Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Marlin Business Services Offers Good Growth, But Less Value

Equipment leasing can be a lucrative business, as it allows companies that have access to large pools of attractively-priced of capital to earn strong yields from lessees that lack the same level of access to capital or simply don't wish to deploy it that way. In contrast to large leasing enterprises like General Electric's (NYSE:GE) GE Capital and CIT Group (NYSE:CIT) or bank leasing operations like those at Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC), Marlin Business Services (NASDAQ:MRLN) is focused on small-ticket and micro-ticket leasing to smaller businesses on a nationwide business.

Although there are few relevant comps to this business, I argue that Marlin is a...

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