Unconventional Value
Long/short equity, deep value, special situations

EZCORP: Oversold Opportunity Due To Macro Factors And Temporary Lack Of Management Focus

I wanted to bring to your attention the shares of EZCORP (NASDAQ:EZPW), which are the shares of a company operating in profitable 'instant cash' businesses. The company became undervalued as a result of a series of short term issues, as well as a lack of management focus. EZCORP is one of the three largest providers of instant cash solutions in the US, their services consist of pawn loans, unsecured loans, auto title loans, and a Mexican pay-roll lending operation. In addition, the company owns interests in other companies within the same industry. The problems encountered by EZCORP were primarily related to management's poor execution and focus as well as the steep decline in gold prices.

The company is...

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