PRG Upgraded to Buy: SoTP Points to Attractive Value; Conditions Improve

研报英文原文证据摘录

PRG Upgraded to Buy: SoTP Points to Attractive Value; Conditions Improve

USA | Consumer Finance

PROG Holdings EquityJulyResearch8, 2026

COMPANY UPDATEPRG Upgraded to Buy: SoTP Points to Attractive

RATING BUYValue; Conditions Improve

PRICE $43.25^

We upgraded PRG to BUY (1) as its core segment appears to be recovering

PRICE TARGET | % TO PT $60.00 | +39%

from the softness experienced over the past year, supporting a more

52W HIGH-LOW $47.60 - $25.80

constructive outlook for the second half. (2) We view that a valuation gap exists

between a consolidated valuation v. SOTP, which we believe is more appropriate FLOAT (%) | ADV MM (USD) 94.6% | 25.33

given diversified business model. Our PT of $60.00, or 8.5x EV/EBITDA '27 MARKET CAP NM

or 11.2x P/E '27, reflects conservatism compared to our SOTP analysis that TICKER PRG ^Prior trading day's closing price unless otherwise

suggests $65/share. noted.

We have upgraded PRG to BUY (1) as its core segment appears to be recovering from the softness FY (Dec) CHANGE TO JEFe JEF vs CONS

experienced over the past year, supporting a more constructive outlook for the second half. (2) We 2026 2027 2026 2027

view that a valuation gap exists between a consolidated valuation v. SOTP, which we believe is REV* NA NA +1% +1%

more appropriate given the diversified business model. Its BNPL business, at ~100% GMV growth, EPS* NA NA NA NA

comes at a meaningful multiple discount. (3) This implies a multiple accretion upside, but also a

buying opportunity at a significant discount. Our PT of $60.00, or 8.5x EV/EBITDA '27 or 11.2x P/E

2026 ($) Q1A Q2 Q3 Q4 FY

'27, reflects some conservatism compared to our SOTP analysis that suggests $65/share.

EPS* 1.24 0.91 1.19 1.27 4.61

Read our full report for detailed analysis. PREV

*Rev. (MM)

*EPS Non-GAAP