Independent equity research
Is goeasy (GSY) a Buy, Hold or Sell?
goeasy — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
C$51.99
To fair value
+23%
By · report dated 2026-09-05 · fair value derived independently of the market price.
The thesis, in brief
easyfinancial was never the problem; LendCare was. The D2C core earns ~30% yields at 12-13% losses and the equity looks money-good at 1.04x tangible book. But an unremediated IFRS 9 material weakness means the credit numbers are not yet trustworthy. Falsified if Q3 charge-offs land outside 14.5-16%
How we value it
We value goeasy using Justified P/TBV = (ROTCE 15.0% - g 4.0%)/(COE 12.874% - g 4.0%) = 1.240x on 30 Jun 2026 TBV/share of CAD 41.9395. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full goeasy report
The complete model, the scenarios, and every number behind the call — plus other names across the coverage. One subscription, cancel anytime.