Company Overview - Enova served over 13 million customers since 2004 and has made over $63.4 billion in loans since 2004[9] - Enova's 2024 revenue reached $2.7 billion[9] Financial Performance (Q2 2025) - Total company originations exceeded $1.8 billion, a 28% year-over-year increase[17] - Ending receivables totaled $4.3 billion, reflecting a 20% year-over-year growth[17] - Q2 2025 revenue was $764 million, a 22% year-over-year increase[17] - Adjusted EPS for Q2 was $3.23, a 46% year-over-year increase[17] Market and Products - Enova operates in the U.S consumer loan market which has a $256 billion total addressable market and the U.S. SMB loan market which has a $271 billion total addressable market[29] - Approximately 37% of Americans cannot cover a $400 emergency expense[25] - Enova's estimated CashNetUSA share of the Subprime market is ~1% and NetCredit share of the Near Prime market is ~2%[76] Portfolio and Risk - Enova's small business clients have a median annual revenue of $600,000 and have been in business for an average of 11.4 years[61] - Over 11% of U.S borrowers have subprime credit and over 18% have near prime credit[76]

Group 1 - Vox Royalty (NASDAQ: VOXR) is identified as a small-cap precious-metals royalty company with shares trading at approximately $3.13 and a market capitalization of around $162 million, which is perceived to be undervalued relative to its growth prospects [1] - The company has a diversified portfolio consisting of over 60 royalties, indicating a broad exposure to the precious metals sector [1] - The management team is described as shareholder-aligned, suggesting a focus on maximizing shareholder value [1]

Core Insights - OppFi Inc. (OPFI) shares have surged 348.1% over the past year, significantly outperforming the industry growth of 29.2% and the Zacks S&P 500 Composite's 13.4% increase [1][4][6] - In the last six months, OPFI shares increased by 100.1%, while the industry only grew by 8.1%, with competitors Green Dot (GDOT) and DLocal Limited (DLO) declining by 10.5% and 6.3%, respectively [4][6] - The company has demonstrated improved credit quality and risk management, evidenced by a reduction in the net charge-off rate by approximately 700 basis points from the previous quarter and 1300 basis points year-over-year [5][6] Company Performance - OPFI's auto-approval rate improved to 79% in Q1 2025 from 73% in the same quarter last year, indicating a more effective initial screening process [8] - The current ratio for OPFI at the end of Q1 2025 was 1.73, up from 1.61 in the previous quarter and 1.56 a year ago, surpassing the industry average of 1.15, which reflects a strong liquidity position [13] - The Zacks Consensus Estimate for OPFI's 2025 revenues is $578.4 million, representing a 10% year-over-year growth, while the earnings per share estimate stands at $1.23, suggesting a 29.5% increase year-over-year [14] Valuation Metrics - OPFI shares are trading at 10.85 times forward earnings per share, which is below the industry's average of 23.67 times [9] - The trailing 12-month EV-to-EBITDA ratio for OPFI is 7.09 times, compared to the industry's average of 14.06 times, indicating that OPFI is undervalued [11] Investment Recommendation - Given the improved credit quality, risk management strategies, strong liquidity position, and discounted valuation, the company is positioned as a compelling investment opportunity [15][16]