This hasn't been the easiest year for pawn and payday lenders not named First Cash Financial (NASDAQ:FCFS), and EZCORP (NASDAQ:EZPW) has certainly found itself caught in that downdraft, with the shares down more than 40% over the past year. While fellow Seeking Alpha writer Igor Novgorodtsev gave a good rundown on EZCORP's gold scrapping issues, I believe there is more at work here than just the price and profitability of gold scrapping. Not only does EZCORP have a shareholder-unfriendly structure, but the company's losses on consumer loans and market positioning both concern me.
Now, the real question is how much a "concern" is worth. I think First Cash is hands down the better company (and I've...
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