Review of goeasy Ltd.

OCT 09, 2025 - The recent short-seller report has put meaningful pressure on GSY’s share price. The report essentially argued that GSY cannot sustain such low loan losses and suggested the company could have bad loans “hidden” on the books. It also compared GSY’s operating results with bank loans. We think these accusations make little sense, as GSY serves a completely different customer base and operates under a different regulatory environment and market dynamics. GSY issued a press release denying the characterizations and assuring investors of the long-term viability of its business model. We agree and view this as a typical short and distorted report. The company has had solid financial performance for more than two decades, delivering profitable growth with disciplined risk management and transparent financial reporting. The stock is trading at attractive levels, and valuation already reflects significant risk. We would not react to this report. The company has a sound operational strategy to optimize profitability and a proven business model with a long-term track record. We are maintaining our rating at A-.