業種
Consumer Finance
Consumer Finance のすべてのレポート — 全 2 件。
48/100
SoFi Technologies: 2.48 Times Tangible Book Prices a 20% Sustainable ROTCE Against the 9% Its Own 2026 Guidance Implies, and the Personal-Loan Book Has Never Met a Recession
SoFi Technologies is a U.S. digital bank that funds lending with deposits, distributes loans capital-light through its Loan Platform Business, and sells banking infrastructure through Galileo and Technisys. Q2 2026 set records, with adjusted net revenue of $1.206bn, 15.8 million members up 35% and $45.5bn of deposits, yet net interest income of $788.2m still outweighed fee-based revenue of $472.3m, so bank economics remain decisive. At $18.22 the shares trade at 2.48 times tangible book, which under a Gordon framework implies roughly a 20% sustainable return on tangible equity against the 9% adjusted ROTE embedded in 2026 guidance. Rating Hold: fee growth and cheap deposits are real, but the price already pays for returns to double while the personal-loan book has never been tested by a U.S. recession.
44/100
Capital One: A Long-Term Value Investment Analysis
Capital One is a U.S. credit-card issuer plus direct-to-consumer deposit bank plus Discover payment-network complex, with over 100 million customers after the acquisition. 2025 adjusted net income was $10.615 billion and the Q1 net interest margin was 7.87%, while at the current $187.79 the price already partly prices in integration gains, leaving no obvious margin of safety. Rating Watch: a financial platform whose quality has risen and whose complexity has risen with it, worth studying and tracking, but not yet cheap enough for conservative long-term capital to buy now.