Kingdom, South America, Canada, and Australia. The company operates within the broader financial services sector and specifically within the credit services industry, focusing on loans that credit originators have chosen not to pursue or sell. With a total market capitalization of $734.66M, the company manages an annual revenue of $1.20B and employs a workforce of 2,615 individuals. These valuation and revenue figures indicate that PRA Group operates as a significant entity within the distressed debt and collection landscape, possessing substantial scale to manage complex loan portfolios on a global basis.
재무 건전성
The company reported a revenue of $1.20B for the trailing twelve months, yet recorded a net income of -$305,142,016, while generating an EBITDA of $392.78M. The substantial gap between the positive revenue and the significant net loss reveals a highly leveraged cost structure where interest expenses and potentially high collection costs are eroding bottom-line profitability despite top-line growth. Free cash flow stands at -$515,098,752, which indicates that the company is currently burning cash rather than generating liquidity from its operations. This negative free cash flow suggests limited financial flexibility for discretionary capital expenditures or share buybacks in the immediate term. Analyzing the margin profile, the gross margin is 100.0%, reflecting the nature of buying assets at a discount, while the operating margin is 38.1% and the profit margin is -25.4%. The high operating margin contrasts sharply with the negative profit margin, highlighting the heavy impact of financing costs on the final earnings. In terms of liquidity and leverage, the company holds $106.60M in cash against $3.74B in total debt, resulting in a debt-to-equity ratio of 359.61. This balance sheet is heavily leveraged, as the debt load is significantly larger than the cash reserves. However, the current ratio is an exceptionally high 16.97, which indicates that the company holds a massive amount of liquid assets relative to its current liabilities, providing a strong buffer against short-term obligations despite the high debt burden. Return on Equity is -26.0% and Return on Assets is 4.8%, revealing that management effectiveness is currently hampered by the net loss impacting shareholder value, though the asset base remains productive enough to generate positive returns on assets before financing costs.
밸류에이션 평가
The valuation metrics show a trailing P/E ratio of N/A due to the net loss, whereas the forward P/E is 6.35. The absence of a trailing P/E and the presence of a low forward P/E imply that the market expects earnings to turn positive in the future, likely driven by the significant year-over-year earnings growth of 211.3%. The price-to-book ratio is 0.74, which indicates that the market is currently valuing the company at a discount relative to its book value. The price-to-sales ratio is 0.61 and the EV/EBITDA is 11.25, suggesting that alternative valuation metrics view the company as reasonably priced given its high revenue generation and strong EBITDA cash generation relative to enterprise value. The stock's trading range over the last year has seen a 52-week high of $19.83 and a 52-week low of $10.25. Relative to this range, the current price sits within the lower half of the trading band, specifically trading below the 52-week high. The beta value is 1.14, which means the stock's price volatility is slightly higher than the broader market, moving 14% more than the market index on average during periods of fluctuation.
Growth & Income
The company demonstrates robust expansion with a revenue growth of 13.7% year-over-year and an earnings growth of 211.3% year-over-year. Earnings are growing at a rate significantly faster than revenue, which implies that the company is becoming more efficient or that the earnings per share have benefited from share count adjustments or one-time items. As a non-dividend payer, the company currently maintains a dividend yield of N/A and a payout ratio of 0.0%. This strategy indicates that the company is reinvesting all available earnings into business growth rather than distributing cash to shareholders. The overall growth and income profile reflects a high-growth, reinvestment-focused entity that prioritizes expanding its loan portfolio acquisition capabilities over providing current income to investors.