Propel Holdings Inc. (PRL.TO) | Investment Case

1. Company Snapshot

1.a. Company Description

Propel Holdings Inc.operates as an online financial technology company.The company's online lending platform facilitates access to credit products, such as installment loans and lines of credit under the MoneyKey and CreditFresh brands to American consumers.

It also offers marketing, analytics, and loan servicing services.Propel Holdings Inc.was incorporated in 2011 and is headquartered in Toronto, Canada.

Show Full description

1.b. Last Insights on PRL

Propel Holdings Inc.'s recent performance faced challenges due to macroeconomic uncertainties and inflationary pressures. Despite a 30% revenue increase in Q3 2025, the company navigates a subdued short-term growth outlook. High insider ownership signals confidence in the company's prospects. With a strong presence in the fintech sector, Propel's strategic expansions and innovative solutions position it for potential resilience. Its ranking among Canada's Top Growing Companies and TSX30 recognition further underscore its growth trajectory.

1.c. Company Highlights

Last Price	26.6
Change Percentage	-0.37%
Open	27.06
Previous Close	26.7
Market Cap ( Millions)	1046
Volume	415399
Year High	43.36
Year Low	20
M A 50	24.98
M A 200	29.66

FCF Yield	-3.05%
Dividend Yield	2.82%
ROE	29.57%
Debt / Equity	115.99%
Net Debt / EBIDTA	303.82%
Price To Book	2.97
Price Earnings Ratio	12.23
Price To FCF	-32.81
Price To sales	1.42
EV / EBITDA	11.65

2. Transcript Summary

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3. NewsRoom

Propel Holdings Receives Regulatory Approval to Launch Propel Bank

Dec -02

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Dec -01

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Nov -28

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.93%)

6. Segments

Interest and Fees from Borrowers on Purchased Receivable (CreditFresh)

Expected Growth: 9.9%

The 9.9% growth in Interest and Fees from Borrowers on Purchased Receivable (CreditFresh) is driven by increasing demand for credit solutions, expansion into new markets, and strategic partnerships. Additionally, effective risk management and competitive pricing strategies have contributed to the growth, resulting in higher revenue from interest and fees.

Fees from Bank Service Program (MoneyKey)

Expected Growth: 9.9%

Propel Holdings Inc.'s Fees from Bank Service Program (MoneyKey) growth of 9.9% is driven by increasing adoption of digital lending, expansion into new markets, and strategic partnerships. Additionally, the rise of fintech and growing demand for alternative credit solutions contribute to the segment's growth.

Interest from Borrowers in Direct Lending (MoneyKey)

Expected Growth: 9.9%

The 9.9% growth in Interest from Borrowers in Direct Lending (MoneyKey) is driven by increasing demand for online lending, rising credit demand from underserved populations, and MoneyKey's expansion into new markets. Additionally, the company's proprietary underwriting model and user-friendly platform have improved customer acquisition and retention, contributing to the segment's growth.

Fees from Credit Services Organization Program (MoneyKey)

Expected Growth: 10.27%

Propel Holdings Inc.'s 10.27% growth in Fees from Credit Services Organization Program (MoneyKey) is driven by increasing demand for online lending, expansion into new markets, and strategic partnerships. Additionally, regulatory tailwinds, improved credit quality, and efficient loan servicing operations contribute to the growth.

Fees from Borrowers in Direct Lending (MoneyKey)

Expected Growth: 10.27%

Fees from Borrowers in Direct Lending (MoneyKey) growth of 10.27% driven by increasing demand for online lending, expansion into new markets, and strategic partnerships. Additionally, MoneyKey's proprietary underwriting model and efficient loan processing contribute to higher loan volumes and revenue growth.

Interest from Borrowers in Direct Lending (Fora Credit)

Expected Growth: 10.9%

The 10.9% growth in Interest from Borrowers in Direct Lending (Fora Credit) from Propel Holdings Inc. is driven by increasing demand for alternative lending options, rising credit demand from underserved populations, and Fora Credit's expanding online presence and digital marketing efforts, which have improved borrower acquisition and retention rates.

Other

Expected Growth: 10.27%

Propel Holdings Inc.'s 10.27% growth in 'Other' segment is driven by increasing demand for alternative lending solutions, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digital transformation, improved operational efficiency, and enhanced customer experience have contributed to this growth.

7. Detailed Products

Easyfinancial

A financial services company that provides personal, auto, and home loans to individuals

Easyfinancial Services

A platform that offers financial services such as credit reporting, loan servicing, and insurance services

OpenLoan

A digital lending platform that provides online loan applications and approvals

Lendful

A digital lending platform that provides business loans to small and medium-sized enterprises

Moneti

A digital payment platform that enables businesses to accept online payments

8. Propel Holdings Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Propel Holdings Inc. is moderate, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Propel Holdings Inc. is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Propel Holdings Inc. is moderate, as the company relies on a few key suppliers, but has some negotiating power.

Threat Of New Entrants

The threat of new entrants for Propel Holdings Inc. is high, as the industry has low barriers to entry and new companies can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry for Propel Holdings Inc. is high, as the industry is highly competitive and companies are constantly competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	66.50%
Debt Cost	13.34%
Equity Weight	33.50%
Equity Cost	13.34%
WACC	13.34%
Leverage	198.50%

11. Quality Control: Propel Holdings Inc. passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Runway Growth Finance

A-Score: 7.7/10

Value: 7.5

Growth: 8.3

Quality: 7.0

Yield: 10.0

Momentum: 4.0

Volatility: 9.3

1-Year Total Return ->

Medallion Financial

A-Score: 7.0/10

Value: 8.9

Growth: 7.7

Quality: 5.6

Yield: 7.0

Momentum: 7.0

Volatility: 6.0

1-Year Total Return ->

Regional Management

A-Score: 6.5/10

Value: 7.7

Growth: 6.8

Quality: 5.4

Yield: 6.0

Momentum: 7.5

Volatility: 5.3

1-Year Total Return ->

Navient

A-Score: 6.3/10

Value: 9.6

Growth: 5.0

Quality: 5.6

Yield: 8.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

Farmer Mac

A-Score: 6.1/10

Value: 6.2

Growth: 8.3

Quality: 4.6

Yield: 7.0

Momentum: 3.0

Volatility: 7.7

1-Year Total Return ->

Propel Holdings

A-Score: 5.7/10

Value: 6.2

Growth: 7.1

Quality: 7.2

Yield: 6.0

Momentum: 3.5

Volatility: 4.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

43.97%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

13.34%

Propel Holdings Inc. - CA74349D1069

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on PRL

1.c. Company Highlights

Strong Momentum

More Volatile

Fairly Valued

Earnings Beats

Average Growth

Earnings Miss

Revenues Miss

Stable Momentum

Higher Growth

Revenues Beats

Average Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.93%)

6. Segments

Interest and Fees from Borrowers on Purchased Receivable (CreditFresh)

Expected Growth: 9.9%

Fees from Bank Service Program (MoneyKey)

Expected Growth: 9.9%

Interest from Borrowers in Direct Lending (MoneyKey)

Expected Growth: 9.9%

Fees from Credit Services Organization Program (MoneyKey)

Expected Growth: 10.27%

Fees from Borrowers in Direct Lending (MoneyKey)

Expected Growth: 10.27%

Interest from Borrowers in Direct Lending (Fora Credit)

Expected Growth: 10.9%

Other

Expected Growth: 10.27%

7. Detailed Products

Easyfinancial

Easyfinancial Services

OpenLoan

Lendful

Moneti

8. Propel Holdings Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Propel Holdings Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

26.6$

Current Price

26.6$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA