FlexiGroup

Last week, we took a look at equipment hire and unsecured lender Thorn Group. The stock price looked fairly cheap but we passed, on account of major concerns over the business model. FlexiGroup operates a similar rental finance business, mainly under the Flexirent brand. It finances the lease of computer technology and electrical appliances at rates some might consider usurious. The stock has performed extremely well in recent years, rising from around 25 cents in early 2009 to $4 today (though falling from $3 prior to the financial crisis). It's a bigger business than Thorn Group, and may be...

Last week, we took a look at equipment hire and unsecured lender Thorn Group. The stock price looked fairly cheap but we passed, on account of major concerns over the business model. FlexiGroup operates a similar rental finance business, mainly under the Flexirent brand. It finances the lease of computer technology and electrical appliances at rates some might consider usurious. The stock has performed extremely well in recent years, rising from around 25 cents in early 2009 to $4 today (though falling from $3 prior to the financial crisis). It's a bigger business than Thorn Group, and may be lower risk as it securitises its loans and retains only part of the risk of default.

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