JCAP – 1Q EPS Beat on Upside in Collections, Reiterate Buy Rating and Price Target

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JCAP – 1Q EPS Beat on Upside in Collections, Reiterate Buy Rating and Price Target

Truist Securities

Equity Research Report May 14, 2026

FINANCIALS: Specialty Finance Jefferson Capital, Inc. (JCAP)

JCAP – 1Q EPS Beat on Upside in Collections, Reiterate Buy Mark Hughes, CFA

615-748-4422 Rating and Price Target

Mark.Hughes@truist.com

Maxwell Fritscher We are raising up our 2026 EPS estimate to $2.73 from $2.65 driven by the outperformance

404-439-9753 versus our estimate in the first quarter, while we are maintaining our 2027 forecast of $2.85

Maxwell.Fritscher@truist.com per share. Our price target of $26 assumes a multiple of 9x our 2027 EPS forecast. We

believe JCAP’s long-term track record of consistent earnings growth along with our outlook

for 25%+ ROEs should together translate into a P/E in the high-single-to-low-double digits.

Stock Rating BUY

Unchanged Jefferson Capital reported first quarter adjusted EPS of $0.73, ahead of our forecast of

$0.66 and the Street mean of $0.70. Total revenue of $176 million, up 14%, exceeded our

Price Target $26.00 model at $168 million and the consensus of $169 million. Change in expected recoveries

Unchanged amounted to a positive $7 million in the period due to collection overperformance in the U.S

related to tax refunds versus our outlook for no change, while forex added $1 million (this

is eliminated for adjusted EPS). Estimated remaining collections increased 18% year over

year to $3.4 billion. Book value per share at March 31st was $7.97, while the Board declared TR to Target 44.2%

a $0.24 cash dividend. The company repurchased $59 million in stock in the first quarter in Price (May 14, 2026) $18.69

conjunction with the January follow-on equity offering.

52-Wk Range $23.37-$16.27