Review of goeasy Ltd.

NOV 20, 2025 - The company’s growth looked decent, but markets are going to be cautious with financial names out of fear that credit losses could worsen. This is not the first crisis or market correction GSY has gone through. GSY is a small company, and investors may need to stomach some volatility. The valuation is certainly cheap but could still decline if sentiment worsens—though we think that is quite unlikely. GSY should have much better long-term growth prospects than the mega-cap banks and insurance companies over time despite near-term challenges. We remain optimistic about the long-term viability of the business model, given the company’s track record of compounding EPS for decades. We are maintaining our rating at A-.