Hi Pat: A friend of mine has suggested I buy shares in Cash Store. I noticed the price of this stock has been going up fairly steady in the past year. What do you think of the stock? Is it still time to buy it or has it gone up too much in the past year? Thanks in advance for the usual good advice.
Cash Store Financial Services Inc., $16.96, symbol CSF on Toronto (Shares outstanding: 17.0 million; Market cap: $288.0 million), operates under two banners: The Cash Store and Instaloans. Both stores offer consumer payday loans (advances on upcoming paycheques).
The company’s advances to customers range from $100 to $1,500. In order to receive an advance, a customer must provide proof of income, copies of recent bank statements, current proof of residence, and current telephone and utility bill. They must also write a cheque or execute a pre-authorized debit agreement for the amount of the advance plus pre-calculated interest. These requirements keep the company’s loan losses to a manageable 4%.
Cash Store Financial’s stores also offer other services, including cheque cashing, money transfers, debit cards, prepaid credit cards, collections and telephone reconnection.
Edmonton-based Cash Store operates over 510 branches across Canada. It aims to add 18 to 20 branches each quarter over the next two to three years.
The company recently changed its name…
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